Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of HKD 429,352,207, a decrease of 1.2% compared to HKD 432,737,560 in 2022[4] - The cost of sales for the same period was HKD 201,120,21, resulting in a gross profit of HKD 92,401,86, down from HKD 94,942,50 in the previous year[4] - The operating profit for the fiscal year was HKD 576,676, a significant decline of 59% from HKD 1,408,851 in 2022[4] - The net profit after tax was HKD 24,293, compared to HKD 519,817 in the previous year, indicating a substantial decrease of 95.3%[4] - The company reported a basic earnings per share of HKD 0.00 for 2023, compared to HKD 0.05 in 2022[6] - The group reported a profit attributable to equity holders of approximately 25,000 SGD for fiscal year 2023, compared to 0.5 million SGD in fiscal year 2022, with earnings per share of 0.002 SGD versus 0.05 SGD in the previous year[66] Assets and Liabilities - Total assets as of December 31, 2023, were HKD 53,301,064, slightly down from HKD 53,781,381 in 2022[9] - The company's cash and cash equivalents decreased to HKD 15,110,312 from HKD 17,057,563 in the previous year[9] - Total liabilities decreased from 13,912,683 to 13,205,989 New Yuan, a reduction of approximately 5.1%[10] - Non-current liabilities decreased from 9,013,618 to 8,953,603 New Yuan, a decrease of about 0.7%[10] - Current liabilities decreased from 4,899,065 to 4,252,386 New Yuan, a reduction of approximately 13.2%[10] - Total equity attributable to shareholders was HKD 40,086,474, marginally up from HKD 40,062,372 in 2022[9] Operational Focus and Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[3] - The company is focusing on improving operational efficiency to counteract the decline in revenue and profit margins[3] - The company expects to continue leveraging its existing client relationships to drive future revenue growth[25] - The group aims to maintain gross profit margins while optimizing operational efficiency in response to challenges in the Asian market, particularly regarding waste price declines[54] - The group plans to focus on core demolition services while seeking expansion and diversification opportunities to enhance shareholder value and ensure sustained growth[55] Income and Expenses - Total other income and gains for 2023 amounted to 1,082,128 SGD, a significant increase from 756,606 SGD in 2022, representing a growth of approximately 43%[27] - Interest income rose to 412,456 SGD in 2023, compared to 64,266 SGD in 2022, indicating a substantial increase of over 540%[27] - Total expenses for 2023 amounted to 29,744,776 SGD, a decrease from 32,085,315 SGD in 2022, representing a reduction of approximately 7.4%[34] - Administrative expenses increased to approximately 9.4 million SGD in fiscal year 2023, up 0.8 million SGD or 9.3% from 8.6 million SGD in fiscal year 2022, primarily due to increased employee welfare expenses[62] Client and Revenue Sources - Revenue from major clients contributed over 10% of total revenue, with Client 1 generating HKD 4,952,018 and Client 2 generating HKD 4,469,807 in 2023[23] - Revenue from scrap buyers also contributed over 10% of total revenue, with Scrap Buyer 1 generating HKD 10,463,320 and Scrap Buyer 2 generating HKD 6,109,124 in 2023[25] - As of December 31, 2023, the company had three major project owners, up from one in 2022, indicating an expansion in its client base[23] Corporate Governance - The company is committed to good corporate governance to enhance shareholder value[92] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ended December 31, 2023, and found them compliant with applicable accounting standards[96] - The company has a strong independent board structure with five executive directors and three independent non-executive directors[95] Future Plans and Projections - The company plans to continue monitoring the impact of upcoming international financial reporting standards on its financial statements[16] - The Singapore construction demand is projected to be between 32 billion SGD and 38 billion SGD in 2024, with public sector contributions expected to account for approximately 60% of this demand[53] - The group plans to use the unutilized proceeds for acquiring properties, equipment, and hiring new staff[83] Miscellaneous - The company has not adopted any new international financial reporting standards that would have a significant impact on its performance and financial position[14] - The company has implemented new international financial reporting standards effective from January 1, 2023, with no significant impact on its financial results[14] - The company confirmed a tax refund for foreign workers amounting to 92,850 SGD for the fiscal year ending December 31, 2022[32] - The company has no unmet conditions or other contingencies related to government assistance[33]
BENG SOON MACH(01987) - 2023 - 年度业绩