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Public company info - Shuang Yun Holdings Limited , 01706.HK

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Shuang Yun Holdings Limited, 01706.HK - Company Profile
Chairman Tan Chai Ling
Share Issued (share) 1,000,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Construction & Decoration
Corporate Profile Business Summary: The principal activities of the group are provision of road construction services (including new road construction, road widening, and construction of road-related facilities), construction ancillary services (including road maintenance works), and lease of construction machineries. Performance for the year: The group’s revenue for the year ended 31 December 2019 was approximately S$112.3 million, representing a growth of approximately 23.7% as compared to that of approximately S$90.8 million for the previous year. Business Review The group is a Singapore based contractor engaged in road works services and construction ancillary services. The road works services provided comprise of mainly: (i) road construction services (i.e. new road construction, road widening, and construction of road-related facilities); and (ii) construction ancillary services (e.g. road pavement and marking maintenance works, and road upgrading services). The group recorded a revenue growth of approximately 23.7%, from approximately S$90.8 million for the year ended 31 December 2018 to approximately S$112.3 million for the year ended 31 December 2019. The group’s profit increased by 77.4% from approximately S$3.1 million for the year ended 31 December 2018 to approximately S$5.5 million for the year ended 31 December 2019. The increase in profit is attributable to the increased projects were awarded in 2018 and were in full swing during the year ended 31 December 2019. During the year ended 31 December 2019, the group recognised revenue of approximately S$29.6 million and S$82.6 million for road construction services projects and construction ancillary services, respectively. The group’s financial position, results of operations and business prospects may be affected by a number of risks and uncertainties directly or indirectly pertaining to the group’s business. The key risks and uncertainties identified by the group are (i) the group rely on suppliers and subcontractors to complete certain part of the group’s road works projects and (ii) majority of the group’s workforce is made up of foreign workers and are exposed to the risk of inability to obtain foreign workers. Prospects: According to the press release by the Building and Construction Authority (BCA), Singapore the total construction demand (value of construction contracts to be awarded) to remain strong in 2020 with sustained public sector construction demand. The total construction demand is expected to range between S$28 billion and S$33 billion this year. Public sector construction demand, which is expected to reach between S$17.5 billion and S$20.5 billion this year, will make up about 60% of the projected demand for this year. Public sector construction demand is expected to be spurred by major infrastructure projects, which are larger and more complex in scale, such as the Integrated Waste Management Facility, infrastructure works for Changi Airport Terminal 5, Jurong Region MRT Line and Cross Island MRT Line. Private sector construction demand is projected to be between S$10.5 billion and S$12.5 billion this year, supported by projects such as redevelopment of en-bloc sale sites, recreational developments at Mandai Park, Changi Airport new taxiway and berth facilities at Jurong Port and Tanjong Pagar Terminal. The forecast for 2020 excludes any construction contracts by the two Integrated Resorts (IRs) pending confirmation on the timeline and the phasing of the expansion projects. Construction demand is expected to hold steady over the medium term. Demand is projected to reach between S$27 billion and S$34 billion per year for 2021 and 2022 and between S$28 billion and S$35 billion per year for 2023 and 2024. Ministry of Trade and Industry (MTI) announced that with COVID-19 spreading “rapidly” beyond China to many other countries, including the US, UK, France and Germany, many governments have implemented stringent measures to curb the spread, including closing their borders. Those countries are likely to see a sharp slowdown in their economies. As the global COVID-19 situation is still evolving rapidly, there remains a significant degree of uncertainty over the severity and duration of the global outbreak, and the trajectory of the global economic recovery once the outbreak has been contained. The balance of risks, however, is tilted to the downside. Downside risks include a more protracted-than-expected global outbreak; more severe and prolonged disruptions to global supply chains; and the possibility of financial shocks triggered by the economic impact of COVID-19. The construction sector took the largest hit in the first quarter 2020, the estimates by MTI showed, shrinking 4.3 per cent year-on-year. This is a reversal from the 4.3 per cent growth in the previous quarter. Lockdowns and travel restrictions implemented by other countries disrupted the supply chain and delayed the return of foreign workers, adversely affecting some construction projects. Facing the impact of COVID-19 virus, the Group has its own labour resources and minimized the impact of COVID-19 virus. And the Group will also consider down-size operating cost and rationalise allocation of resources to secure projects. Meanwhile, the Group will also continue to tender project with relatively high profit margin in the road construction services. Extending from the group’s previous efforts, the Group also expects to complete the upgrading of the Group’s general contractor grade from level b1 to A2 by end of year 2020. This would raise the group’s tendering limit from S$40 million to S$85 million, thus enlarge the group’s capacity. Therefore, the group believe that there will be steady growth of the civil engineering and road works industry in the future and is full of confidence towards the prospects of this industry.

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