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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 截至二零二五年六月三十日止六個月之中期業績 財務摘要 收益由截至二零二四年六月三十日止六個月約5.6百萬新加坡元增加約51.8%至截至二零二五年六 月三十日止六個月約8.5百萬新加坡元。 毛利由截至二零二四年六月三十日止六個月約0.7百萬新加坡元減少約92.7%至截至二零二五年六 月三十日止六個月約51,000新加坡元。 SOLIS HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：2227） 截至二零二五年六月三十日止六個月之溢利為約1.7百萬新加坡元，而截至二零二四年六月三十日 止六個月為虧損約0.5百萬新加坡元。 董事會已議決並不就截至二零二五年六月三十日止六個月宣派任何中期股息（截至二零二四年六 月三十日止六個月：無）。 中期業績 守益控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其附屬公司（統稱「本集 團」）截至二零二五年六月三十日止六個 ...

Core Viewpoint - The company, Shouyi Holdings (02227.HK), will hold a board meeting on August 29, 2025, to consider and approve its unaudited consolidated interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1] Summary by Category - Company Announcement - Shouyi Holdings has scheduled a board meeting for August 29, 2025, to discuss its interim financial performance and potential dividend declaration [1] - Financial Reporting - The meeting will focus on the unaudited consolidated interim results for the six months ending June 30, 2025 [1] - Dividend Consideration - The board will also consider the declaration of an interim dividend, subject to approval [1]

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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 董事會會議日期 守益控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，本公司將於二零二五年八月 二十九日（星期五）舉行董事會會議，以（其中包括）考慮及批准本公司及其附屬公司截至二零二五年六 月三十日止六個月之未經審核綜合中期業績及宣派中期股息（如有）。 承董事會命 守益控股有限公司 執行主席及執行董事 鄭湧華 新加坡，二零二五年八月十八日 於本公告日期，執行董事為鄭湧華先生及張瑞清先生；及獨立非執行董事為薛淑玲女士、 鍾比能先生及黃仲權先生。 SOLIS HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：2227） ...

呈交日期: 2025年8月1日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 守益控股有限公司 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) | 02227 | 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 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 FF301 第 1 頁 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue increased by approximately 5.9% to about SGD 19.9 million, compared to approximately SGD 18.8 million in the previous fiscal year[10] - The gross profit decreased from approximately SGD 3.1 million in the fiscal year ending December 31, 2023, to approximately SGD 1.9 million for the fiscal year ending December 31, 2024, primarily due to lower gross margins on ongoing projects[10] - Revenue increased by approximately SGD 1.1 million or 5.9% from SGD 18.8 million in FY2023 to SGD 19.9 million in FY2024, primarily due to increased construction activities on public sector projects[16] - Gross profit decreased by approximately SGD 1.2 million or 38.7% from SGD 3.1 million in FY2023 to SGD 1.9 million in FY2024, with gross margin declining from 16.5% to 9.5%[19] - Profit for the year was approximately SGD 0.8 million in FY2024, compared to a loss of approximately SGD 7,000 in FY2023[23] Project and Contract Updates - As of December 31, 2024, the company had six ongoing projects (excluding joint venture projects) with a total contract value of approximately SGD 63.4 million, of which about SGD 52.0 million has been recognized as revenue[12] - The company secured two new projects with a total contract value of approximately SGD 23.8 million during the fiscal year ending December 31, 2024[13] - The company is currently constructing a four-story building for warehouse, office, dormitory, and ancillary facilities, expected to be completed by 2025[39] Industry Outlook - The construction industry in Singapore is projected to grow by 4.5% in 2024, following a strong growth of 5.8% in 2023, with nominal construction demand expected to range between SGD 47 billion and SGD 53 billion in 2025[9] - The outlook for the construction industry remains optimistic, supported by ongoing public infrastructure projects and private sector developments[8] Cost Management and Financial Health - The company is committed to strict cost control and is prepared to address potential new challenges while maintaining its market leadership[10] - Service costs rose by approximately SGD 2.2 million or 13.9% from SGD 15.8 million in FY2023 to SGD 18.0 million in FY2024, driven by increased construction activities[18] - Other income increased by approximately SGD 0.9 million from SGD 4.4 million in FY2023 to SGD 5.3 million in FY2024, mainly due to higher interest income from financial assets[20] - Administrative expenses decreased by approximately SGD 0.2 million or 2.9% from SGD 6.9 million in FY2023 to SGD 6.7 million in FY2024, attributed to reduced depreciation and professional fees[21] - As of December 31, 2024, the group had cash and bank balances of approximately SGD 3.0 million, down from SGD 13.7 million in FY2023[26] - The group’s debt stood at approximately SGD 5.4 million as of December 31, 2024, compared to SGD 5.7 million in FY2023[26] Corporate Governance - The company has fully complied with all applicable principles and code provisions of the Corporate Governance Code for the fiscal year ending December 31, 2024[115] - The board of directors held four meetings during the fiscal year ending December 31, 2024, to discuss overall strategy, operations, and financial performance[127] - The company has established a clear framework for the responsibilities and contributions of the board and management, ensuring effective governance[126] - The independent non-executive directors confirmed their independence according to the guidelines set out in the Listing Rules for the fiscal year ending December 31, 2024[122] Risk Management - The company faces significant risks due to the non-recurring nature of its projects, which may impact its financial performance if it cannot secure new contracts after current projects are completed[81] - The company has implemented credit risk policies to mitigate the impact of potential defaults on trade receivables[83] - The company has committed to taking proactive actions to address identified issues in its risk management and internal control systems[167] Employee and Workforce Management - The total employee cost for the fiscal year ending December 31, 2024, was approximately SGD 6.6 million, an increase from SGD 6.4 million in 2023, with a total of 154 employees as of December 31, 2024[38] - The company emphasizes the importance of employees as valuable assets and has implemented competitive compensation and safety measures[63] - A significant portion of the company's workforce consists of foreign employees, and any inability to hire or retain them could adversely affect operations and financial performance[83] Sustainability and Social Responsibility - The company emphasizes workplace safety and responsible environmental practices as part of its commitment to social and environmental management[186] - The company aims to balance profitability with sustainability, outlining measures taken to address the environmental and social impacts of its operations[188] - The company is committed to achieving annual environmental, social, and governance goals and continuously improving its performance in these areas[195] Shareholder Relations - The company reported no distributable reserves as of December 31, 2024, due to accumulated losses, although share premium accounts can be used for dividend distribution if debts are payable on the dividend payment date[66] - The board has resolved not to recommend any final dividend for the fiscal year ending December 31, 2024, consistent with the previous year[67] - The company has adopted a dividend policy that considers financial performance, cash flow, and other factors before declaring dividends, with the board having full discretion over dividend payments[183]

Financial Performance - Revenue increased by approximately 5.9% from about SGD 18.8 million in 2023 to about SGD 19.9 million in 2024[3] - Gross profit decreased by approximately 38.7% from about SGD 3.1 million in 2023 to about SGD 1.9 million in 2024[4] - The company recorded a profit of approximately SGD 0.8 million in 2024, compared to a loss of about SGD 7,000 in 2023[5] - Total comprehensive income for the year amounted to SGD 2.357 million, up from SGD 0.869 million in 2023[9] - Basic and diluted earnings per share increased to SGD 0.09 in 2024 from SGD 0.00 in 2023[9] - Other income for 2024 totaled SGD 5,276,000, up from SGD 4,449,000 in 2023, reflecting an increase of about 18.6%[21] - Profit for the fiscal year ending December 31, 2024, was approximately SGD 0.8 million, compared to a loss of about SGD 7,000 for the fiscal year ending December 31, 2023[60] Assets and Liabilities - Non-current assets increased to SGD 56.666 million in 2024 from SGD 49.693 million in 2023[10] - Trade receivables rose significantly to SGD 4.565 million in 2024 from SGD 0.944 million in 2023[10] - Total liabilities increased to SGD 21.676 million in 2024 from SGD 20.933 million in 2023[11] - The company’s net assets increased to SGD 51.525 million in 2024 from SGD 49.168 million in 2023[11] - Trade payables rose to SGD 6,278,000 in 2024 from SGD 4,166,000 in 2023, reflecting increased operational activity[39] - Accrued operating expenses increased to SGD 3,034,000 in 2024 from SGD 1,566,000 in 2023, indicating higher operational costs[40] - The debt as of December 31, 2024, was approximately SGD 5.4 million, a decrease from SGD 5.7 million in the previous year[62] Revenue Sources - The revenue from construction contracts for the design, construction, and installation of electromechanical systems increased to SGD 19,929,000 in 2024 from SGD 18,809,000 in 2023, representing a growth of approximately 5.96%[18] - Major clients contributing over 10% of total revenue included Client A with SGD 13,791,000 and Client B with SGD 3,692,000 in 2024, while Client B had contributed SGD 12,728,000 in 2023[18] - The total revenue from remaining performance obligations as of December 31, 2024, was SGD 30,411,000, compared to SGD 24,889,000 in 2023, indicating an increase of approximately 22.5%[19] Operational Highlights - Service costs rose by approximately 13.9% to about SGD 18.0 million, driven by increased construction activities[55] - As of December 31, 2024, the company had six ongoing projects with a total contract value of approximately SGD 63.4 million, of which about SGD 52.0 million was recognized as revenue[50] - The company secured two new projects with a total contract value of approximately SGD 23.8 million during the fiscal year ending December 31, 2024[51] Market Outlook - The construction market in Singapore is expected to continue growing, supported by large infrastructure projects and urban redevelopment, with a projected growth of 4.5% in the construction sector for 2024[47] - The nominal total value of construction demand in 2025 is expected to range between SGD 47 billion and SGD 53 billion, which is 0.3% to 11.7% higher than pre-pandemic levels[47] Governance and Compliance - The company has adopted a code of conduct for directors' securities trading, confirming compliance for the fiscal year ending December 31, 2024[77] - The board believes the company has fully complied with the corporate governance code applicable for the fiscal year ending December 31, 2024[78] - The roles of the chairman and CEO are clearly separated, with Mr. Zheng Yonghua serving as the executive chairman and Mr. Zhang Ruiqing as the CEO[79] Audit and Legal Matters - The independent auditor's report indicates a qualified opinion due to insufficient audit evidence regarding the classification of a 49% investment in D.D. Resident Co. Ltd[86][88] - The ongoing legal proceedings are not expected to have a significant adverse impact on the company's overall business or daily operations[91] - The audit committee shares the same view as Baker Tilly regarding the audit qualification and will maintain close communication with the board and Baker Tilly on the progress[92] Future Plans - The company plans to invest in enhancing its workforce and adopting new construction technologies to improve productivity and maintain competitive advantages in bidding and project delivery[48] - The company will continue to monitor the macroeconomic environment and implement contingency plans to ensure smooth project progress and strict cost control[48]

Financial Performance - The group's revenue for the six months ended June 30, 2024, remained consistent at approximately SGD 5.6 million, with no new projects awarded during the period[8]. - Gross profit increased from approximately SGD 0.2 million for the six months ended June 30, 2023, to approximately SGD 0.7 million for the current period, resulting in a gross margin of 12.5% compared to 3.6% in the previous year[10]. - Other income rose by approximately SGD 0.3 million or 15.8% to about SGD 2.2 million, primarily due to increased interest income from financial assets and management fees from a joint venture[11]. - The net loss for the period decreased by approximately 50.0% from SGD 1.0 million to SGD 0.5 million[14]. - The group reported a significant increase in contract assets, with receivables from the ultimate holding company rising to SGD 1,376,000 from SGD 170,000 in the previous year[51]. - The company reported a loss attributable to owners of SGD (464,000) for the six months ended June 30, 2024, compared to a loss of SGD (1,047,000) in 2023[66]. - Total comprehensive loss for the period was SGD 228,000, compared to SGD 1,191,000 in the previous year, reflecting a decrease of 80.9%[43]. Project and Market Outlook - The group had five ongoing projects with a total contract value of approximately SGD 57.2 million, of which approximately SGD 37.7 million was recognized as revenue by June 30, 2024[4]. - The group is adopting a more cautious approach to new project bidding in light of ongoing economic challenges and market volatility[3]. - The construction market in Singapore is expected to see strong demand, particularly in the public sector, with the private sector remaining stable in the medium term[3]. - The company plans to demolish an existing property and construct a four-story building for warehouse, office, and dormitory use, with construction expected to commence within the year[24]. Expenses and Costs - Administrative expenses increased by approximately SGD 0.5 million or 17.2% to about SGD 3.4 million, mainly due to higher depreciation, professional fees, and employee costs[12]. - Service costs decreased by approximately SGD 0.6 million or 11.1% to about SGD 4.8 million for the current period[9]. - Employee costs totaled approximately SGD 2.9 million for the period, compared to SGD 2.8 million for the same period last year[23]. - The company incurred employee benefits expenses of SGD 1,311,000 for the six months ended June 30, 2024, compared to SGD 1,338,000 in 2023[63]. Cash Flow and Liquidity - As of June 30, 2024, the company had cash and bank balances of approximately SGD 4.8 million, down from SGD 13.7 million as of December 31, 2023[16]. - The total cash and cash equivalents at the end of the period were SGD 1,718,000, a decrease from SGD 13,967,000 at the end of the previous year[53]. - The company reported a cash flow from operating activities of SGD (Singapore Dollar) -2,936,000, compared to -2,326,000 in the same period last year, indicating a decline in cash flow[51]. - The company reported a net cash outflow from investing activities of SGD -4,431,000, compared to -1,055,000 in the previous year, indicating increased investment expenditures[53]. - The company’s cash flow from financing activities showed a net outflow of SGD -298,000, slightly improved from -350,000 in the previous year[53]. Assets and Liabilities - Non-current assets totaled SGD 54,057,000 as of June 30, 2024, an increase from SGD 49,693,000 at the end of 2023[44]. - Current assets decreased to SGD 10,172,000 from SGD 20,408,000 at the end of 2023, indicating a decline of 50.2%[44]. - Total liabilities decreased to SGD 15,289,000 from SGD 20,933,000, representing a reduction of 27.1%[44]. - The company’s total liabilities decreased to SGD 6,477,000 as of June 30, 2024, from SGD 8,464,000 as of December 31, 2023[75]. - Trade payables decreased significantly to SGD 1,044,000 as of June 30, 2024, from SGD 4,166,000 as of December 31, 2023[74]. Shareholder Information and Corporate Governance - Mr. Zheng Yonghua holds 20,000,000 personal shares and 552,336,000 corporate shares, totaling 552,336,000 shares, representing 60.33% of the voting shares[28]. - Mr. Zhang Ruiqing holds 532,336,000 corporate shares, representing 58.14% of the voting shares[28]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[38]. - The board confirmed compliance with the adopted trading code for directors during the period[39]. - The company maintained a public float of at least 25% of its issued shares, in compliance with listing rules[43]. Compliance and Risk Management - The company continues to monitor foreign exchange risks and may consider hedging significant currency risks as needed[18]. - The company adopted all new and revised International Financial Reporting Standards (IFRS) effective during the fiscal period, with no significant impact on financial performance or position[56]. - The company expects no significant impact from new standards and interpretations that are not yet effective as of June 30, 2024[56]. - The company has no significant contingent liabilities or capital commitments as of June 30, 2024[20].

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately SGD 5.6 million, consistent with the same period in 2023[1] - Gross profit increased by approximately 250.0% from SGD 0.2 million in the six months ended June 30, 2023, to SGD 0.7 million in the same period in 2024[1] - Loss for the six months ended June 30, 2024, decreased by approximately 50.0% to SGD 0.5 million from SGD 1.0 million in the prior year[1] - Total comprehensive loss for the period was SGD 228,000, a significant improvement from SGD 1.191 million in the previous year[3] - The company reported a basic and diluted loss per share of SGD 0.05 for the period, improved from SGD 0.11 in the previous year[3] - The company reported a pre-tax loss of SGD 464,000 for the six months ended June 30, 2024, compared to a loss of SGD 1,047,000 for the same period in 2023, indicating an improvement in financial performance[16] - Basic loss per share for the six months ended June 30, 2024, was SGD 0.05, compared to SGD 0.11 for the same period in 2023, showing a reduction in loss per share[16] Revenue and Income - Other income increased to SGD 2.218 million from SGD 1.933 million year-on-year, reflecting a positive trend in revenue generation[2] - Other income for the six months ended June 30, 2024, totaled SGD 2,218,000, an increase from SGD 1,933,000 in 2023, reflecting a growth of approximately 14.8%[12] - Major customers contributing over 10% of total revenue included Customer A with SGD 2,468,000 (2024) down from SGD 3,475,000 (2023), and Customer B with SGD 1,534,000 (2024) up from SGD 1,362,000 (2023)[9] Assets and Liabilities - Non-current assets increased to SGD 54.057 million as of June 30, 2024, compared to SGD 49.693 million at the end of 2023[4] - Current liabilities decreased significantly from SGD 15.157 million to SGD 9.608 million over the same period[5] - The company's net assets stood at SGD 48.940 million as of June 30, 2024, slightly down from SGD 49.168 million at the end of 2023[5] - Trade receivables from third parties increased to SGD 1,036,000 as of June 30, 2024, compared to SGD 944,000 as of December 31, 2023, representing a growth of approximately 9.7%[18] - Trade payables decreased significantly to SGD 1,044,000 as of June 30, 2024, down from SGD 4,166,000 as of December 31, 2023, indicating a reduction of approximately 75%[22] - Trade and other payables totaled SGD 1,396,000 as of June 30, 2024, compared to SGD 4,710,000 as of December 31, 2023, reflecting a decrease of about 70.4%[22] - Other receivables and deposits amounted to SGD 320,000 as of June 30, 2024, down from SGD 454,000 as of December 31, 2023, a decline of approximately 29.5%[20] Expenses - Employee benefits expenses amounted to SGD 1,311,000 for the six months ended June 30, 2024, slightly down from SGD 1,338,000 in 2023[11] - Service costs decreased by approximately SGD 0.6 million or 11.1% to about SGD 4.8 million for the six months ended June 30, 2024[30] - Administrative expenses increased by approximately SGD 0.5 million or 17.2% to about SGD 3.4 million, mainly due to higher depreciation and professional fees[33] - Employee costs totaled approximately SGD 2.9 million for the period ending June 30, 2024, compared to SGD 2.8 million for the same period in 2023, with a total of 141 employees as of June 30, 2024[40] Investments and Projects - The company acquired a 49% stake in D.D. Resident Co., Ltd for HKD 58 million (approximately SGD 10.07 million), with the investment's fair value as of June 30, 2024, estimated at SGD 4.22 million, representing about 6.6% of total assets[39] - The group had five ongoing projects with a total contract value of approximately SGD 57.2 million, of which about SGD 37.7 million was recognized as revenue by June 30, 2024[28] - The company plans to demolish a newly acquired property and construct a four-story building for warehouse, office, dormitory, and ancillary facilities, with construction expected to commence within the year[41] Corporate Governance and Compliance - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[1] - The company has no provisions for expected credit losses on trade receivables as of June 30, 2024, consistent with the assessment made on December 31, 2023[19] - The company maintains a public float of at least 25% of its issued shares, in compliance with listing rules[48] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results for the period and confirmed compliance with applicable accounting standards and regulations[47] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[45] Financial Ratios and Performance Metrics - The group maintained a current ratio of approximately 1.1 times and a debt-to-equity ratio of about 11.3% as of June 30, 2024[34] - The aging analysis of trade receivables shows that amounts overdue by 1 to 30 days decreased from SGD 828,000 to SGD 714,000, a decline of about 13.8%[18] - The company did not anticipate any significant impact on its financial statements from the adoption of new or revised International Financial Reporting Standards during the reporting period[8] - There were no significant changes in valuation techniques or assumptions during the reporting period, maintaining consistency in financial reporting[21] - The group has no significant contingent liabilities or capital commitments as of June 30, 2024[38] Future Outlook - The group plans to adopt new construction technologies to enhance productivity and maintain a competitive edge in project bidding and delivery[27] - The fair value of the investment in D.D. Resident Co., Ltd increased from 6.0% of total assets as of December 31, 2023, to 6.6% as of June 30, 2024[39] - The company has no other significant investment or capital asset plans as of June 30, 2024[41] - There were no significant transactions or arrangements involving directors that could pose a conflict of interest during the period[44] - The company has not repurchased any shares during the period and has not engaged in any purchase or sale of its own shares[43]

Financial Performance - The group's revenue increased by approximately 37.2% to about SGD 18.8 million for the fiscal year ending December 31, 2023, compared to SGD 13.7 million in the previous year[13]. - Gross profit rose by approximately 47.6% to about SGD 3.1 million, with a gross margin of 16.5%, up from 15.3% in the previous year[16]. - The net loss for the previous fiscal year was eliminated, resulting in a net profit for the fiscal year ending December 31, 2023[16]. - Revenue increased from approximately SGD 13.7 million in FY2022 to approximately SGD 18.8 million in FY2023, representing a growth of 37.2%[18]. - Other income grew from approximately SGD 2.8 million in FY2022 to approximately SGD 4.4 million in FY2023, primarily due to increases in bank interest income and rental income[22]. - The group reported a loss of approximately SGD 7,000 in FY2023, a decrease of 99.2% from a loss of approximately SGD 0.9 million in FY2022[26]. Project and Contract Management - The group has five ongoing projects with a total contract value of approximately SGD 56.8 million, of which about SGD 31.9 million has been recognized as revenue as of December 31, 2023[15]. - The company typically retains 5% of the contract value as retention money, which may affect cash flow if clients delay payments or do not release retention money on time[95]. - The company faces significant risks due to the non-recurring nature of its projects, which may impact financial performance if new contracts are not secured after current projects are completed[92]. Cost and Expense Management - Service costs rose from approximately SGD 11.6 million in FY2022 to approximately SGD 15.8 million in FY2023, an increase of 36.2%[20]. - Administrative expenses increased from approximately SGD 5.2 million in FY2022 to approximately SGD 6.9 million in FY2023, a rise of 32.7%[23]. - Financing costs increased from approximately SGD 0.1 million in FY2022 to approximately SGD 0.3 million in FY2023, a significant increase of 200.0%[24]. - The group will continue to implement strict cost control measures and monitor the macroeconomic environment to address potential challenges[12]. Workforce and Human Resources - As of December 31, 2023, the group had a total of 145 employees, with total employee costs amounting to approximately SGD 6.4 million, an increase from SGD 6.1 million in the previous fiscal year[39]. - The company regularly assesses its human resources to ensure sufficient labor is available to meet project demands[96]. - A majority of the company's workforce consists of foreign employees, and any inability to hire or retain them could adversely affect operations and financial performance[95]. Market Outlook - The Singapore construction industry is projected to grow by 5.2% in 2024, driven by both public and private sector projects[12]. - The group anticipates strong construction demand in the public sector, with stable private sector project demand in the medium term[9]. Corporate Governance - The company has fully complied with all applicable principles and code provisions of the Corporate Governance Code for the year ended December 31, 2023[130]. - The board is responsible for leading and controlling the company, with management delegated to oversee daily operations[134]. - The company aims to foster a corporate culture based on honesty, transparency, and responsibility, contributing to sustainable long-term performance[131]. - The board currently consists of five directors, with a mix of ages and nationalities, ensuring diverse perspectives[173]. Risk Management - The company has established a framework for risk management and internal controls, which is regularly reviewed by the board[141]. - The audit committee has reviewed the audit qualifications and agrees with management's view that the classification of the investment is appropriate[186]. - Crowe Horwath's review of the group's risk management and internal control systems found no significant deficiencies, and management has committed to addressing identified issues[189]. Community Engagement - The group reported charitable donations of SGD 60,940 for the fiscal year ending December 31, 2023, compared to SGD 11,160 in 2022, indicating a significant increase in community support[77]. Future Plans - The group plans to enhance its workforce and adopt new construction technologies to improve productivity and maintain competitive advantages in bidding for new projects[12]. - The group plans to demolish an entire property and construct a four-story building for warehouse, office, dormitory, and ancillary facilities, with construction expected to commence in the next fiscal year[40]. Shareholder Information - The board has resolved not to recommend any final dividend for the fiscal year ending December 31, 2023, consistent with the previous year where no dividend was declared[75]. - As of December 31, 2023, Mr. Zheng Yonghua holds 60.05% of the company's shares, while Mr. Zhang Ruiqing holds 57.86%[104].

Financial Performance - Revenue increased by approximately 37.2% from about SGD 13.7 million in 2022 to approximately SGD 18.8 million in 2023[3] - Gross profit rose by approximately 47.6% from about SGD 2.1 million in 2022 to approximately SGD 3.1 million in 2023[4] - Loss for the year decreased by approximately 99.2% from about SGD 0.9 million in 2022 to approximately SGD 7,000 in 2023[5] - Total comprehensive income for the year amounted to SGD 869,000 compared to a loss of SGD 554,000 in 2022[10] - Revenue from construction contracts for the fiscal year 2023 was SGD 18,809,000, an increase of 37.5% from SGD 13,693,000 in 2022[23] - Total other income for 2023 was SGD 4,449,000, a 60.4% increase compared to SGD 2,773,000 in 2022[27] - The group reported a pre-tax loss of SGD 22,000 for 2023, a significant improvement compared to a pre-tax loss of SGD 911,000 in 2022[34] - The company reported a pre-tax loss of SGD 6,000 in 2023, a significant improvement from a loss of SGD 911,000 in 2022, resulting in a basic loss per share of SGD 0.00 compared to SGD 0.10 in the previous year[39] - The company reported a loss of approximately SGD 7,000 for the fiscal year ending December 31, 2023, a significant decrease of about 99.2% from a loss of approximately SGD 0.9 million in the previous year[73] Assets and Liabilities - Non-current assets increased from SGD 38.8 million in 2022 to SGD 49.7 million in 2023[12] - Current assets decreased from SGD 30.7 million in 2022 to SGD 20.4 million in 2023[12] - Total liabilities decreased from SGD 21.1 million in 2022 to SGD 20.9 million in 2023[14] - Net assets increased from SGD 48.3 million in 2022 to SGD 49.2 million in 2023[14] - Trade receivables from third parties increased to SGD 944,000 in 2023, up from SGD 562,000 in 2022, with the aging analysis showing a notable rise in receivables over 90 days to SGD 112,000 from SGD 24,000[41] - Trade payables surged to SGD 4,166,000 in 2023, compared to SGD 1,776,000 in 2022, indicating a significant increase in outstanding amounts owed to suppliers and subcontractors[50] - The company’s total other payables decreased slightly to SGD 8,464,000 in 2023 from SGD 10,366,000 in 2022, primarily due to currency exchange differences[50] - The company’s debt stood at approximately SGD 5.7 million, a decrease from SGD 6.1 million in the previous year, with a current ratio of approximately 1.3 times[75] Operational Highlights - The company continues to focus on the design, construction, and installation of electromechanical systems[17] - Major customer A contributed SGD 12,728,000 to total revenue in 2023, up from SGD 4,891,000 in 2022, representing a significant increase of 160.5%[23] - As of December 31, 2023, the company has five ongoing projects (excluding joint venture projects) with a total contract value of approximately SGD 56.8 million, of which about SGD 31.9 million has been recognized as revenue[62] - The company plans to adopt new construction technologies to enhance productivity and maintain a competitive edge in bidding for new projects[59] - The company is taking a more cautious approach to bidding for new projects due to intense price competition in the market[59] - The group operates primarily in Singapore, with all revenue generated from this region[26] Expenses and Costs - Service costs rose from approximately SGD 11.6 million to approximately SGD 15.8 million, an increase of about 36.2%, driven by increased construction activities[66] - Administrative expenses increased from approximately SGD 5.2 million to approximately SGD 6.9 million, a rise of about 32.7%, mainly due to higher depreciation and professional fees[69] - The company's financing costs increased from approximately SGD 0.1 million to approximately SGD 0.3 million, a rise of 200%, attributed to interest expenses on bank loans for leased properties[70] - The company incurred contractor costs of SGD 2,814,000 in 2023, a substantial increase from SGD 819,000 in 2022, indicating higher operational costs[36] - Depreciation of property, plant, and equipment rose sharply to SGD 1,026,000 in 2023 from SGD 487,000 in 2022, reflecting increased capital expenditures[36] Legal and Compliance - The company has ongoing legal disputes related to its investment in D. D. Resident Co., Ltd., with claims totaling SGD 2.55 million[56] - Ongoing legal proceedings related to the seller and the investee are not expected to have a significant adverse impact on the group's overall business or operations[106] - The audit report expressed a qualified opinion due to insufficient audit evidence regarding the classification of the 49% investment[104] - The audit committee shares the same view as the auditors regarding the qualified opinion and will maintain communication with the board[108] - The removal of the qualified opinion is contingent upon resolving existing issues with the investee's seller[109] Future Outlook - The construction market in Singapore is expected to face higher construction costs, with material and labor costs rising by 30% to 40% compared to pre-pandemic levels[58] - The Ministry of Trade and Industry of Singapore announced a GDP growth of 1.1% for 2023, with construction output expected to grow from 4.6% in 2022 to 5.2% in 2024[59] - The company will continue to monitor the macroeconomic environment and implement contingency plans to ensure project progress and strict cost control[59] Shareholder and Governance - The board does not recommend the payment of a final dividend for the year ended December 31, 2023[6] - The company received confirmation from its controlling shareholder regarding compliance with non-competition commitments for the fiscal year ending December 31, 2023[88] - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing and supervising the company's financial reporting, risk management, and internal control procedures[98] - The audited consolidated financial results for the fiscal year ending December 31, 2023, have been reviewed by the audit committee and confirmed to be consistent with the amounts reported by the company's auditor, Baker Tilly TFW LLP[100] Investments - The fair value of investments as of December 31, 2023, was determined to be SGD 5.765 million, reflecting a change of SGD 14,000 in fair value compared to SGD 89,000 in the previous year[56] - The fair value of the company's investment in D.D. Resident Co., Ltd. was approximately SGD 4.2 million as of December 31, 2023, representing about 6.0% of the total assets[83] - As of December 31, 2023, the fair value of the investment was SGD 4.22 million, with a recognized fair value loss of SGD 14,000[102]