CHAIRMAN & CEO MESSAGE
Dear Shareholders,
It is with great pleasure that we present to you our annual report for the financial year ended 31 December 2024, highlighting another year of strategic growth and expansion for our Group. As we reflect on the achievements of the past year, we are proud to share our continued journey of value creation and brand enhancement across our portfolio.
Our financial performance tells a story of strategic adaptability. While total revenue experienced a modest 1% decline to S$39.6 million, we transformed this challenge into an opportunity by delivering an impressive 12% year-on year growth in profit after tax, reaching S$8.4 million. This achievement underscores our ability to create value through cost management and financial planning. As at 31 December 2024, our financial foundation has grown stronger, with equity attributable to owners of the company rising to S$70.0 million, a significant improvement from S$65.6 million in the previous year. Our net assets of S$66.1 million are underpinned by a robust liquidity position, featuring S$27.1 million in cash and S$39.2 million in low risk financial assets. Our shareholders will be pleased to see continued growth in key financial metrics, with basic earnings per share increasing from 9.31 to 9.66 Singapore cents and net asset value per share rising from 74.94 to 79.00 Singapore cents from FY2023 to FY2024 —reinforcing our commitment to sustainable shareholder value. Additionally, we have proposed a final dividend of 5 cents per ordinary share. By reducing total expenses by 5% and managing our cost base, we have demonstrated operational efficiency in a complex business environment, strengthening our position for future growth and success through a disciplined approach and strategic investments.
The year 2024 has been marked by significant milestones that further strengthen our position in the marina development and management sector. Building upon the solid foundation established in previous years, we have successfully expanded our footprint by managing ONE°15 Marina Panwa Phuket. This addition to our network extends our reach into Thailand’s premier yachting destination, reinforcing our commitment to establishing the ONE°15 brand across key maritime locations in Asia.
In 2024, we completed our first edition of the Singapore Yachting Festival with remarkable success. We witnessed an impressive 45% increase in yacht displays, with over 70 vessels from leading global brands. This has proven to be a transformative step, aligning perfectly with our vision to elevate yachting into a lifestyle embraced by a discerning, aspirational audience. The festival’s expanded format, including the new Lifestyle Festival Market, created additional revenue streams while significantly enhancing the ONE°15 brand’s influence in the marine industry. Our commitment to sustainability and environmental stewardship continued with the third edition of Blue Water EduFest 2024. The event featured a new partnership with Ocean Geographic and was headlined by renowned oceanographer Dr. Sylvia Earle. By introducing a series of community activation programmes, we deepened our engagement with marine conservation efforts, reinforcing our position as a responsible corporate citizen while enhancing our brand value. Looking ahead to 2025, we plan to expand our reach by strategically capturing the burgeoning yacht tourism market in Southeast Asia. With our events portfolio, spearheaded by the Singapore Yachting Festival, we will continue to strengthen our brand presence in the region.
We remain committed to our expansion strategy, seeking opportunities to develop and manage exceptional marina facilities across Asia and beyond. In closing, we extend our heartfelt appreciation to our Board of Directors, management team, staff, club members, business partners, and you, our valued shareholders, for your unwavering support and confidence. Your trust motivates us to continue delivering excellence in all our endeavours. Thank you for being an integral part of our journey. We look forward to sharing more successes with you in the years to come.
Richard Eu Yee Ming
Non-Executive Chairman and Independent Director
Arthur Tay
Executive Director and Chief Executive Officer