Financial Performance - Total revenue for the year ended December 31, 2023, was SGD 309,180,303, representing an increase of 50.5% compared to SGD 205,313,730 in 2022[3] - Gross profit for the same period was SGD 5,252,003, recovering from a loss of SGD 5,805,657 in the previous year[3] - The net profit for the year was SGD 1,792,550, a significant turnaround from a net loss of SGD 8,793,509 in 2022[3] - Basic and diluted earnings per share for 2023 were SGD 0.22, compared to a loss of SGD 1.10 per share in 2022[3] - Total revenue from customer contracts in 2023 reached SGD 306,905,401, a significant increase of 50.9% compared to SGD 203,391,433 in 2022[22] - Rental income from investment properties for 2023 was SGD 2,274,902, up from SGD 1,922,297 in 2022, reflecting an increase of 18.4%[22] - The total segment revenue for 2023 was SGD 309,180,303, compared to SGD 205,313,730 in 2022, marking a growth of 50.5%[22] - Major customer A contributed SGD 240,676,045 in revenue for 2023, up from SGD 178,448,513 in 2022, representing a growth of 34.8%[31] - Major customer B generated SGD 63,964,088 in revenue for 2023, which was not applicable in 2022 due to not exceeding 10% of total revenue[31] - The group’s revenue for 2023 reached approximately SGD 309.2 million, a 50.6% increase from SGD 205.3 million in the previous year[67] - The construction engineering segment accounted for 99.3% of total revenue, approximately SGD 306.9 million, compared to 99.1% or SGD 203.4 million in 2022[67] Assets and Liabilities - Total assets as of December 31, 2023, amounted to SGD 100,870,366, up from SGD 92,128,063 in 2022[5] - The total liabilities increased to SGD 91,916,703 in 2023 from SGD 72,233,792 in 2022, reflecting ongoing investments[5] - The total liabilities decreased from S$12,820,007 in 2022 to S$12,448,070 in 2023, indicating a reduction of about 2.9%[6] - The company's equity attributable to owners remained stable at S$39,195,378 in 2023, unchanged from the previous year[6] - The company’s total liabilities increased to 8,913,097 SGD in 2023, compared to 6,427,685 SGD in 2022, marking a rise of approximately 38.7%[46] - The asset-to-liability ratio as of December 31, 2023, was 0.32, compared to 0.40 in the previous year, indicating improved financial stability[76] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to SGD 56,700,787 from SGD 29,893,541 in the previous year, indicating improved liquidity[5] - The company's cash and cash equivalents balance as of December 31, 2023, was approximately SGD 55.3 million, an increase of about SGD 25.4 million from SGD 29.9 million in 2022[75] - The company maintained an accounts receivable turnover period of 9 days, consistent with the previous year, due to timely payments from public sector clients[75] - The company has sufficient liquidity to continue operations for at least the next 12 months[66] Operational Efficiency and Cost Management - The company reported a significant reduction in administrative expenses, which were SGD 3,830,413 in 2023 compared to SGD 3,141,966 in 2022[3] - The company is focusing on enhancing operational efficiency and reducing costs to improve profitability in the upcoming fiscal year[2] - The group aims to control costs and improve operational efficiency amid rising operational costs[66] - Administrative expenses increased by approximately SGD 0.7 million or 21.9%, rising from about SGD 3.1 million in the previous year to approximately SGD 3.8 million, primarily due to increased employee costs[70] - Financial costs rose to approximately SGD 0.7 million in 2023, up from SGD 0.4 million in 2022, mainly due to rising bank loan interest rates[70] Future Outlook and Strategic Plans - The company plans to expand its market presence and invest in new product development to drive future growth[2] - The company plans to expand into the real estate development business to diversify revenue sources and capture new opportunities in Singapore's growing real estate market[83] - The company anticipates an optimistic outlook for the Singapore construction industry, with total construction demand projected to be between SGD 32 billion and SGD 38 billion by 2024[81] - The group is focused on expanding its market presence and enhancing its project portfolio in Singapore[65] Governance and Compliance - The company has adopted corporate governance rules and has complied with all applicable rules as of December 31, 2023[88] - The board of directors consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[89] - The audit committee, composed of three independent non-executive directors, has reviewed the annual performance and financial statements for the year ending December 31, 2023, confirming compliance with applicable accounting standards[93] Significant Transactions - A significant acquisition involving the purchase of 45% equity in Evermega Investment Holdings Pte. Ltd. was completed on March 20, 2024, for a total consideration of SGD 5,490,619.20[96] - The company plans to invest up to SGD 17,010,000 in Evermega Investment Holdings Pte. Ltd. as part of the acquisition transaction[96] - The acquisition constitutes a very substantial acquisition under the listing rules, exceeding the 100% threshold[97] - A project management agreement was signed with Apex Asia Development Pte. Ltd. for the redevelopment of properties owned by Evermega Investment Holdings Pte. Ltd.[98] - The company granted an option to purchase a property for SGD 7,840,000, which is a significant transaction as it exceeds 25% but is below 75% of the applicable percentage under listing rules[101][102] Taxation and Financial Management - The company benefited from a tax exemption under Singapore law, which may impact future tax liabilities positively[38] - The income tax expense for the year was 194,130 SGD, compared to 77,352 SGD in the previous year, showing an increase of 150.5%[37] Other Income and Expenses - Interest income for 2023 was SGD 846,651, significantly higher than SGD 72,407 in 2022, showing an increase of 1,072.5%[33] - The total income from other sources in 2023 was SGD 1,337,227, compared to SGD 645,766 in 2022, reflecting an increase of 106.7%[33] - Other income increased by approximately 107.1% to about SGD 1.3 million, primarily due to increased bank interest income from short-term deposits[69]
BHCC HOLDING(01552) - 2023 - 年度业绩