Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was approximately SGD 192.3 million, with a gross profit of SGD 7.8 million and a pre-tax profit of SGD 9.3 million[10]. - The group's revenue for the year was approximately SGD 192.3 million, a decrease of about 37.8% from SGD 309.2 million in the previous year[17]. - Gross profit for the year was approximately SGD 7.8 million, an increase from SGD 5.3 million in the previous year[17]. - Other income increased by approximately SGD 0.3 million or 20.3%, from SGD 1.3 million to SGD 1.6 million, mainly due to higher bank interest income from short-term deposits[17]. - The group recorded a profit attributable to owners of approximately SGD 9.0 million, compared to SGD 1.8 million in the previous year[19]. - Financing costs decreased to approximately SGD 0.4 million from SGD 0.7 million, primarily due to lower bank borrowing rates[19]. - Cash and cash equivalents increased to approximately SGD 62.8 million from SGD 55.3 million, an increase of about SGD 7.5 million[23]. - The company's distributable reserves as of December 31, 2024, amount to SGD 7,814,018, a decrease from SGD 8,299,481 in 2023[62]. - The company has no distributable reserves as of December 31, 2024, due to accumulated losses, but can distribute dividends from share premium funds[63]. - The board does not recommend the distribution of dividends for the fiscal year ending December 31, 2024, similar to the previous year[38]. Construction Projects and Achievements - The construction industry in Singapore showed resilience, with a reported economic growth of 4.4% in 2024, following a 5.6% growth in the third quarter[16]. - The company successfully secured four new projects by the end of 2024 and early 2025, with a total contract value reaching approximately SGD 598 million, marking a significant milestone in its history[16]. - The Woodlands C24 project achieved an outstanding Conquas score of 99.3, setting a new benchmark for the Housing and Development Board's prefabricated bathroom unit projects[11]. - The Punggol C13 project was awarded the prestigious Conquas Star Award for outstanding performance in the Conquas assessment, reflecting the company's dedication to quality construction[11]. - The company is well-prepared to secure new tender projects, supported by strong ongoing projects and stable construction demand[34]. Market and Strategic Initiatives - The construction demand in Singapore is projected to be between SGD 47 billion and SGD 53 billion by 2025, with an average annual demand of SGD 39 billion to SGD 46 billion from 2026 to 2029[31]. - The company aims to expand its market share and maintain a competitive edge by exploring various land tenders for residential, industrial, and commercial projects[35]. - The company is actively seeking new opportunities in the Singapore real estate market and has entered into a joint venture for a residential land plot at Dairy Farm Walk[36]. - The company plans to continue developing its property development segment and is looking for suitable property development opportunities[36]. - The new property development segment is expected to report results starting from the mid-year financial performance announcements in 2025, as the pre-sale of units is set to launch in February 2025[34]. Corporate Governance and Compliance - The board of directors consists of five members, with independent non-executive directors making up 60% of the board[123]. - The company has established appropriate directors and officers liability insurance for its directors and senior officers[77]. - The company has adopted the corporate governance code and complied with all applicable provisions, except for a specific deviation[117]. - The company has established policies and procedures to ensure compliance with relevant laws and regulations affecting its business and operations[61]. - The company is committed to reviewing and monitoring compliance with legal and regulatory requirements as part of its corporate governance responsibilities[157]. Risk Management and Internal Controls - The company faces financial risks including interest rate risk, currency risk, credit risk, liquidity risk, and stock price risk, which are regularly reviewed by management[61]. - The company has established a risk management and internal control system to ensure effective oversight by management[143]. - The audit committee confirmed that the consolidated financial statements were prepared in accordance with applicable accounting standards and provided full disclosure[139]. - The company has engaged an independent third-party internal control consultant to review its internal control systems for the year ending December 31, 2024, with no significant internal control deficiencies found[166]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an Integrated Management System (IMS) that includes ISO 9001, ISO 45001, ISO 14001, and the Green Building Contractor Scheme (GGBS) to promote environmentally friendly practices[193]. - The company is committed to reducing waste, conserving resources, and minimizing its environmental footprint as part of its green contractor program[187]. - The company aims to enhance its ESG performance by implementing sustainable technologies and effective communication with local communities[197]. - The total carbon emissions from diesel consumption amounted to approximately 2,584.1 tons of CO2 equivalent during the review year[195]. - The total amount of non-hazardous waste generated by the company is approximately 11,292.0 tons, with no hazardous waste produced[199]. Employee Relations and Diversity - The company emphasizes the importance of compliance with regulatory requirements and has established procedures to ensure adherence to applicable laws[67]. - The company maintains good relationships with employees, customers, suppliers, and subcontractors, providing reasonable compensation and organizing team-building activities[68][69][70]. - The company is committed to creating a fair, equal, and diverse recruitment and working environment[134]. - As of December 31, 2024, the gender distribution among employees was 87.8% male and 12.2% female, reflecting a commitment to diversity[133]. Shareholder Information - Major shareholders include Huada Development with 51.13% and Eagle Soar with 17.04% of the issued share capital[82]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting to propose resolutions[172]. - The company has adopted a shareholder communication policy to ensure equal and timely access to information for shareholders[176].
BHCC HOLDING(01552) - 2024 - 年度财报