Financial Performance - For the year ended December 31, 2019, the group's revenue increased by 1.5% to approximately SGD 50,852,000 from SGD 50,117,000 in 2018[17] - The group's profit after tax for the year ended December 31, 2019, was approximately SGD 6,143,000, compared to SGD 6,543,000 in 2018, excluding proposed transfer board expenses of approximately SGD 815,000[17] - Gross profit for the year ended December 31, 2019, was approximately SGD 11,813,000, with a gross margin maintained between 23.2% and 24.4%[26] - Selling and administrative expenses for the year ended December 31, 2019, were approximately SGD 4,168,000, a decrease of SGD 67,000 from SGD 4,235,000 in 2018, primarily due to reduced freight costs[26] - For the year ended December 31, 2019, the group recorded a profit before tax of approximately SGD 7,681,000, compared to SGD 8,025,000 in 2018, excluding proposed transfer board expenses of approximately SGD 815,000[28] - The profit after tax for the year ended December 31, 2019, was approximately SGD 6,143,000, a decrease of SGD 400,000 from the previous year's profit of approximately SGD 6,543,000[28] Market Position and Expansion Plans - The company plans to expand its market position in the Singapore steel structure industry by increasing production capacity and hiring more staff[20] - The group acquired all issued shares of Kay Huat Trading Company Private Limited for SGD 3,500,000 on September 5, 2019, to expand its construction business segment[32] - The group aims to enhance its market position in the Singapore steel structure industry by expanding production capacity and hiring more staff[49] Economic Environment - The macroeconomic environment is expected to be challenging due to COVID-19, falling oil prices, and escalating trade tensions[19] - The Singapore Ministry of Trade and Industry has downgraded the GDP growth forecast for 2020 to between -0.5% and 1.5%[19] - The group anticipates a challenging macro environment in 2020, with GDP growth forecasted to be between -0.5% and 1.5% due to COVID-19 and other geopolitical risks[55] - The overall economic growth in Singapore for 2019 was 0.7%, a slowdown from 3.4% in 2018[53] - The construction industry in Singapore grew by 2.8% in 2019, reversing a decline of 3.5% in 2018, driven by multiple public and private construction projects[54] Corporate Governance - The company has confirmed compliance with the corporate governance code throughout the year ending December 31, 2019[71] - The company has adopted a board diversity policy to ensure a balance of skills, experience, and perspectives among board members[77] - The board consists of five members, including two executive directors and three independent non-executive directors, all of whom attended 100% of the meetings[76] - The company emphasizes continuous professional development for directors to stay updated on their responsibilities and governance practices[91] - The company aims to enhance shareholder value through effective governance and strategic decision-making processes[95] - The board regularly reviews and evaluates the effectiveness of the internal control system, covering financial, operational, compliance, and risk management monitoring[118] Risk Management - The board is responsible for ensuring effective risk management practices to mitigate operational risks, including project delays and subcontractor-related risks[49] - The group has established business continuity plans to minimize the impact of potential disruptions caused by COVID-19[51] - An independent review of the risk management and internal control system was conducted for the fiscal year ending December 31, 2019, with several recommendations made for improvements[121] - The board believes that the internal control and risk management systems are effective, with no significant deficiencies identified[121] Environmental, Social, and Governance (ESG) Commitments - GT Steel Construction Group Limited is committed to high levels of corporate governance and social responsibility, adhering to international standards such as ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and OHSAS 18001:2007[137] - The company has established an ESG working group to enhance ESG commitments and data collection systems, directly reporting to the board of directors[139] - The company has a strong commitment to environmental protection, adhering to all relevant waste disposal and pollution management regulations without any violations reported during the year[163] - The company has transitioned to electric vehicles to reduce air pollution from traditional diesel vehicles[154] - The company actively engages with stakeholders, including investors, employees, customers, suppliers, and regulatory bodies, to gather feedback and improve ESG performance[142] Employee Management and Training - The company has a total of 141 employees as of December 31, 2019, with one management departure and two new additions in the operational support team during the year[168] - Employee training programs are in place to enhance performance and development, with a focus on safety and operational efficiency[179] - GT Steel conducted at least 50 external training sessions, providing a total of 1,996 hours of training to employees[180] - The company has a diverse workforce, with 65% of employees aged between 18 to 35 years[171] Compliance and Ethical Standards - The group has a zero-tolerance policy towards corruption, including bribery, extortion, fraud, and money laundering, committing to operate with honesty and integrity[196] - The group prohibits employees from providing special treatment or soliciting benefits from clients, suppliers, or any business contacts, encouraging reporting of corruption incidents[199] - The group complies with all applicable laws and regulations regarding bribery, extortion, fraud, and money laundering, including Singapore's Prevention of Corruption Act[199] Community Engagement - The group is developing a community engagement policy to define its goals, roles, and methods for community participation, focusing on areas such as community education and family support[200]
高原之宝(08402) - 2019 - 年度财报