Financial Performance - The company reported revenue of approximately SGD 18,345,000 for the fiscal year ending December 31, 2023, representing a 95.4% increase from SGD 9,387,000 in the previous fiscal year[13]. - The gross profit for the fiscal year 2023 was approximately SGD 3,061,000, a turnaround from a gross loss of approximately SGD 2,980,000 in fiscal year 2022[13]. - The net loss after tax decreased to approximately SGD 1,438,000 in fiscal year 2023, down from a net loss of approximately SGD 6,765,000 in fiscal year 2022[13]. - The company reported a pre-tax loss of approximately SGD 1,438,000 for the fiscal year ended December 31, 2023, a significant improvement from a pre-tax loss of approximately SGD 6,761,000 in the previous year[21]. - Total sales and administrative expenses for the fiscal year ended December 31, 2023, were approximately SGD 5,309,000, compared to SGD 3,944,000 in 2022[21]. - The company’s cash and cash equivalents amounted to approximately SGD 3,243,000 as of December 31, 2023, down from SGD 4,697,000 in 2022[24]. - The debt-to-equity ratio was approximately 26.1% as of December 31, 2023, compared to 24.6% in 2022[24]. Construction Industry Outlook - The construction industry in Singapore grew by 6.3% year-on-year in Q3 2023, with public and private sector construction output increasing in Q2 and Q1 by 7.7% and 7.9%, respectively[14]. - Overall construction demand in Singapore for 2024 is projected to be between SGD 32 billion and SGD 38 billion, with steady improvement expected in mid-term construction demand[14]. - The construction demand in the private sector for 2024 is estimated to be between SGD 14 billion and SGD 17 billion, primarily due to government land sales and residential project increases[46]. Business Expansion and Strategy - The company has been authorized as the exclusive distributor for yak milk products in Hong Kong, Macau, Taiwan, and other Asia-Pacific regions, and as a non-exclusive distributor in China[14]. - The company aims to expand its yak milk product distribution business, which is expected to contribute to long-term growth and maximize shareholder returns[14]. - The company plans to enhance its market position in the Singapore steel structure industry while exploring yak milk product distribution in China and the Asia-Pacific region[14]. - The group aims to enhance its market position in the steel structure industry in Singapore by expanding capacity and hiring more staff, driven by ongoing infrastructure projects[41]. - The group’s strategy includes expanding its distribution business for yak milk products in China and the Asia-Pacific region, which aligns with its long-term growth strategy[46]. Corporate Governance - The company emphasizes a healthy corporate culture, focusing on compliance, ethics, and responsibility as key drivers of success[63]. - The board believes that good corporate governance is essential for managing the group's business and has complied with the corporate governance code throughout the year ending December 31, 2023[65]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules[67]. - The board of directors consists of eight members, including two executive directors, four non-executive directors, and two independent non-executive directors[69]. - The company is currently unable to meet GEM Listing Rules regarding the composition of the board, specifically having at least three independent non-executive directors and a minimum of three members in the audit committee[82]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to high levels of corporate governance, environmental, and social responsibility, adhering to international standards such as ISO 9001:2015 and ISO 14001:2015[132]. - An ESG committee has been established to oversee and manage the company's ESG initiatives, reporting directly to the board of directors[135]. - The company has implemented a systematic approach to managing ESG matters, with the board overseeing the ESG strategy and reporting[133]. - The company has achieved ISO 14001:2015 certification for its environmental management system, ensuring compliance with environmental laws and regulations, and actively reducing environmental impact[148]. - The company has prioritized the development of green building solutions in collaboration with industry professionals to enhance sustainability standards in Singapore's construction environment[146]. Employee and Workplace Policies - The company employed 142 staff as of December 31, 2023, an increase from 131 in 2022, with total employee costs amounting to approximately SGD 4,393,000 in 2023[31]. - The gender composition of employees is 87% male (104 employees) and 13% female (15 employees) as of December 31, 2023[183]. - The employee turnover rate was 0% during the reporting period, compared to 13.8% in 2022[186]. - The company has a zero-tolerance policy towards corruption, including bribery and money laundering, and has implemented multiple measures to combat it[195]. - The company has received multiple awards and certifications for occupational health and safety, including bizSAFE Star and ISO 45001:2018[189].
高原之宝(08402) - 2023 - 年度财报