- Established in 1974
- Singapore - Korea - China - Malaysia - Vietnam
United Arab Emirates - Azerbaijan - United Kingdom
Financials Results
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Revenue
FY2024 vs FY2023
For 12 months ended 31 March 2024 ("FY2024"), the Group's revenue was S$74.5 million, a decrease of S$24.9 million or 25.0% from S$99.4 million for the corresponding period ended 31 March 2023 ("FY2023").
2H2024 vs 2H2023
For six months ended 31 March 2024 ("2H2024"), the Group's revenue was S$33.7 million, a decrease of S$17.2 million or 33.8% from S$50.9 million in the corresponding period ended 31 March 2023 ("2H2023").
The decrease in revenue is due to subdued demand from key customers anticipated at the end of 1HFY2024 due to ongoing armed conflicts which has affected economic prospects. The Group has also exited unprofitable business lines and clients to focus on higher yield offerings which are expected to contribute improved revenues and reduce operating overheads in future.
Gross profit
FY2024 vs FY2023
The Group reported gross profit of S$16.0 million in FY2024, a decrease of S$5.5 million or 25.6% from a gross profit of S$21.5 million in FY2023. The decrease was mainly due to the decrease in revenue. Gross profit margin remained at 22%.
2H2024 vs 2H2023
The Group reported gross profit was S$7.3 million in 2H2024, a decrease of S$4.5 million or 38.2% from a gross profit of S$11.8 million in 2H2023. The decrease was mainly due to the decrease in revenue. Gross profit margin decreased marginally from 23% in 2H2023 to 22% in 2H2024.
Distribution costs
FY2024 vs FY2023
Distribution costs decreased by S$0.8 million or 8.6% from S$9.5 million in FY2023 to S$8.7 million in FY2024 due to continued efficiency improvements and cost control.
2H2024 vs 2H2023
Distribution costs increased marginally by S$0.2 million or 3.7% from S$4.4 million in 2H2023 to S$4.6 million in 2H2024.
Administrative expenses
FY2024 vs FY2023
Administrative expenses decreased by S$2.0 million or 9.7% to S$18.8 million in FY2024 from S$20.8 million in FY2023 primarily due to reductions in staff costs and professional & legal fees.
2H2024 vs 2H2023
Administrative expenses decreased by S$1.2 million or 12.2% to S$8.9 million in FY2024 compared to S$10.1 million in FY2023 due to reduction in staff costs and professional & legal fees.
Other operating income
FY2024 vs FY2023
Other operating income in FY2024 decreased by S$0.4 million or 48.5% to S$0.4 million in FY2024 compared to S$0.8 million in FY2023. This was mainly due to reduction in bad debt recovered, offset by an increase in gain on disposal of property, plant and equipment as compared to FY2023.
Other operating income included rental income, interest income, sundry income, government grants, net foreign exchange gain and recovery of bad debts.
2H2024 vs 2H2023
Other operating income decreased by S$0.1 million or 18.4% from S$0.4 million in 2H2024 to S$0.3 million in 2H2023.
Other operating expenses
FY2024 vs FY2023
Other operating expenses increased by S$9.0 million or 395.8% to S$11.3 million in FY2024 compared to the S$2.3 million in FY2023.
FY2024 operating expenses comprise mainly i) restructuring expenses of S$1.3 million related to various efficiency improvement initiatives; ii) an impairment of property, plant and equipment of S$2.7 million; iii) an impairment of right of use assets of S$5.6 million; and iv) an impairment of intangible assets of S$1.7 million.
FY2023 operating expenses included S$1.9 million foreign exchange loss mainly from the depreciation of USD against SGD and other non-recurring expenses of S$0.4 million.
2H2024 vs 2H2023
Other operating expenses increased by S$9.6 million or 586.9% from S$1.6 million in FY2023 to S$11.3 million in FY2024.
2H2024 operating expenses comprise mainly i) restructuring expenses of S$1.3 million related to various efficiency improvement initiatives; ii) an impairment of property, plant and equipment of S$2.7 million; iii) an impairment of right of use assets of S$5.6 million; and iv) an impairment of intangible assets of S$1.7 million.
2H2023 operating expenses included S$1.6 million foreign exchange loss mainly from the depreciation of USD against SGD.
Impairment loss on trade receivables
FY2024 vs FY2023
Impairment loss on trade receivables increased by S$0.4 million or 260.6% from S$0.1 million in FY2023 to S$0.5 million in FY2024 as a result of reviews performed as at 31 March 2024.
2H2024 vs 2H2023
Impairment loss on trade receivables increased by S$0.4 million or 326.1% from S$0.1 million in 2H2023 to S$0.5 million in 2H2024.
Finance cost
FY2024 vs FY2023
Finance cost in FY2024 increased by S$0.1 million or 12.2% to S$1.5 million as compared to S$1.4 million in FY2023 due to higher interest rates.
2H2024 vs 2H2023
There were no significant changes in finance costs in 2H2024 as compared to 2H2023.
Share of results of an associate, net of tax
FY2024 vs FY2023 & FY2024 vs FY2023
In FY2024 and 2H2024, the Group recognized share of results of an associate, net of tax, of S$0.1 million.
Loss for the period
FY2024 vs FY2023
In FY2024, the Group reported a loss before income tax of S$24.4 million, an increase of S$12.5 million or 105.9% from the loss before income tax of S$11.8 million in FY2023. This increase in the loss before income tax is mainly due to a decrease in gross profit of S$5.5 million, an increase in other operating expenses of S$9.0 million, mitigated by reductions of S$2.8 million in distribution and administrative expenses.
2H2024 vs 2H2023
In 2H2024, the Group reported a loss before income tax of S$18.4 million, an increase of S$13.5 million or 276.1% from a loss before income tax of S$4.9 million. The increase in loss was mainly due to a decrease in gross profit of S$4.5 million and an increase in other operating expenses of S$9.6 million, mitigated by reductions of S$1.2 million in administrative expenses.
Total comprehensive income for the period
FY2024 vs FY2023
The total comprehensive loss for FY2024 was S$24.9 million compared to a total comprehensive loss of S$8.1 million for FY2023, mainly due to an increase in the other operating expenses of S$9.0 million and a reversal of S$0.4 million in revaluation gain as compared to S$3.7 million in revaluation gains in FY2023.
In FY2024, the Group revalued its properties and reversed revaluation gains of S$0.4 million from a decrease in the fair values of the building at 51, Saenggoksandan 1-Ro Gangseo-gu Busan, South Korea 46729, offset by an increase in the fair value of the building at 156 Gul Circle, Singapore 629613.
2H2024 vs 2H2023
The total comprehensive loss for 2H2024 was S$18.8 million compared to total comprehensive loss of S$4.5 million in 2H2023 due to an increase in the other operating expenses of S$9.6 million and a reversal of S$0.4 million in revaluation gain.
Current assets
Current assets at the Group level decreased by S$13.5 million or 19.6% from S$68.8 million as at 31 March 2023 to S$55.3 million as at 31 March 2024. This was mainly due to: (i) a decrease in inventories by S$5.7 million as a result of tighter controls over inventory, (ii) a decrease in receivables of S$7.9 million, and (iii) a decrease in contract assets of S$2.0 million, offset with an increase in cash and cash equivalents of S$2.0 million and an increase in income tax receivables of S$0.1 million.
Current assets at the Company level decreased by S$0.7 million or 9.4% mainly due to a decrease in receivables of S$1.7 million, offset by an increase of S$1.1 million in cash and cash equivalents.
Non-current assets
Non-current assets at the Group level decreased by S$14.6 million or 20.0% from S$73.3 million as at 31 March 2023 to S$58.6 million as at 31 March 2024. The decrease was mainly due to (i) a decrease of S$7.7 million in property, plant and equipment as result of depreciation charges, revaluation deficit and impairment loss, offset with the purchase of property, plant and equipment; (ii) a decrease of S$4.6 million in right of use assets mainly due to impairment in right of use assets, depreciation charge, offset with new lease contracts (ii) a decrease of S$2.2 million in intangible assets mainly due to amortisation charges and impairment in intangible assets.
Non-current assets at the Company level as at 31 March 2024 decreased by S$20.8 million or 11.7% from S$177.3 million as at 31 March 2023 to S$156.5 million as 31 March 2024 mainly due to impairment of investment in subsidiaries of S$18.9 million.
Current liabilities
Current liabilities at the Group level decreased by S$2.7 million or 6.4% from S$42.8 million as at 31 March 2023 to S$40.1 million as at 31 March 2024. The decrease was mainly due to repayment of S$4.3 million in bank borrowings. The decrease was offset by (i) an increase of S$0.3 million in current lease liabilities and (ii) an increase of S$0.9 million in trade and other payables.
Current liabilities at the Company level increased by S$1.8 million or 47.1% from S$3.8 million as at 31 March 2023 to S$5.6 million as at 31 March 2024. The increase was mainly due to short-term advances of S$3.0 million from a shareholder of the Company.
Non-current liabilities
Non-current liabilities at the Group level decreased by S$0.5 million or 4.9% from S$10.2 million as at 31 March 2023 to S$9.7 million as at 31 March 2024. The decrease was mainly due to repayment of S$0.6 million in bank borrowings and a decrease of S$0.3 million in deferred tax liabilities, offset with an increase of S$0.4 million in lease liabilities.
There was no significant change in non-current liabilities at the Company level.
Capital, reserves and non-controlling interests
Shareholders’ equity decreased by S$24.9 million or 28.0% from S$89.1 million as at 31 March 2023 to S$64.1 million as at 31 March 2024, mainly due to total comprehensive loss of S$24.9 million incurred in FY2024.
The cash and cash equivalents at 31 March 2024 increased by S$2.3 million or 43.2% from S$5.2 million as at 31 March 2023 to S$7.5 million as at 31 March 2024.
Net cash generated from operating activities
Net cash of S$6.8 million was generated from operating activities in FY2024 as compared to S$3.4 million in FY2023.
Net cash used in operating cash before changes in working capital in FY2024 was S$4.5 million as compared to S$2.6 million in FY2023.
Net working capital inflow was S$11.6 million in FY2024 improved from net working capital inflow of S$6.0 million in FY2023. This was mainly due to (i) a decrease in trade and other receivables of S$7.0 million due to collections received from customers, (ii) a decrease in contract assets of S$2.0 million resulting from billings issued, and (iii) a decrease in inventories of S$5.0 million resulting from efforts to reduce inventory, offset by a decrease in trade and other payables of S$2.3 million in FY2024.
Net cash (used in)/ generated from investing activities
Net cash of S$34,000 was used in investing activities in FY2024 mainly due to S$1.3 million in proceeds from the disposal of plant and equipment, offset by S$1.2 million in purchase of plant and equipment and S$0.1 million in purchase of intangible assets.
Net cash used in financing activities
Net cash used in financing activities was S$4.3 million in FY2024 as compared to S$3.6 million in FY2023. This was mainly due to repayment of bank borrowings of S$4.3 million,short-term advances of S$3.0 million from the immediate holding company, repayment of lease liabilities of S$1.8 million and interest paid on borrowings of S$1.5 million in FY2024, as compared to repayment of bank borrowings of S$3.8 million, repayment of lease liabilities of S$2.6 million and interest paid on borrowings of S$1.3 million, offset with net proceeds from the issuance of rights issue shares of S$4.2 million in FY2023.
AMOS Group Limited (“AMOS) is a long-established supplier of products and service to energy and shipping customers from facilities operating in Asia, the Middle East, and Europe. The business prospects for AMOS are impacted by shifts in the global trade of goods as well as the development of current and existing energy resources.
The Group’s ongoing efforts to reduce trade receivables and inventory, pay down debt, and drive efficiencies in its supply chain of goods and services to better serve customers have contributed positively to the Group’s net cash position.
The economic outlook continues to be positive albeit with geopolitical concerns weighing on sentiment. The energy and shipping industries are exhibiting strength.