Financial Performance - The group's revenue for the year ended December 31, 2023, was SGD 66.538 million, an increase of 3.33% compared to SGD 63.425 million in 2022[10] - The group reported a pre-tax profit of SGD 0.552 million for 2023, recovering from a loss of SGD 1.371 million in 2022[10] - Total assets decreased to SGD 44.475 million in 2023 from SGD 46.871 million in 2022, representing a decline of 5.93%[11] - The total liabilities of the group were SGD 14.381 million in 2023, down from SGD 15.274 million in 2022, a reduction of 5.85%[11] - Total revenue for the year ended December 31, 2023, was approximately SGD 66.5 million, an increase of about 4.9% compared to SGD 63.4 million for the year ended December 31, 2022, driven mainly by growth in the Thai market[17] - Cost of sales for the year ended December 31, 2023, was approximately SGD 57.5 million, up about 5.0% from SGD 54.8 million for the year ended December 31, 2022[18] - Gross profit increased from approximately SGD 8.6 million for the year ended December 31, 2022, to approximately SGD 9.0 million for the year ended December 31, 2023, with a slight decrease in gross margin from 13.6% to 13.5%[20] - Administrative expenses decreased from approximately SGD 10.0 million for the year ended December 31, 2022, to approximately SGD 8.6 million for the year ended December 31, 2023[21] - Net profit for the year ended December 31, 2023, was approximately SGD 0.5 million, an increase of about 129.7% compared to a net loss of SGD 1.6 million for the year ended December 31, 2022[26] - Other income increased from approximately SGD 121,000 for the year ended December 31, 2022, to approximately SGD 406,000 for the year ended December 31, 2023, mainly due to increased interest income from longer-term fixed deposits[23] - Tax expenses decreased to approximately SGD 77,000 for the year ended December 31, 2023, from SGD 228,000 for the year ended December 31, 2022, due to a reduction in taxable income[25] - Financial costs decreased from approximately SGD 275,000 for the year ended December 31, 2022, to SGD 203,000 for the year ended December 31, 2023, primarily due to reduced interest expenses on borrowings[22] Operational Highlights - The group held 293 ongoing service contracts as of March 28, 2024, with an outstanding contract value of approximately SGD 78.0 million[15] - The company aims to enhance productivity through investments in technology and training, despite increasing competition in the environmental services industry in Singapore[16] - The group has over 25 years of experience in the environmental services sector and holds an L6 level FM02 license, allowing it to bid for public sector contracts of unlimited value[14] - The company is committed to maintaining its market leadership in the environmental services industry by investing in digital technologies and skill enhancement projects[8] - The group has implemented an ISO 9001:2015 certified quality management system for its cleaning and housekeeping services[14] - The management remains vigilant and adaptable to ensure the company continues to lead in the competitive environmental services market[16] Corporate Governance - The company emphasizes the importance of good corporate governance to enhance management and protect shareholder interests[153] - The company has adopted corporate governance practices to ensure effective accountability and aims to enhance shareholder value through ethical principles[157] - The board of directors has maintained a high attendance rate, with all executive directors attending 100% of board meetings and annual general meetings[162] - Independent non-executive directors contribute diverse business and financial expertise, ensuring compliance with listing rules regarding their appointment[164] - The board has established mechanisms to ensure independent viewpoints are obtained, with a majority of independent non-executive directors[165] - The board is responsible for setting and approving the group's development, business strategies, policies, and annual budgets[166] - The company emphasizes the importance of internal control systems and risk management, with the board playing a crucial role in their implementation and monitoring[166] - The company has maintained compliance with corporate governance codes, except for a specific provision which is explained in detail[157] Risk Management - The board is responsible for assessing and determining the nature and extent of risks related to the group's operations[191] - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks[191] - The board conducted an annual review of the effectiveness of the internal control and risk management systems for the year ending December 31, 2023, and deemed them effective and adequate[192] - The company is committed to effective risk management systems to address various operational and market risks[75] Employee and Management Structure - The group employed 2,464 full-time employees and 145 part-time employees as of December 31, 2023, an increase from 1,736 full-time and 168 part-time employees in 2022[105] - The management team has a strong educational background, with qualifications including MBA and degrees in accounting and finance from reputable institutions[48][52] - The management team has experience in overseeing significant projects that have garnered recognition, showcasing the company's capability in project execution[50] - The company has appointed a new auditor, Guo Wei Accounting Firm, effective from April 20, 2021, for the fiscal year ending December 31, 2023[155] Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[198] - As of December 31, 2023, the company has reviewed the implementation and effectiveness of its shareholder communication policy, maintaining sufficient communication channels with shareholders[198] - The board can convene a special general meeting upon request from shareholders holding at least 10% of the voting rights[199] - Shareholders can submit written requests to the board for specific transactions or matters, with a response required within 21 days[199] - The company emphasizes the importance of effective communication with shareholders to enhance their understanding of the business and performance[199] - The company maintains a website to publish the latest information regarding its operations, financial data, and corporate governance[199] - Shareholders can direct inquiries to the company secretary for any questions related to the company[200]
HYGIEIA GROUP(01650) - 2023 - 年度财报