Financial Performance - The group's revenue for the fiscal year ending December 31, 2024, was SGD 97.003 million, a decrease of 4.5% from SGD 101.575 million in 2023[11] - Gross profit for the same period was SGD 12.866 million, down 11.1% from SGD 14.478 million in 2023[11] - The group reported a profit attributable to equity holders of SGD 1.714 million, an increase of 123.5% compared to SGD 0.768 million in 2023[11] - Total revenue for the fiscal year 2024 is approximately SGD 97.0 million, a decrease of about 4.5% from SGD 101.6 million in fiscal year 2023[21] - Contract engineering revenue decreased by approximately SGD 6.5 million, primarily due to a decline in power cable installation project revenue by about SGD 9.2 million[25] - Gross profit for fiscal year 2024 is approximately SGD 12.9 million, down from SGD 14.5 million in fiscal year 2023, resulting in a gross profit margin decrease from approximately 14.3% to 13.3%[22] - Other income increased to approximately SGD 1.0 million in fiscal year 2024, up from SGD 0.8 million in fiscal year 2023, mainly due to an increase in fair value gains from investment properties[23] - The net profit for fiscal year 2024 is approximately SGD 1.9 million, an increase from SGD 1.3 million in fiscal year 2023[32] Assets and Liabilities - Total assets as of December 31, 2024, were SGD 104.316 million, a decrease from SGD 109.317 million in 2023[12] - Total liabilities decreased to SGD 46.230 million from SGD 53.020 million in 2023, reflecting a reduction of 12.5%[12] - As of December 31, 2024, the group's current assets net balance is approximately SGD 35.7 million, compared to SGD 33.2 million as of December 31, 2023[34] - As of December 31, 2024, the total borrowings of the group amounted to approximately SGD 25.7 million, a decrease from SGD 32.2 million as of December 31, 2023[36] - The debt-to-equity ratio as of December 31, 2024, was approximately 44.2%, down from 57.2% as of December 31, 2023, primarily due to a reduction in borrowings and lease liabilities by about SGD 6.5 million[37] - The net debt-to-total capital ratio was approximately 8.7% as of December 31, 2024, down from 14.8% as of December 31, 2023, attributed to a decrease in cash and bank deposits by about SGD 2.3 million and a reduction in borrowings and lease liabilities[38] Projects and Business Opportunities - The group secured approximately SGD 241.2 million in new projects by December 2024, indicating ongoing business opportunities despite market challenges[16] - The total number of ongoing projects as of December 31, 2024, is 28, with a total contract value of approximately SGD 514.1 million, of which SGD 95.2 million has been recognized as revenue[17] - The construction industry in Singapore grew by 4.4% year-on-year in Q4 2024, driven by both public and private sector expansion[14] - The group aims to prioritize cash savings and cost control while expanding market share in response to rising construction costs and economic uncertainties[7] - The company plans to closely monitor global economic trends and market conditions to enhance operational efficiency and competitiveness[16] Corporate Governance and Management - The management team includes experienced individuals with over 30 years in the construction industry, ensuring strategic oversight and operational management[55][56] - Independent non-executive director Mr. Huang Chen Dong was appointed on February 18, 2020, and serves as the chairman of the remuneration committee and a member of the audit and nomination committees[57] - Ms. Li Ying Ran, also an independent non-executive director since February 18, 2020, chairs the audit committee and is a member of the remuneration committee[59] - The company has established an audit committee consisting of three independent non-executive directors to review risk management and internal control systems[152] - The board consists of two executive directors and three independent non-executive directors, ensuring compliance with relevant guidelines[134] Audit and Internal Controls - The company faced audit issues due to the absence of the main contact person, Mr. Huang, which hindered access to necessary accounting records and documents[51] - The board believes that the audit issues are a one-time event and has developed a detailed plan to strengthen internal control policies regarding future subsidiary sales, particularly for overseas subsidiaries[54] - The company issued a qualified opinion on its consolidated financial statements for the year due to the inability to arrange an audit for the sold entity, Zhangde Holdings Limited and its subsidiaries[160] - The board has identified internal control deficiencies in obtaining and preserving accounting records from overseas subsidiaries, leading to the implementation of enhanced internal control policies effective April 8, 2025[161] - The company has established strict internal control policies to manage accounting records, with monthly performance reports submitted to management[160] Environmental, Social, and Governance (ESG) - The annual Environmental, Social, and Governance (ESG) report will disclose relevant information for the fiscal year 2024, covering January 1 to December 31, 2024[168] - The report adheres to the guidelines set forth in the Environmental, Social, and Governance (ESG) Reporting Guidelines as per the Main Board Listing Rules[170] - The group has conducted a materiality assessment to identify key issues for the reporting period, ensuring that significant topics are prioritized in the ESG report[171] - The group emphasizes the collection and recording of key performance data related to environmental and social metrics, presenting quantitative data in the ESG report[171] - The board is responsible for the overall supervision of ESG matters, ensuring alignment with corporate social responsibility and strategic growth[176] Shareholder Matters - The company does not recommend any final dividend for fiscal year 2024, consistent with fiscal year 2023[33] - The board has decided not to declare a final dividend for the current year[87] - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs and future growth[86] - The company has issued 1,064,000,000 shares with a par value of HKD 0.01 as of December 31, 2024[84] - The company has no knowledge of any tax relief available to shareholders for holding shares[127] Sustainability and Environmental Impact - The company aims to reduce greenhouse gas emissions density by 5% by 2030, using 2022 as the baseline[183] - In 2024, the total greenhouse gas emissions amounted to 9,411.07 tons of CO2 equivalent, an increase from 6,914.74 tons in 2023[189] - The company reported a significant increase in nitrogen oxides (NOx) emissions, rising to 16.12 tons in 2024 from 5.59 tons in 2023[186] - The company has established an environmental management system in accordance with ISO 14001:2015 standards[182] - The company has set a goal to maintain non-hazardous waste density while reducing energy consumption density by 5% by 2030[185]
伟源控股(01343) - 2024 - 年度财报