Operating and Financial Review On the other hand, Australia market recorded a reduction in sales of S$0.9 million or 15.8% while sales to each of our South Asia, America and Africa markets declined by S$0.1 million to S$0.2 million. Sales to ASEAN market was relatively unchanged. FY 2024 vs FY 2023 As compared to the full year of 2023 (“FY 2023”), sales increased by S$5.8 million or 4.7% to S$128.8 million for the full year of 2024 (“FY 2024”). Generally, almost all markets recorded higher sales in FY 2024 except for Africa and America which together recorded a dip in sales of approximately S$0.3 million. Sales to North Asia and ASEAN markets increased by S$2.1 million or 20.7% and S$2.0 million or 2.8% respectively. Other markets such as Australia, Europe, Middle East and South Asia recorded higher sales of between S$0.4 million to S$0.6 million over FY 2023. H2 2024 vs H1 2024 H2 2024 vs H2 2023 Sales from distribution segments contracted by S$1.8 million or 2.8% over H1 2024 but increased by S$0.8 million or 1.3% as compared to H2 2023. Sales from the manufacturing segment increased by S$0.3 million or 14.2% and S$0.5 million or 33.3% in H2 2024 over H1 2024 and H2 2023 respectively. FY 2024 vs FY 2023 Year-on-year, sales from distribution and manufacturing segments increased by S$5.6 million or 4.7% and S$0.2 million or 5.7% respectively. (b) Gross profit H2 2024 vs H1 2024 H2 2024 vs H2 2023 Gross profit margin increased in H2 2024 (24.7%) as compared to H1 2024 (23.8%) and H2 2023 (14.7%). This was mainly due to inventory destroyed in the fire written off in H2 2023 and lower allowance for inventory impairment recorded in H2 2024 over H1 2024. As a result, gross profit increased by S$0.2 million or 1.4% over H1 2024 and S$6.6 million or 72.2% as compared to H2 2023. FY 2024 FY 2023 Variance Fav/(Unfav) S$’000 S$’000 S$’000 % Distribution activity 124,920 119,298 5,622 4.7 Manufacturing activity 3,922 3,711 211 5.7 Total Sales 128,842 123,009 5,833 4.7 Business Activity Segment Sales Breakdown Variance Fav/(Unfav) Variance Fav/(Unfav) H2 2024 H1 2024 H2 2024 vs H1 2024 H2 2023 H2 2024 vs H2 2023 S$’000 S$’000 S$’000 % S$’000 S$’000 % Distribution activity 61,575 63,344 (1,769) (2.8) 60,756 819 1.3 Manufacturing activity 2,091 1,831 260 14.2 1,568 523 33.3 Total Sales 63,666 65,175 (1,509) (2.3) 62,324 1,342 2.2 31 ANNUAL REPORT 2024
RkJQdWJsaXNoZXIy NTkwNzg=