Financial Performance - Total revenue for the year ended September 30, 2024, was SGD 55,973,576, a slight decrease of 0.15% from SGD 56,055,638 in the previous year[5] - Gross profit increased to SGD 4,799,091, up 26.1% from SGD 3,805,646 in the previous year[5] - Other income rose significantly to SGD 341,780, compared to SGD 190,683 in the previous year, marking an increase of 79.3%[5] - Net loss for the year was SGD 784,153, an improvement from a loss of SGD 1,037,111 in the previous year[5] - Basic and diluted loss per share improved to SGD (0.16) from SGD (0.22) in the previous year[5] - The group reported a pre-tax loss of SGD 784,153 for 2024, an improvement from a loss of SGD 1,277,218 in 2023[31] - The group's net loss decreased primarily due to an increase in gross profit and gross margin, attributed to improved cost control in ongoing projects and higher profit margins from other ancillary services[62] - The net loss for the fiscal year ending September 30, 2024, is approximately 0.8 million SGD, a reduction from 1.0 million SGD in the previous year[61] - The net loss for the year decreased by approximately SGD 0.2 million or 20.0%, from approximately SGD 1.0 million for the year ended September 30, 2023, to approximately SGD 0.8 million for the year ending September 30, 2024[89] Revenue Breakdown - Total revenue from customer contracts for the year 2024 is SGD 55,467,476, a slight decrease of 0.22% from SGD 55,588,818 in 2023[20] - Revenue from construction services, including civil engineering, is SGD 51,993,643, up 7.7% from SGD 48,157,252 in 2023[20] - Rental income from property investments increased to SGD 506,100 from SGD 466,820, representing an 8.4% growth[20] - The total amount allocated to remaining performance obligations for civil engineering contracts is SGD 122,903,243, down 8.2% from SGD 133,804,879 in 2023[25] Assets and Liabilities - Trade receivables increased to SGD 7,961,984, a substantial rise of 77.8% from SGD 4,475,803 in the previous year[7] - Total current assets reached SGD 40,316,981, up from SGD 35,814,822, reflecting a growth of 12.5%[7] - Current liabilities increased to SGD 35,184,100, compared to SGD 27,323,859 in the previous year, representing a rise of 28.5%[7] - Non-current assets, including property, plant, and equipment, increased to SGD 11,819,158, up from SGD 11,213,368[7] Cash Flow and Financing - As of September 30, 2024, the group had cash and bank balances of approximately SGD 6.1 million, down from approximately SGD 8.3 million as of September 30, 2023[93] - The debt-to-equity ratio as of September 30, 2024, was approximately 68.3%, a decrease from 69.7% as of September 30, 2023, primarily due to a reduction in bank borrowings[93] - The group had total bank borrowings, including bank overdrafts and lease liabilities, of approximately SGD 18.6 million as of September 30, 2024, compared to approximately SGD 19.5 million as of September 30, 2023[93] - Financing costs decreased from approximately SGD 1.0 million for the year ended September 30, 2023, to approximately SGD 0.9 million for the year ending September 30, 2024, mainly due to a reduction in bank borrowings[85] Employee and Administrative Costs - Total employee costs, including directors' remuneration, rose from 8,129,452 SGD in 2023 to 8,218,378 SGD in 2024[47] - Administrative expenses increased from approximately SGD 5.7 million for the year ended September 30, 2023, to approximately SGD 6.0 million for the year ending September 30, 2024, primarily due to an increase in professional fees of about SGD 0.3 million[83] - The total employee cost for the year was approximately SGD 8.2 million, compared to SGD 8.1 million for the previous year[155] - The company employed 184 staff as of September 30, 2024, compared to 183 staff a year earlier[155] Investments and Property - The group aims to continuously build a portfolio of investment properties to create a stable and sustainable income source and mitigate risks associated with the construction industry[131] - As of September 30, 2024, the total investment cost for major properties held by the group is SGD 8,123,594, with a fair value of SGD 11,460,000, representing 16.5% of the group's total assets[102] - The fair value of the property at 21 Toh Guan Road East is SGD 1,650,000, which accounts for 2.4% of the group's total assets[102] - The residential property at 45 Hillview Avenue has a fair value of SGD 2,480,000, representing 3.6% of the group's total assets[102] - The property at 11 Kang Choo Bin Road has a fair value of SGD 1,770,000, accounting for 2.5% of the group's total assets[102] Corporate Governance and Changes - The company will change its English name to "China Next-Gen Commerce and Supply Chain Limited" effective December 31, 2024[136] - Mr. Chen Guorong resigned as an independent non-executive director effective November 29, 2024, and Ms. Chen Yunxia was appointed to enhance gender diversity[171] - The company has not engaged in any significant post-period events after September 30, 2024[153] - The company confirmed that there are no competitive interests held by its controlling shareholders or their close associates in businesses that may directly or indirectly compete with the group as of September 30, 2024[165] Future Outlook - The group anticipates a cautious optimism regarding profit recovery and business growth due to high-interest rates and inflationary pressures on materials, labor, and subcontracting costs[64] - The company has no significant future plans for major investments or capital assets as of September 30, 2024[154] - The group plans to enhance productivity, strengthen technical capabilities, and improve team skills to reinforce its core business strategy and competitive advantage[64]
中国新零售供应链(03928) - 2024 - 年度业绩