Financial Performance - The total revenue for the fiscal year ending June 30, 2023, was SGD 50.6 million, a significant increase from SGD 23.1 million in 2022, representing a growth of 118.5%[20] - The company's revenue for the year ended June 30, 2023, reached approximately SGD 50.6 million, an increase of about 119.5% compared to SGD 23.1 million for the year ended June 30, 2022[32] - Gross profit increased by approximately 73.1% to about SGD 2.5 million, up from SGD 1.4 million in the previous year[32] - The net loss after tax increased by approximately 150.7% to about SGD 1.5 million from SGD 0.6 million in the previous year[32] - The group reported a total comprehensive loss of SGD 1,335,882 for the fiscal year ended June 30, 2023, compared to a total comprehensive loss of SGD 1,548,747 for the previous year[182] - The company reported a pre-tax loss of SGD 1,612,611 for the fiscal year ending June 30, 2023, compared to a loss of SGD 580,968 in the previous year, indicating a significant increase in losses[186] Revenue Sources - Public sector projects contributed SGD 46.1 million, accounting for 91.0% of total revenue, while private sector projects contributed SGD 4.5 million, making up 9.0%[20] - The number of projects contributing to revenue increased from 68 in 2022 to 87 in 2023, indicating a growth in project acquisition[20] - The company confirmed revenue of approximately SGD 32.5 million from ongoing projects for the year ended June 30, 2023[34] Cost and Profitability - The gross profit margin for public sector projects was 5.3%, while the overall gross profit margin for the group was 4.9%[22] - The gross profit margin decreased from approximately 6.2% to about 4.9%, a decline of 1.3 percentage points, primarily due to increased costs of materials, wages, and subcontracting post-COVID-19[39] - Service costs increased by approximately 122.5% to about SGD 48.1 million from SGD 21.6 million in the previous year, aligning with the revenue increase[41] Market Position and Strategy - The company is well-positioned to capitalize on the growing construction demand in Singapore, particularly in the public sector where it has expertise[34] - The increase in revenue is attributed to the recovery from the COVID-19 pandemic and the influx of foreign workers into Singapore since July 2022[37] - The company is focusing on innovation and digitalization, investing in advanced technologies such as Building Information Modeling (BIM) to enhance project efficiency and outcomes[13] - The company is committed to sustainable development and aims to strengthen its competitive advantage in the industry[11] Risk Management - The company faces risks related to reliance on non-recurring contracts obtained through bidding processes, which may impact financial performance[17] - The company has adopted a risk management policy to identify, assess, and manage key business risks, with quarterly evaluations and mitigation plans in place[125] - The company has engaged external consultants to review the effectiveness of its risk management and internal control systems for the fiscal year ending June 30, 2023, with no significant issues identified[128] Corporate Governance - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[101] - The board consists of three executive directors and three independent non-executive directors, with recent appointments made on August 31, 2023, and October 19, 2023[75] - The company has established three committees: the audit committee, remuneration committee, and nomination committee, each with specific written terms of reference[81] - The company has adopted the standard code of conduct for securities trading as per Appendix 10 of the Listing Rules, confirming compliance by all directors for the year ended June 30, 2023[73] Shareholder Communication - The company aims to enhance communication with shareholders through various channels, including financial reports and annual general meetings[157] - The company will hold its annual general meeting on November 30, 2023, with a notice to be sent to shareholders at least 21 days in advance[136] - The company has complied with the shareholder communication policy throughout the fiscal year ending June 30, 2023, ensuring effective communication with shareholders[135] Financial Position - Total assets decreased from SGD 1,504,779,000 in 2022 to SGD 416,328,000 in 2023, representing a decline of approximately 72.3%[44] - Current assets increased from SGD 49,166,138,000 in 2022 to SGD 50,119,969,000 in 2023, showing a growth of about 1.9%[44] - Trade receivables rose significantly from SGD 5,301,383,000 in 2022 to SGD 7,833,214,000 in 2023, an increase of approximately 47.6%[44] - The group’s total equity as of June 30, 2023, was SGD 36,408,949, a decrease from SGD 37,744,831 in the previous year[182] Board Diversity and Composition - The board's composition includes 83.3% male and 16.7% female directors, with a diverse age range and service tenure[92] - As of June 30, 2023, the board consists of one female director and five male directors, indicating a commitment to gender diversity within the board[121] - The board has adopted a nomination policy to assist the nomination committee in recommending candidates for director appointments and reappointments, considering factors such as integrity, industry experience, and diversity[88] Legal and Compliance - The company has a zero-tolerance policy towards corruption and bribery, ensuring compliance with anti-corruption laws in the countries where it operates[127] - The company has not faced any serious or systemic violations of relevant laws and regulations during the fiscal year ending June 30, 2023[163]
坤集团(00924) - 2023 - 年度财报