Annual Results Announcement [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total revenue decreased to SGD 56.1 million, but improved cost control led to increased gross profit and a narrowed loss for the year Consolidated Statement of Profit or Loss Summary (For the year ended September 30) | Item | 2023 (SGD) | 2022 (SGD) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 56,055,638 | 67,093,072 | -16.4% | | Gross Profit | 3,805,646 | 3,217,125 | +18.3% | | Administrative Expenses | (5,690,465) | (8,202,755) | -30.6% | | Loss Before Tax | (1,277,218) | (1,453,770) | -12.1% | | Loss for the Year | (1,037,111) | (1,493,068) | -30.5% | | Basic and Diluted Loss Per Share (SGD cents) | (0.22) | (0.31) | -29.0% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of September 30, 2023, the Group's net assets slightly decreased to SGD 27.96 million, while total liabilities reduced to SGD 35.65 million, primarily due to decreased bank borrowings Consolidated Statement of Financial Position Summary (As of September 30) | Item | 2023 (SGD) | 2022 (SGD) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 27,797,849 | 31,947,656 | | Current Assets | 35,814,822 | 41,492,247 | | **Liabilities and Equity** | | | | Current Liabilities | 27,323,859 | 30,222,725 | | Non-current Liabilities | 8,329,806 | 14,221,061 | | **Net Assets** | **27,959,006** | **28,996,117** | [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations of financial statements, covering accounting policies, revenue segments, and other key financial information - The Group primarily operates in Singapore, with all revenue and non-current assets located there[84](index=84&type=chunk) - No dividends were declared during the year (2022: Nil)[10](index=10&type=chunk) Loss Per Share Calculation | Item | 2023 | 2022 | | :--- | :--- | :--- | | Loss for the Year Attributable to Owners of the Company (SGD) | (1,037,111) | (1,493,068) | | Weighted Average Number of Ordinary Shares in Issue | 480,000,000 | 480,000,000 | | Basic and Diluted Loss Per Share (SGD cents) | (0.22) | (0.31) | Trade Receivables Ageing Analysis (Net of Provision) | Ageing | 2023 (SGD) | 2022 (SGD) | | :--- | :--- | :--- | | Within 30 days | 3,036,172 | 4,278,294 | | 31 to 60 days | 91,054 | 1,043,449 | | 61 to 90 days | 19,629 | 217,442 | | Over 90 days | 1,328,948 | 2,724,767 | | **Total** | **4,475,803** | **8,263,952** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) Total revenue decreased by 16.4% to SGD 56.1 million, but net loss narrowed due to improved gross margin and reduced administrative expenses, with a stable financial position - The reduction in net loss is primarily attributed to increased gross profit and margin due to improved cost control, and decreased administrative expenses from reduced professional fees, machinery costs, and administrative staff costs[24](index=24&type=chunk) - Despite an improved local construction outlook, the Group remains cautiously optimistic about profitability and growth given competitive environment, geopolitical tensions, high interest rates, and inflationary pressures[28](index=28&type=chunk) - The Group's gearing ratio decreased from **87.6%** in 2022 to **69.7%** in 2023, primarily due to reduced bank borrowings[116](index=116&type=chunk) [Business Review and Outlook](index=15&type=section&id=Business%20Review%20and%20Outlook) The Group, with over 25 years in Singapore's construction and property investment sectors, saw reduced net loss despite lower revenue, and anticipates continued recovery in the local construction industry - The Group's core businesses are construction services (civil engineering, building construction, and ancillary services) and property investment (residential and industrial property leasing)[23](index=23&type=chunk) - Singapore's Building and Construction Authority forecasts 2023 construction contract values between **SGD 27 billion** and **SGD 32 billion**, with sustained recovery expected mid-term (2024-2027)[27](index=27&type=chunk) - Key risks include reliance on subcontractors, with subcontracting fees accounting for approximately **55.0%** of total service costs, and the highly labor-intensive nature of construction requiring stable labor supply[28](index=28&type=chunk)[31](index=31&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) Financial performance showed a 16.4% revenue decrease to SGD 56.1 million, but profitability improved with gross margin rising to 6.8% and administrative expenses significantly reduced, narrowing net loss Revenue by Segment (For the year ended September 30) | Segment | 2023 Revenue (SGD million) | Percentage | 2022 Revenue (SGD million) | Percentage | | :--- | :--- | :--- | :--- | :--- | | Civil Engineering | 48.2 | 85.9% | 55.9 | 83.3% | | Building Construction | 7.4 | 13.2% | 10.5 | 15.6% | | Property Investment | 0.5 | 0.9% | 0.5 | 0.8% | | **Total Revenue** | **56.1** | **100.0%** | **67.1** | **100.0%** | - Gross profit increased to **SGD 3.8 million**, with gross margin rising from **4.8%** to **6.8%**, primarily due to reduced COVID-19 related control costs and improved project cost control[106](index=106&type=chunk) - Administrative expenses decreased from **SGD 8.2 million** to **SGD 5.7 million**, mainly due to reduced audit and professional fees, general machinery and vehicle expenses, administrative staff costs, and depreciation[108](index=108&type=chunk) - A net provision of approximately **SGD 1.3 million** was made for expected credit losses on financial and contract assets, compared to a net reversal of approximately **SGD 0.2 million** in the prior year[109](index=109&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=21&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's financial position improved with a reduced gearing ratio from 87.6% to 69.7% due to decreased bank borrowings, maintaining sufficient liquidity through bank balances and other resources Financial Position Summary (As of September 30) | Item | 2023 (SGD million) | 2022 (SGD million) | | :--- | :--- | :--- | | Bank Balances and Cash | 8.3 | 9.0 | | Total Borrowings (Bank Overdrafts, Loans, Lease Liabilities) | 19.5 | 25.4 | | Gearing Ratio | 69.7% | 87.6% | - The Group has pledged certain bank deposits, owner-occupied properties, investment properties, and investment properties held under joint ventures to secure bank facilities[142](index=142&type=chunk) [Significant Investments Held](index=23&type=section&id=Significant%20Investments%20Held) The Group holds significant investment properties, both directly and through joint ventures, valued at SGD 10.55 million and SGD 4.25 million respectively, to diversify income and mitigate risks Fair Value of Significant Investments (As of September 30) | Investment Category | 2023 Fair Value (SGD) | Percentage of Total Assets | | :--- | :--- | :--- | | Investment Properties | 10,550,000 | 16.6% | | Investment Properties held under Joint Ventures | 4,250,000 | 6.7% | - The Group's strategy is to continuously build its investment property portfolio for income diversification and potential capital appreciation[123](index=123&type=chunk) [Use of Net Proceeds from Share Offer](index=26&type=section&id=Use%20of%20Net%20Proceeds%20from%20Share%20Offer) The Group utilized most of the HKD 86.3 million net proceeds from its share offer, with HKD 6 million remaining unutilized and earmarked for strengthening financial position by March 31, 2024 Summary of Net Proceeds Utilization (As of September 30, 2023) | Purpose | Revised Allocation (HKD million) | Total Utilized (HKD million) | Unutilized Amount (HKD million) | | :--- | :--- | :--- | :--- | | Strengthening Financial Position | 36.4 | 30.4 | 6.0 | | Enhancing Fleet | 36.3 | 36.3 | 0 | | Strengthening Manpower | 11.6 | 11.6 | 0 | | Developing Production Area | 2.0 | 2.0 | 0 | | **Total** | **86.3** | **80.3** | **6.0** |

Revenue Performance - The total revenue for the construction services segment increased to SGD 31,608,291 for the six months ended March 31, 2023, compared to SGD 30,452,505 for the same period in 2022, representing a growth of approximately 3.8%[7] - The property investment segment reported revenue of SGD 276,850, a decrease from SGD 292,400 in the previous year, reflecting a decline of about 5.3%[7] - The group's total revenue for the six months ended March 31, 2023, was SGD 31,885,141, compared to SGD 30,744,905 in the same period of 2022, indicating an overall increase of approximately 3.7%[7] - Total revenue for the six months ended March 31, 2023, was SGD 31,885,141, an increase of 3.7% from SGD 30,744,905 in the same period of 2022[53] - Total revenue for the six months ended March 31, 2023, increased to approximately SGD 31.9 million from SGD 30.7 million for the same period in 2022, representing a growth of about 3.9%[136] Profitability - The net profit before tax for the period was SGD 27,111, a significant recovery from a loss of SGD 2,795,857 in the previous year[7] - For the six months ended March 31, 2023, the company reported a profit attributable to owners of SGD 280,252, compared to a loss of SGD 2,835,155 in the same period of 2022, marking a significant turnaround[46] - Gross profit for the period was SGD 1,786,156, significantly up from SGD 641,341 in the previous year, reflecting a gross margin improvement[53] - The company reported a pre-tax profit of SGD 27,111 for the six months ended March 31, 2023, a significant recovery from a loss of SGD 2,795,857 in the previous period[76] - The net profit for the first half of fiscal year 2023 was approximately 0.3 million SGD, a turnaround from a net loss of about 2.8 million SGD in the first half of fiscal year 2022, representing an increase of approximately 3.1 million SGD[166] Expenses and Cost Management - Other income decreased to SGD 99,359 from SGD 549,184, primarily due to a reduction in government grants and miscellaneous income[7] - Administrative expenses decreased to SGD 2,767,206 from SGD 4,001,302, reflecting cost-cutting measures implemented by the company[7] - Total employee costs, including directors' remuneration, decreased to SGD 3,890,412 from SGD 4,241,981, reflecting a reduction of approximately 8.3% year-over-year[43] - Material costs recognized as service costs increased significantly to SGD 8,228,278 from SGD 4,534,551, representing an increase of approximately 81.5%[43] - The total cost of materials recognized as service costs was SGD 16,888,235, down from SGD 20,959,189, indicating a decrease of about 19.7%[43] Asset and Liability Management - Non-current assets decreased to SGD 27,711,605 from SGD 31,947,656, primarily due to depreciation and asset disposals[54] - Current liabilities reduced to SGD 26,936,453 from SGD 30,222,725, indicating improved liquidity management[54] - Total assets less current liabilities stood at SGD 38,455,727, down from SGD 43,217,178, reflecting a strategic focus on asset management[54] - The company's net asset value increased to SGD 29,276,369 from SGD 28,996,117, indicating a stable financial position[57] - The company's bank borrowings amounted to 12,894,783 SGD as of March 31, 2023, down from 18,429,125 SGD a year earlier, indicating a reduction of approximately 30%[100] Cash Flow and Financing - The net cash generated from operating activities for the six months ended March 31, 2023, was SGD 2,100,251, compared to SGD 2,363,491 in the same period of 2022, indicating a decline of 11.1%[76] - The company's financing activities resulted in a net cash outflow of 6,737,872 SGD for the six months ended March 31, 2023, compared to 3,084,940 SGD in the previous year, indicating a significant increase in cash used for financing[93] - The debt-to-equity ratio as of March 31, 2023, was approximately 65.7%, a significant decrease from 87.6% as of September 30, 2022, primarily due to a reduction in bank loans[185] Market and Operational Insights - The company’s operations are primarily based in Singapore, with 100% of total revenue generated from this market for the six months ended March 31, 2023[11] - The construction sector in Singapore is projected to have a contract value between SGD 27 billion and SGD 32 billion in 2023, with public sector demand expected to account for approximately 60%[150] - The company remains cautiously optimistic about its profitability and growth due to competitive bidding, geopolitical tensions, and inflationary pressures on materials and labor[151] - The construction industry experienced a growth of 8.5% year-on-year in Q1 2023, continuing the previous quarter's growth of 10%[137] Strategic Initiatives - The company plans to enhance operational efficiency by selecting suitable enterprise resource planning system vendors[138] - The company aims to strengthen its core competencies through improved productivity and technical capabilities to enhance its competitive advantage in bidding and delivering new construction projects[151] - The company has not reported any significant new product developments or market expansions during this period[19] Dividends and Shareholder Returns - The company did not declare any dividends for the six months ended March 31, 2023, nor for the same period in 2022[45] - The company did not declare an interim dividend for the first half of fiscal year 2023, compared to no dividend declared in the same period of fiscal year 2022[167]

Financial Statements [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) For the six months ended March 31, 2023, the Group achieved a turnaround to a profit of approximately **SGD 0.3 million**, compared to a loss of **SGD 2.8 million** in the prior year, driven by significant gross profit growth and increased other income. Performance Overview for H1 FY2023 vs H1 FY2022 | Indicator | Six Months Ended March 31, 2023 (SGD) | Six Months Ended March 31, 2022 (SGD) | | :--- | :--- | :--- | | Total Revenue | 31,885,141 | 30,744,905 | | Gross Profit | 1,786,156 | 641,341 | | Profit/(Loss) Before Tax | 27,111 | (2,795,857) | | Profit/(Loss) for the Period | 280,252 | (2,835,155) | | Basic and Diluted Earnings/(Loss) Per Share (SGD cents) | 0.06 | (0.59) | [Interim Condensed Consolidated Statement of Financial Position](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of March 31, 2023, total assets decreased to **SGD 65.4 million** from **SGD 73.4 million** due to reductions in non-current and contract assets, while net assets (total equity) slightly increased to **SGD 29.3 million** from **SGD 29.0 million**, indicating a stable capital structure. Financial Position Summary | Indicator | March 31, 2023 (SGD) | September 30, 2022 (SGD) | | :--- | :--- | :--- | | Non-current Assets | 27,711,605 | 31,947,656 | | Current Assets | 37,680,575 | 41,492,247 | | **Total Assets** | **65,392,180** | **73,439,903** | | Current Liabilities | 26,936,453 | 30,222,725 | | Non-current Liabilities | 9,179,358 | 14,221,061 | | **Total Liabilities** | **36,115,811** | **44,443,786** | | **Net Assets** | **29,276,369** | **28,996,117** | Management Discussion and Analysis [Business Review and Outlook](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%89%8D%E6%99%AF) Despite an uncertain short-term economic outlook in Singapore, the construction sector showed strong **8.5% year-on-year growth** in Q1 2023, with government projections for 2023 construction contract values between **SGD 27 billion and SGD 32 billion**, primarily driven by public housing and infrastructure projects. - Singapore's construction sector grew **8.5% year-on-year** in Q1 2023, driven by increased public and private sector output[3](index=3&type=chunk) - The Building and Construction Authority forecasts 2023 construction contract values between **SGD 27 billion and SGD 32 billion**, with the public sector accounting for **60%** of total demand, supported by public housing and infrastructure[4](index=4&type=chunk) - The Group maintains a cautious yet optimistic outlook, facing challenges from competition, geopolitical tensions, high interest rates, and inflationary pressures on raw materials and labor costs[5](index=5&type=chunk) [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's financial performance significantly improved in the first half of the fiscal year, achieving a turnaround to profitability with total revenue growing **3.9% to SGD 31.9 million**, gross profit substantially increasing to **SGD 1.8 million**, and gross margin rising from **2.1% to 5.6%**, primarily due to improved project cost overruns, property sale gains, and effective administrative expense control. [Revenue](index=21&type=section&id=%E6%94%B6%E7%9B%8A) Total revenue increased **3.9% year-on-year** from **SGD 30.7 million to SGD 31.9 million**, primarily driven by the construction services segment due to increased activity following the easing of COVID-19 restrictions in Singapore, with construction services accounting for **99.1%** of total revenue while property investment income remained stable. Total Revenue by Segment | Segment | H1 FY2023 Revenue (million SGD) | % of Total Revenue | H1 FY2022 Revenue (million SGD) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Construction Services | 31.6 | 99.1% | 30.4 | 99.0% | | Property Investment | 0.3 | 0.9% | 0.3 | 1.0% | | **Total** | **31.9** | **100.0%** | **30.7** | **100.0%** | [Gross Profit and Gross Margin](index=22&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) The Group's gross profit significantly increased from **SGD 0.6 million** in the prior year to **SGD 1.8 million**, with the gross margin improving from **2.1% to 5.6%**, primarily due to reduced COVID-19 related costs and improved project cost overruns. - Gross profit increased by **SGD 1.2 million** year-on-year, with gross margin rising from **2.1% to 5.6%**[128](index=128&type=chunk) - The improvement in gross profit is mainly attributed to reduced COVID-19 related costs, leading to better control over project cost overruns[128](index=128&type=chunk) [Other Income, Gains and Losses](index=22&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E3%80%81%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) Other income decreased by **SGD 0.4 million** due to the cessation of government COVID-19 related subsidies, but net other gains significantly increased by **SGD 1.1 million to SGD 1.4 million**, primarily from a **SGD 2.3 million** net gain on the disposal of property, plant, and equipment, partially offset by exchange losses and losses from the disposal of a joint venture investment property. - Other income decreased by approximately **SGD 0.4 million** due to reduced government subsidies[129](index=129&type=chunk) - Net other gains increased by **SGD 1.1 million**, primarily from a **SGD 2.3 million** gain on property disposal[131](index=131&type=chunk) [Expenses and Taxation](index=23&type=section&id=%E9%96%8B%E6%94%AF%E5%8F%8A%E7%A8%85%E9%A0%85) Administrative expenses decreased by **SGD 1.2 million to SGD 2.8 million** year-on-year, mainly due to lower professional fees, machinery and vehicle expenses, and administrative staff costs, while income tax shifted from an expense to a credit of approximately **SGD 0.3 million** due to the refund of over-provisioned taxes from prior years. - Administrative expenses decreased by **SGD 1.2 million**, from **SGD 4.0 million to SGD 2.8 million**[134](index=134&type=chunk) - Income tax shifted from an expense of approximately **SGD 0.04 million** to a credit of approximately **SGD 0.3 million**, primarily due to prior year tax adjustments[138](index=138&type=chunk) [Profit/(Loss) for the Period and Dividends](index=24&type=section&id=%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9%E2%88%95%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E5%8F%8A%E8%82%A1%E6%81%AF) The Group successfully turned around from a net loss of approximately **SGD 2.8 million** in the prior year to a net profit of approximately **SGD 0.3 million**, with the Board resolving not to declare an interim dividend for the first half of the fiscal year. - The Group turned from a net loss of **SGD 2.8 million** in H1 FY2022 to a net profit of **SGD 0.3 million** in H1 FY2023[139](index=139&type=chunk) - The Board does not recommend the payment of an interim dividend[140](index=140&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=24&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Group maintains prudent financial management, with bank balances and cash of approximately **SGD 8.8 million** and total borrowings of approximately **SGD 19.2 million** as of March 31, 2023, while the gearing ratio significantly decreased from **87.6% to 65.7%** primarily due to reduced bank borrowings, with certain assets pledged for bank financing. Key Capital Structure Indicators | Indicator | March 31, 2023 | September 30, 2022 | | :--- | :--- | :--- | | Bank Balances and Cash | Approx. SGD 8.8 million | Approx. SGD 9.0 million | | Total Borrowings | Approx. SGD 19.2 million | Approx. SGD 25.4 million | | Gearing Ratio | 65.7% | 87.6% | - The decrease in gearing ratio is primarily due to reduced bank borrowings, including those held under joint ventures[145](index=145&type=chunk) - The Group has pledged bank deposits, owner-occupied properties, investment properties, and investment properties held under joint ventures to secure bank financing, with a total carrying value of pledged assets exceeding **SGD 21.9 million**[146](index=146&type=chunk) [Significant Investments](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group's significant investments primarily comprise investment properties held directly and through joint ventures, aiming to build a portfolio that provides stable recurring income and capital appreciation potential, though a net loss of **SGD 0.3 million** was recorded from the disposal of a joint venture investment property during the period. - The Group's investment strategy focuses on building an investment property portfolio to stabilize rental income, diversify construction industry risks, and achieve capital appreciation[105](index=105&type=chunk) Fair Value of Significant Investment Properties (as of March 31, 2023) | Investment Type | Fair Value (SGD) | | :--- | :--- | | Investment Properties | 10,213,000 | | Investment Properties Held Under Joint Ventures (Group's Share) | 4,440,000 | - During the reporting period, the Group disposed of a joint venture investment property for **SGD 1.2 million**, recording a loss of **SGD 0.3 million**[103](index=103&type=chunk) [Other Matters](index=28&type=section&id=%E5%85%B6%E4%BB%96%E4%BA%8B%E9%A0%85) This section covers employee information, use of IPO proceeds, and corporate governance, noting 197 employees at period-end, delayed utilization of some IPO proceeds due to economic uncertainty and a cautious approach, and compliance with corporate governance codes. [Employees and Remuneration Policy](index=28&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of March 31, 2023, the Group employed **197 staff**, a slight decrease from **204** in the prior year, with total staff costs for the first half of the fiscal year amounting to approximately **SGD 3.9 million**, and remuneration policies are regularly reviewed to ensure market competitiveness for talent attraction and retention. Employees and Costs | Indicator | March 31, 2023 | March 31, 2022 | | :--- | :--- | :--- | | Number of Employees | 197 | Approx. 204 | | Total Staff Costs (H1) | Approx. SGD 3.9 million | Approx. SGD 4.2 million | [Use of Net Proceeds from Share Offer](index=29&type=section&id=%E8%82%A1%E4%BB%BD%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E6%B7%A8%E9%A1%8D%E7%94%A8%E9%80%94) Of the approximately **HKD 86.3 million** net proceeds from the IPO, **HKD 66.4 million** has been utilized as planned, with the remaining **HKD 19.9 million** (originally for BIM systems and investment property acquisition) unutilized due to economic uncertainty, a cautious financial approach, and the need for more time to select suppliers and suitable properties, with the balance expected to be utilized by September 30, 2023. Summary of Proceeds Utilization (million HKD) | Purpose | Planned Use | Amount Utilized | Unutilized Portion | | :--- | :--- | :--- | :--- | | Investment in Building Information Modeling and Enterprise Resource Planning Systems | 5.3 | 0 | 5.3 | | Acquisition of Investment Properties | 14.6 | 0 | 14.6 | | **Total Unutilized** | | | **19.9** | - Reasons for delayed utilization of proceeds include: (a) a cautious approach to cash preservation amidst the pandemic and economic slowdown; (b) requiring more time to screen suitable system suppliers; (c) needing more time to identify appropriate investment properties[115](index=115&type=chunk) Notes to the Financial Statements [Company Information, Basis of Preparation and Accounting Policies](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99%E3%80%81%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The Company is an investment holding company incorporated in the Cayman Islands, with its subsidiaries primarily engaged in construction services and property investment in Singapore, and these unaudited interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting," with consistent accounting policies from the previous audited financial statements. - The Company is an investment holding company, primarily engaged in construction services and property investment in Singapore[92](index=92&type=chunk) - The interim financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[16](index=16&type=chunk) [Revenue and Segment Information](index=5&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates in two segments: construction services and property investment, with construction services being the core revenue source, accounting for over **99%** of total revenue and primarily comprising civil engineering and building construction, while property investment provides stable rental income, with all operations and assets located in Singapore. Segment Results (Six Months Ended March 31) | Segment | 2023 (SGD) | 2022 (SGD) | | :--- | :--- | :--- | | **Segment Revenue** | | | | Construction Services | 31,608,291 | 30,452,505 | | Property Investment | 276,850 | 292,400 | | **Segment Results (Gross Profit)** | | | | Construction Services | 1,567,778 | 417,999 | | Property Investment | 218,378 | 223,342 | - The Group primarily operates in Singapore, with all revenue and non-current assets for the period originating from Singapore[88](index=88&type=chunk) [Details of Assets and Liabilities](index=10&type=section&id=%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5%E8%A9%B3%E6%83%85) This section details key balance sheet items, showing property, plant, and equipment with a net book value of **SGD 10.7 million**, investment properties and investment properties held under joint ventures totaling **SGD 14.6 million** in fair value, and decreases in trade receivables, contract assets, bank borrowings, and lease liabilities. [Property, Plant and Equipment](index=10&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) As of March 31, 2023, the net book value of property, plant, and equipment was **SGD 10.7 million**, a decrease from **SGD 13.4 million** as of September 30, 2022, primarily due to asset disposals and depreciation during the period. Net Book Value of Property, Plant and Equipment | Item | March 31, 2023 (SGD) | September 30, 2022 (SGD) | | :--- | :--- | :--- | | Net Book Value | 10,704,429 | 13,438,698 | [Investment Properties](index=11&type=section&id=%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) The fair value of investment properties held directly by the Group remained stable at **SGD 10.2 million**, while the Group's share of investment properties held under joint ventures decreased from **SGD 5.9 million to SGD 4.4 million** due to the disposal of a property. Fair Value of Investment Properties | Item | March 31, 2023 (SGD) | September 30, 2022 (SGD) | | :--- | :--- | :--- | | Investment Properties | 10,213,000 | 10,213,000 | | Investment Properties Held Under Joint Ventures | 4,440,000 | 5,945,000 | [Trade Receivables and Contract Assets](index=12&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%90%88%E7%B4%84%E8%B3%87%E7%94%A2) Trade receivables decreased from **SGD 8.3 million to SGD 5.9 million**, and contract assets (primarily for completed but unbilled work and retention sums) also decreased from **SGD 21.7 million to SGD 19.2 million**, reflecting project progress and collection status. Receivables and Contract Assets | Item | March 31, 2023 (SGD) | September 30, 2022 (SGD) | | :--- | :--- | :--- | | Trade Receivables | 5,868,909 | 8,263,952 | | Contract Assets | 19,155,202 | 21,692,831 | [Bank Borrowings and Lease Liabilities](index=16&type=section&id=%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE%E5%8F%8A%E7%A7%9F%E8%B3%83%E8%B2%A0%E5%82%B5) The Group's total bank borrowings (including bank overdrafts and joint venture borrowings) significantly decreased from **SGD 22.8 million to SGD 17.2 million**, and total lease liabilities also fell from **SGD 2.6 million to SGD 2.1 million**, indicating a reduction in the Group's overall debt level. Borrowings and Liabilities | Item | March 31, 2023 (SGD) | September 30, 2022 (SGD) | | :--- | :--- | :--- | | Bank Overdrafts and Bank Borrowings | 17,173,522 | 22,786,276 | | Lease Liabilities | 2,056,050 | 2,626,907 | [Share Capital, Dividends and Earnings Per Share](index=9&type=section&id=%E8%82%A1%E6%9C%AC%E3%80%81%E8%82%A1%E6%81%AF%E5%8F%8A%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) As of the period end, the company's issued share capital comprised **480 million** ordinary shares with a total par value of **HKD 4.8 million**, consistent with the beginning of the period, with no dividends declared for the reporting period, and basic and diluted earnings per share significantly turning around to **0.06 SGD cents** from a loss of **0.59 SGD cents** in the prior year. - No dividends were declared by the company for the six months ended March 31, 2023[40](index=40&type=chunk) Earnings Per Share Calculation | Indicator | Six Months Ended March 31, 2023 | Six Months Ended March 31, 2022 | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Company (SGD) | 280,252 | (2,835,155) | | Weighted Average Number of Ordinary Shares in Issue | 480,000,000 | 480,000,000 | | Basic and Diluted Earnings/(Loss) Per Share (SGD cents) | 0.06 | (0.59) |

Financial Performance - Total revenue for the six months ended March 31, 2022, was SGD 30,744,905, an increase of 39.5% compared to SGD 22,101,451 for the same period in 2021[9] - Service revenue contributed SGD 30,452,505, up from SGD 21,967,208, reflecting a growth of 38.5% year-over-year[9] - Gross profit for the period was SGD 641,341, a significant improvement from a gross loss of SGD 3,898,688 in the previous year[9] - The company reported a net loss of SGD 2,835,155, compared to a net loss of SGD 7,290,517 in the same period last year, indicating a reduction in losses by 61.1%[9] - Basic and diluted loss per share improved to SGD (0.59) from SGD (1.52) year-over-year[9] - The company experienced a pre-tax loss of SGD 2,795,857 for the six months ended March 31, 2022, an improvement compared to a loss of SGD 7,232,363 for the same period in 2021, indicating a reduction in losses by approximately 61.4%[18] - The company recorded a net loss of SGD 707,826 for the six months ended March 31, 2022, compared to a net profit of SGD 2,127,329 for the same period in 2021, indicating a significant shift in performance[15] - The loss for the period decreased from approximately SGD 7.3 million in the first half of fiscal year 2021 to approximately SGD 2.8 million in the first half of fiscal year 2022, primarily due to increased revenue and a turnaround to profitability[139] Assets and Liabilities - Non-current assets totaled SGD 34,626,886, a decrease from SGD 36,243,697 as of September 30, 2021[10] - Current assets decreased to SGD 36,414,480 from SGD 39,491,325, reflecting a decline of 7.9%[10] - Total liabilities were SGD 28,012,934, slightly down from SGD 28,485,592 in the previous period[10] - The company's net asset value decreased to SGD 27,654,030 from SGD 30,489,185, a decline of 9.2%[13] - As of March 31, 2022, the company reported a total equity of SGD 27,654,030, down from SGD 30,489,185 as of September 30, 2021, reflecting a decrease of approximately 9.5%[15] - The company's total liabilities decreased from SGD 11,294,517 as of September 30, 2021, to SGD 10,000,000 as of March 31, 2022, reflecting a reduction of approximately 11.4%[15] - Current liabilities due within one year were 9,958,522 SGD, down from 10,350,619 SGD, reflecting a reduction of 3.8%[18] - Total lease liabilities decreased to 2,723,627 SGD from 3,826,025 SGD, representing a decline of 28.9%[19] Cash Flow and Financing - Operating cash flow for the six months ended March 31, 2022, was SGD 2,363,491, a significant increase from SGD 625,943 in the previous year, representing a growth of approximately 277.5%[18] - The company reported a net cash outflow from financing activities of SGD 3,084,940 for the six months ended March 31, 2022, compared to SGD 1,216,889 in the prior year, indicating a decline in cash flow from financing[20] - The company’s cash and cash equivalents decreased to SGD 8,557,243 as of March 31, 2022, down from SGD 9,518,932 at the end of the previous year, reflecting a decrease of approximately 10.1%[20] - The total amount of bank overdrafts, bank loans, and lease liabilities was approximately SGD 26.4 million as of March 31, 2022, down from approximately SGD 28.9 million as of September 30, 2021[144] Revenue Segmentation - Revenue from construction services for the six months ended March 31, 2022, was SGD 30,452,505, a 38.5% increase from SGD 21,967,208 in the same period of 2021[32] - Total segment revenue for the group was SGD 30,744,905, compared to SGD 22,101,451 in the previous year, marking an increase of 38.5%[39] - The construction services segment accounted for 99.0% of total revenue, generating SGD 30.4 million, while property investment contributed 1.0% with SGD 0.3 million[128] Cost Management - Total employee costs, including directors' remuneration, were SGD 4,241,981, down from SGD 5,061,177, indicating cost management efforts[51] - The total employee cost for the first half of fiscal year 2022 was approximately SGD 4.2 million, compared to approximately SGD 5.1 million in the first half of fiscal year 2021, with a total of 204 employees as of March 31, 2022[155] - The company’s depreciation expense for property, plant, and equipment was SGD 1,615,914 for the six months ended March 31, 2022, slightly down from SGD 1,656,166 in the previous year[18] - The company’s total depreciation expense for the six months ended March 31, 2022, was SGD 3,512,659, compared to SGD 17,417,674 for the same period in 2021, showing a significant reduction in depreciation[60] Market and Strategic Initiatives - The company continues to explore new strategies for market expansion and product development to enhance future performance[9] - The company aims to adopt a more strategic approach in project bidding, focusing on contracts with higher value and profit margins[121] - The Singapore government extended several relief measures until the end of June 2022 to support the construction industry affected by COVID-19[118] - The total construction demand in Singapore for 2022 is projected to be between SGD 27 billion and SGD 32 billion, with the public sector accounting for about 60% of this demand[120] Governance and Compliance - The audit committee reviewed the unaudited interim results for the six months ending March 31, 2022, and confirmed compliance with applicable accounting standards and regulations[186] - The company has fully complied with the standards of the code of conduct for securities trading by directors and relevant employees as of March 31, 2022[181] - The company has adhered to the corporate governance code as stipulated in the listing rules for the six months ending March 31, 2022[184]

Financial Performance - Total revenue decreased from approximately SGD 87.1 million to about SGD 41.5 million, a decline of approximately 52.5% for the fiscal year ending September 30, 2020[15]. - The group reported a gross loss of approximately SGD 2.0 million compared to a gross profit of about SGD 13.4 million for the previous fiscal year, representing a significant downturn[15]. - Net loss for the fiscal year was approximately SGD 7.1 million, a stark contrast to a net profit of about SGD 1.4 million in the prior year, indicating a shift of over 600% in performance[15]. - The decline in performance was primarily attributed to the adverse impacts of COVID-19 and the subsequent government-imposed lockdown measures in Singapore[16]. - The anticipated recovery of business operations and financial performance is expected to be slow due to the ongoing adverse effects of COVID-19 on the construction industry in Singapore[17]. - The company's total revenue decreased by approximately 45.6 million SGD or 52.4% from about 87.1 million SGD (restated) for the year ended September 30, 2019, to about 41.5 million SGD for the year ended September 30, 2020[26]. - Revenue from civil engineering and building construction services decreased by approximately 38.3 million SGD and 6.4 million SGD, respectively, contributing to the overall revenue decline[26]. - The company's gross profit margin fell significantly from approximately 15.4% (restated) to a gross loss margin of about 4.9% for the year ended September 30, 2020[32]. - The group reported a significant loss of approximately SGD 7.1 million for the year ended September 30, 2020, compared to a profit of approximately SGD 1.4 million (restated) for the year ended September 30, 2019, mainly due to a decrease in gross profit of approximately SGD 15.4 million[41]. Operational Challenges - The construction projects awarded to the group during the fiscal year were fewer than those awarded in the previous year, contributing to the revenue decline[16]. - The company faced significant challenges due to COVID-19, which led to project suspensions and a slower recovery in operations[27]. - The company’s service costs decreased by approximately 30.1 million SGD or 40.8% to about 43.6 million SGD for the year ended September 30, 2020[28]. - The group plans to closely monitor the overall economic environment and collaborate with clients and government authorities to mitigate potential risks[17]. Government Support and Income - Other income increased to approximately 2.6 million SGD for the year ended September 30, 2020, compared to about 0.2 million SGD in 2019, primarily due to government subsidies related to COVID-19[33]. Financial Position and Borrowings - As of September 30, 2020, the group's cash and cash equivalents amounted to approximately SGD 10.1 million, down from approximately SGD 20.9 million as of September 30, 2019[45]. - The group's total borrowings, including bank overdrafts and loans, amounted to approximately SGD 28.9 million as of September 30, 2020, compared to approximately SGD 26.2 million as of September 30, 2019[45]. - The debt-to-equity ratio as of September 30, 2020, was approximately 69.1%, an increase from approximately 53.8% as of September 30, 2019[46]. - The group’s financing costs increased from approximately SGD 1.0 million for the year ended September 30, 2019, to approximately SGD 1.3 million for the year ended September 30, 2020, primarily due to an increase in bank borrowings[37]. Corporate Governance - The company has adopted all provisions of the Corporate Governance Code as its own corporate governance practices[79]. - The board consists of two executive directors and three independent non-executive directors, ensuring compliance with the relevant guidelines[82]. - The company has complied with the Corporate Governance Code during the year ending September 30, 2020[80]. - The independent non-executive directors confirmed their independence in accordance with the listing rules[84]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[79]. - The company has established a robust internal control system and risk management framework to protect shareholder interests and ensure compliance with relevant regulations[112]. Shareholder Matters - The group did not recommend a final dividend for the year ended September 30, 2020, consistent with the previous year[42]. - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs, future growth, and shareholder value[137]. - The company has approximately SGD 13,168,000 in distributable reserves as of September 30, 2020, down from SGD 14,155,000 as of September 30, 2019[136]. Audit and Compliance - The audit committee reviewed the group's financial statements for the year ending September 30, 2020, and approved all disclosures related to the audit committee in the report[105]. - The company paid S$240,000 for audit services during the year, with no payments for non-audit services[108]. - The company has engaged external consultants to perform internal audit functions and has reviewed the effectiveness of its risk management and internal control systems[117]. Future Plans and Investments - The company plans to enhance its fleet with an investment of HKD 31.0 million, of which HKD 10.1 million has been utilized, leaving HKD 20.9 million for future use by 2022[64]. - The company has delayed the utilization of the remaining net proceeds primarily due to the uncertainties caused by the COVID-19 pandemic[65]. - The remaining unutilized net proceeds are expected to be utilized by the fiscal year ending September 30, 2022, depending on the COVID-19 situation and its impact on the Singapore economy[65].

Financial Performance - Total revenue for the six months ended March 31, 2020, was SGD 32,254,748, a decrease of 34.3% compared to SGD 49,164,817 in the same period of 2019[7] - Gross profit for the same period was SGD 4,998,756, down 36.5% from SGD 7,893,018 in 2019[7] - The net profit for the period was SGD 1,928,145, representing a decline of 8.3% from SGD 2,103,166 in the previous year[7] - Basic and diluted earnings per share decreased to SGD 0.40 from SGD 0.58, a drop of 31.0%[7] - Other income for the period was SGD 187,949, which is an increase of 93.5% compared to SGD 97,311 in the same period last year[7] - The company reported a total comprehensive income of 2,103,166 SGD for the period ending March 31, 2020, compared to 1,928,145 SGD for the same period in 2019, reflecting an increase of approximately 9%[14] - The company experienced a decrease in pre-tax profit, reporting 2,364,951 SGD for the six months ending March 31, 2020, compared to 2,871,782 SGD in the same period of 2019, a decline of approximately 18%[19] - The group reported a pre-tax profit of SGD 4,998,756 for the six months ended March 31, 2020, down from SGD 7,893,018 in the same period of 2019, a decrease of about 36.5%[85] - The income tax expense for the period was 436,806 SGD, down 43.1% from 768,616 SGD in the previous year[91] Assets and Liabilities - Non-current assets totaled SGD 39,769,301 as of March 31, 2020, compared to SGD 35,098,200 as of September 30, 2019, reflecting an increase of 13.6%[10] - Current liabilities amounted to SGD 26,636,107, a decrease from SGD 40,847,376 in the previous period, indicating a reduction of 34.7%[10] - Total assets less current liabilities stood at SGD 66,661,834, up from SGD 63,157,191, marking an increase of 4.0%[10] - The company's total equity increased to SGD 54,181,451 from SGD 52,253,306, representing a growth of 3.7%[12] - The company’s total liabilities increased to 43,152,747 SGD as of March 31, 2020, compared to 39,000,000 SGD in the previous year, reflecting a rise of approximately 10%[14] - Total cash and cash equivalents decreased to 11,028,704 SGD as of March 31, 2020, from 4,057,978 SGD in the previous year, representing a significant reduction[22] Revenue Breakdown - For the six months ended March 31, 2020, the total revenue from customer contracts was SGD 31,976,547, a decrease of 34.5% compared to SGD 48,902,808 for the same period in 2019[65] - The revenue from construction services, including civil engineering, was SGD 29,616,087, down from SGD 40,495,054, representing a decline of 26.9%[65] - The property investment segment generated revenue of SGD 278,201, slightly up from SGD 262,009 in the previous year, indicating a growth of about 6.2%[74] - Public customer revenue dropped by SGD 13.3 million or approximately 46.5%, while private customer revenue decreased by SGD 3.6 million or approximately 17.7%[191] Costs and Expenses - Financing costs rose to SGD 631,194, up 36.6% from SGD 462,074 in the previous year[7] - The group’s total employee costs, including directors' remuneration, amounted to SGD 4,896,840 for the six months ended March 31, 2020, compared to SGD 4,714,135 in the same period of 2019, an increase of approximately 3.9%[85] - Service costs reduced by approximately SGD 14.0 million or about 33.9%, totaling SGD 27.3 million for the six months ended March 31, 2020[192] - Administrative expenses remained stable at approximately SGD 2.8 million for the six months ended March 31, 2020[198] Strategic Initiatives - The company has plans for market expansion and new product development as part of its strategic initiatives moving forward[24] - The company is closely monitoring the situation and collaborating with clients and relevant government agencies to mitigate potential risks[182] - The construction projects were significantly impacted during the "circuit breaker" period from April 7 to June 1, 2020, leading to unavoidable delays[181] Accounting Changes - The company adopted the cumulative catch-up method for the initial application of IFRS 16, recognizing the cumulative impact as an adjustment to the opening balance of retained earnings[41] - IFRS 16 introduces significant changes in accounting for leases, requiring the recognition of right-of-use assets and lease liabilities for all leases[39] - The initial application of IFRS 16 took effect on October 1, 2019, impacting the accounting treatment of previously classified operating leases[40] - The group will recognize right-of-use assets and lease liabilities at the present value of future lease payments, affecting the consolidated financial position[46] Cash Flow and Financing - Operating cash flow before changes in working capital was 4,137,977 SGD for the six months ending March 31, 2020, down from 4,711,586 SGD in the previous year, indicating a decrease of about 12%[19] - The company raised approximately SGD 22.6 million from a share placement and public offering, netting SGD 15.2 million after expenses[167] - The company has no significant liquidity risk related to lease liabilities, which are monitored by the treasury department[158] Trade Receivables and Payables - The company’s trade receivables increased to 3,909,293 SGD as of March 31, 2020, compared to 7,630,136 SGD in the previous year, indicating a significant change in working capital dynamics[19] - As of March 31, 2020, total trade receivables amounted to SGD 7,029,895, a decrease from SGD 9,477,426 as of September 30, 2019, reflecting a decline of approximately 25.9%[120] - Trade payables increased to 5,569,235 SGD as of March 31, 2020, compared to 4,185,265 SGD as of September 30, 2019[145]

Financial Performance - The company's revenue increased by approximately 15.5% from about SGD 83.9 million in the fiscal year ending September 30, 2018, to approximately SGD 96.9 million in the fiscal year ending September 30, 2019[10]. - The gross profit margin slightly increased from approximately 15.7% to about 17.4% due to improved profitability in private client services[10]. - The net profit after tax was approximately SGD 4.9 million, a decrease from about SGD 6.8 million in the previous year, primarily due to increased listing and administrative expenses[10]. - The group's revenue increased by approximately 15.5% from SGD 83.9 million for the year ended September 30, 2018, to SGD 96.9 million for the year ended September 30, 2019[18]. - Net profit decreased by approximately 27.9% from SGD 6.8 million for the year ended September 30, 2018, to SGD 4.9 million for the year ended September 30, 2019, primarily due to listing expenses of SGD 3.8 million[18]. - Excluding listing expenses, net profit would have increased by approximately 17.6% to SGD 8.6 million for the year ended September 30, 2019[19]. - The construction services segment generated SGD 96.4 million in revenue, accounting for 99.5% of total revenue, with civil engineering contributing SGD 79.5 million (82.0%) and building construction SGD 15.7 million (16.3%) for the year ended September 30, 2019[26]. - Revenue from private clients increased significantly by approximately SGD 14.0 million or 44.3%, primarily due to 23 new private sector projects contributing SGD 17.3 million in revenue[29]. - Service costs rose by approximately 13.2% from SGD 70.7 million for the year ended September 30, 2018, to SGD 80.0 million for the year ended September 30, 2019, in line with revenue growth[30]. - Gross profit increased by approximately 28.0% from SGD 13.2 million for the year ended September 30, 2018, to SGD 16.9 million for the year ended September 30, 2019, with a gross margin improvement from 15.7% to 17.4%[31]. Financial Position - The company maintained a strong financial position with bank balances and cash of approximately SGD 20.9 million and a net debt-to-equity ratio of about 10.1% as of September 30, 2019[10]. - The net asset value was approximately SGD 52.3 million, equivalent to a net asset value per share of about SGD 0.11[10]. - The company had cash and cash equivalents totaling approximately SGD 20.9 million as of September 30, 2019, compared to SGD 3.7 million in the previous year[43]. - The debt-to-equity ratio as of September 30, 2019, was approximately 50.2%, a significant improvement from 101.4% in the previous year[48]. - The net proceeds from the share sale amounted to approximately HKD 86.3 million, which will be allocated to various purposes including strengthening financial status and enhancing fleet[58]. - The company pledged bank deposits and properties to secure bank financing, with performance guarantees amounting to approximately SGD 9.1 million as of September 30, 2019[54]. Corporate Governance - The company has a strong governance structure, with independent non-executive directors overseeing strategy and performance[62]. - The company has adopted all code provisions of the Corporate Governance Code as its own corporate governance practices since its listing on September 19, 2019[74]. - The board consists of two executive directors and three independent non-executive directors, ensuring independent judgment in overseeing the group's operations[76]. - The remuneration committee was established in August 2019, consisting of one executive director and two independent non-executive directors, to review and approve the remuneration policies for directors and senior management[81]. - The nomination committee was also established in August 2019, comprising one executive director and two independent non-executive directors, to oversee the nomination process for directors[84]. - The independent non-executive directors have confirmed their independence in accordance with the Listing Rules, ensuring adherence to relevant guidelines[77]. - The board is responsible for reviewing the effectiveness of the group's risk management and internal control systems[76]. - The company has committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[74]. - The company has established a nomination committee responsible for reviewing the board's structure, size, and composition, considering skills, knowledge, experience, and diversity[87]. - The company has adopted a board diversity policy aimed at maintaining high standards of corporate governance and enhancing board efficiency through diverse perspectives[99]. Environmental, Social, and Governance (ESG) - The group is committed to sustainable development and has established an Environmental, Social, and Governance (ESG) working group to oversee related initiatives[172]. - The company plans to continue enhancing its ESG performance and create greater value for the community[182]. - The total greenhouse gas emissions for the year ending September 30, 2019, amounted to 6,001.43 tons of CO2 equivalent[200]. - Direct greenhouse gas emissions from gasoline and diesel consumption (Scope 1) were recorded at 5,973.28 tons of CO2 equivalent[200]. - Indirect greenhouse gas emissions from purchased electricity (Scope 2) were 28.15 tons of CO2 equivalent[200]. - The company achieved a greenhouse gas emissions density of 26.57 tons of CO2 equivalent per employee, based on 226 full-time employees[200]. - The company has implemented an environmental management policy to regularly review and improve its environmental performance[190]. - Compliance costs related to environmental regulations are expected to continue in proportion to the company's operational scale[190]. - The company has adopted measures to reduce direct greenhouse gas emissions, including purchasing vehicles that meet EU emission standards and optimizing fuel consumption[197]. Shareholder Information - The company has ensured that at least 25% of its issued share capital is held by the public as of the report date[165]. - Major shareholders hold 360,000,000 shares, representing 75% of the issued share capital[142]. - The board of directors and senior management's shareholdings as of September 30, 2019, indicate that Mr. Fang and Mr. Zhang each hold 360,000,000 shares, representing 75% of the issued share capital[138]. - There are no provisions in the company's articles of association regarding preemptive rights for existing shareholders when new shares are issued[125]. - The company did not enter into any equity-linked agreements during the year or at the end of the fiscal year[126]. - The company has not purchased, sold, or redeemed any of its listed securities during the year ended September 30, 2019[145]. - The stock option plan allows for the issuance of up to 48,000,000 shares, which is 10% of the total shares issued as of the report date[150]. - No stock options were granted or exercised during the year ended September 30, 2019[155]. - The stock option plan is valid for ten years from the date of adoption, with no options granted to date[155]. - The exercise price for stock options will be determined by the board and must be at least the highest of the closing price on the date of the offer, the average closing price over the previous five trading days, or the nominal value[153]. Operational Insights - The company has over 30 years of experience in the Singapore construction industry, with key executives being co-founders[60]. - The executive team includes individuals with extensive backgrounds in construction management and finance, with experience ranging from 17 to over 30 years[70]. - The company has been involved in multiple sectors, including retail and food services, prior to its current focus on construction[61]. - The main business activities include construction services, property investment, and logistics related to construction materials, with no significant changes reported for the year ending September 30, 2019[116]. - The company became the holding company of the group on December 18, 2018, as part of a restructuring plan for its public listing[113]. - The company’s shares have been listed on the Stock Exchange since September 19, 2019[115]. - The company has not participated in any other pension plans aside from the Central Provident Fund for the year ending September 30, 2019[163]. - The group has not conducted any significant post-balance sheet events after September 30, 2019, until the report date[168]. - The company faces major risks and uncertainties as detailed in the management discussion and analysis section of the annual report[124].