Financial Performance - The company reported revenue of SGD 12,150,977 for the six months ended June 30, 2024, representing a 68.5% increase from SGD 7,221,802 in the same period of 2023[5]. - Gross profit for the same period was SGD 2,426,059, up from SGD 1,193,607, indicating a significant improvement in profitability[5]. - The company achieved a profit before tax of SGD 264,397, a turnaround from a loss of SGD 1,597,679 in the prior year[5]. - Total comprehensive income for the period was SGD 196,383, compared to a loss of SGD 1,634,535 in the previous year[5]. - Basic earnings per share improved to SGD 0.05, compared to a loss of SGD 0.33 per share in the same period last year[5]. - The company reported a profit of SGD 244,118 for the six months ended June 30, 2024, compared to a loss of SGD (2,761,737) for the same period in 2023[9]. - The net profit after tax for the six months ended June 30, 2024, was approximately SGD 244,000, a turnaround from a net loss of SGD 1.60 million in 2023[52]. Assets and Liabilities - Current assets increased to SGD 14,412,537 from SGD 13,675,302 year-over-year, reflecting a healthy liquidity position[6]. - The company's net asset value rose to SGD 9,929,726 as of June 30, 2024, compared to SGD 9,733,343 at the end of 2023[8]. - Non-current assets decreased to SGD 4,104,947 from SGD 4,951,601, primarily due to depreciation of property, plant, and equipment[7]. - The company reported a decrease in total liabilities to SGD 1,934,337 from SGD 2,248,956, indicating improved financial stability[8]. - Total trade receivables as of June 30, 2024, amounted to SGD 4,708,354, an increase from SGD 2,600,055 as of December 31, 2023[29]. - Trade payables increased to SGD 4,783,180 as of June 30, 2024, from SGD 3,597,861 as of December 31, 2023[36]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was SGD (2,111,764), compared to SGD (1,367,468) for the same period in 2023, indicating a decline in cash flow[10]. - The total cash and cash equivalents at the end of June 30, 2024, were SGD 912,801, down from SGD 1,173,762 at the end of June 30, 2023[10]. - The company's cash and cash equivalents were approximately SGD 913,000 as of June 30, 2024, down from SGD 3,243,000 on December 31, 2023[42]. Costs and Expenses - The total employee costs, including directors' remuneration, amounted to SGD 2,327,941 for the six months ended June 30, 2024, compared to SGD 2,124,134 for the same period in 2023[19]. - The company reported a significant increase in material costs recognized as expenses, totaling SGD 3,074,767 for the six months ended June 30, 2024, compared to SGD 1,659,719 for the same period in 2023[19]. - The company incurred tax expenses of SGD 20,279 for the six months ended June 30, 2024, with a corporate tax rate of 17%[21]. - The company generated depreciation expenses of approximately SGD 445,000 for the period, compared to SGD 347,000 in 2023[27]. Future Plans and Market Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[5]. - The total construction demand in Singapore for 2024 is projected to be between SGD 32 billion and SGD 38 billion, with public sector projects contributing about 55% of the total demand[53]. - Major upcoming public sector projects in 2024 include new Build-To-Order (BTO) housing developments and infrastructure works for Changi Airport Terminal 5[53]. - The company aims to expand its capacity and hire more staff to strengthen its market position in the Singapore steel structure industry[52]. - The company is actively seeking projects from various clients to mitigate the risk of over-reliance on a single client[52]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[65]. - The company has complied with all corporate governance code provisions during the six months ended June 30, 2024, except for certain deviations due to the resignation of an independent non-executive director[59]. - The company has maintained a solid corporate governance structure to ensure effective oversight of management[60]. Shareholder Information - As of June 30, 2024, the company has a major shareholder, Wei Guangjun, holding 104,652,500 shares, representing approximately 21.80% of the total issued share capital[55]. - The company did not recommend any dividend payment for the six months ended June 30, 2024, consistent with the previous year[22].

Financial Performance - The company reported revenue of SGD 12,150,977 for the six months ended June 30, 2024, representing a 68.5% increase from SGD 7,221,802 in the same period of 2023[5] - Gross profit for the same period was SGD 2,426,059, up 102.5% from SGD 1,193,607 year-on-year[5] - The company achieved a pre-tax profit of SGD 264,397, compared to a pre-tax loss of SGD 1,597,679 in the previous year[5] - The net profit for the period was SGD 244,118, a significant recovery from a net loss of SGD 1,597,679 in the prior year[5] - Basic earnings per share for the period was SGD 0.05, compared to a loss per share of SGD 0.33 in the same period last year[5] - The company reported a profit attributable to owners of SGD 244,118 for the six months ended June 30, 2024, compared to a loss of SGD 1,597,679 in the same period of 2023[24] - Basic earnings per share for the six months ended June 30, 2024, was SGD 0.05, an improvement from a loss of SGD 0.33 per share in the previous year[24] - The group reported a net profit after tax of approximately SGD 244,000 for the six months ended June 30, 2024, a turnaround from a net loss of approximately SGD 1.60 million in 2023[52] Assets and Liabilities - Current assets increased to SGD 14,412,537 from SGD 13,675,302 as of December 31, 2023[6] - Current liabilities remained relatively stable at SGD 6,653,421 compared to SGD 6,644,604 in the previous period[6] - Non-current assets decreased to SGD 4,104,947 from SGD 4,951,601 as of December 31, 2023[7] - The company reported total assets less current liabilities of SGD 11,864,063, slightly down from SGD 11,982,299[6] - The total equity attributable to owners of the company increased to SGD 9,929,726 as of June 30, 2024, compared to SGD 9,733,343 as of December 31, 2023, reflecting a growth of 2.02%[8] - The company’s non-current liabilities decreased to SGD 1,934,337 as of June 30, 2024, down from SGD 2,248,956 as of December 31, 2023, indicating a reduction of 14%[8] - Total current assets net value was approximately SGD 7,759,000 as of June 30, 2024, compared to SGD 7,031,000 as of December 31, 2023[41] - The company's current ratio improved to approximately 2.2 times as of June 30, 2024, compared to 2.1 times as of December 31, 2023[42] Income and Expenses - The company received insurance claims of SGD 4,562 and rental income of SGD 277,168 during the period, contributing to other income totaling SGD 348,632, up from SGD 138,265 in the same period last year[17] - Financing costs for the period amounted to SGD 58,137, an increase from SGD 51,726 in the previous year, primarily due to higher interest on bank loans and lease liabilities[18] - Total employee costs, including directors' remuneration, increased to SGD 2,327,941 in the first half of 2024 from SGD 2,124,134 in the same period of 2023, reflecting a rise of approximately 9.6%[25] - Material costs recognized as expenses surged to SGD 3,074,767 in the first half of 2024, compared to SGD 1,659,719 in the same period of 2023, indicating an increase of about 85.0%[25] - Other income for the six months ended June 30, 2024, was approximately SGD 349,000, an increase from SGD 138,000 in 2023, primarily due to rental income[41] Operational Strategy - The company is focused on enhancing its operational efficiency and exploring new market opportunities to drive future growth[5] - The company plans to continue expanding its operations in Singapore and Malaysia, focusing on providing steel structure services for various building types[13] - The group aims to enhance its market position in the Singapore steel structure industry by increasing capacity and hiring more staff[52] - The group is actively seeking projects from various clients to mitigate reliance on a single customer[52] - The board is committed to managing expenses and regularly reviewing business strategies to identify opportunities[52] Shareholder Information - As of June 30, 2024, the major shareholder, Wei Guangjun, holds 104,652,500 shares, representing approximately 21.80% of the total issued share capital[54] - Wanbao International Holdings Limited, controlled by Zhang Zhang, holds 289,920,000 shares, accounting for 60.40% of the total issued share capital[54] Corporate Governance - The company did not recommend any dividend for the six months ended June 30, 2024, consistent with the previous year[22] - The board of directors has adopted a code of conduct for securities trading, compliant with GEM Listing Rules[58] - The company has maintained compliance with all corporate governance codes during the reporting period, despite a temporary deviation due to a resignation[59] - The Audit Committee was established on June 21, 2017, consisting of three independent non-executive directors[65] - The Audit Committee reviewed the unaudited performance for the six months ending June 30, 2024, and provided recommendations and opinions[66] - The board includes three executive directors, two non-executive directors, and three independent non-executive directors as of the report date[67] Acquisitions and Investments - The company acquired assets totaling approximately SGD 11,000 in the first half of 2024, compared to approximately zero in the same period of 2023[27] - The group has utilized approximately HKD 20.4 million for the acquisition of new steel manufacturing facilities since listing[49] - Approximately HKD 9.6 million has been spent on machinery for the new steel manufacturing facilities, with an additional HKD 5.1 million expected to be utilized by December 31, 2024[49] - The net proceeds from the listing, after deducting related expenses, amounted to approximately HKD 35.9 million (equivalent to about SGD 6.19 million)[50] - The exclusive period for a potential acquisition of a target company expired on July 26, 2024, with no formal agreement signed[63] - No major acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the six months ended June 30, 2024[63] Market Outlook - The total construction demand in Singapore for 2024 is projected to be between SGD 32 billion and SGD 38 billion, with public sector contributions expected to account for about 55% of this demand[53] - No significant events occurred after the financial period ending June 30, 2024, up to the report date[64]

Financial Performance - The company reported revenue of approximately SGD 18,345,000 for the fiscal year ending December 31, 2023, representing a 95.4% increase from SGD 9,387,000 in the previous fiscal year[13]. - The gross profit for the fiscal year 2023 was approximately SGD 3,061,000, a turnaround from a gross loss of approximately SGD 2,980,000 in fiscal year 2022[13]. - The net loss after tax decreased to approximately SGD 1,438,000 in fiscal year 2023, down from a net loss of approximately SGD 6,765,000 in fiscal year 2022[13]. - The company reported a pre-tax loss of approximately SGD 1,438,000 for the fiscal year ended December 31, 2023, a significant improvement from a pre-tax loss of approximately SGD 6,761,000 in the previous year[21]. - Total sales and administrative expenses for the fiscal year ended December 31, 2023, were approximately SGD 5,309,000, compared to SGD 3,944,000 in 2022[21]. - The company’s cash and cash equivalents amounted to approximately SGD 3,243,000 as of December 31, 2023, down from SGD 4,697,000 in 2022[24]. - The debt-to-equity ratio was approximately 26.1% as of December 31, 2023, compared to 24.6% in 2022[24]. Construction Industry Outlook - The construction industry in Singapore grew by 6.3% year-on-year in Q3 2023, with public and private sector construction output increasing in Q2 and Q1 by 7.7% and 7.9%, respectively[14]. - Overall construction demand in Singapore for 2024 is projected to be between SGD 32 billion and SGD 38 billion, with steady improvement expected in mid-term construction demand[14]. - The construction demand in the private sector for 2024 is estimated to be between SGD 14 billion and SGD 17 billion, primarily due to government land sales and residential project increases[46]. Business Expansion and Strategy - The company has been authorized as the exclusive distributor for yak milk products in Hong Kong, Macau, Taiwan, and other Asia-Pacific regions, and as a non-exclusive distributor in China[14]. - The company aims to expand its yak milk product distribution business, which is expected to contribute to long-term growth and maximize shareholder returns[14]. - The company plans to enhance its market position in the Singapore steel structure industry while exploring yak milk product distribution in China and the Asia-Pacific region[14]. - The group aims to enhance its market position in the steel structure industry in Singapore by expanding capacity and hiring more staff, driven by ongoing infrastructure projects[41]. - The group’s strategy includes expanding its distribution business for yak milk products in China and the Asia-Pacific region, which aligns with its long-term growth strategy[46]. Corporate Governance - The company emphasizes a healthy corporate culture, focusing on compliance, ethics, and responsibility as key drivers of success[63]. - The board believes that good corporate governance is essential for managing the group's business and has complied with the corporate governance code throughout the year ending December 31, 2023[65]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules[67]. - The board of directors consists of eight members, including two executive directors, four non-executive directors, and two independent non-executive directors[69]. - The company is currently unable to meet GEM Listing Rules regarding the composition of the board, specifically having at least three independent non-executive directors and a minimum of three members in the audit committee[82]. 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 and ISO 14001:2015[132]. - An ESG committee has been established to oversee and manage the company's ESG initiatives, reporting directly to the board of directors[135]. - The company has implemented a systematic approach to managing ESG matters, with the board overseeing the ESG strategy and reporting[133]. - The company has achieved ISO 14001:2015 certification for its environmental management system, ensuring compliance with environmental laws and regulations, and actively reducing environmental impact[148]. - The company has prioritized the development of green building solutions in collaboration with industry professionals to enhance sustainability standards in Singapore's construction environment[146]. Employee and Workplace Policies - The company employed 142 staff as of December 31, 2023, an increase from 131 in 2022, with total employee costs amounting to approximately SGD 4,393,000 in 2023[31]. - The gender composition of employees is 87% male (104 employees) and 13% female (15 employees) as of December 31, 2023[183]. - The employee turnover rate was 0% during the reporting period, compared to 13.8% in 2022[186]. - The company has a zero-tolerance policy towards corruption, including bribery and money laundering, and has implemented multiple measures to combat it[195]. - The company has received multiple awards and certifications for occupational health and safety, including bizSAFE Star and ISO 45001:2018[189].

Financial Performance - The company reported total revenue of SGD 18,345,177 for the fiscal year ending December 31, 2023, representing a 95.5% increase from SGD 9,386,895 in 2022[6]. - Gross profit for the year was SGD 3,060,683, compared to a gross loss of SGD 2,980,230 in the previous year, indicating a significant turnaround[6]. - The company incurred a loss before tax of SGD 1,437,938, an improvement from a loss of SGD 6,761,072 in 2022[6]. - Basic loss per share improved to SGD (0.30) from SGD (1.41) year-over-year[6]. - The total revenue from other income sources in 2023 was SGD 568,101, an increase of 82.5% from SGD 311,467 in 2022[44]. - The pre-tax loss for 2023 was SGD 1,437,938, a significant improvement from a pre-tax loss of SGD 6,761,072 in 2022, representing a reduction of approximately 78.7%[49]. - The after-tax loss for the fiscal year ending December 31, 2023, was approximately SGD 1,438,000, compared to an after-tax loss of SGD 6,765,000 in 2022, primarily due to increased rental income from leasing vacant land and reduced interest expenses[136]. Assets and Liabilities - Total assets decreased to SGD 13,675,302 in 2023 from SGD 12,182,702 in 2022, while total liabilities increased slightly to SGD 6,644,604 from SGD 6,350,646[8][9]. - The company reported a net asset value of SGD 9,733,343, down from SGD 11,153,687 in the previous year, reflecting a decrease in retained earnings[9]. - Cash and cash equivalents decreased by SGD 1,465,961 in 2023, compared to a decrease of SGD 864,790 in 2022, indicating a 69.5% increase in cash outflow[14]. - The company has a total borrowing of SGD 2,544,457 as of December 31, 2023, down 7.1% from SGD 2,739,198 in 2022[115]. - The company has approximately SGD 14,000,000 in unutilized tax losses available to offset future profits, with SGD 2,200,000 confirmed as deferred tax assets[116]. Cash Flow - Cash flow from operating activities showed a net outflow of SGD 684,502, compared to an inflow of SGD 967,844 in 2022, indicating challenges in cash generation[13]. - The company reported a net cash used in financing activities of SGD 892,830 in 2023, a significant reduction from SGD 1,713,939 in 2022, showing a 48% improvement[14]. - The total cash outflow for lease liabilities, including principal and interest, was SGD 621,710 in 2023, compared to SGD 594,536 in 2022[78]. Revenue Sources - Major clients contributed over 10% of total revenue, with Client I generating SGD 3,992,907 in 2023, up from SGD 2,285,204 in 2022, representing a 74.8% increase[31]. - Client II's revenue increased to SGD 3,633,119 in 2023 from SGD 1,784,238 in 2022, marking a 103% growth[31]. - Client III contributed SGD 3,152,652 in 2023, which was not applicable in 2022, indicating new revenue generation[31]. - The group reported a rental income from investment properties of SGD 475,611 in 2023, compared to SGD 150,530 in 2022, representing a growth of 215.5%[44]. - The group recorded a gain from the sale of investment properties amounting to SGD 340,533 in 2023, with no such income reported in 2022[45]. Expenses - Total employee costs, excluding director remuneration, increased to SGD 3,811,475 in 2023 from SGD 2,874,707 in 2022, reflecting a rise of about 32.5%[50]. - The total service costs recognized as expenses amounted to SGD 15,284,494 in 2023, compared to SGD 12,367,125 in 2022, indicating an increase of approximately 23.5%[50]. - Sales and administrative expenses for the fiscal year ending December 31, 2023, were approximately SGD 5,309,000, up from SGD 3,944,000 in 2022[135]. - The company experienced a significant increase in contractor costs, which rose to SGD 5,999,432 in 2023 from SGD 4,095,941 in 2022, an increase of approximately 46.6%[50]. Strategic Plans - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[6]. - The company aims to strengthen its market position in the steel structure industry in Singapore while exploring yak milk product distribution in China and the Asia-Pacific region[161]. - The company will continue to manage expenses prudently and regularly review its business strategies to identify new opportunities[159]. Market Outlook - The total construction demand in Singapore for 2024 is projected to be between SGD 32 billion and SGD 38 billion, with public sector demand expected to be a major catalyst, estimated at SGD 18 billion to SGD 21 billion[160]. - Private sector construction demand for 2024 is estimated to be between SGD 14 billion and SGD 17 billion, driven by government land sales and residential project surges[160]. - Major upcoming public projects include the Housing Development Board's latest on-demand construction projects and the Changi Airport Terminal 5 infrastructure works, contributing to the expected construction demand[160]. Shareholder Information - The company reported that as of December 31, 2023, Wanbao International Holdings Limited holds a 60.40% stake in the company, with 289,920,000 shares[164]. - The company plans to issue up to 96,000,000 new shares, representing 20% of the existing share capital, through the exercise of warrants, potentially raising up to SGD 384 million[126]. - The company has not granted or agreed to grant any options under the share option plan as of the date of the consolidated financial statements[123]. Compliance and Governance - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[168]. - The audit committee reviewed the financial statements for the year ended December 31, 2023, and provided feedback[181]. - The annual report for 2023 will be published on the company's website and the Hong Kong Stock Exchange website in accordance with GEM listing rules[182].

Financial Performance - For the three months ended September 30, 2023, the company reported revenue of SGD 6,636,746, a significant increase of 179.5% compared to SGD 2,373,706 for the same period in 2022[7] - The gross profit for the three months ended September 30, 2023, was SGD 1,624,023, compared to a gross loss of SGD 187,434 in the same period of 2022, indicating a turnaround in profitability[7] - The company recorded a profit before tax of SGD 526,257 for the three months ended September 30, 2023, compared to a loss before tax of SGD 1,062,564 in the same period of 2022[7] - For the nine months ended September 30, 2023, total revenue reached SGD 13,858,548, up 130.5% from SGD 6,017,105 in the same period of 2022[7] - The net loss for the nine months ended September 30, 2023, was SGD 1,071,422, a significant improvement from a loss of SGD 5,005,422 in the same period of 2022[7] - The company’s basic loss per share for the nine months ended September 30, 2023, was SGD 0.22, compared to a loss of SGD 1.04 per share in the same period of 2022[7] - The total comprehensive income for the three months ended September 30, 2023, was SGD 526,257, contrasting with a total comprehensive loss of SGD 1,062,564 in the same period of 2022[7] Revenue Sources - Revenue from steel structure services for the three months ended September 30, 2023, was SGD 6,636,746, a significant increase of 179.5% compared to SGD 2,373,706 in the same period of 2022[14] - For the nine months ended September 30, 2023, revenue from steel structure services reached SGD 13,858,548, up 130.5% from SGD 6,017,105 in the corresponding period of 2022[14] - Major clients contributing over 10% of total revenue included Client I with SGD 1,534,570 for the three months and SGD 3,051,966 for the nine months ended September 30, 2023[16] Operational Costs - Total employee costs, including director remuneration, amounted to SGD 950,498 for the three months ended September 30, 2023, compared to SGD 913,367 in the same period of 2022, reflecting a rise of 4.1%[21] - The company reported a total material cost recognized as an expense of SGD 1,967,344 for the three months ended September 30, 2023, compared to SGD 458,599 in the same period of 2022, indicating a substantial increase[21] - Total sales and administrative expenses for the nine months ended September 30, 2023, were approximately SGD 4.01 million, an increase of approximately SGD 1.27 million from SGD 2.74 million in 2022[29] Governance and Management - The company has appointed new directors and committee members as of May 16, 2023, indicating a potential shift in governance and strategy[3][4][5] - The company has adopted a code of conduct for securities trading by directors, with no known non-compliance as of September 30, 2023[49] - The company has established an audit committee to provide independent opinions on financial reporting procedures and risk management systems[55] - The board consists of two executive directors, four non-executive directors, and three independent non-executive directors[58] Strategic Initiatives - The company continues to focus on expanding its market presence and improving operational efficiency, as evidenced by the significant revenue growth and reduction in losses[7] - The company is actively seeking new projects to diversify customer concentration risk and expand existing capacity to meet growing demand[38] - The company is expanding its capacity and hiring more staff to strengthen its market position in the Singapore steel structure industry[41] - On July 21, 2023, the company signed a distribution agreement with Tibet Dairy, becoming the exclusive distributor of all yak milk products in Hong Kong, Macau, Taiwan, and other Asia-Pacific regions for five years[41] - The company is enhancing its sales and marketing capabilities for yak milk products through a memorandum of understanding with Highland Treasure (Hong Kong) Limited[41] Compliance and Reporting - The company has maintained compliance with corporate governance codes throughout the nine months ending September 30, 2023[50] - The report will be available on the Hong Kong Stock Exchange website for at least seven days from the publication date[58] - The report will also be published on the company's website[58] Financial Position - The company’s total equity as of September 30, 2023, was SGD 10,052,334, reflecting a decrease from SGD 11,153,687 at the beginning of the year[8] - The company incurred financing costs of SGD 29,648 for the three months ended September 30, 2023, down 21.7% from SGD 37,829 in the same period of 2022[20] - The company did not recognize any taxable profits for Singapore corporate income tax for the three months and nine months ended September 30, 2023, and 2022[22] - The company reported a depreciation expense of SGD 132,346 for property, plant, and equipment for the nine months ended September 30, 2023, slightly down from SGD 136,611 in the same period of 2022[21] - The company has no contingent liabilities or capital commitments as of September 30, 2023[34][35] - The company has not made any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures in the nine months ending September 30, 2023[53] - There were no major events occurring after the nine-month period ending September 30, 2023, up to the report date[54]

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of SGD 7,221,802, a significant increase from SGD 3,643,399 in the same period of 2022, representing a growth of approximately 98.5%[11] - The gross profit for the six months ended June 30, 2023, was SGD 1,193,607, compared to a gross loss of SGD 2,204,466 in the same period of 2022, indicating a turnaround in profitability[11] - The company incurred a loss before tax of SGD 1,597,679 for the six months ended June 30, 2023, which is an improvement from a loss of SGD 3,942,858 in the same period of 2022, reflecting a reduction of approximately 59.5%[11] - The company reported a basic loss per share of SGD 0.33 for the six months ended June 30, 2023, compared to SGD 0.82 for the same period in 2022, showing an improvement of approximately 59.8%[11] - For the six months ended June 30, 2023, GT Steel Construction Group Limited reported a loss of SGD 3,942,858, compared to a loss of SGD 1,597,679 for the same period in 2022, indicating a significant increase in losses[15] - The company reported a total loss before tax for the six months ended June 30, 2023, of SGD 1,597,679, an improvement from a loss of SGD 3,942,858 in the same period of 2022[37] - For the six months ended June 30, 2023, the group reported a loss of approximately SGD 1.60 million, a decrease of about SGD 2.35 million compared to a loss of SGD 3.94 million in 2022[80] Assets and Liabilities - As of June 30, 2023, total assets amounted to SGD 10,659,902, down from SGD 11,661,770 as of December 31, 2022, indicating a decrease of about 8.6%[12] - The company's cash and cash equivalents decreased to SGD 1,173,762 as of June 30, 2023, from SGD 4,696,989 as of December 31, 2022, representing a decline of approximately 74.9%[12] - Trade receivables as of June 30, 2023, were SGD 1,819,394, down from SGD 2,213,188 as of December 31, 2022, indicating a decrease of about 17.8%[12] - The total equity of the company decreased to SGD 9,519,152 as of June 30, 2023, down from SGD 11,153,687 as of December 31, 2022, reflecting a decline of approximately 14.7%[13] - The company's lease liabilities decreased to SGD 319,339 as of June 30, 2023, from SGD 508,083 as of December 31, 2022, indicating a reduction of approximately 37.2%[13] - Current assets net value as of June 30, 2023, was approximately SGD 5,561,000, slightly down from SGD 5,832,000 as of December 31, 2022[63] - Cash and cash equivalents decreased significantly to approximately SGD 1,174,000 as of June 30, 2023, from SGD 4,697,000 as of December 31, 2022, primarily due to repayment of bank borrowings[63] - The company's current ratio improved to approximately 3.1 times as of June 30, 2023, compared to 1.9 times as of December 31, 2022[63] - The debt-to-equity ratio was approximately 9.1% as of June 30, 2023, down from 24.7% as of December 31, 2022[63] Operational Efficiency - The company has been focusing on cost management, with administrative expenses increasing to SGD 2,777,621 for the six months ended June 30, 2023, compared to SGD 1,757,256 in the same period of 2022, reflecting a rise of about 58%[11] - The company generated revenue of SGD 7,221,802 from steel structure services for the six months ended June 30, 2023, which is an increase of 98.5% compared to SGD 3,643,399 for the same period in 2022[25] - The company reported a net cash outflow from operating activities of SGD 1,367,468 for the six months ended June 30, 2023, compared to a net inflow of SGD 505,794 for the same period in 2022[17] - The total employee costs, including directors' remuneration, increased to SGD 1,116,269 for the three months ended June 30, 2023, up 43.6% from SGD 777,586 in the same period of 2022[31] - The total subcontractor costs recognized as an expense increased to SGD 1,399,490 for the three months ended June 30, 2023, up 29.9% from SGD 1,077,176 in the same period of 2022[31] Corporate Governance and Strategy - The board of directors has undergone significant changes, with several new appointments made on May 16, 2023, indicating a potential shift in corporate governance and strategic direction[6] - The company is exploring new market opportunities and strategies to enhance its operational efficiency and profitability moving forward[11] - The group aims to enhance its market position in the Singapore steel structure industry by expanding its capacity and increasing manpower[80] - The group has actively sought projects from various clients to mitigate the risk of over-reliance on a single client[81] - The board is responsible for ensuring effective risk management practices to minimize operational risks[81] - The group plans to continue managing its expenses and reviewing its business strategies to identify opportunities cautiously[82] Shareholder Information - Major shareholder Wanbao International Holdings Limited holds 329,510,000 shares, representing approximately 82.48% of the issued share capital[89] Dividends and Investments - The company did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[34] - The company did not recommend any dividends for the six months ended June 30, 2023, consistent with the previous year[68] - No significant investments or capital asset plans were reported as of June 30, 2023[105] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2023[106] Compliance and Audit - The company has adopted a code of conduct for securities trading, compliant with GEM listing rules, with no known violations[95] - The audit committee reviewed the unaudited results for the six months ended June 30, 2023, and provided recommendations[110] - There were no significant events occurring after the financial period ended June 30, 2023, up to the report date[107]

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]