Financial Performance - The company's revenue from continuing operations for the fiscal year 2024 was 11,869 thousand SGD, a decrease from 15,024 thousand SGD in 2023, representing a decline of approximately 21.4%[2] - The company recorded a loss attributable to owners of the company from continuing operations of (10,437) thousand SGD in 2024, compared to a loss of (1,957) thousand SGD in 2023, indicating a substantial increase in losses[6] - The group recorded total revenue of approximately SGD 59.1 million for the fiscal year 2024, a slight decrease of about SGD 0.7 million compared to SGD 59.8 million in fiscal year 2023[42] - The loss before tax from continuing operations was SGD 10,481,000, significantly higher than the loss of SGD 1,105,000 reported in the previous fiscal year, indicating a deterioration in financial performance[109] - The total comprehensive loss attributable to owners of the company for the fiscal year was SGD 13,352,000, compared to a loss of SGD 2,777,000 in the previous year, reflecting increased financial challenges[111] - The basic and diluted loss per share from continuing operations was SGD 0.78, compared to SGD 0.18 in the previous fiscal year, indicating a worsening loss per share[111] Revenue and Income Sources - Other income decreased to approximately 2.6 million SGD in 2024 from 6.2 million SGD in 2023, a decline of approximately 58.1% primarily due to a reduction in agency income[25] - The company reported other income of SGD 2,576,000, a decrease from SGD 6,163,000 in the previous year, indicating a decline in additional revenue sources[109] - Revenue from gas pipeline projects decreased by approximately SGD 21.4 million, while revenue from water pipeline projects increased by about SGD 20.0 million[46][60] - The company expects a significant increase in revenue from water pipeline projects, with an increase of approximately 20.0 million SGD in fiscal year 2024 due to new projects[197] Costs and Expenses - The cost of materials and subcontracting under construction business increased to 11,217 thousand SGD in 2024 from 7,413 thousand SGD in 2023, marking an increase of approximately 51.5%[2] - Employee benefits costs, including director remuneration, rose significantly to 21,265 thousand SGD in 2024 from 15,012 thousand SGD in 2023, an increase of approximately 41.6%[2] - Administrative expenses increased to approximately SGD 18.7 million in fiscal year 2024 from SGD 12.2 million in fiscal year 2023, primarily due to increased operational costs related to new acquisitions[62] - The company’s financial costs included interest on various borrowings, totaling 1,727 thousand SGD for the current year, compared to 1,613 thousand SGD in the previous year[155] Assets and Liabilities - The group maintained a healthy liquidity position with net current assets of approximately SGD 55.3 million as of March 31, 2024, compared to SGD 47.0 million as of March 31, 2023[67] - The debt-to-equity ratio decreased from approximately 58% to about 38% due to reduced borrowings and completed equity financing activities[67] - Non-current assets decreased to SGD 30,379,000 from SGD 28,583,000, while current assets decreased to SGD 81,752,000 from SGD 91,770,000[128] - The company’s total liabilities included bonds amounting to 859 thousand SGD, a decrease from 1,212 thousand SGD in the previous year[155] Investments and Acquisitions - The company has conditionally agreed to acquire 100% of the issued share capital of Zhongshan Jiantaiying Electric Manufacturing Co., Ltd. for a maximum consideration of RMB 8 million, payable in cash installments[72] - The company has conditionally agreed to sell 22% of the shares in Integral Virtue Limited for a consideration of SGD 6.25 million, with the transaction expected to complete in February 2024[75] - The company has agreed to sell all issued shares of Jumbo Harvest Group Limited for a cash consideration of HKD 9.25 million, with the transaction expected to complete in May 2024[83] Market Position and Strategy - The company plans to enhance its core competitiveness and improve its operational resilience in response to the challenges posed by the ongoing economic changes[19] - The group is actively exploring investment opportunities to diversify its business portfolio and expand revenue sources, including establishing a lending business[52] - The company plans to focus on enhancing its market position in the construction industry and developing the "Dian Dian Science and Technology City" industrial park in China[194] - The company will continue to monitor global economic trends and market conditions to seize business opportunities and achieve better operational performance[194] Other Notable Points - The company did not recommend any final dividend for the fiscal year 2024, consistent with the previous fiscal year[99] - The company has noted that inflation rates have been high, impacting global supply chains and labor costs, but these rates have been steadily declining in 2023[193] - The company anticipates that all ongoing projects will proceed according to schedule without incurring any contingent liabilities[195]
卓航控股(01865) - 2024 - 年度业绩