Weiyuan Holdings (01343) announced the results for the year ended December 31, 2023. The group recorded a profit of 1...
According to the Zhitong Finance App, Weiyuan Holdings (01343) announced the results for the year ended December 31, 2023. The group recorded revenue of S$102 million, a year-on-year decrease of 1.1%. The company's equity holders should account for profit of S$768,000, a year-on-year decrease of 64.66%, and a profit of 0.07 Singapore points per share.
According to the report, the decrease in revenue was mainly due to lower revenue generated by contract works for the year ended 31 December 2023 compared to the year ended 31 December 2022. The civil engineering industry is further limited due to (i) changes in the maximum ratio of foreign workers to the total labor force that can be employed by companies in specific industries starting January 2024; (ii) rising prices of materials, petroleum and diesel fuel have further limited the civil engineering industry, which is a major factor in the overall increase in the construction costs of ongoing projects. Furthermore, the current interest rate environment is expected to improve. The Group's borrowing costs therefore affect its overall profit. These adverse factors have affected the Group's operations in Singapore.