Financial Performance - The group's revenue for the fiscal year ending December 31, 2024, was SGD 97.003 million, a decrease of 4.5% from SGD 101.575 million in 2023[11] - Gross profit for the same period was SGD 12.866 million, down 11.1% from SGD 14.478 million in 2023[11] - The group reported a profit attributable to equity holders of SGD 1.714 million, an increase of 123.5% compared to SGD 0.768 million in 2023[11] - Total revenue for the fiscal year 2024 is approximately SGD 97.0 million, a decrease of about 4.5% from SGD 101.6 million in fiscal year 2023[21] - Contract engineering revenue decreased by approximately SGD 6.5 million, primarily due to a decline in power cable installation project revenue by about SGD 9.2 million[25] - Gross profit for fiscal year 2024 is approximately SGD 12.9 million, down from SGD 14.5 million in fiscal year 2023, resulting in a gross profit margin decrease from approximately 14.3% to 13.3%[22] - Other income increased to approximately SGD 1.0 million in fiscal year 2024, up from SGD 0.8 million in fiscal year 2023, mainly due to an increase in fair value gains from investment properties[23] - The net profit for fiscal year 2024 is approximately SGD 1.9 million, an increase from SGD 1.3 million in fiscal year 2023[32] Assets and Liabilities - Total assets as of December 31, 2024, were SGD 104.316 million, a decrease from SGD 109.317 million in 2023[12] - Total liabilities decreased to SGD 46.230 million from SGD 53.020 million in 2023, reflecting a reduction of 12.5%[12] - As of December 31, 2024, the group's current assets net balance is approximately SGD 35.7 million, compared to SGD 33.2 million as of December 31, 2023[34] - As of December 31, 2024, the total borrowings of the group amounted to approximately SGD 25.7 million, a decrease from SGD 32.2 million as of December 31, 2023[36] - The debt-to-equity ratio as of December 31, 2024, was approximately 44.2%, down from 57.2% as of December 31, 2023, primarily due to a reduction in borrowings and lease liabilities by about SGD 6.5 million[37] - The net debt-to-total capital ratio was approximately 8.7% as of December 31, 2024, down from 14.8% as of December 31, 2023, attributed to a decrease in cash and bank deposits by about SGD 2.3 million and a reduction in borrowings and lease liabilities[38] Projects and Business Opportunities - The group secured approximately SGD 241.2 million in new projects by December 2024, indicating ongoing business opportunities despite market challenges[16] - The total number of ongoing projects as of December 31, 2024, is 28, with a total contract value of approximately SGD 514.1 million, of which SGD 95.2 million has been recognized as revenue[17] - The construction industry in Singapore grew by 4.4% year-on-year in Q4 2024, driven by both public and private sector expansion[14] - The group aims to prioritize cash savings and cost control while expanding market share in response to rising construction costs and economic uncertainties[7] - The company plans to closely monitor global economic trends and market conditions to enhance operational efficiency and competitiveness[16] Corporate Governance and Management - The management team includes experienced individuals with over 30 years in the construction industry, ensuring strategic oversight and operational management[55][56] - Independent non-executive director Mr. Huang Chen Dong was appointed on February 18, 2020, and serves as the chairman of the remuneration committee and a member of the audit and nomination committees[57] - Ms. Li Ying Ran, also an independent non-executive director since February 18, 2020, chairs the audit committee and is a member of the remuneration committee[59] - The company has established an audit committee consisting of three independent non-executive directors to review risk management and internal control systems[152] - The board consists of two executive directors and three independent non-executive directors, ensuring compliance with relevant guidelines[134] Audit and Internal Controls - The company faced audit issues due to the absence of the main contact person, Mr. Huang, which hindered access to necessary accounting records and documents[51] - The board believes that the audit issues are a one-time event and has developed a detailed plan to strengthen internal control policies regarding future subsidiary sales, particularly for overseas subsidiaries[54] - The company issued a qualified opinion on its consolidated financial statements for the year due to the inability to arrange an audit for the sold entity, Zhangde Holdings Limited and its subsidiaries[160] - The board has identified internal control deficiencies in obtaining and preserving accounting records from overseas subsidiaries, leading to the implementation of enhanced internal control policies effective April 8, 2025[161] - The company has established strict internal control policies to manage accounting records, with monthly performance reports submitted to management[160] Environmental, Social, and Governance (ESG) - The annual Environmental, Social, and Governance (ESG) report will disclose relevant information for the fiscal year 2024, covering January 1 to December 31, 2024[168] - The report adheres to the guidelines set forth in the Environmental, Social, and Governance (ESG) Reporting Guidelines as per the Main Board Listing Rules[170] - The group has conducted a materiality assessment to identify key issues for the reporting period, ensuring that significant topics are prioritized in the ESG report[171] - The group emphasizes the collection and recording of key performance data related to environmental and social metrics, presenting quantitative data in the ESG report[171] - The board is responsible for the overall supervision of ESG matters, ensuring alignment with corporate social responsibility and strategic growth[176] Shareholder Matters - The company does not recommend any final dividend for fiscal year 2024, consistent with fiscal year 2023[33] - The board has decided not to declare a final dividend for the current year[87] - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs and future growth[86] - The company has issued 1,064,000,000 shares with a par value of HKD 0.01 as of December 31, 2024[84] - The company has no knowledge of any tax relief available to shareholders for holding shares[127] Sustainability and Environmental Impact - The company aims to reduce greenhouse gas emissions density by 5% by 2030, using 2022 as the baseline[183] - In 2024, the total greenhouse gas emissions amounted to 9,411.07 tons of CO2 equivalent, an increase from 6,914.74 tons in 2023[189] - The company reported a significant increase in nitrogen oxides (NOx) emissions, rising to 16.12 tons in 2024 from 5.59 tons in 2023[186] - The company has established an environmental management system in accordance with ISO 14001:2015 standards[182] - The company has set a goal to maintain non-hazardous waste density while reducing energy consumption density by 5% by 2030[185]

Financial Performance - Total revenue for the year ended December 31, 2024, was 97,003 thousand SGD, a decrease of 4.1% compared to 101,575 thousand SGD in 2023[3] - Gross profit for the same period was 12,866 thousand SGD, down 11.1% from 14,478 thousand SGD in the previous year[3] - Operating profit before tax was 2,762 thousand SGD, an increase of 9.5% compared to 2,521 thousand SGD in 2023[3] - Net profit for the year was 1,899 thousand SGD, representing a 41.0% increase from 1,346 thousand SGD in 2023[4] - Basic earnings per share increased to 0.16 SGD from 0.07 SGD, reflecting a significant improvement in profitability[4] - The group’s net profit for the year was approximately 1.9 million SGD in FY2024, up from about 1.3 million SGD in FY2023, attributed to reduced gross loss and lower share of joint venture losses[70] Revenue and Income Sources - Other income increased to 1,012 thousand SGD from 798 thousand SGD, showing growth in non-operating revenue streams[3] - Government grants received were 125 thousand New Taiwan Dollars in 2023, increasing to 168 thousand New Taiwan Dollars in 2024, indicating a growth of approximately 34.4%[19] - The group’s profit from the sale of investment properties was 202 thousand New Taiwan Dollars in 2024, compared to a loss of 80 thousand New Taiwan Dollars in 2023, indicating a significant turnaround[19] - Other income and net other gains increased from approximately 0.8 million SGD in FY2023 to about 1.0 million SGD in FY2024, mainly due to increases in investment property fair value gains and rental income[62] Expenses and Cost Management - Administrative expenses decreased to 9,346 thousand SGD from 9,642 thousand SGD, indicating cost management efforts[3] - The group’s total operating expenses were 30,385 thousand New Taiwan Dollars in 2024, slightly down from 30,966 thousand New Taiwan Dollars in 2023[21] - Financial costs for the year 2024 amount to 1,431,000 thousand New Taiwan dollars, a decrease from 1,598,000 thousand New Taiwan dollars in 2023, reflecting improved cost management[22] - The total employee cost for the fiscal year 2024 is approximately SGD 27.7 million, slightly increasing from SGD 27.6 million in the fiscal year 2023[84] Assets and Liabilities - Total assets decreased from 80,529 thousand NTD in 2023 to 76,683 thousand NTD in 2024, a decline of approximately 4.3%[5] - Current liabilities increased from 47,291 thousand NTD in 2023 to 40,943 thousand NTD in 2024, a decrease of about 13.4%[6] - The net value of current assets rose from 33,238 thousand NTD in 2023 to 35,740 thousand NTD in 2024, an increase of approximately 7.5%[5] - Total equity increased from 56,297 thousand NTD in 2023 to 58,086 thousand NTD in 2024, reflecting a growth of about 3.2%[6] - The company reported a cash and cash equivalents balance of 16,239 thousand NTD in 2024, down from 18,967 thousand NTD in 2023, a decrease of approximately 14.4%[5] Financial Management and Reporting - The company reported a finance income of 201 thousand SGD, up from 82 thousand SGD, highlighting improved financial management[3] - The company has adopted new International Financial Reporting Standards (IFRS) effective from January 1, 2024, which includes IFRS 16 regarding lease liabilities and IFRS 1 for classifying liabilities as current or non-current[10] - The group is currently evaluating the impact of IFRS 18 on its consolidated financial statements, which will affect the presentation and disclosure of the income statement[14] - The company has not applied any new or amended IFRS that have been issued but are not yet effective, indicating a cautious approach to upcoming standards[11] Market Position and Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2] - The company has identified potential acquisition targets to enhance its market position and product offerings[2] - The group will continue to monitor global economic trends and market conditions closely, taking timely measures to enhance operational and production efficiency[54] - The group aims to prioritize cash conservation and implement cost control measures while actively participating in bidding for new projects to solidify its market position[54] Shareholder and Corporate Governance - The board does not recommend a final dividend for the year ending December 31, 2024[48] - The group has adhered to corporate governance guidelines, with minor deviations noted[88] - The audit committee has reviewed the financial performance for the fiscal year 2024 and has no objections to the accounting principles adopted by the company[96] Joint Ventures and Investments - The investment in joint ventures as of December 31, 2024, is valued at 1,932,000 thousand New Taiwan dollars, a decrease from 3,623,000 thousand New Taiwan dollars in 2023, indicating potential challenges in joint venture performance[27] - The company has maintained a 40% ownership interest in its joint ventures, reflecting stable strategic partnerships[28] - Share of losses from joint ventures decreased from approximately 0.7 million SGD in FY2023 to about 0.1 million SGD in FY2024[67] Challenges and Future Outlook - The company expects ongoing challenges in the business environment, including global economic uncertainty and rising material and labor costs[53] - The company has not disclosed any interests in competing businesses by its controlling shareholders or directors as of December 31, 2024[94]

Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 45.432 million, a decrease of 1.45% compared to SGD 46.101 million in the same period of 2023[11] - Gross profit for the same period was SGD 6.070 million, with a gross margin of approximately 13.36%[11] - The operating profit for the six months was SGD 2.206 million, reflecting a significant improvement from a loss of SGD 4.896 million in the previous year[11] - Net profit attributable to equity holders for the period was SGD 2,000, representing a recovery from a loss of SGD 750,000 in the prior year[11] - The company reported a total comprehensive income of SGD 806,000 for the period, compared to SGD 1.136 million in the same period last year[12] - Basic earnings per share for the period was SGD 0.0002, down from SGD 0.04 in the previous year[12] - The company recognized other comprehensive income of SGD 589,000, significantly higher than SGD 120,000 in the prior year[12] - The company recorded a net profit of approximately 0.2 million SGD for the six months ended June 30, 2024, down from approximately 1.0 million SGD for the same period in 2023, a decrease of about 0.8 million SGD[154] Assets and Liabilities - Total assets as of June 30, 2024, amounted to SGD 76.948 million, compared to SGD 79.579 million as of December 31, 2023[13] - Current liabilities decreased to SGD 41.925 million from SGD 47.291 million at the end of 2023, indicating improved liquidity[13] - As of June 30, 2024, total equity increased to 57,103 thousand SGD from 56,297 thousand SGD as of January 1, 2024, reflecting a growth of approximately 1.43%[16] - The company reported a retained earnings balance of 24,906 thousand SGD as of June 30, 2024, slightly up from 24,904 thousand SGD at the beginning of the year[16] - The cash and cash equivalents at the end of the period decreased to 18,447 thousand SGD from 20,772 thousand SGD, indicating a decline of approximately 11.2%[20] - The company’s total assets as of June 30, 2024, were not explicitly stated but can be inferred to have increased given the rise in total equity[16] - The total liabilities for SWG Alliance Pte. Ltd. were 2,999 thousand SGD, comprising current liabilities of 2,605 thousand SGD and non-current liabilities of 395 thousand SGD[60] - The total liabilities, including current and non-current, were 3,057,000 SGD as of June 30, 2024, down from 3,279,000 SGD as of December 31, 2023[100] Cash Flow - The net cash flow from operating activities for the six months ended June 30, 2024, was 6,340 thousand SGD, compared to 5,903 thousand SGD for the same period in 2023, representing an increase of about 7.4%[20] - The company’s investment activities resulted in a net cash outflow of 2,587 thousand SGD for the six months ended June 30, 2024, compared to a net cash outflow of 1,568 thousand SGD in the previous year[20] - The company’s financing activities generated a net cash inflow of 14,939 thousand SGD for the six months ended June 30, 2024, compared to an outflow of 3,838 thousand SGD in the previous year[20] - The company’s cash and cash equivalents stood at 18,447,000 SGD as of June 30, 2024, slightly down from 18,967,000 SGD as of December 31, 2023, a decrease of 2.7%[72] - Cash and cash equivalents decreased from 18,891,000 to 13,073,000 SGD, a reduction of approximately 31%[89] Revenue Sources - Revenue from major clients included Client 1 generating 16,678 thousand SGD, Client 2 generating 8,915 thousand SGD, and Client 3 generating 6,734 thousand SGD, collectively accounting for over 10% of total revenue[27] - The decline in revenue was primarily due to reduced earnings from road milling and resurfacing services during the six months ended June 30, 2024[140] - Contract engineering revenue decreased by approximately 0.2 million SGD, with power cable installation project revenue increasing by approximately 3.9 million SGD, while telecommunications cable installation project revenue decreased by approximately 4.1 million SGD[145] Expenses - Employee benefits expenses totaled 12,874 thousand SGD for the six months ended June 30, 2024, a decrease of 4.41% from 13,468 thousand SGD in the same period of 2023[36] - The total cost of sales for the six months ending June 30, 2024, was 2,556,000 SGD, an increase from 2,451,000 SGD in the same period of 2023[48] - Administrative expenses for the same period were 313,000 SGD, up from 281,000 SGD in 2023[48] - The group's cost of sales increased from approximately 38.9 million SGD to approximately 39.4 million SGD, representing an increase of about 1.3%[146] Investments and Impairments - The investment in SWG was assessed at a recoverable amount of approximately 1,865 thousand SGD, leading to an impairment charge of about 1,050 thousand SGD due to the recoverable amount being lower than the carrying value[58] - The group incurred capital expenditures of approximately SGD 1.6 million for the purchase of property, plant, and equipment during the six months ended June 30, 2024, compared to SGD 2.1 million for the same period in 2023[160] Governance and Compliance - The company has adopted the standard code of conduct for securities transactions as per the listing rules[174] - The company has confirmed compliance with the standard code of conduct and securities trading rules by all directors, except Mr. Huang Lei[174] - The report indicates no known violations of the standard code of conduct during the six months ending June 30, 2024[174] - The company will continue to remind directors of the procedures and requirements for trading the company's securities[174] Future Outlook - The company plans to focus on market expansion and new product development to drive future growth[11] - The group anticipates ongoing challenges in the business environment due to high global interest rates and geopolitical uncertainties[140] - The group will adopt a prudent approach to business operations in light of these challenges[140] - The group has not incurred any retirement benefits for directors related to management services during the six months ended June 30, 2024[133]

Financial Performance - Revenue for the six months ended June 30, 2024, was 45,432 thousand New Taiwan dollars, a decrease of 1.45% compared to 46,101 thousand New Taiwan dollars for the same period in 2023[1] - Gross profit for the same period was 6,070 thousand New Taiwan dollars, down 15.5% from 7,185 thousand New Taiwan dollars year-over-year[1] - Operating profit decreased to 2,206 thousand New Taiwan dollars, a decline of 20.7% compared to 2,779 thousand New Taiwan dollars in the previous year[1] - The company reported a net profit of 217 thousand New Taiwan dollars for the six months ended June 30, 2024, down 78.6% from 1,016 thousand New Taiwan dollars in the same period last year[2] - Basic earnings per share for the period were 0.0002 New Taiwan dollars, compared to 0.04 New Taiwan dollars in the previous year[2] - The company reported a net gain from the sale of properties, plants, and equipment of 67 thousand New Taiwan dollars in 2024, down from 79 thousand New Taiwan dollars in 2023, a decline of 15.19%[13] - The company’s net profit attributable to equity holders for the six months ended June 30, 2024, is 2,000 thousand New Taiwan dollars, compared to 448 thousand New Taiwan dollars for the same period in 2023[20] - The group recorded a net profit of approximately 0.2 million SGD for the six months ending June 30, 2024, down from about 1.0 million SGD for the six months ended June 30, 2023, representing a decrease of approximately 0.8 million SGD[61] Assets and Liabilities - Total assets as of June 30, 2024, were 76,948 thousand New Taiwan dollars, a decrease from 80,529 thousand New Taiwan dollars as of December 31, 2023[3] - The company's total liabilities decreased to 41,925 thousand New Taiwan dollars from 47,291 thousand New Taiwan dollars, reflecting a reduction of 11.2%[3] - Cash and cash equivalents stood at 18,447 thousand New Taiwan dollars, slightly down from 18,967 thousand New Taiwan dollars at the end of 2023[3] - The total trade receivables as of June 30, 2024, amount to 11,247 thousand New Taiwan dollars, an increase from 7,988 thousand New Taiwan dollars as of December 31, 2023[26] - The company’s trade receivables aging analysis shows that 8,585 thousand New Taiwan dollars are less than 30 days overdue as of June 30, 2024, compared to 6,398 thousand New Taiwan dollars as of December 31, 2023[27] - The company’s total borrowings, including bank and non-bank loans, were reported at 26,815,000 New Taiwan Dollars as of June 30, 2024[31] - The debt-to-equity ratio improved to approximately 52.3% as of June 30, 2024, down from 57.2% as of December 31, 2023, due to a reduction in borrowings[66] Revenue Sources and Customer Information - The group reported revenue of 16,678 thousand SGD for Customer 1 in the six months ended June 30, 2024, compared to 10,923 thousand SGD for the same period in 2023, representing a growth of approximately 52%[10] - Customer 2 generated revenue of 8,915 thousand SGD in the six months ended June 30, 2024, while Customer 3 generated 6,734 thousand SGD, both of which were not applicable in the previous year[10] - The group operates primarily in Singapore, focusing on civil engineering projects, with all assets and liabilities located in Singapore[9] - The group’s revenue primarily comes from contract works related to electrical and telecommunications cabling, road milling and resurfacing services, and sales of goods and scrap materials[44] Cost and Expenses - Selling costs increased from approximately 38.9 million SGD to about 39.4 million SGD, reflecting a rise of about 1.3%[52] - Administrative expenses decreased from approximately 4.9 million SGD to about 4.3 million SGD, a reduction of about 12.2%[55] - Employee costs for the six months ended June 30, 2024, totaled approximately 12.9 million SGD, compared to 13.5 million SGD for the same period in 2023[74] Financial Reporting and Governance - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring consistency with the previous year's annual consolidated financial statements[6] - The group has not adopted any new International Financial Reporting Standards that have been issued but are not yet effective, indicating a stable financial reporting environment[8] - The audit committee reviewed the group's unaudited interim results for the six months ended June 30, 2024, and had no objections[81] - The board of directors includes three executive directors and three independent non-executive directors, indicating a balanced governance structure[83] Market Conditions and Future Outlook - The construction industry in Singapore grew by 3.8% year-on-year in Q2 2024, following a growth rate of 4.1% in the previous quarter, driven by government support and emphasis on infrastructure development[43] - The group plans to adopt a cautious approach to business operations due to ongoing challenges in the post-COVID-19 environment, including high global interest rates and geopolitical tensions[45] - The group anticipates that rising material and energy prices will increase overall construction costs for ongoing projects[45] - The group plans to closely monitor global economic trends and market conditions to enhance operational efficiency[46] - The group aims to prioritize cash conservation and implement cost control measures[46] - The group will actively participate in bidding for new projects to solidify its market position[46] - The group has identified opportunities for business expansion and will proceed with caution[46]

Financial Performance - The group's total revenue for the year ended December 31, 2023, was approximately SGD 101.6 million, a decrease of about SGD 1.1 million compared to SGD 102.7 million for the year ended December 31, 2022[14]. - The gross profit for the year was SGD 14.478 million, compared to SGD 12.198 million in the previous year, reflecting an increase of approximately 18.7%[9]. - The company reported a profit attributable to equity holders of SGD 768,000 for the year, down from SGD 2.173 million in 2022[9]. - The group's net profit for fiscal year 2023 was approximately SGD 1.3 million, a decrease of about SGD 1.4 million compared to SGD 2.7 million in fiscal year 2022[31]. - Other income and net other gains decreased to approximately SGD 0.8 million in fiscal year 2023 from about SGD 2.0 million in fiscal year 2022, primarily due to the cessation of foreign worker tax rebates by the Singapore government[24]. - The total employee cost for fiscal year 2023 is approximately 27.6 million SGD, an increase from 25.8 million SGD in fiscal year 2022, with a total of 634 full-time employees as of December 31, 2023[44]. - The group's administrative expenses slightly decreased to approximately SGD 9.6 million in fiscal year 2023 from about SGD 9.8 million in fiscal year 2022[25]. - The company did not recommend any final dividend for fiscal year 2023, consistent with fiscal year 2022[32]. Assets and Liabilities - The total assets of the group as of December 31, 2023, were SGD 109.317 million, a decrease from SGD 112.442 million in 2022[11]. - The total liabilities decreased to SGD 53.020 million from SGD 57.350 million in the previous year, indicating improved financial stability[11]. - Total borrowings as of December 31, 2023, amounted to approximately SGD 32.2 million, a decrease from SGD 35.6 million as of December 31, 2022[34]. - The company's debt-to-equity ratio is approximately 57.2%, down from 64.7% as of December 31, 2022, primarily due to a decrease in bank and other borrowings by approximately 3.1 million SGD[35]. - The net debt-to-total capital ratio as of December 31, 2023, is approximately 14.8%, a decrease from 23.9% as of December 31, 2022, attributed to an increase in cash and cash equivalents by approximately 4.1 million SGD and a reduction in borrowings by approximately 3.1 million SGD[36]. Market Environment - The construction industry in Singapore grew by 5.2% in 2023, supported by the expansion of public and private construction projects[12]. - The operating environment for 2024 is expected to remain challenging due to rising interest rates and increased costs of materials, oil, and diesel[14]. - The company will closely monitor the market recovery from COVID-19 and assess its impact on operations[15]. Business Strategy and Opportunities - The company plans to continue prioritizing cash savings and cost control while actively participating in bidding for new projects to strengthen its market position[15]. - The company is exploring potential business opportunities in the construction materials trade in China for 2024[13]. - As of December 31, 2023, the group has 29 ongoing projects with a total contract value of approximately SGD 176.2 million, of which about SGD 82.1 million has been recognized as revenue[16]. Corporate Governance - The company is committed to good corporate governance, focusing on long-term sustainable growth for shareholders[138]. - The board of directors consists of three executive directors and three independent non-executive directors, ensuring a balance of power and independent oversight[141]. - The company has appointed independent non-executive directors with appropriate professional qualifications to ensure compliance with financial reporting standards[145]. - The remuneration committee was established to develop and review the group's remuneration policy, considering the group's operating performance and market practices[102]. - The company has established a risk management policy to ensure effective internal controls and protect shareholder interests[166]. Environmental, Social, and Governance (ESG) Initiatives - The annual environmental, social, and governance (ESG) report covers the company’s performance in these areas for the fiscal year 2023, from January 1 to December 31[179]. - The company has conducted a materiality assessment to identify key issues for the environmental, social, and governance (ESG) report, ensuring that significant topics are prioritized[39]. - The company has implemented a green policy to minimize environmental pollution and optimize waste management and resource efficiency[195]. - The company has established an environmental management system based on ISO 14001:2015 standards to systematically manage environmental issues[195]. - The company has set environmental goals for 2030, aiming to reduce energy consumption density and greenhouse gas emissions density by 5% from the 2022 baseline[197]. Management and Team - The company has a strong financial management team with over 13 years of experience in finance and accounting, ensuring robust financial oversight[57][58]. - The management team is committed to maintaining high standards of internal control and financial reporting[58]. - The management team has a diverse background in investment banking and financial consulting, contributing to strategic decision-making[52][54]. - The company emphasizes the importance of independent opinions from its board members to guide corporate strategy[51][56]. Shareholder Information - The total number of shares available for issuance under the share option scheme is 106,400,000 shares, representing 10% of the company's total issued share capital as of December 31, 2023[116]. - The board of directors and key executives hold significant shares, with Mr. Wu Tian Song and Mr. Wu Tian Hua each owning 542,640,000 shares, representing 51.00% of the issued capital[128]. - The beneficial ownership in WGI (BVI) is distributed among Mr. Wu Tian Song (35%), Mr. Wu Tian Hua (28%), Mr. Wu Tian Qiu (28%), and Ms. Wu Mei Lin (9%)[128]. Risk Management - The company’s risk management and internal control systems are designed to manage rather than eliminate risks associated with achieving business objectives, providing reasonable but not absolute assurance against material misstatements or losses[171]. - The management team is required to submit a risk management report biannually, including updates to the risk register and progress on risk treatment implementation[170]. - The board is responsible for risk governance and determining the level of significant risks the company is willing to accept in achieving its strategic objectives[167].

Financial Performance - Total revenue for the year ended December 31, 2023, was 101,575 thousand SGD, a decrease of 1.1% from 102,725 thousand SGD in 2022[3] - Gross profit increased to 14,478 thousand SGD, up 18.7% from 12,198 thousand SGD in the previous year[3] - Operating profit for the year was 5,816 thousand SGD, representing an increase of 13.2% compared to 5,138 thousand SGD in 2022[3] - Net profit attributable to equity holders was 1,346 thousand SGD, down 49.7% from 2,673 thousand SGD in the previous year[4] - Basic earnings per share decreased to 0.07 SGD from 0.20 SGD in the previous year[4] - Other income decreased significantly to 798 thousand SGD, down 60.9% from 2,041 thousand SGD in 2022[3] - The group reported a net income from other income of 573,000 New Taiwan Dollars in 2023, compared to 1,590,000 New Taiwan Dollars in 2022, indicating a significant decrease[23] - The group recorded a net profit of approximately 1.3 million SGD in FY2023, down from approximately 2.7 million SGD in FY2022, representing a decrease of about 1.4 million SGD[73] Assets and Liabilities - Total assets as of December 31, 2023, amounted to 80,529 thousand New Taiwan Dollars, compared to 80,065 thousand New Taiwan Dollars in 2022, reflecting a growth of 0.58%[6] - Current liabilities decreased from 51,079 thousand New Taiwan Dollars in 2022 to 47,291 thousand New Taiwan Dollars in 2023, a reduction of approximately 7.0%[6] - The net value of current assets increased to 33,238 thousand New Taiwan Dollars in 2023, up from 28,986 thousand New Taiwan Dollars in 2022, representing an increase of about 14.0%[6] - The company's total equity rose to 56,297 thousand New Taiwan Dollars in 2023, compared to 55,092 thousand New Taiwan Dollars in 2022, indicating a growth of approximately 2.2%[7] - The company reported a decrease in total non-current liabilities from 6,271 thousand New Taiwan Dollars in 2022 to 5,729 thousand New Taiwan Dollars in 2023, a reduction of about 8.6%[7] - The company's total liabilities decreased from 51,079 thousand New Taiwan Dollars in 2022 to 47,291 thousand New Taiwan Dollars in 2023, a decrease of about 7.0%[6] - The group’s bank borrowings as of December 31, 2023, totaled SGD 28,423,000, down from SGD 31,256,000 in 2022, reflecting a decrease of approximately 9%[40] - The group's total borrowings as of December 31, 2023, were SGD 28,947,000, compared to SGD 32,047,000 in 2022, indicating a decrease of approximately 9.7%[40] Income and Expenses - Administrative expenses were 9,642 thousand SGD, slightly down from 9,757 thousand SGD in the previous year[3] - The group’s operating expenses included employee benefits amounting to 27,592,000 New Taiwan Dollars, an increase from 25,830,000 New Taiwan Dollars in the previous year[25] - Financial costs rose from approximately 1.3 million SGD in FY2022 to about 1.6 million SGD in FY2023, an increase of approximately 0.3 million SGD due to higher average interest rates[69] - The total employee cost for the fiscal year 2023 is approximately 27.6 million SGD, an increase from 25.8 million SGD in the fiscal year 2022, with a total of 634 full-time employees as of December 31, 2023, compared to 618 in the previous year[88] Market Outlook and Strategy - The company plans to focus on market expansion and new product development in the upcoming year[2] - Future guidance indicates a cautious outlook due to market conditions and competition[2] - The company anticipates challenges due to geopolitical tensions, high interest rates, and increased borrowing costs, which may impact profit margins moving forward[55] - The group plans to continue monitoring the market recovery from COVID-19 and will prioritize cash conservation and cost control measures in its strategy for 2024[58] - The group aims to actively participate in bidding for new projects to solidify its market position[58] Compliance and Reporting - The group has adopted new International Financial Reporting Standards (IFRS) effective from January 1, 2023, including IFRS 17 related to insurance contracts and IFRS 12 regarding international tax reform[13] - The audit committee has reviewed the audited financial performance for the fiscal year 2023 and has no objections to the financial statements[97] - The annual performance announcement and annual report for the fiscal year 2023 will be published on the Hong Kong Stock Exchange website and the company's website[99] Shareholder Information - The company did not recommend any final dividend for the year ending December 31, 2023, compared to no dividend in 2022[52] - The company has adopted a stock option plan as of February 18, 2020, aimed at incentivizing employees, directors, and other stakeholders, with no stock options granted, exercised, canceled, or expired as of December 31, 2023[94] - As of December 31, 2023, the company's controlling shareholders and directors confirmed no interests in any competing businesses directly or indirectly related to the company's operations[95]

Revenue and Profitability - Revenue for the six months ended June 30, 2023, was SGD 46,101,000, a decrease of 12.5% from SGD 52,471,000 in the same period of 2022[5] - Net profit for the period was SGD 1,016,000, down 31.3% from SGD 1,479,000 in the same period last year[5] - Basic and diluted earnings per share decreased to SGD 0.04 from SGD 0.11, representing a decline of 63.6%[8] - The company reported a net profit of SGD 1,220,000 for the six months ended June 30, 2022, which decreased to SGD 448,000 in the same period of 2023, indicating a decline of about 63.2%[14] - The net profit for the six months ended June 30, 2023, was approximately SGD 1.0 million, down from SGD 1.5 million for the same period in 2022, a decrease of about SGD 0.5 million[185] Assets and Liabilities - Total assets as of June 30, 2023, were SGD 77,308,000, down from SGD 80,065,000 at the end of 2022[12] - Current liabilities decreased to SGD 47,028,000 from SGD 51,079,000, reflecting a reduction of 7.9%[12] - The company's equity increased to SGD 56,228,000 from SGD 55,092,000, showing a growth of 2.1%[12] - The company's total liabilities decreased from 48,187,000 SGD as of December 31, 2022, to 42,100,000 SGD as of June 30, 2023, a reduction of approximately 12.6%[84] - The company's net asset value decreased from 8,340,000 SGD at the end of 2022 to 7,452,000 SGD by June 30, 2023, a decline of approximately 10.6%[63] Cash Flow and Investments - For the six months ended June 30, 2023, the net cash generated from operating activities was SGD 12,968,000, compared to a net cash used of SGD 6,338,000 in the same period of 2022, representing a significant turnaround[16] - Cash and cash equivalents rose to SGD 20,772,000 from SGD 16,864,000, an increase of 23.0%[12] - The net cash used in investing activities for the first half of 2023 was SGD 4,748,000, compared to SGD 893,000 in the same period of 2022, indicating increased investment outflows[16] - The company’s financing activities resulted in a net cash outflow of SGD 3,811,000 for the first half of 2023, contrasting with a net inflow of SGD 533,000 in the same period of 2022[16] - Cash and cash equivalents at the end of the period increased to SGD 20,772,000 from SGD 6,484,000, marking a substantial increase of approximately 220.5%[16] Revenue Sources and Performance - Contract engineering income decreased to 37,574 thousand SGD in 2023 from 47,520 thousand SGD in 2022, representing a decline of 21%[25] - Other income for the six months ended June 30, 2023, was 328 thousand SGD, down 70.7% from 1,115 thousand SGD in 2022[29] - The group had 40 ongoing projects with a total contract value of approximately SGD 257.5 million, of which SGD 145.5 million was recognized as revenue by June 30, 2023[168] - Contract revenue from electrical works decreased by approximately SGD 12.0 million, while telecommunications works revenue increased by approximately SGD 2.0 million, reflecting slower project progress[177] Expenses and Costs - Employee benefits expenses totaled 13,468 thousand SGD in 2023, slightly down from 13,573 thousand SGD in 2022, indicating a decrease of 0.8%[35] - The total financial costs for the six months ended June 30, 2023, were 771 thousand SGD, an increase of 46.9% from 525 thousand SGD in 2022[39] - Administrative expenses decreased from approximately SGD 5.2 million to SGD 4.9 million, primarily due to reduced professional fees and employee benefits costs[179] - The total depreciation expense for the six months ended June 30, 2023, was 2,732,000 SGD, slightly higher than the 2,690,000 SGD reported for the same period in 2022[51] Financial Position and Ratios - The capital-to-debt ratio as of June 30, 2023, was approximately 61.1%, down from 64.7% as of December 31, 2022, primarily due to a reduction in borrowings[190] - The net debt-to-total capital ratio was approximately 13.0% as of June 30, 2023, a decrease from 23.9% as of December 31, 2022, attributed to an increase in cash and cash equivalents[191] - The company’s total issued and paid-up shares remained at 1,064,000,000 shares as of June 30, 2023, with a capital of 10,640,000 HKD[130] Market and Industry Context - The construction industry in Singapore grew by 6.8% year-on-year, similar to the previous quarter's growth of 6.9%[164] - The group is actively involved in both private and public sector projects, with revenue mainly derived from contract engineering related to power cable installation, telecommunications cable installation, and drainage works[165] - The group is exploring potential opportunities in the construction materials trade in China[165] Other Notable Information - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the same period in 2022[131] - There were no significant events affecting the group after June 30, 2023, up to the report date[161] - The company has not early adopted any new International Financial Reporting Standards that may impact its financial performance significantly[20]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 Wei Yuan Holdings Limited 偉 源 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1343） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 偉源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本公司 及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月之未 經審計中期業績連同二零二二年同期之比較數字如下： 簡明綜合全面收益表 截至六月三十日止六個月 二零二三年 二零二二年 附註 千新元 千新元 （未經審計） （未經審計） 收益 4 46,101 52,471 銷售成本 (38,916) (45,567) 毛利 7,185 6,904 其他收入及其他收益淨額 5 407 1,222 ...

Financial Performance - The group's revenue for the fiscal year ended December 31, 2022, was approximately SGD 102.7 million, representing a 10.2% increase from SGD 93.2 million in the previous year[9]. - The gross profit for the fiscal year 2022 was SGD 12.2 million, down from SGD 13.2 million in the previous year[9]. - Revenue increased from approximately 93.2 million SGD in FY2021 to approximately 102.7 million SGD in FY2022, representing a growth of about 10.2%[19]. - Contract engineering revenue rose by approximately 6.7 million SGD, driven by recovery from COVID-19 impacts and significant progress in power and telecommunications cable installation projects[19]. - Cost of sales increased from approximately 80.0 million SGD in FY2021 to approximately 90.5 million SGD in FY2022, an increase of about 13.1%[20]. - Gross profit decreased from approximately 13.2 million SGD in FY2021 to approximately 12.2 million SGD in FY2022, with the gross profit margin declining from approximately 14.1% to approximately 11.9%[21]. - Other income and net other gains decreased from approximately 2.4 million SGD in FY2021 to approximately 2.0 million SGD in FY2022, mainly due to reduced COVID-19 related government subsidies[22]. - The company recorded a net profit of approximately 2.7 million SGD in FY2022, up from approximately 2.1 million SGD in FY2021, an increase of about 0.6 million SGD[29]. Assets and Liabilities - The total assets as of December 31, 2022, amounted to SGD 112.4 million, while total liabilities were SGD 57.4 million, resulting in total equity of SGD 55.1 million[11]. - As of December 31, 2022, total borrowings amounted to approximately 35.6 million SGD, down from 43.6 million SGD as of December 31, 2021[32]. - The debt-to-equity ratio improved to approximately 64.7% as of December 31, 2022, compared to 82.4% as of December 31, 2021[33]. - The net debt-to-total capital ratio decreased to approximately 23.9% as of December 31, 2022, from 34.6% as of December 31, 2021[34]. Operational Challenges and Strategies - The group anticipates challenges in the upcoming fiscal year due to rising material costs and increased borrowing costs, which may impact overall profitability[13]. - The strategy for 2023 includes prioritizing cash savings, cost control measures, and actively bidding for new projects to strengthen market position[14]. - The group will continue to monitor the recovery speed of the market from COVID-19 and assess its impact on operations[14]. - The group aims to explore business opportunities while being prudent during this period[14]. Employee and Administrative Matters - The total employee cost for fiscal year 2022 was approximately SGD 25.8 million, compared to SGD 24.6 million in fiscal year 2021, reflecting an increase of about 4.9%[42]. - The company employed 618 full-time employees as of December 31, 2022, an increase from 587 employees in the previous year[42]. - Administrative expenses decreased from approximately 10.1 million SGD in FY2021 to approximately 9.8 million SGD in FY2022[23]. - The company has a structured annual audit system to evaluate employee performance, which influences salary increases, bonuses, and promotions[42]. Corporate Governance - The company is committed to good corporate governance and has adopted all code provisions of the Corporate Governance Code[135]. - The board consists of two executive directors and three independent non-executive directors, ensuring compliance with corporate governance standards[141]. - The remuneration committee has reviewed the compensation policies and structures for all directors and senior management, ensuring alignment with market practices[149]. - The nomination committee is responsible for evaluating the board's structure and recommending suitable candidates for board membership[151]. - Independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring compliance with governance standards[141]. Environmental, Social, and Governance (ESG) Matters - The environmental, social, and governance (ESG) report covers the group's performance from January 1, 2022, to December 31, 2022, and is available on the Hong Kong Stock Exchange and the company's website[174]. - The report includes key performance indicators related to environmental and social aspects, with a focus on quantifying data for emissions and energy consumption[177]. - The company adheres to the ESG reporting principles of materiality, quantification, balance, and consistency to ensure accurate and fair representation of its performance[177]. - The board oversees all ESG matters and ensures compliance with relevant laws and regulations[182]. - The group has established an environmental management system based on ISO 14001:2015 to systematically manage environmental issues and improve performance[190]. Market and Customer Relations - The company faces customer concentration risk, with five major customers accounting for approximately 82.2% of total revenue, which poses a risk to business operations if any major customer significantly reduces their projects[75]. - The company's revenue from its largest and five largest customers accounted for approximately 46.9% and 82.2% of total revenue, respectively, compared to 40.0% and 86.0% in the previous year[71]. - The company has maintained a good working relationship with suppliers and subcontractors, with the largest and five largest subcontractors accounting for approximately 11.87% and 33.9% of total procurement, respectively, compared to 7.7% and 25.5% in the previous year[72]. Future Outlook - The company aims to reduce greenhouse gas emissions intensity by 5% by 2030, using fiscal year 2022 as the baseline[193]. - The company is actively exploring new market opportunities and potential acquisitions to drive growth[64]. - The management team is committed to continuous improvement in financial planning and internal control systems[55].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 Wei Yuan Holdings Limited 偉 源 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1343） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 全 年 業 績 公 告 偉源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本公司 及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度的 經審計綜合業績連同截至二零二一年十二月三十一日止年度的比較數字。 綜合全面收益表 截至十二月三十一日 止年度 二零二二年 二零二一年 附註 千新元 千新元 收益 4 102,725 93,203 銷售成本 (90,527) (80,029) 毛利 12,198 13,174 其他收入及其他收益淨額 5 2,041 2,382 行政開支 (9,757) (10,133) ...