Financial Performance - Total revenue for the year ended December 31, 2023, was SGD 180.878 million, a slight increase of 1.0% from SGD 179.086 million in 2022[5] - Gross profit decreased to SGD 22.436 million, down 5.5% from SGD 23.749 million in the previous year[5] - Operating profit rose significantly to SGD 11.831 million, an increase of 51.5% compared to SGD 7.815 million in 2022[5] - Net profit for the year was SGD 7.743 million, representing a 54.1% increase from SGD 5.024 million in the prior year[5] - Basic earnings per share increased to SGD 0.86, up from SGD 0.56 in 2022, reflecting a growth of 53.6%[5] - The group reported a net profit of SGD 7,743 thousand for the year ended December 31, 2023, compared to SGD 5,024 thousand in 2022, marking an increase of 54.1%[21] - The group's total profit and comprehensive income increased by approximately 2.7 million SGD or 54.0% to about 7.7 million SGD for the fiscal year 2023, compared to approximately 5.0 million SGD in fiscal year 2022[81] - EBITDA for fiscal year 2023 was approximately 16.3 million SGD, up from approximately 11.8 million SGD in fiscal year 2022, representing a growth of about 37.0%[84] Assets and Liabilities - Total assets as of December 31, 2023, were SGD 153.939 million, a decrease from SGD 156.960 million in 2022[6] - Total liabilities decreased to SGD 81.944 million from SGD 93.108 million, indicating a reduction of 11.5%[7] - The group's total assets as of December 31, 2023, were SGD 153,939 thousand, a decrease from SGD 156,960 thousand in 2022, reflecting a decline of 1.93%[23] - Total current liabilities decreased to 20,110 thousand SGD in 2023 from 42,356 thousand SGD in 2022, a reduction of 52.6%[53] - The company’s non-current borrowings increased to 51,466 thousand SGD in 2023 from 32,781 thousand SGD in 2022, an increase of 56.9%[53] Revenue Segments - Total revenue for the automotive sales segment reached SGD 168,133 thousand in 2023, a slight increase from SGD 167,178 thousand in 2022, representing a growth of 0.57%[17] - New car sales decreased by approximately 3.8 million SGD or 2.9%, despite an increase in the number of cars sold from 731 in fiscal year 2022 to 770 in fiscal year 2023, with the average selling price dropping from about 178,000 SGD to about 164,000 SGD[58] - Used car sales revenue increased by approximately 4.7 million SGD or 12.8%, with the average selling price rising from about 100,000 SGD to about 116,000 SGD, despite a slight decrease in the number of cars sold from 371 to 360[60] - Revenue from automotive financing services increased by approximately 0.4 million SGD or 6.8% to about 6.3 million SGD, driven by an increase in financing arrangements due to higher car sales[61] Expenses - Financing expenses netted at SGD (2,920) thousand in 2023, an increase from SGD (2,009) thousand in 2022, indicating a rise of 45.3%[25] - The cost of goods sold was SGD 154,541 thousand in 2023, up from SGD 152,317 thousand in 2022, representing an increase of 1.46%[27] - Selling and distribution expenses decreased by approximately 1.2 million SGD or 26.7% to about 3.3 million SGD, primarily due to reduced advertising and marketing expenses[76] - General and administrative expenses decreased by approximately 1.6 million SGD or 13.4% to about 10.3 million SGD, mainly due to reductions in employee benefits and other costs[77] - Income tax expenses increased by approximately 0.4 million SGD or 33.3% to about 1.6 million SGD, primarily due to an increase in taxable profits from operations in Singapore[80] Cash Flow and Investments - Cash and bank balances increased significantly to SGD 12.975 million, up from SGD 5.525 million in the previous year, marking a growth of 134.5%[6] - Capital expenditures for the group totaled SGD 11,753 thousand in 2023, down from SGD 20,750 thousand in 2022, indicating a significant decrease of 43.3%[23] - The group had no significant investments, acquisitions, or disposals of subsidiaries and associates during the fiscal year ended December 31, 2023[92] Corporate Governance and Compliance - The company has adopted the corporate governance code and complied with all applicable provisions, with some deviations noted regarding the separation of roles of the chairman and CEO[105] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the fiscal year 2023[109] - The financial statements for the year ended December 31, 2023, have been agreed upon by the auditors, but no assurance or opinion has been provided on the preliminary announcement[110] - The annual results announcement and annual report for the fiscal year 2023 will be published on the stock exchange and the company's website[111] Employee and Operational Updates - The group employed a total of 77 employees as of December 31, 2023, down from 90 employees in the previous year[95] - The establishment of a car workshop has been delayed to 2024 due to the cautious approach taken by the board in light of the economic impact of the COVID-19 pandemic[99] Stock Options and Shareholder Information - As of December 31, 2023, the company has granted 90,000,000 stock options under the stock option plan, representing approximately 10% of the issued share capital[102] - No stock options were granted, exercised, cancelled, or lapsed during the year ended December 31, 2023[102] - The company has maintained sufficient public float as per the listing rules as of December 31, 2023[106]
冠轈控股(01872) - 2023 - 年度业绩