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Public company info - Beng Soon Machinery Holdings Limited , 01987.HK
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Beng Soon Machinery Holdings Limited, 01987.HK - Company Profile
Chairman TAN Chee Beng
Share Issued (share) 1,000,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Construction & Decoration
Corporate Profile Business Summary: The group is principally engaged in the provision of demolition services, sale of inventories and leasing of machinery in Singapore. Performance for the year: During FY2019, the Group’s total revenue increased slightly by approximately S$58,000 or 0.2% from FY2018 to approximately S$34.0 million. The Group’s gross profit decreased by S$1.0 million or 7.7%, from approximately S$13.7 million for FY2018 to approximately S$12.7 million for FY2019. The Group’s gross profit margin was approximately 37.2% and 40.3% for FY2019 and FY2018 respectively, representing a difference of 3.1%. profit attributable to equity holders of the Company increased by approximately S$0.1 million or 5.1% to approximately S$3.2 million for FY2019, compared with approximately S$3.1 million for FY2018. Basic earning per share for FY2019 is S$0.41 cents, as compared to S$0.41 cents for FY2018. Business Review The Group is also registered with the Contractors Registration System administered by the Building and Construction Authority of Singapore, which is the pre-requisite to tender for construction or construction related projects in Singapore’s public sector. The Group obtained a Class 2 General Builder Licence, a single grade under CR03 “Demolition” workhead (the “Single Grade Licence”), C3 grade under CW01 “General Building” workhead and C1 grade under CW02 “Civil Engineering” workhead (collectively the “Licences”), which allows it to tender and undertake various public and private sector demolition projects. Amongst the Licences obtained, the Single Grade Licence allows the Group to undertake general public demolition projects of an unlimited tender/contract value. The Group’s revenue slightly increased by approximately S$58,000 or 0.2% from the year ended 31 December 2018 (“FY2018”) to approximately S$34.0 million for FY2019. Such slightly increase was due to the increase in other revenue derived from the leasing of the Group’s machinery of approximately S$0.9 million from approximately S$0.1 million for FY2018 to approximately S$1.0 million for FY2019. Prospects: The Group aims to strengthen its market position in demolition works industry in Singapore by expanding its market share through undertaking more large-scale projects and contributing to Singapore’s sustainable growth in land redevelopment. Sustainable construction is critical to Singapore’s economic development due to Singapore’s limited natural resources and land scarcity. As the majority of construction materials have to be imported, sustainable redevelopment and green building construction in Singapore has formed the core of its development policy. Under the selective En Bloc Redevelopment Scheme initiated since 1995 with the aim to rejuvenate the old estates, more replacement flats have been selected and are expected to be completed by 2022. As an estimation, there were more than 1,000 buildings aged 30 years or above in Singapore in 2017 and it is likely that these aging buildings may eventually undergo demolition for redevelopment. It is therefore imperative that the demolition of existing buildings is performed systematically so that recycled materials from demolition waste can be reclaimed for the manufacture of structural and non-structural components. According to a commissioned industry research report prepared by Frost & Sullivan used in the Company’s prospectus, the market size of contractor demolition of work by revenue is expected to maintain a steady growth at a compound annual growth rate of 6.1% from 2019 to 2023. This growth is expected to be driven by the forthcoming redevelopment projects and increase in demand for demolition services to facilitate the recovery of land resources in Singapore.

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