The American Club 2023/2024 Annual Report

PAGE 45

FITNESS & LEISURE

All activities within the Fitness & Leisure departments were operating under normal circumstances. Gym & Recreation classes performed 10% better than in FY2023 whilst Aquatics and Tennis showed an improvement of 7%, generating a total revenue of $3.9 million in FY2024.

CLUB SERVICES AND YOUTH & BOWLING

Service and retail offerings at sên Spa delivered an overall revenue of $2.18 million, i.e. 7% better than FY2023.

Youth & Bowling saw an increase in revenue, mainly due to higher sign up for camp activities. Overall, Youth & Bowling showed an increase of 9% in revenue from FY2023.

MANAGING COST & EXPENSES

Despite the easing of inflation rate to 3.5%, supply chain and logistic disruptions continued to be challenging throughout FY2024. Amid these challenges, Management remained focused and prudent in its efforts to optimize costs across cost of goods, payroll, and operating expenses in order to keep the cost and expense ratios at a sustainable level.

Actual

FY2015

FY2016

FY2017

FY2018

FY2020 FY2019

FY2021

FY2023 FY2024 FY2022

36,501

36,961

Total Income (Operating Fund) (S$’000)

34,064

27,754

25,570

25,791

28,965

32,041

33,867

36,371

9,218

8,111

Total Cost of Goods Sold (S$’000)

8,155

5,592

4,695

4,751

5,163

6,419

7,433

8,305

25.3%

21.9%

COGS as % of Total Income

23.9%

20.1%

18.4%

18.4%

17.8%

20.0%

21.9%

22.8%

303

299

Number of Full Time Headcount

317

277

280

316

291

270

252

279

19,344

23,671

Total Payroll & Bonuses (S$’000)

20,211

19,926

19,411

21,702

19,468

20,081

19,755

21,851

53.0%

64.0%

Payroll Costs as % of Total Income

59.3%

71.8%

75.9%

84.1%

67.2%

62.7%

58.3%

60.1%

8,109

6,953

8,084

8,950

Operating Expenses (S$’000)

7,285

7,617

7,953

6,702

7,410

9,279

23.8%

27.2%

22.1%

24.2%

Opex as % of Total Income

26.2%

29.5%

27.5%

20.9%

21.9%

25.5%

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2023 / 2024