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Public company info - TOMO Holdings Limited , 06928.HK
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TOMO Holdings Limited, 06928.HK - Company Profile
Chairman Siew Yew Khuen
Share Issued (share) 450,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Automobiles & Components
Corporate Profile Business Summary: The Group is principally engaged in the (i) sales and installation of passenger vehicle leather upholstery and electronic accessories; and (ii) sales of electronic accessories. Performance for the year: The total revenue of the Group for the Current Year was approximately S$16,487,000 as compared to approximately S$17,818,000 for the Corresponding Year, representing a decrease of approximately 7.5%. The Group’s gross profit fell by approximately S$967,000 or 12.8% from approximately S$7,547,000 for the Corresponding Year to approximately S$6,580,000 for the Current Year. The Group reported profit was approximately S$2,239,000 for the current year. The profit decreased by approximately S$2,003,000, or 47.2% from approximately S$4,242,000 for the Corresponding Year. By excluding the Transfer Listing expenses, the Group’s net profit for the current year would be approximately S$3,762,000. Business Review The Group is principally engaged in the (i) supply and installation of passenger vehicle leather upholstery and electronic accessories; and (ii) sales of electronic accessories. The shares of the Company were listed on GEM operated by the Stock Exchange (“GEM”) on 13 July 2017 and were transferred to be listed on the Main Board of the Stock Exchange on 23 December 2019. To alleviate the traffic congestion, the Singaporean government controls the total number of vehicles in use by limiting the Certificate of Entitlement (“COE”) quota. From 2011 to 2013, the COE quota was reduced due to a declining number of deregistered passenger vehicles, thus resulting in higher COE premiums. From 2014 to 2018, there was a marked increase in the number of deregistered as well as newly registered passenger vehicles. In 2019, the number of newly registered passenger vehicles decreased by approximately 9.9% from 80,200 units in 2018 to 72,300 units. This is mainly due to the number of passenger vehicles reaching their ten-year COE period has decreased as compared to the all time high in 2017. The Group achieved satisfactory results in 2019, despite the economic downturn in Singapore and global uncertainty. The Group’s revenue for the year decreased by 7.5% to approximately S$16,487,000. Profit attributable to shareholders decreased by approximately S$481,000 to approximately HK$3,761,000 as compared to approximately S$4,242,000 in 2018 after excluding the Transfer of Listing expenses, primarily due to i) decrease in the revenue from passenger vehicle leather segment of approximately 19.1%; ii) lower gross profit margins as a result of reduced selling price; iii) increase in the selling and distributions costs incurred of approximately S$21,000 to S$443,000; and iv) foreign exchange loss during the year ended 31 December 2019 as compared to foreign exchange gains in 2018. Prospects: Since January 2020, Singapore has reported confirmed cases of the novel coronavirus (“COVID-19”) which will affect the business environment of the country as a whole. The Group and the Directors will continue to strive to achieve its business objectives as stated in the prospectus issued by the Company dated 30 June 2017 (the “Prospectus”). The Group will focus on maintaining its leading position in the Singapore market, while seeking new business opportunities to expand its product offerings and services.

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