Financial Performance - The company's revenue decreased from approximately SGD 94.9 million for the year ended December 31, 2022, to approximately SGD 61.5 million for the year ended December 31, 2023, representing a decline of about 35.2%[9]. - Gross profit fell from approximately SGD 8.0 million to approximately SGD 5.0 million, with a gross margin slightly decreasing from about 8.4% to approximately 8.1%[9]. - The company recorded a profit of approximately SGD 1.8 million for the year ended December 31, 2023, compared to a profit of approximately SGD 0.9 million for the previous year, primarily due to government subsidies received[9]. - Revenue from human resource outsourcing services decreased from approximately SGD 93.7 million to approximately SGD 60.9 million, a reduction of about 35%[15]. - Revenue from human resource recruitment services dropped from approximately SGD 1.2 million to approximately SGD 0.6 million, a decline of about 50%[16]. - Other income increased by approximately SGD 3.2 million or about 1,600% to approximately SGD 3.4 million for the year ended December 31, 2023, mainly due to government grants recognized, including SGD 2.5 million in employment growth incentives[21]. - Net profit for the year ended December 31, 2023, was approximately SGD 1.8 million, an increase of approximately SGD 0.9 million or about 100% compared to SGD 0.9 million in 2022, primarily due to recognized government grants[24]. - Total assets decreased to approximately SGD 28.3 million as of December 31, 2023, from SGD 29.1 million in 2022, while total equity increased to approximately SGD 20.2 million from SGD 18.4 million[25]. - Service costs decreased by approximately SGD 30.3 million or about 34.9% to approximately SGD 56.5 million for the year ended December 31, 2023, mainly due to reductions in labor costs and other related expenses[18]. Business Strategy and Challenges - The company aims to improve revenue while reducing costs amidst challenges posed by inflation and rising interest rates affecting Singapore businesses[12]. - The company is committed to reviewing its business strategies and investing heavily in talent reserves and internal processes[12]. - The decline in revenue is attributed to a significant decrease in demand for COVID-19 related human resource outsourcing services and reduced work orders from various government agencies and the private sector[15]. - The company acknowledges the challenging business environment as Singapore's economy moves towards normalcy post-COVID-19[12]. - The company expresses a clear path to achieve its set goals despite foreseen obstacles and is determined to overcome challenges for success[12]. - The group aims to strengthen its position in the Singapore human resources industry while expanding its business in the Hong Kong market[48]. Employee and Workforce Management - The total number of employees as of December 31, 2023, is 1,082, comprising 45 internal employees and 1,037 outsourced employees[73]. - The internal employee count decreased from 54 at the beginning of 2023 to 45 by the end of the year[85]. - Total employee costs, including director remuneration, were approximately SGD 60.8 million for the year ended December 31, 2023, down from SGD 91.6 million in 2022, reflecting a reduction in headcount and active cost management[33]. - The employee turnover rate for internal employees is 59.52% for females and 41.67% for males[86]. - The company emphasizes equal opportunity in hiring, with no discrimination based on gender, religion, age, or disability[71]. - The company provides statutory benefits to all eligible employees, including social insurance and medical insurance[71]. - The employee distribution by gender shows 631 males and 451 females in 2023[78]. - The company continues to focus on employee engagement and development as a key driver for business growth[69]. - The average training hours per employee for internal training in 2023 was 95.23 hours, a significant increase from 0.44 hours in 2022[99]. - The percentage of male employees receiving internal training increased to 30.77% in 2023 from 0.00% in 2022, while female employees decreased to 69.23% from 100.00%[97]. Environmental and Sustainability Initiatives - The total indirect carbon emissions for 2023 were 13.83 tons, a decrease of 13.6% compared to 16.00 tons in 2022[57]. - In Singapore, indirect carbon emissions decreased by 7.5% from 12.14 tons in 2022 to 11.23 tons in 2023, while in Hong Kong, emissions decreased by 32.6% from 3.86 tons to 2.60 tons[57]. - Total electricity consumption for 2023 was 30,764 kWh, a reduction of 6.1% from 32,765 kWh in 2022[63]. - The company aims to further reduce indirect carbon emissions by 1-2% in the coming year[57]. - The company has implemented energy-saving measures, including using energy-efficient appliances and encouraging employees to minimize electricity usage[64]. - The company continues to promote a paperless environment through digital communication and signing[65]. - The company has implemented various policies to reduce indirect carbon emissions, including minimizing paper usage and promoting electronic communication[67][68]. - The company reported zero internal employee injuries or accidents during the 2023 reporting period, with only 5 minor to moderate injuries among outsourced employees in Singapore[94]. Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code as per GEM listing rules, with a commitment to enhancing shareholder value[112]. - The board of directors consists of five members, including two executive directors and three independent non-executive directors[120]. - The company has maintained compliance with the GEM listing rules regarding the minimum number of independent non-executive directors, having three throughout most of the year[122]. - The company has established a corporate governance policy that includes the appointment and re-election of directors, with a focus on compliance with legal and regulatory requirements[146]. - The company has established an internal control system to prevent corruption and fraud, with zero reported cases of bribery or corruption during the 2023 reporting period[108]. - The company has implemented a policy to protect personal data in accordance with privacy regulations, with no reported data breaches in 2023[108]. - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting to discuss specific matters[165]. - The company has adopted a shareholder communication policy to ensure equal and timely access to information for shareholders[171]. Future Outlook and Strategic Initiatives - The company is focusing on digital transformation strategies, investing H million in technology upgrades to improve operational efficiency[190]. - New product development initiatives are underway, with plans to launch C new products in the upcoming quarter, aimed at enhancing market competitiveness[190]. - The company is expanding its market presence, targeting D new regions for growth, which is expected to contribute an additional E% to overall revenue[190]. - Recent acquisitions have strengthened the company's portfolio, with the integration of F company expected to generate G million in additional revenue annually[190]. - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by K% by the year 2025[190].
中安控股集团(08462) - 2023 - 年度财报