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Public company info - Solis Holdings Limited , 02227.HK
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Solis Holdings Limited, 02227.HK - Company Profile
Chairman Tay Yong Hua
Share Issued (share) 916,000,000
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 installations of mechanical and electrical systems. Performance for the year: Revenue increased by approximately 4.7% to approximately S$19.9 million in 2019 from approximately S$19.0 million in 2018. Gross loss amounted to approximately S$2.4 million in 2019; while there was a gross profit of approximately S$6.1 million in 2018. Loss for the year amounted to approximately S$7.6 million in 2019; while there was a profit for the year of approximately S$0.7 million in 2018. Business Review： The construction market sentiment in Singapore has been subdued since the start of 2018. With the looming economic slowdown in Singapore affected by the trade rows between the two biggest economies in the world, the construction demand in Singapore has also been greatly affected. Even though the Ministry of Trade and Industry of Singapore (the “MTI”) reported that the construction sector expanded by 2.8%, a turnaround from the 3.5% contraction in 2018, supported by both public sector and private sector construction works, the construction market in Singapore still remains competitive and challenging with falling tender prices. Competition has intensified across all the Group’s markets as the Group’s industry peers jostle for market share while operating costs continued to escalate, further adding pressure on the profit margins. Consequently, this resulted in decreases in the Group’s tender prices for the recent awarded tenders; the profitability of these projects is 50-70% lower as compared to the prior financial years. Completed projects During the year ended 31 December 2019, the Group had completed six projects with an aggregated contract value of approximately S$63.6 million. Ongoing projects As at 31 December 2019, the Group had four ongoing projects with an aggregate contract sum of approximately S$20.9 million, of which approximately S$7.6 million had been recognised as revenue as at 31 December 2019. The remaining balance will be recognised as the Group’s revenue in accordance with the stage of completion. Newly awarded projects During the year ended 31 December 2019, the Group has secured two newly awarded contracts with an aggregate contract value of approximately S$9.9 million. Subsequent to the year ended 31 December 2019, the Group secured a newly awarded contract with an aggregate contract value of approximately S$6.9 million. Prospects: Going forward, the Group expects the local construction market in 2020 to remain competitive and demanding with continuous pressures on contract values and stiff competition for new projects. The Group will continue to persist in its participation in new project tenders in order to secure more projects and actively involved in the local construction market. As the Group expect operating costs to escalate further, the Group will stay competitive and enhance productivity through skills upgrading and the adoption of innovation and technology, in the Group’s construction business to optimise margins.

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