Financial Performance - The company reported total revenue of approximately S$59.1 million for the fiscal year ending March 31, 2022, an increase of S$15.6 million from S$43.5 million in the previous fiscal year[14]. - Revenue growth was primarily driven by an increase of approximately S$9.0 million from water pipeline projects and S$6.5 million from construction material trading[14]. - Gross profit slightly decreased to approximately S$9.9 million from S$10.0 million in the previous fiscal year, mainly due to a significant rise in cost of sales[14]. - The overall comprehensive income for the year was S$0.725 million, down from S$3.253 million in the previous year[10]. - The company recorded an annual profit of approximately SGD 1.0 million for fiscal year 2022, a decrease of about SGD 2.3 million from SGD 3.3 million in fiscal year 2021[37]. - In the fiscal year 2022, revenue from the group's top five customers accounted for approximately 78.1% of total revenue, down from 97.2% in the fiscal year 2021[102]. Assets and Liabilities - Total assets increased to S$103.1 million in 2022 from S$73.9 million in 2021, reflecting a growth of approximately 39.5%[11]. - Total liabilities rose to S$62.0 million in 2022 from S$33.5 million in 2021, indicating an increase of approximately 85.0%[11]. - Borrowings increased from approximately SGD 19.7 million as of March 31, 2021, to approximately SGD 45.5 million as of March 31, 2022, primarily due to the issuance of additional bonds[38]. - The debt-to-equity ratio rose significantly from 57.0% as of March 31, 2021, to 119.0% as of March 31, 2022, primarily due to new borrowings in the fiscal year[42]. Business Strategy and Market Position - The company aims to enhance its market position in the Singapore pipeline construction industry and is actively exploring new business opportunities for diversification[15]. - The board believes that developing potential businesses presents a good opportunity to increase revenue sources[15]. - The company is expanding its business portfolio by establishing a new lending division, which has obtained a moneylender license under Hong Kong law[39]. - The company aims to maintain its market position in Singapore's pipeline construction industry while closely monitoring global economic trends to capture business opportunities[20]. - The company is actively pursuing market expansion strategies, particularly in the gas and water utility sectors, to capture new business opportunities[95]. Operational Performance - Administrative expenses increased to approximately SGD 9.6 million in fiscal year 2022, up from SGD 7.2 million in fiscal year 2021[35]. - The company has implemented new operational strategies to mitigate risks associated with supply chain disruptions, ensuring project timelines are met[97]. - The management team emphasized the importance of sustainability in their operations, aligning with environmental policies to reduce carbon footprint[97]. - The company has invested in advanced training programs for its workforce to improve skill sets and operational capabilities[97]. Employee and Governance - As of March 31, 2022, the company had a total of 355 employees, an increase from 314 employees in the previous fiscal year[44]. - The remuneration policy is based on individual employee performance, qualifications, and experience, ensuring alignment with current market practices[135]. - The board of directors includes both executive and independent non-executive directors, with specific appointments made on various dates throughout 2021 and 2022[127][130]. - The company has established a stock option plan, which was conditionally adopted on February 26, 2019, to incentivize employees[145]. - The company has maintained good relationships with its employees, recognizing the importance of employee satisfaction in its operations[135]. Financial Management - The company maintained a prudent treasury policy, ensuring a robust liquidity position throughout the fiscal year 2022[59]. - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the fiscal year 2022[114]. - The group has established a quality, safety, health, and environment policy to ensure high safety standards and environmental impact control[104]. Future Outlook - The company has outlined a positive outlook for the upcoming fiscal year, projecting a revenue growth of BB% driven by new projects and market expansion initiatives[97]. - New product developments are underway, focusing on innovative pipeline construction technologies aimed at enhancing operational efficiency and safety[97]. - A strategic acquisition was completed in 2022, which is expected to enhance the company's service offerings and market presence[97]. Corporate Governance - The group has complied with all provisions of the corporate governance code during the fiscal year 2022[177]. - The company has established a practice of holding at least four board meetings annually, approximately once per quarter[196]. - The chairman and CEO roles are separated, with Ms. Feng serving as the chairman and Mr. Xu as the CEO, in compliance with corporate governance codes[191]. - The company has established a nomination committee responsible for reviewing board composition and monitoring the appointment and re-election of directors[195].
卓航控股(01865) - 2022 - 年度财报