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].