香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GT STEEL CONSTRUCTION GROUP LIMITED （於開曼群島註冊成立的有限公司） （股份代號：8402） （認股權證代號：8209） 截至2023年6月30日止六個月 的中期業績公告 GT Steel Construction Group Limited（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈 本公司及其附屬公司（統稱「本集團」）截至2023年6月30日止六個月的未經審核簡明綜合 業績。本公告載有本公司2023年中期報告全文，符合GEM上市規則有關中期業績初步公 告所附帶資料的相關規定。 承董事會命 GT Steel Construction Group Limited 主席兼執行董事 陳笑雨 香港，2023年8月14日 於本公告日期，董事會包括兩名執行董事，即陳笑雨女士（主席）及王清佑先生；四名非 執行董事，即林小琴女士、陳冠樺先生、楊朴女士及石樹元先生；以及三名獨 ...

Financial Performance - For the first quarter of 2023, GT Steel Construction Group Limited reported revenue of SGD 3,602,204, an increase of 17.1% compared to SGD 3,074,519 in the same period of 2022[6]. - The gross profit for the first quarter of 2023 was SGD 317,369, compared to a gross loss of SGD 105,340 in the first quarter of 2022, indicating a significant turnaround[6]. - The company incurred a loss before tax of SGD 761,774 for the first quarter of 2023, an improvement from a loss of SGD 937,976 in the same quarter of the previous year, reflecting a reduction of approximately 18.8%[6]. - The total comprehensive loss for the first quarter of 2023 was SGD 798,630, compared to SGD 976,968 in the same period of 2022, showing a decrease of about 18.2%[6]. - Basic loss per share for the first quarter of 2023 was SGD 0.16, an improvement from SGD 0.20 in the first quarter of 2022[6]. - The company reported other income of SGD 92,324 for the first quarter of 2023, slightly down from SGD 99,555 in the same period of 2022[6]. - Administrative expenses increased to SGD 1,054,075 in the first quarter of 2023, compared to SGD 844,338 in the same quarter of 2022, reflecting a rise of approximately 24.8%[6]. - Financing costs decreased to SGD 29,437 in the first quarter of 2023 from SGD 52,986 in the same period of 2022, indicating a reduction of about 44.6%[6]. - The company recorded a loss of approximately SGD 761,774 for the three months ended March 31, 2023, a reduction of about SGD 176,000 compared to a loss of SGD 937,976 in the same period last year[27]. - The net loss for the three months ended March 31, 2023, was approximately SGD 762,000, a decrease from a net loss of SGD 938,000 in the same period of 2022, attributed to new projects post-COVID-19[39]. Revenue and Customer Contributions - Major customer I contributed SGD 1,580,235 to total revenue in Q1 2023, while major customer II contributed SGD 2,188,753 in Q1 2022[19]. - Revenue for the three months ended March 31, 2023, was approximately SGD 3,602,000, an increase of SGD 527,000 or 17.1% compared to SGD 3,075,000 for the same period in 2022[39]. Employee and Operational Insights - The group employed 131 staff as of March 31, 2023, compared to 116 in 2022, with total employee costs of approximately SGD 1,008,000 and SGD 851,000 for the respective periods[37]. - Total sales and administrative expenses increased to approximately SGD 1,108,000 in Q1 2023 from SGD 879,000 in Q1 2022, primarily due to increased wages and salaries from hiring foreign workers[31]. Strategic Focus and Market Position - The company has been focusing on providing design, supply, manufacturing, and installation services for steel structures, which is crucial for its operational strategy[9]. - The group aims to expand capacity and hire more staff to strengthen its market position in the steel structure industry in Singapore[40]. - The group is actively seeking projects from other clients to diversify customer concentration risk and expand existing capacity to meet higher demand[40]. - The demand for civil engineering construction is expected to remain strong, supported by infrastructure projects and the construction of water treatment plants and educational buildings[44]. Financial Management and Governance - The group will continue to manage expenses prudently and review business strategies while seeking new opportunities[43]. - The board is responsible for ensuring effective risk management practices to mitigate operational risks associated with project delays and subcontractor involvement[42]. - The company has maintained compliance with the corporate governance code as of March 31, 2023[56]. - The audit committee reviewed the unaudited results for the three months ended March 31, 2023, and provided recommendations[69]. Shareholder and Market Information - GT Steel Construction Group Limited's shares have been listed on the GEM of the Hong Kong Stock Exchange since November 17, 2017, indicating its established presence in the market[9]. - Public shareholders hold at least 25% of the company's total issued share capital as of the report date[68]. - The company did not declare any dividends for the three months ended March 31, 2023, consistent with the previous year[25][64]. Future Plans and Investments - Approximately HKD 269 million (70% of the subscription proceeds) is planned for developing yak milk products in China, Hong Kong, and Southeast Asia, including distribution and marketing efforts[61]. - The company plans to use approximately HKD 77 million (20% of the subscription proceeds) for expanding its construction business in China over the next four years[61]. - The company issued 96,000,000 warrants, representing 20% of the existing share capital, with a subscription price of HKD 4.00 per share, potentially raising approximately HKD 384 million (equivalent to about SGD 66.6 million) if fully exercised[60]. Other Relevant Information - The company has no unexercised options under its share option scheme as of March 31, 2023, since its adoption in November 2017[58]. - The company has no significant events occurring after the financial period ended March 31, 2023, up to the report date[66]. - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the three months ended March 31, 2023[65]. - The company does not have any contingent liabilities or capital commitments as of March 31, 2023[35][36].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GT STEEL CONSTRUCTION GROUP LIMITED （於開曼群島註冊成立的有限公司） （股份代號：8402） （認股權證代號：8209） 截至2023年3月31日止三個月第一季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM特色 GEM的定位乃為相比起聯交所上市的其他公司帶有更高投資風險的中小型公司提供 上市的市場。有意投資者應了解投資於此類公司的潛在風險，並應經審慎周詳考慮後 方作出投資決定。 由於在GEM上市的公司一般為中小型公司，在GEM買賣的證券可能會承受較於聯交 所主板買賣的證券為高的市場波動風險，同時亦無法保證在GEM買賣的證券會有高 流通量的市場。 本公告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定提供有關GT Steel Construction Group Limited（「本公司」，連同其附屬公司，統稱為「本集團」）的資料。 本公司各董事（「董 ...

Financial Performance - For the fiscal year ended December 31, 2022, the group's revenue decreased by 26.4%, from approximately SGD 12,750,000 in 2021 to approximately SGD 9,387,000 in 2022[10] - The group recorded a post-tax loss of approximately SGD 6,765,000 for the fiscal year ended December 31, 2022, compared to a post-tax loss of approximately SGD 9,555,000 for the fiscal year ended December 31, 2021[10] - The loss for the fiscal year was primarily due to a decrease in revenue, slower acquisition of new projects, fluctuations in steel prices, and increased subcontractor costs due to foreign labor shortages[10] - The total revenue for the fiscal year ending December 31, 2022, was approximately SGD 9.39 million, a decrease from SGD 12.75 million in 2021[37] - The pre-tax loss for the fiscal year ending December 31, 2022, was approximately SGD 6.76 million, compared to a pre-tax loss of SGD 9.56 million in 2021, indicating an improvement[38] Expenses and Borrowings - Sales and administrative expenses for the fiscal year ended December 31, 2022, were approximately SGD 3,944,000, down from approximately SGD 4,333,000 in 2021[18] - The group's total borrowings included lease liabilities of approximately SGD 15,000 and bank borrowings of approximately SGD 2,739,000 as of December 31, 2022[19] - The group had cash and cash equivalents of approximately SGD 4,697,000 as of December 31, 2022, compared to approximately SGD 5,564,000 in 2021[19] - The debt-to-equity ratio was approximately 24.7% as of December 31, 2022, compared to approximately 21.0% in 2021[20] Market Outlook - The overall construction demand in Singapore for 2022 is estimated to be between SGD 27 billion and SGD 32 billion, reflecting expected project approvals for the year[11] - The construction demand for 2023 is projected to be between SGD 27 billion and SGD 32 billion, similar to last year's forecast[43] - The public sector is expected to contribute approximately SGD 16 billion to SGD 19 billion to the total construction demand in 2023[44] Strategic Plans - The group plans to expand and enhance its market position in the Singapore steel structure industry by increasing capacity and hiring more personnel[13] - The company plans to continue managing expenses prudently and reviewing business strategies to identify opportunities[42] - The remaining funds from the listing are expected to be utilized by December 31, 2023, for the acquisition of machinery related to the leased property[40] Corporate Governance - The company has a strong leadership team with over 20 years of experience in the steel structure industry, led by founder and executive director Wang Qingyou[48] - As of December 31, 2022, Wang Qingyou and his spouse collectively hold approximately 82.95% of the company's total issued share capital[49][50] - The board emphasizes a healthy corporate culture that prioritizes legal compliance, ethics, and responsibility in its operations[62] - The company is committed to making informed decisions based on the best available information and appropriate due diligence[64] - The management team includes professionals with extensive experience in finance, engineering, and compliance, ensuring robust governance[50][54][60] Board Structure and Diversity - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[69] - The gender diversity ratio as of December 31, 2022, is 8.3% female and 91.7% male, with a target variance of 3%[73] - The company has established a board diversity policy to ensure a balance of skills, experience, and perspectives among board members[74] - The company emphasizes the importance of diversity in board composition, considering factors such as gender, race, ethnicity, age, experience, and skills[83] Compliance and Risk Management - The company has complied with the corporate governance code throughout the fiscal year ending December 31, 2022[66] - The Audit Committee held four meetings during the year to review quarterly, half-year, and annual financial statements, focusing on compliance with accounting standards and GEM listing rules[89] - The company confirmed that there are no significant uncertainties affecting its ability to continue as a going concern as of December 31, 2022[98] - The company has established a whistleblowing policy that allows reports from all stakeholders, including investors, customers, suppliers, and employees, with confidentiality and anonymity[106] Environmental, Social, and Governance (ESG) Initiatives - The company adheres to high standards of corporate governance, environmental, and social responsibility, supported by international certifications such as ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and OHSAS 18001:2007[130] - The ESG committee is responsible for driving ESG initiatives, collecting and calculating ESG data, and monitoring ESG-related matters across the company's operations[135] - The company aims to improve its ESG performance through constructive dialogue with stakeholders, addressing their main concerns such as legal compliance and environmental protection[138] - The company has implemented an environmental management system certified by ISO 14001:2015 to reduce environmental impact and manage operational risks[147] Employee Management and Training - The total number of full-time employees decreased to 109 in 2022 from 116 in 2021, with a stable employee turnover rate of 13.8%[178] - The company conducted 27 external training sessions in the past year, providing approximately 100 hours of training, with an average of 0.92 hours per employee[192] - The company aims for 100% training coverage for anti-corruption training within five years, targeting both board members and frontline employees[196] Health and Safety - The company has received multiple awards and certifications for occupational health and safety, including bizSAFE Star and ISO 45001:2018[185] - The company has a structured operational monitoring procedure for employees engaged in hazardous work[185] - The company has not faced any compensation claims for work-related fatalities in the past three years[189]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GT STEEL CONSTRUCTION GROUP LIMITED （於開曼群島註冊成立的有限公司） （股份代號：8402） （認股權證代號：8209） 截至2022年12月31日止年度的年度業績公告 香港聯合交易所有限公司（「聯交所」）GEM特色 GEM的定位乃為相比起聯交所上市的其他公司帶有更高投資風險的中小型公司提供上市 的市場。有意投資者應了解投資於此類公司的潛在風險，並應經審慎周詳考慮後方作出 投資決定。 由於在GEM上市的公司一般為中小型公司，在GEM買賣的證券可能會承受較於聯交所 主板買賣的證券為高的市場波動風險，同時亦無法保證在GEM買賣的證券會有高流通量 的市場。 本公告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定提供有關GT Steel Construction Group Limited（「本公司」）的資料。本公司各董事（「董事」）願對此共同及個 別承擔全部責任。 ...

Financial Performance - Revenue for Q3 2022 was SGD 2,373,706, a significant increase of 149.9% compared to SGD 950,387 in Q3 2021[6] - The gross loss for Q3 2022 was SGD 187,434, improved from a gross loss of SGD 1,481,947 in Q3 2021[6] - Total comprehensive loss for the nine months ended September 30, 2022, was SGD 5,044,414, compared to SGD 4,336,037 for the same period in 2021[6] - The company reported a pre-tax loss of SGD 1,062,564 for Q3 2022, an improvement from a pre-tax loss of SGD 2,219,568 in Q3 2021[6] - Basic loss per share for Q3 2022 was SGD (0.22), an improvement from SGD (0.46) in Q3 2021[6] - For the nine months ended September 30, 2022, the company reported unaudited revenue of approximately SGD 6,017,000, a decrease of 59.6% compared to SGD 14,903,000 in 2021[34] - The net loss for the nine months ended September 30, 2022, was approximately SGD 5,005,000, compared to a loss of SGD 4,327,000 in 2021, representing an increase in loss of 15.6%[34] - Basic loss per share for the nine months ended September 30, 2022, was SGD (1.04), compared to SGD (0.90) for the same period in 2021, indicating a deterioration in performance[30] - Gross loss for the nine months ended September 30, 2022, was approximately SGD 2,392,000, compared to SGD 1,516,000 in 2021, reflecting increased cost pressures[34] Revenue Sources - The revenue from steel structure services for the three months ended September 30, 2022, was SGD 2,373,706, compared to SGD 950,387 for the same period in 2021, representing a 149.5% increase[16] - For the nine months ended September 30, 2022, the revenue from steel structure services was SGD 6,017,105, down 59.7% from SGD 14,903,404 in the same period of 2021[16] - Major clients contributing over 10% of total revenue included Client I with SGD 2,618,723 and Client II with SGD 3,009,380 for the nine months ended September 30, 2022[19] - The total revenue for the three months ended September 30, 2022, was entirely generated from operations in Singapore, amounting to SGD 2,373,706[20] Expenses and Cost Management - Administrative expenses for the nine months ended September 30, 2022, were SGD 2,610,804, a decrease from SGD 2,874,128 in the same period of 2021[6] - The company reported a total employee cost of SGD 2,541,650 for the nine months ended September 30, 2022, down from SGD 3,051,002 in the same period of 2021[24] - Sales and administrative expenses for the nine months ended September 30, 2022, were approximately SGD 2,741,000, a decrease from SGD 3,006,000 in 2021, indicating cost management efforts[34] - The company received government grants totaling SGD 147,564 for the nine months ended September 30, 2022, down from SGD 268,963 in the same period of 2021[21] Market Outlook and Strategy - The company continues to focus on expanding its steel structure services for various building types, including industrial and commercial buildings[9] - The financial results reflect ongoing challenges in the market, but the company is committed to improving operational efficiency and exploring new opportunities[9] - The company plans to expand capacity to meet higher demand and strengthen its market position in the Singapore steel structure industry[45] - The construction industry in Singapore is expected to be driven by significant infrastructure projects over the next decade, which will increase demand for steel structures[45] - The overall construction demand in Singapore for 2022 is expected to reach between SGD 27 billion and SGD 32 billion, reflecting anticipated project awards for the year[49] - The company aims to enhance its market position in the steel structure industry in Singapore by increasing capacity and hiring more staff[49] - The company will continue to manage expenses prudently and review business strategies to identify opportunities[47] Corporate Governance - The company adopted a stock option plan on November 2, 2017, aimed at attracting, retaining, and rewarding eligible individuals[65] - As of September 30, 2022, there were no unexercised stock options under the plan, and no options have been granted, exercised, canceled, or lapsed since its adoption[65] - There were no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures for the nine months ended September 30, 2022[65] - No significant events occurred after the nine months ended September 30, 2022, up to the report date[67] - The audit committee, established on June 21, 2017, consists of three independent non-executive directors and is responsible for providing independent opinions on financial reporting procedures and risk management systems[68] - The audit committee reviewed the unaudited performance for the nine months ended September 30, 2022, and provided feedback and recommendations[69]

Financial Performance - For the six months ended June 30, 2022, GT Steel reported revenue of SGD 3,643,399, a decrease of 73.9% compared to SGD 13,953,017 for the same period in 2021[6]. - The company incurred a gross loss of SGD 2,204,466 for the six months ended June 30, 2022, compared to a gross loss of SGD 34,064 in the same period of 2021[6]. - Total comprehensive loss for the six months ended June 30, 2022, was SGD 3,981,850, significantly higher than SGD 2,108,184 for the same period in 2021[6]. - The company reported a basic loss per share of SGD 0.82 for the six months ended June 30, 2022, compared to SGD 0.44 for the same period in 2021[6]. - The net loss for the six months ended June 30, 2022, was approximately SGD 3,943,000, an increase of about SGD 1,843,000 compared to a loss of SGD 2,100,000 in 2021[87]. - The gross loss for the period was approximately SGD 2,204,000, compared to a gross loss of SGD 34,000 in 2021, primarily due to slower project acquisition and increased subcontractor costs[61]. - The pre-tax loss for the six months ended June 30, 2022, was SGD 3,942,858, compared to a loss of SGD 2,099,535 for the same period in 2021, representing an increase of 88%[33]. Assets and Liabilities - As of June 30, 2022, total assets amounted to SGD 14,430,865, down from SGD 18,340,316 as of December 31, 2021, reflecting a decrease of 21.5%[7]. - The company's net asset value decreased to SGD 13,938,525 as of June 30, 2022, from SGD 17,920,375 at the end of 2021, representing a decline of 22.1%[9]. - The total liabilities as of June 30, 2022, were SGD 3,548,245, a slight decrease from SGD 3,849,137 at the end of 2021[7]. - The company's accumulated profits as of June 30, 2022, were SGD 12,896,027, down from SGD 14,995,562 at the beginning of the year[10]. - The group's current assets net value was approximately SGD 10,883,000 as of June 30, 2022, down from SGD 14,491,000 as of December 31, 2021[64]. - The current ratio was approximately 4.1 times as of June 30, 2022, down from 4.8 times as of December 31, 2021[65]. - The debt-to-equity ratio was approximately 25% as of June 30, 2022, compared to 21% as of December 31, 2021[65]. Cash Flow and Financing - The net cash generated from operating activities was SGD 505,794, compared to a net cash used of SGD 744,402 in the same period of 2021[12]. - The company reported a total cash and cash equivalents of SGD 5,344,019 at the end of the period, down from SGD 7,554,507 at the beginning of the year[12]. - The net cash used in financing activities was SGD 626,502, significantly lower than SGD 3,129,384 in the same period of 2021[12]. - The company’s cash and cash equivalents decreased to SGD 5,344,019 as of June 30, 2022, from SGD 5,563,915 at the end of 2021, a decline of 3.9%[7]. Operational Highlights - The company is focused on expanding its market presence and exploring new strategies to improve financial performance in the upcoming periods[6]. - The company anticipates that new projects will commence in the third quarter of 2022, which may impact future revenue[61]. - The company plans to enhance its market position in the Singapore steel structure industry by increasing production capacity and hiring more staff[93]. - The company has assessed the expected credit loss for trade receivables as not significant as of June 30, 2022[47]. - The company’s cash flow management includes regular reviews of customer credit quality before accepting new clients[45]. Employee and Operational Costs - Total employee costs, including director remuneration, were SGD 1,628,283 for the six months ended June 30, 2022, down 22.6% from SGD 2,103,519 in the same period of 2021[27]. - The company’s sales and administrative expenses for the period were approximately SGD 1,843,000, a decrease of about SGD 355,000 from SGD 2,198,000 in 2021[61]. - The total depreciation expense for property, plant, and equipment was SGD 90,838 for the six months ended June 30, 2022, compared to SGD 77,287 for the same period in 2021, reflecting a 17.7% increase[27]. - The cost of materials recognized as expenses was SGD 2,263,356 for the six months ended June 30, 2022, a decrease of 46.6% compared to SGD 4,243,438 for the same period in 2021[27]. Market and Economic Outlook - The construction demand in Singapore is expected to reach USD 23 billion in 2022, recovering to pre-COVID-19 levels[93]. - The ongoing supply chain issues and geopolitical tensions have led to increased energy prices, contributing to global inflationary pressures[93]. - The economic outlook for 2022 indicates continued growth, albeit with imbalances due to external demand deterioration[92]. Governance and Compliance - The board believes that a strong corporate governance framework is essential for effective management and oversight of the company[104]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules[103]. - The audit committee reviewed the unaudited results for the six months ended June 30, 2022, and provided recommendations and opinions[117]. Dividends and Shareholder Information - The company did not recommend any dividend for the six months ended June 30, 2022, consistent with the previous year[30]. - The group has no dividend payments to ordinary shareholders for the six months ended June 30, 2022, consistent with 2021[69]. - As of June 30, 2022, Broadbville Limited holds 82.95% of the company's issued share capital, with 331,790,000 shares owned[99].

Financial Performance - Revenue for Q1 2022 was SGD 3,074,519, a decrease of 58.8% compared to SGD 7,459,722 in Q1 2021[7] - Gross loss for the quarter was SGD 105,340, compared to a gross profit of SGD 206,322 in the same period last year[7] - The net loss for the period was SGD 937,976, an increase of 26.3% from a net loss of SGD 742,574 in Q1 2021[7] - Total comprehensive loss for the quarter amounted to SGD 976,968, compared to SGD 751,223 in Q1 2021[7] - Basic loss per share for Q1 2022 was SGD 0.20, compared to SGD 0.15 in Q1 2021[7] - Other income for the quarter was SGD 99,555, down from SGD 141,276 in Q1 2021, representing a decline of 29.5%[7] - The company incurred a loss of approximately SGD 938,000 for the three months ended March 31, 2022, compared to a loss of approximately SGD 743,000 in the same period of 2021, an increase of about SGD 195,000[32] - The net loss for the three months ended March 31, 2022, was approximately SGD 938,000, compared to a net loss of SGD 743,000 for the same period in 2021, reflecting the ongoing impact of COVID-19 and market fluctuations[41] Expenses Management - Administrative expenses decreased to SGD 844,338 from SGD 979,409 in the previous year, reflecting a reduction of 13.8%[7] - Financing costs decreased to SGD 52,986 from SGD 64,332, a reduction of 17.5%[7] - Total employee costs for the three months ended March 31, 2022, were approximately SGD 850,697, a decrease from SGD 1,066,697 in the same period of 2021[25] - The company reported a decrease in sales and administrative expenses to approximately SGD 879,000 for the three months ended March 31, 2022, from approximately SGD 1,026,000 in the same period of 2021[32] - The total employee cost for the three months ended March 31, 2022, was approximately SGD 851,000, down from SGD 1,067,000 for the same period in 2021[38] Business Operations - The company continues to focus on providing design, supply, manufacturing, and installation services for steel structures[10] - The company experienced a significant reduction in revenue primarily due to the ongoing impact of the COVID-19 pandemic and slow progress on new projects[31] - The company faced challenges such as higher subcontractor costs and a shortage of foreign workers due to Singapore's entry restrictions[31] - The company aims to expand capacity and hire more staff to strengthen its market position in the Singapore steel structure industry, driven by ongoing infrastructure projects[42] Corporate Governance - The financial results were approved by the board on May 12, 2022, and are presented in Singapore dollars[12] - The company did not recommend any dividend for the three months ended March 31, 2022, consistent with the previous year[26] - The company has no contingent liabilities or capital commitments as of March 31, 2022[36][37] - The board is responsible for ensuring effective risk management practices to mitigate operational risks[44] - The company has maintained compliance with the corporate governance code as of March 31, 2022[58] Shareholder Information - As of March 31, 2022, the major shareholder, Mr. Wang Qingyou, holds approximately 82.95% of the issued share capital[49] - As of March 31, 2022, Broadbville Limited holds 331,790,000 shares and 66,358,000 related shares, representing approximately 82.95% of the issued share capital[53] - Publicly held shares account for at least 25% of the total issued share capital as of the last practicable date before the report's publication[67] Market Outlook - The economic outlook for 2022 indicates continued growth, albeit with imbalances, and external demand in Singapore has shown slight deterioration due to COVID-19 restrictions[46] - The ongoing global supply chain issues and rising energy prices are expected to exacerbate inflationary pressures[47] Audit and Compliance - The audit committee reviewed the unaudited results for the three months ended March 31, 2022, and provided recommendations[69] - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the three months ended March 31, 2022[65] - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2022[56] - No share options were granted under the share option scheme since its adoption on November 2, 2017, and no options have been exercised, cancelled, or lapsed[61] - No significant events occurred after the financial period ended March 31, 2022, up to the report date[66]

Financial Performance - The group's revenue increased by 25.6%, from approximately SGD 10,154,000 in 2020 to about SGD 12,750,000 in 2021[10] - The net loss for the year ended December 31, 2021, was approximately SGD 9,555,000, compared to a net loss of about SGD 3,391,000 for the year ended December 31, 2020[10] - For the year ended December 31, 2021, the group recorded a pre-tax loss of approximately SGD 9,563,000, compared to a pre-tax loss of approximately SGD 3,770,000 for the year ended December 31, 2020[18] - The group's total revenue for the years ended December 31, 2021, and 2020 was approximately SGD 12,750,000 and SGD 10,154,000, respectively, indicating a year-over-year increase of about 25.5%[35] Operational Challenges - The loss was primarily due to slower project acquisition, global economic conditions affecting steel mill capacity, and increased subcontractor costs due to COVID-19 measures[10] - The economic outlook for 2022 indicates continued growth, albeit with imbalances, and a slight deterioration in external demand due to COVID-19 Omicron variant restrictions[41] - Ongoing supply chain entanglements and rising energy prices due to geopolitical tensions are exacerbating global inflationary pressures[42] Market Outlook and Strategy - The construction industry is expected to recover rapidly, with projected demand in Singapore ranging from SGD 25 billion to SGD 32 billion annually from 2023 to 2026[11] - The company plans to expand and enhance its market position in the Singapore steel structure industry by increasing capacity and hiring more staff[13] - The group aims to enhance its market position in the Singapore steel structure industry by expanding capacity and hiring additional staff, driven by ongoing infrastructure projects[37] - The group anticipates that the ongoing infrastructure projects in Singapore will continue to drive demand for structural steel over the next decade[37] Financial Position - As of December 31, 2021, the group had cash and cash equivalents of approximately SGD 5,564,000, down from SGD 7,555,000 in 2020, representing a decrease of about 26.4%[20] - The group's total borrowings included bank loans of approximately SGD 3,710,000 as of December 31, 2021, compared to SGD 5,941,000 in 2020, reflecting a reduction of about 37.0%[20] - The debt-to-equity ratio for the group was approximately 21.0% as of December 31, 2021, compared to 22.2% in 2020, indicating a slight improvement in financial leverage[21] Employee Costs and Workforce - The total employee cost for the group was approximately SGD 4,068,000 for the year ended December 31, 2021, compared to SGD 3,309,000 in 2020, marking an increase of about 22.9%[28] - As of December 31, 2021, the company employed 116 full-time staff, with 92% being male and 8% female, a decrease from 124 employees in 2020[184] - The total employee count as of December 31, 2021, is 116, with 66% aged 30-49, 29% under 30, and 5% over 50[186] - The overall employee turnover rate for the year is 13.8%, down from 16.1% in 2020[187] - The percentage of employees receiving training is 100%, with a focus on health and safety, technical skills, and compliance awareness[197] Corporate Governance - The board is responsible for ensuring effective risk management practices to mitigate risks associated with business operations, including contract non-recurring nature and potential project delays[39] - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[62] - The company has confirmed compliance with the corporate governance code throughout the year ending December 31, 2021[60] - The company has established a code of conduct for directors' securities transactions, ensuring compliance with GEM listing rules[61] Risk Management and Internal Controls - The board regularly reviews and assesses the effectiveness of the internal control system, covering financial, operational, compliance, and risk management[99] - The internal control system aims to provide reasonable assurance against material misstatements or losses, managing operational risks rather than eliminating them[99] - The company has established a risk management and internal control system that is deemed effective and sufficient by the board, with no significant deficiencies identified[100] Environmental, Social, and Governance (ESG) Initiatives - The company is committed to high levels of corporate governance, environmental, and social responsibility, adhering to international standards such as ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and OHSAS 18001:2007[120] - The ESG committee is responsible for driving ESG initiatives, collecting and calculating ESG data, and monitoring ESG-related matters across the company's operations[123] - The company has established a systematic management approach to assess and manage significant ESG-related issues, including risk assessment and monitoring the effectiveness of key ESG initiatives[125] - The company has received bizSAFE star certification, indicating its commitment to safety and excellence in performance[120] Environmental Compliance and Performance - GT Steel Construction Group Limited's environmental management system is ISO 14001:2015 certified, ensuring compliance with environmental policies and regulations[136] - The company has implemented measures to reduce greenhouse gas emissions, including replacing traditional diesel vehicles with electric ones[140] - The company has complied with relevant environmental laws and regulations, including the Environmental Protection and Management Act[144] - The company aims to integrate environmental protection and resource conservation into its internal management and daily operations[152] Stakeholder Engagement - The company emphasizes effective communication with investors to enhance understanding of its business and developments[110] - The company has a structured approach to stakeholder communication, ensuring transparency and accountability in its operations[127] - The company actively engages stakeholders for feedback on its ESG policies and performance[131]

Financial Performance - For the three months ended September 30, 2021, the company reported revenue of SGD 950,387, a decrease of 66.5% compared to SGD 2,830,759 for the same period in 2020[9] - The gross loss for the three months ended September 30, 2021, was SGD 1,481,947, compared to a gross profit of SGD 397,603 in the same period of 2020[9] - The company incurred a loss before tax of SGD 2,219,568 for the three months ended September 30, 2021, compared to a loss of SGD 453,853 for the same period in 2020[9] - For the nine months ended September 30, 2021, total revenue was SGD 14,903,404, an increase of 143.5% from SGD 6,127,778 in the same period of 2020[9] - The net loss for the nine months ended September 30, 2021, was SGD 4,327,388, compared to a loss of SGD 2,171,465 for the same period in 2020[9] - The company reported total comprehensive loss of SGD 4,336,037 for the nine months ended September 30, 2021[10] - Basic loss per share for the three months ended September 30, 2021, was SGD (0.46), compared to SGD (0.09) for the same period in 2020[9] - The company’s total equity as of September 30, 2021, was SGD 23,108,804, down from SGD 28,655,599 as of September 30, 2020[10] Revenue Sources - For the three months ended September 30, 2021, revenue from steel structure services was SGD 950,387, a decrease of 66.5% compared to SGD 2,830,759 for the same period in 2020[18] - For the nine months ended September 30, 2021, total revenue from steel structure services reached SGD 14,903,404, an increase of 143.5% compared to SGD 6,127,778 for the same period in 2020[18] - Other income for the nine months ended September 30, 2021, totaled SGD 391,441, an increase of 25.1% compared to SGD 313,073 for the same period in 2020[23] - The revenue from major clients contributing over 10% to total revenue included Client II with SGD 1,823,936 for the nine months ended September 30, 2021[21] - The company primarily operated in Singapore, generating SGD 14,903,404 in revenue for the nine months ended September 30, 2021[22] Costs and Expenses - The company reported financing costs of SGD 189,322 for the nine months ended September 30, 2021, compared to SGD 129,591 for the same period in 2020, reflecting a 46.1% increase[25] - Total employee costs for the nine months ended September 30, 2021, were SGD 3,051,002, an increase of 60% compared to SGD 1,905,366 for the same period in 2020[27] - The company incurred total sales and administrative expenses of approximately SGD 3.0 million for the nine months ended September 30, 2021, compared to approximately SGD 2.7 million in the same period of 2020, reflecting an increase of 9.6%[37] - The company reported a pre-tax loss for the nine months ended September 30, 2021, with significant costs attributed to employee salaries and subcontractor expenses[27] Government Support and Subsidies - The company received government subsidies amounting to SGD 268,963 for the nine months ended September 30, 2021, compared to SGD 193,457 for the same period in 2020, representing a 39.1% increase[23] Market Conditions and Challenges - The company faced challenges in project acquisition due to COVID-19, which slowed down new project opportunities and increased subcontractor costs due to staggered work schedules[46][48] - The construction sector continues to face challenges due to labor shortages, supply chain constraints, and rising construction costs, with third-quarter output remaining weak[51] - The macroeconomic environment remains challenging due to the COVID-19 outbreak, falling oil prices, and geopolitical risks[51] Strategic Plans and Future Outlook - The company is actively seeking to diversify its customer base and expand existing capacity to meet higher demand in the Singapore steel structure industry[48] - The company plans to continue prudent expense management and regularly review business strategies to identify opportunities moving forward[49] - The company plans to enhance its market position in the steel construction industry in Singapore by increasing capacity and hiring more staff[51] Corporate Governance - The board is responsible for ensuring effective risk management practices to mitigate operational risks, with a focus on non-recurring contract nature and potential project delays[48] - The audit committee has been established since June 21, 2017, consisting of three independent non-executive directors[68] - The audit committee reviewed the unaudited performance for the nine months ended September 30, 2021, and provided opinions and recommendations[69] - The board of directors includes three executive directors and three independent non-executive directors as of the report date[70] Shareholder Information - As of September 30, 2021, the company’s major shareholders, Broadbville Limited, hold 331,790,000 shares, representing approximately 69.12% of the issued share capital[53] - There were no unexercised share options under the company's share option plan as of September 30, 2021[64] Dividends - The company did not recommend any dividend for the nine months ended September 30, 2021, consistent with the previous year where no dividend was declared[29][44] - The company does not recommend the payment of dividends for the nine months ending September 30, 2021[65] Regulatory Compliance - The company has adopted a code of conduct for securities trading, compliant with GEM listing rules, with no known violations[60] - The company has not indicated any significant impact from the adoption of new and revised International Financial Reporting Standards on its financial performance[16] Events After Reporting Period - No significant events occurred after the nine months ending September 30, 2021, up to the report date[66]