法定/註冊股份數目 面值 法定/註冊股本 上月底結存 10,000,000,000 HKD 0.01 HKD 100,000,000 增加 / 減少 (-) HKD 0 本月底結存 10,000,000,000 HKD 0.01 HKD 100,000,000 本月底法定/註冊股本總額： HKD 100,000,000 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | HPC Holdings Limited | | | | | | 呈交日期: | 2025年9月1日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) 是 | | | 證券代號 (如上市) | 01742 | 說明 | | | | 增加已發行股份（不包括庫存股份） ...

| 證券代號 (如上市) | 01742 | 說明 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HPC Holdings Limited 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 本月底法定/註冊股本總額： HKD 100,000,000 第 ...

Company Information [Company Overview and Governance Structure](index=3&type=section&id=Company%20Overview%20and%20Governance%20Structure) HPC Holdings Limited, an investment holding company with subsidiaries in general contracting and engineering, maintains robust corporate governance through its board and committees, with Mr. Ong Yeong Teng serving as Chairman and CEO - HPC Holdings Limited is incorporated in the Cayman Islands, primarily engaged in investment holding, with subsidiaries involved in general construction, engineering design, and consulting services[58](index=58&type=chunk)[60](index=60&type=chunk) - The Company has an Audit Committee, Remuneration Committee, and Nomination Committee, comprising independent non-executive and executive directors, to oversee corporate governance[5](index=5&type=chunk) - Mr. Ong Yeong Teng serves concurrently as the Company's Chairman and Chief Executive Officer, an arrangement the Board believes is in the Group's overall interest[5](index=5&type=chunk)[35](index=35&type=chunk) Management Discussion and Analysis [Business Review](index=5&type=section&id=Business%20Review) The Group secured S$481.81 million in new projects, boosting its order book to S$1,071 million, and managed project completions and ongoing works amidst a challenging Singapore construction market - The Singapore construction market faces challenges of high construction costs, limited human resources, and increased bidding competition, leading to narrower profit margins[8](index=8&type=chunk) - The Group was awarded four significant projects in the first half of 2025, with new awards totaling **S$481.81 million**[9](index=9&type=chunk) - As of April 30, 2025, the Group maintained a strong order book totaling **S$1,071 million**[9](index=9&type=chunk) - The Group completed three projects during the interim period and has eleven ongoing projects, with three major projects expected to be completed in Q3-Q4 2025[10](index=10&type=chunk)[11](index=11&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) The Group experienced strong construction activity recovery, with revenue up 35.43% to S$117.63 million and gross profit surging 117.24% to S$6.99 million, while a one-time acquisition gain boosted net profit after tax to S$31.34 million, with no interim dividend declared Interim Period Key Financial Data (S$ thousand) | Indicator | Six Months Ended April 30, 2025 | Six Months Ended April 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 117,632 | 86,859 | +35.43% | | Gross Profit | 6,986 | 3,216 | +117.24% | | Gross Profit Margin | 5.94% | 3.70% | +2.24pp | | Profit Before Tax | 31,752 | 1,355 | +2243.39% | | Profit for the Period | 31,342 | 644 | +4751.24% | | Basic Earnings Per Share (Singapore cents) | 1.96 | 0.04 | +4800% | - Revenue growth was primarily due to increased construction activities from several major ongoing projects commencing during the interim period[13](index=13&type=chunk) - Gross profit margin increased to **5.94%**, mainly due to the completion of pre-Covid-19 projects[13](index=13&type=chunk) - The Group recorded a one-time bargain purchase gain of **S$27.38 million** from an acquisition, significantly boosting profit before tax[15](index=15&type=chunk)[79](index=79&type=chunk) - Administrative expenses increased by approximately **S$869 thousand**, primarily due to depreciation of acquired assets[16](index=16&type=chunk) - The Company did not declare any interim dividend for the period[19](index=19&type=chunk) [Liquidity, Financial Resources and Gearing](index=8&type=section&id=Liquidity,%20Financial%20Resources%20and%20Gearing) The Group relies on internally generated funds and low-risk loan financing for working capital, maintaining a current ratio of 1.63 and reducing its debt-to-equity ratio to 12.32% through loan repayments - The Group primarily relies on internally generated funds for working capital and gradually introduces low-risk loan financing to optimize capital costs[20](index=20&type=chunk) Current Ratio and Debt-to-Equity Ratio | Indicator | April 30, 2025 | October 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 1.63 | 1.66 | | Debt-to-Equity Ratio | 12.32% | 20.91% | - The decrease in the debt-to-equity ratio was mainly due to the gradual repayment of loans funding the redevelopment project at 7 Kung Chong Road, Singapore[21](index=21&type=chunk) [Foreign Exchange Risk](index=9&type=section&id=Foreign%20Exchange%20Risk) The Group's foreign exchange risk is minimal as most income and expenses are denominated in Singapore Dollars, thus no hedging arrangements are employed - The Group's foreign exchange risk is minimal as most income and expenses are denominated in Singapore Dollars[22](index=22&type=chunk) - The Group does not employ any hedging arrangements, and all foreign currency transactions are entered into at spot rates[22](index=22&type=chunk) [Mortgage or Charge on the Group's Assets](index=9&type=section&id=Mortgage%20or%20Charge%20on%20the%20Group's%20Assets) As of April 30, 2025, the Group has mortgaged acquired land to secure bank loans, with an additional charge provided by its subsidiary, HPC Builders Pte Ltd - The Group has mortgaged acquired land to obtain bank loans[23](index=23&type=chunk) - HPC Builders Pte Ltd., a subsidiary of the Company, also provided a charge to the same bank for the same project as additional collateral[23](index=23&type=chunk) [Contingent Liabilities and Financial Guarantees](index=9&type=section&id=Contingent%20Liabilities%20and%20Financial%20Guarantees) The Group is involved in work injury lawsuits, but no significant contingent liabilities are expected as these are generally covered by insurance, and no financial guarantees have been granted to third parties other than asset mortgages - The Group is involved in several work injury lawsuits, which are generally covered by insurance, and no significant contingent liabilities are expected[24](index=24&type=chunk) - As of April 30, 2025, no financial guarantees have been granted to third parties by the Group, other than asset mortgages[24](index=24&type=chunk) [Capital Expenditure and Capital Commitments](index=9&type=section&id=Capital%20Expenditure%20and%20Capital%20Commitments) During the interim period, the Group's capital expenditure was primarily allocated to purchasing construction equipment, fixtures, and additions and alterations to existing properties - During the interim period, the Group's capital expenditure was primarily for the purchase of construction equipment and fixtures, as well as certain additions and alterations to existing properties[25](index=25&type=chunk) [Events After the Reporting Period](index=10&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this interim report, the Group has no significant events after the reporting period - There were no significant events after the reporting period and up to the date of this interim report[26](index=26&type=chunk) [Employee Information](index=10&type=section&id=Employee%20Information) As of April 30, 2025, the Group employed 788 individuals, with total staff costs amounting to approximately S$14.1 million, a decrease from the prior period, and provides training, particularly in workplace health and safety - As of April 30, 2025, the Group had **788 employees** (including foreign workers)[27](index=27&type=chunk) Total Staff Costs (S$ thousand) | Indicator | Six Months Ended April 30, 2025 | Six Months Ended April 30, 2024 | | :--- | :--- | :--- | | Total Staff Costs | 14,100 | 15,100 | - The Group's employees are remunerated based on their scope of work and responsibilities; local employees are entitled to discretionary bonuses, while foreign workers are remunerated based on their skill levels and are eligible for contract renewal[27](index=27&type=chunk) - The Human Resources Department arranges training for employees from time to time, particularly in workplace health and safety[27](index=27&type=chunk) [Outlook](index=11&type=section&id=Outlook) Singapore's construction sector faces a strong and diversified outlook, with total construction demand projected to be between S$47 billion and S$53 billion in nominal value for 2025, driven by major development projects, while the Group strategically expands into land optimization and development - The Building and Construction Authority of Singapore projects total construction demand in nominal value to range between **S$47 billion and S$53 billion** for 2025, with actual demand between S$35 billion and S$39 billion[28](index=28&type=chunk) - Strong demand is driven by major projects such as Changi Airport Terminal 5, Marina Bay Sands expansion, public housing, and high-specification industrial buildings[28](index=28&type=chunk) - The Group will see the completion of three large-scale projects, solidifying its reputation in process systems, cleanroom facilities, and pharmaceutical construction[30](index=30&type=chunk) - The Group is strategically venturing into land optimization and development, collaborating with marketing agencies, and offering new warehouses equipped with cold room facilities to expand its business model[30](index=30&type=chunk) - Despite a healthy order book, the Group must contend with margin pressures from rising material costs, increased labor expenses, and heightened industry competition[31](index=31&type=chunk) - Management is committed to selectively acquiring projects, focusing on higher-margin opportunities, operational excellence, and maintaining adaptability[31](index=31&type=chunk) Corporate Governance and Other Information [Share Option Scheme](index=13&type=section&id=Share%20Option%20Scheme) The Group

Financial Performance - For the six months ending April 30, 2025, the group's revenue increased by 35.43% to approximately SGD 117.63 million from about SGD 86.86 million in the previous period[9]. - The group's gross profit rose to approximately SGD 6.99 million, a significant increase of about 117.24% compared to approximately SGD 3.22 million in the previous period, resulting in a gross margin of 5.94%[9]. - The group recorded a net profit after tax of approximately SGD 31.34 million during the interim period[14]. - Revenue for the six months ended April 30, 2025, was SGD 117,632,000, representing a 35.4% increase from SGD 86,859,000 in the same period of 2024[40]. - Gross profit for the same period was SGD 6,986,000, up from SGD 3,216,000, indicating a significant improvement in profitability[40]. - Net profit for the period was SGD 31,342,000, compared to SGD 644,000 in the previous year, reflecting a substantial growth[40]. - Basic and diluted earnings per share for the company owners were both SGD 1.96, a significant increase from SGD 0.04[40]. Project and Order Backlog - The total value of new projects awarded to the group in the fiscal year 2025 reached SGD 481.81 million, with a strong order backlog valued at SGD 1,071 million as of April 30, 2025[5]. - The group completed three major projects during the interim period, including the Pilot Mechanical Biological Treatment Plant, which received its Temporary Occupation Permit on January 27, 2025[6]. - The group is expected to successfully complete three major projects by the end of the fourth quarter of 2025, including the Loyang North Substation and the 27IBP commercial office building[7]. - The group anticipates significant growth opportunities in the pharmaceutical construction sector, bolstered by the successful delivery of major projects such as XDC and STA, enhancing its credentials in this high-value area[27]. - The group expects to benefit from strong demand driven by several large-scale development projects, including the expansion of Changi Airport Terminal 5 and Marina Bay Sands[25]. Financial Position and Ratios - The current ratio as of April 30, 2025, was 1.63, compared to 1.66 on October 31, 2024, indicating stable liquidity[17]. - As of April 30, 2025, the group's debt-to-equity ratio was 12.32% and 20.91% on October 31, 2024, primarily due to gradual loan repayments for the redevelopment project at 7 Kung Chong Road, Singapore[18]. - Total assets as of April 30, 2025, amounted to SGD 220,335,000, compared to SGD 158,402,000 in the previous year, showing a growth of 39.1%[42]. - Total liabilities increased to SGD 100,021,000 from SGD 82,589,000, representing a 21.1% rise[43]. - The company's equity attributable to owners was SGD 107,203,000, up from SGD 75,813,000, indicating a 41.2% increase[43]. Cash Flow and Expenses - The total employee cost during the interim period was approximately SGD 14.1 million, compared to SGD 15.1 million in the previous period[24]. - Administrative expenses increased by approximately SGD 869,000, primarily due to depreciation of acquired assets[12]. - The company reported a significant other income of SGD 27,351,000, compared to no income in the previous year, indicating successful new strategies[40]. - For the six months ended April 30, 2025, the net cash generated from operating activities was SGD 9,651,000, compared to a net cash used of SGD 1,027,000 in the same period last year[46]. - The net cash used in investing activities amounted to SGD 3,879,000, compared to SGD 3,120,000 in the previous year, indicating increased investment outflows[47]. - Financing activities resulted in a net cash outflow of SGD 667,000, consistent with the previous year, highlighting stable financing operations[47]. Market and Industry Conditions - The total nominal value of construction demand in Singapore for 2025 is projected to be between SGD 47 billion and SGD 53 billion, with real demand expected to grow by 0.3% to 11.7% compared to pre-pandemic levels[25]. - The group faces pressure on profit margins due to rising material costs, increased labor expenses, and intensified industry competition[29]. - The group adopted a more cautious approach in bidding and pricing strategies due to current market challenges and intense price competition[5]. Corporate Governance and Compliance - The company is committed to good corporate governance to fulfill its responsibilities to shareholders and enhance shareholder value[33]. - The chairman and CEO roles are currently held by the same individual, which the board believes is beneficial for the group's overall interests[34]. - The audit committee consists of three independent non-executive directors, ensuring effective oversight of financial reporting[35]. - The interim financial information has been reviewed by the company's auditor in accordance with international standards[36]. - The company has not purchased, sold, or redeemed any of its listed securities during the interim period[37]. Employee and Operational Insights - As of April 30, 2025, the group had 788 employees, including foreign workers, with performance-based bonuses available for local employees[24]. - The company has utilized the purchased land as collateral to secure bank loans for its projects[20]. - The company has completed all vehicle lease agreements within the year, focusing on short-term leases for office properties[90]. Financial Instruments and Investments - The fair value of marketable securities investments is determined based on active market prices, reflecting the company's investment strategy[84]. - The fair value of quoted equity investments is SGD 956,000 as of April 30, 2025, slightly down from SGD 975,000 as of October 31, 2024, reflecting a decrease of 1.9%[107]. - The company has not disclosed any significant related party transactions beyond what is mentioned in the financial statements[102].

Core Insights - As of June 12, a total of 159 stocks reached their 52-week highs, with HPC HOLDINGS (01742), China Ecotourism (01371), and Yunfeng Financial (00376) leading the high rate at 51.28%, 43.10%, and 35.00% respectively [1][2] Stock Performance Summary - **Top Performers**: - HPC HOLDINGS (01742) closed at 0.084 with a peak of 0.118, achieving a high rate of 51.28% [2] - China Ecotourism (01371) closed at 0.670 with a peak of 0.830, achieving a high rate of 43.10% [2] - Yunfeng Financial (00376) closed at 2.730 with a peak of 3.510, achieving a high rate of 35.00% [2] - **Other Notable Stocks**: - Jiuyuan Gene (02566) reached a high rate of 23.08% [2] - Zhangli International (01693) reached a high rate of 21.29% [2] - China Biopharmaceutical (01177) reached a high rate of 16.46% [2] - **Additional Stocks with Significant High Rates**: - Beike Micro (02149) at 14.29% [2] - Rongchang Bio (09995) at 14.16% [2] - Baosaitou-B (02315) at 12.86% [2] - SF Technology (09699) at 12.63% [2] 52-Week Low Summary - **Top Decliners**: - Baide International (02668) reached a low rate of -22.22% [6] - Zhizhong International (06063) reached a low rate of -14.89% [6] - Congyu Zhinu (00875) reached a low rate of -9.23% [6] - **Other Notable Decliners**: - China Greenland Boda Green (01253) at -7.69% [6] - New Qian'an (02573) at -7.66% [6] - Aobang Construction (01615) at -3.85% [6]

Economic Outlook - Singapore's GDP is projected to grow by approximately 4% in 2024, compared to 1.1% growth in 2023, with the construction sector leading at 4.8% growth[8]. - The annual construction demand in Singapore is projected to range from SGD 31 billion to SGD 38 billion from 2025 to 2028, with the public sector contributing SGD 19 billion to SGD 23 billion annually during this period[45]. Company Performance - The group’s revenue for the fiscal year decreased by approximately 41.3% to about SGD 169.8 million from approximately SGD 289.2 million in the previous period[29]. - The gross profit dropped significantly from approximately SGD 13 million to a gross loss of about SGD 5 million, representing a decline of approximately 138.6%[29]. - The group recorded a net loss after tax of approximately SGD 8.48 million, a decline of about 370% compared to a net profit of approximately SGD 3.10 million in the previous period[33]. - The company achieved a significant milestone with a total contract value of SGD 461.51 million in 2024, enhancing its reputation and opening new development opportunities, particularly in the pharmaceutical and large food sectors[45]. Project Management - In the fiscal year ending October 31, 2024, HPC Holdings Limited successfully secured six new projects, with a total contract value of SGD 461.51 million[25]. - The company faced increased competition and missed two major projects, impacting management efficiency and overall performance for the year[8]. - The company has emphasized flexibility and agility in securing projects amid fierce competition[25]. - The total number of new projects awarded in 2024 reflects the company's ability to adapt to market demands and external economic factors[25]. Market Challenges - The construction market in Singapore remains highly competitive, with significant challenges including rising prices of construction materials and subcontractor services[24]. - The company adopted a more cautious bidding process and pricing strategy in response to the current market challenges, focusing on sustainable and competitive bids[24]. - The increase in project bidding prices indicates a trend of rising construction costs throughout the fiscal year[24]. Financial Health - As of October 31, 2024, the group had a current ratio of 1.66, down from 1.89 a year earlier, indicating a decrease in liquidity[36]. - The group’s debt-to-equity ratio improved to 19.55% from 21.10% due to loan repayments during the fiscal year[37]. - Employee costs totaled approximately SGD 30 million for the fiscal year, down from SGD 32 million in the previous year[44]. Corporate Governance - The company has complied with the corporate governance code and has implemented good corporate governance elements in its management structure and internal controls[51]. - The audit committee reviewed the financial performance for the fiscal year, ensuring that the financial statements were prepared in accordance with applicable standards and regulations[54]. - The company has adopted the standard code for directors' securities trading as per the listing rules, confirming compliance by all directors for the fiscal year[62]. - The board consists of five directors, with independent non-executive directors making up 60% of the board, ensuring a balanced and independent judgment[68]. Shareholder Information - The company did not recommend the payment of a final dividend for the fiscal year, with no arrangements for shareholders to waive or agree to waive any dividends[132]. - The board will consider various factors, including the group's financial performance and capital needs, when deciding on future dividend payments[125][126]. - The company has maintained the minimum public float required by the listing rules as of the report date[173]. Sustainability and Compliance - The company is committed to zero occupational health and safety incidents and aims to ensure that construction waste does not exceed 4% for each project[180]. - HPC emphasizes the importance of anti-money laundering (AML) compliance with international and domestic laws, implementing appropriate policies and internal controls[187]. - The report is prepared in accordance with the Hong Kong Stock Exchange's ESG reporting guidelines and the Global Reporting Initiative (GRI) standards[197]. - The company has established a whistleblowing mechanism to encourage employees to report misconduct or fraud, emphasizing the importance of anti-corruption training for fostering a healthy corporate culture[111].

Financial Performance - For the fiscal year ending October 31, 2024, HPC Holdings Limited reported a revenue decline of approximately 41.3%, from about SGD 289.2 million in the previous period to approximately SGD 169.8 million[8]. - The group recorded a gross loss of approximately SGD 5 million, a significant drop of about 138.6% compared to a gross profit of approximately SGD 13 million in the previous period, resulting in a gross margin decrease from approximately 4.49% to negative 2.95%[8]. - The company reported a net loss after tax of approximately SGD 8.48 million, a significant decline compared to a net profit of approximately SGD 3.10 million in the previous period, representing a drop of about 3.7 times[12]. - The pre-tax loss for the fiscal year was SGD 9.500 million, compared to a pre-tax profit of SGD 4.156 million in the previous year[40]. - The net loss attributable to owners of the company was SGD 8.485 million, compared to a profit of SGD 3.398 million in the previous year[40]. - The loss per share for the fiscal year was SGD 0.53, a decline from earnings per share of SGD 0.21 in the previous year[40]. Revenue Breakdown - For the fiscal year ending October 31, 2024, the total revenue from external customers for the General Construction segment was SGD 157,845, and for the Civil Engineering segment was SGD 11,927, totaling SGD 169,772, representing a decline of 41.2% compared to SGD 289,235 in 2023[56]. - The revenue from the public sector was SGD 56,156 in 2024, down from SGD 80,403 in 2023, a decrease of approximately 30%[65]. - The revenue from the private sector also declined from SGD 208,832 in 2023 to SGD 113,616 in 2024, a drop of about 45.5%[65]. Project and Contract Activity - The total contract value for new projects awarded in 2024 amounted to SGD 461.51 million, indicating the company's ability to adapt to a competitive environment despite challenges[6]. - The group successfully secured six new projects in 2024, including a five-story building for the Singapore Management Development Institute and a nine-story food factory development project[4]. - The group is managing ten ongoing projects, including the six newly awarded projects, indicating continued operational activity despite the challenging market[6]. - The group achieved a significant milestone with a total contract value of SGD 461.51 million in the fiscal year 2024, reflecting substantial accomplishments and new development opportunities[22]. Expenses and Cost Management - Administrative expenses increased to approximately SGD 7.97 million, up about SGD 513,000 from SGD 7.45 million in the previous period, primarily due to increased office management and marketing costs[10]. - The total employee cost for the fiscal year was approximately SGD 30 million, down from SGD 32 million in the previous year[21]. - The company incurred employee compensation expenses of SGD 30,268,000 in 2024, down from SGD 32,369,000 in 2023[70]. - The company reported a loss provision for contracts of SGD 667,000 in 2024, compared to a reversal of SGD 2,582,000 in 2023[70]. Financial Position and Ratios - As of October 31, 2024, the group's current ratio was 1.89, compared to 1.66 on October 31, 2023[15]. - The group's debt-to-equity ratio increased from 19.55% on October 31, 2023, to 21.10% on October 31, 2024, primarily due to loan repayments related to the 7 Kung Chong Road project[16]. - Total assets decreased from SGD 180,019 thousand in 2023 to SGD 158,402 thousand in 2024, a decline of approximately 12%[41]. - Total equity decreased from SGD 87,950 thousand in 2023 to SGD 75,813 thousand in 2024, representing a decline of around 14%[44]. Governance and Compliance - The company is committed to good corporate governance and has adopted the corporate governance code as per the listing rules[30]. - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed internal control procedures and financial reporting matters[33]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the fiscal year[35]. - The company has not held any treasury shares as of October 31, 2024[36]. Cash Flow and Liquidity - The group anticipates no liquidity issues due to effective cost management and a solid track record in capital structure adjustments, including the introduction of low-risk financing[14]. - Current liabilities decreased from SGD 74,877 thousand in 2023 to SGD 67,899 thousand in 2024, a reduction of about 9%[42]. - Non-current liabilities decreased from SGD 17,628 thousand in 2023 to SGD 14,690 thousand in 2024, a decrease of approximately 17%[42]. - Cash and cash equivalents decreased from SGD 45,278 thousand in 2023 to SGD 43,711 thousand in 2024, a reduction of about 3.5%[41]. Trade Receivables and Payables - Trade receivables decreased from SGD 40,525 thousand in 2023 to SGD 27,540 thousand in 2024, a decline of approximately 32%[41]. - The overdue but not impaired trade receivables as of October 31, 2024, amounted to SGD 11,068,000, a decrease of 56.5% from SGD 25,426,000 in 2023[83]. - The total carrying amount of trade payables and warranty payables decreased to SGD 44,060,000 in 2024 from SGD 54,048,000 in 2023, a reduction of 18.5%[87]. - The total carrying amount of trade payables as of October 31, 2024, was SGD 15,514,000, down from SGD 19,578,000 in 2023, a decrease of 20.9%[90].

Financial Performance - The group's revenue for the six months ended April 30, 2024, decreased by 48.21%, from approximately SGD 167.73 million to approximately SGD 86.86 million[27]. - Other income for the group was approximately SGD 1.46 million, a decrease of about SGD 580,000 compared to the previous period[28]. - The group's gross profit decreased from approximately SGD 3.90 million for the six months ended April 30, 2023, to SGD 3.22 million for the six months ended April 30, 2024, representing a decline of approximately 17.44%[64]. - The net profit after tax for the interim period was approximately SGD 644,000, a decrease of about 66.74% compared to approximately SGD 1.94 million in the previous period[66]. - For the six months ended April 30, 2024, the company reported revenue of SGD 86.859 million, a decrease from SGD 167.725 million in the same period of 2023, representing a decline of approximately 48.3%[122]. - Gross profit for the same period was SGD 3.216 million, down from SGD 3.898 million, indicating a decrease of about 17.5%[122]. - The company recorded a net profit of SGD 644,000, a significant drop from SGD 1.937 million in the previous year, reflecting a decline of approximately 66.8%[122]. - Basic and diluted earnings per share were both SGD 0.04, compared to SGD 0.13 in the prior year, marking a decrease of about 69.2%[122]. Order Book and Projects - The group maintained a robust order book value of approximately SGD 312 million as of April 30, 2024, despite a competitive bidding environment[25]. - The group successfully secured a new project from the Management Development Institute of Singapore (MDIS) with a contract value of SGD 39.393 million[25]. - The group has eight ongoing projects, including the Global Indian International School, which is set to be delivered in Q2 2024, and the Pilot Mechanical Biological Treatment Plant, expected to be completed in Q3 2024[62]. - As of April 30, 2024, the group had a solid order book value of SGD 312 million, providing more time to select better projects for sustainable growth[53]. Cost and Expenses - The group's tax expense for the interim period was approximately SGD 711,000, with the effective rate exceeding the statutory rate due to tax impacts from prior year loss-making contracts[41]. - The group is facing increased prices for construction materials and subcontractors due to global inflation and geopolitical tensions[37]. - The group is facing challenges with declining gross margins due to high construction material prices and labor costs, as well as intense competition from other contractors[53]. - Total employee costs for the six months ended April 30, 2024, amounted to approximately SGD 15.1 million, compared to SGD 13.9 million in 2023[76]. - The company reported other operating income of SGD 1.459 million, down from SGD 2.151 million, reflecting a decrease of approximately 32.2%[122]. Financial Position - The group's current ratio as of April 30, 2024, was 2.15, compared to 1.89 as of October 31, 2023[68]. - The debt-to-equity ratio as of April 30, 2024, was 20.91%, a slight decrease from 21.10% as of October 31, 2023, primarily due to loan repayments[69]. - The company's total assets as of April 30, 2024, amounted to SGD 158.171 million, down from SGD 180.019 million, a reduction of approximately 12.1%[142]. - The company's total liabilities as of April 30, 2024, amounted to HKD 73.2 million, a decrease from HKD 92.5 million[101]. - The company reported a decrease in total equity to SGD 84,942 thousand as of April 30, 2024, from SGD 87,950 thousand as of October 31, 2023[166]. Strategic Initiatives - The group has introduced low-risk loan financing into its capital structure to optimize capital costs amid a declining interest rate environment[42]. - The group has adopted a prudent bidding pricing strategy in response to intense price competition in the current market[25]. - The group has entered into an agreement to acquire 70% of Apollo Aquarium for a total consideration of up to SGD 3.5 million[74]. - The company has adopted a share option scheme, allowing the issuance of up to 160 million shares, which is 10% of the shares listed on the Hong Kong Stock Exchange as of May 11, 2018[53]. Governance and Management - The company’s independent non-executive directors are expected to attend the annual general meeting to gather shareholder opinions[83]. - The company’s chairman and CEO roles are currently held by the same individual, which the board believes is in the best interest of the company and shareholders[84]. - The company’s audit committee reviewed the unaudited interim condensed consolidated financial statements for the interim period[85]. Cash Flow and Investments - For the six months ended April 30, 2024, the company reported a net cash outflow from operating activities of SGD (1,027) thousand, compared to a net inflow of SGD 6,224 thousand for the same period in 2023[150]. - The company incurred a cash outflow of SGD 3,216 thousand for equity acquisitions during the reporting period[150]. - The company’s cash flow from investing activities showed a net outflow of SGD 3,120 thousand for the six months ended April 30, 2024[150]. - The company’s financing activities resulted in a net cash outflow of SGD 715 thousand for the reporting period[150]. Market Outlook - The Singapore Construction Authority forecasts sector demand between SGD 32 billion and SGD 38 billion for 2024, with private sector demand expected to be between SGD 14 billion and SGD 17 billion[77].

Financial Performance - The group's revenue for the six months ended April 30, 2024, decreased by 48.21% to approximately SGD 86.86 million from about SGD 167.73 million for the same period in 2023[4]. - The group recorded a net profit after tax of approximately SGD 644,000, a decline of about 66.74% compared to approximately SGD 1.94 million in the previous period[24]. - Revenue for the six months ended April 30, 2024, was SGD 86,859,000, a decrease of 48.3% compared to SGD 167,725,000 for the same period in 2023[48]. - Gross profit for the same period was SGD 3,216,000, down 17.5% from SGD 3,898,000 year-over-year[48]. - Net profit for the period was SGD 644,000, a significant decline of 66.8% from SGD 1,937,000 in the previous year[48]. - Basic and diluted earnings per share for the current period were SGD 0.04, compared to SGD 0.13 in the same period last year, reflecting a 69.2% decrease[48]. - The group reported construction contract revenue of SGD 86,859 thousand for the six months ended April 30, 2024, compared to SGD 167,725 thousand for the same period in 2023, representing a decrease of approximately 48.3%[160][162]. - The public sector revenue for the six months ended April 30, 2024, was SGD 31,280 thousand, down from SGD 37,254 thousand in 2023, indicating a decline of about 16.4%[162]. - The private sector revenue decreased significantly from SGD 130,471 thousand in 2023 to SGD 55,579 thousand in 2024, reflecting a drop of approximately 57.4%[162]. - The profit before tax for the six months ended April 30, 2024, was SGD 1,355 thousand, significantly lower than SGD 2,374 thousand for the same period in 2023, marking a decline of approximately 43%[183]. Cost and Expenses - The gross profit decreased from approximately SGD 3.90 million to SGD 3.22 million, a decline of about 17.44%, while the gross profit margin increased to 3.7% from 2.32% in the previous period[20]. - Other income for the group was approximately SGD 1.46 million, a decrease of about SGD 580,000 compared to the previous period[21]. - The company reported a total tax expense of SGD 711 thousand for the six months ended April 30, 2024, compared to SGD 437 thousand for the same period in 2023, indicating an increase of about 63%[192]. - The company recognized a provision of SGD 3,489,000 for unavoidable costs related to fixed-price construction contracts during the period, an increase from SGD 2,582,000 as of October 31, 2023[110]. - The company recorded a loss provision for contracts amounting to SGD 3,489,000, a significant increase from a provision of SGD 445,000 in the same period of 2023[129]. - The interest expenses increased to SGD 376,000 for the six months ended April 30, 2024, compared to SGD 262,000 in the same period of 2023[129]. Assets and Liabilities - Total assets as of April 30, 2024, amounted to SGD 158,171 thousand, a decrease from SGD 180,019 thousand as of October 31, 2023, representing a decline of approximately 12.1%[86]. - Trade receivables decreased to SGD 25,364 thousand from SGD 40,525 thousand, reflecting a reduction of about 37.4%[86]. - Total liabilities decreased to SGD 73,229 thousand from SGD 92,505 thousand, indicating a reduction of approximately 20.9%[88]. - Total equity as of April 30, 2024, was SGD 84,942 thousand, down from SGD 87,514 thousand, a decrease of about 3.6%[89]. - The total segment assets as of April 30, 2024, were SGD 69,034 thousand, compared to SGD 116,075 thousand as of October 31, 2023, indicating a reduction of approximately 41%[184]. - The total segment liabilities as of April 30, 2024, were SGD 50,453 thousand, down from SGD 65,425 thousand as of October 31, 2023, showing a decrease of around 23%[185]. Operational Highlights - The group maintained a healthy order book value of approximately SGD 312 million as of April 30, 2024, despite intense competition in the bidding process[17]. - The group has eight ongoing projects, with significant deliveries expected in 2024, including the Global Indian International School in Q2 and the Pilot Mechanical Biological Treatment Plant in Q3[2]. - The group is set to complete the Global Indian International School in Q2 2024 and the Pilot Mechanical Biological Treatment Plant in Q3 2024, enhancing its reputation in institutional projects[36]. - The group has successfully completed the construction of the North London Collegiate School, contributing positively to its track record in the international school market[36]. - The group aims to secure more bidding opportunities in the international school construction sector, supported by the Singapore government's initiatives[36]. Strategic Initiatives - The group plans to introduce low-risk loan financing to optimize capital costs due to the current economic environment of declining interest rates[25]. - The group plans to optimize land use and introduce location advantages in upcoming "on-demand construction" projects in collaboration with developers[36]. - The company plans to focus on market expansion and new product development to drive future growth[187]. - The company is collaborating with major logistics firms to develop new cold storage facilities due to high demand[60]. Governance and Shareholder Matters - The group has adopted good corporate governance practices to fulfill its responsibilities to shareholders and enhance shareholder value[39]. - The group has not declared any interim dividends for the six months ended April 30, 2024[7]. - The group has not granted or exercised any share options as of April 30, 2024[38]. - The company did not declare any dividends for the periods ended April 30, 2024, and April 30, 2023[196].

Financial Performance - The company reported significant improvements in financial metrics due to successful completion of landmark projects and enhanced production efficiency[7]. - The company’s revenue for the fiscal year increased by approximately 42.54%, rising from about SGD 202.90 million to approximately SGD 289.20 million[27]. - Gross profit rose from approximately SGD 12.09 million to SGD 13.00 million, an increase of about 7.40%, although the gross profit margin decreased from approximately 5.96% to 4.49%[27]. - The company recorded a net profit after tax of approximately SGD 3.10 million, representing a turnaround from a loss of SGD 424,000, equivalent to an increase of about 800%[31]. - The current ratio as of October 31, 2023, was 1.89, compared to 2.0 on October 31, 2022, indicating a slight decrease in liquidity[34]. - The debt-to-equity ratio decreased from 23.20% to 21.10% due to loan repayments related to the 7 Kung Chong Road project[35]. - Revenue from the top five customers for the fiscal year ending October 31, 2023, was approximately SGD 251.4 million, accounting for 86.9% of total revenue[131]. - The largest customer contributed approximately SGD 136.4 million, representing 47.2% of total revenue for the same period[131]. Business Strategy and Growth - The company plans to pursue quality growth rather than just simple growth targets in the upcoming year[8]. - The company aims to expand its business into the real estate development market while upgrading its supply chain[8]. - The company expressed confidence in achieving stable growth in the new year based on the foundation laid in the previous year[8]. - The local construction market is expected to benefit from a slowdown in inflation trends in capital and consumer markets[8]. - The total construction demand for 2024 is projected to be between SGD 32 billion and SGD 38 billion, with the public sector contributing about 55%[42]. - The company has successfully completed two international school projects, positioning itself favorably for future tenders in the international school construction market[42]. - The group has a robust order book valued at SGD 261.50 million as of December 31, 2023, allowing for better project selection for sustainable growth[43]. Operational Efficiency - The company has implemented a series of optimization reforms that have released potential production capacity[7]. - The company acknowledges the challenges posed by rising labor costs due to new government measures aimed at improving productivity in the construction industry[8]. - The company has seven ongoing projects, with expected completions in 2024, including the global Indian International School and the Pilot Mechanical Biological Treatment Plant[24]. - The company delivered the Silicon Box semiconductor wafer fabrication project and obtained temporary occupation permits in July and August 2023[24]. - The completion of the Silicon Box semiconductor wafer plant project is expected to enhance the company's reputation and open further opportunities in the semiconductor sector[42]. Corporate Governance - The company is committed to good corporate governance to fulfill its responsibilities to shareholders and enhance shareholder value[57]. - The roles of chairman and CEO are currently held by the same individual, which the board believes is in the best interest of the company and shareholders[58]. - The board of directors confirmed compliance with the standard code for securities trading throughout the fiscal year[59]. - The board consists of five members, with independent non-executive directors making up 60% of the board[63]. - The board held a total of 5 meetings during the fiscal year, including the approval of the interim results announcement[67]. - The company adopted a board diversity policy to ensure a balanced mix of skills and experiences among board members[70]. - The company has established a policy for board diversity, which includes measurable objectives and progress updates disclosed annually[86]. Compliance and Risk Management - The company has established compliance procedures to adhere to relevant laws and regulations in Singapore, the Cayman Islands, and Hong Kong[128]. - The board is responsible for evaluating and determining the nature and extent of risks the company is willing to undertake to achieve strategic goals, and has established risk management policies to identify, assess, and manage key business risks[95]. - The company has implemented internal control guidelines to ensure proper accounting records, operational efficiency, and compliance with applicable laws and regulations[96]. - A whistleblowing mechanism has been established to encourage employees to report misconduct or fraud, with anti-corruption training provided to all employees[97]. - The internal control effectiveness review conducted by Virtus Assure Pte Ltd found no significant concerns affecting the company's financial, operational, compliance, control, and risk management areas[97]. Environmental and Social Responsibility - The company adheres to various environmental management systems, including ISO 14001, to promote sustainable practices in its operations[126]. - The company is committed to sustainable building practices, focusing on user safety and minimizing environmental impact during construction and operation[189]. - The company has implemented energy-saving measures, including the use of energy-efficient LED lights and appliances certified by the Singapore Green Label[200]. - The company aims to reduce energy, diesel, and water usage while preventing land, water, and air pollution[192]. - The company promotes waste reduction, reuse, and recycling activities to minimize waste generation[192]. - The group aims to achieve zero fines for air pollution, water discharge, land pollution, and noise pollution for each project in the 2023 fiscal year[170]. Shareholder Relations - The company did not recommend the payment of a final dividend for the fiscal year, with no arrangements for shareholders to waive any dividends[116]. - As of October 31, 2023, the company's distributable reserves amounted to SGD 69,777,000 in share premium and a cumulative loss of SGD 7,995,000[124]. - The company maintains a dividend policy aimed at balancing sufficient capital development and rewarding shareholders[109]. - The board will review the dividend policy periodically and may update it as deemed appropriate[110]. - Shareholders are not permitted to propose motions at the annual general meeting but can call a special general meeting to present proposals[103].