Financial Performance - The company's revenue from continuing operations for the fiscal year 2024 was 11,869 thousand SGD, a decrease from 15,024 thousand SGD in 2023, representing a decline of approximately 21.4%[2] - The company recorded a loss attributable to owners of the company from continuing operations of (10,437) thousand SGD in 2024, compared to a loss of (1,957) thousand SGD in 2023, indicating a substantial increase in losses[6] - The group recorded total revenue of approximately SGD 59.1 million for the fiscal year 2024, a slight decrease of about SGD 0.7 million compared to SGD 59.8 million in fiscal year 2023[42] - The loss before tax from continuing operations was SGD 10,481,000, significantly higher than the loss of SGD 1,105,000 reported in the previous fiscal year, indicating a deterioration in financial performance[109] - The total comprehensive loss attributable to owners of the company for the fiscal year was SGD 13,352,000, compared to a loss of SGD 2,777,000 in the previous year, reflecting increased financial challenges[111] - The basic and diluted loss per share from continuing operations was SGD 0.78, compared to SGD 0.18 in the previous fiscal year, indicating a worsening loss per share[111] Revenue and Income Sources - Other income decreased to approximately 2.6 million SGD in 2024 from 6.2 million SGD in 2023, a decline of approximately 58.1% primarily due to a reduction in agency income[25] - The company reported other income of SGD 2,576,000, a decrease from SGD 6,163,000 in the previous year, indicating a decline in additional revenue sources[109] - Revenue from gas pipeline projects decreased by approximately SGD 21.4 million, while revenue from water pipeline projects increased by about SGD 20.0 million[46][60] - The company expects a significant increase in revenue from water pipeline projects, with an increase of approximately 20.0 million SGD in fiscal year 2024 due to new projects[197] Costs and Expenses - The cost of materials and subcontracting under construction business increased to 11,217 thousand SGD in 2024 from 7,413 thousand SGD in 2023, marking an increase of approximately 51.5%[2] - Employee benefits costs, including director remuneration, rose significantly to 21,265 thousand SGD in 2024 from 15,012 thousand SGD in 2023, an increase of approximately 41.6%[2] - Administrative expenses increased to approximately SGD 18.7 million in fiscal year 2024 from SGD 12.2 million in fiscal year 2023, primarily due to increased operational costs related to new acquisitions[62] - The company’s financial costs included interest on various borrowings, totaling 1,727 thousand SGD for the current year, compared to 1,613 thousand SGD in the previous year[155] Assets and Liabilities - The group maintained a healthy liquidity position with net current assets of approximately SGD 55.3 million as of March 31, 2024, compared to SGD 47.0 million as of March 31, 2023[67] - The debt-to-equity ratio decreased from approximately 58% to about 38% due to reduced borrowings and completed equity financing activities[67] - Non-current assets decreased to SGD 30,379,000 from SGD 28,583,000, while current assets decreased to SGD 81,752,000 from SGD 91,770,000[128] - The company’s total liabilities included bonds amounting to 859 thousand SGD, a decrease from 1,212 thousand SGD in the previous year[155] Investments and Acquisitions - The company has conditionally agreed to acquire 100% of the issued share capital of Zhongshan Jiantaiying Electric Manufacturing Co., Ltd. for a maximum consideration of RMB 8 million, payable in cash installments[72] - The company has conditionally agreed to sell 22% of the shares in Integral Virtue Limited for a consideration of SGD 6.25 million, with the transaction expected to complete in February 2024[75] - The company has agreed to sell all issued shares of Jumbo Harvest Group Limited for a cash consideration of HKD 9.25 million, with the transaction expected to complete in May 2024[83] Market Position and Strategy - The company plans to enhance its core competitiveness and improve its operational resilience in response to the challenges posed by the ongoing economic changes[19] - The group is actively exploring investment opportunities to diversify its business portfolio and expand revenue sources, including establishing a lending business[52] - The company plans to focus on enhancing its market position in the construction industry and developing the "Dian Dian Science and Technology City" industrial park in China[194] - The company will continue to monitor global economic trends and market conditions to seize business opportunities and achieve better operational performance[194] Other Notable Points - The company did not recommend any final dividend for the fiscal year 2024, consistent with the previous fiscal year[99] - The company has noted that inflation rates have been high, impacting global supply chains and labor costs, but these rates have been steadily declining in 2023[193] - The company anticipates that all ongoing projects will proceed according to schedule without incurring any contingent liabilities[195]

Financial Performance - Revenue for the six months ended September 30, 2023, was S$29,317 thousand, an increase of 12.5% compared to S$26,087 thousand for the same period in 2022[2] - Gross profit for the same period was S$3,230 thousand, up from S$1,267 thousand, indicating a significant improvement in profitability[2] - Operating loss decreased to S$7,603 thousand from S$9,063 thousand year-over-year, reflecting better operational efficiency[2] - For the six months ended September 30, 2023, the operating cash flow before tax loss was (8,466) thousand SGD, an improvement from (10,201) thousand SGD in the same period of 2022, representing a 16.9% reduction in losses[16] - The company reported a total comprehensive loss of 8,280 thousand SGD, compared to a loss of 9,436 thousand SGD for the same period in 2022, representing a decrease of approximately 12.3%[147] - The basic and diluted loss per share for the six months ended September 30, 2023, was (0.66) SGD, compared to (0.99) SGD for the same period in 2022, reflecting an improvement of approximately 33.3%[147] Assets and Liabilities - Total assets as of September 30, 2023, amounted to S$123,926 thousand, compared to S$120,353 thousand as of March 31, 2023, showing a slight growth in asset base[9] - Current liabilities decreased from S$25,430 thousand to S$11,734 thousand, primarily due to a reduction in trade payables and other payables[10] - Borrowings increased to approximately S$30,800 thousand from S$28,200 thousand, attributed to the drawdown of additional loans[13] - The debt-to-equity ratio improved from approximately 58% to 46%, primarily due to an increase in equity from share subscriptions and options exercised[14] - The company reported a total equity of S$75,294 thousand as of September 30, 2023, up from S$56,148 thousand, reflecting strong financial health[9] Cash Flow and Liquidity - The company's net cash and bank balances, including fixed deposits, rose to approximately S$9,700 thousand from S$6,300 thousand, indicating improved liquidity[14] - The total cash and cash equivalents at the end of the reporting period was 2,621 thousand SGD, down from 17,210 thousand SGD at the end of the same period in 2022, indicating a decrease of 84.7%[19] - The financing activities generated a net cash inflow of 22,064 thousand SGD for the six months ended September 30, 2023, significantly higher than the 10,772 thousand SGD in the same period of 2022, marking a 104% increase[19] Employee and Compensation - The company had a total of 689 employees as of September 30, 2023, an increase from 476 employees as of March 31, 2023, reflecting a 44.6% growth in workforce[22] - The employee compensation for the first half of 2024 is approximately 12.6 million SGD, up from about 8.0 million SGD in the first half of 2023, representing a 57.5% increase[22] Strategic Plans and Investments - The management plans to fund future capital expenditures primarily through internal resources, maintaining a robust liquidity position[14] - The company plans to allocate approximately 2.0 million SGD for proposed renovations and expansions of foreign worker dormitories, reflecting a strategic response to regulatory changes and market conditions[26] - The company has no significant investment or capital asset plans as of September 30, 2023, indicating a focus on current operations rather than expansion[24] Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with its provisions during the reporting period[122] - The company has confirmed full compliance with the standard code for securities transactions by directors during the six months ended September 30, 2023[120] - The interim results for the six months ended September 30, 2023, have not been audited by the independent auditor but have been reviewed by the audit committee[123] Market and Operational Insights - The company plans to continue its focus on infrastructure pipeline construction and related engineering services, targeting the gas, water, telecommunications, and power supply sectors[149] - The board is actively exploring new business opportunities globally to identify markets with growth potential, aiming for diversified development[199] - The group anticipates that the development project of the Zhuohang • Diandian Science and Technology Innovation City will contribute over RMB 25 million in revenue for its joint ventures for the fiscal year ending March 31, 2024[199] Acquisitions and Investments - The acquisition of Zhejiang Taiding resulted in goodwill of approximately 183,000 SGD, attributed to growth and profit potential in new markets and expected operational synergies from the merger[51] - The acquisition of Zhongshan Jiantai Ying is pending completion, which will result in it becoming a wholly-owned subsidiary of the company[56] - The group has not engaged in any significant acquisitions or disposals of subsidiaries during the reporting period[53] Risks and Legal Matters - An independent investigation committee was established to address potential fraudulent activities related to suspicious bonds, with findings indicating that at least four suspicious bonds were forged[63][67] - The group has taken legal action to dismiss unreasonable and malicious claims related to the alleged bonds, with the High Court of Hong Kong ordering the withdrawal of a winding-up petition on November 1, 2023[67] - The group is facing foreign exchange risks primarily related to transactions settled in SGD, with no significant operational difficulties reported due to currency fluctuations during the reporting period[57]

香港交易及結算所有限公司和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,並明確表示概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Trendzon Holdings Group Limited 卓航控股集團有限公司 (於開曼群島註冊成立的有限公司) (股 份 代 號:1865) 二零二三年中期業績公告 卓航控股集團有限公司(「本公司」)董事會(「董事會」)欣然公佈本公司及其附屬公司 (「本集團」)截至二零二三年九月三十日止六個月的未經審核業績。本公告載有本 公司二零二三年中期報告全文,符合香港聯合交易所有限公司(「聯交所」)證券上市 規則有關隨附中期業績初步公告資料的相關規定。未經審核簡明綜合中期財務報表 已經本公司審核委員會審閱。 承董事會命 卓航控股集團有限公司 主席 馮嘉敏 香港,二零二三年十一月三十日 於本公告日期,董事會包括執行董事馮嘉敏女士、徐源華先生、駱嘉豪先生及方恒 輝先生;以及獨立非執行董事石峻松先生、邱越先生、雷冠源先生及胡啟騰先生。 《》卓航控股集團 Trendzon Holdings Group Limite ...

Financial Performance - The group recorded a loss of approximately 2.1 million SGD for the fiscal year 2023, compared to a profit of approximately 1.0 million SGD in fiscal year 2022[15]. - Total revenue from the lending business for fiscal year 2023 was approximately 566,000 SGD, an increase from approximately 397,000 SGD in fiscal year 2022[9]. - The group's total gross profit decreased from approximately 9.9 million SGD in fiscal year 2022 to approximately 7.4 million SGD in fiscal year 2023, with a gross margin decline from 16.7% to 12.3%[17]. - The total revenue for the fiscal year 2023 was SGD 60,103,000, representing an increase from SGD 59,099,000 in 2022[84]. - Gross profit for 2023 was SGD 7,419,000, down from SGD 9,861,000 in 2022, indicating a decline in profitability[84]. - The company reported a loss attributable to owners of the company of SGD 1,227,000 for 2023, compared to a profit of SGD 1,846,000 in 2022[84]. - The comprehensive loss for 2023 was SGD 2,777,000, compared to a comprehensive income of SGD 725,000 in 2022[84]. - The cost of sales for 2023 was SGD 52,684,000, which is higher than SGD 49,238,000 in 2022, indicating rising operational costs[84]. Assets and Liabilities - Trade receivables and other receivables increased by approximately 3.9 million SGD to about 29.6 million SGD as of March 31, 2023[3]. - The group's borrowings decreased by approximately 17.3 million SGD to about 28.2 million SGD as of March 31, 2023, primarily due to the repayment of previously issued bonds[6]. - The group’s net current assets increased to approximately 47.0 million SGD as of March 31, 2023, compared to approximately 39.1 million SGD as of March 31, 2022[24]. - The group’s asset-liability ratio decreased from approximately 119% to about 58% due to reduced borrowings and completion of equity financing activities[24]. - The total assets increased to SGD 120,353,000 in 2023 from SGD 103,132,000 in 2022, reflecting a growth of approximately 16.5%[85]. - Total liabilities rose to SGD 64,205,000 in 2023 compared to SGD 61,964,000 in 2022, showing an increase of about 2%[85]. - The equity total for 2023 was SGD 56,148,000, up from SGD 41,168,000 in 2022, marking a significant increase of approximately 36.4%[85]. Business Development and Acquisitions - The group completed the acquisition of 85% of the issued share capital of 富滙證券有限公司 for 14 million HKD on December 23, 2022, to diversify its business portfolio[20]. - The company completed the acquisition of 85% of the issued share capital of Jianquan for HKD 14,000,000, enhancing its entry into the financial services sector and diversifying revenue sources[39]. - The company plans to utilize SGD 11.0 million for the development and maintenance of smart parking lots in 24 towns in Guizhou Province, China, by December 31, 2023[35]. - The establishment of a joint venture, 卓航頤安, with a 51% stake by the company, aims to diversify business and expand revenue sources through precious metals trading and investment services[38]. - The acquisition of Zhongshan Jiantaiying Electric Appliance Manufacturing Co., Ltd. is expected to enhance the company's production capabilities in mold and pipe fittings[51]. - The company aims to enhance its market position in the pipeline construction industry and explore new business opportunities in various geographical locations[104]. Revenue Sources and Growth - Revenue growth was primarily driven by new water pipeline projects related to district cooling systems, which contributed approximately SGD 9.4 million, and an increase of about SGD 6.1 million from water pipeline supply and laying projects[95]. - Revenue from gas pipeline projects decreased by approximately SGD 2.2 million, while revenue from water pipeline projects increased by approximately SGD 15.8 million[121]. - The company secured 2 new gas projects and 5 new water projects in fiscal year 2023, with a total contract value of approximately SGD 129.1 million[109]. - Other income increased from approximately SGD 4.2 million in fiscal year 2022 to approximately SGD 6.2 million in fiscal year 2023, primarily due to an increase in agency income[102]. - The company has ongoing projects with a total contract value of approximately SGD 148.0 million, of which about SGD 34.2 million has been recognized as revenue[113]. Operational Challenges and Strategies - The company is focusing on expanding its market presence and enhancing its project pipeline to drive future growth[98]. - There are ongoing efforts to address operational cost increases and improve project management to mitigate losses in future fiscal periods[98]. - The company is exploring new strategies for business development, including potential collaborations and partnerships in the construction sector[98]. - Future outlook remains cautious due to ongoing global supply chain challenges affecting the construction industry[98]. - The management team has extensive experience in various sectors, which is expected to drive future growth and market expansion initiatives[76]. Sustainability and Environmental Impact - The total energy consumption decreased by 27.4% to 7,528,388 kWh in 2023 compared to 10,363,702 kWh in 2022[163]. - The company reported a 33.1% reduction in electricity consumption, down to 165,841 kWh from 247,778 kWh in the previous year[163]. - The total greenhouse gas emissions amounted to 1,931.5 tons in 2023, with direct emissions (Scope 1) accounting for 95.3%[155]. - Nitrogen oxides emissions were recorded at 5,304.0 kg, representing 90.8% of total emissions[154]. - The company has implemented various measures to reduce gasoline and diesel consumption, which are the main sources of greenhouse gas emissions[156]. - The group is committed to improving its sustainability practices and reducing overall emissions, focusing on minimizing gas emissions from construction sites[183]. - The group has established communication channels with stakeholders to gather feedback on environmental, social, and governance issues[176]. - The board plays a key role in overseeing environmental, social, and governance issues, ensuring management has the necessary tools and resources[175]. Employee and Governance - Employee compensation is generally above market average, with regular reviews based on business growth and market price levels[170]. - The employee composition shows that 74% are from India, 12% from Singapore, and 8% from Malaysia, with no employees in mainland China[173]. - The company has adopted a shareholder communication policy to enhance two-way communication with shareholders[134].

香港交易及結算所有限公司和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,並明確表示概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 Trendzon Holdings Group Limited 卓航控股集團有限公司 (於開曼群島註冊成立的有限公司) (股 份 代 號:1865) 截至二零二三年三月三十一日止年度 全年業績公告 卓航控股集團有限公司(「本公司」,連同其附屬公司統稱「本集團」)董事(「董事」)會 (「董事會」)欣然宣佈截至二零二三年三月三十一日止年度(「二零二三財年」)本集 團的綜合經審核業績,連同截至二零二二年三月三十一日止年度(「二零二二財年」) 的比較數字,由本公司審核委員會(「審核委員會」)審閱,並已於二零二三年六月 三十日獲董事會批准。 財務摘要 | | 二零二三年 | 二零二二年 | |----------------------------------------------|----------------|--------------| | | 千坡元 | 千坡元 | | 收入 | 60,103 | ...

Revenue Performance - For the six months ended September 30, 2022, the Group recorded total revenue of approximately SGD 21.5 million, a decrease of about SGD 6.0 million or 21.9% compared to approximately SGD 27.5 million for the same period in 2021[20]. - The revenue decrease was primarily due to a reduction in income from the building materials trading business, which did not contribute any revenue during the reporting period[30]. - Revenue for the six months ended September 30, 2022, was SGD 21,456,000, a decrease of 22% compared to SGD 27,487,000 for the same period in 2021[118]. - Construction contract revenue for the six months ended September 30, 2022, was 21,456 thousand SGD, compared to 27,487 thousand SGD for the same period in 2021, representing a decrease of approximately 22%[156]. - Customer A contributed 16,639 thousand SGD to total revenue for the six months ended September 30, 2022, up from 13,647 thousand SGD in the same period of 2021[154]. Project Developments - The Group secured 2 new gas projects and 7 new water projects during the reporting period, with a total contract value of approximately SGD 111.9 million[20]. - As of September 30, 2022, the Group had ongoing projects with a total contract value of approximately SGD 190.4 million, of which approximately SGD 50.8 million was recognized as revenue[24]. - Gas pipeline project revenue increased by approximately SGD 2.8 million, mainly due to income from existing and new projects related to the supply and installation of gas pipelines[30]. - Water pipeline project revenue increased by approximately SGD 3.9 million, primarily due to contributions from new water projects obtained during the reporting period[31]. Financial Performance - Gross profit for the first half of 2023 was approximately 1.3 million SGD, an increase of about 0.7 million SGD from approximately 0.6 million SGD in the first half of 2022, with a gross margin of 5.9% compared to 2.3% in the previous year[33]. - Loss for the first half of 2023 was approximately 10.1 million SGD, an increase of about 6.8 million SGD compared to a loss of approximately 3.3 million SGD in the first half of 2022[39]. - The company reported a significant increase in employee benefits costs, which rose to 8,003 thousand SGD from 5,260 thousand SGD, marking an increase of approximately 52%[170]. - The company reported a loss attributable to owners of the company of (10,103) thousand SGD for the six months ended September 30, 2022, compared to (3,259) thousand SGD in the same period of 2021, indicating a significant increase in losses[177]. - Basic loss per share was (0.99) SGD for the six months ended September 30, 2022, compared to (0.35) SGD in the same period of 2021, reflecting a 182.9% increase in loss per share[177]. Expenses and Costs - Sales cost decreased by approximately 6.7 million SGD or 24.8% to about 20.2 million SGD in the first half of 2023, consistent with the decline in revenue[32]. - Administrative expenses rose to approximately 11.0 million SGD in the first half of 2023, up from about 4.1 million SGD in the same period of 2022, mainly due to increased employee benefits, marketing expenses, and other operating costs[36]. - Administrative expenses surged to 4,186 thousand SGD for the six months ended September 30, 2022, compared to 1,607 thousand SGD in the same period of 2021, indicating a 160.5% increase[172]. - Total financial costs rose to 1,138 thousand SGD for the six months ended September 30, 2022, compared to 548 thousand SGD in the same period of 2021, marking a 107.5% increase[179]. Assets and Liabilities - The company’s net current assets increased to approximately 47.6 million SGD as of September 30, 2022, compared to about 39.1 million SGD as of March 31, 2022[48]. - Trade receivables and other receivables decreased from approximately 25.7 million SGD to about 22.9 million SGD, primarily due to a reduction in trade receivables by approximately 9.6 million SGD[42]. - The total liabilities decreased to 59,871 thousand SGD from 61,964 thousand SGD, a decrease of approximately 3.4%[127]. - The company’s equity increased to 49,196 thousand SGD from 41,168 thousand SGD, reflecting a growth of approximately 19.5%[130]. - The company’s total other receivables, net of expected credit loss provisions, increased to 19,581,000 SGD as of September 30, 2022, from 12,830,000 SGD as of March 31, 2022, marking a rise of 52.25%[189]. Shareholder Information - The company did not declare any interim dividend for the first half of 2023, consistent with the previous year[40]. - The company proposed amendments to the share option scheme adopted on February 26, 2019, to comply with the revised Listing Rules effective from January 1, 2023[78]. - The maximum number of shares that may be issued under the share option scheme is capped at 10% of the issued shares, equating to 92,000,000 shares[92]. - The company granted share options to 11 employees on May 4, 2022, at an exercise price of HKD 0.346 per share, valid for three years[92]. Market Conditions and Strategy - The overall business environment and economy still face many challenges and uncertainties, including high inflation rates and supply chain disruptions due to the ongoing conflict in Ukraine[20]. - The Group's strategy remains unchanged, focusing on maintaining its market position in the construction industry and providing related services[21]. - The Group is prepared to address future challenges and competition, aiming to develop different businesses and new opportunities to enrich its business portfolio[21]. - The Group believes it is on a sustainable development path and will continue to monitor global economic trends and market conditions to capture opportunities for better operational performance[21].

Financial Performance - The company reported total revenue of approximately S$59.1 million for the fiscal year ending March 31, 2022, an increase of S$15.6 million from S$43.5 million in the previous fiscal year[14]. - Revenue growth was primarily driven by an increase of approximately S$9.0 million from water pipeline projects and S$6.5 million from construction material trading[14]. - Gross profit slightly decreased to approximately S$9.9 million from S$10.0 million in the previous fiscal year, mainly due to a significant rise in cost of sales[14]. - The overall comprehensive income for the year was S$0.725 million, down from S$3.253 million in the previous year[10]. - The company recorded an annual profit of approximately SGD 1.0 million for fiscal year 2022, a decrease of about SGD 2.3 million from SGD 3.3 million in fiscal year 2021[37]. - In the fiscal year 2022, revenue from the group's top five customers accounted for approximately 78.1% of total revenue, down from 97.2% in the fiscal year 2021[102]. Assets and Liabilities - Total assets increased to S$103.1 million in 2022 from S$73.9 million in 2021, reflecting a growth of approximately 39.5%[11]. - Total liabilities rose to S$62.0 million in 2022 from S$33.5 million in 2021, indicating an increase of approximately 85.0%[11]. - Borrowings increased from approximately SGD 19.7 million as of March 31, 2021, to approximately SGD 45.5 million as of March 31, 2022, primarily due to the issuance of additional bonds[38]. - The debt-to-equity ratio rose significantly from 57.0% as of March 31, 2021, to 119.0% as of March 31, 2022, primarily due to new borrowings in the fiscal year[42]. Business Strategy and Market Position - The company aims to enhance its market position in the Singapore pipeline construction industry and is actively exploring new business opportunities for diversification[15]. - The board believes that developing potential businesses presents a good opportunity to increase revenue sources[15]. - The company is expanding its business portfolio by establishing a new lending division, which has obtained a moneylender license under Hong Kong law[39]. - The company aims to maintain its market position in Singapore's pipeline construction industry while closely monitoring global economic trends to capture business opportunities[20]. - The company is actively pursuing market expansion strategies, particularly in the gas and water utility sectors, to capture new business opportunities[95]. Operational Performance - Administrative expenses increased to approximately SGD 9.6 million in fiscal year 2022, up from SGD 7.2 million in fiscal year 2021[35]. - The company has implemented new operational strategies to mitigate risks associated with supply chain disruptions, ensuring project timelines are met[97]. - The management team emphasized the importance of sustainability in their operations, aligning with environmental policies to reduce carbon footprint[97]. - The company has invested in advanced training programs for its workforce to improve skill sets and operational capabilities[97]. Employee and Governance - As of March 31, 2022, the company had a total of 355 employees, an increase from 314 employees in the previous fiscal year[44]. - The remuneration policy is based on individual employee performance, qualifications, and experience, ensuring alignment with current market practices[135]. - The board of directors includes both executive and independent non-executive directors, with specific appointments made on various dates throughout 2021 and 2022[127][130]. - The company has established a stock option plan, which was conditionally adopted on February 26, 2019, to incentivize employees[145]. - The company has maintained good relationships with its employees, recognizing the importance of employee satisfaction in its operations[135]. Financial Management - The company maintained a prudent treasury policy, ensuring a robust liquidity position throughout the fiscal year 2022[59]. - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the fiscal year 2022[114]. - The group has established a quality, safety, health, and environment policy to ensure high safety standards and environmental impact control[104]. Future Outlook - The company has outlined a positive outlook for the upcoming fiscal year, projecting a revenue growth of BB% driven by new projects and market expansion initiatives[97]. - New product developments are underway, focusing on innovative pipeline construction technologies aimed at enhancing operational efficiency and safety[97]. - A strategic acquisition was completed in 2022, which is expected to enhance the company's service offerings and market presence[97]. Corporate Governance - The group has complied with all provisions of the corporate governance code during the fiscal year 2022[177]. - The company has established a practice of holding at least four board meetings annually, approximately once per quarter[196]. - The chairman and CEO roles are separated, with Ms. Feng serving as the chairman and Mr. Xu as the CEO, in compliance with corporate governance codes[191]. - The company has established a nomination committee responsible for reviewing board composition and monitoring the appointment and re-election of directors[195].

Revenue Growth - For the six months ended September 30, 2021, the total revenue was approximately SGD 27.5 million, an increase of about SGD 19.9 million compared to SGD 7.6 million for the same period in 2020[17]. - The revenue increase was primarily due to a rise of approximately SGD 6.4 million from gas pipeline installation projects and SGD 12.7 million from the newly contributed building materials trading business[17]. - The building materials trading business accounted for 46.2% of total revenue, generating SGD 12.7 million, while gas pipeline projects contributed 50.4% with SGD 13.8 million[25]. - The group's revenue increased from approximately 7.6 million SGD in the first half of 2021 to about 27.5 million SGD in the first half of 2022, an increase of approximately 19.9 million SGD[28]. - Revenue from gas pipeline projects increased by approximately 6.4 million SGD, while new revenue from building materials trade contributed about 12.7 million SGD, accounting for approximately 46.2% of total revenue in the first half of 2022[29]. - For the six months ended September 30, 2021, customer contract revenue was 27,487 thousand SGD, a significant increase from 7,586 thousand SGD in the same period of 2020, representing a growth of approximately 262%[111]. - Total revenue for the construction contracts and building materials trading segment reached 27,487 thousand SGD for the six months ended September 30, 2021, compared to 7,586 thousand SGD in the same period of 2020, representing an increase of 262%[139]. Project and Contract Updates - The company secured three new gas projects, one new water project, and one cable installation project during the reporting period, with a total contract value of approximately SGD 31.7 million[17]. - As of September 30, 2021, the company had ongoing projects with a total contract value of approximately SGD 125.9 million, of which SGD 52.2 million was recognized as revenue[21]. - The company expects to recognize total unfulfilled performance obligations of 86,371 thousand SGD, with 62,886 thousand SGD expected to be recognized within one year after the fiscal year[153]. - Contract assets for construction contracts amounted to 8,335 thousand SGD, while contract liabilities totaled (1,101) thousand SGD as of September 30, 2021[151]. Financial Performance - The gross profit for the first half of 2022 was approximately 0.6 million SGD, compared to a gross loss of about 1.3 million SGD in the first half of 2021, resulting in a gross profit margin of 2.3%[33]. - The total comprehensive loss for the first half of 2022 was approximately 3.1 million SGD, an increase of about 0.2 million SGD compared to a comprehensive loss of approximately 2.9 million SGD in the first half of 2021[38]. - The company reported a basic and diluted loss per share of 0.35 SGD, compared to a loss of 0.32 SGD per share in the previous year[111]. - The company incurred a loss attributable to owners of the company of (3,259) thousand SGD for the six months ended September 30, 2021, compared to a loss of (2,898) thousand SGD in the same period of 2020[165]. - The company reported a pre-tax profit of (3,088) thousand SGD for the six months ended September 30, 2021, compared to (2,898) thousand SGD in the same period of 2020[139]. Expenses and Costs - The cost of sales rose from approximately 8.9 million SGD in the first half of 2021 to about 26.9 million SGD in the first half of 2022, an increase of approximately 18.0 million SGD or 202.2%[32]. - Other income decreased from approximately 1.5 million SGD in the first half of 2021 to about 0.8 million SGD in the first half of 2022, primarily due to a reduction in government subsidies received[34]. - Administrative expenses increased to approximately 4.1 million SGD in the first half of 2022 from about 2.5 million SGD in the first half of 2021[36]. - The company reported administrative expenses and financial costs of (4,059) thousand SGD for the six months ended September 30, 2021, compared to (2,517) thousand SGD in the same period of 2020[139]. - The company reported a material cost of 16,022 thousand SGD for the six months ended September 30, 2021, compared to 2,498 thousand SGD in the same period of 2020, representing a significant increase[157]. - Employee benefits costs totaled 5,260 thousand SGD for the six months ended September 30, 2021, up from 4,079 thousand SGD in the prior year, indicating a year-over-year increase of approximately 29%[159]. Assets and Liabilities - Trade receivables and other receivables increased from approximately 20.6 million SGD as of March 31, 2021, to about 32.5 million SGD in the first half of 2022, an increase of approximately 11.9 million SGD[43]. - The asset-liability ratio increased from 57.0% as of March 31, 2021, to 79.8% as of September 30, 2021, primarily due to new term loans for the renovation of the group's new headquarters[49]. - Total liabilities increased to 42,318 thousand SGD as of September 30, 2021, compared to 33,493 thousand SGD as of March 31, 2021, representing a growth of approximately 26.5%[119]. - Total equity increased to 79,635 thousand SGD as of September 30, 2021, up from 73,936 thousand SGD as of March 31, 2021, indicating a rise of about 7.3%[119]. - The company’s total liabilities included contract liabilities of 1,101 thousand SGD as of September 30, 2021, indicating a shift in revenue recognition[185]. Shareholder and Governance Information - The company has adopted the corporate governance code as per the listing rules, ensuring compliance and enhancing shareholder value[105]. - The board of directors confirmed full compliance with the trading code for securities transactions during the reporting period[104]. - The company did not recommend any interim dividend for the six months ended September 30, 2021, consistent with the previous year[168]. - The company has adopted a share option scheme, which allows for the grant of options to eligible participants, with a maximum of 92,000,000 shares available for grant, representing approximately 10% of the issued share capital as of the report date[93]. Strategic Initiatives - The company plans to enhance its market position in Singapore's pipeline construction industry and explore potential opportunities in China and Southeast Asia[18]. - The board is actively seeking new business opportunities to diversify revenue sources and believes this is a good opportunity for growth[18]. - The company aims to leverage the advantages of the Greater Bay Area and implement the Belt and Road Initiative to drive economic development in Southeast Asia[18]. - Jumbo Harvest Group Limited acquired 85% of the issued share capital of Fuhui Securities Limited, diversifying the company's revenue sources into the financial services sector[67].

Financial Performance - The total revenue for the fiscal year 2021 was approximately SGD 43.5 million, an increase of about SGD 16.2 million compared to SGD 27.3 million in the fiscal year 2020[15]. - Gross profit rose from approximately SGD 4.4 million in fiscal year 2020 to about SGD 10.0 million in fiscal year 2021, reflecting better cost control and government rebates on foreign worker levies[15]. - The company reported a profit attributable to owners of the company of SGD 4.1 million for the fiscal year 2021, compared to SGD 1.9 million in the previous year[11]. - The total comprehensive income for the year was SGD 3.3 million, up from SGD 1.6 million in fiscal year 2020[11]. - Annual profit for FY2021 rose to approximately SGD 3.3 million, up from approximately SGD 1.6 million in FY2020, an increase of about SGD 1.7 million[41]. - The gross profit increased to approximately SGD 10.0 million in fiscal year 2021, up from SGD 4.4 million in fiscal year 2020, with a gross margin of 23.0%[35]. - Revenue from gas pipeline projects increased by approximately SGD 14.0 million, while revenue from water pipeline projects decreased by about SGD 4.0 million[30]. - The company generated new revenue of approximately SGD 6.2 million from its building materials trading business, contributing 14.3% to total revenue in fiscal year 2021[31]. Assets and Liabilities - Total assets increased to SGD 73.9 million in 2021 from SGD 45.0 million in 2020, while total liabilities rose to SGD 33.5 million from SGD 7.8 million[12]. - The total equity increased to SGD 40.4 million in 2021 from SGD 37.2 million in 2020, indicating a strengthening financial position[12]. - Trade receivables and other receivables rose from approximately SGD 5.5 million to approximately SGD 22.1 million, an increase of about SGD 16.6 million, primarily due to new trade receivables from a construction materials division[45]. - Borrowings increased significantly from approximately SGD 1.3 million to approximately SGD 19.7 million, an increase of about SGD 18.4 million, mainly due to new loans for the purchase of a new headquarters and the issuance of bonds[48]. - The group's current assets and cash and bank deposits were approximately SGD 26.3 million and SGD 12.0 million, respectively, as of March 31, 2021, compared to SGD 26.9 million and SGD 15.7 million in FY2020[51]. - The debt-to-equity ratio increased from 4.1% to 57.0%, primarily due to new borrowings and lease liabilities in FY2021[51]. Business Strategy and Expansion - The company aims to enhance its market position in Singapore's pipeline construction industry and explore opportunities in China, Hong Kong, and Southeast Asia[16]. - The board is actively seeking new business opportunities to diversify revenue sources and believes this is a good opportunity for growth[16]. - The company has identified potential industries for expansion, including real estate, infrastructure, culture, tourism, healthcare, and finance[16]. - The company plans to explore potential opportunities in markets such as real estate, engineering infrastructure, and tourism in Southeast Asia and China[21]. - The company aims to maintain its market position in Singapore's pipeline construction industry while diversifying its business to increase revenue sources[24]. Operational Performance - The company has four ongoing gas pipeline projects and seven water pipeline projects with a total contract value of approximately SGD 94.2 million as of March 31, 2021[25]. - The company secured two new gas projects and two new water projects in fiscal year 2021, with a total contract value of approximately SGD 63.6 million[20]. - Administrative expenses increased to approximately SGD 7.2 million in fiscal year 2021, compared to SGD 3.9 million in fiscal year 2020[38]. - Other income rose to approximately SGD 3.0 million in fiscal year 2021, up from SGD 0.7 million in fiscal year 2020, mainly due to government subsidies related to employment support[36]. - The company’s operational performance may be adversely affected if it fails to secure new projects after the completion of existing ones[119]. Human Resources and Management - The company has a total of 314 employees as of the report date, an increase from 282 employees in the previous fiscal year, reflecting a growth of approximately 11.3%[145]. - The remuneration policy for employees is based on individual performance, qualifications, and experience, ensuring alignment with current market practices[145]. - The board of directors and senior management's remuneration is determined considering the company's operational performance and individual contributions[146]. - The company emphasizes employee development and safety, providing competitive compensation and training opportunities[116]. - The company faced challenges in recruiting and retaining skilled technical employees due to tightening policies on foreign workers in Singapore, which may impact project completion[120]. Corporate Governance - The company has appointed KPMG as the new auditor effective April 21, 2021, following the resignation of Baker Tilly TFW LLP[181]. - The board of directors has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of the company's affairs[184]. - The company has complied with the corporate governance code, except for the role of the chairman and CEO as per code provision A.2.1[183]. - All independent non-executive directors have confirmed their independence according to the listing rules, ensuring compliance with regulatory standards[142]. - The company has established a non-competition agreement with key individuals, ensuring no direct or indirect competition with the group's business[153]. Shareholder Information - The board announced plans to increase shareholder returns, with a dividend payout ratio of 40% of net income for the upcoming year[77]. - No final dividend was recommended for the fiscal year 2021, consistent with the previous fiscal year[124]. - The company reported a distributable reserve of approximately SGD 31.4 million as of March 31, 2021, down from SGD 32.1 million in the previous fiscal year[123]. - The company has issued 920,000,000 shares as of March 31, 2021[122]. - The group has maintained a sufficient public float, with at least 25% of the issued shares held by the public as of the last practicable date before the annual report release[180].

Financial Performance - The company reported total revenue of approximately 27,300,000 SGD for the fiscal year ending March 31, 2020, a decrease of about 2,900,000 SGD from approximately 30,200,000 SGD in the previous fiscal year[19]. - Gross profit decreased from approximately 7,800,000 SGD in the previous fiscal year to about 4,400,000 SGD, primarily due to reduced revenue and additional project costs arising from new site safety regulations[19]. - The total comprehensive income for fiscal year 2020 was approximately SGD 1,600,000, an increase of about SGD 900,000 from SGD 700,000 in fiscal year 2019[41]. - The gross profit for fiscal year 2020 was approximately SGD 4,400,000, down from SGD 7,800,000 in fiscal year 2019, resulting in a gross profit margin of about 16.2%[36]. - Administrative expenses decreased to approximately SGD 3,900,000 from SGD 6,500,000 in fiscal year 2019, primarily due to one-time listing expenses[39]. - The company's income tax expense decreased to approximately SGD 300,000 from SGD 1,100,000 in fiscal year 2019[40]. - Revenue from gas pipeline projects increased by approximately SGD 11,300,000, while revenue from water pipeline projects decreased by about SGD 8,100,000, and cable installation revenue decreased by approximately SGD 6,100,000[30]. Assets and Liabilities - Total assets amounted to 44,960,000 SGD in 2020, down from 49,846,000 SGD in 2019[14]. - Total liabilities decreased significantly from 14,211,000 SGD in 2019 to 7,770,000 SGD in 2020[14]. - Total equity increased from 35,635,000 SGD in 2019 to 37,190,000 SGD in 2020, indicating a stronger financial position[14]. - Trade receivables increased to approximately SGD 5,500,000 from SGD 2,000,000 as of March 31, 2019, mainly due to non-refundable deposits related to the purchase of a new headquarters[45]. - Contract liabilities decreased to approximately SGD 500,000 from SGD 2,200,000 as of March 31, 2019, primarily due to the completion of several projects[46]. - Bank borrowings decreased from SGD 2,500,000 on March 31, 2019, to SGD 400,000 on March 31, 2020, primarily due to the repayment of short-term loans amounting to SGD 2,000,000[48]. - Lease liabilities reduced from SGD 1,500,000 on March 31, 2019, to SGD 900,000 on March 31, 2020, as a result of acquiring machinery worth SGD 700,000 and repayments of approximately SGD 1,300,000[49]. - The debt-to-equity ratio improved from 11.3% on March 31, 2019, to 4.1% on March 31, 2020, due to the repayment of bank borrowings and lease liabilities during the fiscal year[51]. - Total interest-bearing borrowings, including lease liabilities, bank borrowings, and lease liabilities, were approximately SGD 1,500,000, down from SGD 4,000,000 in the previous fiscal year[51]. - The current ratio was approximately 5.3 times as of March 31, 2020, compared to about 3.2 times in the previous fiscal year[51]. Operational Challenges - The company faced operational disruptions in Singapore due to COVID-19, which led to a temporary closure of its headquarters from April 7 to June 1, 2020[20]. - The construction industry impact from the pandemic remains difficult to quantify, posing challenges for future operations[20]. - The group experienced significant operational disruptions due to the COVID-19 pandemic, with a temporary closure from April 7 to June 1, 2020, leading to a decrease in construction contract revenue[70]. - As of the report date, Singapore was in the second phase of reopening, with the group implementing preventive measures to mitigate the impact of COVID-19 on its business[71]. - The company plans to adopt appropriate business strategies to navigate the ongoing challenges presented by the pandemic[21]. Customer Concentration - In the fiscal year 2020, approximately 96.3% of the company's total revenue came from its top five customers, an increase from 92.1% in the fiscal year 2019[109]. - The largest customer accounted for 72.6% of revenue, while the top five customers collectively represented 96.3% of total sales[132]. - The company has a significant customer concentration risk, as it does not have long-term agreements with its top five customers, which could impact its business if any major client reduces their projects[113]. Corporate Governance - The company has adopted all provisions of the corporate governance code as per the listing rules, except for the provision regarding the separation of the roles of Chairman and CEO[185]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a high level of independence[189]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of its affairs[186]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules[192]. - The company has implemented a board diversity policy to comply with corporate governance code requirements[192]. - The board is responsible for the overall leadership and strategic decision-making of the company[186]. - The company has arranged appropriate liability insurance for directors against responsibilities arising from corporate activities[188]. Employee and Talent Management - The company has a strong focus on employee development, offering competitive compensation and career advancement opportunities to retain talent[111]. - The company faced challenges in recruiting and retaining skilled technical employees and foreign workers due to tightened policies and labor shortages in Singapore's infrastructure and construction sectors[115]. - The company has a total of 282 employees, with a compensation policy based on individual performance, qualifications, and experience[142]. - The company's compensation policy for employees is determined by management based on employees' merits, qualifications, and abilities[143]. - The board has established a remuneration committee to develop the compensation policy for the company and its senior management, considering the company's performance and individual contributions[146]. Future Outlook and Strategy - The company plans to adopt appropriate business strategies to navigate the ongoing challenges presented by the pandemic[21]. - Future outlook remains optimistic, with management expressing confidence in achieving sustainable growth driven by innovation and market demand[82]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the H sector[82]. - Market expansion plans include entering F new regions, which are projected to increase market share by G% over the next two years[82]. - New product launches are anticipated to contribute an additional $D million in revenue, with a focus on expanding the product line in the upcoming year[82]. - The company is investing in new technology development, allocating $E million towards R&D initiatives aimed at enhancing operational efficiency[82]. Shareholder Information - The company did not recommend a final dividend for the fiscal year 2020, consistent with the previous fiscal year[121]. - There were no distributable reserves available for distribution to shareholders as of March 31, 2020[120]. - The company has maintained a sufficient public float, with at least 25% of its issued shares held by the public as of the report's publication date[181]. - As of March 31, 2020, the company had issued 920,000,000 shares, with no changes in share capital during the fiscal year[118]. - The company confirmed the independence of all independent non-executive directors according to the listing rules[139]. Charitable Contributions - The company made charitable contributions of approximately SGD 31,000 during the fiscal year 2020, down from SGD 39,600 in the previous year[124].