Financial Performance - For the fiscal year ending February 28, 2022, CTR Holdings Limited reported total revenue of approximately SGD 105.7 million, a significant increase of about SGD 69.9 million or 195% compared to the previous fiscal year[15]. - The revenue from structural engineering work was SGD 91.8 million, while revenue from civil engineering work was SGD 13.8 million, reflecting a strong recovery from COVID-19 related delays[15]. - The group's gross profit increased by approximately 3.0 million SGD or 53.4% to about 8.6 million SGD for the fiscal year 2021/2022, compared to approximately 5.6 million SGD for the fiscal year 2020/2021[17]. - The gross profit margin decreased from approximately 15.6% for the year ended February 28, 2021, to about 8.1% for the year ended February 28, 2022, primarily due to increased construction costs and several projects being in a loss position[17]. - Other income decreased by approximately 1.2 million SGD to about 3.3 million SGD for the fiscal year 2021/2022, mainly due to a reduction in government employment subsidies related to COVID-19[18]. - The group's loss for the fiscal year 2021/2022 was approximately 0.3 million SGD, a decrease of 3.1 million SGD compared to a loss of about 3.4 million SGD for the fiscal year 2020/2021[23]. - The group reported capital expenditures of approximately SGD 0.8 million for the fiscal year 2021/2022, an increase from SGD 0.7 million in the previous fiscal year[40]. Operational Challenges - Construction costs rose to approximately SGD 97.1 million, an increase of about SGD 66.9 million or 221% from the previous fiscal year, primarily due to rising material costs and labor shortages[16]. - The company anticipates ongoing challenges in the construction sector, including labor shortages and increased material costs, which may impact future project bidding and profitability[13]. - The ongoing impact of COVID-19 has led to extended supply chain disruptions and increased operational challenges, affecting overall business performance[7]. - The company is committed to ensuring smooth project operations and strengthening cost control measures[7]. Project and Contract Management - As of February 28, 2022, the company had 20 projects on hand, with a total contract value of approximately SGD 228 million, of which SGD 175 million has been recognized as revenue[12]. - The group’s financial performance is heavily reliant on contracts from five major clients, indicating potential risks if project volumes from these clients decrease[130]. - The group’s operations are primarily focused on structural engineering and civil construction works, with no significant changes in major activities reported for the fiscal year ending February 28, 2022[119]. Corporate Governance - The company has maintained compliance with the corporate governance code throughout the year, except for deviation A.2.1[78]. - The board of directors held regular meetings throughout the year to formulate overall strategies and monitor business development and financial performance[79]. - The board consists of two executive directors and three independent non-executive directors, ensuring adherence to relevant guidelines for financial reporting[80]. - The company is committed to high standards of corporate governance, focusing on creating long-term sustainable growth for shareholders[77]. - The company has appointed independent non-executive directors, with at least one possessing appropriate professional qualifications in accounting or related financial management expertise[85]. Risk Management - The company has implemented a structured approach to risk assessment and management, enhancing its understanding of opportunities[77]. - The board has reviewed the compliance of the corporate governance code and the effectiveness of the group’s risk management and internal control systems[80]. - The company has established measurable targets for board diversity, which are reviewed annually by the nomination committee[92]. - The audit committee was established in November 2019 and includes three independent non-executive directors, with a primary responsibility to review risk management and internal control systems[104]. - The board confirmed its responsibility to maintain effective risk management and internal control systems to protect shareholders' interests and ensure compliance with applicable regulations[108]. Employee and Workforce Management - The total employee costs for the fiscal year 2021/2022 amounted to approximately SGD 16.3 million, up from SGD 12.5 million in the previous fiscal year, reflecting a significant increase in workforce[41]. - The group had a total of 485 employees as of February 28, 2022, compared to 417 employees a year earlier, with 12% being Singapore citizens and 88% foreign workers[41]. - The company has adopted a share option plan as a reward for directors and eligible employees, reflecting a commitment to align interests with shareholders[41]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the integration of Environmental, Social, and Governance (ESG) principles into its risk management system[181]. - The group is committed to mitigating negative environmental impacts and responsibly using natural resources through the implementation of ESG policies and an ISO 14001:2015 certified environmental management system[200]. - The group has established appropriate and effective management policies and internal control systems regarding environmental, social, and governance (ESG) matters during the reporting period[198]. - The company aims to integrate ESG principles into its business strategy and management system for sustainable value creation[191]. - The board regularly assesses and identifies ESG-related risks and opportunities to enhance overall performance and stakeholder value[189]. Shareholder Communication and Dividends - The company maintains transparent communication with shareholders through semi-annual reports, annual reports, and other publications[115]. - The board has resolved not to recommend a final dividend for the fiscal year 2021/2022, consistent with the previous fiscal year[43]. - The board will consider various factors, including financial condition and future expansion plans, when deciding on dividend payments[174].
CTR HOLDINGS(01416) - 2022 - 年度财报