Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenue of approximately SGD 11,000,000, an increase of about SGD 800,000 or 7.8% compared to SGD 10,200,000 for the fiscal year ending December 31, 2022[6]. - Gross profit increased from approximately SGD 1,500,000 to SGD 2,400,000, representing a growth of 60.0% due to an increase in the number of projects undertaken[6]. - The company recorded revenue from PPVC projects of approximately SGD 7,200,000 for the fiscal year ending December 31, 2023, up from SGD 5,400,000 in the previous year, an increase of about SGD 1,800,000[11]. - Traditional project revenue decreased from approximately SGD 4,800,000 to SGD 3,400,000, a decline of about SGD 1,400,000[11]. - Gross profit increased by approximately 1,000,000 SGD or 65.8% to about 2,500,000 SGD for the year ending December 31, 2023, primarily due to increased revenue[15]. - Other income rose by approximately 290,000 SGD or 73.8% to about 683,000 SGD for the year ending December 31, 2023, mainly from the sale of properties, plants, and equipment[16]. - Loss for the year ending December 31, 2023, was approximately 100,000 SGD, a decrease from a loss of 1,700,000 SGD for the year ending December 31, 2022[24]. - Total assets decreased to approximately 5,900,000 SGD as of December 31, 2023, down from about 6,200,000 SGD in 2022[27]. - The debt-to-equity ratio as of December 31, 2023, was approximately 33.5%, compared to 31.6% in 2022[27]. Cost Management and Operational Strategy - The company aims to maintain strict cost control measures while ensuring sufficient liquidity to sustain operations in a challenging business environment[6]. - The management team is committed to exploring additional revenue sources through acquisitions of promising businesses or projects to create more value for shareholders[10]. - The company plans to expand its workforce to provide high-quality and efficient services amid competitive market conditions[10]. - Service costs decreased by approximately 100,000 SGD or 1.1% to about 8,600,000 SGD for the year ending December 31, 2023[12]. - Administrative expenses increased by approximately 100,000 SGD or 3.1% to about 3,300,000 SGD for the year ending December 31, 2023, primarily due to increased travel expenses[17]. - Financing costs increased by approximately 15,000 SGD or 28.6% to about 51,000 SGD for the year ending December 31, 2023[22]. - The employee cost for the year ended December 31, 2023, was approximately SGD 10,000,000, compared to SGD 9,900,000 in 2022[38]. - The group has delayed hiring due to economic uncertainties while continuing to seek business opportunities[40]. Environmental, Social, and Governance (ESG) Initiatives - The board is committed to sustainable development and corporate social responsibility, focusing on resource management and compliance with environmental, social, and governance standards[44]. - The company has adopted the GEM listing rules for environmental, social, and governance reporting, ensuring compliance and enhancing its corporate image[44]. - The total indirect carbon emissions for 2023 were 82.58 tons, a decrease of 1.60% from 83.92 tons in 2022[62]. - The company aims to reduce carbon emissions by 2% to 3% in the coming year through various energy efficiency initiatives[63]. - The company has established key performance indicators to monitor the implementation of environmental, social, and governance strategies[49]. - The company adheres to all national and local environmental laws and regulations, implementing a "green environmental policy" to balance business operations and environmental protection[58]. - The company has achieved ISO 14001:2015 environmental management system certification in Singapore and Vietnam, promoting energy-saving guidelines for green building projects[81]. Employee and Workplace Policies - The company has a commitment to providing a safe, healthy, and fair working environment, emphasizing equal opportunities for recruitment and promotion[85]. - The employee turnover rate for 2023 was 31.6% for males and 33.3% for females, with a total turnover rate of 32.0%[98]. - The company provides comprehensive medical and accident insurance for employees in Singapore and Vietnam, covering all eligible staff[107]. - The company has implemented a "people-centered" human resources policy to create a happy, harmonious, and safe working environment[107]. - The company has established a series of internal training programs in various fields, including occupational safety and technical skills, to enhance employee capabilities[111]. - Average training hours per employee were 2.23 for internal training and 1.07 for external training in 2023, down from 2.84 and 1.33 in 2022[113]. Corporate Governance - The board of directors has confirmed compliance with GEM Listing Rules from the listing date until December 31, 2023[134]. - The board consists of four executive directors, including Mr. Huang Sheng as the chairman and CEO[137]. - The company has maintained at least three independent non-executive directors, constituting one-third of the board[140]. - The board is responsible for overseeing the company's operations and financial performance, ensuring effective internal controls and risk management[143]. - The company has adopted a board diversity policy to ensure a balanced mix of skills, experience, and diversity among board members[168]. - The audit committee's main responsibilities include reviewing and supervising financial reporting processes and ensuring compliance with GEM listing rules[151]. Audit and Compliance Issues - The company has faced challenges in obtaining sufficient audit evidence from a 40% owned entity, leading to a qualified audit opinion due to lack of response from the entity[179]. - Legal counsel has been instructed to pursue legal avenues to access the financial records of the entity, as it has failed to provide necessary financial information[180]. - The company is exploring options to sell its entire stake in the entity, including buyback proposals from the controlling shareholder and potential sales to independent third-party investors, both of which have been rejected[180]. - The audit committee has confirmed its understanding of the basis for the retained audit opinion and has agreed with the board's position[185]. - The company will keep shareholders and investors updated on the progress of resolving the audit issues[186].
WMCH Global(08208) - 2023 - 年度财报