Operating and Financial Review H2 2024 vs H1 2024 H2 2024 vs H2 2023 Finance costs for H2 2024 decreased by S$88,000 or 8.9% and S$130,000 or 12.5% over H1 2024 and H2 2023 respectively mainly due to lower borrowings. FY 2024 vs FY 2023 For the same reasons noted above, finance costs decreased by S$127,000 or 6.2% over FY 2023. (f) Share of profit of associated companies H2 2024 vs H1 2024 H2 2024 vs H2 2023 Our share of profit of associated companies for H2 2024 decreased by S$233,000 or 32.0% as compared to H1 2024. Vis-à-vis H2 2023, our share of profit of associated companies for H2 2024 decreased by S$60,000 or 10.9%. FY 2024 vs FY 2023 Our share of profit of associated companies for FY 2024 increased by S$51,000 or 4.4% as compared to FY 2023. (g) Profit before income tax and net profit after tax H2 2024 vs H1 2024 H2 2024 vs H2 2023 H2 2024 profit before tax at S$5.8 million was almost double of H1 2024 and compared positively against H2 2023 loss before tax of S$6.6 million. EBITDA in H2 2024 was S$7.3 million as compared to S$4.5 million in H1 2024 and a loss of S$4.9 million in H2 2023. The increase in profitability was primarily due to lower expenses/losses incurred as a result of the fire incident, higher insurance claim income and higher sales (over H2 2023). As a result, net profit after tax was S$5.9 million in H2 2024 as compared to net profit after tax of S$2.0 million in H1 2024 and net loss of S$6.7 million in H2 2023. After adjusting for the impact of the fire incident, H2 2024 would have recorded a net profit after tax of S$1.3 million, which represents a decrease of S$0.4 million or 21.7% over H1 2024 and an increase of S$0.3 million or 29.3% as compared to H2 2023. FY 2024 vs FY 2023 FY 2024 recorded a net profit before tax of S$8.7 million as compared to net loss before tax of S$5.3 million in FY 2023. Similarly, EBITDA was S$11.8 million in FY 2024 as compared to a loss of S$1.9 million in FY 2023. With higher income tax expense of S$0.3 million, net profit after tax for FY 2024 was S$7.9 million while net loss after tax for FY 2023 was S$5.8 million. The increase in profitability was due to the same reasons as above. After adjusting for the impact of the fire incident, FY 2024 would have recorded a net profit after tax of S$2.9 million, which represents an increase of S$1.0 million or 53.5% year-on-year. (h) Total comprehensive income These translation gains or losses arise from translation of foreign currency denominated assets and liabilities of subsidiaries and associated companies. Translation gains of S$1.7 million and S$1.5 million in H2 2024 and FY 2024 respectively were largely due to the appreciation of Malaysian Ringgit and Thai Baht against Singapore Dollar. H2 2024 vs H1 2024 H2 2024 vs H2 2023 Translation losses in H1 2024 and H2 2023 were S$0.2 million and S$0.5 million respectively. As a result, comprehensive income for H2 2024 at S$7.7 million was S$5.9 million higher than H1 2024 while comprehensive loss of S$7.2 million was recorded in H2 2023. 35 ANNUAL REPORT 2024
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