Corporate Governance - The board has adopted the corporate governance code as the basis for the group's governance practices[2]. - No violations of the standard code were found among employees with access to unpublished inside information during the year ending December 31, 2023[3]. - The remuneration committee approved the compensation details for senior management, excluding directors, for the year ending December 31, 2023[13]. - The board's diversity policy includes considerations of various factors such as candidates' qualifications and independence[11]. - The nomination committee reviewed the independence of independent non-executive directors during the year ending December 31, 2023[32]. - The board has mechanisms in place to enhance the credibility of independent opinions[36]. - The board is committed to ensuring a balanced skill set, experience, and diverse perspectives necessary for executing the company's business strategy[39]. - The company has established a diversity policy for its board, considering factors such as gender, age, cultural background, and professional experience[41]. - The board is responsible for maintaining adequate resources, employee qualifications, and financial reporting functions[49]. - The company has adopted a whistleblowing policy to provide guidance and reporting channels for employees and relevant third parties to report any suspected misconduct[78]. - The audit committee is composed of four independent non-executive directors, with Mr. Cao serving as the chairman[97]. - The company emphasizes the importance of continuous professional development for all directors to ensure they contribute effectively to the board[74]. - The company appointed Mr. Kwan Chi-seng as an independent non-executive director on November 25, 2019, who is a member of the audit, remuneration, and nomination committees[199]. - Mr. Kwan has been a registered land surveyor since February 2003 and has extensive experience in the field, having worked in various capacities since 1984[199]. - The company has established G&T Surveying Services Company Limited and Kwan Chi-seng Surveying Company Limited, with Mr. Kwan as one of the founding shareholders[199]. Risk Management - The company faces various risks including credit risk, ESG-related risks, interest rate risk, liquidity risk, operational risk, and legal compliance risk[27]. - The independent auditor is responsible for auditing and confirming the financial statements of the group[28]. - The company has strict prohibitions against unauthorized use of confidential or inside information[31]. - The company has implemented a risk management and internal control system to protect its assets and ensure compliance with applicable laws[49]. - The board and audit committee oversee the management of significant risks and the effectiveness of the internal control system[71]. - The board believes that the risk management and internal control systems are effective and ensure the accuracy, reliability, and timeliness of the data presented[72]. - The company’s financial and administrative staff conduct regular independent credit assessments of clients to manage credit risk[181]. - The company closely monitors its working capital to ensure it can meet financial commitments on time[181]. Financial Performance - For the fiscal year ending December 31, 2023, the company recorded revenue of approximately HKD 168.2 million, a decrease of about HKD 24.1 million or 12.5% compared to HKD 192.3 million for the fiscal year ending December 31, 2022[131]. - The profit attributable to equity holders for the year was HKD 13.9 million, down by approximately HKD 0.5 million or 3.7% from HKD 14.5 million in the previous year[131]. - The adjusted profit attributable to equity holders, excluding financial support from the anti-epidemic fund, was approximately HKD 13.9 million, an increase of about HKD 2.9 million or 25.7% from HKD 11.1 million in the previous year[131]. - As of December 31, 2023, the company's cash and bank balances were approximately HKD 114.6 million, a decrease of about HKD 32.8 million or 22.3% from HKD 147.4 million as of December 31, 2022[131]. - The net asset value of current assets as of December 31, 2023, was approximately HKD 137.2 million, a decrease of about HKD 24.0 million from approximately HKD 161.2 million as of December 31, 2022[159]. - The company's asset-to-equity ratio decreased from approximately 1.0% as of December 31, 2022, to approximately 0.5% as of December 31, 2023, primarily due to a reduction in lease liabilities by about 54.4%[158]. - Adjusted profit and total comprehensive income for the year ended December 31, 2023, was approximately HKD 13.9 million, an increase of about HKD 2.9 million or 25.7% compared to approximately HKD 11.1 million for the year ended December 31, 2022[172]. - The total employee cost (excluding directors' remuneration) for the year ended December 31, 2023, was approximately HKD 57.1 million, compared to HKD 56.5 million for the year ended December 31, 2022[163]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2023[155]. Project and Operational Updates - The company secured 42 contracts during the fiscal year, with a total contract value of approximately HKD 838.9 million, of which 29 contracts valued at approximately HKD 166.5 million were completed[135]. - The number of public projects decreased from 17 to 16, while private projects increased from 25 to 31, resulting in a total increase in confirmed revenue-generating projects from 42 to 47[136]. - Service costs decreased from approximately HKD 171.4 million to HKD 147.5 million, a reduction of about HKD 23.9 million or 13.9%[149]. - Gross profit decreased slightly from approximately HKD 20.9 million to HKD 20.7 million, but the gross profit margin increased from approximately 10.9% to 12.3%[150]. - Administrative expenses remained stable at approximately HKD 9.0 million for the year ending December 31, 2023, compared to HKD 8.9 million in the previous year[138]. - The company plans to continue expanding its operations in slope engineering and related services, focusing on enhancing stability and safety in slope and retaining wall projects[145]. - The percentage of private projects in total projects increased from 59.5% for the year ended December 31, 2022, to 66.0% for the year ended December 31, 2023, indicating the company's efforts to expand its customer base[179]. ESG Commitment - The company is committed to sustainable ESG management policies, which are considered essential for future success[89]. - The ESG report focuses on social and environmental aspects, with key performance indicators based on revenue generated during the reporting year[69]. - The board regularly reviews the performance, strategies, and effectiveness of the ESG plans to ensure alignment with market developments and regulatory requirements[91]. - The board is committed to integrating ESG principles into the overall business strategy, identifying ESG-related risks and opportunities, and adjusting strategies accordingly[104]. - The company emphasizes stakeholder engagement to enhance performance and considers stakeholder expectations in operational strategies and ESG measures[109]. Shareholder Communication - The company maintains effective communication channels with shareholders through its website and annual general meetings[62]. - The company has established a shareholder communication policy to provide balanced and easily understandable information to shareholders and investors[85]. - The company is dedicated to maintaining effective communication with shareholders through annual general meetings and other shareholder meetings[86]. - The company will hold its annual general meeting on May 21, 2024[34].

Financial Performance - Gross profit increased by approximately HKD 0.8 million or 8.4% to HKD 9.9 million for the six months ended June 30, 2023, compared to HKD 9.2 million for the same period in 2022[6] - Gross margin remained stable at approximately 11.3% for the six months ended June 30, 2023, compared to 11.0% for the same period in 2022[6] - The group reported a total revenue of HKD 2,397,000 for the six months ended June 30, 2023, up from HKD 2,261,000 in the previous year, indicating a year-on-year growth of approximately 6%[44] - The group's revenue increased from approximately HKD 83.2 million for the six months ended June 30, 2022, to approximately HKD 88.2 million for the six months ended June 30, 2023, representing a growth of about HKD 5.0 million or 6.0%[183] - For the six months ended June 30, 2023, the total comprehensive income increased to approximately HKD 6.4 million, representing a growth of about HKD 0.4 million or 6.0% compared to the same period in 2022[115] - The total revenue for the six months ended June 30, 2023, was HKD 88,173,000, an increase from HKD 83,184,000 in 2022, representing a growth of 6.0%[197] Dividends and Share Capital - The board proposed an interim dividend of HKD 0.025 per share for the six months ended June 30, 2023, compared to no dividend for the same period in 2022[7] - As of June 30, 2023, the company's issued share capital amounted to HKD 4.0 million, divided into 400,000,000 shares at HKD 0.01 each[103] - The interim dividend record date is set for September 19, 2023, with a suspension of share transfer registration from September 18 to September 19, 2023[175] Employee Costs and Workforce - Employee costs, including director remuneration, increased from HKD 25.364 million in 2022 to HKD 30.013 million in 2023[23] - Total employee costs (excluding directors' remuneration) for the six months ended June 30, 2023, were approximately HKD 31.1 million, up from HKD 26.3 million for the same period in 2022[153] - The company has 151 employees as of June 30, 2023, an increase from 137 employees as of December 31, 2022[137] Financial Position and Ratios - The group recorded a net current asset value of approximately HKD 139.5 million as of June 30, 2023, down from HKD 161.2 million as of December 31, 2022[81] - The debt-to-equity ratio was approximately 0.8% as of June 30, 2023, down from 1.0% as of December 31, 2022[90] - As of June 30, 2023, the current ratio was approximately 4.1 times, down from 5.5 times as of December 31, 2022[117] - The group's equity attributable to owners was approximately HKD 145.6 million as of June 30, 2023, with no changes in capital structure since listing[118] Revenue Sources - Revenue from public projects reached HKD 74,461,000, up from HKD 72,712,000 in the previous year, reflecting a growth of 2.4%[197] - Revenue from private projects increased to HKD 13,712,000, compared to HKD 10,472,000 in the same period of 2022, marking a growth of 31.5%[197] Contractual Obligations and Pipeline - The group has received 44 contracts with a total contract value of approximately HKD 666.1 million, of which 32 contracts valued at HKD 62.9 million have been completed[65] - As of June 30, 2023, the group has 12 ongoing contracts with a total value of approximately HKD 603.2 million, indicating a strong pipeline of work[65] - The group has unbilled revenue of HKD 43,687,000 as of June 30, 2023, compared to HKD 20,835,000 as of December 31, 2022, reflecting a growth of approximately 109%[54] Costs and Expenses - Total service costs increased from approximately HKD 74.0 million to approximately HKD 78.2 million, reflecting a rise of about 5.7% due to increased revenue[78] - The company reported lease liabilities interest of HKD 41,000 for the six months ended June 30, 2023, compared to HKD 3,000 for the same period in 2022[22] - Administrative expenses for the six months ended June 30, 2023, were approximately HKD 4.6 million, remaining stable compared to the previous period[112] - The group's financial costs for the six months ended June 30, 2023, were approximately HKD 41,000, an increase from HKD 3,000 in the same period of 2022, attributed to the rise in lease liabilities[113] Governance and Compliance - The company confirmed compliance with the corporate governance code since its listing date[139] - The company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its corporate governance practices[154] - The audit committee consists of four members, with Mr. Cao Bingchang serving as the chairman, who has over 19 years of professional accounting experience[156] - The company has complied with the listing rules regarding the trading of securities by directors and relevant employees, with no violations found during the review period[168] Environmental and Social Responsibility - The company has implemented various environmental protection measures to minimize its impact on the environment and natural resources[120] - The company has sufficient environmental protection measures to ensure compliance with all applicable laws and regulations in Hong Kong[160] Future Outlook and Challenges - The construction industry in Hong Kong is facing a shortage of 17,500 to 24,000 workers, which is expected to increase to 48,500 to 55,000 by 2027, impacting the group's ability to recruit sufficient construction personnel[66] - The group has adopted a conservative bidding strategy for new projects until sufficient resources are available due to the labor shortage[66] - The group plans to adopt a conservative approach to new project tenders due to labor shortages, with the government suggesting the hiring of up to 12,000 non-local workers to alleviate this issue[75] Cash Flow and Investments - Operating cash flow before tax profit increased to HKD 7,667,000 for the six months ended June 30, 2023, compared to HKD 6,838,000 in the same period of 2022, representing a growth of 12.1%[189] - The net cash generated from operating activities decreased to HKD 2,575,000 in the first half of 2023, down from HKD 4,618,000 in 2022, a decline of 44.3%[189] - Cash flow from investing activities showed a net inflow of HKD 2,134,000 for the six months ended June 30, 2023, compared to a net outflow of HKD 2,780,000 in the same period of 2022[189] - The company invested approximately HKD 34,000 in the acquisition of properties, plants, and equipment during the six months ended June 30, 2023[92] Taxation - The income tax expense rose by approximately HKD 0.5 million or 60.8%, from HKD 0.8 million for the six months ended June 30, 2022, to HKD 1.2 million for the same period in 2023[114]

Financial Performance - The group's revenue for the year ended December 31, 2022, was approximately HKD 192.3 million, a decrease of about 34.5% from HKD 293.9 million in the previous year[28]. - Gross profit for the year was approximately HKD 20.9 million, down from HKD 53.7 million, reflecting a significant decline in profitability[28]. - The net profit and total comprehensive income for the year amounted to HKD 14.5 million, compared to HKD 27.8 million in the previous year, indicating a decrease of approximately 47.9%[28]. - The total revenue for the year ended December 31, 2022, was HKD 192,258,000, a decrease of 34.5% from HKD 293,907,000 in 2021[58]. - The total profit and comprehensive income for the year was approximately HKD 14.5 million, a decrease of about HKD 13.3 million or 47.8% compared to HKD 27.8 million for the year ended December 31, 2021[48]. - Adjusted profit and comprehensive income (excluding listing and related expenses and financial support from the anti-epidemic fund) for the year was approximately HKD 11.1 million, down about HKD 27.2 million or 71.0% from approximately HKD 38.3 million for the year ended December 31, 2021[48]. - The company's basic earnings per share for 2022 was HKD 14,475,000, down 47.9% from HKD 27,801,000 in 2021[89]. - Income tax expense significantly decreased from approximately HKD 7.5 million for the year ended December 31, 2021, to approximately HKD 1.8 million for the year ended December 31, 2022, a decline of about HKD 5.7 million or 76.0%[135]. Assets and Liabilities - The group's current assets net value as of December 31, 2022, was approximately HKD 161.2 million, an increase of about HKD 9.9 million from HKD 151.3 million in the previous year[7]. - The company's equity attributable to equity holders increased to HKD 169.138 million from HKD 154.663 million[30]. - The group's total liabilities as of December 31, 2022, were significantly impacted by the changes in accounting policies, with specific adjustments noted in the financial statements[56]. - As of December 31, 2022, the group's asset-liability ratio increased from approximately 0.1% on December 31, 2021, to about 1.0%, primarily due to an increase in lease liabilities[168]. - The group's current ratio decreased from approximately 5.7 times to 5.5 times over the same period[7]. Cash Flow and Investments - Cash and bank balances increased to HKD 147.367 million from HKD 119.417 million[30]. - The group invested approximately HKD 6.1 million in the acquisition of properties, plants, and equipment during the fiscal year ending December 31, 2022, with capital expenditures mainly funded by internal resources[172]. - The total lease cash outflow for the year ended December 31, 2022, was approximately HKD 11.64 million, compared to HKD 10.01 million in 2021[119]. - The group did not hold any significant investments during the year ended December 31, 2022[11]. - There were no major investments or capital assets planned as of December 31, 2022[12]. Dividends - The board proposed a final dividend of HKD 0.075 per share for the year ended December 31, 2022, compared to no dividend in the previous year[9]. - The board proposed a final dividend of HKD 0.075 per ordinary share for the year ended December 31, 2022, compared to no dividend for the year ended December 31, 2021[48]. - The company plans to pay the final dividend, subject to approval at the upcoming annual general meeting, expected to be distributed on or before June 5, 2023[171]. Operational Challenges - The group has been impacted by supply chain disruptions and labor shortages due to COVID-19, affecting operational efficiency and increasing financial burdens[107]. - The group faced severe labor shortages due to COVID-19, impacting project progress and causing significant delays[126]. - The construction industry is experiencing a continuous shortage of skilled labor, affecting the ability to recruit sufficient personnel for new projects[157]. - The group anticipates challenges in material supply and project delays due to ongoing pandemic-related issues, which may affect future performance[107]. - The group has adopted measures to address labor shortages, including hiring additional temporary workers[126]. Government Support and Grants - Government grants received increased to HKD 3.386 million from HKD 1.573 million year-on-year[44]. - The group recognized various government subsidies under the anti-epidemic fund totaling approximately HKD 3,324,000, HKD 54,000, and HKD 8,000 for different programs, compared to HKD 1,276,000, HKD 297,000, and HKD 0 in 2021[62]. - The Hong Kong government plans to allocate HKD 1 billion for landslide prevention and mitigation in the fiscal budget for 2023, which is expected to stimulate demand for slope engineering[124]. Project Engagement - The number of projects contributing to revenue was 42 in 2022, compared to 39 in 2021, indicating a growth in project engagement[110]. - The group completed 12 contracts in 2022, contributing to revenue from 11 previously recognized completed projects[123]. - As of December 31, 2022, the group was awarded 31 contracts with a total contract value of approximately HKD 911.6 million, of which 12 contracts were completed with a total value of approximately HKD 255.2 million[123]. Corporate Governance - The company emphasizes the importance of corporate governance to protect shareholder interests and enhance corporate value[174]. - The corporate governance code has been adhered to since the company's listing on GEM on December 13, 2019[175].

Financial Performance - Revenue decreased significantly from approximately HKD 154.8 million for the six months ended June 30, 2021, to approximately HKD 83.2 million for the six months ended June 30, 2022, representing a decline of about HKD 71.6 million or 46.3%[9] - Gross profit fell from approximately HKD 28.8 million to approximately HKD 9.2 million, a decrease of about HKD 19.6 million or 68.1%, with the gross profit margin dropping from 18.6% to 11.0%[9] - Total comprehensive income attributable to equity holders decreased from approximately HKD 15.8 million to approximately HKD 6.1 million, a decline of about HKD 9.7 million or 61.5%[9] - Adjusted profit attributable to equity holders was approximately HKD 3.9 million, down about HKD 16.2 million or 80.8% compared to the same period in the previous year[9] - Basic and diluted earnings per share were approximately HKD 0.0152, compared to HKD 0.039 for the six months ended June 30, 2021[9] - Total profit and comprehensive income for the six months ended June 30, 2022, decreased significantly to approximately HKD 6.1 million, down by HKD 9.7 million or 61.5% compared to HKD 15.8 million for the same period in 2021[97] - Adjusted profit and comprehensive income attributable to equity holders for the six months ended June 30, 2022, was approximately HKD 3.9 million, a decrease of about HKD 16.2 million or 80.8% from HKD 20.1 million for the same period in 2021[97] Dividends and Earnings - The company did not recommend any interim dividend for the six months ended June 30, 2022, consistent with the previous year[9] - The board of directors did not recommend any interim dividend for the six months ended June 30, 2022, consistent with the previous year[153] Labor and Operational Challenges - Labor shortages due to COVID-19 infections and isolation requirements led to project delays and additional financial burdens for the company[9] - The company implemented measures to mitigate labor shortages by hiring additional temporary workers during the pandemic[9] - The significant decrease in revenue and gross profit was primarily attributed to a reduction in the number of large-scale projects and their associated income[9] - The company maintained its workforce during quarantine periods to ensure readiness for immediate resumption of work, adding to financial pressures[9] - The group anticipates a challenging second half of 2022, with expectations of improved business conditions due to economic recovery and favorable government policies[84] Assets and Liabilities - Non-current assets increased to HKD 5,711 million as of June 30, 2022, compared to HKD 3,863 million as of December 31, 2021, reflecting a growth of 47.8%[14] - Current assets decreased to HKD 176,800 million from HKD 183,218 million, a decline of 3.3% year-over-year[14] - Total assets less current liabilities rose to HKD 161,188 million, up from HKD 155,162 million, representing a growth of 3.7%[14] - The company's equity attributable to owners increased to HKD 160,735 million as of June 30, 2022, compared to HKD 154,663 million as of December 31, 2021, an increase of 3.9%[14] - The company’s total liabilities decreased to HKD 21,323 million from HKD 31,919 million, a decrease of 33.3%[14] Cash Flow and Financial Position - Net cash generated from operating activities was HKD 4,618 million for the six months ended June 30, 2022, down from HKD 12,776 million, a decrease of 63.8%[19] - Cash and bank balances increased to HKD 121,116 million from HKD 119,417 million, showing a slight increase of 1.4%[14] - The current ratio as of June 30, 2022, was approximately 8.3 times, an increase from 5.7 times as of December 31, 2021[98] - The net cash and bank balance as of June 30, 2022, was approximately HKD 121.1 million, compared to HKD 119.4 million as of December 31, 2021[98] Employee Costs and Management - The total employee costs for the six months ended June 30, 2022, were HKD 27,851,000, a decrease of 27.4% from HKD 38,362,000 in 2021[41] - Total employee costs (excluding director remuneration) for the six months ended June 30, 2022, were approximately HKD 26.3 million, compared to HKD 36.9 million for the same period in 2021[148] - The total number of employees as of June 30, 2022, was 161, down from 212 as of December 31, 2021[148] - The group’s management personnel compensation for the six months ended June 30, 2022, was HKD 2,119 thousand, compared to HKD 1,980 thousand for the same period in 2021, an increase of approximately 7.0%[73] Contracts and Projects - The group was awarded 27 contracts with a total contract value of approximately HKD 819.5 million, of which 6 contracts worth approximately HKD 85.3 million were completed[80] - As of June 30, 2022, the group had 21 ongoing contracts with a total contract value of approximately HKD 734.2 million[80] - The number of projects contributing to revenue was 27 for both periods, but the number of public projects decreased from 17 to 12, while private projects increased from 10 to 15[88] Government Support and Subsidies - The group recognized government subsidies of HKD 2,200,000 under the anti-epidemic fund, compared to HKD 1,321,000 for the same period in 2021[35] - Other income, gains, and losses increased from approximately HKD 1.5 million to approximately HKD 2.3 million, mainly due to increased government subsidies under the employment support scheme[92] Corporate Governance and Compliance - The company has complied with the corporate governance code since its listing date and continues to uphold high standards of corporate governance[149] - The company has maintained compliance with the Securities and Futures Ordinance regarding the disclosure of interests and holdings by directors and major executives[120] - The audit committee consists of four members, with Mr. Cao Bingchang as the chairman, who has over 18 years of professional accounting experience[152] Share Capital and Ownership - As of June 30, 2022, the company's issued share capital was HKD 4.0 million, divided into 400,000,000 shares at HKD 0.01 each[127] - Mr. Xie and Mr. He are deemed to jointly hold 300,000,000 shares, representing 75% of the issued share capital of the company[127] - The company has a significant concentration of ownership, with major shareholders holding 75% of the issued share capital[127] Future Outlook - The company continues to review and compare its disclosed business strategies with the evolving industry conditions to ensure effective use of net proceeds[118] - The company has confirmed that there were no purchases, sales, or redemptions of its own shares during the six months ended June 30, 2022[130] - There were no significant events affecting the group after the reporting period ending June 30, 2022[154]

Financial Performance - For the year ended December 31, 2021, the group recorded revenue of approximately HKD 293.9 million, an increase of about HKD 17.9 million or 6.5% compared to approximately HKD 276.0 million for the year ended December 31, 2020[10]. - The profit attributable to equity holders for the year was approximately HKD 27.8 million, a significant decrease of about HKD 11.5 million or 29.3% from approximately HKD 39.4 million for the previous year[10]. - The adjusted profit attributable to equity holders, after excluding listing and related expenses, was approximately HKD 38.3 million, an increase of about HKD 1.9 million or 5.1% compared to approximately HKD 36.5 million for the previous year[10]. - Total comprehensive income decreased significantly by approximately HKD 11.5 million or 29.3% to about HKD 27.8 million for the year ended December 31, 2021, primarily due to increased listing-related expenses and reduced government subsidies[24]. - Adjusted total comprehensive income (excluding listing-related expenses and government subsidies) increased by approximately HKD 1.9 million or 5.1% to about HKD 38.3 million for the year ended December 31, 2021[24]. Cash and Liquidity - As of December 31, 2021, the group's cash and bank balances were approximately HKD 119.4 million, an increase of about HKD 35.9 million or 43.0% from approximately HKD 83.5 million as of December 31, 2020[10]. - Cash and bank balances increased by approximately HKD 35.9 million or 43.0% to about HKD 119.4 million as of December 31, 2021, mainly from operating cash flow[27]. - Current ratio improved from approximately 4.6 times to about 5.7 times as of December 31, 2021, with net current assets increasing by approximately HKD 28.7 million[33]. - The debt-to-equity ratio decreased from approximately 0.3% to about 0.1% as of December 31, 2021, mainly due to an increase in equity attributable to shareholders[29]. Project and Operational Updates - The group primarily operates in the slope engineering sector in Hong Kong, with most of its revenue derived from public projects[10]. - The slope engineering industry in Hong Kong is gradually recovering from the impacts of the COVID-19 pandemic[10]. - The number of projects contributing to revenue increased from 28 in 2020 to 39 in 2021, with public projects rising from 16 to 19 and private projects from 12 to 20[18]. - The group completed 21 contracts with a total contract value of approximately HKD 548.2 million out of 39 contracts awarded, with 18 contracts still in progress valued at approximately HKD 475.2 million as of December 31, 2021[16]. - The group reported a total of 39 contracts awarded, with a total contract value of approximately HKD 1,023.4 million as of December 31, 2021[16]. Challenges and Outlook - The group anticipates that the fifth wave of the pandemic will continue at least until the second quarter of 2022, with a cautious outlook for business performance in 2022[13]. - Labor shortages and project delays were experienced due to COVID-19 infections among employees and the need for disinfection of work sites[13]. - The group faced significant delays in the certification process for projects due to remote working policies affecting the construction industry[12]. - The group is prepared to face more challenging times in 2022, with expectations of gradual improvement in business conditions[13]. - The group expects economic recovery and favorable government policies to increase demand for slope engineering projects, providing significant opportunities[13]. Governance and Management - The board of directors did not recommend the payment of any dividends for the year ended December 31, 2021, consistent with the previous year[44]. - The company has established credit policies to manage credit risk, with regular independent credit assessments of customers conducted by financial and administrative staff[37]. - The financial director is responsible for monitoring the overall liquidity requirements on a monthly basis to ensure financial commitments are met[37]. - The company has a comprehensive corporate governance policy in place, reviewed regularly by the board[88]. - The board consists of experienced members with diverse backgrounds in business management, finance, and legal matters, promoting gender diversity at all levels[114]. Environmental and Social Responsibility - The company aims to minimize any adverse environmental impacts from its business activities and has established an environmental management system compliant with ISO 14001:2015 standards since 2018[169]. - The company has implemented measures to ensure compliance with environmental regulations and has established processes for environmental protection[169]. - The company aims to reduce greenhouse gas emissions by 3% by 2026, using 2021 as the baseline year[183]. - The company has communicated its environmental policy to all employees, suppliers, and contractors to enhance environmental protection efforts[172]. - The company aims to provide a safe working environment and has policies in place to protect employees from occupational hazards[167].