Financial Review
Income
The Group's income comprised mainly interest income, rental income from souvenir kiosks and F&B outlets in Singapore Botanic Gardens and Fort Canning Park, admission charges and licence fees. The income for the year was $44.5 million. The increase from last year's income was mainly due to an increase in interest income, admission charges and miscellaneous income.
Operating Income for FY 2024 & FY 2023 ($'000)
| INCOME | FY 2024 $'000 |
FY 2023 $'000 |
VARIANCE | |
|---|---|---|---|---|
| $'000 | % CHANGE | |||
| Rental Income | 7,208 | 6,892 | 316 | 4.6 |
| Admission Charges | 4,236 | 3,238 | 997 | 30.8 |
| Plan Fees | 1,678 | 1,711 | (32) | (1.9) |
| Course Fees | 1,006 | 965 | 40 | 4.2 |
| Agency Fees | 581 | 763 | (182) | (26) |
| Interest Income | 14,359 | 12,540 | 1,819 | 14.5 |
| Carpark Income | 816 | 865 | (48) | (5.6) |
| Certificate and Permit Fees | 1,791 | 2,056 | (265) | (12.9) |
| Laboratory and Inspection Fees | 791 | 830 | (39) | (4.6) |
| Licence Fees | 2,909 | 3,071 | (161) | (5.3) |
| Quarantine Fees and Services | 1,392 | 1,404 | (12) | (0.9) |
| Miscellaneous Income | 7,731 | 3,550 | 4,181 | >100 |
| 44,498 | 37,885 | 6,613 | 17.5 | |
Operating Expenditure
The Group's operating expenditure for the year was $454.76 million, which is about 8% higher compared to last year's operating expenditure of $422.06 million. The increase was mainly due to an increase in staff costs, animal and veterinary-related expenses, general and administrative expenses and depreciation costs, offset by a slight decrease in park maintenance expenses.
Operating Expenditure for FY 2024 & FY 2023 ($'000)
| OPERATING EXPENDITURE | FY 2024 $'000 |
FY 2023 $'000 |
VARIANCE | |
|---|---|---|---|---|
| $'000 | % CHANGE | |||
| Staff Costs | 163,627 | 150,981 | 12,646 | 8.38 |
| Maintenance of Parks | 163,099 | 163,793 | (694) | <1 |
| Animal and Veterinary-Related Expenses | 27,408 | 13,933 | 13,476 | 96.72 |
| General and Administrative Expenses | 80,081 | 73,590 | 6,490 | 8.82 |
| Depreciation of Property, Plant and Equipment and Right-of-Use Assets | 20,541 | 19,761 | 780 | 3.95 |
| 454,756 | 422,058 | 32,698 | 7.75 | |
Capital Expenditure
The Group's capital expenditure for the year was $20.05 million. The increase in capital expenditure was mainly due to higher purchases of equipment and development work-in-progress in FY2024.
Capital Expenditure for FY24 and FY23
| CAPITAL EXPENDITURE | FY 2024 $'000 |
FY 2023 $'000 |
VARIANCE | |
|---|---|---|---|---|
| $'000 | % CHANGE | |||
| Development Work-In-Progress | 16,942 | 11,312 | 5,630 | 49.8 |
| Equipment | 1,762 | 151 | 1,611 | >100 |
| Land and Other Improvements | 1,109 | 156 | 953 | >400 |
| Motor Vehicles | 239 | 177 | 62 | 35 |
| 20,052 | 11,796 | |||