Financial Performance - The group's revenue increased by 25.6%, from approximately SGD 10,154,000 in 2020 to about SGD 12,750,000 in 2021[10] - The net loss for the year ended December 31, 2021, was approximately SGD 9,555,000, compared to a net loss of about SGD 3,391,000 for the year ended December 31, 2020[10] - For the year ended December 31, 2021, the group recorded a pre-tax loss of approximately SGD 9,563,000, compared to a pre-tax loss of approximately SGD 3,770,000 for the year ended December 31, 2020[18] - The group's total revenue for the years ended December 31, 2021, and 2020 was approximately SGD 12,750,000 and SGD 10,154,000, respectively, indicating a year-over-year increase of about 25.5%[35] Operational Challenges - The loss was primarily due to slower project acquisition, global economic conditions affecting steel mill capacity, and increased subcontractor costs due to COVID-19 measures[10] - The economic outlook for 2022 indicates continued growth, albeit with imbalances, and a slight deterioration in external demand due to COVID-19 Omicron variant restrictions[41] - Ongoing supply chain entanglements and rising energy prices due to geopolitical tensions are exacerbating global inflationary pressures[42] Market Outlook and Strategy - The construction industry is expected to recover rapidly, with projected demand in Singapore ranging from SGD 25 billion to SGD 32 billion annually from 2023 to 2026[11] - The company plans to expand and enhance its market position in the Singapore steel structure industry by increasing capacity and hiring more staff[13] - The group aims to enhance its market position in the Singapore steel structure industry by expanding capacity and hiring additional staff, driven by ongoing infrastructure projects[37] - The group anticipates that the ongoing infrastructure projects in Singapore will continue to drive demand for structural steel over the next decade[37] Financial Position - As of December 31, 2021, the group had cash and cash equivalents of approximately SGD 5,564,000, down from SGD 7,555,000 in 2020, representing a decrease of about 26.4%[20] - The group's total borrowings included bank loans of approximately SGD 3,710,000 as of December 31, 2021, compared to SGD 5,941,000 in 2020, reflecting a reduction of about 37.0%[20] - The debt-to-equity ratio for the group was approximately 21.0% as of December 31, 2021, compared to 22.2% in 2020, indicating a slight improvement in financial leverage[21] Employee Costs and Workforce - The total employee cost for the group was approximately SGD 4,068,000 for the year ended December 31, 2021, compared to SGD 3,309,000 in 2020, marking an increase of about 22.9%[28] - As of December 31, 2021, the company employed 116 full-time staff, with 92% being male and 8% female, a decrease from 124 employees in 2020[184] - The total employee count as of December 31, 2021, is 116, with 66% aged 30-49, 29% under 30, and 5% over 50[186] - The overall employee turnover rate for the year is 13.8%, down from 16.1% in 2020[187] - The percentage of employees receiving training is 100%, with a focus on health and safety, technical skills, and compliance awareness[197] Corporate Governance - The board is responsible for ensuring effective risk management practices to mitigate risks associated with business operations, including contract non-recurring nature and potential project delays[39] - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[62] - The company has confirmed compliance with the corporate governance code throughout the year ending December 31, 2021[60] - The company has established a code of conduct for directors' securities transactions, ensuring compliance with GEM listing rules[61] Risk Management and Internal Controls - The board regularly reviews and assesses the effectiveness of the internal control system, covering financial, operational, compliance, and risk management[99] - The internal control system aims to provide reasonable assurance against material misstatements or losses, managing operational risks rather than eliminating them[99] - The company has established a risk management and internal control system that is deemed effective and sufficient by the board, with no significant deficiencies identified[100] Environmental, Social, and Governance (ESG) Initiatives - The company is committed to high levels of corporate governance, environmental, and social responsibility, adhering to international standards such as ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and OHSAS 18001:2007[120] - The ESG committee is responsible for driving ESG initiatives, collecting and calculating ESG data, and monitoring ESG-related matters across the company's operations[123] - The company has established a systematic management approach to assess and manage significant ESG-related issues, including risk assessment and monitoring the effectiveness of key ESG initiatives[125] - The company has received bizSAFE star certification, indicating its commitment to safety and excellence in performance[120] Environmental Compliance and Performance - GT Steel Construction Group Limited's environmental management system is ISO 14001:2015 certified, ensuring compliance with environmental policies and regulations[136] - The company has implemented measures to reduce greenhouse gas emissions, including replacing traditional diesel vehicles with electric ones[140] - The company has complied with relevant environmental laws and regulations, including the Environmental Protection and Management Act[144] - The company aims to integrate environmental protection and resource conservation into its internal management and daily operations[152] Stakeholder Engagement - The company emphasizes effective communication with investors to enhance understanding of its business and developments[110] - The company has a structured approach to stakeholder communication, ensuring transparency and accountability in its operations[127] - The company actively engages stakeholders for feedback on its ESG policies and performance[131]
高原之宝(08402) - 2021 - 年度财报