BENG SOON MACH(01987)发布2025年中期业绩，收益1673.8万新元，同比增长19.7%;净亏损64.6万新 元，同比收窄51.6%;每股基本亏损0.06分新元。 ...

Interim Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, revenue increased 19.6% to **16.7 million SGD**, with loss attributable to owners narrowing to **0.65 million SGD** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Revenue | 16,738,006 | 13,989,129 | | Cost of sales and services | (12,180,894) | (10,585,156) | | Gross Profit | 4,557,112 | 3,403,973 | | Other income | 182,956 | 193,371 | | Other gains — net | 74,930 | 216,104 | | Reversal of expected credit losses on trade receivables | 158,116 | – | | Selling and distribution expenses | (154,811) | (116,517) | | Administrative expenses | (5,216,278) | (4,939,100) | | Operating Loss | (397,975) | (1,242,169) | | Finance costs | (161,058) | (123,554) | | Loss Before Tax | (559,033) | (1,365,723) | | Income tax (expense)/credit | (87,239) | 31,687 | | Loss for the period attributable to owners of the Company | (646,272) | (1,334,036) | | Total Comprehensive Loss | (661,079) | (1,333,809) | | Basic and diluted loss per share (SGD cents) | (0.06) | (0.13) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, total assets slightly decreased due to lower cash, with equity and liabilities remaining stable Condensed Consolidated Statement of Financial Position (As at June 30) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 24,109,889 | 24,492,306 | | Total Current Assets | 31,919,572 | 31,774,971 | | **Total Assets** | **56,029,461** | **56,267,277** | | **EQUITY** | | | | Total Equity attributable to owners of the Company | 39,722,450 | 40,383,529 | | **LIABILITIES** | | | | Total Non-current Liabilities | 10,274,535 | 10,436,627 | | Total Current Liabilities | 6,032,476 | 5,447,121 | | **Total Liabilities** | **16,307,011** | **15,883,748** | | **Total Equity and Liabilities** | **56,029,461** | **56,267,277** | Notes to the Condensed Consolidated Interim Financial Statements [1 General Information](index=5&type=section&id=1%20General%20Information) Beng Soon Machinery Holdings Limited was incorporated in 2018, listed in 2019, and operates demolition services in Singapore - The Company was incorporated in the Cayman Islands on April 6, 2018, and listed on the Main Board of the Stock Exchange of Hong Kong on November 8, 2019[7](index=7&type=chunk) - The Group's principal activities are providing demolition services, selling inventory, and leasing machinery in Singapore[7](index=7&type=chunk) - The condensed consolidated interim financial statements are presented in Singapore Dollars ("SGD"), the Company's functional currency[8](index=8&type=chunk) [2 Basis of Preparation and Significant Accounting Policies](index=5&type=section&id=2%20Basis%20of%20Preparation%20and%20Significant%20Accounting%20Policies) This section outlines the basis of preparation for interim financial statements, adhering to IAS 34 and HKEX Listing Rules - The unaudited condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - The accounting policies applied are consistent with those applied in the annual financial statements for the year ended December 31, 2024, except as described in Note 3[11](index=11&type=chunk) - Income tax for the six months ended June 30, 2025 and 2024, is accrued using the tax rate applicable to the expected total annual profit[11](index=11&type=chunk) [3 Adoption of New and Revised IFRSs](index=6&type=section&id=3%20Adoption%20of%20New%20and%20Revised%20IFRSs) The Group has consistently applied all new and revised IFRSs during the period but has not yet adopted those issued but not yet effective - The Group has consistently applied all new and revised International Financial Reporting Standards and amendments issued by the International Accounting Standards Board and the IFRS Interpretations Committee throughout the period[12](index=12&type=chunk) - The Group has not early adopted any new and revised IFRSs that have been issued but are not yet effective[12](index=12&type=chunk) - The Group is currently assessing the impact of adopting these new and revised IFRSs on its results and financial position[12](index=12&type=chunk) [4 Financial Risk Management and Capital Risk Management](index=6&type=section&id=4%20Financial%20Risk%20Management%20and%20Capital%20Risk%20Management) The Group aims to safeguard its ability to continue as a going concern and provide returns to shareholders by optimizing its capital structure - The Group's objective in managing capital is to safeguard its ability to continue as a going concern, provide returns to shareholders, and benefit other stakeholders, while maintaining an optimal capital structure to reduce the cost of capital[13](index=13&type=chunk) Capital Management (As at June 30) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Lease liabilities | 11,466,999 | 11,281,148 | | Less: Cash and cash equivalents | (13,190,225) | (14,061,636) | | Net cash | (1,723,226) | (2,780,488) | | Total equity | 39,722,450 | 40,383,529 | | Total capital | 37,999,224 | 37,603,041 | | Gearing ratio | Not applicable | Not applicable | - Financial assets at fair value through profit or loss primarily consist of keyman insurance contracts, whose fair value is determined by their cash surrender value[16](index=16&type=chunk)[17](index=17&type=chunk)[19](index=19&type=chunk) [5 Revenue](index=8&type=section&id=5%20Revenue) The Group's revenue primarily derives from providing demolition services, with total revenue increasing by 19.6% to **16.7 million SGD** Revenue Breakdown (For the six months ended June 30) | Revenue Source | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Revenue recognized from providing demolition services | 16,209,621 | 12,830,654 | | Others | 528,385 | 1,158,475 | | **Total Revenue** | **16,738,006** | **13,989,129** | - Revenue from providing demolition services includes net amounts directly paid by project owners, proceeds from the disposal of scrap materials from demolition sites, and proceeds from earth disposal[22](index=22&type=chunk) [6 Other Income and Other Gains — Net](index=9&type=section&id=6%20Other%20Income%20and%20Other%20Gains%20%E2%80%94%20Net) Other income slightly decreased, while other gains net significantly reduced, mainly due to lower gains from asset disposal Other Income and Other Gains — Net (For the six months ended June 30) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | **Other income:** | | | | Interest income | 116,697 | 166,778 | | Government grants | 42,259 | 2,593 | | Rental income from investment properties | 24,000 | 24,000 | | **Total Other Income** | **182,956** | **193,371** | | **Other gains/(losses) — net:** | | | | Gain on disposal of property, plant and equipment | 72,000 | 213,888 | | Fair value gain on financial assets at fair value through profit or loss | 2,889 | 2,812 | | Net foreign exchange gain/(loss) | 41 | (596) | | **Total Other Gains — Net** | **74,930** | **216,104** | [7 Loss Before Tax](index=9&type=section&id=7%20Loss%20Before%20Tax) Loss before tax significantly narrowed to **559,033 SGD** in H1 2025, influenced by employee benefits and depreciation Loss Before Tax Components (For the six months ended June 30) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Employee benefits expense (including directors' emoluments) | 5,440,847 | 6,136,918 | | Depreciation | 1,919,997 | 2,130,363 | | Auditor's remuneration | 35,020 | 35,681 | | Short-term lease related expenses | 335,784 | 321,437 | - Employee benefits expense primarily includes wages, salaries, bonuses, other benefits, and retirement benefit costs[25](index=25&type=chunk) [8 Finance Costs](index=10&type=section&id=8%20Finance%20Costs) The Group's finance costs increased to **161,058 SGD** in H1 2025 from **123,554 SGD** in H1 2024 Finance Costs (For the six months ended June 30) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Finance costs | 161,058 | 123,554 | [9 Income Tax Expense/(Credit)](index=11&type=section&id=9%20Income%20Tax%20Expense%2F%28Credit%29) The Group recorded an income tax expense of **87,239 SGD** in H1 2025, compared to a credit of **31,687 SGD** in H1 2024 Income Tax Expense/(Credit) (For the six months ended June 30) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Current tax — Singapore | 18,222 | – | | Deferred tax — Singapore | 69,017 | (31,687) | | **Income Tax Expense/(Credit)** | **87,239** | **(31,687)** | - Singapore corporate tax expense is provided at a rate of 17% on the estimated assessable profit[27](index=27&type=chunk) - No provision for Hong Kong profits tax was made as the Group had no assessable profit for both periods[27](index=27&type=chunk) [10 Loss Per Share](index=11&type=section&id=10%20Loss%20Per%20Share) Basic loss per share improved to **0.06 SGD cents** in H1 2025 from **0.13 SGD cents** in H1 2024 Loss Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (SGD) | (646,272) | (1,334,036) | | Weighted average number of ordinary shares in issue | 1,000,000,000 | 1,000,000,000 | | **Basic loss per share (SGD cents)** | **(0.06)** | **(0.13)** | - Diluted loss per share is equal to basic loss per share as there are no outstanding potential dilutive ordinary shares[30](index=30&type=chunk) [11 Trade Receivables](index=12&type=section&id=11%20Trade%20Receivables) Net trade receivables slightly increased to **4,425,701 SGD** as at June 30, 2025, with a typical 30-day credit period Trade Receivables (As at June 30) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Trade receivables from third parties | 4,507,584 | 4,452,676 | | Less: Provision for expected credit losses on trade receivables | (384,432) | (542,548) | | **Subtotal** | **4,123,152** | **3,910,128** | | Retention monies | 302,549 | 439,831 | | **Total** | **4,425,701** | **4,349,959** | Aging Analysis of Trade Receivables (As at June 30) | Aging | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Within 30 days | 2,914,265 | 3,142,811 | | 31 to 60 days | 494,866 | 331,582 | | 61 to 90 days | 431,895 | 394,650 | | 91 to 120 days | 282,126 | 41,085 | | **Total** | **4,123,152** | **3,910,128** | [12 Deposits, Prepayments and Other Receivables](index=13&type=section&id=12%20Deposits%2C%20Prepayments%20and%20Other%20Receivables) Total deposits, prepayments, and other receivables significantly increased to **2,012,262 SGD** as at June 30, 2025, driven by prepayments Deposits, Prepayments and Other Receivables (As at June 30) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Deposits paid to third parties | 117,190 | 90,930 | | Loans to staff | 5,451 | 3,200 | | Prepayments | 1,868,522 | 151,626 | | Other receivables | 21,099 | 38 | | **Total Current Portion** | **2,012,262** | **245,794** | [13 Cash and Cash Equivalents](index=13&type=section&id=13%20Cash%20and%20Cash%20Equivalents) Cash and cash equivalents decreased to **13,190,225 SGD** as at June 30, 2025, mainly due to reductions in bank cash and fixed deposits Cash and Cash Equivalents (As at June 30) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Cash at bank | 1,985,225 | 2,056,636 | | Cash on hand | 5,000 | 5,000 | | Unsecured fixed deposits with banks | 11,200,000 | 12,000,000 | | **Total** | **13,190,225** | **14,061,636** | [14 Trade and Other Payables](index=13&type=section&id=14%20Trade%20and%20Other%20Payables) Total trade and other payables increased to **3,704,875 SGD** as at June 30, 2025, primarily driven by higher trade payables Trade and Other Payables (As at June 30) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Trade payables | 2,620,479 | 1,874,765 | | Accrued expenses | 831,004 | 829,362 | | Other payables | 253,392 | 538,981 | | **Total** | **3,704,875** | **3,243,108** | Aging Analysis of Trade Payables (As at June 30) | Aging | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Up to 30 days | 1,720,629 | 1,159,905 | | 31 to 60 days | 717,950 | 564,361 | | 61 to 90 days | 176,961 | 131,113 | | 91 to 120 days | 4,939 | 19,386 | | **Total** | **2,620,479** | **1,874,765** | [15 Share Capital](index=14&type=section&id=15%20Share%20Capital) The Company's authorized and issued share capital remained unchanged as at June 30, 2025 Share Capital Movement (As at June 30) | Item | Number of Shares | Share Capital (HKD/SGD) | | :--- | :--- | :--- | | **Authorized:** | | | | Ordinary shares of HKD0.01 each | | | | December 31, 2024 and June 30, 2025 | 10,000,000,000 | 100,000,000 | | **Issued and fully paid:** | | | | Ordinary shares of HKD0.01 each | | | | December 31, 2024 and June 30, 2025 | 1,000,000,000 | 1,742,159 | [16 Other Reserves](index=15&type=section&id=16%20Other%20Reserves) Total other reserves slightly decreased to **21,623,843 SGD** as at June 30, 2025, due to exchange differences from foreign operations Movement in Other Reserves Attributable to Owners of the Company (As at June 30) | Item | Share Premium (SGD) | Other Reserves (SGD) | Exchange Fluctuation Reserve (SGD) | Total (SGD) | | :--- | :--- | :--- | :--- | :--- | | January 1, 2024 | 2,000,000 | 19,853,646 | (163,808) | 21,689,838 | | Exchange differences arising from translation of foreign operations | – | – | (62,699) | (62,699) | | Exchange differences realised on derecognition of a subsidiary | – | – | 11,511 | 11,511 | | December 31, 2024 and January 1, 2025 | 2,000,000 | 19,853,646 | (214,996) | 21,638,650 | | Exchange differences arising from translation of foreign operations | – | – | (14,807) | (14,807) | | **June 30, 2025** | **2,000,000** | **19,853,646** | **(229,803)** | **21,623,843** | [17 Dividends](index=15&type=section&id=17%20Dividends) No dividends were paid, declared, or proposed during the period, nor have any been declared since the end of the interim period[38](index=38&type=chunk) [18 Capital Commitments](index=15&type=section&id=18%20Capital%20Commitments) As at June 30, 2025, the Group had no capital commitments[39](index=39&type=chunk) [19 Performance Guarantees](index=15&type=section&id=19%20Performance%20Guarantees) The Group held performance guarantees totaling **3,402,071 SGD** for project completion and **300,000 SGD** for foreign worker employment regulations - The Group has performance guarantees issued by banks and insurance companies for the completion of works amounting to **3,402,071 SGD** (December 31, 2024: **3,559,071 SGD**)[40](index=40&type=chunk) - The Group has performance guarantees issued under Regulation 12 of the Employment of Foreign Manpower (Work Passes) Regulations amounting to **300,000 SGD** (December 31, 2024: **305,000 SGD**)[40](index=40&type=chunk) [20 Events After the Reporting Period](index=15&type=section&id=20%20Events%20After%20the%20Reporting%20Period) As at the date of this announcement, there have been no significant events after the reporting period for the Company or the Group[41](index=41&type=chunk) Management Discussion and Analysis [Overall Review and Business Review](index=16&type=section&id=Overall%20Review%20and%20Business%20Review) The Group is a leading demolition service provider in Singapore, holding licenses for unlimited bidding, with 10 projects completed and 7 ongoing in H1 2025 - The Group is an established and leading demolition service provider in Singapore, operating in both public and private sectors for over 30 years[43](index=43&type=chunk) - The Group holds CR03 "Demolition" workhead (Single Grade), CW01 "General Building" workhead (C3 grade), and CW02 "Civil Engineering" workhead (C1 grade) licenses, with the Single Grade license and General Builder Class 1 license allowing the Group to tender for demolition projects of unlimited tender/contract value[44](index=44&type=chunk) - In H1 2025, the Group completed ten projects, including three factory buildings, three commercial buildings, two industrial facilities, one power plant, and one reinstatement of temporary occupation land[45](index=45&type=chunk) - As at June 30, 2025, the Group had seven ongoing demolition projects, including three factory building projects, one industrial building, one commercial building, one school building, and one residential building[48](index=48&type=chunk) [Outlook and Prospects](index=20&type=section&id=Outlook%20and%20Prospects) Singapore's construction sector is booming, with **47 billion to 53 billion SGD** in contracts projected for 2025, driving demolition demand - The Building and Construction Authority of Singapore forecasts **47 billion SGD to 53 billion SGD** in construction contracts to be awarded in 2025, indicating sustained demand for public infrastructure projects[52](index=52&type=chunk) - Demand in the demolition industry has significantly increased, with government incentives, such as grants for adopting advanced demolition techniques and methods, further stimulating growth in the sector[54](index=54&type=chunk) - The Group has focused on capitalizing on these opportunities, advancing its strategic projects, and exploring new partnerships to enhance shareholder value[55](index=55&type=chunk) [Revenue](index=22&type=section&id=Revenue_MDA) In H1 2025, the Group's revenue increased 19.3% to approximately **16.7 million SGD**, primarily from demolition projects - The Group's revenue for H1 2025 was approximately **16.7 million SGD**, an increase of approximately 19.3% from approximately **14.0 million SGD** in H1 2024, due to the completion of more projects contributing higher revenue during the period[56](index=56&type=chunk) Revenue Breakdown by Nature of Work Undertaken (For the six months ended June 30) | Item | 2025 (thousand SGD) | 2024 (thousand SGD) | | :--- | :--- | :--- | | Net contract amount | 8,151 | 2,772 | | Proceeds from disposal of scrap materials | 7,590 | 9,931 | | Proceeds from earth disposal | 469 | 127 | | Other revenue | 528 | 1,159 | | **Total Revenue** | **16,738** | **13,989** | [Cost of Sales and Services](index=23&type=section&id=Cost%20of%20Sales%20and%20Services) Cost of sales and services increased 15.1% to approximately **12.2 million SGD** in H1 2025, mainly due to increased subcontractor involvement - The Group's cost of sales and services increased by 15.1% from approximately **10.6 million SGD** in H1 2024 to approximately **12.2 million SGD** in H1 2025[60](index=60&type=chunk) - This increase was primarily due to increased subcontractor involvement in projects[60](index=60&type=chunk) Cost of Sales and Services Breakdown (For the six months ended June 30) | Item | 2025 (thousand SGD) | 2024 (thousand SGD) | | :--- | :--- | :--- | | Direct labour costs | 2,042 | 1,681 | | Depreciation | 1,376 | 1,155 | | Raw materials, consumables and other expenses | 2,953 | 2,973 | | Subcontractor fees | 4,537 | 1,986 | | Repair and maintenance expenses | 364 | 487 | | Transportation expenses | 86 | 1,295 | | Others | 823 | 1,008 | | **Total Cost of Sales and Services** | **12,181** | **10,585** | [Gross Profit and Gross Profit Margin](index=23&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit increased 35.3% to **4.6 million SGD** in H1 2025, with the gross profit margin rising to 27.2% due to improved contract margins - The Group's gross profit increased by approximately **1.2 million SGD** or 35.3% from approximately **3.4 million SGD** in H1 2024 to approximately **4.6 million SGD** in H1 2025[61](index=61&type=chunk) - The Group recorded a gross profit margin of approximately **27.2%** in H1 2025, compared to **24.3%** in H1 2024[61](index=61&type=chunk) - The increase in the Group's gross profit margin was due to improved profit margins on contract amounts[61](index=61&type=chunk) [Administrative Expenses](index=23&type=section&id=Administrative%20Expenses) Administrative expenses increased 6.1% to approximately **5.2 million SGD** in H1 2025, mainly comprising staff costs and depreciation - The Group's administrative expenses in H1 2025 were approximately **5.2 million SGD**, an increase of **0.3 million SGD** or 6.1% from approximately **4.9 million SGD** in H1 2024[62](index=62&type=chunk) - Administrative expenses primarily include staff costs and depreciation costs for the Group's property, office equipment, and motor vehicles[62](index=62&type=chunk) [Other Income](index=24&type=section&id=Other%20Income_MDA) Other income remained stable at **0.2 million SGD** in H1 2025, primarily from interest income and government grants - In H1 2025, the Group's other income was **0.2 million SGD**, showing no significant change compared to H1 2024[63](index=63&type=chunk) - The main sources of income during the period were interest income from bank deposits and government grants[63](index=63&type=chunk) [Other Gains](index=24&type=section&id=Other%20Gains_MDA) Other gains decreased to **0.1 million SGD** in H1 2025, mainly due to reduced gains from asset disposal - In H1 2025, the Group's other gains were **0.1 million SGD** (H1 2024: **0.2 million SGD**)[64](index=64&type=chunk) - This decrease was primarily due to reduced gains from the disposal of property, plant, and equipment[64](index=64&type=chunk) [Finance Costs](index=24&type=section&id=Finance%20Costs_MDA) Finance costs remained stable at approximately **0.2 million SGD** in H1 2025 compared to H1 2024[65](index=65&type=chunk) [Income Tax Expense](index=24&type=section&id=Income%20Tax%20Expense_MDA) Income tax expense was **87,000 SGD** in H1 2025, compared to a **32,000 SGD** credit in H1 2024, due to current tax and deferred tax asset recognition - In H1 2025, the Group's income tax expense was **87,000 SGD** (H1 2024: income tax credit of **32,000 SGD**)[66](index=66&type=chunk) - This increase was primarily due to current tax expense in Singapore and the recognition of deferred tax assets for tax losses during the period[66](index=66&type=chunk) [Loss Attributable to Owners of the Company](index=24&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) Loss attributable to owners of the Company narrowed to approximately **0.7 million SGD** in H1 2025 from **1.3 million SGD** in H1 2024[67](index=67&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=24&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) The Group maintains a robust financial position with stable cash flow, recording a net cash position and net current assets of approximately **25.9 million SGD** - The Group's capital structure comprises debt (including borrowings and obligations under finance leases), net of bank deposits, bank balances, cash, and equity attributable to owners of the Group (including share capital and reserves)[68](index=68&type=chunk) - The Group recorded a net cash position as at June 30, 2025 and December 31, 2024, thus the gearing ratio, calculated as debt divided by total equity, is not applicable[70](index=70&type=chunk) - The Group's net current assets were approximately **25.9 million SGD**, a decrease of approximately **0.4 million SGD** or 1.5% from **26.3 million SGD** as at December 31, 2024[72](index=72&type=chunk) - The Group's cash and cash equivalents as at June 30, 2025 were approximately **13.2 million SGD**, compared to **14.1 million SGD** as at December 31, 2024[72](index=72&type=chunk) [Treasury Policy](index=25&type=section&id=Treasury%20Policy) The Group's financing and treasury activities are centrally managed, with bank borrowings in SGD at floating rates, and no speculative derivative transactions - The Group's financing and treasury activities are centrally managed and controlled at the corporate level[71](index=71&type=chunk) - The Company's bank borrowings are denominated in SGD and bear interest at floating rates[71](index=71&type=chunk) - It is the Company's policy not to enter into derivative transactions for speculative purposes[71](index=71&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As at June 30, 2025, the Group had no significant contingent liabilities or pending litigations[73](index=73&type=chunk) [Capital Commitments](index=26&type=section&id=Capital%20Commitments_MDA) As at June 30, 2025, the Group had no capital commitments[74](index=74&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries and Affiliated Companies](index=26&type=section&id=Significant%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%20and%20Affiliated%20Companies) In H1 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[75](index=75&type=chunk) [Future Plans for Material Investments or Capital Assets](index=26&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As at June 30, 2025, the Group had no specific plans for material investments or capital assets for the coming year[76](index=76&type=chunk) [Employee Information and Remuneration Policy](index=26&type=section&id=Employee%20Information%20and%20Remuneration%20Policy) As at June 30, 2025, the Group had 130 employees, with remuneration based on market practice and an adopted share option scheme - As at June 30, 2025, the Group had 130 employees, a decrease of one from the number of employees as at December 31, 2024[77](index=77&type=chunk) - Remuneration offered to employees generally includes salaries and bonuses, determined with reference to market practice and individual employee's performance, qualifications, and position[77](index=77&type=chunk) - The Company has adopted a share option scheme, under which share options may be granted to directors and eligible employees as incentives[77](index=77&type=chunk) [Results and Interim Dividend](index=26&type=section&id=Results%20and%20Interim%20Dividend) The Group's H1 2025 results are presented in the financial statements, and no interim dividend is recommended - The Group's results for H1 2025 and its financial position are set out in the unaudited condensed consolidated financial statements on pages 1 to 4 of this announcement[78](index=78&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[79](index=79&type=chunk) [Material Investments Held](index=27&type=section&id=Material%20Investments%20Held) As at June 30, 2025, the Group held no material investments other than those disclosed in this interim results announcement[80](index=80&type=chunk) [Pledge of the Group's Assets](index=27&type=section&id=Pledge%20of%20the%20Group's%20Assets) Leasehold land and buildings with a carrying value of approximately **4.0 million SGD** were pledged as collateral for credit facilities - As at June 30, 2025, the Group's leasehold land and buildings with a carrying value of approximately **4.0 million SGD** (December 31, 2024: **4.2 million SGD**) were pledged to a licensed bank as collateral for credit facilities granted to the Group[81](index=81&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) The Group operates primarily in Singapore, with most income and expenses in SGD, thus incurring no significant foreign exchange risk - The Group operates its business in Singapore, and the majority of its income and expenses are denominated in SGD, which is the Company's functional currency[82](index=82&type=chunk) - The Group does not have significant foreign exchange risk and does not use any financial instruments for hedging[82](index=82&type=chunk) [Use of Proceeds from Listing](index=27&type=section&id=Use%20of%20Proceeds%20from%20Listing) Net listing proceeds of approximately **77.5 million HKD** were utilized as planned, with **2.5 million HKD** remaining for excavator purchases - The net proceeds from the listing, approximately **77.5 million HKD**, have been utilized in accordance with the intended allocation set out in the prospectus[83](index=83&type=chunk) Allocation Details of Net Proceeds from Listing and Utilized Net Proceeds (For H1 2025) | Use of Net Proceeds | Intended Amount (thousand HKD) | Unutilized Net Proceeds as at beginning of H1 2025 (thousand HKD) | Net Proceeds utilized during H1 2025 (thousand HKD) | Unutilized Net Proceeds as at end of H1 2025 (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Purchase of excavators and accessories to strengthen the fleet | 51,200 | 10,988 | 8,499 | 2,489 | | Repayment of bank borrowings | 13,500 | – | – | – | | Recruitment of additional staff | 9,100 | – | – | – | | Engagement of professional consultants to review internal management systems | 2,200 | 668 | 668 | – | | General working capital of the Group | 1,500 | – | – | – | | **Total** | **77,500** | **11,656** | **9,167** | **2,489** | - As at June 30, 2025, the unutilized net proceeds of approximately **2.5 million HKD** are expected to be fully utilized for the purchase of excavators of different capacities and their accessories on or before December 31, 2025[84](index=84&type=chunk) Other Information [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The Company maintains high corporate governance standards, complying with Listing Rules, with the Chairman and CEO roles combined for effective management - The Company has adopted the code provisions set out in the Corporate Governance Code contained in Appendix C1 to the Listing Rules[85](index=85&type=chunk) - The Company has complied with all code provisions of the Corporate Governance Code for H1 2025, except for a deviation from code provision C.2.1 regarding the segregation of the roles of chairman and chief executive[85](index=85&type=chunk) - The Board believes that Mr. Tan's dual role as Chairman and Chief Executive Officer allows for efficient management and business development, serving the Group's best interests, and the presence of three independent non-executive directors enhances the Board's independence[85](index=85&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=30&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As at H1 2025, Mr. Tan Chee Beng held a **50.56%** long position in the Company's shares, with no other directors holding relevant interests Directors' and Chief Executive's Long Positions in Shares (As at end of H1 2025) | Name | Capacity/Nature of Interest | Number of Shares | Percentage of Equity Interest | | :--- | :--- | :--- | :--- | | Mr. Tan Beng Chee | Interest in controlled corporation (Note 2) | 341,700,000 | 34.17% | | Mr. Tan Beng Chee | Spouse's interest (Note 3) | 163,900,000 | 16.39% | | **Total** | | **505,600,000** | **50.56%** | - Mr. Tan beneficially owns all issued shares of TCB Investment Holdings Limited, which holds 34.17% of the shares[88](index=88&type=chunk) - Mr. Tan is the spouse of Ms. Lee Peck Kim, who holds 16.39% of the shares[88](index=88&type=chunk) - As at the end of H1 2025, no director or chief executive of the Company had or was deemed to have any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations as recorded in the register required under Section 352 of the Securities and Futures Ordinance[89](index=89&type=chunk) [Major Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=31&type=section&id=Major%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) Major shareholders TCB Investment Holdings Limited and K Luxe Holdings Limited held **34.17%** and **16.39%** long positions, respectively, as at H1 2025 Major Shareholders' Long Positions in Shares (As at end of H1 2025) | Name/Company Name | Capacity/Nature of Interest | Number of Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | TCB Investment Holdings Limited | Beneficial owner | 341,700,000 | 34.17% | | K Luxe Holdings Limited | Beneficial owner | 163,900,000 | 16.39% | | Ms. Lee Peck Kim | Interest in controlled corporation (Note 1) | 505,600,000 | 50.56% | | Ms. Lee Peck Kim | Spouse's interest (Note 2) | 505,600,000 | 50.56% | - Ms. Lee beneficially owns all issued shares of K Luxe, which holds 16.39% of the shares[90](index=90&type=chunk) - Ms. Lee is the spouse of Mr. Tan and is therefore deemed or taken to be interested in the shares in which Mr. Tan has an interest[90](index=90&type=chunk) [Rights to Acquire Shares or Debentures by Directors](index=32&type=section&id=Rights%20to%20Acquire%20Shares%20or%20Debentures%20by%20Directors) In H1 2025, no arrangements were made for directors to acquire shares or debentures of the Company or any other body corporate[92](index=92&type=chunk) [Directors' Interests in Competing Business](index=32&type=section&id=Directors'%20Interests%20in%20Competing%20Business) As at the date of this announcement, no director or controlling shareholder held any competing business or interest with the Group's operations[93](index=93&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) In H1 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[94](index=94&type=chunk) [Share Option Scheme](index=32&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme in 2019 to attract talent, with **100,000,000** shares available, but no options were granted or exercised - The Company conditionally approved and adopted a share option scheme on October 15, 2019, which will be valid for a period of ten years from the adoption date[95](index=95&type=chunk) - The share option scheme aims to attract and retain the best personnel, provide additional incentives to the Group's employees, directors, consultants, advisors, distributors, contractors, suppliers, agents, customers, business partners, and service providers, and promote the success of the Group's business[95](index=95&type=chunk) - As at the beginning and end of H1 2025, the total number of shares of the Company available for issue under the share option scheme was **100,000,000** shares, representing 10% of the Company's issued share capital[96](index=96&type=chunk) - As at the end of H1 2025, no share options had been granted, exercised, cancelled, or lapsed under the share option scheme, and there were no outstanding share options[96](index=96&type=chunk) [Standard of Dealings by Directors in Securities](index=33&type=section&id=Standard%20of%20Dealings%20by%20Directors%20in%20Securities) The Company adopted the Listing Rules' Model Code for directors' securities transactions, with all directors confirming compliance in H1 2025[97](index=97&type=chunk) [Handling and Dissemination of Inside Information](index=33&type=section&id=Handling%20and%20Dissemination%20of%20Inside%20Information) The Group strictly adheres to SFO and Listing Rules for inside information disclosure, prohibiting unauthorized use and ensuring prompt reporting to the Board - The Group recognizes its obligations under the provisions of Part XIVA of the Securities and Futures Ordinance and the Listing Rules regarding the disclosure of inside information to the public[98](index=98&type=chunk) - The Group strictly prohibits its directors and employees from unauthorized use of confidential or inside information for their own benefit or that of others[98](index=98&type=chunk) - Any inside information and any information that may constitute inside information will be promptly identified, assessed, and reported to the Board for a decision on whether disclosure is required[98](index=98&type=chunk) [Audit Committee](index=33&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed and approved the Group's H1 2025 interim financial results - The Audit Committee comprises three independent non-executive directors, namely Mr. Leung Yau Wan, Mr. Leung Kei Wai, and Mr. Wee Chorng Kien[99](index=99&type=chunk) - Mr. Leung Yau Wan serves as the Chairman of the Audit Committee and possesses the appropriate professional qualifications and financial expertise as required by Rules 3.10(2) and 3.21 of the Listing Rules[99](index=99&type=chunk) - The Group's interim financial results for the six months ended June 30, 2025, are unaudited but have been reviewed and approved by the Audit Committee[100](index=100&type=chunk) [By Order of the Board](index=34&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Chairman and CEO TAN CHEE BENG on August 29, 2025, with the Board comprising four executive and three independent non-executive directors - This announcement was issued by TAN CHEE BENG, Chairman and Chief Executive Officer of BENG SOON MACHINERY HOLDINGS LIMITED, on August 29, 2025[102](index=102&type=chunk)[103](index=103&type=chunk) - The Company's Board of Directors comprises four executive directors (Mr. Tan Chee Beng, Mr. Tan Wei Leong, Ms. Tang Ling Ling, and Mr. Cheong Kam Fai) and three independent non-executive directors (Mr. Leung Yau Wan, Mr. Leung Kei Wai, and Mr. Wee Chorng Kien)[103](index=103&type=chunk)

格隆汇8月14日丨BENG SOON MACH(01987.HK)公告，公司将于2025年8月29日(星期五)举行董事会会 议，以(其中包括)(i)审议及批准公司及其附属公司截至2025年6月30日止6个月度未经审核简明综合业绩 及其发布；(ii)考虑宣派中期股息(如有)；及(iii)处理任何其他事项(如有)。 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份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。 Beng Soon Machinery Holdings Limited（「本公司」）董事會（「董事會」）謹此宣佈，本 公司將於2025年8月29日（ 星期五 ）舉行董事會會議，以（ 其中包括 ）(i)審議及批准 本 公司 及其 附 屬公 司截 至2025 年6 月 30 日 止六 個月 度 之未 經審 核 簡明 綜合 業 績及 其發佈；(ii)考慮宣派中期股息（ 如有 ）；及(iii)處理任何其他事項（ 如有 ）。 承董事會命 BENG SOON MACHINERY HOLDINGS LIMITED 主席及行政總裁 TAN CHEE BENG 香港，2025年8月14日 於本公告日期，本公司董事會包括下列成員：(a)執行董事Tan Chee Beng先生（ 亦 為本公司主席及行政總裁 ）、Tan Wei Leong先生、Tang Lin ...

FF301 公司名稱: BENG SOON MACHINERY HOLDINGS LIMITED（於開曼群島註冊成立的有限公司） 呈交日期: 2025年8月4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) | 01987 | 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 | | | | 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 第 1 頁 共 10 頁 v 1.1.1 股份發行人 ...

Financial Performance - The company's revenue for the fiscal year 2024 increased by SGD 4.1 million or 13.9%, rising from SGD 29.4 million in fiscal year 2023 to SGD 33.5 million[7]. - The gross profit margin for fiscal year 2024 was stable at 31.8%, slightly up from 31.5% in fiscal year 2023, reflecting operational excellence and financial resilience[7]. - The group's total revenue for the fiscal year 2024 increased by approximately 4.1 million SGD or 13.9% to about 33.5 million SGD, up from approximately 29.4 million SGD in the fiscal year 2023[34]. - Gross profit increased from approximately 9.2 million SGD in fiscal year 2023 to about 10.6 million SGD in fiscal year 2024, reflecting a growth of 1.4 million SGD or 15.2%[37]. - The company’s profit attributable to equity holders for fiscal year 2024 is approximately 0.3 million SGD, compared to 25,000 SGD in fiscal year 2023, with earnings per share of 0.03 SGD versus 0.002 SGD[42]. - Net profit for the year was SGD 348,243, a significant increase from SGD 24,293 in 2023, reflecting a growth of 1,332%[198]. - Total assets as of December 31, 2024, amounted to SGD 56,267,277, up from SGD 53,301,064 in 2023, indicating a growth of 5.5%[199]. - Total liabilities increased to SGD 15,883,748 in 2024 from SGD 13,205,989 in 2023, reflecting a rise of 20.3%[200]. Operational Performance - The company secured 24 demolition projects in Singapore during fiscal year 2024, completing 15 projects, indicating strong operational performance[8]. - The group secured 24 demolition projects and completed 15 projects during the fiscal year 2024, with expected total revenue from ongoing projects estimated at approximately 37.0 million SGD[31]. - The company is focused on enhancing its project development and financing capabilities through its management team[23]. - The company remains focused on core demolition services while pursuing diversification and innovation to enhance shareholder value[33]. - The company has over 30 years of operational history in the demolition industry, positioning it well to capitalize on the evolving market conditions in Singapore[8]. Market Outlook - The Ministry of Trade and Industry projects Singapore's GDP growth to be 4.4% in 2024, following a 1.1% growth in 2023, highlighting a positive economic outlook[9]. - The total construction demand in Singapore is estimated to reach between SGD 47 billion and SGD 53 billion in 2025, with preliminary figures for 2024 at SGD 44.2 billion, driven by public sector investments[9]. - The public sector is anticipated to lead the surge in construction demand, contributing approximately 28 billion SGD to 32 billion SGD through transformative public housing plans and major infrastructure projects[32]. - The demolition industry in Singapore is projected to continue expanding in 2025, supported by government incentives and modernization of infrastructure[32]. Management and Governance - The company is led by experienced executives, including Tan Chee Beng, who has over 30 years of experience in the demolition industry[13]. - The company has expanded its management team with experienced professionals in asset management and business development[20]. - The board includes members with significant experience in corporate governance and oversight, ensuring independent monitoring of management[21]. - The company maintains a high level of corporate governance practices, focusing on long-term financial performance rather than short-term gains[91]. - The board consists of five executive directors and three independent non-executive directors, ensuring strong independence[118]. Risk Management - The company has a strong emphasis on risk management and safety protocols in its operations[18]. - The group’s operations are subject to several risks, including reliance on volatile scrap material prices and the non-recurring nature of demolition projects[61]. - The company has established a risk management policy that includes identification, assessment, and management procedures for major risks affecting the business[165]. Shareholder Engagement - The company expresses gratitude to shareholders, investors, and business partners for their unwavering support throughout the fiscal year 2024[11]. - The company encourages shareholder participation in special general meetings and ensures effective communication with shareholders[169]. - Shareholders can request the convening of a special general meeting if they hold at least 10% of the paid-up capital[170]. Corporate Responsibility - The company is committed to corporate responsibility, focusing on its impact on employees, society, and the environment, while contributing to Singapore's sustainable reconstruction initiatives[68]. - The company donated a total of SGD 10,000 to YYD EDUCATION CENTRE LIMITED in the fiscal year 2024 to support social initiatives[74]. Audit and Compliance - The company reported consolidated financial statements reflecting a true and fair view of its financial position as of December 31, 2024[179]. - Key audit matters identified include revenue recognition related to demolition service projects, which involves significant management judgment and estimation[182]. - The audit committee reviewed the group's performance for the 2024 fiscal year, including significant judgments in financial reporting[138]. - The company has confirmed the independence of all three independent non-executive directors, ensuring no conflicts of interest[126].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of 433,483,486 New Dollars, an increase from 29,352,207 New Dollars in 2023, representing a significant growth[3] - The gross profit for the year was 10,631,836 New Dollars, compared to 9,240,186 New Dollars in the previous year, indicating a year-over-year increase of approximately 15.1%[3] - The operating profit for the year was 1,083,677 New Dollars, up from 576,676 New Dollars in 2023, reflecting an increase of about 87.5%[3] - The net profit for the year was 348,243 New Dollars, a substantial rise from 24,293 New Dollars in 2023, marking an increase of approximately 1,332.5%[3] - The company reported total comprehensive income of 297,055 New Dollars for the year, compared to 23,712 New Dollars in the previous year, showing a significant improvement[4] - The basic earnings per share for the year was 8 New Dollars, compared to 0.03 New Dollars in 2023, indicating a substantial increase[4] Costs and Expenses - The total cost of sales and services was 22,851,650 New Dollars, compared to 20,112,021 New Dollars in 2023, reflecting an increase of about 13.6%[3] - The company incurred finance costs of 304,526 New Dollars, up from 251,770 New Dollars in the previous year, indicating an increase of approximately 20.9%[3] - The company’s lease liabilities increased to 9,618,934 in 2024 from 8,025,019 in 2023, indicating a rise of about 19.8%[6] - Administrative expenses for fiscal year 2024 were approximately 9.8 million SGD, an increase of 0.4 million SGD or 4.3% from about 9.4 million SGD in fiscal year 2023[36] Assets and Liabilities - Total assets increased to 56,267,277 in 2024 from 53,301,064 in 2023, representing a growth of approximately 5%[5] - Total liabilities increased to 15,883,748 in 2024 from 13,205,989 in 2023, marking a rise of about 20.3%[6] - The company's equity attributable to owners was 40,383,529 in 2024, up from 40,095,075 in 2023, showing an increase of approximately 0.72%[6] - The company reported a total of 13,064,006 in trade receivables for 2024, compared to 9,103,965 in 2023, which is an increase of about 43%[5] - The company’s retained earnings grew to 17,002,720 in 2024 from 16,654,477 in 2023, representing an increase of approximately 2.08%[5] - The company’s cash and cash equivalents decreased to 14,061,636 in 2024 from 15,110,312 in 2023, reflecting a decline of approximately 6.9%[5] IFRS Standards and Compliance - The group has adopted new International Financial Reporting Standards (IFRS) effective from January 1, 2024, which include significant updates to the classification of liabilities and lease liabilities[9] - The implementation of the new IFRS standards is not expected to have a significant impact on the group's financial position or performance for the current and prior years[9] - The group is currently evaluating the expected impact of the new IFRS standards on its consolidated financial statements[12] - IFRS 18 introduces major changes to the presentation of financial statements, focusing on the structure of the income statement and enhancing disclosure requirements[12] - The new IFRS standards will not affect the recognition or measurement of items in the consolidated financial statements but will change how financial performance is presented[12] - The group has not applied any new IFRS standards that have been issued but are not yet effective as of January 1, 2024[10] Market and Operational Insights - The group has plans for market expansion and new product development, although specific details were not disclosed in the earnings report[3] - The Singapore economy is projected to grow by 4.4% in 2024, with construction demand expected to range between 47 billion SGD and 53 billion SGD, significantly higher than the 44.2 billion SGD recorded at the beginning of 2024[29] - The demolition industry in Singapore is expected to continue expanding in 2025, supported by government incentives and modernization of infrastructure[30] - The group primarily operates in Singapore, with most assets and liabilities located there, limiting geographical financial analysis[14] - The group’s operational focus remains on providing demolition services and leasing machinery in Singapore[14] Shareholder and Governance Matters - The group has not declared or paid any dividends for both 2024 and 2023, maintaining a focus on reinvestment[23] - The company has adopted a share option plan aimed at attracting and retaining talent, which is valid for ten years from October 15, 2019[56] - The board consists of five executive directors and three independent non-executive directors, ensuring strong independence[65] - The audit committee, composed of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2024, and found them compliant with applicable accounting standards[66] - The independent auditor has confirmed that the financial figures in the preliminary announcement are consistent with the group's consolidated financial statements[67] - The company is committed to continuously improving its corporate governance practices to meet evolving standards and requirements[63]

Company Information [Company Overview](index=2&type=section&id=Company%20Overview) This chapter provides the company's basic information, including board members, main office addresses, stock code, listing date, and primary banks - Mr. Tan Chee Beng serves as the **Chairman and Chief Executive Officer** of the company[1](index=1&type=chunk) - The company was listed on the Hong Kong Stock Exchange on **November 8, 2019**, with stock code **1987**[3](index=3&type=chunk) Management Discussion and Analysis [Overall Review and Business Operations](index=5&type=section&id=Overall%20Review%20and%20Business%20Operations) The Group is a leading demolition service provider in Singapore, serving both public and private sectors, demonstrating stable business operations with 8 completed and 10 ongoing projects in H1 2024 - The company's core business is providing various building and structure demolition services in Singapore, with over **30 years of experience**[6](index=6&type=chunk) - In H1 2024, the Group completed **8 projects**, including factory buildings, residential buildings, and industrial buildings[6](index=6&type=chunk) - As of June 30, 2024, the Group has **10 ongoing demolition projects**, primarily involving factory buildings, commercial, and school buildings[12](index=12&type=chunk) [Outlook and Prospects](index=9&type=section&id=Outlook%20and%20Prospects) Management is optimistic about future prospects, expecting continued growth in Singapore's construction and demolition industry in 2024, with total construction demand projected between S$32 billion and S$38 billion - Singapore's economy is projected to grow by **1.0% to 3.0%** in 2024, with continued expansion in the construction sector[24](index=24&type=chunk) - Total construction demand in Singapore is estimated to range from **S$32 billion to S$38 billion** in 2024, primarily driven by public sector housing and infrastructure projects[24](index=24&type=chunk) - The outlook for H2 2024 is optimistic due to Singapore's prioritization of infrastructure development and urban rejuvenation, with the construction and demolition industry playing a key role[26](index=26&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) In H1 2024, the Group's financial performance significantly improved with total revenue up 30.8% to S$14.0 million, gross profit up 277.8% to S$3.4 million, and loss attributable to equity holders narrowing from S$2.8 million to S$1.3 million [Revenue Analysis](index=11&type=section&id=Revenue%20Analysis) Total revenue in H1 2024 increased by 30.8% to approximately S$14.0 million, primarily driven by new projects and proceeds from disposal of scrap materials Revenue Breakdown (For the six months ended June 30) | Revenue Source | 2024 (S$ '000) | 2023 (S$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Net contract sum | 2,772 | 1,091 | +154.1% | | Proceeds from disposal of scrap materials | 9,931 | 9,481 | +4.7% | | Proceeds from earth piling | 127 | 63 | +101.6% | | Other income | 1,159 | 105 | +1003.8% | | **Total Revenue** | **13,989** | **10,740** | **+30.8%** | [Gross Profit and Gross Margin Analysis](index=13&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20Analysis) Gross profit surged by 277.8% to S$3.4 million, with gross margin improving from 8.4% to 24.3%, mainly due to increased profit margins from scrap material disposal - Gross profit increased by **277.8%** year-on-year, reaching **S$3.4 million**[32](index=32&type=chunk) - Gross margin improved from **8.4%** (H1 2023) to **24.3%** (H1 2024), mainly due to increased profit margins from disposal of scrap materials[32](index=32&type=chunk) [Net Loss Analysis](index=14&type=section&id=Net%20Loss%20Analysis) Despite revenue and gross profit growth, the Group recorded a loss in H1 2024, though loss attributable to equity holders significantly narrowed from S$2.8 million to S$1.3 million - Loss attributable to equity holders of the company in H1 2024 was approximately **S$1.3 million**, a significant reduction from the **S$2.8 million** loss in H1 2023[41](index=41&type=chunk) [Capital Structure, Liquidity, and Financial Resources](index=14&type=section&id=Capital%20Structure%2C%20Liquidity%2C%20and%20Financial%20Resources) The Group maintains a robust financial position with a gearing ratio of approximately 23.1% as of June 30, 2024, though net current assets and cash decreased due to working capital usage Key Financial Position Indicators | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net current assets | S$23.9 million | S$24.3 million | | Cash and cash equivalents | S$6.8 million | S$15.1 million | | Total equity | S$38.8 million | S$40.1 million | | Gearing ratio | 23.1% | 22.7% | [Use of Proceeds from Listing](index=18&type=section&id=Use%20of%20Proceeds%20from%20Listing) The company's net listing proceeds were approximately HK$77.5 million, with HK$16.9 million remaining unutilized as of June 30, 2024, expected to be fully used by June 30, 2025 due to cautious business strategies Use of Proceeds and Utilization Status (HK$ '000) | Purpose | Planned Amount | Unutilized at start of 2024 | Utilized in H1 2024 | Unutilized at end of H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Enhance fleet capabilities | 51,200 | 17,379 | 1,962 | 15,417 | | Repay bank borrowings | 13,500 | - | - | - | | Recruit additional staff | 9,100 | - | - | - | | Appoint professional consultants | 2,200 | - | 711 | 1,489 | | General working capital | 1,500 | - | - | - | - As of June 30, 2024, unutilized net proceeds were approximately **HK$16.9 million**, expected to be fully utilized by **June 30, 2025** or earlier[62](index=62&type=chunk) Corporate Governance and Other Information [Directors' and Major Shareholders' Interests](index=20&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) This chapter discloses the shareholdings of directors and major shareholders, with Chairman and CEO Mr. Tan Chee Beng holding 50.56% of the company's shares - Chairman and CEO Mr. Tan Chee Beng is deemed to be interested in **505,600,000 shares** of the company, representing **50.56%** of the total share capital[63](index=63&type=chunk)[65](index=65&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) The company adheres to high corporate governance standards, complying with most code provisions, with one deviation where the Chairman and CEO roles are combined, which the Board deems beneficial for effective management - The company has adopted a share option scheme, but as of the end of H1 2024, no share options had been granted, exercised, or remained outstanding[74](index=74&type=chunk) - The company deviated from Corporate Governance Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are not segregated, both held by Mr. Tan, which the Board believes is in the best interest of the Group[79](index=79&type=chunk) - The Audit Committee has reviewed and approved the unaudited interim financial results for the six months ended June 30, 2024[83](index=83&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Comprehensive Income](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2024, the Group reported S$13.99 million revenue, S$3.40 million gross profit, and a significantly narrowed loss after tax of S$1.33 million, with basic loss per share at S$0.13 cents Condensed Consolidated Statement of Comprehensive Income Summary (For the six months ended June 30) | Item | 2024 (S$) | 2023 (S$) | | :--- | :--- | :--- | | Revenue | 13,989,129 | 10,740,265 | | Gross profit | 3,403,973 | 905,546 | | Operating loss | (1,242,169) | (2,683,109) | | Loss after income tax | (1,334,036) | (2,654,341) | | Loss attributable to equity holders of the company | (1,334,036) | (2,857,679) | | Basic loss per share (S$ cents) | (0.13) | (0.28) | [Condensed Consolidated Statement of Financial Position](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were S$50.31 million, total liabilities S$11.55 million, and equity attributable to equity holders was S$38.75 million Condensed Consolidated Statement of Financial Position Summary | Item | June 30, 2024 (S$) | December 31, 2023 (S$) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 23,498,141 | 24,699,166 | | Current assets | 26,809,940 | 28,601,898 | | **Total Assets** | **50,308,081** | **53,301,064** | | **Equity and Liabilities** | | | | Total equity | 38,761,266 | 40,095,075 | | Non-current liabilities | 8,667,955 | 8,953,603 | | Current liabilities | 2,878,860 | 4,252,386 | | **Total Liabilities** | **11,546,815** | **13,205,989** | | **Total Equity and Liabilities** | **50,308,081** | **53,301,064** | [Notes to the Condensed Consolidated Interim Financial Statements](index=31&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The notes detail accounting policies, financial risk management, and key items, indicating no dividends or significant capital commitments, and a post-period resolution to liquidate two inactive subsidiaries - No dividends were paid or proposed during or after the period[140](index=140&type=chunk) - As of June 30, 2024, the Group had no significant capital commitments[141](index=141&type=chunk) - On August 27, 2024, the Board resolved to voluntarily liquidate and deregister two inactive subsidiaries (Beyond Elite Investments Limited and Sky Express Asia Limited), which is not expected to have a significant adverse impact on the Group[143](index=143&type=chunk)

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of SGD 13,989,129, an increase from SGD 10,740,265 in the same period of 2023, representing a growth of approximately 30.9%[1] - The gross profit for the first half of 2024 was SGD 3,403,973, compared to SGD 905,546 in the first half of 2023, indicating a significant increase in profitability[1] - The company incurred a loss before tax of SGD 1,365,723 for the first half of 2024, an improvement from a loss of SGD 2,812,152 in the same period of 2023, reflecting a reduction of approximately 51.5%[1] - The total comprehensive loss for the first half of 2024 was SGD 1,333,809, compared to SGD 2,638,714 in the first half of 2023, showing a decrease of about 49.6%[1] - The basic and diluted loss per share for the first half of 2024 was SGD 0.13, compared to SGD 0.28 in the same period of 2023, reflecting an improvement in loss per share[2] - The company recorded a net loss attributable to equity holders of (1,334,036) New Taiwan Dollars, a reduction of 53% from (2,842,052) New Taiwan Dollars in the previous year[24] - The group recorded a loss attributable to equity holders of approximately 1.3 million SGD in the first half of 2024, an improvement from a loss of about 2.8 million SGD in the same period of 2023[55] Assets and Liabilities - The company's total assets as of June 30, 2024, were SGD 26,809,940, down from SGD 28,601,898 as of December 31, 2023, representing a decline of approximately 6.3%[3] - The company's total liabilities decreased to SGD 11,546,815 as of June 30, 2024, from SGD 13,205,989 as of December 31, 2023, indicating a reduction of about 12.6%[4] - The company's total equity as of June 30, 2024, was 38,752,665 New Taiwan Dollars, down from 40,086,474 New Taiwan Dollars as of December 31, 2023[11] - The total equity attributable to the company's equity holders was approximately SGD 38.8 million as of June 30, 2024, compared to SGD 40.1 million as of December 31, 2023[56] - The total liabilities of the group were approximately SGD 11.5 million as of June 30, 2024, down from SGD 13.2 million as of December 31, 2023[56] Cash Flow and Financial Position - The company reported cash and cash equivalents of SGD 6,801,458 as of June 30, 2024, down from SGD 15,110,312 as of December 31, 2023, indicating a decrease of approximately 55.1%[3] - The group's cash and cash equivalents were approximately SGD 6.8 million as of June 30, 2024, down from SGD 15.1 million as of December 31, 2023[56] - The company's trade receivables amounted to 4,477,600 New Taiwan Dollars, an increase from 3,191,943 New Taiwan Dollars as of December 31, 2023, representing a growth of approximately 40.3%[28] - The company's trade payables were recorded at 903,141 New Taiwan Dollars as of June 30, 2024, significantly lower than 2,231,873 New Taiwan Dollars as of December 31, 2023, indicating a reduction of approximately 59.5%[32] Operational Focus and Market Outlook - The company continues to focus on providing demolition services, sales of inventory, and leasing machinery in Singapore, aiming for market expansion and operational efficiency[5] - The projected total construction demand in Singapore for 2024 is estimated to be between SGD 32 billion and SGD 38 billion, driven mainly by public sector projects[45] - The public sector is expected to contribute SGD 18 billion to SGD 21 billion, primarily from public housing and infrastructure projects[45] - The private sector is projected to contribute SGD 14 billion to SGD 17 billion, supported by residential development, commercial building redevelopment, and industrial facility development[45] - The outlook for the construction and demolition industry remains optimistic for the remainder of 2024, driven by ongoing infrastructure development and urban renewal initiatives in Singapore[46] Corporate Governance and Management - The company has adopted corporate governance principles to enhance shareholder value and ensure accountability[76] - The board consists of five executive directors and three independent non-executive directors, ensuring strong independence[77] - The Audit Committee consists of three independent non-executive directors, with Mr. Liang Youwen serving as the chairman, possessing appropriate professional qualifications and financial expertise[80] - The company has adopted the Listing Rules as its own standards for the conduct of securities trading by directors, ensuring compliance throughout the first half of 2024[79] Employee and Operational Metrics - Employee benefits expenses increased to 5,440,847 New Taiwan Dollars, up 13.7% from 4,786,980 New Taiwan Dollars year-over-year[19] - The group employed a total of 128 employees as of June 30, 2024, an increase of seven from December 31, 2023[59] Future Plans and Investments - The company plans to utilize the remaining unused proceeds by June 30, 2025[64] - The company has allocated HKD 51.2 million for the purchase of various excavators, including a 48.5-meter long-arm excavator, to enhance operational capabilities[64] - The company is focusing on identifying optimal opportunities and timelines to strengthen its equipment and pursue more registered projects for growth[64]

Financial Performance - Total revenue for the fiscal year 2023 decreased by SGD 3.3 million or 10.1%, from SGD 32.7 million to SGD 29.4 million, primarily due to a significant drop in scrap material prices [6]. - The gross profit margin for the fiscal year 2023 was 31.5%, an increase from 29.0% in the fiscal year 2022, highlighting the company's efforts to optimize operational efficiency [6]. - For the fiscal year 2023, the group's total revenue decreased by 3.3 million SGD or 10.1% to approximately 29.4 million SGD from 32.7 million SGD in the fiscal year 2022 [35]. - The group recorded a gross profit margin of 31.5% in fiscal year 2023, compared to 29.0% in fiscal year 2022, indicating improved operational efficiency [35]. - The company's net profit attributable to equity holders for fiscal year 2023 was approximately 25,000 SGD, compared to 0.5 million SGD in 2022, with earnings per share dropping to 0.002 SGD from 0.05 SGD [48]. - The company's cost of sales for fiscal year 2023 was approximately 20.1 million SGD, a decrease of 3.1 million SGD or 13.4% compared to 23.2 million SGD in 2022 [42]. - Administrative expenses increased by 0.8 million SGD or 9.3% to approximately 9.4 million SGD in 2023, primarily due to increased employee benefits [44]. - Other income rose to 0.5 million SGD in 2023, an increase of 0.2 million SGD or 66.7% compared to 0.3 million SGD in 2022, mainly due to higher interest income [45]. Project and Market Outlook - The company successfully completed the demolition of the iconic AXA Tower, a landmark building in Singapore, and secured 16 demolition projects, with 11 completed during the fiscal year 2023 [7]. - The expected total revenue from ongoing projects is approximately SGD 12.0 million, indicating a positive outlook for future earnings [7]. - Singapore's construction demand is projected to be between SGD 32 billion and SGD 38 billion in 2024, driven mainly by public sector projects [8]. - The company aims to leverage government economic stimulus policies and the ongoing growth in the construction industry to enhance shareholder value [8]. - The management is focused on core business operations while actively seeking new opportunities for business expansion [8]. - The fiscal year 2023 saw a notable achievement in maintaining operational performance amidst a weak demand environment, particularly in the Asia region [6]. Governance and Management - The board includes independent directors with extensive experience in finance and investment, ensuring robust governance and oversight [21]. - The company has a strong emphasis on corporate governance, with independent directors overseeing management practices [21]. - The management team has undergone various safety and risk management training, indicating a commitment to workplace safety and compliance [17]. - The company has established a framework for risk management and internal controls, which is regularly reviewed to ensure appropriateness [146]. - The board consists of five executive directors and three independent non-executive directors, ensuring strong independence [142]. - The company maintains high corporate governance standards, focusing on long-term financial performance rather than short-term gains [108]. - The company has adopted the corporate governance code and complied with its applicable provisions during the fiscal year 2023, except for a deviation regarding the roles of the Chairman and CEO [141]. Employee and Community Engagement - The group has a total of 121 employees as of December 31, 2023, with approximately 30% being local employees and 70% foreign employees [70]. - The company donated a total of SGD 25,000 to community development and welfare funds in the fiscal year 2023 [88]. - The company emphasizes effective and timely communication with shareholders to protect their rights and interests [199]. Risk Management - The company has established a risk management policy that includes risk identification, assessment, and management procedures across its divisions [193]. - The board is responsible for reviewing and approving proposed risk mitigation procedures and the effectiveness of the group's risk management and internal control systems [193]. - The internal audit department reviewed major control issues and provided findings and improvement recommendations to the audit committee [194]. Future Plans and Investments - The company plans to enhance its fleet by acquiring various excavators, including a 48.5-meter long-arm excavator, with an estimated expenditure of HKD 51.2 million [86]. - The company aims to recruit additional staff, including project management and execution personnel, with a budget of HKD 9.1 million [86]. - As of December 31, 2023, the unutilized net proceeds from the IPO amounted to approximately HKD 19.6 million, with plans to fully utilize these funds by December 31, 2024 [86]. Shareholder Information - The board does not recommend the payment of a final dividend for the fiscal year 2023 [76]. - The company has complied with all relevant laws and regulations in all material aspects during the fiscal year 2023 [82]. - The company maintained a sufficient public float of at least 25% of its issued shares as required by the Listing Rules [132].