Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was approximately SGD 192.3 million, with a gross profit of SGD 7.8 million and a pre-tax profit of SGD 9.3 million[10]. - The group's revenue for the year was approximately SGD 192.3 million, a decrease of about 37.8% from SGD 309.2 million in the previous year[17]. - Gross profit for the year was approximately SGD 7.8 million, an increase from SGD 5.3 million in the previous year[17]. - Other income increased by approximately SGD 0.3 million or 20.3%, from SGD 1.3 million to SGD 1.6 million, mainly due to higher bank interest income from short-term deposits[17]. - The group recorded a profit attributable to owners of approximately SGD 9.0 million, compared to SGD 1.8 million in the previous year[19]. - Financing costs decreased to approximately SGD 0.4 million from SGD 0.7 million, primarily due to lower bank borrowing rates[19]. - Cash and cash equivalents increased to approximately SGD 62.8 million from SGD 55.3 million, an increase of about SGD 7.5 million[23]. - The company's distributable reserves as of December 31, 2024, amount to SGD 7,814,018, a decrease from SGD 8,299,481 in 2023[62]. - The company has no distributable reserves as of December 31, 2024, due to accumulated losses, but can distribute dividends from share premium funds[63]. - The board does not recommend the distribution of dividends for the fiscal year ending December 31, 2024, similar to the previous year[38]. Construction Projects and Achievements - The construction industry in Singapore showed resilience, with a reported economic growth of 4.4% in 2024, following a 5.6% growth in the third quarter[16]. - The company successfully secured four new projects by the end of 2024 and early 2025, with a total contract value reaching approximately SGD 598 million, marking a significant milestone in its history[16]. - The Woodlands C24 project achieved an outstanding Conquas score of 99.3, setting a new benchmark for the Housing and Development Board's prefabricated bathroom unit projects[11]. - The Punggol C13 project was awarded the prestigious Conquas Star Award for outstanding performance in the Conquas assessment, reflecting the company's dedication to quality construction[11]. - The company is well-prepared to secure new tender projects, supported by strong ongoing projects and stable construction demand[34]. Market and Strategic Initiatives - The construction demand in Singapore is projected to be between SGD 47 billion and SGD 53 billion by 2025, with an average annual demand of SGD 39 billion to SGD 46 billion from 2026 to 2029[31]. - The company aims to expand its market share and maintain a competitive edge by exploring various land tenders for residential, industrial, and commercial projects[35]. - The company is actively seeking new opportunities in the Singapore real estate market and has entered into a joint venture for a residential land plot at Dairy Farm Walk[36]. - The company plans to continue developing its property development segment and is looking for suitable property development opportunities[36]. - The new property development segment is expected to report results starting from the mid-year financial performance announcements in 2025, as the pre-sale of units is set to launch in February 2025[34]. Corporate Governance and Compliance - The board of directors consists of five members, with independent non-executive directors making up 60% of the board[123]. - The company has established appropriate directors and officers liability insurance for its directors and senior officers[77]. - The company has adopted the corporate governance code and complied with all applicable provisions, except for a specific deviation[117]. - The company has established policies and procedures to ensure compliance with relevant laws and regulations affecting its business and operations[61]. - The company is committed to reviewing and monitoring compliance with legal and regulatory requirements as part of its corporate governance responsibilities[157]. Risk Management and Internal Controls - The company faces financial risks including interest rate risk, currency risk, credit risk, liquidity risk, and stock price risk, which are regularly reviewed by management[61]. - The company has established a risk management and internal control system to ensure effective oversight by management[143]. - The audit committee confirmed that the consolidated financial statements were prepared in accordance with applicable accounting standards and provided full disclosure[139]. - The company has engaged an independent third-party internal control consultant to review its internal control systems for the year ending December 31, 2024, with no significant internal control deficiencies found[166]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an Integrated Management System (IMS) that includes ISO 9001, ISO 45001, ISO 14001, and the Green Building Contractor Scheme (GGBS) to promote environmentally friendly practices[193]. - The company is committed to reducing waste, conserving resources, and minimizing its environmental footprint as part of its green contractor program[187]. - The company aims to enhance its ESG performance by implementing sustainable technologies and effective communication with local communities[197]. - The total carbon emissions from diesel consumption amounted to approximately 2,584.1 tons of CO2 equivalent during the review year[195]. - The total amount of non-hazardous waste generated by the company is approximately 11,292.0 tons, with no hazardous waste produced[199]. Employee Relations and Diversity - The company emphasizes the importance of compliance with regulatory requirements and has established procedures to ensure adherence to applicable laws[67]. - The company maintains good relationships with employees, customers, suppliers, and subcontractors, providing reasonable compensation and organizing team-building activities[68][69][70]. - The company is committed to creating a fair, equal, and diverse recruitment and working environment[134]. - As of December 31, 2024, the gender distribution among employees was 87.8% male and 12.2% female, reflecting a commitment to diversity[133]. Shareholder Information - Major shareholders include Huada Development with 51.13% and Eagle Soar with 17.04% of the issued share capital[82]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting to propose resolutions[172]. - The company has adopted a shareholder communication policy to ensure equal and timely access to information for shareholders[176].

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was SGD 192,267,810, a decrease of 37.8% compared to SGD 309,180,303 in 2023[3]. - The gross profit for 2024 was SGD 7,839,953, representing a 49.3% increase from SGD 5,252,003 in 2023[3]. - The net profit attributable to shareholders for 2024 was SGD 8,953,613, compared to SGD 1,792,550 in 2023, indicating a significant increase[3]. - Basic earnings per share for 2024 was SGD 1.12, up from SGD 0.22 in 2023, reflecting a substantial growth[3]. - The group reported a pre-tax profit of SGD 9,279,300 in 2024, significantly higher than SGD 1,986,680 in 2023, marking an increase of approximately 366.5%[29]. - The net profit for 2024 reached SGD 8,953,613, a significant increase from SGD 1,792,550 in 2023, representing a growth of approximately 399%[41]. - The group's revenue for the fiscal year ending December 31, 2024, was approximately SGD 192.3 million, a decrease of about 37.8% compared to SGD 309.2 million in the previous year[72]. Assets and Liabilities - Total assets as of December 31, 2024, were SGD 189,277,504, compared to SGD 100,870,366 in 2023, showing a growth of 87.2%[4]. - The company reported a decrease in total liabilities to SGD 72,068,964 in 2024 from SGD 91,916,703 in 2023, a reduction of 21.6%[4]. - The total liabilities for the group increased significantly, with bank borrowings rising to SGD 2,583,817 in 2024 from SGD 643,957 in 2023[37]. - The group's debt included bank borrowings of approximately SGD 77.2 million as of December 31, 2024, compared to SGD 12.4 million in 2023, resulting in an asset-to-liability ratio of 1.21 times[77]. - The company has outstanding loans totaling SGD 77,181,647, with a significant portion secured by legal mortgages on development properties[64]. Revenue Sources - Revenue from customer contracts amounted to SGD 189,972,648 in 2024, down from SGD 306,905,401 in 2023, reflecting a decline of about 38.2%[23]. - The company’s revenue is derived from providing construction and engineering services, as well as rental income from investment properties[22]. - Rental income from investment properties was SGD 2,274,902 in 2024, slightly down from SGD 2,295,162 in 2023, showing a decrease of around 0.9%[23]. - Total revenue for the construction and engineering segment was SGD 189,972,648 in 2024, down from SGD 306,905,401 in 2023, representing a decrease of approximately 38.2%[29]. Market and Strategic Plans - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming fiscal year[2]. - The company is investing in new technology development to improve operational efficiency and customer experience[2]. - The group plans to report a new property development segment in the subsequent fiscal year following the acquisition of an industrial redevelopment project in Singapore[70]. - The group continues to seek new opportunities in the Singapore real estate market and is exploring the potential for bidding on various land uses[71]. Accounting Standards - The company has adopted new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2024, which may impact future financial reporting[10]. - The company plans to adopt the new and revised International Financial Reporting Standards (IFRS) 18 starting from January 1, 2027, which may impact future consolidated financial statements[21]. - The board anticipates that the application of the new IFRS will not have a significant impact on the financial position and performance during the initial adoption period[17]. Employee and Operational Metrics - As of December 31, 2024, the group had 287 employees, a decrease from 360 employees as of December 31, 2023[79]. - The total employee costs for 2024 were SGD 14,508,047, compared to SGD 13,820,434 in 2023, marking an increase of about 5%[39]. Governance and Corporate Actions - The board of directors does not recommend declaring dividends for the year ending December 31, 2024, compared to no dividends declared in 2023[85]. - The company has adhered to corporate governance codes and has no CEO position as of December 31, 2024, with the chairman leading the overall strategy and daily operations[86][87]. - The audit committee confirmed that the consolidated financial statements for the year ended December 31, 2024, were prepared in accordance with applicable accounting standards and regulations[94].

Financial Performance - The group's revenue for the six months ended June 30, 2024, was approximately SGD 100.9 million, a decrease of about 29.6% compared to SGD 143.3 million in the previous period[7]. - Revenue for the six months ended June 30, 2024, was SGD 100,907,459, a decrease of 29.5% compared to SGD 143,253,645 for the same period in 2023[53]. - Revenue from construction activities accounted for approximately 98.9% of total revenue, amounting to about SGD 99.8 million, down from SGD 142.2 million in the previous period[7]. - The profit attributable to the owners of the company was approximately SGD 5.0 million, an increase from SGD 3.9 million in the previous period[8]. - Net profit for the period was SGD 5.03 million, up from SGD 3.90 million, representing a 29.1% increase year-over-year[40]. - Profit before tax rose to SGD 5.39 million, compared to SGD 3.98 million in the previous year, marking a 35.5% increase[40]. - Basic and diluted earnings per share increased to 0.63 Singapore cents from 0.49 Singapore cents, a growth of 28.6%[40]. - Gross profit increased to SGD 6.05 million, up from SGD 5.42 million year-over-year, reflecting a gross margin improvement[40]. - The profit for the six months ended June 30, 2024, was SGD 5,037,383, compared to SGD 3,898,398 for the same period in 2023, representing a 29.2% increase[68]. Cash Flow and Financial Position - As of June 30, 2024, the group's cash and cash equivalents amounted to approximately SGD 57.2 million, an increase from SGD 56.7 million as of December 31, 2023[14]. - The company reported a significant cash outflow from operating activities of SGD 78.81 million, contrasting with a cash inflow of SGD 5.14 million in the same period last year[44]. - Cash and cash equivalents at the end of the period amounted to SGD 57,158,747, up from SGD 32,199,196 in the previous year[45]. - The company reported a total of SGD 86,589,902 in development properties as of June 30, 2024, which were pledged to banks for loans[74]. - The company's total borrowings amounted to SGD 64,944,000, with repayments of SGD 1,209,529 during the period[45]. - The company's bank loans, secured, totaled SGD 76,165,737 as of June 30, 2024, compared to SGD 12,389,882 as of December 31, 2023, reflecting increased borrowing activity[86]. - The current portion of borrowings due within one year was SGD 2,471,567 as of June 30, 2024, compared to SGD 11,373,677 as of December 31, 2023, indicating a reduction in short-term debt obligations[86]. Strategic Initiatives - The group completed the acquisition of a 45% stake in Evermega Investment Holdings Pte. Ltd., which holds industrial properties in Singapore, marking a strategic entry into real estate development[6][12]. - The group plans to implement refined strategies such as advanced planning and optimized design to strengthen its market position in the construction industry[11]. - The company is actively utilizing Building Information Modeling (BIM) technology, upgrading from 3D to 5D, and integrating smart office technologies into its projects[13]. - A new subsidiary focused on real estate development was established in July 2024[37]. Market Outlook - The construction industry outlook in Singapore remains optimistic, with projected total construction demand between SGD 32 billion and SGD 38 billion in 2024, primarily driven by public sector demand[11]. - The company is focusing on market expansion and new product development to drive future growth[40]. Shareholder Information - Major shareholders include Yang Xinping with 409,050,000 shares (51.13125%) and Han Yuying with 136,350,000 shares (17.04375%) as of June 30, 2024[21]. - The company’s major shareholders include Huada Development, which holds 51.13125% of the shares, and Eagle Global, which holds 17.04375%[22]. - The company has adopted a share option plan, allowing directors and employees to participate, with a total of 80,000,000 options available for issuance, representing 10% of the total shares issued at the time of listing[24]. - The company has no outstanding share options as of June 30, 2024, since all options available under the share option plan have been exercised[24]. Employee and Management Information - As of June 30, 2024, the company had 307 employees, a decrease from 384 employees in the previous period[15]. - The total remuneration for directors and key management personnel for the six months ended June 30, 2024, was SGD 762,594, an increase from SGD 750,400 in the same period of 2023, indicating a growth of about 1.9%[93]. - The company’s employee compensation policy is based on current market terms and individual performance, with discretionary bonuses for local employees[15]. Compliance and Governance - The board of directors confirmed compliance with the standard code for securities trading throughout the reporting period[33]. - The company has adopted corporate governance codes and has complied with all applicable provisions during the reporting period[32]. Real Estate Transactions - Wan Yoong Construction Pte. Ltd. signed an option letter to sell three units at Tai Seng Point for SGD 7,840,000, completed on August 19, 2024[28]. - Two additional units at Tai Seng Point were sold for SGD 2,232,400 and SGD 2,617,600, with completion on August 13, 2024[28]. - The total percentage of the transactions from the sales exceeds 25% but is below 75%, classifying them as major transactions under listing rules[28]. Tax and Financial Obligations - The tax expense for the period was SGD 356,559, significantly higher than SGD 80,865 in the previous year, reflecting an increase of 340%[64]. - The financing costs for the period were SGD 249,952, a decrease from SGD 338,414 in the same period last year[63]. Other Financial Metrics - Total assets as of June 30, 2024, were SGD 170.76 million, compared to SGD 100.87 million at the end of 2023, indicating a significant increase of 69.1%[41]. - Net assets amounted to SGD 59.74 million, up from SGD 39.20 million, reflecting a growth of 52.5%[42]. - Total employee costs amounted to SGD 6,109,898, down from SGD 6,717,019 in the previous period, indicating a decrease of 9.0%[66]. - The carrying value of investment properties decreased to SGD 6,462,597 from SGD 14,728,957, reflecting a decline of 56.1%[71].

Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 100,907,459, a decrease of 29.5% compared to SGD 143,253,645 for the same period in 2023[2] - Gross profit increased to SGD 6,053,718, up 11.7% from SGD 5,418,616 in the prior period[2] - Profit before tax rose to SGD 5,389,246, representing a 35.4% increase from SGD 3,979,263 in the previous year[2] - Net profit for the period was SGD 5,032,687, compared to SGD 3,898,398 in the same period last year, marking a 29.1% increase[2] - Basic and diluted earnings per share increased to 0.63 Singapore cents from 0.49 Singapore cents, reflecting a growth of 28.6%[2] Assets and Liabilities - Total assets as of June 30, 2024, amounted to SGD 170,762,217, compared to SGD 100,870,366 as of December 31, 2023[3] - Net assets increased to SGD 59,737,196 from SGD 39,195,378 at the end of the previous year, indicating a growth of 52.5%[4] - Non-current liabilities decreased to SGD 73,838,028 from SGD 1,394,234, showing a significant reduction[4] - The company reported cash and cash equivalents of SGD 57,158,747, slightly up from SGD 56,700,787 at the end of 2023[3] Cash Flow and Financing - Operating cash flow before changes in working capital was SGD 5,500,735, compared to SGD 4,403,441 in the previous year, indicating an increase of about 24.9%[6] - The net cash used in operating activities was SGD (78,807,835), a significant decrease from the net cash generated of SGD 5,141,440 in the same period last year[6] - The net cash generated from financing activities was SGD 78,382,229, a substantial increase compared to a net cash used of SGD (1,642,087) in the same period of 2023[7] Revenue Breakdown - Revenue from construction and building projects as a main contractor was SGD 94,971,760, down from SGD 110,479,556, indicating a decrease of about 14%[15] - The rental income from property investments was SGD 99,760,035, compared to SGD 142,153,720 in the previous year, reflecting a decline of approximately 29.8%[15] - Major customer A contributed SGD 86,611,383 to total revenue, down from SGD 111,304,230, which accounted for over 10% of total revenue[23] Operational Highlights - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2] - The company continues to focus on its core business of building construction services and property investment[8] - The company has not reported any new product launches or technological advancements during this period[8] Employee and Cost Management - Total employee costs amounted to SGD 6,109,898 for the six months ended June 30, 2024, a decrease of approximately 9.0% from SGD 6,717,019 in the prior period[29] - The company incurred a loss contract provision of SGD 245,612 for the current period, a significant improvement compared to a loss of SGD 943,438 in the previous period[29] - The company’s total material costs recognized as service costs were SGD 16,981,184 for the current period, a significant decrease from SGD 43,942,284 in the previous period, representing a reduction of approximately 61.3%[29] Corporate Governance and Compliance - The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and are unaudited[9] - The audit committee has reviewed the accounting standards and policies adopted by the group and confirmed that the unaudited interim financial statements were prepared in accordance with applicable accounting standards[81] - The company has adopted the corporate governance code and complied with all applicable provisions during the reporting period[78] Strategic Initiatives - The group has recently entered the real estate development sector by acquiring a 45% stake in Evermega Investment Holdings Pte. Ltd., which holds industrial properties in Singapore[67] - The company completed the acquisition of a 45% stake in Evermega Investment Holdings Pte. Ltd., positioning itself in the industrial property development sector[61] - The group signed an option agreement on March 28, 2024, to sell three units at Tai Seng Point for SGD 7.84 million, with the sale completed on August 19, 2024[75] Market Outlook - The total construction demand in Singapore is projected to be between SGD 32 billion and SGD 38 billion in 2024, primarily driven by increasing public sector demand[66]

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately SGD 309.2 million, representing a 50.6% increase from SGD 205.3 million in 2022[11][15]. - Gross profit for the year was approximately SGD 5.3 million, a significant recovery from a gross loss of SGD 5.8 million in 2022[15]. - The construction and contracting segment accounted for approximately 99.3% of total revenue, with income from this segment rising to SGD 306.9 million from SGD 203.4 million in the previous year[15]. - Other income increased by approximately SGD 0.7 million or 107.1%, from SGD 0.6 million to SGD 1.3 million, primarily due to increased bank interest income from short-term deposits[15]. - The company reported a pre-tax profit of approximately SGD 2.0 million for the year[11]. - The group's income tax expense increased from approximately SGD 0.1 million for the year ended December 31, 2022, to about SGD 0.2 million as of December 31, 2023, resulting in a profit before tax of approximately SGD 2.0 million and a profit attributable to owners of approximately SGD 1.8 million[18]. - As of December 31, 2023, the group's cash and cash equivalents amounted to approximately SGD 55.3 million, an increase of about SGD 25.4 million from approximately SGD 29.9 million as of December 31, 2022[25]. - The group's debt included bank borrowings of approximately SGD 12.4 million as of December 31, 2023, down from about SGD 14.7 million in 2022, with a debt-to-equity ratio of 0.32 times compared to 0.40 times in the previous year[25]. - The board does not recommend the distribution of dividends for the year ended December 31, 2023, maintaining the same stance as in 2022[31]. - The company reported cumulative losses of SGD 5,877,036 as of December 31, 2023, compared to SGD 5,477,470 in the previous year[53]. Operational Highlights - The injury rate for the first half of 2023 was 213 cases per 100,000 workers, significantly lower than the national annualized rate of 352 cases[12]. - The construction industry in Singapore showed signs of recovery, with a year-on-year growth of 9.1% in Q4 2023 compared to 6.2% in the previous quarter[14]. - The company aims to continue prioritizing safety, innovation, and sustainability in its operations moving forward[12]. - The company has sufficient liquidity to continue operations for at least 12 months following the reporting period[14]. - The company received multiple awards in 2023, including the Project Safety and Health Award and a bronze award at the SCAL Productivity & Innovation Awards[11]. - The group maintained an accounts receivable turnover period of 9 days as of December 31, 2023, consistent with the previous year, due to a significant portion of revenue coming from public sector clients who pay promptly[25]. Strategic Initiatives - The group plans to diversify its revenue sources by entering the real estate development business to strategically leverage existing resources and capture new opportunities in Singapore's industrial real estate market[20]. - The total construction demand in Singapore is projected to be between SGD 32 billion and SGD 38 billion in 2024, with the public sector expected to contribute SGD 18 billion to SGD 21 billion[20]. Corporate Governance - The board of directors includes Mr. Yang, Ms. Han, and Ms. Zeng, with Mr. Yang holding 51.13% of the company's shares through Huada Development[71]. - The board consists of five members, with independent non-executive directors making up 60% of the board[122]. - The company has a diversity policy in place, aiming to maintain a balanced representation of skills, experience, and perspectives on the board[129]. - The board has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee[134]. - The company has received annual independence confirmations from all independent non-executive directors[122]. - The board is responsible for assessing and ensuring effective risk management and internal control systems[160]. - The company adhered to all applicable corporate governance codes, except for a deviation noted in the report[115]. Environmental and Social Responsibility - The group has established a comprehensive environmental management system to reduce waste and minimize its environmental footprint[181]. - The group is committed to enhancing ESG risk management oversight and has set and reviewed ESG goals during the reporting period[181]. - The group emphasizes the importance of sustainable development as an integral part of its business operations[185]. - The group aims to achieve sustainable development goals through the collective efforts of employees, suppliers, and customers[185]. - The group is focused on creating an inclusive work environment prioritizing the health, safety, and well-being of employees, customers, and the community[182]. - The company is committed to preventing environmental pollution and improving environmental performance through compliance with environmental laws and regulations[191]. - The company is actively participating in community charity and volunteer activities to promote community development[188]. Risk Management - The company faces risks related to changes in economic conditions that may directly impact the real estate market and construction demand in Singapore[51]. - The company faces financial risks including interest rate risk, currency risk, credit risk, liquidity risk, and stock price risk, and has established policies to manage these risks[58]. Employee Relations - The company has a strong commitment to employee relations, providing reasonable compensation and organizing annual team-building activities to enhance employee belonging[61]. - As of December 31, 2023, the company employed 360 staff, with male employees accounting for 89.2% and female employees for 10.8%[130]. Customer and Supplier Management - The company emphasizes customer feedback to improve service quality and maintain strong customer relationships[62]. - The largest customer accounted for 77.8% of sales, while the top five customers represented 99.3% of total sales as of December 31, 2023[98]. - The largest supplier contributed 32.2% to procurement, and the top five suppliers accounted for 47.3% of total procurement[99]. Audit and Compliance - The audit committee reviewed the group's annual performance and consolidated financial statements for the year ended December 31, 2023, and confirmed compliance with applicable accounting standards and regulations[137]. - Each independent non-executive director attended all audit committee meetings, demonstrating full participation and engagement in oversight responsibilities[140]. Stock Options and Shareholder Information - The stock option plan allows for the issuance of up to 80,000,000 shares, representing 10% of the total shares issued on the listing date[86]. - No stock options have been granted, exercised, canceled, or expired during the financial year ending December 31, 2023[88]. - The company has not entered into any management or administrative contracts related to the majority of its business during the year[93]. - Related party transactions during the year ending December 31, 2023, are disclosed in the consolidated financial statements, with compliance to the Listing Rules[94].

Financial Performance - Total revenue for the year ended December 31, 2023, was SGD 309,180,303, representing an increase of 50.5% compared to SGD 205,313,730 in 2022[3] - Gross profit for the same period was SGD 5,252,003, recovering from a loss of SGD 5,805,657 in the previous year[3] - The net profit for the year was SGD 1,792,550, a significant turnaround from a net loss of SGD 8,793,509 in 2022[3] - Basic and diluted earnings per share for 2023 were SGD 0.22, compared to a loss of SGD 1.10 per share in 2022[3] - Total revenue from customer contracts in 2023 reached SGD 306,905,401, a significant increase of 50.9% compared to SGD 203,391,433 in 2022[22] - Rental income from investment properties for 2023 was SGD 2,274,902, up from SGD 1,922,297 in 2022, reflecting an increase of 18.4%[22] - The total segment revenue for 2023 was SGD 309,180,303, compared to SGD 205,313,730 in 2022, marking a growth of 50.5%[22] - Major customer A contributed SGD 240,676,045 in revenue for 2023, up from SGD 178,448,513 in 2022, representing a growth of 34.8%[31] - Major customer B generated SGD 63,964,088 in revenue for 2023, which was not applicable in 2022 due to not exceeding 10% of total revenue[31] - The group’s revenue for 2023 reached approximately SGD 309.2 million, a 50.6% increase from SGD 205.3 million in the previous year[67] - The construction engineering segment accounted for 99.3% of total revenue, approximately SGD 306.9 million, compared to 99.1% or SGD 203.4 million in 2022[67] Assets and Liabilities - Total assets as of December 31, 2023, amounted to SGD 100,870,366, up from SGD 92,128,063 in 2022[5] - The total liabilities increased to SGD 91,916,703 in 2023 from SGD 72,233,792 in 2022, reflecting ongoing investments[5] - The total liabilities decreased from S$12,820,007 in 2022 to S$12,448,070 in 2023, indicating a reduction of about 2.9%[6] - The company's equity attributable to owners remained stable at S$39,195,378 in 2023, unchanged from the previous year[6] - The company’s total liabilities increased to 8,913,097 SGD in 2023, compared to 6,427,685 SGD in 2022, marking a rise of approximately 38.7%[46] - The asset-to-liability ratio as of December 31, 2023, was 0.32, compared to 0.40 in the previous year, indicating improved financial stability[76] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to SGD 56,700,787 from SGD 29,893,541 in the previous year, indicating improved liquidity[5] - The company's cash and cash equivalents balance as of December 31, 2023, was approximately SGD 55.3 million, an increase of about SGD 25.4 million from SGD 29.9 million in 2022[75] - The company maintained an accounts receivable turnover period of 9 days, consistent with the previous year, due to timely payments from public sector clients[75] - The company has sufficient liquidity to continue operations for at least the next 12 months[66] Operational Efficiency and Cost Management - The company reported a significant reduction in administrative expenses, which were SGD 3,830,413 in 2023 compared to SGD 3,141,966 in 2022[3] - The company is focusing on enhancing operational efficiency and reducing costs to improve profitability in the upcoming fiscal year[2] - The group aims to control costs and improve operational efficiency amid rising operational costs[66] - Administrative expenses increased by approximately SGD 0.7 million or 21.9%, rising from about SGD 3.1 million in the previous year to approximately SGD 3.8 million, primarily due to increased employee costs[70] - Financial costs rose to approximately SGD 0.7 million in 2023, up from SGD 0.4 million in 2022, mainly due to rising bank loan interest rates[70] Future Outlook and Strategic Plans - The company plans to expand its market presence and invest in new product development to drive future growth[2] - The company plans to expand into the real estate development business to diversify revenue sources and capture new opportunities in Singapore's growing real estate market[83] - The company anticipates an optimistic outlook for the Singapore construction industry, with total construction demand projected to be between SGD 32 billion and SGD 38 billion by 2024[81] - The group is focused on expanding its market presence and enhancing its project portfolio in Singapore[65] Governance and Compliance - The company has adopted corporate governance rules and has complied with all applicable rules as of December 31, 2023[88] - The board of directors consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[89] - The audit committee, composed of three independent non-executive directors, has reviewed the annual performance and financial statements for the year ending December 31, 2023, confirming compliance with applicable accounting standards[93] Significant Transactions - A significant acquisition involving the purchase of 45% equity in Evermega Investment Holdings Pte. Ltd. was completed on March 20, 2024, for a total consideration of SGD 5,490,619.20[96] - The company plans to invest up to SGD 17,010,000 in Evermega Investment Holdings Pte. Ltd. as part of the acquisition transaction[96] - The acquisition constitutes a very substantial acquisition under the listing rules, exceeding the 100% threshold[97] - A project management agreement was signed with Apex Asia Development Pte. Ltd. for the redevelopment of properties owned by Evermega Investment Holdings Pte. Ltd.[98] - The company granted an option to purchase a property for SGD 7,840,000, which is a significant transaction as it exceeds 25% but is below 75% of the applicable percentage under listing rules[101][102] Taxation and Financial Management - The company benefited from a tax exemption under Singapore law, which may impact future tax liabilities positively[38] - The income tax expense for the year was 194,130 SGD, compared to 77,352 SGD in the previous year, showing an increase of 150.5%[37] Other Income and Expenses - Interest income for 2023 was SGD 846,651, significantly higher than SGD 72,407 in 2022, showing an increase of 1,072.5%[33] - The total income from other sources in 2023 was SGD 1,337,227, compared to SGD 645,766 in 2022, reflecting an increase of 106.7%[33] - Other income increased by approximately 107.1% to about SGD 1.3 million, primarily due to increased bank interest income from short-term deposits[69]

Financial Performance - The group's revenue for the six months ended June 30, 2023, was approximately SGD 143.3 million, an increase of about 52.4% compared to approximately SGD 94.0 million in the previous period[7]. - Profit attributable to the owners of the company for the current period was approximately SGD 3.9 million, compared to a loss of approximately SGD 11.4 million in the previous period[7]. - Gross profit for the period was SGD 5,418,616, recovering from a gross loss of SGD 10,519,056 in the previous year[36]. - The company reported a profit attributable to owners of SGD 3,898,398 for the six months ended June 30, 2023, compared to a loss of SGD 11,365,175 in the same period of 2022[86]. - Basic and diluted earnings per share improved to SGD 0.49 from a loss of SGD 1.42 per share in the previous year[36]. Revenue Breakdown - The construction revenue accounted for approximately 99.2% of total revenue, amounting to about SGD 142.2 million, while property investment revenue contributed approximately 0.8% or about SGD 1.1 million[7]. - Revenue from construction and building projects as a main contractor was SGD 110,479,556, up 21.2% from SGD 91,152,618 in 2022[64]. - Major customer A contributed SGD 111,304,230 to revenue, representing a significant increase from SGD 82,924,424 in 2022[73]. - Other income decreased to SGD 287,334 in 2023 from SGD 449,992 in 2022, largely due to a reduction in government grants[76]. Cash and Liquidity - As of June 30, 2023, the group had cash and cash equivalents of approximately SGD 33.3 million, an increase of about SGD 3.4 million from SGD 29.9 million as of December 31, 2022[15]. - The cash and cash equivalents at the end of the period increased to SGD 32,199,196 in 2023, up from SGD 21,550,942 in 2022, representing a growth of about 49%[46]. - The company reported a net cash generated from operating activities of SGD 5,141,440, a significant improvement from a cash outflow of SGD 13,022,540 in the prior year[44]. - The company reported a net increase in cash and cash equivalents of SGD 2,258,488 in 2023, a significant recovery from a decrease of SGD 14,829,736 in 2022[46]. Debt and Equity - The group's debt as of June 30, 2023, included approximately SGD 13.5 million in bank borrowings, down from SGD 14.7 million in 2022[15]. - The group's equity increased from approximately SGD 37.4 million as of December 31, 2022, to approximately SGD 41.3 million as of June 30, 2023[15]. - The group's debt-to-equity ratio as of June 30, 2023, was 0.33, compared to 0.40 as of December 31, 2022[15]. - The group’s total borrowings decreased to 13,650,120 SGD as of June 30, 2023, from 14,849,870 SGD at the end of 2022, with a significant portion due within one year[113]. Operational Highlights - The group plans to expand its business and strengthen its market position in the Singapore construction industry, aiming to secure larger contracts and enhance its workforce[13]. - The construction industry in Singapore is expected to grow by 6.8% year-on-year, with both public and private sector construction output increasing[12]. - The group is actively using BIM technology, upgrading from 3D to 5D, and integrating other smart office technologies towards a digital integrated direction[14]. - The company established a new subsidiary focused on real estate development in July 2023, indicating strategic market expansion[34]. Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period[29]. - The board consists of two executive directors and three independent non-executive directors, ensuring a balance of power and authority[29]. - The company has confirmed that all directors have complied with the standard code of conduct for securities transactions during the reporting period[31]. - The group had no transactions with related parties during the six months ended June 30, 2023, indicating stable governance and compliance[120]. Employee and Management Costs - The group incurred total employee costs of SGD 6,717,019 for the period, up from SGD 5,942,581 in 2022[82]. - Total compensation for directors and key management personnel for the six months ended June 30, 2023, was SGD 750,400, a decrease of 2.8% from SGD 770,502 in 2022[121]. - Short-term benefits for the same period amounted to SGD 720,700, down from SGD 739,330 in the previous year, reflecting a decline of 2.4%[121]. Assets and Liabilities - Total assets as of June 30, 2023, were SGD 94,666,350, up from SGD 92,128,063 at the end of 2022[38]. - Trade receivables increased to SGD 9,702,699 from SGD 6,427,685, indicating improved collection efficiency[38]. - The carrying value of investment properties decreased to SGD 15,095,290 as of June 30, 2023, from SGD 15,461,624 at the end of 2022[92]. - Trade payables decreased to 31,428,701 SGD as of June 30, 2023, from 39,863,885 SGD at the end of 2022, reflecting improved cash management[111].

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，概不對 因本公告全部或任何部份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。 BHCC HOLDING LIMITED （於開曼群島註冊成立的有限公司） （股份代號：1552） 截 至2023年6月30日 止 六 個 月 之 中 期 業 績 公 告 BHCC Holding Limited（「本公司」）董事會（「董事會」）謹此公佈本公司及其附 屬 公 司（統 稱「本 集 團」）截 至2023年6月30日 止 六 個 月（「本 期 間」）的 未 經 審 核綜合業績，連同2022年同期（「前期間」）的比較數字。簡明綜合中期財務 報表未經審核，惟已經由本公司審核委員會（「審核委員會」）審閱。 ...

Financial Performance - The group's revenue for the year ended December 31, 2022, was approximately SGD 205.3 million, representing a 79.5% increase from approximately SGD 114.4 million in the previous year[11]. - The construction segment accounted for approximately 99.1% of total revenue, amounting to SGD 203.4 million, compared to 94.8% in 2021[11]. - The total gross loss for the year was approximately SGD 5.8 million, primarily due to significant increases in material and labor costs caused by the Covid-19 pandemic[11]. - The group recorded a pre-tax loss of approximately SGD 8.7 million for the year[7]. - The group reported a loss attributable to owners of approximately SGD 8.8 million for the year ended December 31, 2022, compared to a profit of approximately SGD 0.9 million in 2021[15]. - Other income decreased by approximately SGD 0.9 million, or 56.5%, from about SGD 1.5 million to approximately SGD 0.6 million due to reduced government subsidies[14]. - The group's cash and cash equivalents balance was approximately SGD 29.9 million, a decrease of about SGD 7.2 million from approximately SGD 37.1 million as of December 31, 2021[22]. - The group's debt included bank borrowings of approximately SGD 14.7 million, down from approximately SGD 16.9 million in 2021[22]. - The company's distributable reserves as of December 31, 2022, amounted to SGD 8,699,047, down from SGD 9,085,782 in 2021[52]. - The board recommended not to declare any dividends for the year ended December 31, 2022, consistent with the previous year[44]. Operational Efficiency and Strategy - The group plans to implement strategies to improve efficiency, reduce costs, and increase profitability moving forward[8]. - The group has identified areas for improvement and is committed to enhancing operational efficiency[8]. - The company has implemented an integrated management system that includes ISO 9001, ISO 45001, and ISO 14001 to uphold environmental and social responsibilities[55]. - The company has adopted a stock option plan to reward directors and eligible employees, which became effective on September 12, 2017[91]. - The company has established measurable and actionable objectives for occupational health and safety management systems[196]. Market Outlook - The construction industry in Singapore showed a recovery, with a 10.4% year-on-year growth in Q4 2022, benefiting the group's performance[10]. - The group anticipates steady improvement in construction demand in Singapore, led by the public sector[17]. - The group aims to expand its business and strengthen its market position in the Singapore construction industry[19]. Corporate Governance - The company has a board of directors that includes both executive and independent non-executive members, ensuring diverse governance[61]. - The board consists of five directors, with independent non-executive directors making up 60% of the board, exceeding the minimum requirement of one-third as per listing rules[112]. - The company has established a governance framework to ensure collective responsibility among directors for corporate governance policies and practices[146]. - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable code provisions for the year ended December 31, 2022, except for a deviation noted in section C.2.1[104]. - The company emphasizes the importance of compliance with regulatory requirements and has established compliance procedures to ensure adherence to applicable laws and regulations[57]. Employee Relations and Development - The company maintains good relationships with employees, customers, suppliers, and subcontractors, focusing on fair evaluations and service quality improvements[59][60]. - The employee compensation policy is determined by the remuneration committee based on the strengths, qualifications, and capabilities of employees[90]. - The company is committed to creating a fair, just, equal, and diverse recruitment and working environment[126]. - The company provides educational assistance to attract and retain talent, encouraging employees to further develop their skills[198]. - Employee turnover rate is 22.0% overall, with a breakdown of 15.4% for female employees and 24.4% for employees aged over 30[184]. Environmental Responsibility - The total carbon emissions from diesel consumption amounted to approximately 4,404.2 tons of CO2 equivalent for the year ending December 31, 2022[172]. - The total greenhouse gas emissions for the year were 5,060.6 tons of CO2 equivalent, including direct and indirect emissions[172]. - The company has not generated significant greenhouse gas emissions or harmful waste during its operations, adhering to local environmental regulations[172]. - The company encourages digital office practices to minimize paper usage and has implemented measures to monitor fuel consumption and reduce unnecessary travel[173]. - The company promotes a "3R" (Reduce, Reuse, Recycle) policy and provides training to employees on effective resource utilization[176]. Risk Management - The company faces financial risks including interest rate risk, currency risk, credit risk, liquidity risk, and price risk in normal business operations[51]. - The board is responsible for assessing the nature and extent of risks acceptable to the company in achieving its strategic objectives[155]. - The company ensures compliance with legal and regulatory requirements through regular reviews and monitoring of policies and practices[146]. Awards and Recognition - The group received multiple awards in 2022, reflecting its commitment to excellence, quality, and safety in operations[7]. - The company has received its first workplace safety and health performance award (Silver) and its seventh safety and health recognition award, reflecting its commitment to workplace safety[190].

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，並表明概不就因本 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。 BHCC HOLDING LIMITED （於開曼群島註冊成立的有限公司） （股份代號：1552） 截 至2022年12月31日 止 年 度 年 度 業 績 公 告 BHCC Holding Limited（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董 事」）會（「董事會」）宣佈本集團截至2022年12月31日止年度之已審核的綜合 業績，連同截至2021年12月31日止年度之比較數字，載列如下： ...