Financial Performance - The group recorded revenue of approximately SGD 10 million for the fiscal year ending December 31, 2023, an increase of about 11.11% compared to SGD 9 million for the fiscal year 2022[14]. - The group incurred a loss of approximately SGD 0.86 million in 2023, an improvement from a loss of SGD 1.5 million in 2022[14]. - The group's total revenue for the year ended December 31, 2023, was approximately SGD 10.0 million, an increase of about SGD 1.0 million or 11.11% compared to SGD 9.0 million in the fiscal year 2022[22]. - Revenue from medical examination services increased significantly by approximately SGD 639,000, while treatment and consultation services saw slight increases[24]. - The revenue breakdown for 2023 included consultation services at SGD 1,379,000 (13.8%), medical examination services at SGD 2,606,000 (26.0%), and treatment services at SGD 6,017,000 (60.2%) of total revenue[24]. - The total comprehensive loss for the year was approximately SGD 862,000, a decrease from a total comprehensive loss of approximately SGD 1,492,000 in the fiscal year 2022[37]. - Employee benefits expenses slightly decreased to approximately SGD 4.4 million due to the closure of consultation centers and the sale of two physical locations[29]. - The group recorded an income tax expense of approximately SGD 26,888 in the current year, compared to an income tax credit of SGD 28,471 in the fiscal year 2022[36]. - The group has decided not to declare a final dividend for the year, consistent with the previous fiscal year[39]. - The group had cash and bank balances of approximately SGD 11.9 million as of December 31, 2023, compared to SGD 10.8 million in the fiscal year 2022[42]. - The net current assets of the group were approximately SGD 11.2 million as of December 31, 2023, down from SGD 12 million in the fiscal year 2022[42]. - The capital debt ratio as of December 31, 2023, was approximately 7.6%, an increase from 5.7% in the fiscal year 2022[42]. - The net cash generated from operating activities was approximately SGD 0.9 million for the fiscal year 2023, compared to a net cash used of SGD 0.7 million in the fiscal year 2022[42]. - The group recorded a foreign exchange gain of approximately SGD 117,000 due to the depreciation of the Hong Kong dollar against the Singapore dollar, compared to a loss of SGD 23,000 in the fiscal year 2022[45]. Operational Changes - The closure of the Duo Galleria treatment center in 2023 was due to lease expiration and a shortage of doctors within the group[14]. - The online portal for telemedicine and education services has been trialed but is currently paused for backend software improvements, with plans to relaunch in late 2024[14]. - The group operates five DTAP treatment centers located in Robertson, Novena, Holland Village, Kovan, and Paragon[16]. - The group anticipates facing pressures from global inflation leading to increased operating costs and heightened competition from online healthcare service providers[21]. - Other operating expenses rose by 24.8% to approximately SGD 2.57 million in the current year, primarily due to higher-than-expected marketing expenses[33]. - The group’s total employee count, including part-time staff, was 37 in 2023, down from 39 in 2022[30]. - The company has spent approximately SGD 299,000 to establish a new online business branch for DTAP, with the platform expected to launch around May 2024[66][71]. - SGD 424,000 was utilized to explore new opportunities for vertical expansion, including the establishment of a dedicated medical treatment center[71]. - The company plans to acquire equity in a potential enterprise, with SGD 500,000 allocated for this purpose, expected to be utilized in the second half of FY2025[67]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and regularly reviews its governance practices[138]. - The company has complied with all relevant laws and regulations affecting its business operations during the year[143]. - The company has adopted and complied with all applicable corporate governance codes as per the GEM Listing Rules for the year ending December 31, 2023[153]. - The board consists of four directors, with independent non-executive directors making up over 50% of the board members as of December 31, 2023[158]. - All directors confirmed full compliance with the trading standards set forth in the GEM Listing Rules for the year ending December 31, 2023[154]. - The board held a total of four meetings during the year, with all directors actively participating in committee meetings and shareholder meetings[164]. - The company has ensured that all directors received formal training upon their initial appointment to understand their responsibilities and the company's operations[162]. - Independent non-executive directors contributed significantly to the board by providing rich operational and financial expertise[159]. - The company has established a mechanism for continuous professional development for all directors, encouraging participation in relevant training courses[162]. - The board is responsible for overseeing the business management and overall performance of the group, ensuring necessary financial and human resources support[155]. - The company has maintained a balanced composition of executive and non-executive directors to ensure independent judgment[158]. - The company has taken out appropriate insurance for directors to cover any liabilities arising from their duties[160]. - The board has adopted a diversity policy and aims to appoint at least one female director by December 31, 2024, in compliance with GEM Listing Rule 17.104[166]. - The audit committee is responsible for reviewing the financial statements and ensuring the independence of external auditors[171]. - The nomination committee is tasked with evaluating candidates for board positions and ensuring compliance with governance policies[174]. - The company has a policy for the rotation and re-election of directors, requiring one-third of the board to retire at the annual general meeting[187]. Risk Management - The company has implemented policies and procedures for risk management and internal controls, with the board responsible for monitoring their effectiveness[195]. - The board confirmed that the risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements or losses[195]. - The company has appointed a compliance officer since September 30, 2020, to oversee compliance matters[200]. - The board is aware of its responsibility to prepare the annual report and audited consolidated financial statements to reflect the group's condition fairly[193]. - There are no significant uncertainties that may cast doubt on the company's ability to continue as a going concern[194]. Shareholder Information - The company confirms it maintains a sufficient public float, with at least 25% of its issued shares held by the public as of the report date[140]. - The total remuneration for external auditors for the year ending December 31, 2023, amounted to SGD 158,600, with SGD 148,000 for audit services and SGD 10,600 for non-audit services[191]. - The company has not entered into any stock-linked agreements during the fiscal year ending December 31, 2023[142]. - The company has not disclosed any tax reliefs related to shareholder equity holdings[146]. - The company will ensure that no director participates in determining their own remuneration, maintaining independence in the process[185].
REPUBLIC HC(08357) - 2023 - 年度业绩