Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 13,822,745, a decrease of 45.5% compared to SGD 25,361,949 for the same period in 2019[9] - Gross profit for the same period was SGD 4,491,760, down 20.7% from SGD 5,662,004 in 2019[9] - Net profit for the period was SGD 1,147,900, representing a 65.5% increase from SGD 693,501 in the previous year[9] - Basic and diluted earnings per share increased to 0.09 cents from 0.06 cents year-on-year[9] - Revenue from labor dispatch and support services was SGD 10,116,687 in 2020, down from SGD 21,804,489 in 2019, reflecting a decline of 53.7%[19] - Total revenue from investment properties for the six months ended June 30, 2020, was SGD 3,019,792, up from SGD 2,768,876 in 2019, indicating a growth of approximately 9.0%[24] - The company reported a pre-tax profit of SGD 1,844,085 for the six months ended June 30, 2020, compared to SGD 762,727 in the same period of 2019, representing an increase of approximately 142.5%[24] - Basic and diluted earnings per share for the six months ended June 30, 2020, were SGD 0.09, compared to SGD 0.06 in 2019, marking a growth of 50%[28] Assets and Liabilities - Non-current assets as of June 30, 2020, totaled SGD 9,478,138, a decrease from SGD 12,557,501 as of December 31, 2019[10] - Current assets amounted to SGD 30,004,730, compared to SGD 30,087,077 at the end of 2019[10] - Total liabilities decreased to SGD 11,703,767 from SGD 13,354,240 year-on-year[11] - The company's net asset value increased to SGD 25,350,278 from SGD 24,202,378 as of December 31, 2019[11] - As of June 30, 2020, the company's current and non-current lease liabilities totaled approximately SGD 7.6 million, down from SGD 10.1 million as of December 31, 2019, due to lease liability repayments[52] - The company's debt-to-equity ratio as of June 30, 2020, was approximately 29.9%, a decrease from 41.7% as of December 31, 2019[52] Cash Flow - Total cash generated from operating activities reached SGD 6,427,451 for the six months ended June 30, 2020, compared to SGD 4,907,221 in the same period of 2019, an increase of 31%[13] - The total cash and cash equivalents at the end of the period increased to SGD 26,688,155 in 2020 from SGD 21,100,541 in 2019, marking a growth of 26.4%[14] - Cash used in investing activities was SGD (48,210) in 2020, a significant decrease from SGD 2,921,370 in 2019, indicating a shift in investment strategy[14] - Financing activities resulted in cash outflow of SGD (1,916,163) in 2020, down from SGD (2,601,354) in 2019, a reduction of 26.3%[14] Government Support and Grants - Government grants received amounted to SGD 1,261,999 for the six months ended June 30, 2020, compared to SGD 277,584 in the same period of 2019, reflecting a significant increase[21] - The company received SGD 928,038 under the COVID-19 support scheme, aimed at helping employers retain local employees during the pandemic[22] Employee Costs - Total employee costs decreased to SGD 9,095,794 for the six months ended June 30, 2020, from SGD 18,827,390 in 2019, reflecting a reduction of approximately 51.7%[24] - The total employee costs for the first half of 2020 were approximately SGD 8.7 million, compared to SGD 12.0 million for the same period in 2019[58] Strategic Focus - The company plans to focus on market expansion and new product development to drive future growth[9] - The company is actively seeking suitable acquisitions for dormitory services while maintaining a cautious approach to ensure shareholder value[39] - The company anticipates additional costs in the future to comply with government regulations regarding worker testing and safety measures[36] - The company continues to implement stricter cost management measures and defer capital expenditures to conserve cash during the pandemic[36] Compliance and Governance - The company has adopted all applicable new and revised International Financial Reporting Standards as of January 1, 2020, with no significant impact on accounting policies[17] - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[75] - The audit committee has reviewed the unaudited interim results and found them to be prepared in accordance with applicable accounting standards[76] Other Information - The company did not declare or pay any dividends for the six months ended June 30, 2020, consistent with the previous year[27] - The company has no significant contingent liabilities as of June 30, 2020[55] - There were no significant events affecting the group from June 30, 2020, to the date of this interim report[72] - The company has not adopted any share option schemes during the reporting period[69] - The company maintains cash and cash equivalents at a level deemed sufficient by management to meet operational needs and reduce cash flow volatility[62] - The company faces equity risk from financial assets and liabilities measured at fair value, and it diversifies its portfolio to manage this risk[63] - As of June 30, 2020, Mr. Chen holds 632,500,000 shares, representing approximately 51.42% of the company's equity[65]

Financial Performance - For the fiscal year 2019, the company reported a revenue increase of 9.4% to approximately SGD 51.9 million, driven by construction demand and increased hourly wages for foreign workers in the labor dispatch segment [16]. - The pre-tax profit significantly improved due to the growth in demand, despite the challenges posed by the US-China trade war and intense industry competition [16]. - The Singapore construction industry experienced a year-on-year growth of 2.6%, contrasting with the overall GDP growth of only 0.7% [16]. - The group recorded revenue of approximately SGD 51.9 million for the fiscal year 2019, an increase of about 9.4% compared to the previous year [20]. - Gross profit increased from approximately SGD 8.9 million in fiscal year 2018 to approximately SGD 12.4 million in fiscal year 2019, with a gross margin rising from about 18.7% to 23.8% [25]. - Revenue from labor dispatch and supporting services grew by approximately 8.3%, from about SGD 41.2 million in fiscal year 2018 to approximately SGD 44.7 million in fiscal year 2019 [23]. - The group recorded a loss of approximately SGD 0.69 million in FY2019, compared to a loss of SGD 3.54 million in FY2018, indicating an improvement in performance [31]. - Basic loss per share for FY2019 was 0.06 Singapore cents, down from 0.29 Singapore cents in FY2018, based on a weighted average of 1,230,000,000 shares [31]. COVID-19 Impact - The company is closely monitoring the impact of the COVID-19 pandemic, which has created significant uncertainty and disrupted supply chains, affecting several construction projects [17]. - The board is committed to keeping shareholders informed of any significant developments related to the pandemic's impact on business and financial performance [17]. - The group expects to face several adverse factors in 2020 due to the coronavirus outbreak, which may delay construction projects and affect labor demand [20]. - The board is closely monitoring the impact of the coronavirus outbreak on the group's operations and financial performance [20]. Operational Insights - The group anticipates total construction demand in Singapore for 2020 to be between SGD 28 billion and SGD 33 billion, with public sector demand expected to reach SGD 17.5 billion to SGD 20.5 billion [20]. - The group is actively seeking suitable acquisitions for dormitory services to capture more business opportunities [23]. - Administrative expenses increased by approximately SGD 0.4 million, mainly due to rental expenses for the Hong Kong office and costs related to a mandatory cash offer [27]. Debt and Financing - The group’s financing costs increased by approximately SGD 0.44 million due to the adoption of IFRS 16, resulting in lease liability interest expenses [30]. - As of December 31, 2019, the group’s total lease liabilities amounted to approximately SGD 10.1 million, a significant increase from SGD 0.3 million on December 31, 2018 [38]. - The group’s debt-to-equity ratio as of December 31, 2019, was approximately 41.7%, compared to 1.4% on December 31, 2018 [38]. - The net proceeds from the IPO were approximately HKD 82.6 million (equivalent to about SGD 14.1 million), with SGD 0.3 million allocated for the purchase of three new trucks [33]. Employee and Workforce - As of December 31, 2019, the group had 1,650 employees, a decrease from 1,720 employees as of December 31, 2018 [44]. - Employee costs for the fiscal year 2019 were approximately SGD 24.0 million, compared to SGD 23.7 million in fiscal year 2018 [44]. - The employee turnover rate for local employees was 38%, while the turnover rate for foreign workers was 31% as of December 31, 2019 [172]. - The company invested approximately SGD 16,181 in training for local employees and SGD 337,087 for foreign workers during the fiscal year 2019 [181]. Corporate Governance - The company is committed to fulfilling its responsibilities to shareholders and enhancing shareholder value through good corporate governance practices [65]. - The company adopted and complied with all applicable code provisions of the Corporate Governance Code during the year ended December 31, 2019, with some deviations disclosed [66]. - The board of directors consists of nine members, including three independent non-executive directors, meeting the requirement of at least one with appropriate professional qualifications in accounting or related financial management [69]. - The company has established a standard code of conduct for directors' securities transactions, ensuring compliance throughout the year [67]. - The company has established policies and procedures for risk management and internal control, which the board believes are adequate and effective in the current business environment [97]. Environmental and Social Responsibility - The company has established an environmental management system to address its carbon footprint and water conservation efforts [115]. - There were no reported violations of environmental laws and regulations during the fiscal year [115]. - The company made charitable donations totaling SGD 100,500 during the fiscal year, a decrease from SGD 144,300 in the previous fiscal year [113]. - The company has a zero-tolerance policy towards child labor and forced labor, ensuring no employees under the age of 18 are hired [182]. Risk Management - The company has engaged an external professional firm to conduct independent assessments of its risk management and internal control systems [97]. - The board is responsible for evaluating the nature and extent of risks acceptable to the company in achieving its strategic objectives [97]. - The company has implemented a gift and bribery policy to minimize the risks of fraud, corruption, and bribery [193]. Supplier and Procurement - The top five suppliers accounted for approximately 63.5% of total procurement in the fiscal year 2019, up from 59.3% in 2018 [142]. - The largest supplier accounted for 25.4% of total procurement in fiscal year 2019, compared to 22.2% in 2018 [142]. - The company evaluates and monitors suppliers annually to manage environmental and social risks [183]. Audit and Compliance - The total remuneration for auditors Foo Kon Tan LLP (FKT) for the year includes S$175,000 for audit services and S$20,000 for non-audit services, totaling S$195,000 [94]. - The company has not reported any significant violations of employment laws that would impact its operations during the year [175]. - The company has not discovered any serious violations of bribery, extortion, fraud, and money laundering laws that significantly impact its operations during the year [193].

Financial Performance - Total revenue for the six months ended June 30, 2019, was SGD 25,361,949, an increase of 15.4% compared to SGD 21,934,069 for the same period in 2018[5] - Gross profit for the same period was SGD 5,662,004, representing a 57.7% increase from SGD 3,587,942 in 2018[5] - The net profit after tax for the six months ended June 30, 2019, was SGD 693,501, a significant recovery from a loss of SGD 1,308,375 in the previous year[5] - Basic and diluted earnings per share for the period were 0.06 cents, compared to a loss of 0.11 cents per share in 2018[5] - For the six months ended June 30, 2019, the company reported a pre-tax profit of SGD 835,543, a significant recovery from a loss of SGD (1,308,375) in the same period of 2018[10] - The operating cash flow before changes in working capital for the first half of 2019 was SGD 3,156,619, compared to a negative cash flow of SGD (961,688) in the prior year[10] - The net cash generated from operating activities for the six months ended June 30, 2019, was SGD 4,907,221, a substantial improvement from SGD (2,481,767) in 2018[11] - The total revenue for the six months ended June 30, 2019, was SGD 25,361,949, compared to SGD 21,934,069 for the same period in 2018, representing an increase of approximately 15.5%[23] - The group recorded a profit of approximately SGD 0.7 million in the first half of 2019, compared to a loss of approximately SGD 1.3 million in the first half of 2018[51] Assets and Liabilities - Non-current assets as of June 30, 2019, totaled SGD 15,394,045, an increase from SGD 5,178,933 as of December 31, 2018[6] - Current liabilities increased to SGD 30,486,757 from SGD 28,626,685 in the previous period[6] - Total equity as of June 30, 2019, was SGD 25,581,661, up from SGD 24,888,160 at the end of 2018[6] - The total assets as of June 30, 2019, amounted to SGD 25,581,661, reflecting an increase from SGD 24,888,160 in 2018[10] - The group’s total lease liabilities were approximately SGD 12.3 million, a significant increase from SGD 0.3 million as of December 31, 2018, due to the adoption of IFRS 16[55] - The group's debt-to-equity ratio as of June 30, 2019, was approximately 48.1%, compared to 1.4% as of December 31, 2018[55] Income and Expenses - The company reported a significant increase in other income to SGD 1,131,555 from SGD 523,925 in the previous year[5] - The total other income for the six months ended June 30, 2019, was SGD 1,131,555, compared to SGD 523,925 in the same period of 2018, representing an increase of approximately 115%[24] - Interest income significantly increased to SGD 635,268 for the six months ended June 30, 2019, compared to SGD 8,287 in the same period of 2018, marking a substantial rise of over 7,600%[24] - Administrative expenses rose from approximately SGD 5.6 million in the first half of 2018 to approximately SGD 6.0 million in the first half of 2019, mainly due to increased maintenance costs and staff salaries[48] - The company incurred depreciation expenses of SGD 485,896 for property, plant, and equipment, slightly up from SGD 482,815 in the previous year[10] - Financing costs increased by approximately SGD 0.3 million due to the adoption of IFRS 16, which replaced operating lease expenses with financing costs and depreciation of right-of-use assets[50] Market and Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming quarters[5] - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[5] - The expected construction contracts to be awarded by the Building and Construction Authority of Singapore in 2019 is projected to reach a total value of up to SGD 32 billion, similar to the preliminary estimate of SGD 30.5 billion in 2018[40] - The company has a cautious optimism regarding the demand for labor dispatch services for the remaining months of 2019[40] - The revenue from labor dispatch and supporting services increased by approximately 15.8% to about SGD 21.8 million, driven by the recovery in the construction industry in Singapore[44] Governance and Compliance - The company has adopted all new and revised International Financial Reporting Standards effective from January 1, 2019, with no significant impact on its accounting policies[15] - The company has appointed new directors and committee members effective July 19, 2019, to ensure compliance with governance codes[81] - The company has confirmed that there are no interests in competing businesses held by directors or controlling shareholders during the reporting period[80] - The audit committee reviewed the interim performance and found that the financial information was prepared in accordance with applicable accounting standards and regulations[82] - The company has adhered to the corporate governance code principles and adopted applicable provisions during the reporting period[81] Employee and Operational Metrics - The total employee costs for the period included salaries, wages, and other benefits, with a total of SGD 11,474,855 for the first half of 2019[28] - As of June 30, 2019, the group employed 1,846 staff, an increase from 1,720 as of December 31, 2018[61] - Employee costs for the first half of 2019 were approximately SGD 12.0 million, compared to SGD 11.6 million in the same period of 2018[61] Shareholder Information - The company has a total issued share capital of 1,232,500,000 shares, with 宝来 holding 632,500,000 shares, representing 51.42% of the total issued shares[70] - 陳國寶先生 is the beneficial owner of all issued shares, and his spouse, 蔣霞宏女士, is also considered to have an interest in these shares[70] - The company has not declared or paid any dividends for the six months ended June 30, 2019, and June 30, 2018[30] - The group did not declare an interim dividend for the period, consistent with the previous year[51]

Financial Performance - The group's revenue increased by approximately 6.8% from about SGD 44.4 million in FY2017 to approximately SGD 47.5 million in FY2018[7] - The gross profit decreased from approximately SGD 11.7 million in FY2017 to about SGD 8.9 million in FY2018, with a gross margin decline from 26.4% to 18.7%[14] - The group incurred a loss of approximately SGD 3.5 million in FY2018 due to higher service costs and administrative expenses[7] - The company recorded a net loss of approximately SGD 3.5 million in FY2018, compared to a profit of about SGD 4.6 million in FY2017, primarily due to rising service and administrative costs[21] - Basic earnings per share for FY2018 were SGD 0.29 cents, based on a weighted average of 1,230,000,000 shares[22] - The company reported a loss before tax of SGD 3,856,113 in 2018, compared to a profit of SGD 3,146,884 in 2017, marking a substantial decline[200] - The net loss after tax for 2018 was SGD 3,538,952, contrasting with a profit of SGD 2,277,773 in 2017[200] - Basic and diluted loss per share for 2018 was SGD (0.29), compared to earnings of SGD 0.21 per share in 2017[200] Revenue Sources - The labor dispatch and related services revenue rose by 13.3% from approximately SGD 36.4 million in FY2017 to about SGD 41.2 million in FY2018[12] - The group maintained stable revenue from dormitory services at approximately SGD 5.2 million in FY2018, compared to SGD 5.3 million in FY2017[12] - The revenue from construction support services decreased by approximately SGD 1.6 million in FY2018 due to a reduction in the number of projects awarded[13] - The information technology services revenue fell from about SGD 0.74 million in FY2017 to approximately SGD 0.53 million in FY2018, primarily due to contract terminations[13] - Other income decreased from approximately SGD 1.73 million in FY2017 to about SGD 1.24 million in FY2018, mainly due to the end of a one-time profit-sharing arrangement[16] Expenses and Costs - The increase in foreign worker wages from approximately SGD 9.6 million in FY2017 to about SGD 11.9 million in FY2018 contributed to the rise in service costs[14] - Foreign worker levies increased from approximately SGD 11.4 million in FY2017 to about SGD 13.2 million in FY2018, primarily due to government-imposed increases and the recruitment of more workers[15] - Depreciation rose from approximately SGD 0.8 million in FY2017 to about SGD 1.0 million in FY2018 due to additional plant and equipment purchases[15] - Employee-related costs increased from approximately SGD 3.0 million in FY2017 to about SGD 4.1 million in FY2018, driven by higher accommodation expenses for foreign workers[15] - Administrative expenses surged from approximately SGD 7.1 million in FY2017 to about SGD 12.8 million in FY2018, largely due to increased director remuneration and professional fees[17] Corporate Governance - The board consists of six directors, with independent non-executive directors making up 50% of the board members[59] - The company is committed to good corporate governance to enhance shareholder value[54] - The company has adopted all applicable code provisions of the corporate governance code during the reporting period[55] - The management is responsible for executing the business plans and strategies adopted by the board[57] - The company has established various committees to oversee different responsibilities within the board[57] - The independent non-executive director has extensive experience in property development and related projects in China[49] - The company emphasizes the importance of accountability in its management structure and internal controls[54] Risk Management - The group faces cash flow interest rate risk due to floating interest rates on bank balances and fair value interest rate risk from fixed-rate financing leases[37] - The group is exposed to foreign currency risk from bank balances and financial assets denominated in USD and HKD, which are not the functional currencies of the group[38] - To mitigate credit risk, the group has established credit limits and approval procedures, ensuring overdue debts are followed up and assessed for recoverability[39] - The group monitors cash and cash equivalents to maintain sufficient levels for operational needs and reduce cash flow volatility[40] - The group faces equity price risk from financial instruments classified as fair value through profit or loss, and it diversifies its portfolio to manage this risk[41] Employee and Labor Practices - The company employed 1,720 employees as of December 31, 2018, an increase from 1,556 employees in 2017[36] - The total employee costs for the fiscal years 2018 and 2017 were approximately SGD 23.7 million and SGD 17.5 million, respectively[36] - The employee turnover rate for local employees was 34%, while the turnover rate for foreign workers was 31% as of December 31, 2018[164] - The company invested approximately SGD 10,241 and 2,240 hours in employee training, and SGD 525,550 and 34,424 hours in training for foreign workers during the fiscal year 2018[172] - The company has a zero-tolerance policy towards child and forced labor, ensuring no employees under 18 are hired and requiring suppliers to adhere to the same labor standards[176] Environmental Management - The company has established an environmental management system to address its carbon footprint and water conservation efforts[106] - The company reported an increase in water consumption at its dormitories, with SKA's usage rising from 27,166 cubic meters in 2017 to 30,416 cubic meters in 2018, and WD's from 105,660 cubic meters to 110,710 cubic meters[157] - The overall electricity consumption remained stable, with a slight increase from 836,615 kWh in 2017 to 837,225 kWh in 2018, despite the addition of new dormitories and foreign workers[160] - The company reduced its diesel consumption per truck from 12,973 liters in 2017 to 11,885 liters in 2018, and CO2 emissions from 33,910 kg to 31,068 kg[151] - The company has not generated any hazardous waste, and non-hazardous waste from dormitories has been properly managed[153] Shareholder Information - The company did not recommend any dividends for FY2018, consistent with FY2017[24] - The company’s distributable reserves as of December 31, 2018, amount to approximately SGD 10.7 million, calculated from a total share premium of about SGD 15 million minus accumulated losses of approximately SGD 4.3 million[103] - The company has adopted a dividend policy that allows for the distribution of stable and sustainable returns to shareholders, contingent on profitability and operational stability[143] - The company has implemented a sustainable dividend policy, balancing shareholder expectations and prudent capital management, with the board retaining discretion to update or cancel the policy at any time[145] Compliance and Legal Matters - The company has complied with all relevant laws and regulations in Singapore, the Cayman Islands, and Hong Kong during the fiscal year[107] - The company has established a whistleblowing policy allowing employees to report unethical behavior confidentially[186] - There were no significant violations related to bribery, extortion, fraud, or money laundering laws during the year[186] - The company has implemented policies to mitigate risks of fraud and corruption, including a gift and entertainment policy[185]