Financial Performance - The company reported a revenue of approximately SGD 120.8 million for the fiscal year ending December 31, 2023, representing a significant increase of about 36.4% compared to the previous year[6]. - Gross profit reached approximately SGD 8.6 million, and net profit attributable to shareholders was about SGD 3.2 million, reflecting increases of 38.6% and 88.3% respectively compared to the previous year[7]. - The total revenue for the year ended December 31, 2023, was approximately SGD 120.8 million, an increase of about SGD 32.2 million or 36.4% compared to SGD 88.6 million for the year ended December 31, 2022[21]. - The gross profit surged by approximately 38.6% to about SGD 8.6 million, with a gross profit margin increasing to approximately 7.1% from 7.0% in the previous year[21]. - The net profit attributable to the owners of the company was approximately SGD 3.2 million, a significant increase of about 88.3% from SGD 1.7 million in the previous year[31]. - Basic earnings per share improved to 0.31 cents, up from 0.17 cents in the prior year, while diluted earnings per share rose to 0.29 cents from 0.15 cents[80]. - The company reported a pre-tax profit of SGD 4.557 million for 2023, compared to SGD 2.436 million in 2022, which is an increase of 87.0%[96]. - The income tax expense for 2023 was SGD 1,312,000, compared to SGD 713,000 in 2022, driven by increased taxable profits[113]. Revenue Segmentation - The earthworks and supporting services segment continued to be the main revenue source, accounting for approximately 69.9% of total revenue, with revenue increasing by about 5.3% to approximately SGD 84.4 million from SGD 80.2 million in the previous year[22]. - The general construction segment's revenue surged over fourfold from approximately SGD 8.4 million to about SGD 36.4 million during the reporting year[6]. - Revenue from earthworks and related services was SGD 84,436,000, up from SGD 80,179,000 in 2022, while general construction revenue surged to SGD 36,396,000 from SGD 8,426,000[106]. Project Acquisition and Demand - The company secured 24 projects in public infrastructure, residential, and industrial sectors, enhancing its competitive edge in high-profitability mega projects[7]. - The company successfully secured 18 new earthworks projects with a total contract value of approximately SGD 165.8 million during the reporting year[22]. - The general construction segment obtained six new projects in 2023, with a total contract value of approximately SGD 60.1 million[24]. - The preliminary construction demand in Singapore for 2023 reached SGD 33.8 billion, exceeding initial forecasts of SGD 27 billion to SGD 32 billion[12]. - The total construction demand in Singapore for 2024 is projected to be between SGD 32 billion and SGD 38 billion, supported by ongoing public housing projects and infrastructure developments[74]. Financial Management and Cash Flow - Cash and cash equivalents as of December 31, 2023, were approximately SGD 30.1 million, up from SGD 23.4 million in the previous year, reflecting effective financial management[35]. - The net cash flow from operating activities for the year ended December 31, 2023, was approximately SGD 22.5 million, a significant increase from SGD 1.2 million in 2022[38]. - The net cash used in investing activities for the year ended December 31, 2023, was approximately SGD 11.0 million, compared to SGD 3.3 million in 2022[39]. - The net cash used in financing activities for the year ended December 31, 2023, was approximately SGD 4.6 million, a decrease from SGD 5.9 million in 2022[40]. - The company reported a significant increase in cash and cash equivalents to SGD 30,105,000, compared to SGD 23,441,000 in the previous year, reflecting a 28.5% increase[81]. Investment and Expansion Plans - The company plans to enter the property redevelopment sector to strengthen its market position and reduce operational vulnerabilities[9]. - The company is focusing on enhancing productivity through the adoption of manufacturing and assembly design techniques, aiming to streamline construction processes and reduce labor demand[9]. - The group plans to enhance its bidding resources and strengthen project bidding efforts to secure higher-margin construction projects[75]. - The group intends to invest in advanced solutions, including automated welding robotic arms and drones, to improve operational efficiency and safety[75]. - The company has a positive outlook on the redevelopment project, expecting substantial investment returns and improved cash flow for operations[58]. Acquisition of Hulett Construction - The acquisition of Hulett Construction's entire equity is valued at SGD 46.7 million, with SGD 8.0 million to be paid via a promissory note and SGD 38.7 million in cash[48]. - The acquisition is expected to address the issue of providing adequate housing for foreign workers, improving operational efficiency and management, and supporting future expansion needs[51]. - The acquisition is expected to provide stable rental income and diversify revenue sources while accommodating more workers and heavy vehicles[77]. Employee and Operational Insights - As of December 31, 2023, the total employee cost, including director remuneration, was approximately SGD 25.4 million, up from SGD 22.4 million in 2022[71]. - The group has 574 employees as of December 31, 2023, compared to 534 employees as of December 31, 2022[71]. - The company remains committed to continuous investment in talent development to retain skilled employees and maintain market competitiveness[77]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable code provisions throughout the year[135]. - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed matters related to audit, internal control, and financial reporting for the fiscal year ending December 31, 2023[137]. - The company confirmed that it has maintained sufficient public float as required under the listing rules throughout the year[138]. Future Outlook - The group anticipates global economic growth of 3.1% in 2024, driven by stronger-than-expected economic performance in the US and major emerging markets in Asia[74]. - The construction industry in Singapore is expected to benefit from government efforts in extensive infrastructure projects and upcoming resort renovations[78].
川控股(01420) - 2023 - 年度业绩