Financial Performance - For the fiscal year ending June 30, 2023, the company reported revenue of SGD 111.4 million, an increase from SGD 77.8 million for the previous year[10]. - The net profit for the same period was approximately SGD 2.3 million[10]. - The group reported revenue of approximately SGD 111.4 million for the year ended June 30, 2023, an increase of about SGD 33.6 million or approximately 43.2% compared to SGD 77.8 million for the year ended June 30, 2022[21]. - The cost of sales for the year ended June 30, 2023, was approximately SGD 102.8 million, an increase of about SGD 28.8 million or approximately 38.9% from SGD 74.0 million for the year ended June 30, 2022[22]. - Gross profit increased from approximately SGD 3.8 million for the year ended June 30, 2022, to approximately SGD 8.6 million for the year ended June 30, 2023, with a gross margin improvement from approximately 4.9% to approximately 7.7%[23]. - The group recorded a net profit of approximately SGD 2.3 million for the year ended June 30, 2023, compared to a loss of approximately SGD 0.4 million for the year ended June 30, 2022[29]. - Other income and gains decreased from approximately SGD 2.6 million for the year ended June 30, 2022, to approximately SGD 1.3 million for the year ended June 30, 2023, primarily due to reduced government subsidies[26]. - Financing costs decreased from approximately SGD 181,000 for the year ended June 30, 2022, to approximately SGD 135,000 for the year ended June 30, 2023, due to lower average borrowings[27]. - Income tax expenses increased to approximately SGD 65,000 for the year ended June 30, 2023, compared to SGD 9,000 in the previous year, mainly due to insufficient provisions in the prior tax year[28]. Construction Industry Outlook - The company's order book remains strong at approximately SGD 482.8 million as of June 30, 2023[12]. - The construction contracts awarded in Singapore for 2023 are expected to range between SGD 27 billion and SGD 32 billion, with public sector demand accounting for about 60%[10]. - The total value of construction contracts awarded in Singapore for 2023 is expected to be between SGD 27 billion and SGD 32 billion, with public sector demand accounting for about 60% of total construction demand[19]. - The construction industry in Singapore grew by 6.8% year-on-year in Q2 2023, slightly lower than the 6.9% growth recorded in the previous quarter[17]. - The Ministry of Trade and Industry revised the GDP growth forecast for 2023 from "0.5% to 2.5%" to "0.5% to 1.5%" due to weak external demand and ongoing global economic risks[18]. Operational Challenges - Labor shortages continue to challenge the construction industry, prompting companies to increase wages to retain talent[9]. - The company is committed to improving employee skills to navigate the challenging operational environment[12]. - The overall financial position of the company remains stable despite the challenging business environment[12]. Investments and Innovations - The company aims to enhance competitiveness and productivity through innovation and technology adoption[12]. - The company has utilized approximately HKD 24.7 million for the purchase of new machinery and equipment to enhance production capacity and quality[49]. - Approximately HKD 20.9 million has been allocated for initial funding of a new residential building project awarded by Singapore government agencies[49]. - The company has invested around HKD 13.6 million in hiring skilled workers and digital technology related to new construction techniques, including BIM and VDC[49]. - A total of HKD 21.6 million has been spent to acquire land use permits for a precast production facility and to construct temporary accommodation[52]. - The company has allocated approximately HKD 7.6 million for workforce enhancement to support business expansion[53]. - The company plans to continue evaluating and implementing new technologies to digitize processes and improve overall productivity and efficiency[49]. - The company aims to strengthen its financial capacity for high-value contracts in new construction and renovation projects[49]. - The company has committed to upgrading BIM software and related technologies to enhance technical capabilities[49]. - The company has made significant investments in expanding its labor force to meet the demands of business growth[53]. Management and Governance - Tay Yen Hua has been appointed as the Executive Director since October 8, 2008, overseeing the overall business operations and financial performance of the group[61]. - The company has a strong management team with over 49 years of experience in secretarial, accounting, and human resources, led by Tay Yen Hua[62]. - The group is focused on enhancing its technical capabilities and project management under the leadership of Huang Shan Da, who has over 30 years of experience in the construction industry[64][66]. - Kwan Shu Ming, with over 17 years of experience in accounting and management, is responsible for the financial and accounting operations of the group[67][68]. - The company has been actively involved in various projects, ensuring effective management and oversight of design and construction contracts[66]. - The management team includes members with significant experience in the construction sector, contributing to the company's strategic direction and governance[71]. - The company is committed to maintaining high standards of corporate governance and financial reporting, with a dedicated audit committee[71]. - The company emphasizes the importance of human resource planning and development in its operational strategy[66]. - The management team is focused on leveraging their extensive industry experience to enhance the company's competitive position in the market[64]. Corporate Governance - The company has a strong focus on corporate governance, with independent directors providing oversight and advice to the board[76]. - The company emphasizes the importance of independent opinions and governance matters through its independent non-executive directors[76]. - The company has adopted an anti-bribery and anti-corruption policy in May 2022 to enhance ethical standards[103]. - The company has implemented a shareholder communication policy to ensure effective dialogue with shareholders since January 2020[103]. - The company has established a reporting policy to address any substantiated incidents to the board and audit committee since May 2022[103]. - The company has ensured compliance with the corporate governance code, with most new regulations consistent with its existing practices[100]. - The company has a clear framework for determining the remuneration of non-executive directors, requiring shareholder approval[103]. - The company has a commitment to transparency and accountability in its governance practices[99]. - The company has a structured approach to risk management and internal controls, including anti-corruption measures[103]. - The company emphasizes the importance of corporate governance as a key element in creating shareholder value[99]. - The board diversity policy was adopted in January 2020, with a current female representation of approximately 25.0% on the board[105]. - The company has established a commitment to gender diversity, with plans to disclose specific numerical targets and timelines in the annual report[105]. - The nomination committee has been chaired by independent non-executive directors since the company's listing, ensuring compliance with listing rules[105]. - The company aims to increase the proportion of female directors gradually, considering stakeholder expectations and best practices[158]. Risk Management and Compliance - The company maintains effective internal control and risk management systems, with annual reviews conducted by the board to ensure their effectiveness[181]. - The company has established clear responsibilities and authority lines within its organizational arrangements for risk management[181]. - The audit committee has confirmed that sufficient disclosures have been made in the financial statements for the year ended June 30, 2023[167]. - The independent advisory firm has reviewed the company's internal control system, including financial, operational, and compliance controls, and found them to be effective and sufficient[184]. - The group adopted a code of conduct in May 2022, which is a crucial part of its internal control procedures[186]. - The whistleblowing policy was adopted in May 2022, providing reliable channels for stakeholders to report serious misconduct without fear of retaliation[187]. - No significant fraud or misconduct events affecting the financial statements or overall operations were discovered as of June 30, 2023[187]. - The group has implemented an anti-bribery and anti-corruption policy to uphold the highest standards of integrity and ethical behavior in its business operations[190]. - The insider information disclosure policy ensures proper handling and publication of insider information to prevent legal violations[192]. - The company has established procedures to manage inquiries from external parties regarding market rumors and other matters[193]. Shareholder Engagement - The company has adopted a shareholder communication policy to ensure shareholders and potential investors receive comprehensive and understandable information in a timely manner[196]. - The company has established effective communication channels with shareholders, providing regular updates on financial performance and strategic direction[197]. - Shareholders can submit written inquiries or requests regarding their rights to the company's main business location in Hong Kong[179]. - The company ensures that all significant resolutions presented at the shareholders' meeting are voted on independently to protect shareholder rights[177]. - As of June 30, 2023, the company's articles of association have been amended to comply with the core shareholder protection standards outlined in the listing rules[198]. - The company publishes annual and interim reports in printed form, available on the stock exchange and its own website[199].

Financial Performance - Revenue for the six months ended December 31, 2022, was SGD 53,595,000, an increase of 25% compared to SGD 42,922,000 for the same period in 2021[8] - Gross profit for the same period was SGD 2,967,000, significantly up from SGD 240,000, reflecting a gross margin improvement[8] - The company reported a profit before tax of SGD 125,000, a turnaround from a loss of SGD 2,405,000 in the previous year[8] - The group reported a profit of SGD 125,000 for the six months ended December 31, 2022, compared to a loss of SGD 2,405,000 in the same period of 2021[16] - Total comprehensive income for the period was SGD 65,000, which includes a loss of SGD 60,000 from fair value adjustments[13] - Cash flow from operating activities was SGD 12,657,000, a significant improvement from a cash outflow of SGD 7,410,000 in the previous year[16] - The group recorded a total operating profit of SGD 125,000, with the construction segment achieving an operating profit of SGD 130,000, contrasting with an operating loss of SGD 2,203,000 in the previous year[32] - The company maintained a basic and diluted earnings per share of SGD 0.02, recovering from a loss per share of SGD 0.30 in the previous year[8] Assets and Liabilities - Total assets as of December 31, 2022, increased to SGD 82,614,000 from SGD 71,840,000 as of June 30, 2022[9] - Current assets rose to SGD 62,199,000, up from SGD 50,371,000, indicating improved liquidity[9] - Total liabilities increased to SGD 47,534,000 from SGD 36,825,000, primarily due to higher trade and other payables[10] - The company's net asset value stood at SGD 35,080,000, slightly up from SGD 35,015,000[10] - Cash and cash equivalents increased significantly to SGD 24,781,000 from SGD 13,877,000, enhancing the company's cash position[9] - The group’s total equity as of December 31, 2022, was SGD 35,080,000, up from SGD 32,991,000 a year earlier[13] - Trade receivables rose to SGD 8,141,000 as of December 31, 2022, up from SGD 6,198,000 as of June 30, 2022, indicating an increase of about 31.4%[51] - The group’s total trade and other receivables amounted to SGD 15,798,000 as of December 31, 2022, compared to SGD 15,109,000 as of June 30, 2022, reflecting an increase of approximately 4.6%[51] Cash Flow and Investments - The group’s cash flow used in investing activities was SGD 891,000, an improvement from SGD 1,354,000 in the previous year[17] - The group’s financing activities resulted in a cash outflow of SGD 862,000, compared to SGD 1,386,000 in the previous year[17] - The group acquired assets costing approximately SGD 321,000 during the six months ended December 31, 2022, compared to SGD 776,000 in the same period of 2021[49] - The group has pledged fixed deposits of SGD 5.0 million as collateral for bank overdraft financing as of December 31, 2022, compared to SGD 4.0 million as of June 30, 2022[99] Market and Operational Insights - The company continues to explore market expansion opportunities and new product development strategies to drive future growth[8] - The total construction demand in Singapore for 2023 is expected to be between SGD 27 billion and SGD 32 billion, with public sector demand accounting for about 60%[69] - The overall construction demand in Singapore is expected to reach between SGD 25 billion and SGD 32 billion annually from 2024 to 2027, with approximately 60% of the demand coming from building projects[92] - The group anticipates ongoing challenges in the construction supply chain and rising construction material costs[92] Employee and Operational Costs - Employee benefits expenses (excluding directors' remuneration) decreased to SGD 5,151,000 in 2022 from SGD 5,614,000 in 2021, a decline of about 8.2%[44] - The total employee cost for the six months ended December 31, 2022, was approximately SGD 5.2 million, a decrease from SGD 5.6 million for the same period in 2021[94] - The group employed 355 employees as of December 31, 2022, down from 382 employees as of December 31, 2021[94] Governance and Compliance - The company has confirmed compliance with the standard code of conduct for securities trading as of December 31, 2022[123] - The audit committee, established on December 17, 2019, is chaired by an independent non-executive director and includes members with appropriate professional qualifications[138] - The interim condensed consolidated financial statements for the six months ended December 31, 2022, have been reviewed by the audit committee and are deemed to comply with applicable accounting standards and listing rules[139] Stock Options and Share Capital - The company has adopted a stock option plan on December 17, 2019, aimed at rewarding employees, directors, and selected participants for their contributions[124] - The total number of shares that can be issued under the stock option plan shall not exceed 80,000,000 shares, which is 10% of the total issued shares as of the listing date[128] - No stock options have been granted, exercised, expired, or canceled as of December 31, 2022, and there are no unexercised stock options under the stock option plan[132] - The total issued and paid-up share capital remained at SGD 1,389,000 as of December 31, 2022, consistent with the previous period[61]

Financial Performance - For the fiscal year ending June 30, 2022, the company reported a gross profit of approximately SGD 3.8 million, recovering from a gross loss of approximately SGD 5.2 million in the previous year[8]. - The company's revenue for the year ended June 30, 2022, was approximately SGD 77.8 million, a decrease of about SGD 12.7 million or 14.0% compared to SGD 90.5 million for the previous year[19]. - The cost of sales for the same period was approximately SGD 74.0 million, down about SGD 21.7 million or 22.7% from SGD 95.7 million the previous year[20]. - Other income and gains decreased from approximately SGD 6.2 million to SGD 2.6 million, primarily due to reduced government subsidies[23]. - The company reported a loss of approximately SGD 0.4 million for the year ended June 30, 2022, compared to a loss of about SGD 6.2 million in the previous year[26]. - As of June 30, 2022, the company's cash and cash equivalents were approximately SGD 13.9 million, down from SGD 32.5 million the previous year[27]. - The company's total current assets were approximately SGD 50.4 million, while total current liabilities were about SGD 33.5 million, resulting in a current ratio of approximately 1.5[29]. - The debt-to-equity ratio as of June 30, 2022, was approximately 14.0%, down from 20.1% the previous year[30]. - The total employee cost for the year ended June 30, 2022, was approximately SGD 12.2 million, an increase from SGD 11.4 million in the previous year[43]. - The company has not established an internal audit function as per the corporate governance code by June 30, 2022, but will continue to review the need for such a function annually[158]. Market Outlook - The average annual demand for the construction industry in Singapore is projected to be between SGD 27 billion and SGD 32 billion from 2023 to 2026, with about 60% expected to come from the public sector[10]. - The construction demand in the public sector is projected to reach SGD 25 billion to SGD 32 billion annually from 2023 to 2026, driven by government initiatives[37]. - The International Monetary Fund has maintained its global economic growth forecast for 2022 at 3.2%, but has downgraded the forecast for 2023 due to various economic uncertainties[9]. - The Singapore economy grew by 4.4% year-on-year in the second quarter of 2022, but growth is expected to slow in the third quarter[9]. Business Strategy and Operations - The company aims to improve efficiency through innovation and technology to maintain competitiveness amid rising labor and material costs due to ongoing inflation[11]. - The company is prepared to seize opportunities arising from market recovery, despite facing challenges from labor shortages and inflation[11]. - The company plans to expand its business and strengthen its market position in the Singapore construction industry[18]. - The company has a strategic vision for growth, aiming to enhance its market position through effective management and operational strategies[63]. - The company is adopting a prudent approach to business expansion and growth plans due to uncertainties in the Singapore economy caused by the COVID-19 outbreak[51]. Corporate Governance - The company emphasizes high standards of corporate governance to maintain shareholder trust and create long-term value[82]. - The company is committed to maintaining high standards of corporate governance and transparency, as evidenced by the roles of its independent directors[65]. - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, each with clear written terms of reference[117]. - The board is responsible for overseeing the company's overall strategy and financial performance, including risk management systems[102]. - The company has adopted an anti-bribery and anti-corruption policy in May 2022, which includes guidelines on gifts, hospitality, and remuneration[86]. - The company has established a whistleblowing policy, with confirmed cases reported to the board and audit committee[86]. - The company has implemented strategies to enhance shareholder value and corporate accountability[83]. Leadership and Management - Mr. Lin has over 30 years of experience in accounting, auditing, and finance, having held various positions in companies such as ECM Libra Securities and OSK Investment Bank[62]. - Mr. Pang has over 47 years of experience in audit, finance, corporate governance, and business development, serving as the chairman of the audit committee and a member of the remuneration committee[65]. - Dr. Wu has over 26 years of experience in civil engineering, materials science, and environmental engineering, and has been responsible for daily operations and product development in advanced construction materials[69]. - The company has a strong management team with over 35 years of experience in the construction industry, ensuring effective project management and operational planning[73]. - The project manager has over 17 years of experience in the construction sector, contributing to the company's project execution and completion strategies[75]. Risk Management - The company maintains an effective internal control and risk management system to safeguard shareholder investments and group assets[155]. - The risk management process includes identifying risks, assessing their impact and likelihood, and planning effective mitigation activities[156]. - The board reviews the effectiveness of the risk management and internal control systems at least annually[155]. - Independent consultants have reviewed the company's internal control systems, including financial, operational, and compliance monitoring measures[156]. - The audit committee reviewed the internal control review report and found the risk management and internal control systems effective and adequate as of June 30, 2022[158]. Shareholder Information - The group did not recommend any final dividend for the year ended June 30, 2022[179]. - The annual general meeting is scheduled for December 14, 2022, with a suspension of share transfer registration from December 9 to December 14, 2022[180]. - The revenue from the largest customer accounted for approximately 32.2% of the total revenue for the year ended June 30, 2022, down from 61.6% in 2021[197]. - The revenue from the top five customers represented about 97.4% of the total revenue for the year ended June 30, 2022, compared to 99.7% in 2021[197].

Financial Performance - Revenue for the six months ended December 31, 2021, was SGD 42,922 thousand, an increase from SGD 41,821 thousand in the same period of 2020, representing a growth of 2.6%[20] - Gross profit for the period was SGD 240 thousand, a significant improvement from a gross loss of SGD 2,279 thousand in the previous year[20] - The company reported a loss attributable to shareholders of SGD 2,405 thousand for the period, compared to a loss of SGD 2,597 thousand in the previous year, showing a reduction in losses of 7.4%[20] - The company’s basic and diluted loss per share was SGD (0.30), slightly improved from SGD (0.32) in the previous year[20] - The group reported a pre-tax loss of 42,682 thousand Singapore dollars for the six months ended December 31, 2021, compared to a loss of 44,100 thousand Singapore dollars for the same period in 2020, indicating a slight improvement[56] - The group’s total comprehensive loss for the period was SGD (2,435,000), compared to a total comprehensive loss of SGD (3,618,000) in the previous year, indicating a reduction in overall losses[26] Assets and Liabilities - Total assets as of December 31, 2021, were SGD 82,750 thousand, down from SGD 86,153 thousand as of June 30, 2021, indicating a decrease of 4.7%[21] - Total liabilities decreased to SGD 49,759 thousand from SGD 50,727 thousand, reflecting a reduction of 1.9%[23] - The net asset value as of December 31, 2021, was SGD 32,991 thousand, down from SGD 35,426 thousand as of June 30, 2021, a decline of 6.9%[23] - The company’s total current assets were SGD 60,321 thousand, down from SGD 64,375 thousand, a decrease of 6.4%[21] - Cash and cash equivalents decreased to SGD 25,722 thousand from SGD 32,542 thousand, a decline of 20.9%[21] - Cash and cash equivalents at the end of the period were SGD 22,130,000, a decrease of 46.6% from SGD 41,547,000 at the end of 2020[33] Cash Flow and Investments - Operating cash flow before changes in working capital was SGD (2,054,000) for the six months ended December 31, 2021, compared to SGD (5,086,000) in the previous year, showing a significant improvement[29] - The company’s cash flow from investing activities showed a net outflow of SGD 1,354,000, compared to SGD 848,000 in the previous year, indicating increased investment activity[31] - The company’s cash flow from financing activities resulted in a net outflow of SGD 1,386,000, up from SGD 940,000 in the previous year, reflecting higher financing costs[31] Equity and Retained Earnings - Total equity as of December 31, 2021, was SGD 32,991,000, down from SGD 42,368,000 as of December 31, 2020, reflecting a decrease of approximately 22.1%[26] - The company’s retained earnings as of December 31, 2021, were SGD (1,108,000), a decrease from SGD 7,502,000 as of December 31, 2020, reflecting accumulated losses[26] Operational Highlights - The company recorded depreciation of property, plant, and equipment amounting to SGD 1,060,000, an increase of 18.7% from SGD 893,000 in the prior year[29] - The company’s contract assets increased by SGD 5,105,000, compared to an increase of SGD 2,799,000 in the previous year, indicating growth in project commitments[29] - The total contract value of the seven construction projects on hand as of December 31, 2021, was approximately SGD 342.2 million, up from SGD 293.8 million for six projects as of June 30, 2021[84] Risks and Challenges - The group continues to face credit risk, liquidity risk, and interest rate risk, with no changes to its financial risk management policies since the fiscal year ended June 30, 2021[46] - The construction industry is expected to face continued pressure on profit margins due to rising costs of key construction materials and labor shortages[85] Employee and Administrative Costs - The total employee cost for the six months ended December 31, 2021, was approximately SGD 5.6 million, an increase from SGD 5.2 million for the same period in 2020[116] - Administrative expenses increased from approximately SGD 3.2 million to SGD 3.4 million, primarily due to higher employee costs to retain key staff and align employee benefits with current market levels[95] Shareholder and Governance - The major shareholder, Ying Xi, holds 600,000,000 shares, representing 75% of the company's equity[143] - The company has adopted a share option scheme to reward employees and directors for their contributions, which was conditionally adopted on December 17, 2019[151] - The company confirmed full compliance with the standard code of conduct for securities trading by all directors during the reporting period[150] - The company has fully complied with the Corporate Governance Code during the six months ended December 31, 2021, except for the deviation from the code provision C.2.1[158]

Financial Performance - The group's revenue for the year ended June 30, 2021, was approximately SGD 90.5 million, a decrease of about 29.0% compared to SGD 127.5 million for the year ended June 30, 2020, primarily due to the slow resumption of public and private sector construction projects [10]. - The gross loss decreased from approximately SGD 9.2 million for the year ended June 30, 2020, to SGD 5.2 million for the year ended June 30, 2021, representing an improvement of about 43.6% [11]. - The total comprehensive loss for the year was reduced mainly due to increased other income from government subsidies and cost-cutting measures implemented by the group, although this was offset by increased construction operating costs and rising material costs due to delivery disruptions [11]. - The group recorded a loss of approximately SGD 6.2 million for the year ended June 30, 2021, compared to a loss of SGD 17.0 million for the year ended June 30, 2020 [26]. - Cost of sales for the year ended June 30, 2021, was approximately SGD 95.7 million, a reduction of about 30.0% from SGD 136.7 million for the year ended June 30, 2020 [20]. - Other income and gains increased to approximately SGD 6.2 million for the year ended June 30, 2021, from SGD 2.8 million in the previous year, mainly due to government assistance related to COVID-19 [23]. Market Outlook - The construction industry is expected to remain highly competitive in the foreseeable future, with the group confident in its ability to secure new projects for sustainable business development [11]. - Singapore's Ministry of Trade and Industry revised the GDP growth forecast for 2021 from 4.0-6.0% to 6.0-7.0%, with the construction sector experiencing a year-on-year growth of 106% in the second quarter [10]. - The construction demand in Singapore is projected to recover to between SGD 23 billion and SGD 28 billion in 2021, with about 65% coming from the public sector [34]. - The public sector construction demand is expected to rise to between SGD 15 billion and SGD 18 billion in 2021 [34]. - The private sector construction demand is anticipated to be between SGD 8 billion and SGD 10 billion in 2021 [34]. Operational Strategy - The group plans to continue expanding its market position in Singapore's construction sector and actively undertake public and private sector projects [16]. - The group aims to enhance productivity and quality by upgrading and replacing existing machinery and equipment [17]. - The group will adopt digital solutions to strengthen its technical capabilities and productivity [17]. - The group anticipates ongoing challenges due to increased costs from safety management measures, rising construction material costs, and labor shortages [15]. Financial Position - As of June 30, 2021, the group's total current assets were approximately SGD 64.4 million, down from SGD 78.2 million in 2020 [29]. - The group's total current liabilities as of June 30, 2021, were approximately SGD 45.5 million, compared to SGD 50.1 million in 2020 [29]. - The current ratio as of June 30, 2021, was approximately 1.4, down from 1.6 in 2020 [29]. - The group's total cash and cash equivalents as of June 30, 2021, were approximately SGD 32.5 million, a decrease from SGD 48.1 million in 2020 [27]. - The total debt, including borrowings and lease liabilities, was approximately SGD 7.1 million as of June 30, 2021, down from SGD 8.0 million in 2020 [27]. - The debt-to-equity ratio as of June 30, 2021, was approximately 20.1%, compared to 19.0% in 2020 [31]. Human Resources - As of June 30, 2021, the group had 393 employees, with total employee costs approximately SGD 11.4 million, a decrease from SGD 12.4 million in 2020 [38]. - The group has identified significant risks, including reliance on a major client and potential delays in project completion, which could adversely affect financial performance [38]. - The group aims to enhance its technical capabilities by hiring employees with experience in Building Information Modeling (BIM) and Virtual Design and Construction (VDC), although hiring has been delayed due to the pandemic [43][44]. Corporate Governance - The company emphasizes high standards of corporate governance to maintain shareholder trust and create long-term value [84]. - The board of directors consists of a majority of independent non-executive directors, exceeding the requirement of at least one-third as per listing rules [92]. - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, to oversee specific areas of the company's affairs [103]. - The company has adopted the corporate governance code principles and has complied with the relevant regulations as of June 30, 2021 [85]. - The independent non-executive directors provide impartial opinions on the company's strategy, performance, and monitoring, ensuring the interests of all shareholders are considered [94]. Risk Management - The company maintains an effective internal control and risk management system, with annual reviews conducted by the board to assess its effectiveness [136]. - The risk management process includes identifying major risks, assessing their potential impact and likelihood, and planning effective mitigation activities [137]. - The audit committee confirmed that the consolidated financial statements for the fiscal year ending June 30, 2021, comply with applicable accounting standards and listing rules [129]. Shareholder Relations - The company has established multiple communication channels with shareholders, including annual reports and special meetings [146]. - The board will continue to monitor and review the existing structure regularly, making necessary changes when appropriate [99]. - The board does not recommend a final dividend for the year ended June 30, 2021, consistent with no dividend in 2020 [37]. Investment and Utilization of Proceeds - The net proceeds from the listing amounted to approximately HKD 88.4 million (equivalent to about SGD 15.5 million) after deducting global offering-related underwriting commissions and expenses [52]. - The planned allocation of the net proceeds included HKD 24.7 million for purchasing new machinery and equipment, with HKD 18.2 million actually utilized and HKD 6.5 million remaining [52]. - The company plans to enhance its technical capabilities and expand its workforce to support business growth, with HKD 5.7 million allocated, of which HKD 1.3 million has been utilized [52].

Financial Performance - Revenue for the six months ended December 31, 2020, was SGD 41.821 million, a decrease of 58.8% compared to SGD 101.278 million for the same period in 2019[7] - The company reported a loss attributable to shareholders of SGD 2.597 million for the six months ended December 31, 2020, compared to a profit of SGD 3.374 million in the same period of 2019[7] - The company reported a total comprehensive loss of SGD 3,618,000 for the six months ended December 31, 2020, compared to a total comprehensive income of SGD 3,374,000 for the same period in 2019[21] - Operating cash flow for the six months ended December 31, 2020, was a net outflow of SGD 3,696,000, a significant decrease from the inflow of SGD 8,309,000 in the previous year[21] - The company experienced a pre-tax loss of SGD 2,597,000 for the six months ended December 31, 2020, compared to a profit of SGD 4,165,000 in the same period of 2019[21] - The company reported a decrease in contract assets and an increase in trade payables, indicating changes in working capital management[21] - The company reported a net gain of SGD 17,000 from the sale of assets, compared to no gains in the same period of 2019[55] - Gross profit decreased approximately 131.1% from about SGD 7.3 million to a gross loss of about SGD 2.3 million, with a gross margin drop of 12.6 percentage points to a gross loss margin of approximately 5.4%[84] - The group recorded a loss of approximately SGD 2.6 million for the six months ended December 31, 2020, compared to a profit of approximately SGD 3.4 million for the same period in 2019[89] Assets and Liabilities - Total assets as of December 31, 2020, were SGD 99.252 million, an increase from SGD 98.869 million as of June 30, 2020[10] - Total liabilities increased to SGD 60.502 million as of December 31, 2020, compared to SGD 56.501 million as of June 30, 2020[12] - The company's net asset value decreased to SGD 38.750 million as of December 31, 2020, down from SGD 42.368 million as of June 30, 2020[12] - Cash and cash equivalents at the end of the period were SGD 41,547,000, a decrease from SGD 48,052,000 at the beginning of the period[23] - The company’s total equity decreased to SGD 38,750,000 as of December 31, 2020, down from SGD 42,368,000 as of July 1, 2020[21] Shareholder Information - The average number of ordinary shares issued during the period remained at 800,000,000, with no potential dilution effects[54] - The company did not declare or pay any dividends for the six months ended December 31, 2020, consistent with the previous year[52] - The company’s issued share capital as of December 31, 2020, was SGD 1,389,000, with a total share premium of SGD 32,978,000[18] - Kwan Mei Kam and Tay Yen Hua each hold a 75% equity interest in the company, with 600,000,000 shares owned collectively[151] Operational Efficiency and Strategic Initiatives - The company is focused on strategic initiatives to enhance operational efficiency and explore market expansion opportunities[6] - The company plans to continue expanding its market position in the Singapore construction sector and actively undertake public and private sector projects[78] - The company aims to adopt digital solutions to maintain site safety and invest in new technologies to enhance technical capabilities and productivity[80] - The company plans to enhance its technical capabilities through investments in new construction technologies, including BIM and VDC, with an allocation of HKD 21.2 million for hiring new staff and technology investments[139] Government Support and Financial Assistance - Government grants received amounted to SGD 2,624,000, significantly up from SGD 10,000 in the previous year, with approximately SGD 2,565,000 related to COVID-19[42][43] - Other income increased from approximately SGD 0.4 million to SGD 3.0 million, primarily due to government subsidies related to COVID-19 assistance measures[86] Market Conditions and Future Outlook - Construction demand in Singapore is projected to decline by 36.5% to SGD 21.3 billion in 2020, with public sector demand dropping from SGD 19 billion in 2019 to SGD 13.2 billion in 2020[102] - The forecast for total construction demand in 2021 is expected to recover to between SGD 23 billion and SGD 28 billion, with public sector demand anticipated to rise to between SGD 15 billion and SGD 18 billion[102] - Private sector construction demand in 2021 is projected to be between SGD 8 billion and SGD 10 billion, focusing on residential land development and commercial renovation projects[103] - The company anticipates that profit margins will remain low due to increased costs from compliance with safety management measures and labor shortages[78] - The company has experienced project delays and increased costs, which have adversely affected revenue contributions[82] Credit and Risk Management - The company has maintained its financial risk management policies since the fiscal year ended June 30, 2020, with no changes reported[34] - The company maintains a strict credit control policy to minimize credit risk associated with trade receivables[59] - The company has not recognized any expected credit losses for trade receivables as of December 31, 2020, due to the good credit history of debtors[59] Corporate Governance - The company has fully complied with the corporate governance code during the six months ended December 31, 2020, except for a deviation regarding the separation of roles of the chairman and CEO[170] - The audit committee was established on December 17, 2019, and is responsible for reviewing financial information, internal control procedures, and risk management systems[173] - The company has appointed an external service provider for company secretary services, ensuring compliance with the corporate governance code[171] - The company has established a non-competition agreement with key individuals to prevent potential competition with its business[158] Stock Options and Employee Incentives - The company has adopted a share option scheme to reward employees, directors, and selected participants for their contributions, which was conditionally adopted on December 17, 2019[162] - The stock options granted to directors or major shareholders require approval from independent non-executive directors if they exceed 0.1% of the issued shares and have a total value exceeding HKD 5 million[167] - The stock option plan will remain in effect for ten years from January 8, 2020, unless terminated early by shareholders[167] - The company has not granted, exercised, expired, or lapsed any stock options under the stock option plan for the six months ended December 31, 2020[168]

Financial Performance - For the fiscal year ending June 30, 2020, the company's revenue was approximately SGD 127.5 million, an increase of about 15.5% from SGD 110.4 million for the previous fiscal year[8]. - The gross loss for the fiscal year was approximately SGD 9.2 million, a decrease of about 163.8% from a gross profit of approximately SGD 14.4 million in the previous year[10]. - The group's revenue for the year ended June 30, 2020, was approximately SGD 127.5 million, an increase of about 15.5% compared to SGD 110.4 million for the year ended June 30, 2019[20]. - The group recorded a loss of approximately SGD 17.0 million for the year ended June 30, 2020, compared to a profit of SGD 5.9 million for the year ended June 30, 2019[28]. - The cost of sales for the year ended June 30, 2020, was approximately SGD 136.7 million, an increase of about 42.4% from SGD 96.0 million for the previous year[21]. - The gross loss for the year ended June 30, 2020, was approximately SGD 9.2 million, a decrease of about 163.8% from a gross profit of SGD 14.4 million for the year ended June 30, 2019, resulting in a gross loss margin of approximately 7.2%[22]. Market Outlook - The construction industry in Singapore is expected to contract by 5% to 7% due to the impact of COVID-19, with a year-on-year decline in the construction sector of 59.3%[7]. - The Singapore government has revised the total construction demand for the year to between SGD 18 billion and SGD 23 billion, with expectations of recovery starting next year[8]. - Construction demand is projected to reach SGD 27 billion to SGD 34 billion in 2021 and 2022, and SGD 28 billion to SGD 35 billion in 2023 and 2024[10]. - The economic activity contracted by 97.1% during the first and second quarters of 2020 due to the pandemic[7]. Strategic Initiatives - The company successfully secured two new projects, including its first public housing project and a private school project, enhancing its resilience[10]. - The company plans to intensify efforts to bid for new projects, particularly in the public sector, to achieve sustained business growth[10]. - The group plans to enhance its market position in the Singapore construction industry and invest in new technologies to improve productivity and safety[17]. - The group aims to expand its workforce to support business growth and adapt to new operational demands[17]. Financial Position - As of June 30, 2020, the group's cash and cash equivalents were approximately SGD 48.1 million, up from SGD 3.0 million in the previous year[30]. - The current ratio as of June 30, 2020, was approximately 1.6, compared to 1.5 in the previous year[30]. - The debt-to-equity ratio as of June 30, 2020, was approximately 19.0%, an increase from 11.4% in the previous year[32]. - As of June 30, 2020, the group's lease liabilities amounted to approximately SGD 214,000, a decrease from SGD 590,000 in 2019[36]. - The total employee cost for the year ended June 30, 2020, was approximately SGD 9.5 million, compared to SGD 8.1 million in 2019[44]. Corporate Governance - The company has a strong management team with diverse expertise in construction, legal, and financial sectors, enhancing its operational capabilities[87]. - The board includes independent directors with extensive experience in corporate governance and financial oversight, ensuring compliance and strategic direction[85]. - The company emphasizes the importance of high-level corporate governance to maintain shareholder trust and create long-term value[96]. - The board of directors consists of a diverse group, with independent non-executive directors making up more than one-third of the board, ensuring balanced expertise[104]. - The company has adopted the corporate governance code and has complied with its principles and provisions since the listing date, except for a specific deviation[97]. Risk Management - The group maintains an effective internal control and risk management system to safeguard shareholder investments and group assets[151]. - The board confirms its responsibility for overseeing the internal control, financial monitoring, and risk management systems, reviewing their effectiveness at least annually[152]. - The group has established risk management procedures, including risk identification, assessment, and mitigation strategies, with annual updates recorded in a risk register for board review[152]. - An independent advisory firm has reviewed the internal control system, and the audit committee has deemed it effective and sufficient as of June 30, 2020[154]. Shareholder Matters - The company has adopted a dividend policy, considering financial performance, retained earnings, and future cash needs before declaring dividends[169]. - No final dividend is recommended for the fiscal year ending June 30, 2020[173]. - Shareholders have the right to propose resolutions at general meetings, ensuring their interests are protected[149]. Management and Leadership - Dr. Wu has been the Managing Director and CEO of Chemilink Technologies Group Pte. Ltd. since December 2002, overseeing daily operations in basic chemical development and manufacturing[81]. - The company is focused on expanding its project management capabilities and enhancing operational efficiency through experienced leadership[88]. - The management team is committed to maintaining high standards in project execution and cost control, which is critical for competitive advantage[89].

Financial Performance - Revenue for the six months ended December 31, 2019, was SGD 101.278 million, a significant increase of 171.5% compared to SGD 37.368 million for the same period in 2018[17] - Gross profit for the same period was SGD 7.337 million, up from SGD 6.236 million, reflecting a gross margin improvement[17] - Profit before tax increased to SGD 4.165 million, compared to SGD 2.181 million in the previous year, representing an increase of 90.8%[17] - Net profit attributable to owners for the period was SGD 3.374 million, a substantial increase of 108.6% from SGD 1.619 million in the prior year[16] - Other income and net losses for the six months ended December 31, 2019, totaled SGD 368,000, compared to SGD 313,000 in 2018, indicating an increase of 17.6%[64] - The pre-tax profit for the six months ended December 31, 2019, was SGD 602,000, compared to SGD 2,147,000 in 2018, showing a decrease of 72%[67] - Basic earnings per share for the six months ended December 31, 2019, were based on an unaudited profit of approximately SGD 3,374,000, compared to SGD 1,619,000 for the same period in 2018, reflecting an increase of 108.5%[75] - The company recorded a profit of approximately SGD 3.4 million for the six months ended December 31, 2019, compared to SGD 1.6 million for the same period in 2018[113] Assets and Liabilities - Total assets as of December 31, 2019, were SGD 106.731 million, up from SGD 80.386 million as of June 30, 2019, indicating strong asset growth[19] - Total liabilities increased to SGD 63.904 million from SGD 40.933 million, primarily due to higher trade payables[21] - Total equity increased from 39,453,000 SGD as of July 1, 2019, to 42,827,000 SGD as of December 31, 2019, representing a growth of approximately 8.5%[24] - The company's debt, including bank borrowings and lease liabilities, was approximately SGD 4.0 million as of December 31, 2019, down from SGD 4.5 million as of June 30, 2019[114] - The total current assets amounted to approximately SGD 86.2 million, an increase from SGD 61.4 million as of June 30, 2019[116] - The total current liabilities as of December 31, 2019, were approximately SGD 61.7 million, up from SGD 40.1 million as of June 30, 2019[116] - The debt-to-equity ratio as of December 31, 2019, was approximately 9.4%, down from 11.4% as of June 30, 2019[118] Cash Flow - Cash and cash equivalents rose significantly to SGD 9.451 million from SGD 3.044 million, enhancing liquidity position[19] - Operating cash flow before changes in working capital rose to 5,004,000 SGD in 2019 from 3,025,000 SGD in 2018, reflecting a growth of approximately 65.5%[26] - The net cash flow from operating activities was 8,309,000 SGD for the six months ended December 31, 2019, compared to a net outflow of 2,113,000 SGD in the previous year[27] - Cash and cash equivalents at the end of the period increased to 7,654,000 SGD from 1,476,000 SGD in the previous year, marking a significant increase of about 418.5%[28] Trade Receivables and Payables - Trade receivables increased to SGD 33.020 million from SGD 22.888 million, reflecting improved collection and sales performance[19] - Trade receivables as of December 31, 2019, amounted to SGD 26,503,000, up from SGD 8,389,000 as of June 30, 2019, indicating a growth of 216%[77] - Trade payables rose to SGD 42,199,000 as of December 31, 2019, up from SGD 25,280,000 as of June 30, 2019, indicating an increase of approximately 67%[89] - The company has not recognized any expected credit losses for trade receivables as of December 31, 2019, due to a strong historical collection performance[80] - The company maintains strict credit control measures to minimize credit risk associated with trade receivables[80] - The average payment terms for trade payables are generally settled within 30 to 60 days[89] Future Plans and Market Position - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[8] - The group plans to focus on expanding its market position in Singapore's construction sector, with an expected value of public sector contracts ranging from SGD 17.5 billion to SGD 20.5 billion in 2020[124] - The company believes that obtaining international funding will support its future sustainable development and expansion plans[105] Corporate Governance and Compliance - The company has adopted the principles and code provisions of the Corporate Governance Code as per the Listing Rules Appendix 14, ensuring full compliance since the listing date[153] - The Audit Committee, established on December 17, 2019, is chaired by an independent non-executive director and includes three members, ensuring compliance with the Listing Rules[156] - The interim condensed consolidated financial statements for the six months ended December 31, 2019, were reviewed by the Audit Committee and deemed to comply with applicable accounting standards and listing rules[156] Shareholder Information - Kwan Mei Kam and Tay Yen Hua each hold 600,000,000 shares, representing 75% ownership in the company[138] - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending December 31, 2019[144] - There are no competitive businesses owned by directors or major shareholders that could conflict with the company's operations[146] - A non-competition agreement was established on December 17, 2019, to prevent potential competition between the company and its major shareholders[147] - The company has adopted a share option scheme to incentivize selected participants for their contributions, effective December 17, 2019[151]