Financial Performance - The company's revenue for the year ended December 31, 2022, was approximately SGD 98.5 million, an increase of about 25.6% compared to SGD 78.4 million for the year ended December 31, 2021[6]. - Gross profit remained at approximately SGD 11.9 million for both years, but the gross profit margin decreased from about 15.2% in 2021 to approximately 12.0% in 2022 due to rising material costs and inflation[14]. - Other income decreased from approximately SGD 1.9 million in 2021 to about SGD 1.1 million in 2022, primarily due to a reduction in government subsidies[16]. - Administrative expenses decreased from approximately SGD 9.6 million in 2021 to about SGD 8.7 million in 2022[17]. - Financing costs increased from approximately SGD 2.5 million in 2021 to about SGD 2.9 million in 2022[18]. - The company's net profit after tax decreased from approximately SGD 2.0 million in 2021 to about SGD 0.6 million in 2022[20]. - Unbilled revenue increased from approximately SGD 77.4 million as of December 31, 2021, to about SGD 87.8 million as of December 31, 2022, due to new project approvals and commencement[21]. - Contract assets decreased from approximately SGD 37.7 million as of December 31, 2021, to about SGD 34.1 million as of December 31, 2022, as more project work was certified during 2022[21]. - The cash and cash equivalents decreased from approximately SGD 5.4 million as of December 31, 2021, to SGD 2.1 million as of December 31, 2022[33]. - The total interest-bearing loans increased from approximately SGD 55.3 million as of December 31, 2021, to SGD 56.5 million as of December 31, 2022[33]. - The current ratio improved from approximately 1.5 times as of December 31, 2021, to approximately 1.7 times as of December 31, 2022[33]. - The total equity increased from approximately SGD 57.0 million as of December 31, 2021, to approximately SGD 57.6 million as of December 31, 2022, due to recorded profits during the year[33]. Market Outlook - The company remains optimistic about the future of the Singapore road construction market and plans to invest in acquiring more machinery and expanding its workforce to support operations[7]. - The construction demand in Singapore is expected to remain strong, with projected annual demand of SGD 25 billion to SGD 32 billion from 2024 to 2027[7]. - The construction demand in Singapore is projected to increase from an estimated SGD 29.8 billion in 2022 to between SGD 27 billion and SGD 32 billion in 2023, driven by stable construction needs and pandemic-related backlogs[29]. - The construction authority anticipates that civil engineering construction demand will remain strong, supported by ongoing MRT line construction and other infrastructure projects[30]. Corporate Governance - The company is committed to achieving good corporate governance and focuses on creating long-term sustainable growth and value for all shareholders[56]. - The board of directors is responsible for setting the overall strategic direction and overseeing financial and administrative functions, including business planning and project management[57]. - The board held regular meetings throughout the year to monitor business development and financial performance, ensuring compliance with corporate governance codes[58]. - The company has adopted all provisions of the corporate governance code as its own governance practices, with some exceptions noted[56]. - The board includes three executive directors and three independent non-executive directors, ensuring a balance of perspectives and independent judgment[61]. - Independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring compliance with relevant standards[62]. - The company has a mechanism in place to seek independent professional advice when necessary, with costs borne by the company[57]. - The company’s governance framework helps to better understand, assess, and manage risks and opportunities[56]. - The board has reviewed the compliance of the corporate governance code and the effectiveness of the group’s risk management and internal control systems[58]. - The independent non-executive directors' appointments are set to last until November 2023, subject to re-election at the annual general meeting[63]. - The company has adopted the corporate governance code, ensuring the separation of roles between the Chairman and the CEO, with the current CEO also serving as Chairman[65]. - The company has established a remuneration committee to review and approve the remuneration policies for all directors and senior management, ensuring transparency in the process[70]. - The nomination committee has been set up to review the board's structure and recommend suitable candidates for directorship, ensuring compliance with independence criteria[72]. - The company has implemented appropriate insurance arrangements for directors' legal liabilities starting from January 1, 2023, to mitigate risks associated with lawsuits[65]. - Continuous professional development activities have been recorded for all directors, focusing on regulatory updates and director responsibilities[66][67]. - The remuneration committee has reviewed the remuneration policies and approved the compensation for executive directors and senior management during the year[70]. - The company’s independent non-executive directors have participated in training covering topics such as accounting standards and sustainability[67]. - The nomination committee has assessed the independence of independent non-executive directors and provided recommendations for their reappointment[74]. - The company’s board structure and composition have been reviewed, with recommendations made for the re-election of directors at the annual general meeting[75]. - The company ensures compliance with the securities trading code, confirming that all directors adhered to the established standards throughout the year[69]. - The audit committee consists of three independent non-executive directors, with a focus on reviewing risk management and internal control systems, as well as financial reporting[77]. - The annual audit fees paid to the auditors were approximately SGD 160,500, with non-audit services costing around SGD 12,600[79]. Environmental Impact - The total greenhouse gas emissions for the year ended December 31, 2022, amounted to 9,070.02 tons of CO2 equivalent, an increase from 4,805.97 tons in 2021, representing an increase of approximately 88.8%[179]. - Direct greenhouse gas emissions from gasoline and diesel consumption were 8,810.52 tons of CO2 equivalent in 2022, up from 4,768.69 tons in 2021, indicating an increase of about 84.9%[179]. - The nitrogen oxides (NOx) emissions were 2.80 tons in 2022, compared to 2.41 tons in 2021, reflecting an increase of approximately 16.2%[173]. - The sulfur oxides (SOx) emissions increased to 0.0543 tons in 2022 from 0.0294 tons in 2021, marking an increase of about 84.5%[173]. - The particulate matter (PM) emissions rose to 0.22 tons in 2022, up from 0.18 tons in 2021, which is an increase of approximately 22.2%[173]. - The company has implemented measures to reduce diesel consumption and greenhouse gas emissions, including the use of EU Stage VI compliant vehicles and route optimization[176]. - The density of total greenhouse gas emissions per employee was 17.51 tons of CO2 equivalent in 2022, compared to 11.66 tons in 2021, indicating an increase of approximately 50.5%[179]. - The company has established an integrated management system that includes ISO 9001, OHSAS 18001, and ISO 14001 to regulate operations related to environmental, social, and governance aspects[169]. - The company aims to enhance employee awareness of energy conservation and environmental protection through various initiatives[178]. - The total water consumption for the year ended December 31, 2022, was 23,069 cubic meters, an increase from 22,658.60 cubic meters in 2021[197]. - The density of water consumption per employee decreased to 44.53 cubic meters in 2022 from 55.00 cubic meters in 2021[197]. - Diesel energy consumption increased significantly to 36,075,414 kWh in 2022 from 19,525,799.11 kWh in 2021, with a density of 69,643.66 kWh per employee[194]. - Electricity consumption rose to 324,370.91 kWh in 2022 from 46,597.76 kWh in 2021, with a density of 626.20 kWh per employee[194]. - The company generated 1.53 tons of office paper waste in 2022, up from 1.00 ton in 2021, with a density of 0.0029 tons per employee[187]. - The company implemented measures to enhance energy efficiency, including using solar power for machinery and replacing diesel generators with grid electricity[192]. - The company has adopted various waste reduction practices, including recycling construction materials into new products[185]. - The company has not produced significant hazardous waste for the year ended December 31, 2022, complying with local regulations for waste disposal[184]. - The company has established a noise management plan to monitor and control noise levels at construction sites to minimize disturbance to nearby residents[200]. - The company has actively promoted water-saving measures, including installing dual-flush toilets and using recycled water for cleaning purposes[196]. Shareholder Information - No dividends were recommended for the year ending December 31, 2022[41]. - The company has adopted a dividend policy that considers various factors before declaring dividends, including economic conditions and financial performance[113]. - The company has a policy for shareholders to request special meetings if they hold at least 10% of the voting shares[88]. - The company did not recommend any final dividend for the fiscal year[102]. - The company has maintained a minimum of 25% of its issued share capital held by the public as of the report date[149]. - The company has not entered into any related party transactions that require disclosure under the listing rules for the fiscal year ending December 31, 2022[143]. - The company has not established any management or administrative contracts concerning any significant part of its business during the year[142]. - The company has not made any arrangements that would allow its directors to benefit from purchasing shares or bonds of the company or any other corporation[137]. Employee and Diversity Initiatives - The gender ratio of the group’s employees as of December 31, 2022, was 92.3% male and 7.7% female, indicating a significant gender disparity[82]. - The board currently includes two female directors and four male directors, reflecting a commitment to gender diversity[80]. - The company has implemented measures to promote diversity at all employee levels, ensuring equal employment and training opportunities[82]. - The company emphasizes the importance of employee development to provide the highest standards of service in the construction industry[155].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shuang Yun Holdings Limited 雙運控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1706） 截至2022年12月31日止年度 的年度業績 雙運控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然提呈本公司及其附屬 公司（下文統稱「本集團」）截至2022年12月31日止年度的經審核業績，連同2021年同 期的比較數字如下： 綜合損益及其他全面收益表 截至2022年12月31日止年度 2022年 2021年 附註 新加坡元 新加坡元 收益 3 98,511,997 78,415,848 服務成本 (86,655,155) (66,511,841) | --- | --- | --- | --- | |------------------|-------|-------------|-------------| | 毛利 | | 11,856,842 | 11 ...

Financial Performance - The group's revenue for the six months ended June 30, 2022, was approximately SGD 53.3 million, an increase of about 28.7% compared to SGD 41.4 million in the same period last year[6]. - Gross profit rose from approximately SGD 7.0 million to about SGD 9.3 million, reflecting a growth of approximately 32.9%[6]. - The pre-tax profit for the period was SGD 1.81 million, compared to SGD 1.20 million in the previous year, indicating a significant increase[12]. - The group's basic earnings per share for the period was SGD 0.1516, up from SGD 0.1006 in the previous year[12]. - Total comprehensive income for the six months ended June 30, 2022, was SGD 1,516,321, up from SGD 1,006,269 in 2021[21]. - The group's net profit after tax rose from approximately SGD 1.0 million for the six months ended June 30, 2021, to approximately SGD 1.5 million for the same period in 2022[78]. Construction Demand and Projects - The total construction demand in Singapore for 2022 is projected to be between SGD 27 billion and SGD 32 billion, with the public sector expected to account for about 60% of this demand[7]. - The group anticipates an annual total construction demand of SGD 25 billion to SGD 32 billion from 2023 to 2026[8]. - The group secured a total contract value of approximately HKD 84 million in new construction projects during the period ended June 30, 2022[83]. - The group anticipates construction project tender prices to increase by 5% to 8% in 2022 due to rising material costs and oil prices[70]. Cash and Assets - The net asset value of the group as of June 30, 2022, was SGD 58.55 million, compared to SGD 57.04 million at the end of 2021[16]. - The group reported a cash balance of SGD 6.77 million, an increase from SGD 5.39 million at the end of 2021[16]. - The group reported a net increase in cash and cash equivalents of SGD 1,379,696, compared to a decrease of SGD 101,619 in the previous year[23]. - Cash and cash equivalents increased from SGD 5.4 million as of December 31, 2021, to SGD 6.8 million as of June 30, 2022, due to improved collection of trade receivables[89]. - Trade receivables increased to SGD 5,873,047 as of June 30, 2022, from SGD 3,420,539 as of December 31, 2021, reflecting a 71.6% increase[52]. - The group reported contract assets of SGD 39,511,234 as of June 30, 2022, up from SGD 37,682,800 as of December 31, 2021[60]. Liabilities and Financing - The total liabilities decreased from SGD 82.58 million at the end of 2021 to SGD 75.31 million as of June 30, 2022[16]. - Financing costs for the six months ended June 30, 2022, were SGD 1,286,455, slightly down from SGD 1,380,864 in 2021[38]. - Total interest-bearing loans remained approximately SGD 55 million for both the six months ended June 30, 2022, and the year ended December 31, 2021[89]. - The group’s capital structure consists of debt, including lease liabilities and borrowings, while continuously reviewing its capital structure to optimize shareholder returns[66]. Employee and Administrative Expenses - Administrative expenses increased from approximately SGD 5.7 million to approximately SGD 7.3 million, attributed to rising employee costs[74]. - The company had 454 employees as of June 30, 2022, compared to 360 employees as of December 31, 2021[90]. Corporate Governance and Compliance - The board did not recommend the payment of dividends for the six months ended June 30, 2022[97]. - The company complied with the corporate governance code except for certain deviations noted in the report[110]. - All directors confirmed compliance with the trading code for securities transactions during the six months ended June 30, 2022[109]. - The roles of the Chairman and CEO are currently held by the same individual, which the board believes enhances business strategy execution and decision-making[111]. Investments and Acquisitions - The group has not made any acquisitions or disposals of investment properties during the six months ended June 30, 2022[48]. - The company had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2022[95]. - No significant investments were held by the company as of June 30, 2022[96].

Financial Performance - The group's revenue for the year ended December 31, 2021, was approximately SGD 78.4 million, an increase of about 19.9% compared to SGD 65.4 million for the year ended December 31, 2020[5]. - Gross profit rose from approximately SGD 9.6 million for the year ended December 31, 2020, to approximately SGD 11.9 million for the year ended December 31, 2021, representing an increase of about 24%[13]. - The gross profit margin improved from approximately 14.6% for the year ended December 31, 2020, to approximately 15.2% for the year ended December 31, 2021[14]. - The group's profit after tax increased from approximately SGD 0.6 million for the year ended December 31, 2020, to approximately SGD 2.0 million for the year ended December 31, 2021[20]. - Other income decreased from approximately SGD 2.8 million for the year ended December 31, 2020, to approximately SGD 1.9 million for the year ended December 31, 2021, primarily due to a reduction in government subsidies[16]. - Financing costs increased from approximately SGD 2.4 million for the year ended December 31, 2020, to approximately SGD 2.5 million for the year ended December 31, 2021[18]. Construction Industry Outlook - The Singapore Construction Authority projects that the value of certified progress payments will rise from an estimated SGD 26 billion in 2021 to between SGD 29 billion and SGD 32 billion in 2022[5]. - The construction industry is expected to continue high growth in 2021, despite being 10.5% lower than 2019 levels due to labor shortages impacting construction activities[11]. - The group remains optimistic about the future of the Singapore road construction market and construction support services market[6]. - From 2023 to 2026, total construction demand is projected to reach between SGD 25 billion and SGD 32 billion annually, supported by public development[36]. - Approximately half of the public construction demand is anticipated to come from civil engineering projects, including major developments such as MRT projects and new hospital developments[36]. Company Strategy and Operations - The group plans to continue investing in acquiring more machinery and expanding its workforce to support operations in the road construction market[6]. - 31.8% of the net proceeds from the global offering, approximately HKD 34.8 million, will be reallocated to support the company's operations[23]. - The company has newly secured construction projects with a total contract value of approximately HKD 188 million in 2021[28]. - 20.8% of the net proceeds will be allocated to working capital to support ongoing construction projects delayed by COVID-19[28]. - The company plans to use 11% of the net proceeds to repay bank loans, improving its financial position to enhance bidding success rates[28]. Corporate Governance - The company has adopted all provisions of the Corporate Governance Code as its own corporate governance practices[62]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[62]. - The independent non-executive director, Mr. Hsiao, has been appointed since October 20, 2017, and is a member of the audit and remuneration committees[54]. - The company has a diverse board with members having extensive backgrounds in law, finance, and engineering[54][59][60]. - The board consists of three executive directors and three independent non-executive directors, ensuring compliance with listing rules regarding independence[64]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an Environmental, Social, and Governance (ESG) working group to oversee ESG initiatives and performance[155]. - The total greenhouse gas emissions for the year ended December 31, 2021, amounted to 4,805.97 tons of CO2 equivalent, a significant increase from 2,241.61 tons in 2020[179]. - The company has implemented measures to reduce diesel consumption and greenhouse gas emissions, including the use of energy-efficient equipment and optimizing transportation routes[175]. - The company encourages employees to adopt environmentally friendly practices and contribute to sustainable development[169]. - The company has developed effective management policies and internal control systems for environmental, social, and governance issues as of December 31, 2021[166]. Risk Management - The company has identified key risks including reliance on suppliers and subcontractors, and potential labor supply shortages due to government regulations in Singapore[110]. - The company is monitoring market conditions to respond flexibly to changes in the Singapore construction market[28]. - The board regularly reviews its governance practices and the effectiveness of risk management and internal control systems[68]. - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing risk management and internal control systems, as well as financial reporting[82]. Financial Position - As of December 31, 2021, the group's cash and cash equivalents remained stable at approximately SGD 5.6 million[39]. - The total interest-bearing loans amounted to approximately SGD 55.3 million as of December 31, 2021, an increase of about SGD 8.9 million from approximately SGD 46.4 million as of December 31, 2020[39]. - The equity balance increased from approximately SGD 55.2 million as of December 31, 2020, to approximately SGD 57.0 million as of December 31, 2021, due to profits recorded during the year[39]. - The current ratio remained stable at approximately 1.5 times for both years ending December 31, 2020, and December 31, 2021[39]. Shareholder Information - The company did not recommend the payment of a dividend for the year ending December 31, 2021[47]. - The company has adopted a dividend policy that allows shareholders to share in profits while retaining sufficient reserves for future development[117]. - As of December 31, 2021, the company’s directors and senior executives held a total of 750,000,000 shares, representing 75% of the issued share capital[125]. - Jian Sheng Holdings Limited, owned 80% by Mr. Chen and 20% by Ms. Chen, holds 750,000,000 shares, which Mr. Chen is deemed to have full beneficial ownership of[126].

目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 簡明綜合損益及其他全面收益表 | 5 | | 簡明綜合財務狀況表 | 6 | | 簡明綜合權益變動表 | 8 | | 簡明綜合現金流量表 | 9 | | 簡明綜合財務報表附註 | 10 | | 管理層討論與分析 | 21 | | 其他資料 | 25 | 01 雙運控股有限公司 | 2021年中期報告 目錄 公司資料 執行董事 陳志龍先生 （主席兼行政總裁） 陳慧芬女士 張淑芬女士 獨立非執行董事 龐錦強教授 蕭文豪先生 邱仲珩先生 公司秘書 梁皚欣女士 授權代表 陳慧芬女士 梁皚欣女士 審核委員會 邱仲珩先生 （主席） 龐錦強教授 蕭文豪先生 薪酬委員會 邱仲珩先生 （主席） 陳志龍先生 蕭文豪先生 提名委員會 陳志龍先生 （主席） 邱仲珩先生 龐錦強教授 註冊辦事處 Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands 總辦事處及新加坡主要營業地點 No. 4 Sungei Kadut Street 2 Sungei ...

Financial Performance - The group's revenue for the year ended December 31, 2020, was approximately SGD 65.4 million, a decrease of about 41.8% from SGD 112.3 million for the year ended December 31, 2019[8]. - Gross profit decreased from approximately SGD 21.5 million for the year ended December 31, 2019, to about SGD 9.6 million for the year ended December 31, 2020, representing a decline of approximately 55.3%[8]. - The group's profit decreased by 89.1% from approximately SGD 5.5 million for the year ended December 31, 2019, to about SGD 0.6 million for the year ended December 31, 2020[16]. - The group's revenue for the year ended December 31, 2020, was approximately SGD 65.4 million, a decrease of about 41.8% compared to SGD 112.3 million in the previous year due to the suspension of all construction projects during the virus lockdown[19]. - The group's gross profit decreased from approximately SGD 21.5 million for the year ended December 31, 2019, to approximately SGD 9.6 million for the year ended December 31, 2020, representing a decline of about 55.3%[22]. - The gross profit margin fell from approximately 19.1% for the year ended December 31, 2019, to approximately 14.6% for the year ended December 31, 2020[22]. - The group's net profit after tax decreased from approximately SGD 5.5 million for the year ended December 31, 2019, to approximately SGD 0.6 million for the year ended December 31, 2020[27]. - Administrative expenses decreased from approximately SGD 12.4 million for the year ended December 31, 2019, to approximately SGD 9.6 million for the year ended December 31, 2020, mainly due to reduced employee costs during the lockdown[24]. Cash and Debt Management - Cash and cash equivalents as of December 31, 2020, were approximately SGD 5.6 million, an increase of about SGD 1.4 million from SGD 4.2 million as of December 31, 2019[16]. - Total interest-bearing loans amounted to approximately SGD 46.4 million as of December 31, 2020, an increase of about SGD 5.8 million from SGD 40.6 million as of December 31, 2019[16]. - The group maintained a current ratio of approximately 1.5 times for both December 31, 2019, and December 31, 2020[16]. - The asset-to-liability ratio increased from approximately 1.0 times as of December 31, 2019, to about 1.1 times as of December 31, 2020[16]. - The current ratio remained stable at approximately 1.5 times for both 2019 and 2020, while the debt-to-equity ratio increased from approximately 1.0 times in 2019 to about 1.1 times in 2020[40]. - The company's equity increased slightly from approximately SGD 55.1 million in 2019 to about SGD 55.2 million in 2020 due to recorded profits during the year[40]. Market Outlook and Industry Trends - The construction demand in Singapore is expected to gradually recover in 2021, with projected contract values between SGD 23 billion and SGD 28 billion[8]. - The construction industry is anticipated to see continued recovery over the next five years, with demand potentially increasing to SGD 25 billion to SGD 32 billion from 2022 to 2025[8]. - The construction industry in Singapore contracted by 35.9% in 2020, compared to a growth of 1.6% in 2019, largely due to the impact of COVID-19[30]. - The board remains cautious about the long-term outlook for the construction industry in Singapore amid ongoing uncertainties related to the COVID-19 pandemic[30]. Operational Challenges - The group faced significant challenges due to labor shortages and rising costs of materials amid the COVID-19 pandemic[9]. - The group faced significant financial pressure due to fixed costs, material wastage, and rising prices during the lockdown period, with no revenue generated from April to mid-July 2020[32]. - The company faced challenges in labor shortages and the introduction of new foreign workers, impacting the construction industry[36]. Corporate Governance - The board of directors consists of three executive directors and three independent non-executive directors, ensuring compliance with the listing rules regarding independence[66]. - The company has adopted the corporate governance code and has complied with its provisions, except for A.2.1, which will be explained further[64]. - The remuneration committee reviewed the group's remuneration policies and approved the remuneration of executive directors and senior management during the year[78]. - The board held regular meetings throughout the year to oversee business development and financial performance[65]. - Independent non-executive directors confirmed their independence in accordance with the listing rules, ensuring compliance with governance standards[69]. - The company has established a remuneration committee to provide recommendations on the remuneration policies for all directors and senior management[75]. - The board believes that having the same person serve as both chairman and CEO enhances business strategy execution and decision-making[70]. - Continuous professional development activities were recorded for all directors, covering topics such as corporate governance and risk management[72][73]. - The company has implemented a code of conduct for securities trading by directors and employees, ensuring adherence to the established standards[74]. - The board is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[63]. Environmental, Social, and Governance (ESG) Initiatives - The group established an Environmental, Social, and Governance (ESG) working group to collect relevant data and report to the board on ESG risks and internal control effectiveness[156]. - The ESG report covers the group's main business activities in Singapore, which is the primary source of revenue[157]. - The group has implemented a comprehensive management system including ISO 9001, OHSAS 18001, and ISO 14001 to regulate operations related to ESG aspects[170]. - The group emphasizes stakeholder engagement, maintaining communication with shareholders, employees, suppliers, and the public to address ESG performance expectations[163]. - The group has identified key ESG issues through management participation and surveys, ensuring effective management policies and internal controls are in place[166]. - The group aims to expand the scope of ESG disclosures at appropriate times to enhance transparency[157]. - The board sets the overall ESG strategy to ensure effective risk management and internal control mechanisms[156]. - The group recognizes the importance of community investment and participation as part of its social responsibility initiatives[167]. Employee and Market Engagement - User data showed a 20% increase in customer engagement across digital platforms, indicating strong market interest[58]. - Employee satisfaction scores improved by 18%, indicating a positive work environment and effective management practices[56]. - The company emphasizes that employees are its most valuable asset and is committed to their continuous development[155]. Strategic Growth and Development - The company anticipates a revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[62]. - Research and development efforts have led to the introduction of two new technologies aimed at enhancing construction efficiency, expected to be rolled out in Q2 2024[61]. - The company is exploring potential acquisitions to expand its market share, with a focus on firms that complement its existing service offerings[60]. - A new strategic partnership has been established with a leading technology firm to innovate in smart construction solutions, projected to enhance project delivery timelines by 25%[59]. - The company achieved a 30% increase in project completions compared to the previous year, reflecting improved project management practices[57]. - The board has approved a budget increase of 15% for marketing efforts to boost brand visibility and attract new clients[55]. - The company plans to enter two new international markets by the end of 2024, aiming for a 5% contribution to overall revenue from these regions[58]. Risk Management - The group has identified key risks including reliance on suppliers and foreign labor availability, which may impact operational and financial performance[110]. - The company has implemented a structured internal control process to identify and mitigate significant risks affecting business objectives[89]. - The company’s risk management and internal control systems are considered effective and adequate[100]. Shareholder Information - The company has a minimum of 25% of its issued share capital held by the public as of the report date[150]. - The company’s major shareholder Jian Sheng Holdings Limited holds 750,000,000 shares, representing 75% of the total[129]. - The total number of shares available for issuance due to the exercise of stock options is up to 100,000,000 shares, representing 10% of the total issued shares[133]. - The largest customer accounts for 24.4% of the sales, while the top five customers together account for 89.4% of the sales[151]. - The largest supplier accounts for 31.1% of the procurement, and the top five suppliers account for 64.1% of the procurement[151]. Audit and Compliance - The current auditor, RSM Chio Lim LLP, has been appointed since September 18, 2020, with audit fees of approximately SGD 150,000 and non-audit fees of approximately SGD 15,000 for the year ended December 31, 2020[87]. - Deloitte & Touche LLP resigned as the company's auditor effective September 18, 2020, and a new auditor was appointed to fill the vacancy[153]. - The audit committee consists of three independent non-executive directors, responsible for reviewing financial statements and internal controls[84]. - The company has established a nomination committee to review the board's structure and composition, ensuring diversity in terms of skills, experience, and background[80]. - The company has adopted a board diversity policy to enhance the effectiveness of the board by considering various factors such as skills, industry experience, and gender[88]. - The company’s financial statements are prepared under the responsibility of the board, ensuring a true and fair view of the financial position[85]. Sustainability and Environmental Impact - For the year ending December 31, 2020, the group reported emissions of 1.09 tons of nitrogen oxides (NOx), 0.0137 tons of sulfur oxides (SOx), and 0.08 tons of particulate matter (PM)[173]. - The main greenhouse gas emissions come from diesel consumption and purchased electricity, with measures in place to reduce dust and prevent sludge leakage[174]. - The total greenhouse gas emissions for the year 2020 amounted to 2,241.61 tons of CO2 equivalent, with direct emissions from gasoline and diesel consumption at 2,231.15 tons[179]. - The company has implemented measures to reduce energy consumption, achieving a diesel usage of 9,135,635.71 kWh, which translates to 24,960.75 kWh per employee[191]. - The total water consumption for the year 2020 was recorded at 16,856.00 cubic meters, equating to 46.05 cubic meters per employee[194]. - The company reported a waste generation of 0.90 tons of office paper, resulting in a density of 0.0024 tons per employee[184]. - The density of greenhouse gas emissions was 6.12 tons of CO2 equivalent per employee and 35.03 tons per million SGD of revenue[179]. - The company has adopted energy-efficient practices, including the use of solar power for machinery and the installation of energy monitoring systems on construction sites[190]. - The company has increased employee awareness regarding waste management and energy conservation through various initiatives[183][189]. - The company has not generated significant hazardous waste during the reporting period, adhering to local regulations for waste disposal[181]. - The company has established noise management plans to mitigate noise pollution from construction activities, ensuring compliance with local regulations[196]. - The company has implemented measures to optimize fuel consumption by planning routes in advance and using energy-efficient vehicles[179]. - The company has implemented strict measures to monitor and control vibrations, ensuring compliance with vibration standards as confirmed by independent monitoring reports[197]. - The company promotes environmental awareness among workers by procuring eco-friendly products and displaying environmental posters at construction sites[198]. - In 2019, Double-Trans Pte. Ltd. received the Environmental and Elegant Builder Award from the Construction Bureau, recognizing its efforts in creating safe and sustainable building environments[198]. - Vibration monitoring tools have been installed at construction sites to limit movement speed to 7 mm per second or below[199].

Financial Performance - The group's revenue for the six months ended June 30, 2020, was approximately SGD 35.5 million, a decrease of about 21.8% compared to SGD 45.4 million in the same period last year[6]. - Gross profit fell to approximately SGD 5.8 million, down 46.3% from approximately SGD 10.7 million for the six months ended June 30, 2019[6]. - The group reported a pre-tax profit of SGD 426,000, significantly lower than SGD 3.36 million in the previous year[12]. - The net profit for the period was SGD 426,000, compared to SGD 2.77 million in the same period last year[12]. - Total comprehensive income for the six months ended June 30, 2020, was SGD 425,974, compared to SGD 2,766,722 for the same period in 2019, reflecting a significant decrease[20]. - Revenue from road construction services for the six months ended June 30, 2020, was SGD 9,256,450, a slight decrease of 0.8% from SGD 9,331,768 in 2019[35]. - Revenue from construction support services for the same period was SGD 26,288,921, down 27.1% from SGD 36,099,404 in 2019[35]. - The company's net profit after tax dropped from approximately SGD 2.8 million to about SGD 0.4 million for the six months ended June 30, 2020[83]. Assets and Liabilities - The group's total assets as of June 30, 2020, were SGD 135.8 million, slightly down from SGD 137.6 million at the end of 2019[17]. - Trade receivables increased to SGD 68.9 million from SGD 65.3 million at the end of 2019[17]. - Current liabilities decreased to SGD 59.8 million from SGD 67.8 million at the end of 2019[17]. - The group reported unbilled revenue of SGD 59,566,056 as of June 30, 2020, an increase from SGD 55,515,978 at the end of 2019, indicating a growth of about 7.3%[58]. - The total interest-bearing loans increased to approximately SGD 42.8 million as of June 30, 2020, up from SGD 40.6 million as of December 31, 2019, representing an increase of about SGD 2.2 million[88]. - The equity balance increased from approximately SGD 55.1 million as of December 31, 2019, to approximately SGD 55.5 million as of June 30, 2020, due to profits recorded during the period[88]. Cash Flow and Investments - Cash generated from operating activities for the six months ended June 30, 2020, was SGD 1,616,648, an increase of 50.3% from SGD 1,076,642 in 2019[23]. - The net cash used in investing activities for the six months ended June 30, 2020, was SGD (184,285), compared to SGD 18,123 in 2019, indicating a shift in investment strategy[23]. - The company maintained cash and cash equivalents at SGD 4,003,133 as of June 30, 2020, slightly down from SGD 4,327,736 at the end of the previous year[23]. - The group acquired property, plant, and equipment at a cost of SGD 278,765 for the six months ended June 30, 2020, compared to SGD 119,307 in the same period of 2019, representing an increase of approximately 133.5%[49]. Operational Strategy - The group plans to continue developing new clients and implementing strict cost control measures on existing projects[7]. - The board remains confident in the long-term prospects of the construction industry despite the ongoing COVID-19 pandemic[7]. - The company will focus on its core business of road engineering and construction support services while preparing for future opportunities[7]. Employee and Governance - The group employed 444 employees as of June 30, 2020, down from 538 employees as of December 31, 2019[91]. - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Chan Chi Long[113]. - The group has adopted a share option scheme for eligible employees, including directors, based on performance and the group's profitability[91]. Other Financial Metrics - The company reported a basic earnings per share of SGD 0.0426 for the six months ended June 30, 2020, down from SGD 0.277 in 2019, representing a decrease of about 84.7%[46]. - Total employee costs decreased to SGD 5,306,585 in 2020 from SGD 9,290,228 in 2019, indicating a reduction of approximately 42.5%[42]. - Administrative expenses decreased from approximately SGD 6.3 million to about SGD 4.9 million, mainly due to reduced employee costs during the circuit breaker period[79]. - Financing costs for the six months ended June 30, 2020, totaled SGD 1,511,104, an increase of 17.7% from SGD 1,283,691 in 2019[40]. - The gross profit margin decreased from approximately 24% to about 16% during the same period[77]. Dividends and Shareholder Interests - The company did not declare any dividends during the interim period, maintaining a policy of no dividend distribution[45]. - The board did not recommend the payment of an interim dividend for the six months ended June 30, 2020[96]. - The company confirmed that there were no competitive interests from controlling shareholders or their close associates during the reporting period[108].

Financial Performance - The company's revenue for the year ended December 31, 2019, was approximately SGD 112.3 million, an increase of about 23.7% from SGD 90.8 million for the year ended December 31, 2018[8]. - Gross profit rose from approximately SGD 19.0 million for the year ended December 31, 2018, to about SGD 21.5 million for the year ended December 31, 2019, representing a growth of approximately 19%[8]. - The company's profit increased by 77.4%, from approximately SGD 3.1 million for the year ended December 31, 2018, to about SGD 5.5 million for the year ended December 31, 2019[16]. - Revenue from road construction services was approximately SGD 29.6 million, while revenue from building support services was about SGD 82.6 million for the year ended December 31, 2019[16]. - Other income decreased from approximately SGD 0.5 million for the year ended December 31, 2018, to approximately SGD 0.4 million for the year ended December 31, 2019, primarily due to a reduction in rental income[22]. - Administrative expenses decreased from approximately SGD 13.1 million to approximately SGD 12.4 million, a reduction of about SGD 0.7 million, mainly due to lower professional fees[23]. - Financing costs increased by approximately 14.3% from about SGD 2.1 million to approximately SGD 2.4 million, primarily due to increased interest on lease liabilities for acquired machinery and higher borrowings[24]. - Income tax expenses rose from SGD 1.0 million to SGD 1.7 million, an increase of approximately SGD 0.7 million, mainly due to an increase in profit before tax[25]. - Profit after tax increased from approximately SGD 3.1 million to approximately SGD 5.5 million for the year ended December 31, 2019[26]. - Cash and cash equivalents as of December 31, 2019, were approximately SGD 4.2 million, a decrease of about SGD 0.2 million from SGD 4.4 million as of December 31, 2018[41]. - Total interest-bearing loans increased from approximately SGD 31.0 million to SGD 40.6 million, an increase of about SGD 9.6 million[41]. Market Outlook - Public construction demand is expected to reach between SGD 17 billion and SGD 20.5 billion in 2020, accounting for about 60% of the total projected demand[9]. - Total construction demand for 2020 is projected to be between SGD 28 billion and SGD 33 billion, driven by ongoing public construction needs[9]. - The construction industry is anticipated to face a significant impact in Q1 2020, with a year-on-year decline of 4.3% due to COVID-19 disruptions[13]. Corporate Governance - The company has adopted all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange's Listing Rules[64]. - The board of directors is responsible for setting the overall strategic direction and overseeing financial and administrative functions[65]. - The board includes three executive directors and three independent non-executive directors, ensuring a balanced governance structure[66]. - The company has complied with the Corporate Governance Code, except for provisions A.2.1 and A.6.7, with details provided in the report[64]. - The management team has extensive experience, with key members having over 20 years in financial management and engineering[61][62]. - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[64]. - The company has established systems and procedures to achieve its corporate governance objectives[65]. - The company has appointed independent non-executive directors, ensuring at least one has appropriate professional qualifications or relevant financial management expertise[70]. - The company has established a remuneration committee that includes one executive director and two independent non-executive directors, with the chairman being an independent director[75]. - The board will periodically review its structure and consider adjustments as necessary to maintain independence and effectiveness[70]. - The company has adopted a standard code of conduct for securities trading by directors and employees, ensuring compliance throughout the year[74]. - Continuous professional development activities were undertaken by directors, covering topics such as risk assessment and corporate governance[72][73]. - The company has established a risk management and internal control system to protect shareholders' interests and ensure the reliability of financial information[89]. - The audit committee consists of three independent non-executive directors, with Mr. Kiu Chung Hang serving as the chairman[84]. - The company has conducted a review of its risk management and internal control systems during the year, assessing the effectiveness of its policies and procedures[92]. Employee and Social Responsibility - The group employed over 538 employees as of December 31, 2019, with a turnover rate of approximately 33%[168]. - The employee breakdown includes 522 local employees and 155 overseas employees, with a gender distribution of 383 males and 50 females[169]. - The company incurred expenses of SGD 45,066 for external training courses during the fiscal year ending December 31, 2019[185]. - The company has a zero-tolerance policy towards child labor and forced labor, with no significant violations reported for the fiscal year ending December 31, 2019[187]. - The company has obtained OHSAS 18001 certification, recognizing its compliance with occupational health and safety regulations[180]. - The company has a comprehensive anti-corruption policy, with no reported legal cases related to corruption or complaints for the fiscal year ending December 31, 2019[192]. - The group actively seeks opportunities to give back to the community, planning to allocate a certain amount for charitable donations based on profitability in the new year[193]. Shareholder Information - The company did not recommend the payment of a dividend for the year ended December 31, 2019[49]. - The company has adopted a dividend policy that allows shareholders to share in profits while retaining sufficient reserves for future development[118]. - As of December 31, 2019, the company’s directors and key executives held a total of 750,000,000 shares, representing 75% of the issued share capital[127]. - Jian Sheng Holdings Limited, owned 80% by Mr. Chen and 20% by Ms. Chen, holds 750,000,000 shares, which Mr. Chen is deemed to have full beneficial ownership of[128]. - The shareholding structure indicates that Mr. Chen and Ms. Zhang collectively control 75% of the company through Jian Sheng[130]. - The company has no other disclosures regarding any interests or positions held by directors or key executives in the company or its affiliates as of December 31, 2019[129]. - The largest customer accounted for 31.7% of total sales, while the top five customers represented 83.9% of total sales[154]. - The largest supplier accounted for 31.1% of total procurement, with the top five suppliers making up 64.1% of total procurement[154]. Environmental Impact - The company reported a total carbon dioxide emission of 6,401 tons in 2018 and 5,070 tons in 2019, indicating a reduction in emissions[160]. - The company consumed 3,328 kg of paper in 2019, compared to 2,860 kg in 2018, reflecting an increase in paper usage[166]. - The company has implemented a comprehensive management system including ISO 9001, OHSAS 18001, and ISO 14001 to regulate its operations related to environmental, social, and governance matters[158].

Financial Performance - The group's revenue for the six months ended June 30, 2019, was approximately SGD 45.4 million, an increase of about 19.2% compared to SGD 38.1 million for the same period in 2018[6]. - Gross profit rose from approximately SGD 9.3 million for the six months ended June 30, 2018, to approximately SGD 10.7 million for the same period in 2019, representing an increase of about 15%[6]. - The pre-tax profit for the six months ended June 30, 2019, was SGD 3.36 million, compared to SGD 2.34 million for the same period in 2018, indicating a growth of approximately 43.6%[12]. - The net profit for the period was SGD 2.77 million, up from SGD 1.81 million in the previous year, reflecting an increase of about 53.2%[12]. - Total revenue for the six months ended June 30, 2019, was SGD 45,431,172, an increase of 19.4% compared to SGD 38,064,043 in the same period of 2018[35]. - Total comprehensive income for the six months ended June 30, 2019, was SGD 2,766,722, compared to SGD 1,806,094 in the same period of 2018[19]. - The company reported a basic earnings per share of SGD 0.277 for the six months ended June 30, 2019, compared to SGD 0.181 for the same period in 2018, representing an increase of approximately 53.0%[48]. - Profit after tax increased from approximately SGD 1.8 million to approximately SGD 2.8 million for the six months ended June 30, 2019[86]. Construction Demand and Market Outlook - The total construction demand in Singapore for 2019 is projected to be between SGD 27 billion and SGD 32 billion, with expectations of steady growth in the medium term[7]. - The group anticipates annual construction demand to reach SGD 27 billion to SGD 34 billion in 2020 and 2021, and SGD 28 billion to SGD 35 billion in 2022 and 2023[7]. - The group remains optimistic about the prospects of the road construction market and building support services market in Singapore[7]. Assets and Equity - The group's total assets as of June 30, 2019, were SGD 88.25 million, compared to SGD 79.64 million as of December 31, 2018, showing an increase of approximately 10.3%[14]. - The net asset value of the group increased to SGD 52.11 million as of June 30, 2019, from SGD 49.35 million as of December 31, 2018, representing a growth of about 5.6%[16]. - The equity balance increased from approximately SGD 49.3 million as of December 31, 2018, to approximately SGD 52.1 million as of June 30, 2019, due to profits recorded during the period[94]. Cash Flow and Financial Position - Operating cash flow for the six months ended June 30, 2019, was SGD 1,076,642, compared to a cash outflow of SGD 2,176,642 in the same period of 2018[22]. - The net cash increase for the period was SGD 78,915, contrasting with a decrease of SGD 8,641,482 in the first half of 2018[22]. - The company’s cash and cash equivalents at the end of the period were SGD 4,327,736, down from SGD 6,785,307 at the end of June 2018[22]. - The total interest-bearing loans as of June 30, 2019, were approximately SGD 33.0 million, an increase of about SGD 2.0 million from SGD 31.0 million as of December 31, 2018[94]. - The current ratio remained at approximately 1.7 times as of June 30, 2019, while the debt-to-equity ratio increased from approximately 0.9 times as of December 31, 2018, to approximately 1.1 times[94]. Costs and Expenses - Interest expenses for borrowings increased to SGD 999,979 in 2019 from SGD 686,895 in 2018, representing a growth of approximately 45.5%[40]. - Depreciation of property, plant, and equipment rose to SGD 2,896,840 in 2019, up from SGD 2,189,792 in 2018, indicating an increase of about 32.3%[44]. - Employee costs increased to SGD 9,290,228 in 2019, compared to SGD 8,498,467 in 2018, reflecting a rise of approximately 9.3%[44]. - Material costs recognized as expenses grew to SGD 22,480,790 in 2019 from SGD 18,762,076 in 2018, marking an increase of around 19.0%[44]. - Administrative expenses increased from approximately SGD 6.1 million to approximately SGD 6.3 million, mainly due to higher employee costs and increased depreciation[83]. - Financing costs rose by about 30% from approximately SGD 1.0 million to approximately SGD 1.3 million due to increased borrowings[84]. Other Financial Information - The company did not declare any dividends during the interim period, as determined by the board[47]. - The company’s income tax expense for the six months ended June 30, 2019, was SGD 597,000, compared to SGD 536,000 in 2018, representing an increase of approximately 11.4%[45]. - The total cost of acquiring property and machinery was SGD 3,316,506 for the six months ended June 30, 2019, compared to SGD 4,543,377 for the same period in 2018, reflecting a decrease of about 27.0%[51]. - The company did not engage in any buybacks or sales of its listed securities during the reporting period[124]. Corporate Governance and Compliance - The board confirmed compliance with corporate governance codes, although the roles of Chairman and CEO are held by the same individual, which is under review[123]. - The audit committee has reviewed the unaudited consolidated results for the first half of 2019 and found no discrepancies in accounting practices[125]. - The independent non-executive directors have confirmed their compliance with the trading code for securities transactions[120].

Financial Performance - The company's revenue for the year ended December 31, 2018, was approximately SGD 90.8 million, an increase of about 38.4% from SGD 65.6 million for the year ended December 31, 2017[7]. - Gross profit decreased from approximately SGD 19.9 million for the year ended December 31, 2017, to approximately SGD 19.0 million for the year ended December 31, 2018, a decline of about 4.5%[7]. - The company's net profit after tax increased from approximately SGD 2.6 million to approximately SGD 3.1 million, representing a growth of 19.2%[12]. - The gross profit margin decreased from approximately 30.3% for the year ended December 31, 2017, to approximately 20.9% for the year ended December 31, 2018, primarily due to lower gross profits from newly awarded contracts[16]. - Administrative expenses increased from approximately SGD 11.5 million to approximately SGD 13.1 million, mainly due to higher employee costs and increased depreciation expenses[18]. - Financing costs rose by approximately 31.3% from SGD 1.6 million to SGD 2.1 million, attributed to increased financing lease interest and higher borrowings[19]. - As of December 31, 2018, the company's cash and cash equivalents were approximately SGD 4.2 million, a decrease of SGD 11.2 million from SGD 15.4 million in 2017[33]. - The total interest-bearing loans as of December 31, 2018, were approximately SGD 31 million, an increase of SGD 3.4 million from SGD 27.6 million in 2017[33]. - The company's equity increased from approximately SGD 46 million as of December 31, 2017, to approximately SGD 49.3 million as of December 31, 2018, due to profits recorded during the year[36]. - No dividends were recommended for the year ended December 31, 2018[42]. Contracts and Market Outlook - The company secured a total of 15 contracts during the year, including 8 main contracts and 7 subcontracting contracts, with a total contract value of approximately HKD 444.2 million[12]. - The total construction demand in Singapore for 2019 is projected to be between SGD 27 billion and SGD 32 billion, with mid-term growth expected[8]. - The company aims to upgrade its contractor grade from B1 to A2 by the end of 2019, increasing its bidding limit from SGD 40 million to SGD 85 million[29]. Fundraising and Resource Allocation - The net proceeds from the fundraising as of December 31, 2018, amounted to approximately HKD 109.5 million, with 86.4 million already utilized[24]. - 67.4% of the net proceeds were allocated for property acquisitions, totaling HKD 73.8 million, of which HKD 50.7 million has been used[24]. - The company plans to enhance its manpower for market expansion, allocating 7.4% of the net proceeds, which is HKD 8.1 million, fully utilized[24]. Governance and Management - The company reported a strategic direction led by CEO Mr. Chen Zhilong, who has over 15 years of experience in the Singapore construction industry[44]. - Ms. Chen Huifen, the Executive Director, oversees financial and administrative functions, bringing over 20 years of experience in accounting[45]. - Ms. Zhang Shufen, also an Executive Director, is responsible for project management and operations, with over 15 years of experience in the construction sector[48]. - The company has a strong governance structure with independent non-executive directors providing oversight on major decisions and corporate governance[49]. - The management team is composed of experienced professionals with diverse backgrounds in engineering, finance, and law, enhancing the company's strategic capabilities[51]. - The company has adopted all provisions of the Corporate Governance Code as its own corporate governance practices[57]. - The board of directors consists of three executive directors and three independent non-executive directors, ensuring a balance of power[60]. - The board held regular meetings throughout the year to set overall strategy and monitor business development and financial performance[59]. - The company has established a system for corporate governance to achieve its governance objectives[59]. - The company has a clear strategy for risk management and internal control effectiveness[59]. Risk Management - The company identified key risks including reliance on suppliers and subcontractors, and the potential inability to hire foreign labor[13]. - The company identified major risks including reliance on suppliers and subcontractors without long-term contracts, which may affect future operations and financial performance[103]. - The workforce is primarily composed of foreign labor, and potential shortages or rising costs due to government regulations in Singapore could negatively impact operations[103]. Corporate Social Responsibility - The company is committed to sustainable practices and compliance with regulatory standards in its operations[51]. - The company has a zero-accident goal related to occupational health and safety, with performance indicators clearly defined and measured by the number of incidents[181]. - The company has a zero-tolerance policy towards child labor and forced labor, with no serious violations reported in the year ended December 31, 2018[186]. - The company actively seeks opportunities to give back to the community, planning to allocate a portion of profits to charitable donations and activities in the coming year[191]. Employee and Training Policies - The employee compensation policy is determined by the human resources department based on performance, qualifications, and capabilities[141]. - The company encourages employee development through training programs and educational assistance to attract new talent and enhance skills[182]. - The company incurred expenses of SGD 66,595 for external training courses in the year ended December 31, 2018[183]. Environmental Compliance - The company achieved a total carbon dioxide emission of 4,548 tons from diesel consumption in 2018, compared to 5,070 tons in 2017[154]. - The company has received OHSAS 18001 certification, recognizing its compliance with occupational health and safety regulations[177]. - The company has adopted a resource utilization policy reflecting the "Reduce, Reuse, Recycle" (3R) concept[156]. - The company has established a comprehensive management system that includes ISO 9001, OHSAS 18001, and ISO 14001 certifications[152]. - The company relies on suppliers and subcontractors to ensure quality and timely execution of work, with all suppliers located in Singapore to reduce carbon emissions[188]. - The company has implemented a comprehensive business code to maintain high ethical standards and strict compliance with anti-bribery, anti-corruption, and anti-money laundering laws, with no reported cases of corruption for the year ended December 31, 2018[190]. Shareholder Information - As of December 31, 2018, Jian Sheng Holdings Limited holds 750,000,000 shares, representing 75% of the issued share capital[121]. - The company has not established an internal audit function due to its simple corporate and operational structure, but will review the need for one periodically[84]. - The company has a commitment to high standards of corporate governance to protect shareholder interests and enhance corporate value[57]. - The attendance record for board meetings and committees shows full participation from all directors[62]. - The company has established a remuneration committee, which includes one executive director and two independent non-executive directors, to review and approve the remuneration policies for all directors and senior management[67]. - The company confirms that the directors are responsible for overseeing the preparation of financial statements that reflect the group's financial position fairly[77]. - The company has adopted a standard code of conduct for securities trading by directors and employees, ensuring compliance throughout the year[66].