Financial Performance - The company's revenue for the year ended December 31, 2023, decreased by 53.9% to approximately SGD 14,008,000 from SGD 30,379,000 in 2022[11]. - The gross profit for the year was approximately SGD 5,212,000, with a gross margin of about 37.2%, compared to 11.1% in 2022[15]. - The company recorded a loss of approximately SGD 2,280,000 for the year, compared to a loss of SGD 1,622,000 in 2022[19]. - The pre-tax loss for the year was approximately SGD 1,960,000, compared to SGD 1,622,000 in the previous year[18]. - Total revenue for the year ended December 31, 2023, was SGD 14,008,147, a decrease of 53.8% compared to SGD 30,379,066 in 2022[160]. - Gross profit increased to SGD 5,211,622 from SGD 3,361,595, representing a growth of 55.0% year-over-year[160]. - The company reported a net loss of SGD 2,280,454 for the year, compared to a loss of SGD 1,621,897 in the previous year, indicating a 40.5% increase in losses[160]. - Basic and diluted loss per share was SGD 0.963, compared to SGD 0.695 in 2022, reflecting a 38.6% increase in loss per share[160]. - Other income decreased significantly to SGD 87,759 from SGD 347,283, a decline of 74.7%[160]. - The company incurred a net foreign exchange loss of SGD 282,817, compared to SGD 90,847 in the previous year, indicating a 211.5% increase in losses due to foreign exchange[160]. - Expected credit loss provisions increased to SGD 3,317,458 from SGD 1,007,581, marking a 229.5% rise[160]. - Selling and administrative expenses decreased to SGD 3,529,467 from SGD 4,178,024, a reduction of 15.5%[160]. - The company reported a pre-tax loss of SGD 1,960,364, compared to a loss of SGD 1,621,897 in 2022, reflecting a 20.9% increase in pre-tax losses[160]. Revenue Breakdown - Revenue from the sale of signage and advertising in the public and private sectors in Singapore increased to approximately SGD 11,639,000 in 2023 from SGD 7,539,000 in 2022, reflecting a growth of about SGD 4,100,000 due to a recovery in construction activity[22]. - Revenue from renovation services for commercial and residential projects decreased significantly to approximately SGD 2,369,000 in 2023 from SGD 22,840,000 in 2022, attributed to reduced demand and increased competition[24]. - Revenue from renovation and refurbishment service contracts for the year ended December 31, 2023, was approximately SGD 2,368,749, recognized using the input method over time[148]. Expenses and Costs - The company's selling and administrative expenses decreased by 15.5% to approximately SGD 3,529,000 from SGD 4,178,000 in 2022[16]. - Total employee costs, including director remuneration, amounted to approximately SGD 4,319,000 in 2023, compared to SGD 3,834,000 in 2022[29]. Cash Flow and Assets - As of December 31, 2023, the group's cash and cash equivalents increased to approximately SGD 4,292,000, up from SGD 2,516,000 in 2022[21]. - The company experienced a net cash inflow from operating activities of SGD 2,519,178 in 2023, a significant improvement from a cash outflow of SGD 4,217,713 in 2022[168]. - Total assets decreased from SGD 18,570,113 in 2022 to SGD 18,434,829 in 2023, a decline of approximately 0.73%[162]. - Current liabilities increased significantly from SGD 2,722,498 in 2022 to SGD 6,745,354 in 2023, an increase of about 147%[162]. - Net cash and cash equivalents rose from SGD 2,516,009 in 2022 to SGD 4,292,329 in 2023, representing a growth of approximately 70.7%[170]. Governance and Compliance - The board of directors confirmed compliance with the corporate governance code for the year ending December 31, 2023[42]. - The board held 5 meetings and 1 annual general meeting during the year, with attendance rates for executive directors ranging from 80% to 100%[47]. - All independent non-executive directors have confirmed their independence according to GEM listing rules, ensuring compliance with governance standards[53]. - The company has appointed three independent non-executive directors, constituting over one-third of the board, with at least one possessing relevant professional qualifications[51]. - The roles of the chairman and CEO are clearly separated to ensure effective governance and management oversight[50]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2023[44]. - The board is responsible for developing strategies to enhance business growth and shareholder value[46]. - The company has established a remuneration committee to recommend policies regarding the compensation of directors and senior management, considering various factors including performance and market comparisons[119]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence as per GEM listing rules[125]. Risk Management - The board is responsible for evaluating and maintaining an effective risk management and internal control system to protect shareholder investments[77]. - The risk management framework has been deemed sufficient and effective as of December 31, 2023, following reviews by the audit committee and the board[77]. - The company actively manages customer credit limits and monitors cash flow to ensure sufficient working capital and repayment arrangements[20]. Shareholder Information - The company has established multiple channels for communication with shareholders to enhance transparency[88]. - Shareholders holding at least 10% of the voting rights can request a special general meeting within two months of submission[81]. - The company has adopted revised articles of association at a special general meeting held on June 30, 2023[84]. - The company reported a significant ownership structure, with Chen Tianji holding 39,337,600 shares, representing approximately 16.61% of the total issued share capital[127]. - Absolute Truth Investments Limited, fully owned by Chen Tianji, also holds 39,337,600 shares, equating to 16.61% of the issued share capital[129]. Future Outlook - The company anticipates a slow recovery in the construction sector in Singapore, with ongoing challenges due to competitive bidding and rising material costs[12]. - The company will continue to manage its expenses and review its business strategies to adapt to the current market environment[12]. - The company expects to continue operating as a going concern, having sufficient resources for the foreseeable future[176].
吉辉控股(08027) - 2023 - 年度财报