Financial Performance - The group recorded a loss of approximately 2.1 million SGD for the fiscal year 2023, compared to a profit of approximately 1.0 million SGD in fiscal year 2022[15]. - Total revenue from the lending business for fiscal year 2023 was approximately 566,000 SGD, an increase from approximately 397,000 SGD in fiscal year 2022[9]. - The group's total gross profit decreased from approximately 9.9 million SGD in fiscal year 2022 to approximately 7.4 million SGD in fiscal year 2023, with a gross margin decline from 16.7% to 12.3%[17]. - The total revenue for the fiscal year 2023 was SGD 60,103,000, representing an increase from SGD 59,099,000 in 2022[84]. - Gross profit for 2023 was SGD 7,419,000, down from SGD 9,861,000 in 2022, indicating a decline in profitability[84]. - The company reported a loss attributable to owners of the company of SGD 1,227,000 for 2023, compared to a profit of SGD 1,846,000 in 2022[84]. - The comprehensive loss for 2023 was SGD 2,777,000, compared to a comprehensive income of SGD 725,000 in 2022[84]. - The cost of sales for 2023 was SGD 52,684,000, which is higher than SGD 49,238,000 in 2022, indicating rising operational costs[84]. Assets and Liabilities - Trade receivables and other receivables increased by approximately 3.9 million SGD to about 29.6 million SGD as of March 31, 2023[3]. - The group's borrowings decreased by approximately 17.3 million SGD to about 28.2 million SGD as of March 31, 2023, primarily due to the repayment of previously issued bonds[6]. - The group’s net current assets increased to approximately 47.0 million SGD as of March 31, 2023, compared to approximately 39.1 million SGD as of March 31, 2022[24]. - The group’s asset-liability ratio decreased from approximately 119% to about 58% due to reduced borrowings and completion of equity financing activities[24]. - The total assets increased to SGD 120,353,000 in 2023 from SGD 103,132,000 in 2022, reflecting a growth of approximately 16.5%[85]. - Total liabilities rose to SGD 64,205,000 in 2023 compared to SGD 61,964,000 in 2022, showing an increase of about 2%[85]. - The equity total for 2023 was SGD 56,148,000, up from SGD 41,168,000 in 2022, marking a significant increase of approximately 36.4%[85]. Business Development and Acquisitions - The group completed the acquisition of 85% of the issued share capital of 富滙證券有限公司 for 14 million HKD on December 23, 2022, to diversify its business portfolio[20]. - The company completed the acquisition of 85% of the issued share capital of Jianquan for HKD 14,000,000, enhancing its entry into the financial services sector and diversifying revenue sources[39]. - The company plans to utilize SGD 11.0 million for the development and maintenance of smart parking lots in 24 towns in Guizhou Province, China, by December 31, 2023[35]. - The establishment of a joint venture, 卓航頤安, with a 51% stake by the company, aims to diversify business and expand revenue sources through precious metals trading and investment services[38]. - The acquisition of Zhongshan Jiantaiying Electric Appliance Manufacturing Co., Ltd. is expected to enhance the company's production capabilities in mold and pipe fittings[51]. - The company aims to enhance its market position in the pipeline construction industry and explore new business opportunities in various geographical locations[104]. Revenue Sources and Growth - Revenue growth was primarily driven by new water pipeline projects related to district cooling systems, which contributed approximately SGD 9.4 million, and an increase of about SGD 6.1 million from water pipeline supply and laying projects[95]. - Revenue from gas pipeline projects decreased by approximately SGD 2.2 million, while revenue from water pipeline projects increased by approximately SGD 15.8 million[121]. - The company secured 2 new gas projects and 5 new water projects in fiscal year 2023, with a total contract value of approximately SGD 129.1 million[109]. - Other income increased from approximately SGD 4.2 million in fiscal year 2022 to approximately SGD 6.2 million in fiscal year 2023, primarily due to an increase in agency income[102]. - The company has ongoing projects with a total contract value of approximately SGD 148.0 million, of which about SGD 34.2 million has been recognized as revenue[113]. Operational Challenges and Strategies - The company is focusing on expanding its market presence and enhancing its project pipeline to drive future growth[98]. - There are ongoing efforts to address operational cost increases and improve project management to mitigate losses in future fiscal periods[98]. - The company is exploring new strategies for business development, including potential collaborations and partnerships in the construction sector[98]. - Future outlook remains cautious due to ongoing global supply chain challenges affecting the construction industry[98]. - The management team has extensive experience in various sectors, which is expected to drive future growth and market expansion initiatives[76]. Sustainability and Environmental Impact - The total energy consumption decreased by 27.4% to 7,528,388 kWh in 2023 compared to 10,363,702 kWh in 2022[163]. - The company reported a 33.1% reduction in electricity consumption, down to 165,841 kWh from 247,778 kWh in the previous year[163]. - The total greenhouse gas emissions amounted to 1,931.5 tons in 2023, with direct emissions (Scope 1) accounting for 95.3%[155]. - Nitrogen oxides emissions were recorded at 5,304.0 kg, representing 90.8% of total emissions[154]. - The company has implemented various measures to reduce gasoline and diesel consumption, which are the main sources of greenhouse gas emissions[156]. - The group is committed to improving its sustainability practices and reducing overall emissions, focusing on minimizing gas emissions from construction sites[183]. - The group has established communication channels with stakeholders to gather feedback on environmental, social, and governance issues[176]. - The board plays a key role in overseeing environmental, social, and governance issues, ensuring management has the necessary tools and resources[175]. Employee and Governance - Employee compensation is generally above market average, with regular reviews based on business growth and market price levels[170]. - The employee composition shows that 74% are from India, 12% from Singapore, and 8% from Malaysia, with no employees in mainland China[173]. - The company has adopted a shareholder communication policy to enhance two-way communication with shareholders[134].
卓航控股(01865) - 2023 - 年度财报