Revenue decreased by S$10.3 million or 14.6% to S$60.4 million for FY2024 from S$70.7 million for FY2023. The decrease was mainly due to decreased revenue contribution from mooring and rigging business and the absence of sale of a semi-detached landed property amounting S$5.7 million.

The Group's gross profit of S$22.5 million in FY2024 decreased by S$1.1 million or 4.5% from S$23.6 million in FY2023.

The Group's profit before tax was S$1.6 million in FY2024 as compared to a profit before tax of S$3.5 million in FY2023. After accounting for income tax expense of S$0.7 million in FY2024, the Group's profit for FY2024 was S$0.9 million as compared to a profit of S$2.8 million in FY2023.

Heading into financial year ending 30 June 2025 ("FY2025"), we continue to operate in a very challenging business environment with the ongoing Ukraine-Russian war, China's economic slowdown, Hamas-Israel war and tense US-China and East Asian relations, all unabating. The drought crisis at Panama Canal has been averted but remained precarious. The silver lining in the horizon is the easing of interest rates, which will relieve us of some interest expenses. Another uncertainty is the US presidential election in November 2024, with the extent of the effects unknown. In view of these challenges, the Group remains vigilant in our outlook for FY2025. We stay cautious while prioritising costs and operational efficiencies to safeguard our financial health and position our Group for sustained growth in the coming year.

I am extremely pleased that the Group has maintained our financial performance in spite of the ongoing challenges in the business environment. We have shown resilience in our core business and our global operations have been strengthened. I believe we can continue to navigate through these challenging times. We will carry our good work into FY2025 and I hope that this will bear fruits in FY2025.

In view of the results in FY2024, the Board has proposed a first and final dividend of 0.1 Singapore cents per share to reward our valued shareholders for their support of the Group.

I would like to take this opportunity to thank my fellow Board of Directors for the guidance and counsel throughout the year. On behalf of the Board and Management, I would like to sincerely thank our business partners, customers, bankers and most importantly, our employees for their unwavering efforts and contributions to the Group. Last but not least, I would like to express my deep appreciation for our shareholders' trust and loyal support in the Company.