Financial Performance - For the fiscal year ending June 30, 2024, the company reported total revenue of SGD 69,506,635, an increase from SGD 63,615,918 in the previous year, representing a growth of approximately 13.5%[1] - The gross profit for the fiscal year was SGD 5,890,717, compared to SGD 2,472,410 in the previous year, indicating a significant increase in profitability[1] - The company recorded a loss attributable to owners of the company of SGD 8,896 for the fiscal year, a notable improvement from a loss of SGD 1,548,747 in the previous year[1] - The group's revenue for the fiscal year ending June 30, 2024, was SGD 68,720,958, an increase of 49.5% from SGD 46,066,323 in 2023[12] - Revenue from contracts for providing electrical engineering services was SGD 69,506,635 in 2024, up from SGD 50,607,886 in 2023, representing a growth of 37.3%[11] - The net loss after tax for the fiscal year ending June 30, 2024, was approximately SGD 9,000, significantly reduced from a net loss of approximately SGD 1.5 million for the fiscal year ending June 30, 2023[46] Assets and Liabilities - The total assets of the company as of June 30, 2024, amounted to SGD 36,529,423, slightly up from SGD 36,444,521 in the previous year[4] - The total liabilities increased to SGD 15,897,856 from SGD 14,091,776, representing a rise of about 12.8%[3] - The company's cash and cash equivalents decreased to SGD 7,065,336 from SGD 10,184,427, a decline of approximately 30.9%[3] - The company's net asset value decreased to SGD 36,174,038 from SGD 36,408,949, a decline of approximately 0.6%[4] Trade Receivables and Impairment - Trade receivables increased to SGD 9,622,527 from SGD 7,833,214, reflecting a growth of approximately 22.8%[3] - Trade receivables amounted to SGD 10,406,559 as of June 30, 2024, an increase from SGD 7,886,583 in 2023[24] - The impairment loss provision for trade receivables was SGD (784,032) for 2024, compared to SGD (53,369) in 2023[26] - The group recognized impairment losses of SGD 790,663 in 2024, compared to SGD 700,000 in 2023[17] - The company reported a significant increase in impairment losses, totaling 730,663 Singapore dollars for the fiscal year ending June 30, 2024, compared to no losses in the previous year[29] Revenue Recognition and Contracts - The total amount of unfulfilled (or partially fulfilled) contractual obligations at the end of the reporting period was SGD 116,845,566, slightly down from SGD 118,144,206 in 2023[14] - The group expects to recognize revenue from unfulfilled contracts between 2024 and 2028, based on the total amount of unfulfilled obligations[14] - The total value of projects held as of June 30, 2024, was approximately SGD 256.7 million, with SGD 66.3 million recognized as revenue during the fiscal year[45] Financial Reporting Standards - The group has adopted several new and revised International Financial Reporting Standards (IFRS) effective from July 1, 2023, which do not have a significant impact on the financial position and performance[7] - The group is currently assessing the impact of IFRS 18 on its consolidated financial statements[10] - The group anticipates that the adoption of these new standards and amendments will not have a significant impact on its consolidated financial statements[10] Operational Highlights - The company has been focusing on expanding its engineering services, which is expected to drive future revenue growth[5] - The group is well-positioned to capitalize on the increasing construction demand in the coming years, particularly in the public sector projects[44] - The company has a strong track record in public housing development projects initiated by the Housing Development Board of Singapore[42] Employee and Administrative Costs - The total employee cost for the year ending June 30, 2024, is approximately SGD 8.7 million, an increase from SGD 7.1 million in 2023[66] - Administrative expenses increased to approximately SGD 4.4 million for the year ended June 30, 2024, from approximately SGD 3.5 million for the year ended June 30, 2023, primarily due to higher employee costs and legal and professional fees[54] Dividends and Shareholder Returns - The company did not declare or recommend any dividends for the year ended June 30, 2024, consistent with 2023[22] - The board does not recommend a final dividend for the year ended June 30, 2024, compared to zero for the year ended June 30, 2023[60] Disputes and Legal Matters - The company is currently involved in a dispute with a client regarding unpaid amounts of approximately 1.6 million Singapore dollars, which has led to significant impairment provisions[34] - The subsidiary is currently involved in a dispute with a contractor regarding a claim of SGD 1,077,568, which the company intends to contest[68] Cash Flow and Financial Management - The group maintains a prudent financial management policy, ensuring good financial health throughout the year[63] - As of June 30, 2024, the company's debt-to-equity ratio is zero, consistent with June 30, 2023[65] - The company has no significant investments or capital asset plans beyond those disclosed in the prospectus dated June 20, 2019[65]
坤集团(00924) - 2024 - 年度业绩