Financial Performance - The company's revenue for the fiscal year ending September 30, 2024, was approximately SGD 56.0 million, a slight decrease from SGD 56.1 million in the previous year, indicating stability in a challenging environment[15]. - Total revenue for the fiscal year ending September 30, 2024, is approximately SGD 56.0 million, a slight decrease of about SGD 0.1 million or 0.2% from SGD 56.1 million for the previous fiscal year[29]. - Gross profit increased from approximately SGD 3.8 million for the fiscal year ending September 30, 2023, to approximately SGD 4.8 million for the fiscal year ending September 30, 2024, reflecting improved cost control on construction projects[29]. - Net loss decreased from approximately SGD 1.0 million for the fiscal year ending September 30, 2023, to approximately SGD 0.8 million for the fiscal year ending September 30, 2024, primarily due to increased gross profit and gross margin[29]. - Other income rose from approximately SGD 0.2 million to approximately SGD 0.3 million, primarily due to an increase in rental income from leased equipment[37]. - Other gains and losses decreased from approximately SGD 3.3 million to approximately SGD 0.8 million, mainly due to a reduction in net gains from the sale of properties, plants, and equipment[38]. - Administrative expenses increased from approximately SGD 5.7 million to approximately SGD 6.0 million, primarily due to an increase in professional fees[40]. - The group's net loss for the year decreased by approximately SGD 0.2 million or 20.0%, from approximately SGD 1.0 million to approximately SGD 0.8 million[46]. - As of September 30, 2024, the group's cash and cash equivalents amounted to approximately SGD 6.1 million, down from SGD 8.3 million as of September 30, 2023[52]. - The debt-to-equity ratio improved to approximately 68.3% as of September 30, 2024, compared to 69.7% as of September 30, 2023, due to a decrease in bank borrowings[53]. - The company has approximately SGD 7.7 million available for distribution to shareholders, down from SGD 8.5 million as of September 30, 2023[177]. - The board has decided not to recommend a final dividend for the year ending September 30, 2024, consistent with the previous year[179]. Construction Industry Outlook - Singapore's construction demand is projected to increase by approximately 20.02% from SGD 341.6 million in 2023 to SGD 410.0 million in 2024, driven by government initiatives and infrastructure investments[14]. - The company maintains a cautiously optimistic outlook for profit recovery and business growth, anticipating a resurgence in the construction industry in the medium to long term[15]. - The outlook for the construction industry remains cautiously optimistic despite inflationary pressures on materials, labor, and subcontracting costs[20]. - The construction industry in Singapore recorded a year-on-year growth of 3.7% in 2023, driven by increased public sector construction output[19]. - The Building and Construction Authority forecasts total construction demand in 2024 to be between SGD 32 billion and SGD 38 billion, with the public sector accounting for approximately 55%[20]. Company Strategy and Operations - The company aims to enhance its technical capabilities and financial management to strengthen competitiveness and productivity[15]. - The company plans to enhance productivity and technical capabilities to strengthen its core business strategy and improve competitiveness[24]. - The company has identified a strategy to build a portfolio of investment properties to create a stable income source and mitigate risks associated with the construction industry[63]. - The company is focused on developing new technologies and products to enhance its operational capabilities and market position[81]. - The company plans to continue its market expansion efforts and explore potential mergers and acquisitions to strengthen its competitive edge[81]. - The main business activities include construction services, property investment, and logistics related to construction materials, with no significant changes reported for the year ending September 30, 2024[168]. Corporate Governance - The company has adhered to the corporate governance code as per the listing rules, ensuring compliance for the year ending September 30, 2024[110]. - The company emphasizes long-term sustainable growth and value creation for shareholders through effective corporate governance structures[109]. - The independent non-executive directors are responsible for providing independent judgment on strategy, performance, resources, and ethical standards[101]. - The company has a commitment to maintaining high standards of corporate governance, adopting all provisions of the corporate governance code as part of its regular practices[110]. - The board consists of two executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[112]. - The board has reviewed the effectiveness of the corporate governance code compliance and risk management systems during the year[112]. - The company has established a remuneration committee to review and approve the remuneration policies for directors and senior management, ensuring transparency and alignment with market practices[127]. - The nomination committee is responsible for evaluating the board's structure and recommending suitable candidates for board positions, ensuring a diverse and skilled board composition[133]. - The company has adopted the standard code of conduct for securities trading by directors, confirming full compliance throughout the year[126]. Risk Management - The company has a strong focus on risk assessment and management, enhancing its understanding of opportunities and challenges in the market[109]. - The board has confirmed its responsibility to maintain an effective risk management and internal control system, which is reviewed annually for effectiveness[154]. - The group has implemented written policies and procedures to define authorization limits, aiding in the effective separation of duties and control[154]. - The company has engaged external consultants to perform internal audit functions and assess the effectiveness of the risk management and internal control systems[154]. - The company has established measures to mitigate identified risks, aiming to manage rather than eliminate risks associated with achieving business objectives[151]. - The board has acknowledged the major risks and uncertainties faced by the group, detailed in the management discussion and analysis section of the annual report[182]. Human Resources - The company has a total of 184 employees as of September 30, 2024, with total employee costs amounting to approximately 8.2 million SGD, compared to 8.1 million SGD for the previous year[69]. - As of September 30, 2024, the gender ratio within the company's workforce is 93% male and 7% female[150]. - The board currently consists of five male directors and one female director, which the board considers sufficient for gender diversity[149]. - The company is committed to providing equal employment, training, and career development opportunities to all qualified employees[150]. Shareholder Matters - The company completed the sale of 360 million shares for a total cash consideration of 100 million HKD, representing 75.0% of its issued share capital[75]. - Following the completion of the share sale, the buyer holds approximately 78.4% of the company's issued share capital[76]. - The net proceeds from the share placement amounted to approximately HKD 86.3 million (equivalent to about SGD 15.2 million) after deducting listing expenses[81]. - The company has utilized all of the net proceeds from the share placement by September 30, 2024, with allocations including HKD 36.4 million for strengthening the group's financial position and HKD 36.3 million for enhancing the fleet[81]. - The company has no predetermined dividend payout ratio, allowing the board discretion in declaring dividends based on various financial factors[178]. Board Changes - The company changed its name from "S&T Holdings Limited" to "China Next-Gen Commerce and Supply Chain Limited," effective from December 31, 2024[82]. - The board of directors saw a change with the resignation of an independent non-executive director and the appointment of a new independent non-executive director to enhance gender diversity[86]. - The company appointed Mr. Luo Jia Rong as a non-executive director on September 25, 2024, bringing 9 years of experience in finance and management consulting[96]. - Mr. Tan De Ji, appointed as an independent non-executive director on September 25, 2024, has over 30 years of professional accounting experience and previously served as a financial director at an international law firm for 9 years[97]. - The company has appointed new executive directors, effective September 25, 2024, including Mr. He Zhikang and Mr. Zhang Tiande[122]. - Independent non-executive directors have been appointed with terms starting from September 25, 2024, for a duration of three years[137].
S&T HLDGS(03928) - 2024 - 年度财报