Financial Performance - The group's revenue increased by approximately 60.4 million SGD or 67.4% from about 89.8 million SGD in the fiscal year 2022/23 to approximately 150.2 million SGD in the fiscal year 2023/24[12]. - Gross profit decreased by approximately 4.6 million SGD or 22.7% from about 20.0 million SGD in the fiscal year 2022/23 to approximately 15.4 million SGD in the fiscal year 2023/24, with the gross profit margin dropping from about 22.2% to approximately 10.3%[14]. - The group's annual profit decreased by approximately 4.2 million SGD or 61.1% to about 2.7 million SGD for the fiscal year 2023/24, primarily due to lower gross margins and higher administrative expenses[19]. - The group's income tax expense decreased by approximately 1.0 million SGD or 56.0% to about 0.7 million SGD for the fiscal year 2023/24[18]. - Cash and cash equivalents increased by 43.6% from approximately 29.7 million SGD to about 42.7 million SGD as of February 29, 2024, mainly due to net cash flow from operating activities[20]. - The total employee costs for the fiscal year 2023/24 amounted to approximately 23.7 million SGD, an increase from 16.8 million SGD in the previous year[32]. Cost Management - Construction costs rose by approximately 65.0 million SGD or 93.1% from about 69.8 million SGD in the fiscal year 2022/23 to approximately 134.8 million SGD in the fiscal year 2023/24, reflecting increased costs in materials, subcontracting services, and labor[13]. - Administrative expenses increased by approximately 2.2 million SGD or 18.8% from about 11.4 million SGD in the fiscal year 2022/23 to approximately 13.6 million SGD in the fiscal year 2023/24, primarily due to increased employee benefits[16]. - Other income slightly decreased by approximately 0.1 million SGD or 4.3% from about 1.5 million SGD in the fiscal year 2022/23 to approximately 1.4 million SGD in the fiscal year 2023/24, mainly due to the reduction of government subsidies as pandemic measures were phased out[15]. Market Opportunities - The group has 28 ongoing projects as of February 29, 2024, with a total contract value of approximately 357 million SGD, of which about 213 million SGD has been recognized as revenue[8]. - The group plans to capitalize on the growing demand in the Singapore market by bidding for more projects, despite challenges in cost management and maintaining profitability[9]. - The group continues to explore market opportunities to diversify revenue sources and enhance growth prospects[4]. Corporate Governance - The company is committed to good corporate governance, focusing on creating long-term sustainable growth for shareholders and providing long-term value for all stakeholders[56]. - The board of directors regularly meets to formulate overall strategies and monitor the company's business development and financial performance[58]. - The company has adopted all code provisions of the corporate governance code as set out in the listing rules[57]. - The management team includes a finance director with over 13 years of experience in auditing and financial management[54]. - The company emphasizes risk assessment and management, ensuring a better understanding of opportunities and risks[56]. Environmental, Social, and Governance (ESG) Initiatives - The company has established environmental, social, and governance policies to mitigate significant impacts on the environment and natural resources[200]. - The company reported a reduction in nitrogen oxides (NOx) emissions to 1,394.30 kg in FY2024, down from 1,613.42 kg in FY2023, representing a decrease of approximately 13.5%[182]. - The total greenhouse gas emissions amounted to 1,103.14 tons of CO2 equivalent in FY2024, compared to 971.00 tons in FY2023, marking an increase of about 13.6%[185]. - The company has set a target to reduce greenhouse gas emissions intensity by FY2026, using FY2022 as the baseline year, aiming for a sustainable operational footprint[183]. - The company has implemented various measures to manage waste, focusing on the 4R principles (Reduce, Reuse, Recycle, and Recover) to minimize waste generation[186]. Shareholder Communication - The company ensures timely and transparent communication with shareholders through various reports and meetings[94]. - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting to address specified matters[92]. - The board will consider various factors, including overall business environment and financial condition, when deciding on dividend payments[150].
CTR HOLDINGS(01416) - 2024 - 年度财报