Annual Report 2022: First In Family Essentials

TABLE OF CONTENTS

PG 01	PG 76
Vision and Mission	Consolidated Statement of
PG 02	Profit or Loss
PG 77
Chairman's Statement
PG 06	Consolidated Statement of
Comprehensive Income
Board of Directors	PG 78
PG 10
Consolidated Statement of
Group Financial Summary	Changes in Equity
PG 12	PG 82
Operational Review	Consolidated Statement of
PG 22	Cash Flows
PG 83
Corporate Information
PG 23	Notes to the Financial Statements
PG 171
Corporate Governance Statement
PG 66	Supplementary Information
PG 173
Directors' Statement
PG 69	資產負債表
PG 174
Independent Auditors' Report
PG 75	綜合損益表
PG 175
Statements of Financial Position
	Shareholding Statistics

OUR VISION

To be a multi-faceted consumer essentials company with strategic investments in the region

OUR MISSION

Building strong	Fostering an	Providing	Achieving	Building strong
partnerships,	open and	innovative	operational	financial
growing new	creative culture,	products,	excellence	capabilities
markets	attracting and	portfolio
	nurturing talents	building,
		meeting
		stakeholders'
		needs

01

CHAIRMAN'S STATEMENT

I am very happy that we have returned to our roots as PSC Corporation Ltd (普威集团) because this corporate brand has been deeply entrenched in the minds of our customers in Singapore and has generated positive goodwill over the years.

02

DEAR SHAREHOLDERS,

The Group reached another significant milestone on 5 May 2022 when it traded on the Mainboard of the Singapore Exchange after switching back to its original name - PSC Corporation Ltd (普威集团)

• which was unanimously approved by shareholders at an Extraordinary General Meeting held on 28 April 2022.

I am very happy that we have returned to our roots as PSC Corporation Ltd (普威 集团) because this corporate brand has been deeply entrenched in the minds of our customers in Singapore and has generated positive goodwill over the years. We want to build on this positive legacy and establish an even greater connection with our customer base, even as we reach out to the younger generations of consumers.

Moving ahead, PSC will scale up, expand our market footprint and enlarge the mindshare of our brands. We hope that through PSC, we will continue to harness our existing strengths such as our brands, network and operational capabilities to accelerate our growth in the years ahead.

In tandem with this strategy, we have adopted a new corporate identity reflecting our values of innovation, adaptability, dependability and trustworthiness, as well as PSC's ability in fostering strong relationships with our customers and partners since its inception.

These are the values that, we hope, will position the Group for the future which is looking to be full of uncertainties and challenges. Just as we thought that we were on our way to recovery after the pandemic, the war in Ukraine set the stage for an intense macro-economic environment headlined by escalating inflation, interest hikes and even the prospect of a global recession.

FINANCIAL HIGHLIGHTS

Despite such challenging times, our Group's Consumer Business continued to benefit from the lifting of pandemic measures in the region, especially the reopening of travel in Singapore and Malaysia in April 2022. The higher revenue from Consumer Business was, however, offset by lower sales from Packaging Business which continued to be impacted by China's pandemic curbs.

Overall, the Group achieved a 3.7% uplift in revenue to S$553.0 million while net profit attributable to shareholders decreased marginally to S$19.5 million as higher operational costs have led to overall gross profit margin dipping slightly by 0.4 percentage point.

With the reopening of China's economy, we look forward to a better performance in FY2023 even though we remain cautious with the looming global economic uncertainties. As we move into FY2023, we continue to focus on our strengths to drive growth and exercise caution in exploring growth opportunities.

03