REPL::Financial Statements and Related Announcement::Full Yearly Results
Issuer & Securities
Issuer/ Manager
IFS CAPITAL LIMITED
Securities
IFS CAPITAL LIMITED - SG1A35000706 - I49
Stapled Security
No
Announcement Details
Announcement Title
Financial Statements and Related Announcement
Date &Time of Broadcast
03-Mar-2025 22:13:16
Status
Replacement
Announcement Sub Title
Full Yearly Results
Announcement Reference
SG250221OTHR6TVO
Submitted By (Co./ Ind. Name)
Chionh Yi Chian/Angeline Ng
Designation
Company Secretary/Assistant Company Secretary
Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)
The Board of Directors refers to the unaudited financial results announcement for the six months and full year ended 31 December 2024, which was released on 21 February 2025 at 21:38:47 (Announcement Reference No. SG250221OTHR6TVO) (the "Announcement").
Following the release of the Announcement, management identified an error where an amount of S$869K was incorrectly recorded as Reinsurer Unearned Premium Reserves instead of Unexpired Risk Reserves, in relation to the insurance subsidiary. This error resulted in an overstatement of the Group's net profit as of 31 December 2024. Consequently, we are issuing the attached revised unaudited financial results (the "Revised Announcement") to reflect the necessary adjustments and changes in Group's net profit for FY2024.
The key adjustments in the Consolidated Statement of Comprehensive Income and Statement of Financial Position are as follows:
1. Insurance Revenue: Increased by S$258K.
2. Insurance Service Results: Decreased by S$1,127K.
3. Group's Net Profit before Tax: Decreased by S$869K.
As a result of these adjustments, the Group's net profit before tax has been reduced by S$869K post consolidation. Corresponding amendments have also been made to the Consolidated Cash Flow Statement, Statement of Change in Equity, and Notes to the Accounts.
Please refer to the attached Revised Announcement for the complete set of financial results, which supersedes the previous Announcement.
The Board of Directors wishes to inform that the error in the relevant reserves has been rectified. Management will implement additional measures to mitigate the risk of such errors recurring in the future.
Despite the adjustments to the six months and full year ended 31 December 2024 results, there will be no change to the previously announced first and final dividend of $0.005 per share, which will be proposed for approval at the upcoming Annual General Meeting.
Additional Details
For Financial Period Ended
31/12/2024
Attachments
SGX Results Announcement 2H FY2024_FINAL_Revised.pdf
Total size =690K
Related Announcements
Related Announcements
21/02/2025 21:38:47