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Condensed Statement of Profit or Loss and Other Comprehensive Income
Review of Performance
Income Statement
Revenue
The Group registered a total revenue of S$26.3 million in 2H FY2024, which was 16.3% lower than 2H FY2023. Total revenue of S$50.3 million for 12M FY2024 was 24.1% lower as compared to 12M FY2023. The decrease was mainly due to lower revenue generated from Trading business.
Revenue from Equipment Rental business decreased by 6.2% to S$14.5 million in 2H FY2024 and decreased by 1.3% to S$30.3 million in 12M FY2024 as compared to the corresponding periods in FY2023 respectively. The decrease was mainly due to the reduced level of activities in Malaysia's operations.
Revenue from Trading business decreased by 26.2% to S$11.8 million in 2H FY2024 and decreased by 43.8% to S$20.0 million in 12M FY2024 as compared to the corresponding periods in FY2023 respectively. The overall decrease was mainly due to the decrease in the number of equipment sold during the periods.
Gross Profit
The Group registered a total gross profit of S$7.9 million in 2H FY2024 which was 15.2% lower than 2H FY2023. Total gross profit for 12M FY2024 was S$16.7 million and 9.3% lower as compared to 12M FY2023 mainly due to reduced contribution from the Group's Trading business but the gross profit margin for both business segments have steadily increased from FY2023 to FY2024.
The Group registered a gross profit of S$5.2 million from Equipment Rental business in 2H FY2024 which was 1.4% lower than 2H FY2023. The gross profit for 12M FY2024 was S$11.3 million and 13.0% higher as compared to 12M FY2023. The increase in FY2024 was mainly attributed to the improved contribution as the result of different product mix offered to customers.
The Group registered a gross profit of S$2.7 million from Trading business in 2H FY2024 which was 33.1% lower than 2H FY2023. The gross profit for 12M FY2024 was S$5.5 million and 35.5% lower as compared to 12M FY2023. The decrease was in tandem with the decreased in trading revenue.
Other Operating Income
Other operating income decreased by S$1.0 million in both 2H FY2024 and 12M FY2024 respectively as compared to the corresponding prior periods in FY2023 respectively. The overall decrease for 12M FY2024 was mainly due to the lower gain on disposal of property, plant and equipment in the current year.
Selling Expenses
Selling expenses remained constant in 2H FY2024 but increased by S$0.1 million in 12M FY2024 as compared to the corresponding prior periods in FY2023 respectively. The increase in 12M FY2024 was mainly due to sales commission.
Administrative Expenses
Administrative expenses decreased by S$0.2 million and S$0.3 million in 2H FY2024 and 12M FY2024 respectively as compared to the corresponding prior periods in FY2023 respectively. The decrease was mainly due to decrease in directors and staff related expenses and lower professional fees.
Other Operating Expenses
Other operating expenses decreased by S$0.1 million and S$0.3 million in 2H FY2024 and 12M FY2024 respectively as compared to the corresponding period periods in FY2023 respectively. The decrease was mainly due to lower bad debts written off and provisions, and lower property, plant and equipment written off.
Finance Costs
Finance costs remained constant in both 2H FY2024 and 12M FY2024 respectively as compared to the corresponding prior periods in FY2023 respectively.
Income Tax Expenses
The Group recorded an income tax expense in 12M FY2024, mainly due to provision of current tax expenses for 12M FY2024.
Statement Of Financial Position
Current assets
As at 31 December 2024, current assets amounted to S$64.8 million or 51.5% of total assets. Current assets mainly comprise of cash and bank balances, trade and other receivables and inventories. Total current assets increased by S$3.2 million as compared to 31 December 2023 mainly due to increase in cash and bank balances and trade receivables, which was partially offset by decrease in other receivables and inventories.
Non-current assets
As at 31 December 2024, non-current assets amounted to S$60.9 million or 48.5% of total assets. Non-current assets mainly comprise of property, plant and equipment and right-of-use assets. Total non-current assets decreased by S$5.3 million as compared to 31 December 2023 mainly due to depreciation of property, plant and equipment and right-of-use assets, partially offset by fair value gain in financial assets at fair value through other comprehensive income and an investment in other assets.
Current liabilities
As at 31 December 2024, current liabilities amounted to S$8.4 million or 46.0% of total liabilities. Current liabilities mainly comprise of trade and other payables and current portion of lease liabilities. Total current liabilities decreased by S$1.6 million as compared to 31 December 2023, mainly due to decrease in other payables, lease liabilities and income tax payable.
Non-current liabilities
As at 31 December 2024, non-current liabilities amounted to S$9.8 million or 54.0% of total liabilities. Non-current liabilities comprise of the non-current portion of lease liabilities and deferred tax liabilities. Total non-current liabilities decreased by S$1.9 million as compared to 31 December 2023, mainly due to repayment of lease liabilities.
Working Capital
As at 31 December 2024, the Group registered a positive working capital of S$56.4 million as compared to that of S$51.6 million as at 31 December 2023.
Equity
As at 31 December 2024, the Group's total equity stood at S$107.5 million. Total equity increased by S$1.3 million as compared to 31 December 2023, mainly due to profit for the year and fair value gain on financial assets at FVTOCI, partially offset by dividend payment and share buyback.
Statement Of Cash Flows
The Group's net cash generated from operating activities in 12M FY2024 was S$11.9 million. This comprised positive operating cash flows before changes in working capital of S$12.4 million, increase in net working capital flow of S$3.0 million, and offset by purchase of property, plant and equipment for rental use of S$2.3 million and income tax paid of S$1.2 million.
Net cash used in investing activities was S$19.2 million in 12M FY2024. This was mainly due to the placement of fixed deposits with maturity of more than 3 months of S$19.1 million, purchase of golf club memberships of S$1.3 million and property, plant and equipment of S$0.5 million, and partially offset by the interest received of S$1.3 million and proceeds from disposal of property, plant and equipment of S$0.4 million.
Net cash used in financing activities was S$9.1 million in 12M FY2024. This was mainly due to the dividend paid of S$5.5 million, repayment of lease liabilities of S$2.9 million, purchase of treasury shares of S$0.5 million and interest expenses of S$0.2 million.
After taking into consideration of the above movements, cash and cash equivalents decreased by S$15.9 million to S$28.7 million as at 31 December 2024.
Statements of Financial Position
