Financial Performance - Revenue for the six months ended September 30, 2024, was SGD 48,578,720, a 66.5% increase from SGD 29,182,500 in the same period of 2023[45]. - Gross profit for the same period was SGD 6,446,672, compared to SGD 3,917,253 in 2023, reflecting a significant improvement[45]. - The company reported a net loss of SGD 3,043,504 for the six months ended September 30, 2024, compared to a net loss of SGD 1,580,354 in the previous year[46]. - Revenue from integrated building services was SGD 28,632,220, up from SGD 20,402,097, marking a 40.5% increase[62]. - Revenue from construction projects reached SGD 19,454,827, a substantial increase from SGD 8,822,527, representing a 120% growth[62]. - Basic and diluted loss per share was SGD 0.24, compared to SGD 0.13 in the previous year[46]. - The company reported a loss attributable to owners of the company of SGD (2,874,000) for the six months ended September 30, 2024, compared to SGD (1,542,702) in 2023[81]. - Despite the increase in gross profit, the loss attributable to the company’s owners increased from approximately SGD 1.5 million to about SGD 2.9 million[169]. Assets and Liabilities - As of September 30, 2024, the net asset value of the group is SGD 56,960,871, a decrease from SGD 59,346,140 as of March 31, 2024, representing a decline of approximately 4.8%[33]. - The lease liabilities increased to SGD 260,548 from SGD 125,217, indicating a rise of 108.1%[33]. - The total equity attributable to the owners of the company decreased to SGD 56,905,648 from SGD 59,106,091, reflecting a decline of about 3.7%[33]. - Cash and cash equivalents decreased by SGD 3,408,794 during the period, compared to a decrease of SGD 565,500 in the previous year[54]. - The company’s interest expense on lease liabilities increased to SGD 20,481 for the six months ended September 30, 2024, from SGD 18,283 in 2023[69]. - The company’s total other receivables, deposits, and prepayments decreased to SGD 13,187,178 as of September 30, 2024, from SGD 16,215,237 as of March 31, 2024[91]. - The company has a total overdue and credit-impaired receivables of SGD 342,151 as of September 30, 2024, compared to SGD 346,754 as of March 31, 2024, indicating a reduction of about 1.6%[104]. - The company reported receivables from financing leases amounting to SGD 171,075, a decrease from SGD 173,377 as of March 31, 2024, reflecting a decline of approximately 1.3%[95]. Cash Flow and Investments - Fixed bank deposits increased significantly to SGD 2,336,810 as of September 30, 2024, compared to SGD 1,000,000 as of March 31, 2024, representing a growth of 133.7%[106]. - Cash and bank balances decreased to SGD 12,213,824 as of September 30, 2024, from SGD 15,804,006 as of March 31, 2024, a decline of approximately 22.5%[107]. - The company has not disclosed any significant investments or capital asset plans beyond what is reported[6]. - The company did not recommend an interim dividend for the six months ended September 30, 2024, consistent with the previous year[79]. Revenue Sources - Revenue from external customers in Singapore was SGD 48,087,047, up from SGD 29,224,624, indicating a 64.5% increase[65]. - The company reported a significant increase in revenue from digital asset trading, generating SGD 380,022 compared to no revenue in the previous year[62]. - Rental income for the six months ended September 30, 2024, was SGD 78,000, with no rental income reported in the same period of 2023[67]. - Interest income for the six months ended September 30, 2024, was SGD 29,214, compared to SGD 449,078 for the same period in 2023, representing a significant decrease[67]. Market and Economic Conditions - The market price of Bitcoin rose from approximately USD 64,000 on September 30, 2024, to about USD 96,000 at the report date, marking an increase of approximately 50%[9]. - The total construction demand in Singapore for 2024 is expected to be between SGD 32 billion and SGD 38 billion, with public sector projects contributing approximately 55%[146]. - The company expects stable growth in construction demand, projecting annual demand between SGD 31 billion and SGD 38 billion from 2025 to 2028[146]. Employee and Management - The company reported a total compensation of SGD 792,365 for key management personnel for the six months ended September 30, 2024, compared to SGD 750,776 in the previous year[122]. - The group employed 494 full-time employees as of September 30, 2024, an increase from 461 full-time employees as of March 31, 2024[180]. - The company’s employee compensation is determined based on their job scope, responsibilities, and performance, with discretionary bonuses linked to the group's profitability[180]. Corporate Governance and Compliance - The company has confirmed compliance with the corporate governance code during the review period[27]. - The company has a share option scheme aimed at incentivizing and retaining talented employees[199]. - The company has not held any significant investments that account for 5% or more of the group's total assets as of the end of the review period[187]. - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the review period[180]. Financial Instruments and Risks - The group has not utilized any financial instruments to hedge against foreign exchange risks during the review period[178]. - The company did not have any financial liabilities measured at fair value as of September 30, 2024[132]. - The company did not report any transfers between Level 1, Level 2, and Level 3 fair value measurements during the period[139].

Financial Performance - Revenue for the six months ended September 30, 2024, was SGD 48,578,720, an increase of 15.5% compared to SGD 42,132,048 for the same period in 2023[1] - Gross profit for the same period was SGD 6,446,672, up from SGD 3,917,253, representing a 64.8% increase[1] - The net loss for the period was SGD 3,043,504, compared to a loss of SGD 1,580,354 in the previous year, indicating a 92.5% increase in losses[1] - Basic and diluted loss per share was SGD 0.24, compared to SGD 0.13 for the same period last year[5] - The company reported a total comprehensive loss of SGD 2,385,269 for the period, compared to SGD 2,214,601 in the previous year[1] - The company reported a net loss of SGD 2,874,000 for the six months ended September 30, 2024, compared to a loss of SGD 1,542,702 for the same period in 2023, representing an increase in loss of approximately 86.5%[37] Revenue Breakdown - Revenue from Integrated Building Services reached SGD 28,632,220 for the six months ended September 30, 2024, up from SGD 20,402,097 in the same period of 2023, representing an increase of 40.4%[24] - Revenue from Building Construction was SGD 19,454,827 for the six months ended September 30, 2024, compared to SGD 8,822,527 in 2023, marking a significant increase of 120%[24] - Revenue from Information Technology Development and Application was SGD 57,911 for the six months ended September 30, 2024, up from SGD 11,713 in 2023, reflecting an increase of 393%[24] - Total revenue from customer contracts under IFRS 15 for the six months ended September 30, 2024, was SGD 48,144,958, compared to SGD 29,236,337 in 2023, indicating a growth of 64.7%[24] - Revenue from external customers in Singapore was SGD 48,087,047 for the six months ended September 30, 2024, compared to SGD 29,224,624 in 2023, an increase of 64.6%[28] Assets and Liabilities - Total assets as of September 30, 2024, were SGD 51,225,498, a decrease from SGD 54,724,322 as of March 31, 2024[6] - Inventory increased significantly to SGD 4,681,927 from SGD 2,604,192, reflecting a 79.8% rise[6] - Trade receivables decreased slightly to SGD 15,892,661 from SGD 16,026,834, a decline of 0.8%[6] - Current liabilities decreased to SGD 13,192,420 from SGD 14,300,292, a reduction of 7.8%[6] - Non-current assets in Singapore increased to SGD 16,225,809 as of September 30, 2024, from SGD 16,019,904 as of March 31, 2024[30] Employee and Operational Costs - Total employee costs for the current period amounted to SGD 6,927,770, up from SGD 5,783,444 in the previous year, reflecting an increase of about 19.7%[35] - The total cost of sales and services, including inventory and subcontractor costs, was SGD 35,468,966 for the current period, significantly higher than SGD 20,824,707 in the previous year, marking an increase of approximately 70.7%[35] - The group’s selling and service costs rose from approximately SGD 25.3 million to approximately SGD 42.1 million, an increase of about SGD 16.8 million or approximately 66.4%[55] - The group’s administrative expenses increased from approximately SGD 6.7 million to approximately SGD 7.7 million, an increase of about SGD 1.0 million or approximately 14.9%[60] Customer Contributions - Major customer I contributed SGD 14,151,150 in revenue for the six months ended September 30, 2024, up from SGD 8,352,890 in 2023, an increase of 69.3%[26] - Major customer II generated SGD 5,766,456 in revenue for the six months ended September 30, 2024, down from SGD 6,393,232 in 2023, a decrease of 9.8%[27] Cash Flow and Financial Position - The group’s cash and cash equivalents totaled approximately SGD 12.2 million as of September 30, 2024, down from approximately SGD 15.8 million as of March 31, 2024[66] - The current ratio as of September 30, 2024, was approximately 3.9 times, compared to approximately 3.8 times as of March 31, 2024[66] Corporate Governance and Compliance - The company did not recommend an interim dividend for the six months ended September 30, 2024, consistent with the previous year[36] - The board of directors has been adhering to the corporate governance code, with the exception of the separation of roles between the chairman and the CEO, which remains vacant since July 23, 2021[72] - The group's unaudited consolidated financial performance for the six months ended September 30, 2024, has been reviewed by the audit committee[75] Market and Strategic Developments - The group plans to continue expanding into broader internet technology-related businesses beyond just blockchain technology development and applications[53] - The market price of Bitcoin increased from approximately USD 64,000 on September 30, 2024, to about USD 96,000 as of the announcement date[71] - The company has not purchased, sold, or redeemed any of its securities during the six months ended September 30, 2024[74] Foreign Exchange and Other Income - The group recorded a foreign exchange loss of approximately SGD 1.6 million during the review period, compared to a gain of SGD 1.0 million in the previous period[67] - Other income decreased from approximately SGD 1.686 million to approximately SGD 189,000, a reduction of about SGD 1.497 million, primarily due to a decrease in government grants[58] Employee Count - As of September 30, 2024, the group employed 494 full-time employees, an increase from 461 full-time employees as of March 31, 2024[70] Trade Receivables and Payables - Trade receivables increased to SGD 15,892,661 as of September 30, 2024, compared to SGD 16,026,834 as of March 31, 2024, indicating a slight decrease of approximately 0.8%[39] - The aging analysis of trade receivables shows that SGD 9,343,286 is within 90 days, compared to SGD 7,889,762 in the previous period, representing an increase of about 18.4%[40] - Trade payables rose to SGD 8,363,962 as of September 30, 2024, compared to SGD 7,131,020 as of March 31, 2024, reflecting an increase of approximately 17.3%[46] Contributions and Forfeitures - The company has not recognized any contributions as forfeited during the review period, maintaining the existing contribution levels[35] - The company has a credit period of 15 to 60 days for trade receivables, with a significant portion of invoices issued post-service completion[40] Acquisitions and Disposals - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended September 30, 2024[69]

[Chairman's Report](index=3&type=section&id=Chairman%27s%20Report) [Performance Highlights and Business Outlook](index=3&type=section&id=Performance%20Highlights%20and%20Business%20Outlook) The Group achieved significant performance improvement, returning to profitability with total revenue up 46.2% and gross profit up 94.5%, driven by integrated building services, construction, and IT businesses Key Financial Indicators for FY2024 | Indicator | For the year ended March 31, 2024 | For the year ended March 31, 2023 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | Approximately 84.5 million Singapore Dollars | Approximately 57.8 million Singapore Dollars | +46.2% | | Gross Profit | Approximately 17.7 million Singapore Dollars | Approximately 9.1 million Singapore Dollars | +94.5% | | Gross Profit Margin | Approximately 20.9% | Approximately 15.7% | +5.2pp | | Profit / (Loss) Attributable to Owners of the Company | Profit approximately 2.2 million Singapore Dollars | Loss approximately 6.4 million Singapore Dollars | Returned to Profitability | - Performance improvement was primarily attributed to increased revenue and gross profit across three business segments: integrated building services, building construction engineering, and information technology development and application[7](index=7&type=chunk) - Revenue growth in integrated building services and building construction engineering businesses resulted from the Group's proactive pricing and targeted bidding strategies, securing more construction contracts[7](index=7&type=chunk) - Revenue from information technology development and application business turned profitable, primarily due to the increase in Bitcoin price and trading volume during the review period[8](index=8&type=chunk) - The Group's gross profit margin improvement was mainly due to increased revenue contribution from higher-margin information technology business and better economies of scale in integrated building services and construction businesses[8](index=8&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=5&type=section&id=Business%20Review%20and%20Outlook) The Group achieved revenue and gross profit growth despite construction challenges, with strong digital asset performance, and plans to diversify into e-commerce, AI, and VR - According to Singapore's Building and Construction Authority, total construction demand for 2024 is projected to be between **S$32 billion and S$38 billion**, with steady growth expected mid-term (2025-2028), driven primarily by public sector projects[11](index=11&type=chunk) - The Group anticipates the 2024 construction industry outlook remains challenging due to external uncertainties, negative economic outlook, and increased costs from labor shortages in Singapore[12](index=12&type=chunk) - Digital asset trading business benefited from Bitcoin's price increase from approximately **US$28,000 to US$70,000**, generating approximately **S$6.7 million in revenue** and recognizing approximately **S$1.0 million in fair value gains**[12](index=12&type=chunk) - In the future, the Group plans to expand its business into broader internet technology areas, including e-commerce, digital media marketing, artificial intelligence, and virtual reality, beyond just blockchain technology[13](index=13&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) The Group demonstrated strong financial performance this fiscal year, with total revenue increasing by 46.2% to S$84.5 million and gross profit by 94.5% to S$17.7 million, driven by all segments, especially construction and IT, resulting in a net profit of approximately S$2.2 million Revenue Performance by Business Segment | Business Segment | FY2024 Revenue (Singapore Dollars) | FY2023 Revenue (Singapore Dollars) | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Integrated Building Services | Approximately 56.1 million | Approximately 48.0 million | +16.9% | | Building Construction Engineering | Approximately 20.8 million | Approximately 10.1 million | +105.9% | | Information Technology Development and Application | Approximately 7.7 million | Approximately (0.4) million | Returned to Profitability | - Gross profit margin increased from **15.7% to 20.9%**, primarily due to a higher revenue contribution from the high-margin information technology business and improved economies of scale in integrated building services and construction businesses[19](index=19&type=chunk) - Other income increased by **S$1.4 million** year-on-year, mainly from higher government grants and interest income[21](index=21&type=chunk) - Administrative expenses increased by **22.7% to S$15.7 million** year-on-year, primarily due to higher salaries and related expenses from an increased total number of employees[23](index=23&type=chunk) - The Group returned to profitability, turning from a loss of approximately **S$6.4 million** last year to a profit of approximately **S$2.2 million** this year[26](index=26&type=chunk) [Liquidity and Financial Resources](index=8&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintained a robust financial position with total bank balances and cash of approximately S$15.8 million and a current ratio of 3.8 times as of March 31, 2024, while recording a foreign exchange gain of approximately S$0.707 million Liquidity and Capital Structure Indicators (as of March 31, 2024) | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Total Bank Balances and Cash | Approximately 15.8 million Singapore Dollars | Approximately 15.3 million Singapore Dollars | | Current Ratio | Approximately 3.8 times | Approximately 5.6 times | | Debt Ratio | Approximately 0.7% | Approximately 0.9% | - The Group is exposed to foreign exchange risk from non-Singapore Dollar denominated assets and liabilities, recording a foreign exchange gain of approximately **S$0.707 million** this year, compared to a loss of approximately **S$0.72 million** last year[34](index=34&type=chunk) - The Board of Directors does not recommend the payment of a final dividend for the review period[30](index=30&type=chunk) [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's total full-time employees increased from 333 to 461 by the end of the reporting period, with remuneration policies based on work scope, responsibilities, and performance, including discretionary bonuses, retirement, medical, and training benefits - As of March 31, 2024, the Group employed **461 full-time employees**, a significant increase from **333** as of March 31, 2023[37](index=37&type=chunk) [Key Risks and Uncertainties](index=9&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces key risks including economic changes impacting Singapore's property and construction markets, reliance on non-recurring successful bids, and financial risks such as interest rates, currency, credit, liquidity, and share price fluctuations - Key risks include changes in economic conditions, the non-recurring nature of project wins, financial risks (interest rate, currency, credit, etc.), and legal and regulatory compliance risks[41](index=41&type=chunk) [Use of Proceeds from Listing](index=9&type=section&id=Use%20of%20Proceeds%20from%20Listing) The Group's net proceeds of approximately S$21.6 million from its 2017 listing were fully utilized by March 31, 2024, with some funds reallocated for a property acquisition, while S$2.39 million from the 2022 subscription was used for IT expansion and working capital - The net proceeds of approximately **S$21.6 million** from the 2017 listing were fully utilized as of March 31, 2024[40](index=40&type=chunk) - In June 2023, the Board revised the use of unutilized listing proceeds for the acquisition of a property in Singapore, a transaction approved by shareholders and completed in November 2023[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - Of the approximately **S$2.54 million** net proceeds from the May 2022 subscription, **S$2.39 million** had been utilized by the end of the reporting period, with the remaining approximately **S$0.146 million** planned for new financial services business development by the end of FY2025[46](index=46&type=chunk)[47](index=47&type=chunk) [Subsequent Events After Reporting Period](index=11&type=section&id=Subsequent%20Events%20After%20Reporting%20Period) Subsequent to the reporting period, Bitcoin's market price declined from approximately US$70,000 as of March 31, 2024, to approximately US$62,000 as of the report date, with no other significant events occurring - Bitcoin's market price decreased from approximately **US$70,000** at the end of the reporting period to approximately **US$62,000** as of the report date[48](index=48&type=chunk) [Directors and Senior Management Biographies](index=11&type=section&id=Directors%20and%20Senior%20Management%20Biographies) [Directors and Senior Management Profiles](index=11&type=section&id=Directors%20and%20Senior%20Management%20Profiles) This section details the biographies of the company's directors and senior management, including their professional experience and appointments, with a focus on Chairman and Executive Director Mr. Yao Yongjie's expertise in blockchain and AI investment - Chairman and Executive Director Mr. Yao Yongjie is a renowned investor in the blockchain industry, serving as Chairman of private equity firm Hangzhou Tunlan, and was an angel investor in Nasdaq-listed Canaan (CAN)[51](index=51&type=chunk) - Board members and senior management possess extensive professional backgrounds and experience across various fields, including construction, finance, accounting, investment management, and information technology[51](index=51&type=chunk)[52](index=52&type=chunk)[57](index=57&type=chunk)[63](index=63&type=chunk) [Corporate Governance](index=14&type=section&id=Corporate%20Governance) [Governance Structure and Compliance](index=14&type=section&id=Governance%20Structure%20and%20Compliance) The Group maintains high corporate governance standards, largely complying with the Corporate Governance Code, with the only deviation being the combined roles of Chairman and CEO due to a vacant CEO position since July 2021, supported by audit, remuneration, and nomination committees - The Company complied with the Corporate Governance Code during the reporting year, with the sole deviation being the combined roles of Chairman (Mr. Yao Yongjie) and Chief Executive Officer, as the CEO position has been vacant since July 2021[66](index=66&type=chunk)[72](index=72&type=chunk) - The Board comprises **seven members**, including one executive director, three non-executive directors, and three independent non-executive directors, meeting listing rule requirements for the number and professional qualifications of independent non-executive directors[68](index=68&type=chunk)[74](index=74&type=chunk) - The Audit Committee reviewed the annual financial statements, risk management, and internal control systems, and recommended the re-appointment of the external auditor[87](index=87&type=chunk)[89](index=89&type=chunk) - The Board is responsible for the Group's risk management and internal control systems, which have been reviewed and deemed effective and efficient[107](index=107&type=chunk) - The report clarifies procedures for shareholders to convene general meetings, propose resolutions, and make inquiries to the Board, safeguarding shareholder rights[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Directors' Report](index=27&type=section&id=Directors%27%20Report) [Summary of Directors' Report](index=27&type=section&id=Summary%20of%20Directors%27%20Report) This report summarizes the Group's main businesses, performance, and key events, including no recommended final dividend, disclosures on shareholdings, share option changes, key customer/supplier percentages, and the auditor change during the period - The Board does not recommend the payment of any final dividend for the review period[125](index=125&type=chunk) - Chairman Mr. Yao Yongjie holds approximately **30.64%** of the Company's shares through controlled corporations and direct beneficial ownership[145](index=145&type=chunk) - During the review period, **30,000,000 share options** under the share option scheme lapsed, with no options granted, exercised, or cancelled[156](index=156&type=chunk) Key Customer and Supplier Percentages | Category | Item | Percentage | | :--- | :--- | :--- | | Sales | Largest Customer | 22.33% | | | Top Five Customers | 56.88% | | Procurement | Largest Supplier | 40.44% | | | Top Five Suppliers | 51.99% | - On January 5, 2024, Crowe (HK) CPA Limited resigned as auditor due to a disagreement on audit fees, and Evergreen (Hong Kong) CPA Limited was appointed as the new auditor[172](index=172&type=chunk) [Environmental, Social and Governance (ESG) Report](index=37&type=section&id=Environmental%20Social%20and%20Governance%20(ESG)%20Report) [Environmental Performance](index=41&type=section&id=Environmental%20Performance) The Group is committed to environmental protection, maintaining an ISO 14001-compliant environmental management system, complying with regulations, and despite business expansion, achieved reduced greenhouse gas, paper, and energy consumption densities through mitigation efforts, while assessing climate change risks Greenhouse Gas Emissions Overview | Greenhouse Gas Emissions | Unit | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | | Scope 1 (Vehicle Fuel) | tonnes of CO2 equivalent | 536.63 | 475.48 | | Scope 2 (Electricity Consumption) | tonnes of CO2 equivalent | 97.43 | 76.79 | | Scope 3 (Paper Disposal) | tonnes of CO2 equivalent | 13.51 | 10.37 | | **Total** | **tonnes of CO2 equivalent** | **647.57** | **562.64** | | **Emissions Intensity** | **tonnes of CO2 equivalent/employee** | **1.40** | **1.69** | Resource Usage Overview | Resource Usage | Unit | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | | Total Energy Consumption | kWh | 2,303,979.85 | 2,025,753.59 | | Energy Consumption Intensity | kWh/employee | 4,997.79 | 6,083.34 | | Total Water Consumption | cubic meters | 6,493.80 | 6,502.00 | | Water Consumption Intensity | cubic meters/employee | 14.09 | 19.53 | - The Group has identified and assessed potential climate change risks, including physical risks like extreme weather events and transitional risks such as policy and regulatory changes, and has developed corresponding prevention and mitigation strategies[214](index=214&type=chunk) [Social Responsibility](index=48&type=section&id=Social%20Responsibility) The Group prioritizes employees, providing a healthy, safe, and equitable work environment, with significant staff growth and comprehensive benefits, maintaining OHSAS 18001 certification with no fatalities in three years, emphasizing ethical supply chain management, service quality, and anti-corruption policies - As an equal opportunity employer, the Group adheres to regulations like Singapore's Employment Act, basing recruitment and promotion on merit while opposing all forms of discrimination[216](index=216&type=chunk)[224](index=224&type=chunk) - As of March 31, 2024, the Group's total workforce was **461 employees**, a significant increase from **333** last year, with detailed employee composition provided by gender, age, employee category, and region[228](index=228&type=chunk) - The Group has obtained OHSAS 18001 Occupational Health and Safety Management System certification, reporting no work-related fatalities or lost days due to injury in the past three fiscal years[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk) - The Group strictly prohibits child and forced labor, verifying candidate ages during the recruitment process[254](index=254&type=chunk) - The Group conducts rigorous selection and performance evaluations for suppliers and subcontractors, including environmental, health, and safety systems as evaluation criteria, with **232 suppliers** during the reporting period[258](index=258&type=chunk)[259](index=259&type=chunk) - The Group is committed to maintaining high ethical standards, having established anti-corruption policies and whistleblowing procedures, with no legal cases or violations related to corruption reported during the period[275](index=275&type=chunk)[276](index=276&type=chunk) [Independent Auditor's Report](index=60&type=section&id=Independent%20Auditor%27s%20Report) [Audit Opinion and Key Matters](index=60&type=section&id=Audit%20Opinion%20and%20Key%20Matters) Evergreen (Hong Kong) CPA Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2024, with the key audit matter being revenue recognition for integrated building services and construction engineering, addressed through internal control assessment, contract sampling, cost testing, and work certification comparison - The auditor issued an **unmodified opinion** on the Group's consolidated financial statements[283](index=283&type=chunk) - The key audit matter was 'Revenue recognition from integrated building services and building construction engineering,' with the primary risk involving significant judgment in estimating budgeted contract revenue and total costs[288](index=288&type=chunk) - The auditor's procedures included assessing internal controls, sampling contracts and costs, testing invoices and client acceptance records, and comparing recognized contract revenue with work certifications issued by independent surveyors[289](index=289&type=chunk) - The report notes that the consolidated financial statements for the previous year (ended March 31, 2023) were audited by another auditor, who issued an unmodified opinion[291](index=291&type=chunk) [Consolidated Financial Statements](index=65&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=65&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This fiscal year, the Group achieved total revenue of S$84.53 million, a 46.2% year-on-year increase, with gross profit reaching S$17.66 million, up 94.5%, resulting in a pre-tax profit of S$2.41 million and a net profit of S$2.01 million, successfully turning profitable from a S$6.49 million loss last year Consolidated Statement of Profit or Loss Summary (Unit: Singapore Dollars) | Item | FY2024 | FY2023 | | :--- | :--- | :--- | | Revenue | 84,529,421 | 57,768,008 | | Gross Profit | 17,662,748 | 9,093,796 | | Profit / (Loss) Before Tax | 2,405,632 | (6,458,923) | | Profit / (Loss) for the Year | 2,012,520 | (6,488,488) | | Profit / (Loss) Attributable to Owners of the Company | 2,209,872 | (6,428,856) | | Basic Earnings / (Loss) Per Share (Singapore cents) | 0.18 | (0.55) | [Consolidated Statement of Financial Position](index=66&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets were S$73.90 million, total liabilities S$14.55 million, and total equity S$59.35 million, an increase from S$57.98 million last year, driven by a significant rise in non-current assets and a decrease in current assets Consolidated Statement of Financial Position Summary (Unit: Singapore Dollars) | Item | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 19,172,699 | 10,347,258 | | Current assets | 54,724,322 | 58,186,396 | | **Total assets** | **73,897,021** | **68,533,654** | | **Liabilities and Equity** | | | | Current liabilities | 14,300,292 | 10,349,394 | | Non-current liabilities | 250,589 | 203,550 | | **Total liabilities** | **14,550,881** | **10,552,944** | | **Total equity** | **59,346,140** | **57,980,710** | [Consolidated Statement of Cash Flows](index=70&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This fiscal year, the Group experienced a net cash outflow of S$9.75 million from operating activities, a net cash inflow of S$10.91 million from investing activities, and a net cash outflow of S$0.54 million from financing activities, resulting in a net increase of S$0.62 million in cash and cash equivalents, with an ending balance of S$15.80 million Consolidated Statement of Cash Flows Summary (Unit: Singapore Dollars) | Item | FY2024 | FY2023 | | :--- | :--- | :--- | | Net cash from operating activities | (9,753,126) | 4,496,284 | | Net cash from investing activities | 10,914,246 | (23,821,958) | | Net cash from financing activities | (538,251) | 2,363,328 | | **Net increase / (decrease) in cash and cash equivalents** | **622,869** | **(16,962,346)** | | Cash and cash equivalents at beginning of year | 15,317,016 | 32,433,321 | | **Cash and cash equivalents at end of year** | **15,804,006** | **15,317,016** | [Summary of Notes to the Consolidated Financial Statements](index=72&type=section&id=Summary%20of%20Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements detail the Group's accounting policies, key judgments, and financial data, focusing on revenue recognition (Note 6), digital asset accounting as inventory at fair value (Note 4a), and financial instrument risk management (Note 36), including credit, liquidity, market, and price risks, especially those related to digital assets - Revenue recognition: Integrated building services and construction engineering revenue is recognized over time using the output method; IT business software license rental revenue is also recognized over time; digital asset trading revenue is recognized at the point of transaction[334](index=334&type=chunk)[336](index=336&type=chunk)[339](index=339&type=chunk)[438](index=438&type=chunk) - Digital asset inventories (primarily Bitcoin) are classified as inventories and measured at fair value less costs to sell, with fair value changes recognized in profit or loss[385](index=385&type=chunk)[418](index=418&type=chunk) - Financial risk management: The Group's credit risk is concentrated among several major clients in the construction industry; currency risk primarily arises from USD-denominated assets and liabilities; price risk is associated with held listed securities and digital asset inventories[565](index=565&type=chunk)[570](index=570&type=chunk)[577](index=577&type=chunk)[599](index=599&type=chunk) - As of March 31, 2024, the Group had no significant capital commitments[623](index=623&type=chunk) [Five-Year Financial Summary](index=154&type=section&id=Five-Year%20Financial%20Summary) [Five-Year Financial Data Review](index=154&type=section&id=Five-Year%20Financial%20Data%20Review) This section presents key performance and financial position data for the Group's past five fiscal years, showing revenue growth in the last two years to a five-year high in FY2024, with profit attributable to owners turning positive, and total assets and equity increasing in FY2024 Five-Year Financial Summary (Unit: Singapore Dollars) | Item | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Performance** | | | | | | | Revenue | 84,529,421 | 57,768,008 | 44,702,564 | 49,149,302 | 46,611,664 | | Gross Profit | 17,662,748 | 9,093,796 | 12,044,819 | 21,767,369 | 12,777,609 | | Profit / (Loss) Attributable to Owners of the Company | 2,209,872 | (6,428,856) | (982,487) | 5,276,960 | (900,568) | | **Assets and Liabilities** | | | | | | | Total Assets | 73,897,021 | 68,533,654 | 72,985,112 | 75,769,780 | 66,110,901 | | Total Liabilities | 14,550,881 | 10,552,944 | 9,498,035 | 11,307,304 | 12,601,228 | | Total Equity | 59,346,140 | 57,980,710 | 63,487,077 | 64,462,476 | 53,509,673 |

Financial Performance - The company's revenue increased from approximately SGD 57.8 million to about SGD 84.5 million, representing a growth of approximately 46.1%[25] - Gross profit rose from around SGD 9.1 million to approximately SGD 17.7 million, an increase of about SGD 8.6 million or 94.5%[20] - The gross profit margin improved from approximately 15.7% to about 20.9%[25] - The total comprehensive income for the year was SGD 1.36 million, compared to a loss of SGD 7.1 million in the previous year[40] - The company reported a pre-tax profit of SGD 2,012,520 for 2024, compared to a loss of SGD 6,488,488 in 2023, indicating a significant turnaround in profitability[64] - The company reported a profit attributable to owners of SGD 2,209,872 for the year ended March 31, 2024, compared to a loss of SGD 6,428,856 in the previous year, marking a significant turnaround[124] - Basic and diluted earnings per share improved to SGD 0.18 in 2024 from a loss of SGD 0.55 in 2023, indicating a positive shift in earnings performance[64] Revenue Breakdown - Revenue from external customers reached SGD 76,846,901 in 2024, up from SGD 58,144,422 in 2023, reflecting a growth of about 32.2%[55] - Revenue from integrated building services was SGD 56,055,847, up from SGD 48,036,403 in the previous year, representing an increase of approximately 16.7%[79] - Revenue from building construction was SGD 20,791,054, which more than doubled from SGD 10,108,019 in the previous year, indicating an increase of approximately 105.5%[79] - Revenue from integrated building services increased by approximately SGD 8.1 million or 16.9%, from about SGD 48.0 million to approximately SGD 56.1 million[117] - Revenue from building construction services surged by approximately SGD 10.7 million or 105.9%, from about SGD 10.1 million to approximately SGD 20.8 million[117] - The group strategically increased its Bitcoin trading volume, resulting in revenue from digital asset trading rising from zero to approximately SGD 6.7 million[115] Expenses and Liabilities - Administrative expenses increased from around SGD 12.8 million to approximately SGD 15.7 million, an increase of about SGD 2.9 million or 22.7%[27] - The total cost of sales and services increased from approximately SGD 48.7 million to about SGD 66.9 million, an increase of approximately SGD 18.2 million or 37.4%[95] - The group's tax expenses increased from approximately SGD 30,000 to about SGD 393,000, an increase of approximately SGD 363,000 due to higher taxable profits[99] - The company reported a significant increase in trade payables, rising from SGD 7.49 million to SGD 11.41 million[12] - The group’s total liabilities, including loans and borrowings, decreased to approximately SGD 432,000 as of March 31, 2024, down from approximately SGD 512,000 in the previous year[137] - The group’s debt ratio was approximately 0.7% as of March 31, 2024, compared to approximately 0.9% in the previous year[137] Assets and Investments - Non-current assets increased to SGD 18,859,632 in 2024 from SGD 9,636,949 in 2023, showing a growth of approximately 95.5%[55] - The company's total assets minus current liabilities stood at SGD 59,596,729 in 2024, compared to SGD 58,184,260 in 2023, indicating a slight increase[67] - The net asset value rose to SGD 59,346,140 in 2024 from SGD 57,980,710 in 2023, reflecting a growth of about 2.4%[68] - The group recognized a fair value gain of approximately SGD 1.0 million on digital asset inventory, compared to a loss of approximately SGD 0.4 million in the previous year[115] Strategic Plans and Market Outlook - The company plans to expand into a broader range of internet technology-related businesses, including e-commerce, digital media marketing, and artificial intelligence[8] - The company plans to continue its existing core business while investing in new opportunities for expansion and diversification to enhance shareholder value[116] - The total construction demand in Singapore for 2024 is expected to be between SGD 32 billion and SGD 38 billion, with public sector projects contributing approximately 55%[90] - The construction demand is expected to steadily increase, with public projects contributing approximately SGD 190 million to SGD 230 million annually from 2025 to 2028[114] Other Financial Information - The company did not recommend any dividend payment for the fiscal year ending March 31, 2024, consistent with the previous year[17] - The group reported a decrease in other income and losses from a loss of approximately SGD 3.2 million in the previous year to a loss of about SGD 1.0 million in the current year[97] - The group recorded foreign exchange gains of approximately SGD 707,000, compared to a loss of approximately SGD 720,000 in the previous year[138] - The company did not apply any new accounting standards that would have a significant impact on its financial statements for the current and prior years[50] - The group's consolidated financial performance for the review year has been audited by the company's audit committee[145] Management and Governance - The chairman of the board is Mr. Yao Yongjie, while the CEO position remains vacant following Mr. Li Wei's resignation on July 23, 2021[143] - The company and its subsidiaries did not purchase, sell, or redeem any of the company's securities during the review year[144]

Financial Performance - Revenue for the six months ended September 30, 2023, was SGD 29,182,500, an increase of 28.5% compared to SGD 22,648,704 in the same period of 2022[9] - Gross profit for the same period was SGD 3,917,253, representing a gross margin of 13.4%[9] - The company reported a net loss of SGD 1,580,354 for the six months ended September 30, 2023, an improvement from a net loss of SGD 2,303,596 in the prior year[11] - Other income increased significantly to SGD 1,686,312 from SGD 327,330, reflecting improved operational performance[9] - The total comprehensive loss for the period was SGD 2,189,860, which includes a loss of SGD 1,542,702 from operations and a foreign exchange loss of SGD 647,158[17] - The basic and diluted loss per share for the period was SGD 0.13, compared to SGD 0.20 in the previous year[11] - The company reported a loss attributable to owners of SGD 1,542,702 for the six months ended September 30, 2023, compared to a loss of SGD 2,339,613 in the same period of 2022, representing a decrease in loss of approximately 34%[45] Assets and Liabilities - Total assets as of September 30, 2023, were SGD 55,848,583, down from SGD 58,184,260 as of March 31, 2023[14] - The company’s total liabilities increased to SGD 7,488,717 as of September 30, 2023, from SGD 3,301,576 as of March 31, 2023, indicating a growth of approximately 126%[52] - The company’s equity attributable to owners decreased to SGD 55,364,351 from SGD 57,554,211[14] - Trade receivables decreased to SGD 11,449,898 as of September 30, 2023, from SGD 12,748,632 as of March 31, 2023, representing a decline of approximately 10.2%[50] - The company’s current assets as of September 30, 2023, stand at SGD 328,297, consistent with the previous quarter[53] Cash Flow - For the six months ended September 30, 2023, the company reported a net cash outflow from operating activities of SGD 8,291,774, compared to SGD 3,979,934 for the same period in 2022, indicating a significant increase in cash used[17] - The company's cash and cash equivalents stood at SGD 14,984,172, slightly down from SGD 15,317,016 as of March 31, 2023[13] - The company's cash and cash equivalents decreased by SGD 565,500, ending the period at SGD 14,984,172, down from SGD 28,765,774 at the end of the same period last year[19] - The company reported a significant increase in cash used in investing activities, totaling SGD 10,826,403, compared to SGD 8,211,279 in the prior year[17] - The company’s investment activities generated a net cash inflow of SGD 7,974,203, contrasting with a cash outflow of SGD 2,692,259 in the previous year[17] Revenue Breakdown - Total revenue for the six months ended September 30, 2023, was SGD 29,236,337, an increase of 25.5% from SGD 23,214,034 in the same period of 2022[29] - Revenue from Integrated Building Services was SGD 20,402,097, up 15.1% from SGD 17,750,204 in 2022[29] - Revenue from Building Construction was SGD 8,822,527, representing a significant increase of 61.5% compared to SGD 5,463,830 in 2022[29] - Revenue from Information Technology Development and Application was SGD 11,713, with no revenue reported in the previous year[29] Employee and Administrative Costs - Total employee costs increased to SGD 5,783,444 in 2023 from SGD 4,436,261 in 2022, marking an increase of about 30%[42] - Administrative expenses increased from approximately SGD 5.3 million to about SGD 6.7 million, an increase of about SGD 1.4 million or approximately 26.4%[96] Investments and Acquisitions - The group completed the acquisition of a property for SGD 9,050,000, with a remaining payment of SGD 8,597,500 made on November 29, 2023[79] - The company plans to use part of the listing proceeds for the acquisition of a property located at 40 Kaki Bukit Crescent, Singapore, for SGD 9.05 million[124] Stock Options and Corporate Governance - The company has a stock option plan effective from January 5, 2017, valid for ten years, aimed at incentivizing qualified participants[131] - The company has maintained compliance with corporate governance codes during the review period, except for the separation of roles between the Chairman and CEO[141] - The company is actively seeking a suitable candidate for the CEO position, which has been vacant since July 23, 2021[141] Market and Future Outlook - The total construction demand in Singapore for 2023 is expected to be between SGD 27 billion and SGD 32 billion, with public sector projects contributing approximately 60%[83] - The total construction demand in Singapore is expected to reach between SGD 25 billion and SGD 32 billion annually from 2024 to 2027, with the public sector contributing approximately SGD 14 billion to SGD 18 billion each year, accounting for about 60% of the demand[84]

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 Grandshores Technology Group Limited 雄 岸 科 技 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1647） 截至二零二三年九月三十日止六個月之 中期業績公告 雄岸科技集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然提呈本公司及其附屬公 司（統稱「本集團」）截至二零二三年九月三十日止六個月（「回顧期間」）之未經審核綜合財務 業績，連同截至二零二二年九月三十日止六個月（「上個期間」）之同期比較數字。 綜合損益及其他全面收益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 附註 新加坡元 新加坡元 （未經審核） （未經審核） 收益 4 29,182,500 22,648,704 銷售及服務成本 (25,265,247) (19,731,633) 毛利 3,917,253 2,917,071 ...

Financial Performance - The group's revenue for the fiscal year ending March 31, 2023, was approximately SGD 57.8 million, up from SGD 44.7 million in the previous year[7]. - Gross profit decreased from approximately SGD 12.0 million to about SGD 9.1 million, resulting in a gross margin decline from 26.8% to 15.7%[7]. - Loss attributable to equity holders increased from approximately SGD 982,000 to about SGD 6.4 million[7]. - Revenue from integrated building services and construction projects rose from approximately SGD 44.8 million to about SGD 58.1 million, but gross profit declined due to increased competition and higher direct labor costs[8]. - The company recorded revenue of approximately SGD 57.8 million for the review year, an increase of about SGD 13.1 million or approximately 29.3% compared to SGD 44.7 million last year[19]. - The company experienced a loss in the information technology development and application business, increasing from a loss of approximately SGD 123,000 to about SGD 376,000, primarily due to a decline in Bitcoin prices and trading volume[19]. - The company's gross profit decreased from approximately SGD 12.0 million to about SGD 9.1 million, a reduction of about SGD 2.9 million or 24.2%[22]. - The company reported a loss attributable to owners of approximately SGD 6.4 million, up from SGD 982,000 last year, mainly due to reduced gross profit margins and increased administrative expenses[29]. Administrative and Operational Expenses - Administrative expenses increased from SGD 9.9 million to SGD 12.8 million, driven by higher employee numbers and wage costs due to labor shortages in Singapore[8]. - Administrative expenses rose from approximately SGD 9.9 million to about SGD 12.8 million, an increase of about SGD 2.9 million or 29.3%[26]. - The company’s financing costs increased from approximately SGD 6,000 to about SGD 47,000 due to additional lease agreements and increased interest expenses[27]. Market Outlook and Demand - The total construction demand in Singapore for 2023 is expected to be between SGD 27 billion and SGD 32 billion, with public sector projects contributing about 60%[12]. - The outlook for the construction industry in 2023 remains challenging due to external uncertainties and labor shortages, impacting bidding competition and profitability[13]. - The mid-term construction demand is projected to reach between SGD 25 billion and SGD 32 billion annually from 2024 to 2027, supported by public sector projects[13]. Strategic Investments and Future Plans - The group plans to invest in new financial services, including asset management, following the licensing granted to its subsidiary in May 2022[9]. - The company plans to invest in new financial services, including asset management and other financial services, to enhance shareholder value and diversify its business[18]. - The company aims to reduce subcontractor usage in electrical and air conditioning engineering by enhancing internal capabilities, with an investment of SGD 6,971,000 allocated for this purpose[57]. - The total investment for expanding operational capacity and acquiring more resources in Singapore is SGD 12,475,000, with SGD 5,270,000 already utilized[57]. Corporate Governance - The company emphasizes good corporate governance to protect shareholder rights and ensure accountability[76]. - The board of directors consists of seven members, including one executive director, three non-executive directors, and three independent non-executive directors[78]. - The company has adopted a board diversity policy to enhance the effectiveness of the board through various factors such as gender, age, and professional experience[80]. - The role of chairman and CEO is separated, with the chairman being Mr. Yao Yongjie, while the CEO position has been vacant since July 23, 2021[82]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, each with defined responsibilities[95]. Shareholder Information - The board has decided not to recommend any final dividend for the review year[135]. - As of March 31, 2023, Mr. Yao Yongjie holds 366,175,000 shares, representing approximately 30.64% of the company's ordinary shares[158]. - The company has not purchased, sold, or redeemed any of its securities during the review year[139]. - The company has adopted a policy for dividend payments, considering financial performance, cash flow, and future demand[136]. Environmental, Social, and Governance (ESG) Performance - The company’s environmental, social, and governance (ESG) performance is detailed in the ESG report for the year ending March 31, 2023[193]. - The board emphasizes the integration of environmental sustainability into the group's daily operations and has included environmental, social, and governance (ESG) issues in its business strategy[194]. - The group conducts annual risk assessments covering potential ESG-related risks and opportunities to enhance adaptability[194]. - The group adheres to the ESG reporting principles set by the Hong Kong Stock Exchange, ensuring consistency and transparency in its disclosures[198]. - The group employs standardized methods for reporting emissions and energy consumption, ensuring the reliability of its environmental data[200].

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就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之任何損失承擔任何責任。 Grandshores Technology Group Limited 雄 岸 科 技 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1647） 截至二零二三年三月三十一日止年度之 全年業績公告 雄岸科技集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然提呈本公司及其附屬公 司（統稱「本集團」）截至二零二三年三月三十一日止年度（「回顧年度」）之經審核綜合財務業 績，連同截至二零二二年三月三十一日止年度之同期比較數字。 綜合損益及其他全面收益表 截至二零二三年三月三十一日止財政年度 二零二三年 二零二二年 附註 新加坡元 新加坡元 收益 4 57,768,008 44,702,564 銷售及服務成本 (48,674,212) (32,657,745) ...

Financial Performance - Revenue for the six months ended September 30, 2022, was SGD 22,648,704, an increase of 24.5% compared to SGD 18,146,703 for the same period in 2021[16] - Gross profit decreased to SGD 2,917,071, down 40.7% from SGD 4,915,766 in the previous year[16] - The company reported a loss before tax of SGD 2,218,830, compared to a profit of SGD 688,033 in the same period last year[16] - Total comprehensive loss for the period was SGD 3,329,182, compared to a total comprehensive income of SGD 486,162 in the previous year[16] - Basic and diluted loss per share for the period was SGD (0.20), compared to earnings per share of SGD 0.04 in the previous year[19] - The company reported a net loss attributable to owners of SGD (2,339,613) for the six months ended September 30, 2022, compared to a profit of SGD 394,363 in 2021[76] Revenue Breakdown - Revenue from integrated building services was SGD 17,750,204, compared to SGD 16,633,764 in the previous year, reflecting an increase of about 6.7%[49] - Revenue from construction projects was SGD 5,463,830, up from SGD 2,174,548, indicating a significant increase of approximately 150.5%[49] - The industrial hemp segment generated revenue of SGD 23,214,034, compared to SGD 18,808,312 in the previous year, marking a growth of around 23.5%[49] - Revenue from external customers in Singapore was SGD 23,214,034, an increase from SGD 18,808,312 in the previous year, reflecting a growth of approximately 23.5%[57] Assets and Liabilities - Non-current assets increased to SGD 12,431,338 as of September 30, 2022, from SGD 9,636,424 as of March 31, 2022[21] - Current liabilities decreased to SGD 5,450,676 from SGD 9,295,759 as of March 31, 2022[21] - The company’s net current assets were SGD 50,713,411, down from SGD 54,052,929 as of March 31, 2022[21] - As of September 30, 2022, the company's non-current liabilities increased significantly to SGD 401,115, compared to SGD 202,276 as of March 31, 2022, reflecting a growth of 98.2%[23] - The total equity attributable to the owners of the company decreased to SGD 61,015,605 from SGD 61,931,042, representing a decline of 1.5%[23] - The company's total assets as of September 30, 2022, were SGD 62,743,634, a slight decrease from SGD 63,487,077 as of March 31, 2022[23] Cash Flow - The company's cash and cash equivalents decreased by SGD 4,092,034 during the six months ended September 30, 2022, resulting in a closing balance of SGD 28,765,774[36] - Operating cash flow for the six months ended September 30, 2022, was negative at SGD (3,979,934), compared to a positive cash flow of SGD 6,343,856 in the same period last year[34] - The company reported a net cash outflow from investing activities of SGD (2,692,259) for the six months ended September 30, 2022, compared to SGD (1,501,574) in the previous year[34] - Financing activities generated a net cash inflow of SGD 2,580,159 for the six months ended September 30, 2022, compared to a net cash outflow of SGD (313,827) in the same period last year[34] Operational Focus and Future Plans - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming periods[16] - The company continues to focus on expanding its integrated building services and construction projects, alongside its blockchain and industrial hemp operations[45] - The company plans to invest in new financial services, including asset management and other financial services, following regulatory approval for its subsidiary[141] Share Capital and Equity - The company’s share capital increased to SGD 2,142,708 as of September 30, 2022, from SGD 1,966,310 as of March 31, 2022, indicating a growth of 8.9%[23] - The company issued 100,000,000 shares at a subscription price of SGD 0.1438 per share, increasing the share capital by SGD 176,398[107] Employee and Management Information - The total compensation for directors and key management personnel for the six months ended September 30, 2022, was SGD 710,272, down 3.2% from SGD 733,731 in the previous year[110] - The group employed 292 full-time employees as of September 30, 2022, an increase from 246 full-time employees as of March 31, 2022[169] Financial Standards and Reporting - The company has applied new international financial reporting standards, which did not have a significant impact on the financial position and performance for the period[44] Market Conditions - The total construction demand in Singapore for 2022 is expected to be between SGD 27 billion and SGD 32 billion, with public sector projects contributing approximately 60%[136] - The company anticipates that construction demand will remain stable at approximately SGD 11 billion to SGD 14 billion annually from 2023 to 2026[137]

Financial Performance - The group's revenue for the fiscal year ending March 31, 2022, was approximately SGD 44.7 million, a decrease from SGD 49.1 million in the previous year[8]. - Gross profit fell from approximately SGD 21.8 million to about SGD 12.0 million, resulting in a gross margin decline from 44.3% to 26.9%[8]. - The company reported a loss attributable to owners of approximately SGD 982,000, compared to a profit of SGD 5.3 million in the previous year[8]. - Revenue from digital asset trading significantly decreased from approximately SGD 11.5 million to SGD 1.2 million due to strategic reduction in Bitcoin trading volume[9]. - The fair value loss on digital asset inventory was approximately SGD 1.3 million, contrasting with a gain of SGD 2.1 million in the previous year[9]. - The group's total revenue for the review year was approximately SGD 44.7 million, a decrease of about SGD 4.4 million or 9.0% compared to SGD 49.1 million in the previous year[21]. - The group's digital asset trading revenue decreased from approximately SGD 11.5 million in the year ended March 31, 2021, to about SGD 1.2 million in the review year, reflecting a significant decline due to reduced Bitcoin trading volume[16]. - The blockchain technology development and application business saw a revenue drop from approximately SGD 13.6 million to a loss of about SGD 123,000, primarily due to strategic reductions in Bitcoin trading volume[22]. - The group's gross profit decreased from approximately SGD 21.8 million to about SGD 12.0 million, a reduction of about SGD 9.8 million or 44.7%[26]. - The gross profit margin fell from approximately 44.3% to about 26.9%, mainly due to the significant revenue drop in the blockchain business[26]. Strategic Initiatives - The company plans to invest in new financial services, including asset management, following the licensing granted by the Securities and Futures Commission[10]. - The company plans to invest in new financial services, including asset management, following regulatory approval for its subsidiary[19]. - The company has invested SGD 12.475 million in expanding its operational scale and taking on more projects, with SGD 3.856 million already utilized as of April 1, 2021[59]. - The company has invested SGD 6.971 million to enhance internal capabilities in water supply and sanitation engineering, with SGD 3.582 million utilized as of April 1, 2021[59]. - The company plans to utilize the remaining funds according to the disclosed plans in the prospectus, but the timeline for expansion has been extended due to challenges faced in the construction industry[60]. Market Outlook - The total construction demand in Singapore for 2022 is expected to be between SGD 27 billion and SGD 32 billion, with public sector projects contributing about 60%[14]. - Mid-term construction demand is projected to reach between SGD 25 billion and SGD 32 billion annually from 2023 to 2026, supported by strong economic fundamentals[15]. - The company faced challenges in expanding its integrated building services and construction business over the past three fiscal years due to COVID-19 and intense competition in the Singapore construction industry[59]. Cost Management - The company will continue to manage expenses and review business strategies in response to the challenging economic environment[15]. - Administrative expenses decreased by approximately SGD 2.2 million or 17.6% to about SGD 9.9 million in the review year[30]. - Financing costs decreased from approximately SGD 31,000 to about SGD 6,000, with no bank loan interest incurred in the review year[31]. - The company has implemented cost-saving measures expected to reduce operational expenses by J% over the next fiscal year[73]. Corporate Governance - The board has adopted a diversity policy to enhance member diversity, considering factors such as gender, age, cultural background, and professional experience[88]. - As of March 31, 2022, the company has three independent non-executive directors, constituting over one-third of the board, in compliance with listing rules[92]. - The board held nine meetings and one annual general meeting during the review year, with full attendance from the executive directors[102]. - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing financial reporting, internal controls, and risk management systems[105]. - The company encourages continuous professional development for directors, providing internal training and resources to ensure compliance with corporate governance standards[99]. - The board is responsible for setting long-term goals and strategies, approving major policies, and overseeing capital expenditures and acquisitions[96]. - The company has established three board committees to oversee specific aspects of its affairs, including the audit, remuneration, and nomination committees[103]. - The independent non-executive directors confirmed their independence for the review year, ensuring compliance with listing regulations[92]. Shareholder Information - The company did not recommend the payment of a final dividend for the review year, consistent with the previous year[35]. - The company holds a policy for dividend distribution, considering financial performance, cash flow, and future demands[153]. - The board will review the dividend policy based on future development prospects and funding needs[154]. - The company has not reported any significant uncertainties that may cast doubt on its ability to continue as a going concern[131]. - The company encourages shareholders to attend the annual general meeting, where all board members and external auditors will address questions regarding the group's business[143]. Employee and Stakeholder Engagement - The group employed a total of 246 full-time employees at the end of the review year, down from 257 full-time employees as of March 31, 2021[49]. - The company aims to attract and retain talented employees through the stock option plan[183]. - The stock option plan is open to employees, directors, and other contributors to the company[184]. Related Party Transactions - The company has no related party transactions that require disclosure under the listing rules, aside from those mentioned in the financial statements[197]. - The company has no related party transactions that require independent shareholder approval under the listing rules[199]. - The company has entered into a loan agreement to provide HKD 5.8 million to a major shareholder, which constitutes a related party transaction[66].