Financial Performance - For the fiscal year ending December 31, 2021, the company's total revenue increased by SGD 16.9 million or 171.9% to approximately SGD 26.7 million compared to the previous fiscal year[10]. - The company achieved a net profit of approximately SGD 0.2 million for the fiscal year 2021, a turnaround from the previous year's loss[10]. - The total revenue for the fiscal year 2021 increased by SGD 16.9 million or 171.9% to approximately SGD 26.7 million compared to the fiscal year 2020[43]. - The company recorded a gross profit margin of 26.4% in the fiscal year 2021, reversing from a gross loss in the fiscal year 2020, primarily due to higher revenue from the disposal of high-value waste materials[43]. - The company achieved a gross profit of approximately 7.1 million SGD in fiscal year 2021, an increase of 13.6 million SGD or 209.0% from a gross loss of about 6.5 million SGD in fiscal year 2020, with a gross profit margin of approximately 26.4%[54]. - The company reported a net profit attributable to shareholders of approximately 0.2 million SGD in fiscal year 2021, a turnaround from a loss of about 12.0 million SGD in fiscal year 2020, resulting in basic earnings per share of 0.02 SGD[61]. - The company’s sales costs for fiscal year 2021 were approximately 19.7 million SGD, an increase of 3.3 million SGD from about 16.3 million SGD in fiscal year 2020, primarily due to increased project activity[53]. - The company’s other income for fiscal year 2021 was 0.6 million SGD, a decrease of 1.1 million SGD from about 1.7 million SGD in fiscal year 2020, mainly due to a reduction in government subsidies[56]. - The company maintains a robust financial position with a stable cash flow from internal generation, bank loans, and other borrowings[62]. - As of December 31, 2021, the group's net current assets were approximately SGD 18.8 million, an increase of about SGD 2.6 million or 16.4% from SGD 16.2 million as of December 31, 2020[63]. - Cash and cash equivalents increased to approximately SGD 12.3 million as of December 31, 2021, compared to SGD 9.1 million as of December 31, 2020[63]. - The group's bank borrowings and lease liabilities were approximately SGD 1.3 million and SGD 9.4 million, respectively, as of December 31, 2021, compared to SGD 1.9 million and SGD 9.5 million in the previous fiscal year[66]. - The equity attributable to the owners of the company was approximately SGD 39.5 million as of December 31, 2021, compared to SGD 39.3 million as of December 31, 2020[67]. - The debt-to-equity ratio slightly decreased from 29.0% as of December 31, 2020, to 27.2% as of December 31, 2021, due to a reduction in bank borrowings and an increase in equity[70]. Construction Demand and Market Outlook - The preliminary total construction demand in Singapore for 2021 increased by 42% to approximately SGD 30 billion, driven by public housing and infrastructure projects[11]. - The company anticipates total construction demand in 2022 to range between SGD 27 billion and SGD 32 billion, with the public sector expected to contribute about 60%[11]. - The company expects ongoing construction demand to provide momentum for the demolition industry in 2022[11]. - The construction sector is expected to benefit from Singapore's large-scale economic stimulus policies and the potential growth in the construction industry[13]. - The company is optimistic about future prospects due to the strong pipeline of public housing projects and infrastructure developments[11]. - The company is optimistic about the continued construction demand in 2022, driven by strong public housing project reserves and infrastructure developments[45]. Management and Governance - The company has a strong management team with key figures like Tan Wei Leong and Tang Ling Ling, who have over 9 and 20 years of experience in the industry respectively[22][19]. - The company is focused on overall management and development in recycling and logistics, with Alvin Tan overseeing these areas since 2011[22]. - The management team has received various certifications and training in safety and construction management, enhancing operational capabilities[20][23]. - The board includes independent directors with extensive experience in investment and asset management, ensuring robust governance[28][30]. - The company is actively involved in project development and financing, with Liang Youwen managing these aspects since 2014[30]. - The management team is committed to human resources and bidding processes, with Tang Ling Ling leading these efforts[19]. - The leadership structure includes family members, ensuring continuity and alignment in business strategy[19]. - The company maintained a high level of corporate governance practices aimed at long-term financial performance rather than short-term gains[129]. - The board of directors includes both executive and independent non-executive members, with changes in the board composition noted during the fiscal year[121][122]. - The company has a strong independent board composition, with independent non-executive directors making up at least one-third of the board[192]. - The company has adopted the corporate governance code as per the listing rules, ensuring effective accountability and enhancement of shareholder value[179]. - The board is responsible for overseeing the company's affairs, including adopting long-term strategies and supervising senior management[184]. - The company has complied with the corporate governance code throughout the fiscal year 2021, with a noted deviation regarding the roles of Chairman and CEO[180]. Employee and Operational Insights - The group employed 115 staff as of December 31, 2021, an increase of 4 from the previous year, due to new hires during the fiscal year[76]. - The group had a total of 115 employees as of December 31, 2021, with approximately 32% being local employees and 68% foreign employees[91]. - The company provides new directors with comprehensive information on their responsibilities and ongoing obligations under the Companies Ordinance and Listing Rules[197]. - All directors have participated in continuous professional development to enhance their knowledge and skills, with training records submitted for the fiscal year 2021[197]. - Directors attended seminars and briefings related to regulatory updates and their duties, contributing to their professional development[198]. Shareholder and Capital Management - Major shareholders include TCB with 341,700,000 shares (34.17%), K Luxe Holdings Limited with 163,900,000 shares (16.39%), and Ms. Lee with 505,600,000 shares (50.56%) as of December 31, 2021[152]. - Ms. Lee is considered to have interests in shares held by TCB, which is controlled by Mr. Tan, as per the Securities and Futures Ordinance[153]. - The company did not recommend a final dividend for the 2021 fiscal year[99]. - The group adopted a dividend policy in March 2020, considering various factors such as actual and expected financial performance, retained earnings, and operational funding needs[96]. - The company has not entered into any capital raising agreements that would lead to the issuance of shares during the fiscal year 2021[166]. - The company maintained a sufficient public float of at least 25% of issued shares as required by the listing rules[170]. Risks and Compliance - The group faced foreign exchange risk, with potential impacts of approximately SGD 177,000 on profit or loss due to a 4% fluctuation in exchange rates as of December 31, 2021[82]. - The group had no significant contingent liabilities or pending litigation as of December 31, 2021[72]. - The company did not engage in any related party transactions as defined by the listing rules during the fiscal year 2021[169]. - There were no significant management contracts established with individuals responsible for major management and administrative tasks during the fiscal year 2021[128]. - The company has established a code of conduct for directors regarding securities trading, which has been adhered to throughout the fiscal year[181]. - The company ensures compliance with corporate governance codes and updates on significant developments in regulatory requirements[197].
BENG SOON MACH(01987) - 2021 - 年度财报