Financial Performance - Total revenue for the fiscal year 2022 increased by SGD 6.0 million or 22.5% to SGD 32.7 million compared to the fiscal year 2021[6]. - Gross profit margin improved to 29.0% in fiscal year 2022 from 26.4% in fiscal year 2021, primarily due to the sale of high-value scrap materials[6]. - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 20% growth compared to the previous year[22]. - The total revenue for the fiscal year 2022 increased by approximately SGD 6 million or 22.5% to about SGD 32.7 million, primarily due to increased revenue from waste disposal services[45]. - Gross profit for fiscal year 2022 rose by SGD 2.4 million or 33.8% to approximately SGD 9.5 million, with a gross margin of 29.0% compared to 26.4% in 2021[49]. - The net profit attributable to equity holders increased by approximately SGD 0.3 million or 176.5% to about SGD 0.5 million, with basic earnings per share rising from SGD 0.02 to SGD 0.05[55]. Market Outlook - Singapore's economy grew by 3.6% in 2022, with construction sector growth projected at 10.0% due to increased public and private sector construction activities[7]. - Total construction demand in Singapore is forecasted to be between SGD 27 billion and SGD 32 billion in 2023, with public sector contributing about 60% of the demand[7]. - The demolition industry in Singapore is expected to thrive due to government economic stimulus policies and potential growth in the construction sector[9]. - The Ministry of Trade and Industry projected Singapore's GDP growth for 2023 to be between 0.5% and 2.5%[40]. - The construction sector in Singapore is expected to grow by 10.0% year-on-year, with public and private sector construction output both recording increases[40]. - The Building and Construction Authority forecasts total construction demand in 2023 to range between SGD 27 billion and SGD 32 billion, with the public sector expected to account for about 60% of this demand[41]. Strategic Plans - The company plans to continue its core operations while investing in new opportunities to enhance shareholder value and diversify its business[10]. - The company plans to continue expanding its existing demolition services in Singapore while diversifying through investments in new opportunities[44]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[22]. - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and increase market penetration[22]. - Investment in new technology development is set at $5 million, aimed at improving efficiency and reducing operational costs[22]. - The company plans to implement a new logistics strategy that is expected to reduce delivery times by 30%[22]. Shareholder and Corporate Governance - The company has a significant shareholder, Tan Chee Beng, who holds 505,600,000 shares, representing 50.56% of the total shares[112]. - TCB Investment Holdings Limited, controlled by Tan Chee Beng, owns 341,700,000 shares, accounting for 34.17% of the total shares[114]. - Lee Peck Kim, spouse of Tan Chee Beng, has a controlled entity, K Luxe Holdings Limited, which owns 163,900,000 shares, representing 16.39% of the total shares[114]. - The company maintains high standards of corporate governance, focusing on long-term financial performance rather than short-term gains[110]. - The company has established a remuneration committee to review and determine the compensation of directors and senior management based on performance and responsibilities[105]. - The company has adopted the corporate governance code and has complied with its applicable provisions during the 2022 financial year, with a noted deviation regarding the roles of the chairman and CEO[141]. Risk Management - The company has established a risk management and internal control system to ensure compliance with statutory regulations[146]. - The board is responsible for reviewing and approving proposed risk mitigation procedures and the effectiveness of the group's risk management and internal control systems[189]. - The internal audit department reviewed accounting practices and significant control issues during the fiscal year 2022, providing findings and improvement recommendations to the audit committee[190]. - The risk management and internal control systems are deemed effective and adequate, although they are designed to manage rather than eliminate risks[190]. - The group recognizes its responsibility to disclose inside information to the public in a timely manner according to the Securities and Futures Ordinance and listing rules[193]. Employee and Community Engagement - The group had a total of 125 employees as of December 31, 2022, an increase of 10 employees compared to the same period in 2021[64]. - The company donated a total of SGD 25,000 to community development and welfare funds in the fiscal year 2022[90]. - The company’s environmental compliance costs for the fiscal year 2022 were approximately SGD 2.3 million[84]. - The company has been certified to ISO 14001:2015 standards for its environmental management system since 2016[84]. Financial Position - As of December 31, 2022, the company's current assets net value was approximately SGD 21.5 million, an increase of SGD 2.5 million or 13.2% from the previous year[57]. - The debt-to-equity ratio decreased from 27.2% on December 31, 2021, to 24.6% on December 31, 2022, due to a reduction in bank borrowings and an increase in equity[58]. - The equity attributable to the owners of the company was approximately SGD 39.9 million as of December 31, 2022, compared to SGD 39.3 million on December 31, 2021[15]. - The group has no significant investments as of December 31, 2022[66]. - The group has no specific plans for significant investments or capital assets in the coming year[63].
BENG SOON MACH(01987) - 2022 - 年度财报