Financial Performance - The company's revenue for the fiscal year ending December 31, 2023, was SGD 45,644,000, a significant increase of 105.5% compared to SGD 22,280,000 in 2022[2] - Gross profit for the year was SGD 12,029,000, up from SGD 10,116,000 in the previous year, reflecting a growth of 18.9%[2] - The company reported a net loss of SGD 4,112,000 for the year, compared to a profit of SGD 116,000 in 2022, indicating a substantial decline in profitability[2] - The company reported a net profit of SGD 1,045 thousand for 2023, recovering from a loss of SGD 4,112 thousand in 2022[12] - The total tax expense for 2023 was SGD 895 thousand, an increase from SGD 668 thousand in 2022, indicating a growth of 33.9%[18] Assets and Liabilities - Total assets increased to SGD 62,220,000 in 2023 from SGD 40,271,000 in 2022, representing a growth of 54.5%[4] - Current assets also increased to SGD 42,682,000 from SGD 33,302,000, reflecting a growth of 28.2%[4] - Non-current assets grew significantly, with property, plant, and equipment valued at SGD 2,085,000 compared to SGD 4,258,000 in the previous year[4] - Trade receivables increased to SGD 7.2 million in fiscal year 2023 from SGD 3.2 million in fiscal year 2022, with a provision for impairment of SGD 1.7 million[21] - As of December 31, 2023, the group's total borrowings and lease liabilities amounted to SGD 10.1 million, up from SGD 4.4 million a year earlier, primarily due to borrowing for the acquisition of a subsidiary[46] - The debt-to-equity ratio increased to 26.9% as of December 31, 2023, compared to 18.1% a year earlier, reflecting the increase in borrowings[46] Revenue Breakdown - Revenue from Singapore increased to SGD 25,213 thousand in 2023, up from SGD 21,624 thousand in 2022, reflecting a growth of 16.5%[10] - Revenue from China surged to SGD 20,431 thousand in 2023, compared to SGD 656 thousand in 2022, indicating a remarkable growth of 3,113.5%[10] - Service revenue, including labor dispatch and related services, rose to SGD 15,750 thousand in 2023 from SGD 15,018 thousand in 2022, an increase of 4.9%[10] - Revenue from minimally invasive surgical solutions and related medical products surged to SGD 20.4 million in fiscal year 2023, up from SGD 656,000 in fiscal year 2022, representing an increase of SGD 19.8 million[30] - Dormitory service revenue increased from SGD 5.8 million in FY2022 to SGD 8.6 million in FY2023, primarily due to previous city lockdowns and regulatory changes affecting worker dormitory capacity[31] Expenses and Costs - The company incurred financing costs of SGD 221,000, which is an increase from SGD 85,000 in the previous year[2] - Administrative expenses increased by SGD 5.7 million, primarily due to promotional and marketing expenses for the new minimally invasive surgical solutions business[34] - The group recorded a loss of SGD 4.1 million in FY2023, compared to a profit of SGD 0.1 million in FY2022, mainly due to expenses related to the expansion of minimally invasive surgical solutions in China[36] - The total employee costs for FY2023 were SGD 18.3 million, up from SGD 12.3 million in FY2022[53] Share Issuance and Capital Allocation - The company issued 62.5 million new ordinary shares at a subscription price of HKD 1.60 per share, raising a total cash amount of HKD 100 million (approximately SGD 17.47 million)[27] - The company plans to allocate SGD 69 million of the net proceeds from the share issuance to expand its business in the Chinese medical industry[28] - The group plans to allocate SGD 69.0 million for expanding its medical services and SGD 15.0 million for general operational funds by December 2024[48] Governance and Compliance - The company has adopted new and revised International Financial Reporting Standards, which did not result in significant changes to its accounting policies or financial statements[8] - 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[62] - The financial figures for the year ending December 31, 2023, have been verified by the auditors, ensuring consistency with the audited financial statements[63] - The company has adhered to all applicable provisions of the corporate governance code throughout the year[61] - The annual report contains all information required by the listing rules and will be made available to shareholders in a timely manner[64] Employee and Operational Insights - The group employed 694 employees as of December 31, 2023, an increase from 520 employees in the previous year[53] - The group recorded a net capital expenditure of SGD 4.7 million in FY2023, compared to SGD 3.3 million in FY2022, primarily for the purchase of properties, plants, and equipment[51] Market Outlook - The company anticipates challenges in the Singapore construction industry in 2024, with expected economic growth slowing to between 1.0% and 3.0%[28] - The company aims to enhance its competitiveness by broadening its product line and improving R&D capabilities in response to increasing demand for medical devices in China[28]
今海国际(02225) - 2023 - 年度业绩