Financial Performance - For the three months ended March 31, 2023, the company reported revenue of SGD 1,810,000, a decrease of 13.3% compared to SGD 2,089,000 for the same period in 2022[6] - The cost of services for the same period was SGD 2,074,000, down from SGD 2,229,000, resulting in a gross loss of SGD 264,000 compared to a gross loss of SGD 140,000 in 2022[6] - The company incurred an operating loss before tax of SGD 1,023,000, which is a 25.4% increase from the loss of SGD 816,000 in the previous year[6] - The total comprehensive loss for the period was SGD 1,028,000, compared to SGD 816,000 in the same period last year, reflecting a year-over-year increase of 26%[6] - Basic and diluted loss per share for the first quarter of 2023 was SGD 0.14, compared to SGD 0.11 for the same period in 2022[9] - The company reported a loss attributable to owners of the company of 1,023,000 SGD for the first quarter, compared to a loss of 816,000 SGD in the same period last year[36] - The loss for the three months ended March 31, 2023, was approximately 1,000,000 SGD, compared to a loss of about 800,000 SGD for the same period in 2022[49] Revenue Breakdown - Revenue from Singapore was 1,492,000 SGD, down 7.1% from 1,606,000 SGD in 2022, while revenue from Vietnam decreased by 34.2% to 318,000 SGD from 483,000 SGD[27] - Total revenue for the first quarter of 2023 was 1,810,000 SGD, a decrease of 13.4% from 2,089,000 SGD in the same period of 2022[24] - The group's revenue decreased by approximately 300,000 SGD or 14.3% to about 1,800,000 SGD for the three months ended March 31, 2023, compared to approximately 2,100,000 SGD for the same period in 2022[42] Expenses - Administrative expenses for the quarter were SGD 838,000, slightly up from SGD 823,000 in the same period last year[6] - Employee costs, including director remuneration, amounted to 2,505,000 SGD, down 7.5% from 2,709,000 SGD in 2022[34] - Research and development expenses were 64,000 SGD, a decrease of 8.6% from 70,000 SGD in the same quarter of 2022[30] - The company incurred depreciation expenses of 13,000 SGD for property, plant, and equipment, down from 36,000 SGD in the previous year[34] - Administrative expenses increased by approximately 15,000 SGD or 18.2% to about 838,000 SGD for the three months ended March 31, 2023, mainly due to an increase in auditor fees[45] Equity and Assets - As of March 31, 2023, the total equity of the company was SGD 2,861,000, a decrease from SGD 3,889,000 at the beginning of the year[11] - Total assets decreased to approximately 5,100,000 SGD as of March 31, 2023, down from about 7,100,000 SGD in 2022[50] - The current ratio showed a decrease in current assets to approximately 3,400,000 SGD, while current liabilities increased to about 1,400,000 SGD as of March 31, 2023[50] - The debt-to-equity ratio increased to approximately 45.9% as of March 31, 2023, compared to 24.7% in 2022[50] Shareholder Information - As of March 31, 2023, Mr. Huang Sheng holds 367,212,000 shares in WMCH Global Holdings Limited, representing 51.0% of the total shares[64] - Mr. Huang Sheng also has personal ownership of 708,000 shares, accounting for 0.1% of the total shares[64] - WMCH Global Holdings Limited, controlled by Mr. Huang Sheng, owns 367,212,000 shares, which is 51.0% of the company's issued share capital[69] - Tan Seow Hong, as a spouse of Mr. Huang Sheng, holds rights to 367,920,000 shares, representing 51.1% of the total shares[69] Corporate Governance - The company has established an audit committee to ensure proper governance and oversight of financial reporting and internal controls[112] - The board of directors is committed to maintaining high standards of corporate governance, believing it is essential for protecting shareholder interests and enhancing corporate value[108] - The company confirmed compliance with the GEM Listing Rules regarding public float requirements as of the reporting date[103] - The company has adhered to all relevant laws and regulations impacting its business, including health and safety and environmental regulations[106] Stock Options and Related Transactions - The company has not granted any stock options since the adoption of the stock option plan on November 6, 2019, and there are no unexercised options as of March 31, 2023[74] - The stock option plan aims to attract and retain top talent and provide additional incentives to employees and partners[77] - No related party transactions were entered into by the group during the three months ended March 31, 2023, consistent with the previous year[93] - The company has not granted any share options to directors or major shareholders that would exceed the specified limits without shareholder approval[88] Business Focus - The company continues to focus on its core business of civil and structural engineering consultancy services, with no new product launches or significant market expansions reported in this quarter[15]

Financial Performance - For the fiscal year ending December 31, 2022, the company recorded revenue of approximately SGD 10,400,000, an increase of about SGD 1,600,000 or 18.2% compared to the previous fiscal year[7]. - The group's revenue increased by approximately 1,400,000 SGD or 15.9% to about 10,200,000 SGD for the year ended December 31, 2022, compared to approximately 8,800,000 SGD for the previous year[12]. - Gross profit rose by approximately 700,000 SGD or 87.5% to about 1,500,000 SGD for the year ended December 31, 2022, primarily due to the increase in revenue[15]. - The company's loss for the year ended December 31, 2022, was approximately 1,700,000 SGD, a decrease from a loss of about 10,800,000 SGD in the previous year[26]. - Total assets decreased to approximately 6,200,000 SGD as of December 31, 2022, down from about 8,200,000 SGD the previous year[29]. - The debt-to-equity ratio was approximately 31.6% as of December 31, 2022, compared to 21.8% the previous year[29]. Operational Challenges - The revenue growth was primarily due to the easing of COVID-19 measures in Singapore and Vietnam, despite ongoing supply chain disruptions and labor shortages in the construction industry[7]. - The company acknowledges the ongoing challenges in global markets due to geopolitical and economic uncertainties, which have led to disruptions in production, supply chains, and service logistics[10]. - The company has delayed the establishment of new offices in Vietnam due to economic slowdown and rising rental costs[41]. Cost Management - The company emphasizes strict cost control measures to maintain sufficient liquidity and operational stability in the face of economic uncertainties and geopolitical tensions[7]. - Service costs increased by approximately 600,000 SGD or 7.4% to about 8,700,000 SGD for the year ended December 31, 2022, due to higher employee costs[13]. - Administrative expenses decreased by approximately 400,000 SGD or 11.1% to about 3,200,000 SGD for the year ended December 31, 2022[17]. Employee and Workforce Management - Employee costs for the year ended December 31, 2022, were approximately SGD 9.9 million, an increase from SGD 9.2 million in the previous year[39]. - The company had a total of 155 employees as of December 31, 2022, a slight decrease from 156 employees in the previous year[39]. - The employee turnover rate for the group was 20.4% for males and 9.5% for females as of December 31, 2022[91]. - A total of 27 employees voluntarily left the company during the year, with a higher turnover rate observed in the civil and engineering consulting business due to project-specific skill requirements[91][92]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to minimizing environmental, social, and governance (ESG) risks, adhering to legal and regulatory requirements, and maintaining high ethical standards[46]. - The company has established key performance indicators (KPIs) to monitor the execution of its ESG strategies and policies[47]. - The company has implemented a "Green Environmental Policy" to identify and assess the significance of environmental impacts from its activities[54]. - The total indirect carbon dioxide emissions increased by 43.23% from 58.59 tons in 2021 to 83.92 tons in 2022[62]. - The company aims to reduce carbon dioxide emissions by 2% to 3% in the coming year through various energy efficiency initiatives[63]. Corporate Governance - The board of directors is committed to maintaining high corporate governance standards, which are crucial for protecting shareholder interests and enhancing corporate value[120]. - The company has complied with all corporate governance code provisions except for the separation of the roles of chairman and CEO, which is deemed appropriate for effective management[128]. - The board consists of a balanced mix of executive and independent non-executive directors, ensuring diverse expertise and independent judgment[131]. - The company has established a shareholder communication policy to ensure proper handling of shareholder opinions and concerns, which is regularly reviewed for effectiveness[169]. Future Outlook and Strategic Plans - Future outlook indicates a focus on expanding operations in Vietnam, leveraging local expertise to enhance project delivery[195]. - The company is actively pursuing new product development and technological advancements to improve service offerings[198]. - Strategic plans include potential mergers and acquisitions to strengthen market position and diversify service capabilities[191].