Financial Performance - For the year ended December 31, 2023, the company reported total revenue of SGD 44,318,000, an increase of 36% compared to SGD 32,641,000 for the year ended December 31, 2022[4] - Gross profit for the year was SGD 11,424,000, representing a gross margin of approximately 25.8%, up from SGD 8,090,000 in the previous year[4] - The company achieved a profit before tax of SGD 1,735,000, significantly higher than SGD 308,000 in the prior year, indicating a growth of 462%[4] - Net profit for the year was SGD 999,000, compared to SGD 292,000 in the previous year, reflecting an increase of 242%[4] - The basic and diluted earnings per share increased to SGD 0.25 from SGD 0.07, marking a growth of 257%[4] - For the fiscal year ending December 31, 2023, total revenue reached 44.318 million, a significant increase from 32.641 million in 2022, representing a growth of approximately 36%[23] - Revenue from construction contracts was 36.088 million, up from 20.588 million in the previous year, indicating an increase of about 75%[23] - The company reported a pre-tax profit of 1.735 million for the year ending December 31, 2023, compared to 308 thousand in 2022, reflecting a substantial improvement[15] - The annual profit for the year was approximately SGD 1.0 million, compared to SGD 0.3 million in 2022[46] Assets and Liabilities - The company’s cash and cash equivalents increased to SGD 10,316,000 from SGD 5,810,000, representing a growth of 77% year-over-year[5] - Trade receivables rose to SGD 7,356,000, up from SGD 5,446,000, indicating a 35% increase[5] - The company’s total assets decreased slightly to SGD 26,737,000 from SGD 20,914,000, while total liabilities increased to SGD 18,638,000 from SGD 14,327,000[5] - The total assets as of December 31, 2023, amounted to 33.929 million, compared to 28.792 million in 2022, marking an increase of approximately 18%[20] - The company’s total liabilities increased to 19.541 million as of December 31, 2023, from 15.309 million in 2022, reflecting a growth of about 28%[20] - Trade receivables increased to approximately 7.8 million SGD in 2023 from 5.5 million SGD in 2022, with a provision for impairment of 402,000 SGD[30] - Trade payables rose to approximately 1.8 million SGD in 2023, compared to 808,000 SGD in 2022[32] - As of December 31, 2023, the current ratio was 1.5 times, unchanged from 2022, with net current assets of approximately SGD 8.1 million, up from SGD 6.6 million in 2022[47] - The debt ratio as of December 31, 2023, was approximately 20.2%, a decrease from 30.1% in 2022, primarily due to the repayment of bank loans amounting to SGD 2.1 million[47] Expenses - Direct costs increased to approximately 32.9 million SGD in 2023, up 34.0% from 24.6 million SGD in 2022, consistent with the revenue growth[41] - Employee benefits expenses, including director remuneration, totaled approximately 23.5 million SGD in 2023, up from 14.5 million SGD in 2022[27] - Administrative expenses rose to approximately 9.6 million SGD in 2023, compared to 7.1 million SGD in 2022, primarily due to increased salaries and employee benefits[44] - The total employee benefits expenditure for the year was approximately SGD 23.5 million, compared to SGD 14.5 million in 2022, with a total of 880 full-time employees as of December 31, 2023[60] Market and Operations - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[6] - The company held 11 ongoing contracts with a total uncompleted contract value of approximately 98.1 million SGD as of December 31, 2023, compared to 96.3 million SGD in 2022[38] - Major clients contributed significantly to revenue, with Client A1 generating 13.359 million in 2023, up from 5.104 million in 2022, and Client B1 contributing 8.935 million, compared to 5.145 million previously[22] - The company’s external customer revenue from tile sales was 8.230 million in 2023, a decrease from 12.053 million in 2022, representing a decline of approximately 32%[23] - The construction demand forecast for 2024 in Singapore is projected to be between SGD 32 billion and SGD 38 billion, higher than last year's forecast[72] - The company aims to maintain its C1 and B2 licenses to broaden the scope of projects it can bid for[74] - The company is actively recruiting qualified professionals to enhance management and technical expertise[71] Compliance and Governance - The company has adopted new international financial reporting standards, which did not have a significant impact on its financial performance[10] - The company anticipates that the application of new international financial reporting standards will not have a significant impact on its performance and financial position[12] - The company has adopted a code of conduct for directors' securities trading, confirming compliance for the fiscal year ending December 31, 2023[78] - The audit committee has reviewed the financial statements and found the risk management and internal control systems to be appropriate and effective[88] - The board confirms the accuracy and completeness of the information provided in the announcement, ensuring no misleading or fraudulent elements[94] Future Plans and Events - The company plans to commence mobile phone operations starting January 2024[90] - The company will hold its annual general meeting on June 20, 2024, with a registration suspension period from June 14 to June 20, 2024[89] - The annual report for the year ending December 31, 2023, will be published and made available to shareholders and on the company's website[91] - The company has entered into a sale agreement to purchase 204,800,000 shares, representing 51.20% of the total issued share capital[90] - The company had no significant acquisitions or disposals of subsidiaries or associates during the year[50] - There were no major investments held by the company as of December 31, 2023[52] - The company had no significant contingent liabilities or litigation cases as of December 31, 2023[53] Shareholder Relations - The board expresses gratitude to shareholders, business partners, and customers for their ongoing support[92] - The company did not declare or recommend any dividends for the years ended December 31, 2023, and 2022[28]
靛蓝星(08373) - 2023 - 年度业绩