Financial Performance - The company recorded total revenue of approximately SGD 10 million for the fiscal year ending December 31, 2023, representing an increase of about 11.11% compared to SGD 9 million in the previous fiscal year[12]. - The company incurred a loss of approximately SGD 0.86 million in 2023, an improvement from a loss of SGD 1.5 million in 2022[12]. - Total revenue for the fiscal year 2023 was approximately SGD 10,002,000, an increase from SGD 9,040,000 in 2022, representing a growth of 10.7%[22]. - The overall comprehensive loss for the fiscal year 2023 was approximately SGD 862,000, a reduction from a loss of SGD 1,492,000 in 2022, indicating an improvement of 42.1%[35]. Revenue Breakdown - Revenue from consultation services, medical examination services, and treatment services amounted to approximately SGD 1.38 million, SGD 2.61 million, and SGD 6.02 million, respectively, accounting for about 13.8%, 26.0%, and 60.2% of total revenue[18]. - Revenue from medical examinations significantly increased by approximately SGD 639,000, contributing to a total of SGD 2,606,000, which is 26.0% of total revenue in 2023 compared to 21.7% in 2022[22]. Operational Challenges - The company faced challenges in its new business areas, particularly in telemedicine and education, with delays in launching an online portal due to necessary backend software improvements[12]. - Increased operational costs due to inflation, including labor and rental expenses, are anticipated to pressure the company's profitability[19]. - Global inflation and geopolitical tensions are expected to create uncertainty in the economic outlook, impacting operational costs for the company[13]. Future Plans - The company plans to restart the online portal in late 2024 after completing the acquisition of a newly established education company in February 2024[12]. - The company plans to establish a new online business branch for Dtap, with an estimated launch around May 2024[64]. - The company plans to utilize the remaining net proceeds for future expansion of existing businesses and potential acquisitions when suitable opportunities arise[65]. Financial Position - Cash and cash equivalents amounted to approximately SGD 11.9 million as of December 31, 2023, compared to SGD 10.8 million in 2022, indicating a strong liquidity position[40]. - The total equity as of December 31, 2023, was approximately SGD 12.8 million, down from SGD 13.6 million in 2022[40]. - The capital debt ratio as of December 31, 2023, was approximately 7.6%, an increase from 5.7% in 2022, reflecting a slight increase in leverage[40]. Employee and Operational Costs - Employee benefits expenses slightly decreased to approximately SGD 4.4 million in 2023 from the previous year, attributed to the closure of treatment centers and sale of two entities[27]. - Other operating expenses increased by 24.8% to approximately SGD 2.57 million in 2023, primarily due to higher-than-expected marketing expenses[31]. - The total employee count as of December 31, 2023, was 37, down from 39 in the fiscal year 2022, with employee costs remaining stable at approximately SGD 4.4 million[49]. Investments and Acquisitions - The company has allocated SGD 2,031,000 for the renovation and acquisition of fixed assets for a new DTAP treatment center in Jurong[67]. - The company has spent SGD 1,220,000 for the renovation and acquisition of fixed assets for a new SA treatment center in Jurong as of December 31, 2023[67]. - The company has invested approximately SGD 222,000 to establish a new healthcare-related education business as of December 31, 2023[69]. Governance and Compliance - The company has adopted corporate governance practices in accordance with the GEM Listing Rules, ensuring accountability and transparency[151]. - The board of directors consists of four members, with independent non-executive directors accounting for over 50%[156]. - The company has confirmed compliance with the non-competition agreement by all controlled persons for the current year[123]. Risk Management - The group has identified key risks including reliance on skilled professionals and potential impacts from regulatory changes[53][56]. - The company has implemented policies and procedures for risk management and internal controls, with the board responsible for monitoring their effectiveness[193]. - The Audit Committee is responsible for reviewing the effectiveness of the Group's risk management and internal control systems[170]. Shareholder Information - The company reported no dividends for the fiscal year 2023, consistent with the previous year[90]. - As of December 31, 2023, Dr. Chen held 350 million shares, representing 56.09% of the company's issued shares[130]. - The company confirms it maintains sufficient public float, with at least 25% of issued shares held by the public as of the report date[138].
REPUBLIC HC(08357) - 2023 - 年度财报