Financial Performance - Total revenue for the fiscal year 2023 reached SGD 55,740,000, an increase of 17.5% compared to SGD 47,290,000 in 2022[3] - The company reported a gross profit of SGD 19,008,000, representing a gross margin of approximately 34.1% for 2023, compared to SGD 16,804,000 and a margin of 35.5% in 2022[3] - Profit before tax for the year was SGD 7,919,000, a 28.2% increase from SGD 6,176,000 in 2022[3] - Net profit for the fiscal year 2023 was SGD 7,310,000, up 28.8% from SGD 5,674,000 in the previous year[3] - Earnings per share (EPS) increased to SGD 0.91 from SGD 0.71, reflecting a growth of 28.2%[3] - Total comprehensive income for the year amounted to SGD 8,844,000, compared to SGD 5,674,000 in 2022, marking a rise of 55.5%[3] Investment and Assets - Investment property fair value gains amounted to SGD 6,320,000, up from SGD 2,230,000 in the previous year, reflecting a significant growth of 183.8%[3] - Total assets as of December 31, 2023, amounted to SGD 177,751,000, an increase from SGD 175,886,000 in 2022[4] - Net assets rose to SGD 86,418,000 in 2023, compared to SGD 77,574,000 in 2022, indicating an increase of about 11%[4] - The company’s investment properties increased to SGD 132,750,000 in 2023 from SGD 113,130,000 in 2022, reflecting a growth of about 17.4%[4] Liabilities and Equity - Current liabilities increased to SGD 20,378,000 in 2023 from SGD 14,929,000 in 2022, reflecting a rise of approximately 36.5%[4] - Total liabilities decreased to SGD 91,333,000 in 2023 from SGD 98,312,000 in 2022, showing a reduction of about 7%[4] - The company reported a total equity of SGD 86,418,000 in 2023, up from SGD 77,574,000 in 2022, marking an increase of approximately 11%[4] - The company's debt-to-equity ratio as of December 31, 2023, was approximately 104.9%, down from about 123.6% on December 31, 2022, primarily due to the repayment of loans related to the sale of a subsidiary[77] Revenue Sources - Total revenue for the year ended December 31, 2023, was SGD 55,740,000, with a significant contribution from external rental income of SGD 7,900,000[17] - Revenue from sales of cooked food, beverages, and tobacco products rose by approximately SGD 8.3 million or 23.4% from about SGD 35.6 million in FY2022 to approximately SGD 43.9 million in FY2023, attributed to an increase in the number of food stalls[51] - Overall rental and service income was reported at SGD 23,347,000, which is crucial for ongoing operations[17] Operational Highlights - The company operates primarily in the leasing of restaurant spaces and management of food stalls, indicating a focus on the food and beverage sector[6] - The group managed 24 food centers as of December 31, 2023, compared to 23 in 2022, with 2 new centers opened and 1 closed during the year[49] - The number of food stalls operated by the group increased from 62 at the beginning of the year to 63 by December 31, 2023, with 13 new stalls opened and 12 closed[50] Cost Management - Operating expenses increased to SGD 34,127,000 from SGD 30,000,000, indicating a rise of 13.4% year-over-year[3] - Employee costs rose to approximately SGD 17.0 million, a 33.9% increase from SGD 12.7 million, accounting for 30.4% of total revenue[59] - Financial costs for 2023 totaled 3,233 thousand Singapore dollars, significantly higher than 1,795 thousand Singapore dollars in 2022, representing an increase of 80.1%[32] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[3] - Future outlook remains cautiously optimistic, with plans for market expansion and potential acquisitions being discussed[17] - The group plans to enhance customer dining experiences by upgrading existing food centers and exploring sustainable growth opportunities despite rising operational costs due to inflation[50] Corporate Governance - The company has adopted corporate governance standards to ensure shareholder rights and enhance corporate value, with a board consisting of three executive directors and three independent non-executive directors[86] - The group plans to continue reviewing and improving its corporate governance practices to ensure compliance with established standards[86] Compliance and Reporting - The group has applied the revised International Financial Reporting Standards (IFRS) effective for the fiscal year 2023, including IFRS 17 related to insurance contracts[8] - The financial statements will be published on the Hong Kong Stock Exchange and the company's website, and will be sent to shareholders in due course[92]
K2 F&B(02108) - 2023 - 年度业绩