Revenue Performance - The group's revenue for the period was approximately SGD 94.0 million, a 75.4% increase from SGD 53.6 million in the previous period[11]. - Revenue from construction activities accounted for about 99.0% of total revenue, approximately SGD 93.1 million, compared to SGD 50.7 million in the previous period[11]. - Revenue for the six months ended June 30, 2022, was SGD 94,022,889, an increase of 75.6% compared to SGD 53,565,805 for the same period in 2021[59]. - Revenue from construction and building projects as a main contractor amounted to SGD 91,152,618, up from SGD 47,132,343 in the previous year, indicating a growth of about 93%[96]. - Major customer A contributed SGD 82,924,424 to the total revenue, significantly higher than SGD 26,955,970 from the same customer in the previous year[110]. Financial Losses - The group reported a loss attributable to owners of the company of approximately SGD 11.4 million, compared to a profit of SGD 0.2 million in the previous period[11]. - The company reported a loss before tax of SGD (11,313,185) for the six months ended June 30, 2022, compared to a profit of SGD 336,867 in the previous year[59]. - Total comprehensive loss for the period was SGD (11,365,175), a significant decline from a profit of SGD 214,439 in the same period of 2021[59]. - Basic and diluted loss per share for the period was SGD (1.42) compared to earnings of SGD 0.03 per share in 2021[59]. - The company reported a loss attributable to owners of SGD (11,365,175) for the six months ended June 30, 2022, compared to a profit of SGD 214,439 in 2021[129]. Cash and Liquidity - As of June 30, 2022, the group's cash and cash equivalents were approximately SGD 22.5 million, a decrease of about SGD 14.6 million from SGD 37.1 million as of December 31, 2021[21]. - The company experienced a net decrease in cash and cash equivalents of SGD 14,829,736, compared to a decrease of SGD 5,619,293 in the same period last year, indicating liquidity pressures[73]. - As of June 30, 2022, the company's cash and cash equivalents stood at SGD 21,550,942, down from SGD 28,004,934 at the end of the previous year[73]. - Current assets decreased to SGD 76,243,192 from SGD 83,265,165 as of December 31, 2021, primarily due to a reduction in cash and bank balances[63]. - The net current asset position was SGD 17,705,129, down from SGD 29,379,620 in the previous year[63]. Corporate Governance - The board of directors emphasizes good corporate governance to enhance shareholder value and has a clear division of roles between the chairman and the executive team[48]. - The company maintains a balanced board structure with two executive directors and three independent non-executive directors[48]. - The company has complied with all applicable corporate governance code provisions during the reporting period[48]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the period[45]. Operational Challenges - The cost of services for the same period was SGD (104,541,945), resulting in a gross loss of SGD (10,519,056) compared to a gross profit of SGD 1,122,639 in 2021[59]. - Operating cash flow before changes in working capital was negative SGD 7,047,037, a decrease from positive SGD 1,546,987 in the previous year, reflecting operational challenges[70]. - The company reported a loss provision of SGD 3,079,270, indicating potential challenges in receivables management[70]. - The company is focused on restructuring and optimizing its operations to address the financial challenges faced during the reporting period[76]. Shareholder Information - The company reported a significant ownership structure, with Mr. Yang holding 51.13% and Ms. Han holding 17.04% of shares[28]. - The company has adopted a share option scheme since August 17, 2017, but no options have been granted or exercised as of June 30, 2022[43]. - The company did not recommend any dividend payment for the period, consistent with the previous period's zero dividend[52]. - The company did not declare or pay any dividends for the six months ended June 30, 2022, and 2021[128]. Assets and Liabilities - The group's equity decreased from approximately SGD 46.2 million as of December 31, 2021, to approximately SGD 34.8 million as of June 30, 2022, due to the reported loss[21]. - Non-current assets as of June 30, 2022, totaled SGD 31,174,069, a decrease from SGD 31,928,193 as of December 31, 2021[63]. - The group’s total liabilities as of June 30, 2022, were SGD 52,468,454, compared to SGD 50,601,138 as of December 31, 2021[166]. - The company has pledged approximately SGD 20.3 million in leasehold land and properties as collateral for bank borrowings[44]. - The carrying value of investment properties as of June 30, 2022, was SGD 15,827,956, compared to SGD 16,194,290 at the end of 2021[137].

Financial Performance - For the fiscal year ending December 31, 2021, the group's revenue was approximately SGD 114.4 million, a decrease of about 8.0% compared to SGD 124.3 million in the previous year[12]. - Construction revenue accounted for approximately 94.8% of total revenue, amounting to SGD 108.5 million, down from SGD 122.4 million in 2020[21]. - Gross profit for the year was approximately SGD 3.8 million, with a gross margin increase to about 3.3% from 3.1% in 2020[21]. - Other income decreased by approximately 59.2% to about SGD 1.5 million, primarily due to a reduction in government assistance as the economy gradually recovered[22]. - The group's profit attributable to owners after tax decreased from approximately SGD 2.8 million in 2020 to about SGD 0.9 million in 2021[23]. - The company reported a cumulative loss of SGD 5,090,735 as of December 31, 2021, compared to a cumulative loss of SGD 4,655,647 in 2020, indicating an increase in losses by approximately 9.3%[75]. Government Support and Economic Outlook - The group received government grants to offset some fixed costs related to employee wages and foreign worker taxes during the COVID-19 pandemic[16]. - The group expects steady improvement in construction demand in Singapore, particularly in the public sector, as the country moves towards normalcy[12]. - The group is closely monitoring the pandemic's developments and continuously assessing its impact on operations[17]. Liquidity and Financial Position - The group has maintained sufficient liquidity to continue operations for at least the next twelve months from the reporting date[17]. - The group's cash and cash equivalents increased to approximately SGD 37.1 million as of December 31, 2021, compared to about SGD 34.5 million at the end of 2020[31]. - The group's debt decreased to approximately SGD 16.9 million in 2021 from SGD 24.4 million in 2020, resulting in a debt-to-equity ratio of 0.37 times compared to 0.55 times in the previous year[31]. Employee and Operational Details - The group had 369 employees as of December 31, 2021, an increase from 322 employees in 2020, with total salary costs of approximately SGD 10.4 million[36]. - The group's administrative expenses remained stable at approximately SGD 3.5 million for the year ended December 31, 2021[23]. - Temporary accommodation operations contributed approximately 3.7% to total revenue, amounting to SGD 4.3 million, compared to SGD 0.4 million in 2020[21]. Corporate Governance and Board Structure - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced decision-making process[160]. - The audit committee is composed of three independent non-executive directors, ensuring independence and objectivity in financial reporting[162]. - The company has a policy for the appointment and re-election of directors, requiring that one-third of the directors retire by rotation at each annual general meeting[188]. - The board adopted a diversity policy to ensure a balanced mix of skills, experience, and diverse thinking among its members, focusing on gender, age, cultural background, and professional experience[156]. Risk Management and Compliance - Major risks include economic conditions affecting the Singapore property market and construction demand, as well as reliance on successful bidding for project contracts, which are inherently non-recurring[67]. - The company maintains compliance with applicable laws and regulations, particularly those impacting its operations in Singapore and the Cayman Islands, to mitigate legal and regulatory risks[77]. - The company emphasizes the importance of risk management and internal control systems, ensuring that management fulfills its responsibilities effectively[173]. Shareholder and Dividend Information - The board does not recommend the payment of dividends for the year ended December 31, 2021, compared to no dividends in 2020[43]. - The company has no distributable reserves as of December 31, 2021, due to cumulative losses, which restricts dividend distribution unless it can meet its debt obligations on the payment date[71]. - The company considers declaring dividends only when profitable and not affecting normal operations, taking into account various factors including operational performance and cash flow[199]. Community Engagement and Environmental Responsibility - The group donated SGD 100,000 to a charity in the fiscal year ending December 31, 2021, compared to SGD 5,000 in 2020[128]. - The company has taken measures to reduce environmental pollution through its participation in the Green and Gracious Builder Scheme[73].

Financial Performance - The group's revenue for the six months ended June 30, 2021, was approximately SGD 53.6 million, an increase of about 48.1% compared to SGD 36.2 million in the previous period[8]. - The group reported a profit attributable to owners of the company of approximately SGD 0.2 million, compared to a loss of approximately SGD 0.4 million in the previous period[9]. - Revenue for the six months ended June 30, 2021, was SGD 53,565,805, an increase of 48% compared to SGD 36,241,451 for the same period in 2020[43]. - Gross profit for the same period was SGD 1,122,639, up from SGD 686,896 in 2020, reflecting a gross margin improvement[43]. - The company reported a profit before tax of SGD 336,867, compared to a loss of SGD 410,685 in the prior year[43]. - Net profit for the period was SGD 214,439, a significant recovery from a loss of SGD 396,979 in the previous year[43]. - Basic and diluted earnings per share for the six months ended June 30, 2021, was SGD 0.03, compared to a loss per share of SGD 0.05 in 2020[43]. Revenue Breakdown - Construction and building engineering revenue accounted for approximately 94.6% of total revenue, amounting to about SGD 50.7 million, up from SGD 35.5 million in the previous period[8]. - Revenue from main contractor projects was SGD 47,132,343, up 50.8% from SGD 31,255,995 in the previous year[78]. - The group has a remaining performance obligation of SGD 197,783,573 for contracts with customers as of June 30, 2021, compared to SGD 304,000,443 in the previous year[82]. - Major clients contributed over 10% of total revenue, with Client A generating SGD 26,955,970, Client B SGD 5,480,505, and Client C SGD 14,695,868[93]. Cash and Liquidity - As of June 30, 2021, the group had cash and cash equivalents of approximately SGD 29.0 million, a decrease of about SGD 5.5 million from SGD 34.5 million as of December 31, 2020[17]. - The cash and cash equivalents at the end of the period were SGD 28,004,934 million, slightly down from SGD 28,861,913 million in the previous year[57]. - Cash generated from operating activities for the six months was SGD 1,522,913, compared to SGD 2,374,231 in the same period last year[53]. - Current liabilities decreased to SGD 41,712,780 from SGD 52,426,079, indicating improved liquidity[46]. - The company’s cash flow statement reflected cash and cash equivalents of SGD 28,004,934 for the six months ended June 30, 2021, compared to SGD 33,476,340 in the previous period[141]. Assets and Liabilities - Total assets as of June 30, 2021, were SGD 71,095,354, down from SGD 86,867,947 as of December 31, 2020[46]. - The group had bank borrowings of approximately SGD 17.7 million as of June 30, 2021[18]. - The company's trade receivables amounted to SGD 4,543,281, an increase from SGD 3,808,577 as of December 31, 2020[118]. - Trade and other payables totaled SGD 40,088,248 as of June 30, 2021, down from SGD 50,001,193 as of December 31, 2020, showing a reduction in liabilities[145]. - The company reported a significant decrease in contract liabilities, which stood at SGD (174,390) as of June 30, 2021, compared to SGD (81,131) at the end of 2020[133]. Operational Efficiency - The company is investing in Building Information Modeling (BIM) and enterprise resource planning software to improve productivity[12]. - The group is actively using BIM technology, upgrading from 3D to 5D, and integrating other smart office technologies[15]. - The group’s gross profit for the construction segment was SGD 715,380, compared to SGD 301,733 in the previous year, indicating improved operational efficiency[87]. - The cost of materials recognized as service costs was SGD 9,957,573, representing a 17.3% increase from SGD 8,490,091 in the prior period[105]. - The cost of subcontractor services recognized as service costs surged to SGD 29,649,917, up 86.8% from SGD 15,892,797 in the previous period[105]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements and confirmed compliance with applicable accounting standards[38]. - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period[34]. - The board of directors confirmed adherence to the standard code of conduct for securities trading throughout the reporting period[35]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[32]. - The company has no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[31]. Employee and Management Information - The number of employees increased to 354 as of June 30, 2021, compared to 341 in the previous period[19]. - Total employee costs for the period amounted to SGD 5,264,428, an increase of 4.6% from SGD 5,033,039 in the previous period[105]. - Total remuneration for directors and key management personnel for the six months ended June 30, 2021, was SGD 692,982, up from SGD 641,608 in the previous year, marking an increase of about 8%[161]. Future Outlook and Strategy - The group plans to expand its business and strengthen its market position in Singapore's construction industry, aiming to secure larger contracts and enhance its workforce[12]. - The company is a subsidiary of Wahda Development Limited, which is owned by Mr. Yang Xinping and his spouse[61]. - The company operates primarily in building construction services and real estate investment, focusing on industrial property leasing[61].

Financial Performance - The group's revenue for the year ended December 31, 2020, was approximately SGD 124.3 million, with a gross profit of about SGD 3.8 million and a pre-tax profit of around SGD 3.3 million[9]. - The group's revenue for the year was approximately SGD 124.3 million, an increase of 1.4% from SGD 122.6 million in the previous year, primarily driven by growth in construction and property investment rental income[15]. - Gross profit decreased to approximately SGD 3.8 million, down from SGD 4.3 million, with a gross profit margin of about 3.1%, compared to 3.5% in the previous year[15]. - The group recorded other income of approximately SGD 3.6 million, an increase of 1,494.8% from SGD 0.2 million, due to increased government subsidies[16]. - Administrative expenses rose by approximately SGD 0.3 million or 8.2% to about SGD 3.5 million[16]. - The group's cash and cash equivalents increased to approximately SGD 34.5 million, up from SGD 27.2 million, reflecting an increase of about SGD 7.3 million[24]. - The debt level increased to approximately SGD 24.4 million from SGD 20.7 million, resulting in a debt-to-equity ratio of 0.54, compared to 0.49 in the previous year[24]. - The company reported a cumulative loss of SGD 4,655.64 million as of December 31, 2020, compared to SGD 4,302.06 million in the previous year, indicating an increase in losses[60]. - The company's share premium account remains at SGD (14,176,517) as of December 31, 2020, unchanged from the previous year[60]. - The company has no distributable reserves due to cumulative losses, but the share premium can be distributed as dividends if the company can meet its debts on the payment date[57]. Impact of COVID-19 - Despite the challenges posed by the COVID-19 pandemic, the group's construction revenue increased by approximately SGD 0.6 million compared to the previous year[13]. - The group received certain grants and assistance from the Singapore government to help offset some fixed costs during the pandemic, primarily related to employee wages and foreign worker taxes[13]. - All construction projects have resumed as of the approval date of the consolidated financial statements, although capacity has decreased compared to pre-pandemic levels due to additional safety measures[13]. - The group was commissioned by the Singapore government in August 2020 to design and construct temporary dormitories for foreign workers to ensure safe distancing during the pandemic[13]. - The financial impact of the COVID-19 outbreak on the group's 2021 consolidated financial statements may vary significantly based on evolving circumstances[14]. - The group has taken proactive measures to continuously improve safety and quality during challenging operational conditions[9]. Business Strategy and Outlook - The group expects to expand its business and strengthen its market position in the Singapore construction industry, aiming to secure larger contracts and enhance its workforce[21]. - The group plans to invest in BIM and ERP software to improve productivity[21]. - The group has maintained a focus on public sector projects, which have been less affected by the pandemic due to contract terms that account for unforeseen events[12]. Corporate Governance - The board of directors recommended no dividend distribution for the year ended December 31, 2020, reflecting the overall operational performance and financial condition[49]. - The company has established policies and procedures to ensure compliance with relevant laws and regulations impacting its business and operations[56]. - The management regularly reviews and assesses the impact of any changes in applicable laws and regulations[56]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations in Singapore, the Cayman Islands, and Hong Kong[62]. - The company has complied with all applicable provisions of the corporate governance code as of December 31, 2020[120]. - The board consists of five directors, with independent non-executive directors making up 60% of the board[127]. - The company has adopted a share option scheme effective from September 12, 2017, as a reward for directors and eligible employees[107]. - The remuneration committee is responsible for recommending the remuneration policy for all directors and senior management, ensuring transparency and fairness[148]. - The nomination committee was established on August 17, 2017, and includes three independent non-executive directors and one executive director[151]. Environmental and Social Responsibility - The company adheres to ethical and responsible environmental policies, implementing management systems including ISO 9001, ISO 45001, and ISO 14001[59]. - The company has taken measures to reduce environmental pollution through its participation in the Green and Gracious Builder Scheme[59]. - The company has implemented resource-saving measures, including digital office practices to minimize paper usage and regular vehicle maintenance to monitor fuel consumption[190]. - The company has a waste management program to ensure proper disposal and increase recycling opportunities for construction waste[192]. - Total greenhouse gas emissions amounted to 1,873.0 tons of CO2 equivalent, with direct emissions from diesel consumption at 1,332.1 tons[188]. - The company generated approximately 4,600.0 tons of non-hazardous waste, with no hazardous waste produced during the review period[192]. - Electricity consumption was recorded at 1,176,142.68 kWh, translating to a usage density of 7.19 kWh per square meter[193]. - Water consumption totaled 64,194.48 cubic meters, with a usage density of 0.39 cubic meters per square meter[193]. - The company actively engages in environmental management practices to enhance awareness and professionalism among project teams[197]. Employee and Stakeholder Relations - The company maintains good relationships with employees, customers, suppliers, and subcontractors, focusing on fair evaluations and service quality improvements[63][64][65]. - The total number of employees as of December 31, 2020, was 322, with 87.0% being male and 13.0% female[200]. - The employee turnover rate was 24.5% for those aged 30 and below, compared to 13.2% for those above 30[197]. - The group donated $5,000 to a charity during the year, compared to no donations in 2019[112]. Risk Management - The company faces significant risks including economic conditions affecting the Singapore property market and construction demand, as well as reliance on successful bidding for project contracts[54]. - Financial risks include interest rate risk, currency risk, credit risk, liquidity risk, and price risk in normal business operations[56].

Financial Performance - The group's revenue for the six months ended June 30, 2020, was approximately SGD 36.2 million, a decrease of about 31.0% compared to SGD 52.5 million in the previous period[10]. - The loss attributable to owners of the company was approximately SGD 0.4 million, compared to a profit of SGD 1.1 million in the previous period[11]. - Total revenue for the six months ended June 30, 2020, was SGD 36,241,451, a decrease of 30.9% from SGD 52,488,525 in the same period of 2019[46]. - Service leasing revenue was SGD 35,490,151, down 32.1% from SGD 52,295,130 year-on-year[46]. - Gross profit for the period was SGD 686,896, a decline of 77.9% compared to SGD 2,974,489 in the previous year[46]. - The company reported a net loss of SGD 396,979 for the period, compared to a profit of SGD 1,059,700 in the same period last year[46]. - Basic and diluted loss per share was SGD (0.05), compared to earnings of SGD 0.13 per share in the prior year[46]. - The company did not recommend any dividend for the period, consistent with the previous period's zero dividend[42]. - The company reported a pre-tax loss of SGD 410,685 for the six months ended June 30, 2020, compared to a profit of SGD 1,436,165 in the same period of 2019[86]. - The group reported a loss attributable to owners of SGD 396,979 for the six months ended June 30, 2020, compared to a profit of SGD 1,059,700 for the same period in 2019, resulting in a basic and diluted loss per share of SGD (0.05) compared to earnings of SGD 0.13[104]. Cash and Liquidity - As of June 30, 2020, the group had cash and cash equivalents of approximately SGD 28.9 million, an increase of about SGD 1.7 million from SGD 27.2 million as of December 31, 2019[19]. - Cash and cash equivalents increased from SGD 27,157,425 to SGD 28,861,913, showing a growth of approximately 6.3%[49]. - The net cash generated from operating activities improved to SGD 2,374,231 for the six months ended June 30, 2020, compared to a net cash outflow of SGD 440,080 for the same period in 2019[56]. - The cash and cash equivalents, net of pledged deposits, amounted to SGD 29,850,683 as of June 30, 2020, compared to SGD 28,146,195 as of December 31, 2019[128]. - The group’s cash flow statement reported cash and cash equivalents of SGD 28,861,913 for the six months ended June 30, 2020, compared to SGD 27,157,425 for the same period in 2019[128]. Assets and Liabilities - The group’s total assets decreased from SGD 62,106,167 as of December 31, 2019, to SGD 54,673,712 as of June 30, 2020, representing a decline of approximately 11.5%[49]. - The equity balance decreased from approximately SGD 42.5 million as of December 31, 2019, to approximately SGD 42.1 million as of June 30, 2020, due to the current period's loss[20]. - The company’s total liabilities decreased from SGD 36,708,216 to SGD 28,196,265, representing a reduction of about 23.3%[49]. - The company’s non-current liabilities decreased from SGD 19,765,355 to SGD 19,137,077, a reduction of approximately 3.2%[51]. - The company’s total liabilities related to operating leases decreased by approximately 15% from the previous reporting period, reflecting a strategic focus on cost management[143]. Operational Highlights - The company plans to expand its business and strengthen its market position in the Singapore construction industry, aiming to secure larger contracts and enhance its workforce[15]. - The company is investing in Building Information Modeling (BIM) technology, upgrading from 3D to 5D, and integrating other smart office technologies[17]. - The company plans to invest in prefabricated modular construction to maintain competitiveness in the construction industry[18]. - The company received approval from the Building and Construction Authority (BCA) in mid-August 2020 to resume all ongoing projects[44]. - The group operates as an investment holding company, primarily providing building construction services and industrial property leasing[62]. Employee and Management Costs - The number of employees as of June 30, 2020, was 341, a decrease from 363 in the same period last year[21]. - Total employee costs for the period were SGD 5,033,039, down from SGD 6,089,042 in the same period of 2019, indicating a reduction of approximately 17.3%[100]. - Total remuneration for directors and key management personnel for the six months ended June 30, 2020, was SGD 641,608, a decrease from SGD 665,886 in the same period of 2019, reflecting a decline of approximately 3.6%[147]. Revenue Sources - Revenue from building and construction projects as main contractor was SGD 31,255,995, down from SGD 34,577,723 in 2019, indicating a decrease of about 6.7%[78]. - Rental income from investment properties was SGD 35,490,151, compared to SGD 52,295,130 in 2019, reflecting a decline of approximately 32.1%[78]. - Total revenue for the building and construction segment was SGD 35,490,151 for the six months ended June 30, 2020, down from SGD 52,295,130 in the same period of 2019, representing a decrease of approximately 32.1%[86]. - Major customers contributing over 10% of total revenue included Customer A with SGD 19,631,204 and Customer B with SGD 7,992,717, while Customer C contributed SGD 13,259,000 in the previous period[89]. Government Support - Government grants recognized during the period amounted to SGD 110,961, significantly up from SGD 16,828 in the previous period, primarily due to COVID-19 related support measures[92]. Contractual Obligations - The group’s total unfulfilled performance obligations amounted to SGD 304,000,443 as of June 30, 2020, compared to SGD 194,005,636 in the previous year, reflecting an increase of approximately 56.7%[81]. - The company reported contract assets of SGD 17,843,594 and contract liabilities of SGD (2,506,807) as of June 30, 2020, compared to contract assets of SGD 25,151,638 as of December 31, 2019[117]. - The group did not recognize any revenue related to previously fulfilled obligations during the reporting period[125]. Other Financial Metrics - The company recognized a total depreciation charge of SGD 790,012 for the six months ended June 30, 2020, compared to SGD 496,069 for the same period in 2019[107]. - Interest income for the period was SGD 70,376, slightly down from SGD 75,823 in the previous period, indicating a decrease of about 7.3%[92]. - The company has adopted a share option scheme since August 17, 2017, but no options have been granted or exercised as of June 30, 2020[34].

Financial Performance - The group's revenue for the year ended December 31, 2019, was approximately SGD 122.6 million, an increase of 11.3% compared to SGD 110.0 million in the previous year[10]. - Gross profit for the year was approximately SGD 4.3 million, down from SGD 6.1 million in 2018, resulting in a gross margin of about 3.5%[15]. - The main business revenue from the building and construction segment accounted for about 99.4% of total revenue, amounting to SGD 121.8 million[15]. - Investment property income was approximately SGD 0.8 million, contributing about 0.6% to total revenue, with a significant portion leased to independent third parties[14]. - Other income decreased by approximately 45.3% to about SGD 0.2 million due to lower government subsidies received[16]. - The group's profit attributable to owners decreased from approximately SGD 3.15 million to about SGD 0.05 million for the year ended December 31, 2019[19]. - The group's cash and cash equivalents balance as of December 31, 2019, was approximately SGD 27.2 million, a decrease of about SGD 5.1 million from SGD 32.3 million as of December 31, 2018[28]. - The group's debt, including bank borrowings, was approximately SGD 20.7 million as of December 31, 2019, compared to SGD 16.3 million in 2018[28]. - The group's asset-liability ratio as of December 31, 2019, was 0.49, compared to 0.38 as of December 31, 2018[28]. - The company did not recommend any dividends for the year ended December 31, 2019, and suggested retaining annual profits[55]. - The company reported a cumulative loss of SGD 4,302,061 as of December 31, 2019, compared to SGD 4,033,692 in the previous year, indicating an increase in losses by approximately 6.6%[68]. - The company's distributable reserves were nil as of December 31, 2019, due to accumulated losses, which restricts dividend distribution unless debts due in the ordinary course of business can be settled[64]. Business Strategy and Outlook - Approximately 66.3% of the group's revenue came from public sector projects, which contributed to a healthy accounts receivable turnover of 17 days[13]. - The group plans to continue leveraging its expertise in public sector projects in the upcoming year[10]. - 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[25]. - The impact of the COVID-19 pandemic is expected to affect global businesses in the short term, but the group remains optimistic about cash flow resilience[10]. - The group is closely monitoring the impact of the COVID-19 outbreak on its business and financial performance, with no significant disruptions reported as of the end of the reporting period[185]. Management and Governance - The board submitted the annual report and audited consolidated financial statements for the year ended December 31, 2019[52]. - The company has established policies and procedures to ensure compliance with relevant laws and regulations that significantly impact its business and operations[63]. - The company has implemented an integrated management system that includes ISO 9001, ISO 45001, and ISO 14001 certifications to promote environmental and social responsibility[66]. - The board of directors includes key members such as Mr. Yang Xinping and Ms. Han Yuying, with Mr. Yang holding a 51.13% stake in the company[81]. - The company has established good relationships with employees, customers, suppliers, and subcontractors, focusing on fair evaluations and feedback channels to improve service quality[70][71][72]. - The company has complied with the corporate governance code as set out in the listing rules for the year ended December 31, 2019[138]. - The board consists of two executive directors and three independent non-executive directors, ensuring a balance of power and authority[137]. - The company has established a board diversity policy, emphasizing the importance of diverse skills, experience, and perspectives among board members[134]. Environmental and Social Responsibility - The total carbon emissions from diesel consumption amounted to approximately 1,496.7 tons of CO2 equivalent for the year ending December 31, 2019[189]. - The total greenhouse gas emissions for the group were 2,024.8 tons of CO2 equivalent, which includes direct and indirect emissions[189]. - The group generated approximately 5,444.0 tons of non-hazardous waste, with no hazardous waste produced during the reporting period[195]. - The total electricity consumption was 1,214,047.9 kWh, with a usage density of 10.7 kWh per square meter[196]. - The total water consumption was 79,151.9 cubic meters, with a usage density of 0.7 cubic meters per square meter[196]. - The group has implemented a comprehensive management system including ISO 9001, ISO 45001, and ISO 14001 to enhance operational efficiency and environmental management[188]. - The group actively promotes resource efficiency and environmental protection through various initiatives, including digital office practices to minimize paper usage[193]. - The group has established waste management procedures to ensure proper disposal and recycling of construction waste[195]. Risk Management - The company faces risks related to economic conditions affecting the Singapore real estate market and construction demand, as well as reliance on successful bidding for project contracts[60]. - Financial risks include interest rate risk, currency risk, credit risk, liquidity risk, and price risk during normal business operations[61]. - The board is responsible for assessing the nature and extent of risks acceptable to the company in achieving its strategic objectives and ensuring effective risk management and internal control systems are in place[166].

Financial Performance - The group's revenue for the six months ended June 30, 2019, was approximately SGD 52.3 million, a decrease of about 6.5% compared to SGD 55.9 million in the previous period[10] - Gross profit increased by approximately 2.2% to about SGD 3.4 million, with a gross profit margin of approximately 6.4%, compared to 5.9% in the previous period[10] - The group's net profit after tax for the period was approximately SGD 1.1 million, down from SGD 1.8 million in the previous period[11] - Revenue for the six months ended June 30, 2019, was SGD 52,295,130, a decrease of 6.4% compared to SGD 55,906,929 in 2018[54] - Gross profit increased to SGD 3,345,382, up 2.2% from SGD 3,274,110 in the previous year[54] - The net profit for the period was SGD 1,059,700, down 39.5% from SGD 1,750,977 in 2018[54] - Basic and diluted earnings per share decreased to SGD 0.13 from SGD 0.22, representing a decline of 40.9%[54] - Other income for the six months ended June 30, 2019, totaled SGD 287,047, compared to SGD 137,278 in 2018, reflecting a significant increase[101] - Financing costs for the six months ended June 30, 2019, were SGD 265,274, compared to SGD 61,014 in 2018[105] - The company reported a profit attributable to owners of SGD 1,059,700 for the six months ended June 30, 2019, down from SGD 1,750,977 in 2018[113] - Basic and diluted earnings per share for the six months ended June 30, 2019, were SGD 0.13, compared to SGD 0.22 in the previous year[113] Cash Flow and Liquidity - As of June 30, 2019, the group had cash and cash equivalents of approximately SGD 27.9 million, a decrease of about SGD 4.4 million from SGD 32.3 million as of December 31, 2018[30] - Cash and cash equivalents decreased by SGD 4,346,843, resulting in a year-end balance of SGD 27,888,701 compared to SGD 38,743,860 in the previous year[66] - The company’s cash balance at the beginning of the year was SGD 32,321,841, slightly up from SGD 32,231,219 in 2018[66] - The impact of foreign exchange on cash balances was a decrease of SGD (86,297) in 2019, contrasting with an increase of SGD 220,217 in 2018[66] - The group’s cash flow statement reported cash and cash equivalents of SGD 27,888,701 for the six months ended June 30, 2019, compared to SGD 32,321,841 for the same period in 2018[137] Assets and Liabilities - Total assets as of June 30, 2019, were SGD 50,713,044, compared to SGD 56,239,203 at the end of 2018, reflecting a decrease of 9.8%[57] - Non-current assets decreased to SGD 38,346,605 from SGD 35,778,999, indicating an increase of 4.2%[57] - Current liabilities decreased to SGD 29,856,837 from SGD 34,041,134, a reduction of 12.3%[58] - The total borrowings as of June 30, 2019, were SGD 16,795,100, an increase of 3.3% from SGD 16,264,466 as of December 31, 2018[142] - The company’s total liabilities increased due to higher borrowings and lease liabilities following the adoption of IFRS 16[79] Business Strategy and Operations - 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[25] - The group is actively using Building Information Modeling (BIM) technology, upgrading from 3D to 5D, and integrating other smart office technologies[26] - The company plans to focus on market expansion and new product development to drive future growth[54] - The company is focused on construction contracts, with revenue and profit recognition based on the progress of contract completion[84] - Management has indicated that actual results may differ from estimates, which could impact future revenue and profit recognition[84] - The company is continuously reviewing its accounting estimates and assumptions, which may affect the financial statements in future periods[81] Shareholder Information - As of June 30, 2019, Mr. Yang holds 409,050,000 shares, representing 51.13125% of the company's equity[35] - Ms. Han owns 136,350,000 shares, accounting for 17.04375% of the company's equity[35] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[51] - The company has adopted the corporate governance code and has been compliant with all applicable provisions during the reporting period[47] - The company has confirmed adherence to the standard code for securities trading by all directors during the reporting period[48] Dividends and Securities - The board does not recommend the payment of any dividends for the current period, consistent with the previous period's zero dividend[50] - The company has not conducted any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[45] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[46] - No stock options have been granted under the share option scheme since its adoption on August 17, 2017, and there are no unexercised options as of June 30, 2019[44] Trade and Receivables - The company reported a decrease in trade receivables by SGD 4,005,967, compared to a decrease of SGD 1,605,342 in 2018[64] - Trade receivables for unbilled revenue amounted to SGD 1,635,719 as of June 30, 2019, a significant decrease from SGD 5,641,686 as of December 31, 2018[119] - The expected credit loss on trade receivables was deemed not significant by the board as of June 30, 2019[123] - The group’s trade receivables from related parties decreased to SGD 194,881 as of June 30, 2019, from SGD 1,432,626 as of December 31, 2018[135] Contractual Obligations - As of June 30, 2019, the group had provided guarantees of approximately SGD 28.3 million for customer contracts[22] - The company expects to recognize 53% of the transaction price allocated to uncompleted contracts, amounting to SGD 101,950,020, in the next reporting period[97] - Contract assets increased to SGD 19,920,208 as of June 30, 2019, up from SGD 15,105,683 as of December 31, 2018[124] - Contract liabilities decreased to SGD (307,921) as of June 30, 2019, compared to SGD (2,107,036) as of December 31, 2018[133]

Financial Performance - The group's revenue for the year ended December 31, 2018, was approximately SGD 110.0 million, a decrease of 23.6% compared to SGD 144.0 million in the previous year[12]. - Gross profit for the year was approximately SGD 6.3 million, down from SGD 14.4 million in 2017, resulting in a gross margin of about 5.7% compared to 10.0% in the prior year[12]. - Other income decreased by approximately 10.8% to about SGD 0.55 million due to lower government subsidies received[12]. - The group's net profit after tax decreased from approximately SGD 6.2 million to about SGD 3.1 million for the year ended December 31, 2018[13]. - The group recorded a cumulative loss of SGD 4,033,692 as of December 31, 2018, compared to SGD 3,786,269 as of December 31, 2017[120]. Revenue Sources and Contracts - Approximately 67% of the group's revenue was derived from public sector projects, which are characterized by timely payments[11]. - The group anticipates a construction contract value in Singapore to range between SGD 27 billion and SGD 32 billion in 2019, driven by continued demand from the public sector[7]. - The group expects to secure larger contracts and enhance its workforce to support business expansion in the Singapore construction industry[27]. Cash and Debt Management - As of December 31, 2018, the group had cash and cash equivalents of approximately SGD 32.3 million, a slight increase from SGD 32.2 million in 2017[30]. - The group’s debt included bank borrowings of approximately SGD 16.3 million, with a debt-to-equity ratio of 0.38 as of December 31, 2018, compared to 0.16 in 2017[30]. - The group has fully utilized SGD 3.5 million as working capital[22]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the year ending December 31, 2018[50]. - The board of directors is responsible for overseeing the management of the group's business affairs and overall performance[53]. - The company emphasizes the importance of good corporate governance to enhance shareholder value[49]. - The board consists of a balanced mix of executive and independent non-executive directors to ensure independent judgment[56]. - The company has established an audit committee, a remuneration committee, and a nomination committee to enhance governance practices[49]. Board and Director Information - The board consists of five directors, with independent non-executive directors making up 60% of the board members[57]. - As of December 31, 2018, the company had three independent non-executive directors, exceeding the requirement of at least one-third[57]. - All independent non-executive directors confirmed their independence in accordance with listing rules, ensuring compliance since the company's listing date[57]. - The chairman and CEO roles are separated to ensure a clear division of responsibilities and avoid power concentration[65]. Safety and Environmental Practices - The group received a safety and health award from the Workplace Safety and Health Council and the Ministry of Manpower, reflecting its commitment to workplace safety[7]. - The company has adopted an environmental policy and management systems including ISO 9001, OHSAS 18001, and ISO 14001 to ensure responsible operations[122]. - Total greenhouse gas emissions amounted to 2,739.9 tons of CO2 equivalent as of December 31, 2018[175]. - The company generated approximately 6,300.0 tons of non-hazardous waste, with no hazardous waste produced[179]. Employee and Workforce Information - The workforce consisted of 361 employees, with 335 males (92.8%) and 26 females (7.2%) as of December 31, 2018[186]. - Employee distribution included 6 senior management, 15 middle management, 65 professional positions, and 275 general positions[188]. - The company adheres to equal opportunity laws and promotes a diverse and inclusive workplace[190]. Shareholder and Stock Information - The company has established a stock option plan to encourage and reward eligible participants for their contributions[148]. - The total number of shares that can be issued under the share option plan is capped at 80,000,000 shares, representing 10% of the total shares issued as of the listing date[151]. - The largest customer accounted for 58.4% of sales, while the top five customers represented 90.5% of total sales[167]. Legal and Compliance - The company has complied with all relevant laws and regulations, despite a delay in announcing a related party transaction[125]. - There were no significant legal or regulatory non-compliance issues reported regarding emissions or labor practices during the reporting period[178][191]. - The independent auditor's report confirmed the company's ability to continue as a going concern without significant uncertainties[90].