雄岸科技(01647) - 2025 - 年度业绩

Full Year Results Announcement The Group reported significant revenue growth but a net loss for the year, driven by building-related businesses, while maintaining stable financial position and planning diversification into broader internet technologies Financial Statements The Group recorded significant revenue growth but turned from profit to loss during the review year, with revenue increasing by 29.9% to S$109.8 million and a net loss of S$1.48 million, while total assets and net assets remained relatively stable Consolidated Statement of Profit or Loss and Other Comprehensive Income During the review year, Group revenue grew 29.9% to S$109.8 million, driven by building services and construction, but increased administrative expenses and reduced other income led to a net loss attributable to owners of S$1.02 million, resulting in a basic and diluted loss per share of S$0.09 cents Key Consolidated Statement of Profit or Loss Data | Metric | 2025 (S$) | 2024 (S$) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 109,771,255 | 84,529,421 | +29.9% | | Gross Profit | 17,443,968 | 17,662,748 | -1.2% | | (Loss)/Profit Before Tax | (1,326,407) | 2,405,632 | Turned from Profit to Loss | | (Loss)/Profit for the Year | (1,477,001) | 2,012,520 | Turned from Profit to Loss | | (Loss)/Profit Attributable to Owners of the Company | (1,023,568) | 2,209,872 | Turned from Profit to Loss | | Basic and Diluted (Loss)/Earnings Per Share (Singapore Cents) | (0.09) | 0.18 | Turned from Profit to Loss | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were S$72.87 million, largely stable year-on-year, while net assets slightly decreased to S$57.88 million, with changes in current asset structure including increased inventories and trade receivables, and decreased bank balances and cash Key Consolidated Statement of Financial Position Data | Metric | 2025 (S$) | 2024 (S$) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 72,865,507 | 73,897,021 | -1.4% | | Total Liabilities | 14,981,091 | 14,550,881 | +2.9% | | Net Assets | 57,884,416 | 59,346,140 | -2.5% | | Net Current Assets | 39,612,362 | 40,424,030 | -2.0% | | Bank Balances and Cash | 11,861,692 | 15,804,006 | -24.9% | Notes to the Consolidated Financial Statements This section details the basis of financial statement preparation, application of accounting policies, and breakdown of key financial items, highlighting the Group's primary operations in integrated building services, building construction, and IT development, with Singapore as its main source of operations and revenue 1. General Information & Accounting Policies The Company, an investment holding company listed on the HKEX, operates primarily in Singapore through subsidiaries engaged in integrated building services, construction, and IT, with financial statements presented in Singapore Dollars under IFRS, and new accounting standards adopted this year having no significant impact - The Group's principal activities include integrated building services (M&E system maintenance and minor renovation works), building construction, and information technology development and application[8] - Financial statements are presented in Singapore Dollars, which is also the Company's functional currency[9] - The application of new and revised International Financial Reporting Standards during the year had no significant impact on the Group's financial position and performance[11] 4. Revenue and Segment Information Total revenue for the year was S$109.8 million, with integrated building services contributing S$70.08 million and building construction S$35.72 million, predominantly from Singapore, and two major customers (A and B) collectively accounted for 35.6% of total revenue Revenue by Business Segment | Business Segment | Revenue 2025 (S$) | Revenue 2024 (S$) | | :--- | :--- | :--- | | Integrated Building Services | 70,077,172 | 56,055,847 | | Building Construction | 35,723,203 | 20,791,054 | | Information Technology Development and Application | 3,970,880 | 7,682,520 | | Total | 109,771,255 | 84,529,421 | Revenue from Major Customers | Customer | Revenue 2025 (S$) | Revenue 2024 (S$) | | :--- | :--- | :--- | | Customer A | 13,594,290 | 13,699,674 | | Customer B | 25,508,031 | 18,879,453 | - Geographically, Singapore contributed S$105.8 million in revenue, accounting for over 99.9% of customer contract revenue[20] 6. Profit before Tax Details of the loss before tax show depreciation of property, plant, and equipment at S$1.57 million and impairment loss on financial assets at S$0.74 million, while total staff costs increased from S$14.07 million to S$16.17 million, and subcontractor costs significantly rose from S$52.62 million to S$76.55 million Key Expense Items | Item | 2025 (S$) | 2024 (S$) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 1,570,242 | 1,077,810 | | Impairment Loss on Financial Assets | 736,479 | 145,918 | | Total Staff Costs | 16,174,796 | 14,073,614 | | Subcontractor Costs | 76,548,466 | 52,619,297 | 8. Dividends & 9. EPS The Board does not recommend any dividend for the year ended March 31, 2025, and due to a loss attributable to owners of S$1.02 million, basic and diluted loss per share was S$0.09 cents, compared to earnings per share of S$0.18 cents in the prior year - The Directors do not recommend the payment of any dividend for the year ended March 31, 2025[24] Basic and Diluted (Loss)/Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit Attributable to Owners of the Company (S$) | (1,023,568) | 2,209,872 | | Weighted Average Number of Ordinary Shares in Issue | 1,195,040,000 | 1,195,040,000 | | Basic and Diluted (Loss)/Earnings Per Share (Singapore Cents) | (0.09) | 0.18 | 10. Trade Receivables & 11. Trade Payables Total trade receivables increased from S$16.03 million to S$18.92 million, with approximately 82% of invoiced receivables due within 90 days, while total trade payables rose from S$7.13 million to S$9.25 million, with most also due within 90 days - Total trade receivables increased from S$16.0 million to S$18.9 million, with unbilled portions decreasing from S$6.5 million to S$3.2 million[26] Ageing Analysis of Invoiced Trade Receivables | Ageing | 2025 (S$) | 2024 (S$) | | :--- | :--- | :--- | | Within 90 days | 12,888,246 | 7,889,762 | | 91 to 180 days | 1,847,677 | 981,829 | | Over 180 days | 998,550 | 640,621 | | Total | 15,734,473 | 9,512,212 | - Trade payables increased from S$7.13 million to S$9.25 million, with credit terms from suppliers and subcontractors typically ranging from 15 to 90 days[28] Management Discussion & Analysis Management reviewed the year's operating and financial performance, noting strong growth in building-related businesses but pressure on gross margin due to decreased digital asset trading revenue and rising costs, leading to a net loss, with future plans to expand into broader internet technologies like e-commerce and AI while consolidating existing operations Business Review and Prospects Revenue increased to S$109.8 million this year, but gross margin declined from 20.9% to 15.9%, with management foreseeing challenges in Singapore's construction sector due to economic uncertainty and labor shortages, while digital asset trading revenue decreased due to strategic reduction in volume amid high Bitcoin prices, and the Group plans to diversify into e-commerce and AI - Group revenue increased to approximately S$109.8 million, but gross margin decreased from 20.9% to 15.9%[29] - Management believes the construction industry outlook for 2025 remains challenging due to global economic uncertainties, intense market competition, and labor shortages[30] - The Group plans to expand into broader internet technology-related businesses, including e-commerce, digital media marketing, artificial intelligence, and virtual reality technologies, moving beyond a sole focus on blockchain technology[31] Financial Review This section details financial performance changes, with total revenue up 29.9% driven by integrated building services (+25.0%) and building construction (+71.6%), while IT business revenue declined due to strategic reduction in Bitcoin transactions, and increased administrative expenses (+15.3%) and reduced other income were key factors in the Group turning from profit to loss Revenue Changes by Business Segment | Business Segment | Revenue 2025 (S$ Million) | Revenue 2024 (S$ Million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Integrated Building Services | 70.1 | 56.1 | +25.0% | | Building Construction | 35.7 | 20.8 | +71.6% | | Information Technology Development and Application | 4.0 | 7.7 | -48.1% | - The decline in gross margin was primarily due to reduced revenue from high-margin IT business and higher cost increases than revenue increases in building-related businesses due to increased use of subcontractors[37] - Administrative expenses increased by S$2.4 million (+15.3%), mainly due to an increase in the total number of employees and salary adjustments[38] - The Group turned from a profit of S$2.2 million last year to a loss of S$1.0 million this year, primarily due to increased administrative expenses and reduced other income[41] Liquidity and Financial Resources The Group's financial position remained stable, with bank balances and cash of approximately S$11.9 million and a current ratio of 3.7 times at period-end, while the debt-to-equity ratio (loans and lease liabilities/total equity) remained low at 1.1%, and the Group faces foreign exchange risk without hedging instruments Key Financial Ratios | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Bank Balances and Cash | Approx. S$11.9 million | Approx. S$15.8 million | | Current Ratio | Approx. 3.7 times | Approx. 3.8 times | | Debt-to-Equity Ratio | Approx. 1.1% | Approx. 0.7% | - The Group is exposed to foreign exchange risk from non-Singapore Dollar denominated assets and liabilities, recording a foreign exchange loss of approximately S$29,000 for the year[45] Other Disclosures During the review year, the Group had no significant acquisitions or disposals, and the number of full-time employees increased from 461 to 498, with a notable increase in Bitcoin market price after the reporting period - There were no significant acquisitions or disposals of subsidiaries, associates, and joint ventures during the review year[46] - As of the end of the review year, the Group employed 498 full-time employees, an increase from 461 in the previous year[47] - Significant post-reporting period event: The market price of Bitcoin increased from approximately US$83,000 as of March 31, 2025, to approximately US$108,000 as of the announcement date[48] Corporate Governance & Other Information This section outlines the Company's corporate governance practices, securities trading, and audit information, noting compliance with most Corporate Governance Code provisions, except for the continuous vacancy of the CEO position since July 2021, and the audit committee's review of the annual results Corporate Governance The Company has adopted and complied with the Corporate Governance Code, with one deviation: the CEO position has remained vacant since July 2021, while the roles of Chairman and CEO are separate, and neither the Company nor its subsidiaries purchased, sold, or redeemed any Company securities during the review year - The Company complies with the Corporate Governance Code, with a deviation from Code Provision C.2.1, as the Chief Executive Officer position has remained vacant since the resignation on July 23, 2021[50] - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities during the review year[51] Audit & Disclosure The Company's Audit Committee has reviewed the annual consolidated financial results, and auditor Evergreen (Hong Kong) CPA Limited confirmed consistency of financial figures in this announcement with audited consolidated financial statements, though this does not constitute an assurance opinion on the announcement, with the full annual report to be published by July 31, 2025 - The Group's consolidated financial results for the review year have been reviewed by the Company's Audit Committee[52] - Auditor Evergreen (Hong Kong) CPA Limited has agreed that the financial figures in this announcement are consistent with those in the audited consolidated financial statements, but has not expressed an opinion on the preliminary announcement[53] - The annual report containing all statutory information will be dispatched and published on the website on or before July 31, 2025[54]