Financial Performance - The company's revenue for the fiscal year 2024 increased by SGD 4.1 million or 13.9%, rising from SGD 29.4 million in fiscal year 2023 to SGD 33.5 million[7]. - The gross profit margin for fiscal year 2024 was stable at 31.8%, slightly up from 31.5% in fiscal year 2023, reflecting operational excellence and financial resilience[7]. - The group's total revenue for the fiscal year 2024 increased by approximately 4.1 million SGD or 13.9% to about 33.5 million SGD, up from approximately 29.4 million SGD in the fiscal year 2023[34]. - Gross profit increased from approximately 9.2 million SGD in fiscal year 2023 to about 10.6 million SGD in fiscal year 2024, reflecting a growth of 1.4 million SGD or 15.2%[37]. - The company’s profit attributable to equity holders for fiscal year 2024 is approximately 0.3 million SGD, compared to 25,000 SGD in fiscal year 2023, with earnings per share of 0.03 SGD versus 0.002 SGD[42]. - Net profit for the year was SGD 348,243, a significant increase from SGD 24,293 in 2023, reflecting a growth of 1,332%[198]. - Total assets as of December 31, 2024, amounted to SGD 56,267,277, up from SGD 53,301,064 in 2023, indicating a growth of 5.5%[199]. - Total liabilities increased to SGD 15,883,748 in 2024 from SGD 13,205,989 in 2023, reflecting a rise of 20.3%[200]. Operational Performance - The company secured 24 demolition projects in Singapore during fiscal year 2024, completing 15 projects, indicating strong operational performance[8]. - The group secured 24 demolition projects and completed 15 projects during the fiscal year 2024, with expected total revenue from ongoing projects estimated at approximately 37.0 million SGD[31]. - The company is focused on enhancing its project development and financing capabilities through its management team[23]. - The company remains focused on core demolition services while pursuing diversification and innovation to enhance shareholder value[33]. - The company has over 30 years of operational history in the demolition industry, positioning it well to capitalize on the evolving market conditions in Singapore[8]. Market Outlook - The Ministry of Trade and Industry projects Singapore's GDP growth to be 4.4% in 2024, following a 1.1% growth in 2023, highlighting a positive economic outlook[9]. - The total construction demand in Singapore is estimated to reach between SGD 47 billion and SGD 53 billion in 2025, with preliminary figures for 2024 at SGD 44.2 billion, driven by public sector investments[9]. - The public sector is anticipated to lead the surge in construction demand, contributing approximately 28 billion SGD to 32 billion SGD through transformative public housing plans and major infrastructure projects[32]. - The demolition industry in Singapore is projected to continue expanding in 2025, supported by government incentives and modernization of infrastructure[32]. Management and Governance - The company is led by experienced executives, including Tan Chee Beng, who has over 30 years of experience in the demolition industry[13]. - The company has expanded its management team with experienced professionals in asset management and business development[20]. - The board includes members with significant experience in corporate governance and oversight, ensuring independent monitoring of management[21]. - The company maintains a high level of corporate governance practices, focusing on long-term financial performance rather than short-term gains[91]. - The board consists of five executive directors and three independent non-executive directors, ensuring strong independence[118]. Risk Management - The company has a strong emphasis on risk management and safety protocols in its operations[18]. - The group’s operations are subject to several risks, including reliance on volatile scrap material prices and the non-recurring nature of demolition projects[61]. - The company has established a risk management policy that includes identification, assessment, and management procedures for major risks affecting the business[165]. Shareholder Engagement - The company expresses gratitude to shareholders, investors, and business partners for their unwavering support throughout the fiscal year 2024[11]. - The company encourages shareholder participation in special general meetings and ensures effective communication with shareholders[169]. - Shareholders can request the convening of a special general meeting if they hold at least 10% of the paid-up capital[170]. Corporate Responsibility - The company is committed to corporate responsibility, focusing on its impact on employees, society, and the environment, while contributing to Singapore's sustainable reconstruction initiatives[68]. - The company donated a total of SGD 10,000 to YYD EDUCATION CENTRE LIMITED in the fiscal year 2024 to support social initiatives[74]. Audit and Compliance - The company reported consolidated financial statements reflecting a true and fair view of its financial position as of December 31, 2024[179]. - Key audit matters identified include revenue recognition related to demolition service projects, which involves significant management judgment and estimation[182]. - The audit committee reviewed the group's performance for the 2024 fiscal year, including significant judgments in financial reporting[138]. - The company has confirmed the independence of all three independent non-executive directors, ensuring no conflicts of interest[126].
BENG SOON MACH(01987) - 2024 - 年度财报