Financial Performance - The total revenue for the fiscal year 2021 was approximately SGD 43.5 million, an increase of about SGD 16.2 million compared to SGD 27.3 million in the fiscal year 2020[15]. - Gross profit rose from approximately SGD 4.4 million in fiscal year 2020 to about SGD 10.0 million in fiscal year 2021, reflecting better cost control and government rebates on foreign worker levies[15]. - The company reported a profit attributable to owners of the company of SGD 4.1 million for the fiscal year 2021, compared to SGD 1.9 million in the previous year[11]. - The total comprehensive income for the year was SGD 3.3 million, up from SGD 1.6 million in fiscal year 2020[11]. - Annual profit for FY2021 rose to approximately SGD 3.3 million, up from approximately SGD 1.6 million in FY2020, an increase of about SGD 1.7 million[41]. - The gross profit increased to approximately SGD 10.0 million in fiscal year 2021, up from SGD 4.4 million in fiscal year 2020, with a gross margin of 23.0%[35]. - Revenue from gas pipeline projects increased by approximately SGD 14.0 million, while revenue from water pipeline projects decreased by about SGD 4.0 million[30]. - The company generated new revenue of approximately SGD 6.2 million from its building materials trading business, contributing 14.3% to total revenue in fiscal year 2021[31]. Assets and Liabilities - Total assets increased to SGD 73.9 million in 2021 from SGD 45.0 million in 2020, while total liabilities rose to SGD 33.5 million from SGD 7.8 million[12]. - The total equity increased to SGD 40.4 million in 2021 from SGD 37.2 million in 2020, indicating a strengthening financial position[12]. - Trade receivables and other receivables rose from approximately SGD 5.5 million to approximately SGD 22.1 million, an increase of about SGD 16.6 million, primarily due to new trade receivables from a construction materials division[45]. - Borrowings increased significantly from approximately SGD 1.3 million to approximately SGD 19.7 million, an increase of about SGD 18.4 million, mainly due to new loans for the purchase of a new headquarters and the issuance of bonds[48]. - The group's current assets and cash and bank deposits were approximately SGD 26.3 million and SGD 12.0 million, respectively, as of March 31, 2021, compared to SGD 26.9 million and SGD 15.7 million in FY2020[51]. - The debt-to-equity ratio increased from 4.1% to 57.0%, primarily due to new borrowings and lease liabilities in FY2021[51]. Business Strategy and Expansion - The company aims to enhance its market position in Singapore's pipeline construction industry and explore opportunities in China, Hong Kong, and Southeast Asia[16]. - The board is actively seeking new business opportunities to diversify revenue sources and believes this is a good opportunity for growth[16]. - The company has identified potential industries for expansion, including real estate, infrastructure, culture, tourism, healthcare, and finance[16]. - The company plans to explore potential opportunities in markets such as real estate, engineering infrastructure, and tourism in Southeast Asia and China[21]. - The company aims to maintain its market position in Singapore's pipeline construction industry while diversifying its business to increase revenue sources[24]. Operational Performance - The company has four ongoing gas pipeline projects and seven water pipeline projects with a total contract value of approximately SGD 94.2 million as of March 31, 2021[25]. - The company secured two new gas projects and two new water projects in fiscal year 2021, with a total contract value of approximately SGD 63.6 million[20]. - Administrative expenses increased to approximately SGD 7.2 million in fiscal year 2021, compared to SGD 3.9 million in fiscal year 2020[38]. - Other income rose to approximately SGD 3.0 million in fiscal year 2021, up from SGD 0.7 million in fiscal year 2020, mainly due to government subsidies related to employment support[36]. - The company’s operational performance may be adversely affected if it fails to secure new projects after the completion of existing ones[119]. Human Resources and Management - The company has a total of 314 employees as of the report date, an increase from 282 employees in the previous fiscal year, reflecting a growth of approximately 11.3%[145]. - The remuneration policy for employees is based on individual performance, qualifications, and experience, ensuring alignment with current market practices[145]. - The board of directors and senior management's remuneration is determined considering the company's operational performance and individual contributions[146]. - The company emphasizes employee development and safety, providing competitive compensation and training opportunities[116]. - The company faced challenges in recruiting and retaining skilled technical employees due to tightening policies on foreign workers in Singapore, which may impact project completion[120]. Corporate Governance - The company has appointed KPMG as the new auditor effective April 21, 2021, following the resignation of Baker Tilly TFW LLP[181]. - The board of directors has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of the company's affairs[184]. - The company has complied with the corporate governance code, except for the role of the chairman and CEO as per code provision A.2.1[183]. - All independent non-executive directors have confirmed their independence according to the listing rules, ensuring compliance with regulatory standards[142]. - The company has established a non-competition agreement with key individuals, ensuring no direct or indirect competition with the group's business[153]. Shareholder Information - The board announced plans to increase shareholder returns, with a dividend payout ratio of 40% of net income for the upcoming year[77]. - No final dividend was recommended for the fiscal year 2021, consistent with the previous fiscal year[124]. - The company reported a distributable reserve of approximately SGD 31.4 million as of March 31, 2021, down from SGD 32.1 million in the previous fiscal year[123]. - The company has issued 920,000,000 shares as of March 31, 2021[122]. - The group has maintained a sufficient public float, with at least 25% of the issued shares held by the public as of the last practicable date before the annual report release[180].
卓航控股(01865) - 2021 - 年度财报