Tiong Seng Holdings Limited · SGX:BFI
Tiong Seng — Shareholder Meeting (April 2024)
21 slides from Tiong Seng's shareholder meeting presentation, Apr 30, 2024
Slide 1: Tiong Seng Holdings Limited Annual General Meeting
Tiong Seng Holdings Limited Annual General Meeting 30 April 2024 STEERING TO A BRIGHTER FUTURE
Slide 2: Disclaimer
Disclaimer This presentation may contain forward looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward looking statements as a result of a number of risks, uncertainties and assumptions. Represen
Slide 3: Presentation Flow
Presentation Flow 1 Financial Highlights 2 Operational Highlights 3 Looking Ahead 5 3
Slide 4: Financial Snapshot
Financial Snapshot FY2023 FY2022 Audited Statements % Change (S$’mil) (S$’mil) Revenue 475.0 355.7 33.5% Gross Profit/(Loss) 4.8% (11.4%) N.M. Margin Net Loss for the Year (13.6) (85.0) (84.0%) Loss per Share (2.75) (19.19) (85.7%) 4
Slide 5: Segmental Business Comparison
Segmental Business Comparison Revenue (S$’million) 450.0 400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 - FY2023 FY2022 Construction 413.1 299.5 Property Development 24.9 26.1 Engineering 36.5 29.8 Solutions Others 0.5 0.3 5
Slide 6: Key Factors Improving Financial Results
Key Factors Improving Financial Results Resumption of Construction Activities 1 post-COVID-19 Significant Reduction of Onerous 2 Contract Provisions 3 Strong Cost Control Measures 6
Slide 7: Key Factors Improving Financial Results
Key Factors Improving Financial Results Resumption of Construction Activities post-COVID-19 Rebound in the Group’s Construction Activities Work volumes ramped up significantly. This has allowed the Group to achieve operational leverage. Resolution of Supply-Chain Disruptions Operations across the co
Slide 8: Key Factors Improving Financial Results
Key Factors Improving Financial Results Significant Reduction of Contract Provisions and Impairments Higher-Margin Projects Recognised Both the Construction and Engineering Solutions segments recognised higher margin projects in FY2023 compared to FY2022, the latter as a result of winning more third
Slide 9: Ongoing Challenges
Ongoing Challenges Economic and Geopolitical Risks Economic Uncertainties Elevated interest rates in developed countries could weigh on global GDP growth and consequently demand for construction and property development projects. Geopolitical Risks The 2024 outlook is also uncertain due to operation
Slide 10: Key Balance Sheet Items
Key Balance Sheet Items Balance Sheet As at 31 December 2023 As at 31 December 2022 Total Assets (S$’mil) 514.0 507.8 Cash and Cash Equivalents 112.6 47.6 (S$’mil) Current Ratio 1.00 1.01 Net Gearing Ratio1 0.13 0.69 NAV Per Share 16.572 20.892 (S$ Cents) 1 Net Gearing Ratio equals total borrowings
Slide 11: Presentation Flow
Presentation Flow 1 Financial Highlights 2 Operational Highlights 3 Looking Ahead 5 11
Slide 12: Order Book (S$ billion)
Order Book (S$ billion) 1.20 1.10 1.00 0.80 0.65 0.60 0.40 0.20 0.00 As of 31 December 2023 As of 31 December 2022 Order book of S$0.65 billion as of 31 December 2023, extending to 2025 12
Slide 13: Our Construction & Civil Engineering Projects
Our Construction & Civil Engineering Projects Diversified Range of Ongoing Projects Residential Midtown Modern One Pearl Bank Hyll on Holland Client: MTG Client: ARECA Client: FEC Skypark Pte Apartments Pte Ltd & Investment Pte Ltd Ltd MTG Retail Pte Ltd Approx Contract Value: Approx Contract Value:
Slide 14: Our Construction & Civil Engineering Projects
Our Construction & Civil Engineering Projects Diversified Range of Ongoing Projects Civil Engineering Industrial Contract T220 – Great World Station JTC Space @ Ang Mo Kio Street Client: Land Transport Authority Client: JTC Corporation Approx Contract Value: Approx Contract Value: S$315.9 mil S$287.
Slide 15: Our Construction & Civil Engineering Projects
Our Construction & Civil Engineering Projects Diversified Range of Ongoing Projects Institutional Outward Bound Singapore Campus at Coney Island Client: Ministry of Culture, Community and Youth Approx Contract Value: S$192.3 million 15
Slide 16: Our Construction & Civil Engineering Projects
Our Construction & Civil Engineering Projects Completed Projects Residential Hotels Civil Engineering Sloane Residences Cairnhill 16 Club Street Hotel Murname Pipeline Client: TSky Balmoral Pte Ltd Client: TSky Cairnhill Pte Ltd Client: Midtown Development Pte Project Package 5 Approx Contract Value
Slide 17: Our Construction & Civil Engineering Projects
Our Construction & Civil Engineering Projects Variety of DfMA-Led Projects Key Engineering Solutions Projects Kallang Whampoa C43 JTC Space @ Ang Mo Kio One Pearl Bank Client: Kienta Client: Tiong Seng Contractors Pte Client: Tiong Seng Engineering Ltd Contractors Pte Ltd Construction Pte Ltd Sembaw
Slide 18: Presentation Flow
Presentation Flow 1 Financial Highlights 2 Operational Highlights 3 Looking Ahead 5 18
Slide 19: Looking Ahead
Looking Ahead Construction and Engineering Solutions Growth Opportunities & Trends • Construction demand in 2024 is projected to remain strong, ranging between $32 billion and $38 billion, with the public sector accounting for about 55% of total construction demand. • The Construction segment will a
Slide 20: Looking Ahead
Looking Ahead Real Estate Development Opportunities & Trends Singapore • Singapore's commercial real estate market is expected to reach a projected value of US$0.51 trillion by 2024. • Our property development segment will pivot to focus on commercial spaces, which offer higher investment yields and
Slide 21: Thank You
Thank You For more information & queries, you can reach us at: Emily Choo Mobile: +65 9734 6565 Email: emily@gem-comm.com Raymond Chan Mobile: +65 8499 3193 Email: raymond@gem-comm.com 21
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