Financial Performance - Revenue for the fiscal year ended December 31, 2022, was SGD 22,279,572, an increase of 1.76% from SGD 21,895,836 in the previous year[2] - Gross profit increased to SGD 10,115,878, up 30.8% from SGD 7,726,710 in the previous year[2] - The company reported a net profit of SGD 115,726, a significant recovery from a loss of SGD 497,830 in the previous year[4] - The company reported a pre-tax profit of SGD 3,915,785 for 2022, compared to SGD 2,817,150 in 2021, indicating a significant increase of about 39%[25] - The company’s net profit for 2022 was SGD 3,272,669, compared to SGD 2,382,866 in 2021, showing an increase of approximately 37.3%[25] - Basic and diluted earnings per share for the year were SGD 0.04, compared to a loss per share of SGD 0.02 in the previous year[4] - Basic earnings per share improved to 0.04 Singapore cents in FY2022 from a loss of 0.02 Singapore cents in FY2021, based on a profit attributable to shareholders of approximately SGD 0.47 million[42] Assets and Liabilities - Total assets as of December 31, 2022, amounted to SGD 40,271,827, an increase of 19.5% from SGD 33,769,497 in the previous year[6] - Current assets, including trade receivables, were SGD 33,301,539, compared to SGD 30,708,066 in the previous year, reflecting a growth of 5.2%[5] - Total liabilities increased to SGD 15,679,621, up 60.8% from SGD 9,745,259 in the previous year[6] - The company’s total liabilities increased to SGD 15,679,621 in 2022 from SGD 9,745,259 in 2021, representing a growth of approximately 60.5%[22] - The group’s debt-to-equity ratio as of December 31, 2022, was approximately 18.1%, up from 7.8% as of December 31, 2021[52] Revenue Breakdown - Revenue from labor dispatch and supporting services increased to SGD 15,017,819 in 2022 from SGD 14,306,931 in 2021[17] - Revenue from dormitory services rose to SGD 5,787,235 in 2022, up from SGD 4,789,450 in 2021[17] - Revenue from IT services decreased to SGD 417,150 in 2022 from SGD 567,035 in 2021[17] - Revenue from construction supporting services fell to SGD 401,838 in 2022 from SGD 674,137 in 2021[17] - The company’s revenue from Singapore was SGD 21,624,042 in 2022, up from SGD 20,337,553 in 2021, reflecting an increase of about 6.3%[21] Adjustments and Errors - Adjustments were made to prior year financial statements due to identified significant errors, impacting both the income statement and balance sheet[10] - The adjustments made to the financial statements were primarily related to Goods and Services Tax accounting errors identified during the audit process[10] - The company identified understatements in accounts receivable and payable for goods and services tax amounting to SGD 84,151 and SGD 1,233,429 respectively as of December 31, 2021[15] Operational Plans and Market Conditions - The company plans to continue expanding its service offerings in labor dispatch and IT services, aiming for further market penetration[7] - The company plans to diversify its business and expand into the Asia-Pacific region, including China, to enhance its service offerings[33] - The company aims to strengthen its research and development capabilities and expand its product line in response to increasing demand for medical devices[33] - The construction industry in Singapore is expected to face challenges in 2023, with economic growth projected to slow down to between 0.5% and 2.5%[33] Employee and Administrative Costs - The group generated employee costs of approximately SGD 13.2 million in the fiscal year 2022, slightly down from SGD 13.6 million in the fiscal year 2021[57] - Administrative expenses increased by approximately SGD 1.5 million, primarily due to increased activities in the company's Chinese subsidiary[38] Governance and Compliance - The company has adopted all applicable principles of the Corporate Governance Code as per the Listing Rules Appendix 14[65] - The Audit Committee has reviewed the audited annual performance and confirmed that the consolidated financial statements are prepared in accordance with applicable accounting standards and regulations[66] - The auditor HLB has compared preliminary announcement figures with the audited consolidated financial statements, confirming consistency[67] - The company maintains sufficient public float as required by the Listing Rules[68] - The annual report contains all information required by the Listing Rules and will be sent to shareholders in due course[68]
今海国际(02225) - 2022 - 年度业绩