Financial Performance - Revenue for the six months ended September 30, 2021, was SGD 18,146,703, an increase of 4.7% compared to SGD 17,328,873 for the same period in 2020[11] - Gross profit decreased to SGD 4,915,766, down 9.6% from SGD 5,440,369 year-on-year[11] - The company reported a net profit of SGD 393,166, a decline of 66.5% from SGD 1,170,522 in the previous year[11] - Total comprehensive income for the period was SGD 486,162, compared to SGD 1,594,105 in the same period last year, reflecting a decrease of 69.6%[11] - Basic and diluted earnings per share for the period were SGD 0.04, down from SGD 0.09 in the previous year[13] - The company reported a profit attributable to owners of SGD 394,363 for the six months ended September 30, 2021, a decrease of 55.1% compared to SGD 877,897 in the same period of 2020[69] Assets and Liabilities - Non-current assets amounted to SGD 10,958,365 as of September 30, 2021, compared to SGD 10,493,890 as of March 31, 2021, indicating an increase of 4.4%[16] - Current liabilities decreased to SGD 7,599,509 from SGD 10,973,503, a reduction of 30.5%[16] - The company's total equity increased to SGD 64,810,938 from SGD 64,462,476, reflecting a growth of 0.5%[18] - The company's total assets as of September 30, 2021, were SGD 64,462,476, compared to SGD 62,326,736 at the end of the same period last year[22] - Trade receivables decreased to SGD 7,297,733 as of September 30, 2021, compared to SGD 9,681,659 as of March 31, 2021, representing a decline of 24.6%[77] - The total liabilities decreased from SGD 8,111,258 to SGD 5,245,470, indicating a reduction of approximately 35.5%[107] Cash Flow - The company reported a net cash generated from operating activities of SGD 6,343,856 for the six months ended September 30, 2021, compared to SGD 2,729,606 for the same period in 2020, representing an increase of approximately 133%[29] - The total cash and cash equivalents at the end of the period were SGD 26,472,133, up from SGD 25,896,292 at the end of the same period last year[31] - The company incurred a net cash outflow from investing activities of SGD 1,501,574, compared to a net inflow of SGD 9,598,332 in the previous year[31] - The company’s cash flow from operating activities increased significantly, with a rise from SGD 2,955,047 in the previous year to SGD 7,102,858 in the current period[29] Revenue Breakdown - Revenue from integrated building services was SGD 16,633,764, up from SGD 11,267,580 in 2020, indicating a significant growth of approximately 47.8%[44] - Revenue from industrial hemp increased to SGD 2,174,548 from SGD 413,710, marking a substantial rise of approximately 426.5%[44] - Revenue from blockchain technology development and application showed a loss of SGD 661,609, compared to a profit of SGD 5,647,583 in the previous year, reflecting a decline in this segment[45] - Revenue from external customers in Singapore was SGD 18,808,312, compared to SGD 11,681,290 in 2020, representing an increase of approximately 60.7%[52] Expenses and Costs - Total employee costs amounted to SGD 3,879,170, an increase of 8.4% from SGD 3,578,024 in the previous year[64] - Material costs increased significantly to SGD 1,751,780, up from SGD 735,913, reflecting a rise of 138.5% year-over-year[64] - The group’s sales and service costs rose from approximately SGD 11.9 million to SGD 13.2 million, an increase of about SGD 1.3 million or approximately 10.9%[149] - Administrative expenses increased from approximately SGD 3.7 million to SGD 4.5 million, an increase of about SGD 0.8 million or approximately 21.6%[154] Market Outlook and Strategy - The company plans to focus on market expansion and new product development in the upcoming quarters[11] - Future guidance indicates a cautious outlook due to market uncertainties and competitive pressures[11] - The group anticipates that total construction demand in Singapore will reach SGD 25 billion to SGD 32 billion annually from 2022 to 2025, with public sector contributions expected to be around SGD 14 billion to SGD 18 billion annually[137] - The group plans to continue its core business in providing integrated building services and construction projects in Singapore while exploring new business opportunities for expansion and diversification[142] Shareholder Information - The major shareholder, Morgan Hill, holds 365,175,000 shares, representing approximately 33.35% of the company's total issued share capital[191] - Major shareholders include Mr. Leung with 66,665,000 shares (6.09%) and Lion International Limited with 64,500,000 shares (5.89%) [194] - The total number of shares issued by the company is 365,175,000 [196]

Financial Performance - The company's revenue increased from approximately SGD 46.6 million for the year ended March 31, 2020, to approximately SGD 49.1 million for the year ended March 31, 2021, representing an increase of about 5.4%[7]. - Gross profit rose from approximately SGD 12.8 million to approximately SGD 21.8 million, resulting in a gross margin increase from 27.5% to 44.4%[7][12]. - The group recorded revenue of approximately SGD 49.1 million for the year ending March 31, 2021, an increase of about SGD 2.5 million or 5.4% compared to SGD 46.6 million for the previous year[19]. - Revenue from integrated building services decreased from approximately SGD 35.6 million to SGD 31.9 million, a decline of about SGD 3.7 million due to government-imposed lockdown measures[19]. - Revenue from building construction projects fell by approximately 50.0% from SGD 7.4 million to SGD 3.7 million, primarily due to reduced construction activities during the lockdown[19]. - The group reported a profit attributable to owners of approximately SGD 5.3 million for the year ending March 31, 2021, compared to a loss of SGD 901,000 the previous year[31]. Business Growth and Challenges - The blockchain technology development and application business saw revenue growth of approximately 288.6%, increasing from about SGD 3.5 million to approximately SGD 13.6 million[14]. - Bitcoin prices increased significantly from approximately USD 6,500 at the end of March 2020 to about USD 59,000 at the end of March 2021, benefiting the company's operations[14]. - The company faced challenges in its integrated building services and construction engineering businesses due to government-imposed lockdowns during the COVID-19 pandemic[8][12]. - The company has diversified its business since 2018, successfully navigating the challenges posed by the COVID-19 pandemic[8]. - The company anticipates challenges in the construction industry in Singapore due to the impact of COVID-19 measures, which have delayed project timelines[56]. Financial Position and Investments - As of March 31, 2021, the group maintained a strong financial position with total cash and bank balances of approximately SGD 21.7 million[34]. - The company plans to invest SGD 12.475 million in expanding its integrated building services and construction projects in Singapore, with SGD 3.856 million already utilized[56]. - The company has not used any financial instruments to hedge its foreign exchange risks as of March 31, 2021[39]. - The company has entered into various agreements for joint ventures and acquisitions, including a partnership in Ningbo, China, with total investments of RMB 25.5 million, RMB 15 million, and RMB 9.5 million from different parties[45]. Corporate Governance - The management team emphasized the importance of maintaining strong corporate governance practices to protect shareholder interests[78]. - The board of directors consists of seven members, including one executive director and three independent non-executive directors, ensuring diverse oversight[80]. - The company has adhered to the corporate governance code as per the listing rules, demonstrating commitment to accountability and transparency[78]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee, each with defined responsibilities[103]. - The company encourages continuous professional development for directors, providing internal training and resources to ensure compliance with current regulations[94]. Shareholder Information - The board has decided not to recommend any final dividend for the reviewed year[153]. - As of March 31, 2021, Mr. Yao Yongjie holds 366,175,000 shares, representing approximately 33.44% of the company's ordinary shares[173]. - Major shareholder Morgan Hill holds 365,175,000 shares, representing 33.35% of the company's total issued share capital[178]. - The company has a stock option plan effective from January 5, 2017, valid for ten years, aimed at incentivizing employees and attracting talent[184]. Stock Options - The total number of stock options available for issuance under the plan is 55,500,000, accounting for approximately 5.07% of the company's issued share capital[186]. - The exercise price for stock options is determined by the board and must be at least the higher of the closing price on the grant date or the average closing price over the preceding five trading days[187]. - The fair value of unexercised vested and unvested stock options as of March 31, 2021, is approximately HKD 4,319,000 and HKD 4,764,000, respectively[190].

Revenue and Profitability - Revenue for the six months ended September 30, 2019, was SGD 19,952,224, a decrease of 11.5% from SGD 22,509,910 in the same period of 2018[27] - Gross profit for the same period was SGD 6,331,018, down from SGD 7,003,388, reflecting a gross margin decline[27] - The company reported a net profit of SGD 446,828 for the six months, a significant decrease of 84.9% compared to SGD 2,957,966 in the prior year[27] - Total comprehensive income for the period was SGD 226,951, compared to SGD 2,952,824 in the previous year, indicating a substantial decline[29] - The basic and diluted earnings per share for the period were SGD (0.04), compared to SGD 0.29 in the same period last year[29] - The company reported a loss attributable to owners of the company of SGD (377,546), contrasting with a profit of SGD 2,958,518 in the previous year[29] - The group recorded a loss attributable to owners of the company of approximately SGD 378,000 for the period, compared to a profit of approximately SGD 3.0 million for the six months ended September 30, 2018[190] Cash Flow and Liquidity - Operating cash generated for the six months ended September 30, 2019, was SGD 3,356,269, compared to SGD 1,162,682 in the previous year, representing a year-over-year increase of approximately 188.5%[44] - Net cash generated from operating activities for the same period was SGD 2,713,654, up from SGD 563,053 in 2018, indicating a significant improvement in operational efficiency[44] - Cash and cash equivalents increased by SGD 7,648,571 during the six months, compared to a decrease of SGD 720,009 in the same period last year, reflecting strong liquidity management[46] - The total cash and cash equivalents at the end of the period stood at SGD 30,422,466, compared to SGD 39,936,245 in the previous year, indicating a decrease in available cash[46] - As of September 30, 2019, the group's cash and bank balances totaled approximately SGD 30.4 million, up from approximately SGD 22.6 million as of March 31, 2019[193] - The group maintained a current ratio of approximately 8.2 times as of September 30, 2019, compared to approximately 5.3 times as of March 31, 2019[193] Expenses and Costs - The company incurred administrative expenses of SGD 6,163,545, which is an increase of 28.2% from SGD 4,812,276 in the previous year[27] - Total employee costs rose to SGD 5,040,190 in the six months ended September 30, 2019, compared to SGD 3,993,018 in 2018, an increase of 26.3%[96] - Administrative expenses increased from approximately SGD 4.8 million for the six months ended September 30, 2018, to approximately SGD 6.2 million for the same period in 2019, an increase of about SGD 1.4 million or approximately 29.2%[186] - The group's financing costs slightly decreased from approximately SGD 57,000 for the six months ended September 30, 2018, to approximately SGD 55,000 for the six months ended September 30, 2019, primarily due to a reduction in mortgage loan interest rates[187] Assets and Liabilities - Current assets increased to SGD 55,064,187 from SGD 50,469,106, showing a growth of 9.4%[32] - Total liabilities decreased to SGD 6,719,882 from SGD 9,528,978, a reduction of 29.0%[32] - The company's equity increased to SGD 57,160,275 from SGD 53,506,006, reflecting a growth of 6.2%[34] - The carrying value of property, plant, and equipment as of September 30, 2019, was SGD 8,730,413, up from SGD 8,013,240 as of March 31, 2019[104] - Inventory as of September 30, 2019, totaled SGD 4,964,631, significantly higher than SGD 1,697,686 as of March 31, 2019, indicating a substantial increase in inventory levels[106] - Trade receivables as of September 30, 2019, amounted to SGD 7,562,275, a decrease of 48% from SGD 14,587,678 on March 31, 2019[109] - Trade and other payables totaled SGD 5,220,810 as of September 30, 2019, a decrease from SGD 8,350,883 on March 31, 2019[123] Strategic Initiatives and Investments - The company has engaged in blockchain technology development and industrial hemp business, indicating diversification in its operational strategy[49] - The company’s investment in property, plant, and equipment amounted to SGD 800,672, a substantial increase from SGD 74,347 in the previous year, reflecting ongoing expansion efforts[44] - The company completed the acquisition of 51% of Heilongjiang Yinma Technology Development Co., Ltd., assuming a responsibility of 10,200,000 RMB (approximately 2,014,264 SGD)[153] - The group is optimistic about the blockchain technology development and application business, which has started generating revenue and is expected to expand into various sectors[174] - The group has begun investing in a new blockchain-related rendering farm in Canada, which is anticipated to become a significant source of future revenue[174] - The group is in the early stages of its industrial hemp business, which involves research, cultivation, and extraction of CBD, and is focused on seizing development opportunities in this area[176] Revenue Breakdown - Revenue from integrated building services was SGD 15,922,280, down from SGD 20,662,990 year-on-year, indicating a decline of about 22%[79] - The company reported a significant decrease in revenue from building construction projects, with earnings of SGD 826,222 compared to SGD 1,846,920 in the previous year, reflecting a decline of approximately 55%[79] - The company’s blockchain technology development and application segment generated revenue of SGD 3,203,722, marking its first contribution to overall revenue[79] - Revenue from major customers contributing over 10% to total revenue was SGD 6,177,961 for Customer I and SGD 2,446,772 for Customer II in the six months ended September 30, 2019, compared to SGD 9,168,301 and SGD 2,461,585 respectively in 2018[80] Financial Reporting Changes - The company has adopted IFRS 16 for leases, which may impact future financial reporting and asset management strategies[55] - The company recognized right-of-use assets of SGD 697,401 and lease liabilities of SGD 714,063 as of September 30, 2019, following the adoption of IFRS 16[74] - The company transitioned to IFRS 16, resulting in the recognition of additional right-of-use assets and lease liabilities of SGD 797,810 as of April 1, 2019[71] - The company confirmed depreciation expenses of SGD 396,456 and interest costs of SGD 21,194 for the leases during the six months ended September 30, 2019[74]

Financial Performance - The company's revenue decreased from approximately SGD 56.8 million for the year ended March 31, 2018, to approximately SGD 52.8 million for the year ended March 31, 2019[21]. - Gross profit increased from approximately SGD 16.9 million for the year ended March 31, 2018, to approximately SGD 17.9 million for the year ended March 31, 2019[21]. - The gross profit margin improved from 29.7% for the year ended March 31, 2018, to 33.9% for the year ended March 31, 2019[21]. - For the fiscal year ending March 31, 2019, the company recorded revenue of approximately SGD 52.8 million, a decrease of about SGD 4.0 million or 7.0% compared to SGD 56.8 million for the previous year[30]. - Revenue from integrated building services increased by approximately SGD 3.3 million or 7.1% to SGD 49.7 million, driven by higher project amounts compared to the previous year[30]. - The company's gross profit rose from approximately SGD 16.9 million to SGD 17.9 million, an increase of about SGD 1.0 million or 5.9%, primarily due to reduced service costs[33]. - The gross profit margin improved from 29.7% to 33.9%, attributed to a greater reduction in service costs compared to the decline in revenue[33]. - Other income shifted from a loss of approximately SGD 1.7 million to a gain of about SGD 955,000, mainly due to unrealized foreign exchange gains[34]. - The company's profit attributable to owners increased from approximately SGD 3.5 million to SGD 4.9 million, a rise of about SGD 1.4 million or 40.0%[39]. - Administrative expenses rose by approximately SGD 1.8 million or 16.7% to SGD 12.6 million, mainly due to increased legal and professional fees and the establishment of a Hong Kong office[36]. - As of March 31, 2019, the company's cash and bank balances totaled approximately SGD 22.6 million, down from SGD 39.4 million the previous year[41]. - The company maintained a current ratio of approximately 5.3 times as of March 31, 2019, compared to 4.3 times the previous year[41]. Market Outlook - The company remains optimistic about the outlook for the integrated building services and construction market in Singapore, with total construction demand projected to be between SGD 27 billion and SGD 32 billion for 2019[22]. - The construction demand for public sector projects in 2019 is estimated to be between SGD 16.5 billion and SGD 19.5 billion, accounting for approximately 60% of the total projected demand[22]. - The company plans to continue investing in blockchain and fintech-related businesses, including data centers and digital asset trading platforms[28]. - The group aims to expand its operational scale and undertake more integrated building service projects in Singapore, with a total of SGD 12.475 million allocated for this purpose[58]. Shareholder Information - Morgan Hill Holdings Limited acquired approximately 72.29% of the company's issued share capital for a total consideration of approximately HKD 652.5 million in May 2018[26]. - As of the report date, Morgan Hill and Trinity Gate control approximately 41.79% and 10.8% of the company's issued shares, respectively[27]. - As of March 31, 2019, the company had a significant shareholder, Mr. Yao Yongjie, holding 531,280,000 shares, representing 51.49% of the total issued share capital[170]. - Following a sale of 100,000,000 shares to Trinity Gate Limited, Mr. Yao's ownership decreased to 431,280,000 shares, equivalent to approximately 41.79% of the total issued share capital[172]. - Morgan Hill holds a 51.49% stake in the company, representing 531,280,000 shares[178]. - Trinity Gate directly owns 93,400,000 shares, accounting for 9.05% of the total issued share capital[178]. - As of March 31, 2019, the total number of shares issued by the company is 1,031,280,000[178]. Corporate Governance - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[77]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience[79]. - The board has reviewed its diversity policy and is satisfied with its effectiveness during the review year[80]. - The company has two co-chairmen and two co-CEOs, ensuring a separation of duties for enhanced independence and accountability[82]. - All non-executive and independent non-executive directors have signed appointment letters with a term of three years[83]. - The company has three independent non-executive directors, meeting the requirement of having more than one-third of the board[84]. - The board is responsible for determining long-term goals and strategies, approving major policies, and overseeing internal controls and risk management[87]. - The company encourages directors to participate in training courses to stay updated on corporate governance knowledge[88]. - Regular board meetings are planned at least twice a year, with prior written notice and agenda provided to directors[100]. - The company maintains clear board procedures and ensures that all directors have access to the company secretary's advice and services[100]. - The board held 16 meetings and 1 annual general meeting during the review year, with attendance records indicating full participation by executive directors[102]. - The audit committee conducted 3 meetings, reviewing annual financial statements and discussing risk management and internal control systems[106]. - The remuneration committee held 4 meetings, focusing on the compensation policies for directors and senior management, ensuring transparency and alignment with company performance[122]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined responsibilities approved by the board[103]. - The nomination committee is responsible for reviewing board structure and diversity, identifying qualified candidates, and assessing the independence of non-executive directors[123]. - The audit committee is chaired by Mr. Zhu Zongyu, comprising independent non-executive directors, ensuring independent oversight of financial reporting[105]. - The company ensures that all committees have sufficient resources to fulfill their duties and can seek independent professional advice when necessary[104]. - The remuneration committee's recommendations are based on individual responsibilities, workload, time commitment, and company performance[111]. - There were no disagreements between the board and the audit committee during the review year[110]. Risk Management - The company reported a comprehensive loss for the year, with no distributable reserves as of March 31, 2019, due to accumulated losses[147]. - The board has decided not to recommend any final dividend for the year under review[148]. - The company has established guidelines and procedures for expenditure approval and control to ensure the reliability of financial reporting and compliance with applicable laws and regulations[129]. - The board is responsible for the risk management and internal control systems, which are reviewed annually for effectiveness[129]. - The group faces financial risks including interest rate risk, currency risk, credit risk, liquidity risk, and equity price risk, which are regularly reviewed by management[52]. Investments and Acquisitions - The company has diversified into new businesses related to blockchain technology development and industrial hemp, although these are still in the early stages[22]. - The group plans to invest HKD 15 million (approximately SGD 2.6 million) in a joint venture for digital asset trading, acquiring 75% equity, while Hong Kong Wen Wei will invest HKD 5 million (approximately SGD 883,000) for 25% equity[48]. - A joint venture named Longma Biotechnology Co., Ltd. was established to explore potential investment opportunities in blockchain technology and related industries[196]. - The company and its chairman agreed to invest HKD 5,100,000 and HKD 4,900,000 for 51% and 49% stakes in the joint venture, respectively[197]. - The investment amounts for the joint venture were later adjusted, with the company's stake reduced to 45.9% and the investment to HKD 4,590,000[199]. - A shareholder loan agreement was established, allowing the company to lend HKD 5,400,000 to the joint venture at an interest rate of 8%[200]. - The company has no other related party transactions that require disclosure under the listing rules[195]. Share Repurchase and Stock Options - The company repurchased a total of 5,595,000 shares during the fiscal year ending March 31, 2019, with a total purchase price of HKD 5,261,296[152]. - The highest purchase price per share was HKD 1.11 and the lowest was HKD 0.80 during the repurchase period[152]. - The company aims to enhance shareholder value through share repurchases to improve net asset value per share and earnings per share[154]. - The company has a stock option plan that allows for the issuance of up to 47,500,000 shares, which is approximately 4.60% of the total issued share capital[185]. - The stock options granted under the plan are exercisable at a minimum price of 1 Singapore dollar, with the market value of the shares at 0.93 HKD as of March 29, 2019[188]. - The stock option plan is effective for a period of ten years from January 5, 2017, to January 4, 2027[184]. - The maximum limit for any participant under the stock option plan is capped at 1% of the total issued share capital in any 12-month period[185]. - The company had 1,000,000 share options granted in 2018, with an exercise price of HKD 1.20[190]. Communication and Transparency - The company has implemented policies to ensure timely and fair disclosure of inside information to the public[130]. - The upcoming annual general meeting is scheduled for August 29, 2019, with notices to be sent at least 20 business days prior[139]. - The company has maintained continuous communication with shareholders and the investment community through various reports and announcements[138]. - There were no significant changes to the company's articles of association during the review year[140].