Financial Performance - For the six months ended August 31, 2022, the company reported revenue of SGD 39,585,000, a decrease of 9% from SGD 43,968,000 in the same period last year[6] - Gross profit for the same period increased to SGD 6,695,000, up from SGD 5,859,000, representing a growth of 14%[6] - The net profit for the period was SGD 2,230,000, slightly down from SGD 2,240,000, indicating a decrease of 0.4%[6] - Total comprehensive income for the period was SGD 2,473,000, compared to SGD 2,034,000 in the previous year, reflecting an increase of 22%[6] - The company's revenue decreased by approximately 4.4 million SGD or 10.0% to about 39.6 million SGD for the six months ended August 31, 2022, compared to approximately 44.0 million SGD for the same period in 2021[119] - Gross profit increased by approximately 0.8 million SGD or 14.3% to about 6.7 million SGD for the six months ended August 31, 2022, with a gross margin improvement from approximately 13.3% to about 16.9%[123] Assets and Liabilities - The company's total assets as of August 31, 2022, amounted to SGD 70,432,000, up from SGD 64,787,000, marking an increase of 8%[9] - Current assets increased to SGD 47,589,000 from SGD 44,478,000, a rise of 5%[9] - The total liabilities increased to SGD 25,030,000 from SGD 21,858,000, representing an increase of 14%[9] - The equity attributable to owners of the company rose to SGD 45,402,000 from SGD 42,929,000, an increase of 6%[9] - The total cash and cash equivalents at the end of the period stood at 17,034 thousand SGD, down from 26,069 thousand SGD in the previous year, indicating a decrease in liquidity[22] - Trade receivables, net of loss provisions, were SGD 9,200,000 as of August 31, 2022, down from SGD 10,320,000 as of February 28, 2022[78] Cash Flow - The operating cash flow for the period was 8,406 thousand SGD, significantly up from 815 thousand SGD in the previous year, indicating a strong improvement in cash generation[22] - The net cash flow from investing activities was (706) thousand SGD, compared to (440) thousand SGD in the prior year, reflecting increased investment in property, plant, and equipment[22] - The total cash flow from financing activities was (50) thousand SGD, indicating minimal financing activity during the period[22] - The group's cash and cash equivalents increased by 87.2% to approximately 17.0 million SGD as of August 31, 2022, from about 9.1 million SGD on February 28, 2022[129] Revenue Sources - Major customer K contributed 18,424 thousand SGD in revenue, a substantial increase from 4,306 thousand SGD in the previous year, highlighting a significant growth in business from this client[27] - The company reported a decrease in revenue from earthworks engineering services, which fell to 2,697 thousand SGD from 5,382 thousand SGD year-over-year, indicating a shift in service demand[30] - The company’s revenue from structural engineering work was 36,888 thousand SGD, slightly down from 38,586 thousand SGD, showing a stable but declining trend in this segment[30] Expenses - Construction costs for the six months ended August 31, 2022, were 32,890,000 SGD, down from 38,109,000 SGD in 2021, indicating a decrease of about 13.0%[37] - Administrative expenses increased by approximately 0.9 million SGD or 20.3% to about 5.4 million SGD for the six months ended August 31, 2022, mainly due to higher legal and professional fees[125] - Employee benefits expenses, including directors' remuneration, totaled 2,544,000 SGD for the six months ended August 31, 2022, compared to 2,442,000 SGD in 2021, reflecting an increase of about 4.2%[37] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[6] - The company expects continued high costs for labor and materials due to inflation, impacting construction costs[118] - The company plans to enhance competitiveness and productivity through technological upgrades and innovation[118] Shareholder Information - The company has no declared dividends for the six months ending August 31, 2022[114] - The company did not recommend an interim dividend for the six months ended August 31, 2022, consistent with no dividend declared for the same period in 2021[148] - The board and senior management hold a combined 75% equity interest in the company through Brave Ocean Limited[150] Governance and Compliance - The company has adhered to the corporate governance code as of August 31, 2022, with the exception of the separation of roles between the Chairman and CEO[162] - The audit committee reviewed the unaudited interim results for the six months ending August 31, 2022, and found no disagreements with the management regarding the accounting standards and policies adopted[165]

Financial Performance - For the fiscal year ending February 28, 2022, CTR Holdings Limited reported total revenue of approximately SGD 105.7 million, a significant increase of about SGD 69.9 million or 195% compared to the previous fiscal year[15]. - The revenue from structural engineering work was SGD 91.8 million, while revenue from civil engineering work was SGD 13.8 million, reflecting a strong recovery from COVID-19 related delays[15]. - The group's gross profit increased by approximately 3.0 million SGD or 53.4% to about 8.6 million SGD for the fiscal year 2021/2022, compared to approximately 5.6 million SGD for the fiscal year 2020/2021[17]. - The gross profit margin decreased from approximately 15.6% for the year ended February 28, 2021, to about 8.1% for the year ended February 28, 2022, primarily due to increased construction costs and several projects being in a loss position[17]. - Other income decreased by approximately 1.2 million SGD to about 3.3 million SGD for the fiscal year 2021/2022, mainly due to a reduction in government employment subsidies related to COVID-19[18]. - The group's loss for the fiscal year 2021/2022 was approximately 0.3 million SGD, a decrease of 3.1 million SGD compared to a loss of about 3.4 million SGD for the fiscal year 2020/2021[23]. - The group reported capital expenditures of approximately SGD 0.8 million for the fiscal year 2021/2022, an increase from SGD 0.7 million in the previous fiscal year[40]. Operational Challenges - Construction costs rose to approximately SGD 97.1 million, an increase of about SGD 66.9 million or 221% from the previous fiscal year, primarily due to rising material costs and labor shortages[16]. - The company anticipates ongoing challenges in the construction sector, including labor shortages and increased material costs, which may impact future project bidding and profitability[13]. - The ongoing impact of COVID-19 has led to extended supply chain disruptions and increased operational challenges, affecting overall business performance[7]. - The company is committed to ensuring smooth project operations and strengthening cost control measures[7]. Project and Contract Management - As of February 28, 2022, the company had 20 projects on hand, with a total contract value of approximately SGD 228 million, of which SGD 175 million has been recognized as revenue[12]. - The group’s financial performance is heavily reliant on contracts from five major clients, indicating potential risks if project volumes from these clients decrease[130]. - The group’s operations are primarily focused on structural engineering and civil construction works, with no significant changes in major activities reported for the fiscal year ending February 28, 2022[119]. Corporate Governance - The company has maintained compliance with the corporate governance code throughout the year, except for deviation A.2.1[78]. - The board of directors held regular meetings throughout the year to formulate overall strategies and monitor business development and financial performance[79]. - The board consists of two executive directors and three independent non-executive directors, ensuring adherence to relevant guidelines for financial reporting[80]. - The company is committed to high standards of corporate governance, focusing on creating long-term sustainable growth for shareholders[77]. - The company has appointed independent non-executive directors, with at least one possessing appropriate professional qualifications in accounting or related financial management expertise[85]. Risk Management - The company has implemented a structured approach to risk assessment and management, enhancing its understanding of opportunities[77]. - The board has reviewed the compliance of the corporate governance code and the effectiveness of the group’s risk management and internal control systems[80]. - The company has established measurable targets for board diversity, which are reviewed annually by the nomination committee[92]. - The audit committee was established in November 2019 and includes three independent non-executive directors, with a primary responsibility to review risk management and internal control systems[104]. - The board confirmed its responsibility to maintain effective risk management and internal control systems to protect shareholders' interests and ensure compliance with applicable regulations[108]. Employee and Workforce Management - The total employee costs for the fiscal year 2021/2022 amounted to approximately SGD 16.3 million, up from SGD 12.5 million in the previous fiscal year, reflecting a significant increase in workforce[41]. - The group had a total of 485 employees as of February 28, 2022, compared to 417 employees a year earlier, with 12% being Singapore citizens and 88% foreign workers[41]. - The company has adopted a share option plan as a reward for directors and eligible employees, reflecting a commitment to align interests with shareholders[41]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the integration of Environmental, Social, and Governance (ESG) principles into its risk management system[181]. - The group is committed to mitigating negative environmental impacts and responsibly using natural resources through the implementation of ESG policies and an ISO 14001:2015 certified environmental management system[200]. - The group has established appropriate and effective management policies and internal control systems regarding environmental, social, and governance (ESG) matters during the reporting period[198]. - The company aims to integrate ESG principles into its business strategy and management system for sustainable value creation[191]. - The board regularly assesses and identifies ESG-related risks and opportunities to enhance overall performance and stakeholder value[189]. Shareholder Communication and Dividends - The company maintains transparent communication with shareholders through semi-annual reports, annual reports, and other publications[115]. - The board has resolved not to recommend a final dividend for the fiscal year 2021/2022, consistent with the previous fiscal year[43]. - The board will consider various factors, including financial condition and future expansion plans, when deciding on dividend payments[174].

Financial Performance - The total revenue for the fiscal year ended February 28, 2021, was approximately SGD 35.8 million, a decrease of about SGD 29.8 million or 45.4% from SGD 65.6 million in the previous fiscal year[11]. - The company recorded a loss of approximately SGD 3.4 million for the fiscal year 2020/2021, a decrease of about SGD 10.8 million compared to a profit of approximately SGD 7.4 million in the previous fiscal year[18]. - Gross profit fell by approximately SGD 13.9 million or 71.3% to about SGD 5.6 million, with the gross profit margin decreasing from approximately 29.8% to about 15.6%[14]. - Other income increased by approximately SGD 3.1 million to about SGD 4.5 million, mainly due to government subsidies such as the Jobs Support Scheme[15]. - The total amount of non-hazardous waste generated decreased by approximately 94.30% due to reduced operations during the COVID-19 pandemic and government lockdown measures[199]. Project and Contract Status - The group had 12 projects on hand as of February 28, 2021, with a total contract value of approximately SGD 132.5 million, of which SGD 73.3 million has been recognized as revenue[9]. - The number of structural engineering projects decreased from 11 to 8, while civil engineering projects increased from 1 to 4 compared to the previous year[9]. - The group is actively monitoring the situation to ensure project progress and mitigate any financial impacts from ongoing challenges[6]. - The group will continue to explore business opportunities cautiously in the coming year[10]. Challenges and Risks - The construction activities in Singapore are expected to face ongoing challenges due to labor shortages and supply chain disruptions caused by COVID-19, impacting project timelines and costs[10]. - The construction costs have risen due to labor shortages and increased material costs, affecting overall profitability[6]. - The group has faced challenges in recruiting and retaining foreign workers, which could significantly impact its operations and financial performance[127]. Cash and Debt Management - As of February 28, 2021, the company had cash and cash equivalents of approximately SGD 25.9 million, with 96.8% in SGD and 3.2% in HKD[21]. - The company had a negative debt-to-equity ratio as cash and cash equivalents exceeded total debt[22]. - The net proceeds from the share offering amounted to approximately HKD 82.0 million (equivalent to about SGD 14.3 million), with planned uses including pre-operational costs and workforce enhancement[24]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules to enhance shareholder value and protect their rights[74]. - The board of directors held regular meetings throughout the year to oversee business development and financial performance, with all members attending 100% of the meetings[78]. - The company has implemented a board diversity policy to enhance performance quality, considering factors such as gender, age, and professional experience[84]. - The independent non-executive directors' appointments are set for a term of three years, subject to re-election at the annual general meeting[81]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's commitment to sustainable development and its risk management system[173]. - The company has implemented an ISO 14001:2015 certified environmental management system to systematically manage potential environmental risks and impacts[187]. - The company achieved a greenhouse gas emission density of 3.88 tons of CO2 equivalent per million SGD in total revenue for the fiscal year 2020/2021, compared to 6.97 tons in the previous year[193]. - The company has taken measures to reduce air emissions from construction sites, including using low-sulfur fuel and regular maintenance of machinery[189]. Management and Leadership - The company has a strong management team with diverse backgrounds in engineering, finance, and project management, enhancing its operational capabilities[68]. - The company aims to leverage its experienced team to drive future growth and operational excellence in the construction sector[68]. - The board includes independent non-executive directors who provide independent opinions to the board, ensuring governance and oversight[62]. Audit and Compliance - The auditor was unable to express an opinion on the consolidated financial statements for the year ended February 28, 2021, due to insufficient audit evidence regarding intangible assets and marketing expenses[41][42]. - The company has established a risk management and internal control system to protect shareholder interests and ensure the integrity of financial reporting[101]. - The audit committee consists of three independent non-executive directors, with Mr. Kong Wei Zhao serving as the chairman[97]. Shareholder Returns - The board has resolved not to recommend a final dividend for the fiscal year 2020/2021, consistent with the previous fiscal year[39]. - The company aims to provide stable and sustainable returns to shareholders through its dividend policy, which will be reviewed periodically[168].

Financial Performance - For the six months ended August 31, 2020, the company reported revenue of 6,300 thousand SGD, a decrease of 76.7% compared to 27,063 thousand SGD in the same period of 2019[7] - The gross profit for the same period was 79 thousand SGD, down from 7,609 thousand SGD in 2019, indicating a significant decline in profitability[7] - The company recorded a loss of 4,375 thousand SGD for the period, compared to a profit of 3,011 thousand SGD in the previous year, reflecting a negative shift in financial performance[7] - Total comprehensive income for the period was a loss of 4,692 thousand SGD, contrasting with a total comprehensive income of 3,012 thousand SGD in 2019[7] - For the six months ended August 31, 2020, the company reported a total comprehensive income of (4,692) thousand SGD, compared to (3,012) thousand SGD for the same period in 2019, indicating a decline of approximately 55.8%[12] - The company experienced a loss of (4,375) thousand SGD in other comprehensive income for the six months ended August 31, 2020, compared to a gain of 3,011 thousand SGD in the same period of 2019, marking a shift of approximately 245.1%[12] - The group reported a net loss before tax of 12 thousand SGD for the six months ended August 31, 2020, compared to a profit before tax of 746 thousand SGD in the same period of 2019[57] - The company reported a loss of approximately SGD 4.4 million for the period, a decrease of SGD 7.4 million compared to a profit of SGD 3.0 million in the previous year[154] Assets and Liabilities - Non-current assets decreased to 14,496 thousand SGD as of August 31, 2020, from 14,663 thousand SGD as of February 29, 2020[10] - Current assets dropped significantly to 35,374 thousand SGD from 44,432 thousand SGD, indicating a liquidity challenge[10] - Total assets decreased to 49,870 thousand SGD from 59,095 thousand SGD, reflecting a reduction in the company's overall asset base[10] - Total liabilities were reported at 7,401 thousand SGD, down from 11,934 thousand SGD, showing a decrease in financial obligations[10] - The company's equity attributable to owners of the parent decreased to 42,469 thousand SGD from 47,161 thousand SGD, indicating a decline in shareholder value[10] - The company’s total assets as of August 31, 2020, were reported at 42,469 thousand SGD, down from 47,161 thousand SGD as of February 29, 2020, indicating a decrease of about 9.9%[12] Cash Flow and Liquidity - The company's operating cash flow for the six months ended August 31, 2020, was (2,063) thousand SGD, an improvement from (2,839) thousand SGD in the previous year, reflecting a decrease in cash outflow of about 27.3%[15] - As of August 31, 2020, the company had cash and cash equivalents of 27,628 thousand SGD, a significant increase from 6,046 thousand SGD at the end of the previous year, representing a growth of approximately 356.5%[15] - The group reported cash and cash equivalents of 27,628 thousand SGD as of August 31, 2020, down from 30,088 thousand SGD as of February 29, 2020, a decrease of about 8.2%[100] Revenue and Income Sources - Other income for the six months ended August 31, 2020, totaled 2,040 thousand SGD, significantly up from 764 thousand SGD in 2019, driven by government grants of 1,422 thousand SGD compared to 62 thousand SGD in 2019[40] - Major customers contributing 10% or more to the group's revenue include Customer Group B with revenue of 3,629 thousand SGD in 2020, down from 6,413 thousand SGD in 2019, and Customer N with 1,328 thousand SGD in 2020, down from 9,940 thousand SGD in 2019[29] - The total expected revenue from customer contracts is 68,740 thousand SGD, down from 113,798 thousand SGD in 2019, indicating a decline in future revenue expectations[35] Operational Changes and Strategic Focus - The company has not provided specific guidance for future performance or strategic initiatives during this reporting period[7] - The company has not reported any new product launches or technological advancements during this period, focusing instead on operational efficiency and cash flow management[18] - The company continues to explore market expansion opportunities, particularly in structural engineering and construction services, to enhance its competitive position[19] Shareholder Information - The basic loss per share for the six months ended August 31, 2020, was SGD 4,692,000, compared to a profit of SGD 3,012,000 in 2019, with the weighted average number of shares increasing from 1,050,000,000 to 1,400,000,000[67] - The company did not declare any dividends for the six months ended August 31, 2020, nor for the same period in 2019[143] - The total issued shares as of February 29, 2020, were 1,400,000,000, with a par value of 0.0001 USD per share, following a restructuring and capital increase[115] Management and Governance - The company has complied with the corporate governance code, except for the combined roles of the Chairman and CEO held by Mr. Xu Xuping[185] - The audit committee has reviewed the unaudited interim results for the six months ended August 31, 2020, and found no disagreements with the accounting standards and policies adopted by the company[188] - The management has adopted a policy to hire foreign workers from multiple countries to mitigate potential shortages due to regulatory changes[168] Market and Economic Conditions - The board continues to assess the impact of the COVID-19 pandemic on the group's operations and financial performance, with evaluations ongoing[169]

Company Overview - CTR Holdings Limited successfully listed on the Hong Kong Stock Exchange on January 15, 2020, marking a significant milestone for the company[8]. - As of February 29, 2020, the company had 12 projects on hand with a total contract value of approximately SGD 194.0 million, of which SGD 87.7 million has been recognized as revenue[12]. Financial Performance - The group's revenue increased by approximately 1.2 million SGD or 1.9% to about 65.6 million SGD for the fiscal year ended February 29, 2020, compared to approximately 64.4 million SGD for the previous fiscal year[16]. - Construction costs decreased by approximately 1.6 million SGD or 3.5% to about 46.1 million SGD for the fiscal year ended February 29, 2020, from about 47.7 million SGD in the previous fiscal year[17]. - Gross profit increased by approximately 2.9 million SGD or 17.5% to about 19.5 million SGD for the fiscal year ended February 29, 2020, compared to approximately 16.6 million SGD for the previous fiscal year[18]. - Administrative expenses rose by approximately 1.5 million SGD or 15.4% to about 11.3 million SGD for the fiscal year ended February 29, 2020, from about 9.8 million SGD in the previous fiscal year[20]. - The net profit for the fiscal year ended February 29, 2020, was approximately 7.4 million SGD, an increase of about 0.9 million SGD or 13.4% from approximately 6.5 million SGD in the previous fiscal year[24]. - Cash and cash equivalents increased by 222.9% to approximately 30.1 million SGD as of February 29, 2020, from about 9.3 million SGD as of February 28, 2019, primarily due to proceeds from the IPO[25]. Market Conditions - The construction industry in Singapore contracted by 4.3% year-on-year in Q1 2020, reflecting the impact of COVID-19[13]. - Construction activities were suspended from April 7 to June 1, 2020, due to government measures, affecting project timelines and incurring ongoing costs for the company[13]. - The board anticipates that two projects will gradually resume work in July 2020[13]. - The company plans to bid for five large projects starting from the end of 2020, expected to last between three to ten years, to strengthen its revenue sources[14]. - The company aims to adopt more competitive pricing strategies to secure new projects and enhance its financial position[14]. - The company is focused on expanding its market share in the local market by taking on more large-scale projects[14]. Governance and Management - The company emphasizes the importance of independent opinions from its non-executive directors in its governance structure[50]. - The management team has a diverse background in engineering, finance, and project management, enhancing the company's operational capabilities[59]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance and enhancing shareholder value[70]. - The board of directors is responsible for formulating company policies and business strategies, overseeing financial performance, and ensuring effective project management from inception to completion[71]. - The company has maintained compliance with the corporate governance code since its listing date on January 15, 2020, with the exception of one specific provision[70]. - The board includes two executive directors and three independent non-executive directors, ensuring a balanced governance structure[72]. Risk Management - The board is tasked with identifying, analyzing, and monitoring risks associated with daily operations and processes[95]. - The company has implemented a risk management policy and procedures to outline the risk management process and matrix[95]. - The board has reviewed the effectiveness of the group's risk management and internal control systems, deeming them effective and adequate[97]. - The company has engaged external consultants to perform internal audit functions, reviewing the risk management and internal control systems annually[97]. Environmental and Social Responsibility - The company generated a total greenhouse gas emission of 457.34 tons of CO2 equivalent during the reporting period[183]. - The company has implemented an environmental management system compliant with ISO 1400:2015 standards to mitigate environmental risks and impacts[179]. - The company has taken measures to reduce air emissions from construction sites, including using low-sulfur fuel and maintaining equipment to prevent excessive smoke emissions[183]. - The company recognizes the importance of sustainable development and aims to positively impact the community through responsible business operations[177]. Employee and Workforce Management - The total employee cost for the fiscal year 2019/2020 was approximately SGD 16.3 million, an increase from SGD 14.5 million in the previous fiscal year[43]. - The workforce increased to 559 employees as of February 29, 2020, up from 477 employees in the previous year, with 12.7% being Singapore citizens[43]. - The company provides competitive compensation packages and conducts annual performance evaluations to ensure fair rewards for employees[195]. - The company employs foreign workers from Malaysia, China, and other regions to support construction projects due to local labor shortages[196]. Shareholder Information - The company has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders, with the board having the discretion to declare dividends based on various factors including financial condition and future expansion plans[171]. - The board has resolved not to recommend a final dividend for the year ended February 29, 2020, consistent with the previous fiscal year[173]. - The company’s major shareholders, Mr. Xu Xuping and Mr. Xu Tiansheng, each hold 1,050,000,000 shares, representing 75% of the issued share capital[148]. - The shareholding structure indicates that Mr. Xu Xuping and Mr. Xu Tiansheng are deemed to act in concert, collectively owning 75% of the company[149].