Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of 433,483,486 New Dollars, an increase from 29,352,207 New Dollars in 2023, representing a significant growth[3] - The gross profit for the year was 10,631,836 New Dollars, compared to 9,240,186 New Dollars in the previous year, indicating a year-over-year increase of approximately 15.1%[3] - The operating profit for the year was 1,083,677 New Dollars, up from 576,676 New Dollars in 2023, reflecting an increase of about 87.5%[3] - The net profit for the year was 348,243 New Dollars, a substantial rise from 24,293 New Dollars in 2023, marking an increase of approximately 1,332.5%[3] - The company reported total comprehensive income of 297,055 New Dollars for the year, compared to 23,712 New Dollars in the previous year, showing a significant improvement[4] - The basic earnings per share for the year was 8 New Dollars, compared to 0.03 New Dollars in 2023, indicating a substantial increase[4] Costs and Expenses - The total cost of sales and services was 22,851,650 New Dollars, compared to 20,112,021 New Dollars in 2023, reflecting an increase of about 13.6%[3] - The company incurred finance costs of 304,526 New Dollars, up from 251,770 New Dollars in the previous year, indicating an increase of approximately 20.9%[3] - The company’s lease liabilities increased to 9,618,934 in 2024 from 8,025,019 in 2023, indicating a rise of about 19.8%[6] - Administrative expenses for fiscal year 2024 were approximately 9.8 million SGD, an increase of 0.4 million SGD or 4.3% from about 9.4 million SGD in fiscal year 2023[36] Assets and Liabilities - Total assets increased to 56,267,277 in 2024 from 53,301,064 in 2023, representing a growth of approximately 5%[5] - Total liabilities increased to 15,883,748 in 2024 from 13,205,989 in 2023, marking a rise of about 20.3%[6] - The company's equity attributable to owners was 40,383,529 in 2024, up from 40,095,075 in 2023, showing an increase of approximately 0.72%[6] - The company reported a total of 13,064,006 in trade receivables for 2024, compared to 9,103,965 in 2023, which is an increase of about 43%[5] - The company’s retained earnings grew to 17,002,720 in 2024 from 16,654,477 in 2023, representing an increase of approximately 2.08%[5] - The company’s cash and cash equivalents decreased to 14,061,636 in 2024 from 15,110,312 in 2023, reflecting a decline of approximately 6.9%[5] IFRS Standards and Compliance - The group has adopted new International Financial Reporting Standards (IFRS) effective from January 1, 2024, which include significant updates to the classification of liabilities and lease liabilities[9] - The implementation of the new IFRS standards is not expected to have a significant impact on the group's financial position or performance for the current and prior years[9] - The group is currently evaluating the expected impact of the new IFRS standards on its consolidated financial statements[12] - IFRS 18 introduces major changes to the presentation of financial statements, focusing on the structure of the income statement and enhancing disclosure requirements[12] - The new IFRS standards will not affect the recognition or measurement of items in the consolidated financial statements but will change how financial performance is presented[12] - The group has not applied any new IFRS standards that have been issued but are not yet effective as of January 1, 2024[10] Market and Operational Insights - The group has plans for market expansion and new product development, although specific details were not disclosed in the earnings report[3] - The Singapore economy is projected to grow by 4.4% in 2024, with construction demand expected to range between 47 billion SGD and 53 billion SGD, significantly higher than the 44.2 billion SGD recorded at the beginning of 2024[29] - The demolition industry in Singapore is expected to continue expanding in 2025, supported by government incentives and modernization of infrastructure[30] - The group primarily operates in Singapore, with most assets and liabilities located there, limiting geographical financial analysis[14] - The group’s operational focus remains on providing demolition services and leasing machinery in Singapore[14] Shareholder and Governance Matters - The group has not declared or paid any dividends for both 2024 and 2023, maintaining a focus on reinvestment[23] - The company has adopted a share option plan aimed at attracting and retaining talent, which is valid for ten years from October 15, 2019[56] - The board consists of five executive directors and three independent non-executive directors, ensuring strong independence[65] - The audit committee, composed of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2024, and found them compliant with applicable accounting standards[66] - The independent auditor has confirmed that the financial figures in the preliminary announcement are consistent with the group's consolidated financial statements[67] - The company is committed to continuously improving its corporate governance practices to meet evolving standards and requirements[63]
BENG SOON MACH(01987) - 2024 - 年度业绩