Shareholder and Governance - As of December 31, 2023, the company has a significant shareholder, Ultimate Global, holding 510,000,000 shares, representing 51% of the company's equity[10] - The board of directors has confirmed that there are no serious or systemic violations of relevant laws and regulations as of December 31, 2023[1] - There are no significant transactions or arrangements involving the company or its subsidiaries with directors or entities connected to directors as of December 31, 2023[16] - The group has a robust corporate governance framework, ensuring timely and transparent financial reporting to shareholders[57] - The board has adopted a diversity policy to enhance corporate governance and effectiveness, which is crucial for achieving strategic goals[105] Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenue of SGD 91,181,000, a 37.1% increase from SGD 66,493,000 in the previous year[150] - The gross profit for the same period was SGD 11,495,000, reflecting a gross margin of 12.6%, up from 11.6% in the prior year[150] - The company achieved a net profit of SGD 1,403,000, compared to a net loss of SGD 1,363,000 in the previous year[150] - The overall revenue increased by approximately SGD 24.7 million or 37.1% to approximately SGD 91.2 million for the year ended December 31, 2023, driven by increased orders carried over from 2022 and new projects acquired in the first half of 2023[172] - The cost of sales rose by approximately SGD 20.9 million or 35.6% to approximately SGD 79.7 million for the year ended December 31, 2023, consistent with the revenue increase[173] - Gross profit for the year ended December 31, 2023, was approximately SGD 11.5 million, an increase of about 48.7% from SGD 7.7 million in 2022, with a gross margin improvement from 11.6% to 12.6%[174] - Administrative expenses for the year ended December 31, 2023, were approximately SGD 9.6 million, up from SGD 8.7 million in 2022, primarily due to increased employee costs[176] - Financing costs decreased to approximately SGD 176,000 for the year ended December 31, 2023, down from SGD 536,000 in 2022, due to reduced interest expenses[177] - The group reported a profit attributable to owners of approximately SGD 1.4 million for the year ended December 31, 2023, a turnaround from a loss of approximately SGD 1.4 million in 2022[179] Dividend Policy - The company does not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with the previous year where no dividend was paid[27] - The board will consider the group's actual and expected financial performance when deciding on dividend payments[56] - The board does not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[180] Environmental, Social, and Governance (ESG) Initiatives - The company has identified and assessed environmental, social, and governance (ESG) risks and opportunities, establishing relevant risk management and internal control systems[32] - The company has conducted a materiality assessment involving feedback from employees and key stakeholders regarding ESG issues[37] - The company has complied with all mandatory disclosure requirements in its ESG report as per the guidelines of the Hong Kong Stock Exchange[35] - The group aims to maintain green operations and has implemented environmental measures to establish a sustainable business in the long term[41] - The group has established an Environmental, Social, and Governance (ESG) working group to identify risks and report on ESG performance to the board[64] - The group emphasizes the importance of stakeholder engagement and aims to maintain strong relationships through various communication platforms[68] - The group is committed to enhancing stakeholder awareness of responsible resource use to reduce potential environmental impacts[41] - The company aims to enhance energy efficiency and reduce greenhouse gas emissions as part of its commitment to sustainability[83] - The company has implemented a zero hazardous waste policy, ensuring strict compliance with environmental regulations[91] - The company is actively managing climate-related risks to ensure they remain within its risk appetite[104] Environmental Performance Metrics - The total emissions of air pollutants from vehicles in FY2023 compared to FY2022 will be disclosed, highlighting the company's commitment to environmental compliance[45] - Greenhouse gas emissions for FY2023 were significantly reduced, with nitrogen oxides (NOx) emissions at 1.339 tons compared to 3.288 tons in FY2022, representing a decrease of approximately 59.3%[89] - The total air pollutant emissions decreased from 3.630 tons in FY2022 to 1.419 tons in FY2023, a reduction of approximately 60.9%[89] - Total water consumption increased to 19,384 cubic meters in FY2023 from 11,347 cubic meters in FY2022, marking an increase of about 71.1%[77] - The intensity of water usage per million Singapore dollars in revenue increased to 212.59 cubic meters in FY2023 from 171.92 cubic meters in FY2022, reflecting a rise of about 23.6%[77] - Energy consumption in FY2023 included 756,687 kWh from diesel and 531,453 kWh from electricity, compared to 967,834 kWh and 484,956 kWh respectively in FY2022, indicating a decrease in diesel usage by approximately 21.8%[96] - The group has implemented measures to control and reduce dust emissions from construction sites and production facilities[71] - The group completed the acquisition of 51% of Wuhan Second Factory Beverage Co., Ltd. on January 5, 2024, enhancing its revenue base[166] Operational Developments - The company generated 77.0% of its revenue from owner/tenant projects, amounting to SGD 70,187,000, compared to 51.9% in the previous year[151] - The construction demand in Singapore is projected to reach between SGD 32 billion and SGD 38 billion in 2024, with the public sector contributing approximately 55%[146] - The total construction demand is expected to reach SGD 31 billion to SGD 38 billion annually from 2025 to 2028, with the public sector leading the demand[149] - The company is prepared to seize new business opportunities as the Singapore construction industry recovers[146] - The company has implemented measures to enhance awareness of energy conservation among employees, suppliers, and contractors[132] Cash and Debt Management - As of December 31, 2023, the group's total cash and bank balances were approximately SGD 17.0 million, compared to SGD 4.0 million as of December 31, 2022[155] - The group's debt-to-equity ratio as of December 31, 2023, was approximately 16.2%, a significant decrease from 67.8% in 2022[157] - The group had a performance guarantee of approximately SGD 10.5 million as of December 31, 2023, slightly down from SGD 10.7 million in 2022[189] - The company acquired property, plant, and equipment amounting to approximately SGD 54,000 for the year ended December 31, 2023, compared to SGD 115,000 in 2022[190]
RAFFLESINTERIOR(01376) - 2023 - 年度财报