Financial Performance - Revenue for the six months ended December 31, 2019, was SGD 26,172,657, an increase of 14.0% compared to SGD 22,900,905 for the same period in 2018[8] - Gross profit for the period was SGD 5,299,035, representing a gross margin of 20.2%, up from SGD 4,494,052 in the previous year[8] - Profit before tax increased to SGD 3,654,931, a significant rise of 110.5% from SGD 1,738,471 in the prior year[8] - Net profit for the period was SGD 2,903,930, compared to SGD 1,148,700 in the same period last year, marking a growth of 153.1%[8] - Basic and diluted earnings per share increased to SGD 0.39, up from SGD 0.15 in the previous year, reflecting a growth of 160%[8] - The company reported a total comprehensive income of SGD 2,903,930 for the six months ended December 31, 2019, compared to a total comprehensive income of SGD 1,148,700 in the previous year[12] - The company’s accumulated profits reached SGD 15,747,708 as of December 31, 2019, compared to SGD 10,347,445 at the end of the previous year, indicating a positive trend in profitability[11] - The company’s net profit attributable to owners increased from approximately SGD 1.1 million for the six months ended December 31, 2018, to approximately SGD 2.9 million for the same period in 2019, representing a year-on-year increase of approximately 30.1%[124] Assets and Liabilities - Total assets as of December 31, 2019, were SGD 67,938,178, an increase from SGD 43,155,296 as of June 30, 2019[9] - Current liabilities stood at SGD 31,686,042, compared to SGD 30,619,562 in the previous period, indicating a slight increase of 3.5%[9] - The company's net asset value increased to SGD 38,016,421 from SGD 14,349,007, showing a substantial growth of 164.5%[9] - Cash and cash equivalents decreased to SGD 3,099,326 from SGD 5,993,458, a decline of 48.3%[9] - Trade receivables as of December 31, 2019, amount to SGD 4,070,608, an increase from SGD 2,688,824 as of June 30, 2019[76] - Trade payables increased to SGD 2,973,388 as of December 31, 2019, up from SGD 2,751,365 as of June 30, 2019, reflecting a growth of 8.1%[98] - The company’s deferred tax liabilities increased to SGD 61,099 as of December 31, 2019, from SGD 53,603 as of June 30, 2019, indicating a rise of 13.9%[101] Cash Flow and Investments - Operating cash flow before changes in working capital was SGD 3,873,453, significantly higher than SGD 1,921,801 in the previous year, indicating improved operational efficiency[12] - The company experienced a net cash outflow from operating activities of SGD 5,964,712 for the six months ended December 31, 2019, compared to SGD 667,036 in the prior year, reflecting increased investment in working capital[12] - The company raised SGD 21,897,971 from the issuance of equity shares during the financing activities, which contributed to its cash position[12] - The company had performance guarantees of approximately SGD 1.7 million as of December 31, 2019, compared to SGD 0.9 million as of June 30, 2019[134] - The total amount utilized from the funds raised was approximately SGD 1.9 million, which was allocated for hiring additional staff, pre-operational costs for new projects, and general working capital[140] Market and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[6] - The company is focused on expanding its market presence and enhancing operational capabilities through strategic investments and restructuring efforts[13] - The company anticipates challenges in the Singapore construction industry due to global economic downturn risks and the impact of COVID-19[108] - The company believes it is well-positioned to navigate potential challenges due to the efforts of its management and staff, along with funds raised from the share issuance[108] Acquisitions and Corporate Structure - Top Stride acquired Khoon Engineering for a total consideration of SGD 12,153,645, which included 1,309,090 shares at SGD 10,606,810 and 190,910 shares at SGD 1,546,835[24] - Following the acquisition, Khoon Engineering became a wholly-owned subsidiary of Top Stride, and subsequently, Top Stride was acquired by the company for a total of SGD 12,917,894[27] - The restructuring completed on March 12, 2019, positioned the company as the holding entity of the group, facilitating operations through its Singapore subsidiary, Khoon Engineering[27] Compliance and Governance - The company's interim results for the six months ended December 31, 2019, were not audited by independent auditors, but the audit committee reviewed the unaudited consolidated results[157] - The company has complied with the corporate governance code as per the listing rules during the reporting period[155] - All directors have confirmed compliance with the trading code for securities transactions during the six-month period ending December 31, 2019[151] Employee and Operational Costs - Total employee costs for the period amounted to SGD 2,796,514, a decrease of 12.3% from SGD 3,187,799 in the previous year[66] - The company incurred a total cost of SGD 6,730,661 for materials recognized as service costs, which increased from SGD 4,870,991 in the previous year, representing a rise of 37.9%[66] - The total cost of listing expenses was SGD 818,835, down from SGD 1,713,232 in the previous year, showing a decrease of 52.2%[66] Financial Reporting Standards - The company has adopted the new International Financial Reporting Standard (IFRS) 16 for leases, which significantly changes the accounting treatment of leases by requiring the recognition of right-of-use assets and lease liabilities[39] - The initial application date for IFRS 16 was July 1, 2019, and the company opted for a practical expedient approach for leases entered into before this date[30] - The company has not early adopted any new IFRS standards that are not yet effective, which may significantly impact its financial position and performance in the foreseeable future[29]

Financial Performance - For the fiscal year ending June 30, 2019, the company's revenue increased by 44.2% to approximately SGD 48.6 million, compared to SGD 33.7 million for the previous year[12]. - Gross profit rose by 47.7% to approximately SGD 9.6 million, with a gross margin of 19.8%, up from 19.3% in the previous year[15]. - Net profit increased by 5.7% to approximately SGD 3.7 million, compared to SGD 3.5 million for the previous year[15]. - Total revenue increased from approximately SGD 33.7 million for the year ended June 30, 2018, to approximately SGD 48.6 million for the year ended June 30, 2019, representing a growth of about 44.2%[18]. - Revenue from public sector projects significantly increased by approximately SGD 11.4 million or 37.2%[18]. - Gross profit for the year ended June 30, 2019, was approximately SGD 9.6 million, up about 47.3% from approximately SGD 6.5 million for the year ended June 30, 2018[22]. - The gross profit margin for the year ended June 30, 2019, was approximately 19.8%, slightly up from 19.3% in the previous year[22]. - The net profit attributable to owners increased from approximately SGD 3.5 million for the year ended June 30, 2018, to approximately SGD 3.7 million for the year ended June 30, 2019, reflecting a growth of about 5.7%[28]. - Other income decreased to approximately SGD 0.2 million for the year ended June 30, 2019, from approximately SGD 0.3 million in the previous year[23]. - The company had no financing costs for the year ended June 30, 2019, compared to approximately SGD 39,000 in the previous year[26]. - The company reported a total distributable reserve of approximately SGD 12.8 million as of June 30, 2019, compared to SGD 9.2 million in 2018, representing a year-over-year increase of 39.1%[116]. Projects and Contracts - The company has a total of 43 projects with an estimated contract value of approximately SGD 111.5 million as of June 30, 2019, of which SGD 48.6 million has been recognized as revenue[13]. - The company anticipates a brief growth in the Singapore construction industry, followed by a decline in 2020 due to global economic recession risks[13]. - The company specializes in providing electrical engineering solutions, which are crucial for ensuring the functionality and compliance of electrical systems in new developments and renovations[12]. - The company has a strong track record in public housing projects initiated by the Housing Development Board of Singapore[12]. - The company emphasizes the importance of delivering quality work and fulfilling commitments to all awarded projects[9]. Employee and Administrative Information - As of June 30, 2019, the group employed 191 employees, an increase from 181 employees in 2018[40]. - Total employee costs for the year ended June 30, 2019, were approximately SGD 6.0 million, up from approximately SGD 4.7 million in 2018[40]. - Administrative expenses increased by approximately 44.9% to about SGD 2.4 million for the year ended June 30, 2019, compared to approximately SGD 1.7 million for the previous year[25]. - The company regularly reviews its employee compensation policies to attract and retain high-quality staff[40]. - The group provides comprehensive training to employees to equip them with practical knowledge and skills[40]. Corporate Governance - The company is committed to high standards of corporate governance, having adopted all provisions of the corporate governance code as per the listing rules[64]. - The company has appointed three independent non-executive directors, including Ms. Chen Peifen, Mr. Yang Guang, and Mr. Han Zhenqiang, to provide independent judgment to the board[53][54][57]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[68]. - The company has established committees, including the audit committee and remuneration committee, to support governance and oversight functions[64]. - The company has confirmed compliance with the standard code of conduct for securities trading by all directors since the listing date[66]. - The company has adopted a board diversity policy to enhance board effectiveness and performance by considering various factors such as gender, age, and experience[90]. - The company ensures compliance with corporate governance codes and has published its governance policies on its website[78]. Risk Management - The company has a structured approach to risk management and internal control, which is reviewed regularly by the board[67]. - The board confirmed its responsibility to maintain an effective risk management and internal control system to safeguard shareholder interests[94]. - The group aims to identify, assess, and manage key business risks through a structured risk management policy, with quarterly evaluations of major risks[95]. - The board reviewed the effectiveness of the risk management and internal control systems and deemed them effective and adequate[98]. - The company has engaged external consultants to perform internal audit functions and review the effectiveness of its risk management and internal control systems[98]. Environmental and Social Responsibility - The company has implemented an environmental management system that complies with ISO 14001:2004 to enhance environmental awareness and prevent pollution from projects[170]. - During the reporting period, the company reported no significant violations of environmental laws and regulations[175]. - The company has a commitment to occupational health and safety management, adhering to OHSAS 18001:2007 standards[170]. - The health and safety management system of the group is certified to meet the OHSAS 18001 standard and has achieved the highest bizSAFE Level Star certification[193]. - The group conducts regular risk assessments regarding workplace safety and health risks as per the Workplace Safety and Health (Risk Management) regulations[193]. - The group provides comprehensive support and on-site training for employees to ensure their safety and career development[195]. Shareholder Information - The company has successfully listed on the Hong Kong Stock Exchange on July 5, 2019, raising approximately HKD 95 million from the issuance of 250 million shares[8]. - The net proceeds from the share offering were approximately HKD 95.0 million after deducting listing expenses[46]. - The allocation of net proceeds includes SGD 40.6 million (42.7%) for acquiring a registered air conditioning contractor, SGD 14.5 million (15.3%) for hiring additional staff, and SGD 10.4 million (10.9%) for expanding properties[47]. - The company did not recommend a final dividend for the year ended June 30, 2019, compared to SGD 3.0 million in the previous year[30]. - No arrangements were made for directors to acquire shares or debentures of the company during the fiscal year ending June 30, 2019[131]. Supplier and Customer Information - The largest supplier accounted for approximately 16.5% of total procurement, while the top five suppliers represented about 47.2% of total procurement for the year ending June 30, 2019[147]. - The largest customer contributed approximately 16.1% of total revenue, with the top five customers accounting for about 63.5% of total revenue for the same period[147].