Financial Performance - The company reported revenue of 72.611 million SGD for the year ended December 31, 2020, a decrease of 4.8% from 76.374 million SGD in 2019[11]. - Profit before tax increased significantly to 9.133 million SGD in 2020, compared to 3.789 million SGD in 2019, representing a growth of 141.5%[11]. - Total revenue for the year ended December 31, 2020, was approximately SGD 72.6 million, a decrease of about 4.9% compared to SGD 76.4 million for the year ended December 31, 2019[19]. - Cost of sales for the year ended December 31, 2020, was approximately SGD 50.5 million, a decrease of about 19.1% from SGD 62.4 million for the year ended December 31, 2019[20]. - Gross profit increased from approximately SGD 14.0 million for the year ended December 31, 2019, to approximately SGD 22.2 million for the year ended December 31, 2020, with a gross margin increase from 18.3% to 30.5%[22]. - Net profit for the year ended December 31, 2020, was approximately SGD 8.8 million, an increase of about 230.9% compared to SGD 2.7 million for the year ended December 31, 2019[26]. Assets and Liabilities - The total assets of the company rose to 50.159 million SGD in 2020, up from 36.305 million SGD in 2019, marking an increase of 38.2%[11]. - Current assets as of December 31, 2020, were approximately SGD 45.8 million, including cash and cash equivalents of about SGD 20.1 million[27]. - As of December 31, 2020, the company's outstanding bank borrowings amounted to approximately SGD 6.168 million[76]. Market Position and Strategy - The company aims to enhance its market position in the environmental services industry and establish itself as a regional integrated service provider[14]. - The company is focused on maintaining its market leadership in Singapore's environmental services sector despite challenges posed by COVID-19[10]. - The company aims to expand its market presence, leveraging its established relationships with clients, suppliers, and regulatory bodies[38]. - The company is exploring opportunities for market expansion into regions such as Myanmar, China, and Indonesia[46]. Operational Management - The company has implemented an ISO 9001:2015 certified quality management system for its cleaning and housekeeping services[13]. - The executive team has nearly 40 years of experience in the cleaning industry, contributing to operational management and strategic oversight[39]. - The executive team is focused on enhancing financial management and compliance to improve profitability and operational efficiency[41]. - The company has established a risk management system to address various operational and market risks, including interest rate, credit, and liquidity risks[64]. Corporate Governance - The board of directors has been actively involved in the company's governance and has adhered to the corporate governance code since the listing date until December 31, 2020[158]. - The company has complied with the listing rules regarding the appointment of at least three independent non-executive directors, ensuring a balanced board composition[165]. - The independent non-executive directors confirmed their independence, ensuring governance integrity within the board[101]. - The company emphasizes the importance of good corporate governance to enhance management and protect shareholders' interests[151]. Shareholder Relations - The company reported a final dividend of SGD 0.0015 per share for the year ended December 31, 2020, subject to shareholder approval at the annual general meeting[67]. - The company has established a dividend policy to ensure shareholders can share in profits while retaining liquidity for future growth opportunities[68]. - The company has maintained sufficient communication channels with shareholders, reviewing the implementation and effectiveness of its communication policy[200]. Risk Management - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks associated with its operations[194]. - The internal audit function is designated to the finance department, which assists the board in evaluating the effectiveness of the internal control and risk management systems annually[194]. - The company has implemented an insider information policy to ensure timely and effective public disclosure of material information[197]. Employee Management - The group employed 2,331 full-time employees and 222 part-time employees as of December 31, 2020, compared to 2,536 full-time and 301 part-time employees as of December 31, 2019, indicating a decrease in full-time employees by 8.1% and part-time employees by 26.2%[93]. - The group has established an employee stock option plan to incentivize and retain key personnel, approved on June 8, 2020[112]. - The group regularly reviews its employee compensation policies based on industry practices and financial performance, ensuring competitive remuneration[94]. Audit and Compliance - The audit committee has reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2020[150]. - The company has appointed Guo Wei Accounting Firm Limited as the auditor for the year ended December 31, 2020, and the financial statements have been audited in accordance with international financial reporting standards[153]. - The audit committee is responsible for reviewing and supervising the financial reporting process and internal control systems of the group[181].
HYGIEIA GROUP(01650) - 2022 - 年度财报