Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 25%[8]. - Revenue for the six months ended June 30, 2024, was $30,260,000, a 0.65% increase from $30,064,000 in the same period of 2023[14]. - Profit for the period increased to $10,688,000, representing a 92% increase from $5,534,000 in 2023[15]. - Total comprehensive income for the period was $10,687,000, up from $5,309,000 in the prior year[15]. - Segment profit for the same period increased significantly to $12,329,000, compared to $6,678,000 in 2023, marking an increase of 84.5%[37]. - Consolidated profit before tax for the period was $10,693,000, up from $5,536,000 in 2023, indicating an increase of 93%[37]. - Profit for the period increased sharply by approximately US$5.2 million or 94.5% from approximately US$5.5 million for the six months ended June 30, 2023 to approximately US$10.7 million for the six months ended June 30, 2024, with net profit margin increasing from approximately 18.4% to approximately 35.3%[119][120]. Assets and Liabilities - Total assets as of June 30, 2024, were $181,257,000, a decrease from $187,723,000 at the end of 2023[16]. - Total equity increased to $135,054,000 from $124,367,000 at the end of 2023, reflecting a growth of 8.5%[16]. - Current assets rose to $37,182,000, compared to $25,693,000 at the end of 2023, indicating a significant liquidity improvement[16]. - Non-current liabilities decreased to $34,280,000 from $47,784,000, showing a reduction in long-term debt[18]. - The Group's debt-to-equity ratio improved to 0.32 as of June 30, 2024, down 31.9% from 0.47 as of December 31, 2023[123]. - The net debt-to-equity ratio decreased by 79.3% to 0.06 as of June 30, 2024, from 0.29 as of December 31, 2023[123]. - Total borrowings and lease liabilities were approximately US$42.9 million as of June 30, 2024, down from US$58.9 million as of December 31, 2023, a decrease of approximately US$16.0 million[125]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was $10,201,000, an increase of 10.5% compared to $9,227,000 in 2023[22]. - Net cash generated from investing activities was $15,875,000, significantly up from $1,566,000 in the same period last year[22]. - The company reported a net increase in cash and cash equivalents of $10,000,000, compared to a decrease of $5,697,000 in the prior year[22]. - Cash and cash equivalents at the end of the period totaled $31,499,000, up from $26,628,000 in 2023[22]. - Bank and cash balances increased to approximately US$34.1 million as of June 30, 2024, up by approximately US$11.4 million from US$22.7 million as of December 31, 2023[125]. Market Outlook and Strategy - The company has provided a positive outlook for the next quarter, projecting a revenue growth of 20%[8]. - The company is focusing on market expansion in Southeast Asia, targeting a 10% market share by the end of 2025[8]. - The management believes the Group is well-positioned to further develop its presence in the asphalt tanker chartering services market[85]. - The outlook for the asphalt tanker chartering industry in the second half of 2024 is positive, driven by global economic recovery and increased infrastructure investment[87]. - The demand for asphalt is expected to rise due to government investments in infrastructure, which will directly drive the demand for construction materials[90]. Research and Development - Research and development expenses increased by 30%, reflecting the company's commitment to innovation[8]. - The company is exploring new product development and technological advancements[189]. Corporate Governance - The Company has fully complied with the Corporate Governance Code during the six months ended June 30, 2024[180]. - The Company is committed to maintaining high standards of corporate governance to safeguard shareholder interests[179]. Shareholder Information - The total number of shares in issue as of June 30, 2024, was 440,000,000[150]. - The Group did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[52]. - The Company has not purchased, sold, or redeemed any listed securities during the six months ended June 30, 2024[140].

Financial Performance - Revenue for the six months ended June 30, 2024, was $30,260 thousand, a slight increase from $30,064 thousand for the same period in 2023, representing a growth of 0.65%[2] - Gross profit increased to $10,859 thousand for the six months ended June 30, 2024, compared to $9,488 thousand in 2023, reflecting a growth of 14.5%[2] - Operating profit for the period was $12,915 thousand, up from $8,463 thousand in the previous year, indicating a significant increase of 52.9%[2] - Net profit for the six months ended June 30, 2024, was $10,688 thousand, compared to $5,534 thousand in 2023, marking an increase of 93%[2] - Basic earnings per share for the six months ended June 30, 2024, were 2.43 cents, compared to 1.26 cents in 2023, reflecting an increase of 92.1%[2] - The total comprehensive income for the period was $10,687 thousand, compared to $5,309 thousand in 2023, representing an increase of 101.5%[3] - The group achieved a total segment profit of $12,329 thousand for the six months ended June 30, 2024, which is a significant increase of 84.5% compared to $6,678 thousand for the same period in 2023[11] - The group’s pre-tax consolidated profit for the six months ended June 30, 2024, was $10,693 thousand, compared to $5,536 thousand for the same period in 2023, reflecting a year-over-year increase of 92.0%[11] - Net profit surged by approximately $5.2 million or 94.5% to about $10.7 million, with a net profit margin increasing from approximately 18.4% to about 35.3%[37] Assets and Liabilities - Total assets as of June 30, 2024, were $181,257 thousand, a decrease from $187,723 thousand as of December 31, 2023[4] - Current assets increased to $37,182 thousand as of June 30, 2024, compared to $25,693 thousand at the end of 2023, showing a growth of 45%[4] - Total liabilities decreased to $46,203 thousand as of June 30, 2024, down from $63,356 thousand at the end of 2023, representing a reduction of 27%[5] - Non-current assets totaled $144,075 thousand as of June 30, 2024, down from $162,030 thousand at the end of 2023, indicating a decline of 11.1%[4] - The group’s total assets as of June 30, 2024, amounted to $165,694 thousand, up from $174,279 thousand as of December 31, 2023[10] - The group’s total liabilities as of June 30, 2024, were $45,362 thousand, compared to $61,845 thousand as of December 31, 2023, indicating a reduction in liabilities[10] - The capital debt ratio decreased by 31.9% to 0.32 as of June 30, 2024, compared to 0.47 as of December 31, 2023[38] - The current ratio improved by 89.1% to 3.12 as of June 30, 2024, compared to 1.65 as of December 31, 2023[38] Revenue Sources - The group’s income from contracts with customers for the six months ended June 30, 2024, included $10,635 thousand from charter and freight contracts, down from $11,999 thousand in the same period of 2023[13] - Revenue from asphalt charter services increased by approximately $3.3 million or 21.4% to about $18.7 million for the six months ending June 30, 2024, primarily due to an increase in average daily charter rates[26] - The company faced a significant decrease in revenue from bulk carrier charter services, dropping approximately $1.8 million or 66.7% to about $0.9 million due to the sale of the last cape-sized vessel[27] - The group recorded a revenue of approximately $30.3 million for the period, representing a slight increase of 0.7% compared to the same period in 2023[21] Operational Developments - The group sold a vessel for a cash price of $16,950,000, resulting in a net gain of approximately $3,644,000 after deducting the sale costs[18] - The group has a fleet of ten vessels with a total capacity of approximately 92,000 deadweight tons, with seven vessels operating under time charters and three under voyage or contract of affreightment[21] - The group has entered into a shipbuilding contract to construct two vessels, expected to be delivered by December 2025 and March 2026, respectively, to expand its fleet[21] - The company has contracted to build two chemical/asphalt vessels, each with a deadweight of 9,550 tons, for a total price of approximately $42 million, with delivery scheduled for 2025 and 2026[24] - The company sold its last cape-sized vessel in March 2024 for approximately $17.0 million, which is expected to enhance operational and liquidity management[23] Cost Management - The cost of sales decreased by approximately $1.2 million or 5.8% to about $19.4 million, mainly due to savings in fuel costs and other expenses[28] - Fuel costs decreased by approximately $0.5 million or 16.4%, primarily related to the reduction in asphalt charter revenue[28] - Administrative expenses increased by approximately $0.3 million or 16.7% to about $2.1 million, primarily due to increased director remuneration and fees related to a vessel loan arrangement[33] - Financing costs decreased from approximately $2.9 million to about $2.2 million, mainly due to a lower capital debt ratio[35] Cash Flow and Financing - As of June 30, 2024, the group's cash and bank balance amounted to approximately $34.1 million, an increase of about $11.4 million from $22.7 million as of December 31, 2023[40] - The group's borrowings and lease liabilities as of June 30, 2024, were approximately $42.3 million and $0.5 million, respectively, with most borrowings in USD and lease liabilities primarily in RMB[42] - On July 16, 2024, the group arranged financing of $12 million for additional working capital, to be repaid in 28 quarterly installments[47] Governance and Compliance - The group has fully complied with the corporate governance code applicable as of June 30, 2024[49] - All directors confirmed adherence to the standards for securities trading as of June 30, 2024[50] - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2024, ensuring compliance with applicable accounting principles[52] Future Outlook - The company expects stable growth in the asphalt shipping industry in the second half of 2024, driven by ongoing global infrastructure development and increasing demand for asphalt[25] - The company emphasizes the need to monitor market demand fluctuations and regulatory changes to effectively address current challenges and seize new opportunities[25] - The management believes the group has the capability to further expand its position in the time charter market for clean tankers[22] Dividend Policy - The group does not recommend the payment of an interim dividend for the six months ended June 30, 2023[16] - The group does not plan to pay any interim dividends for the six months ended June 30, 2024[48] Miscellaneous - The group has not conducted any significant acquisitions or disposals of subsidiaries or joint ventures during the review period[46] - As of June 30, 2024, the group had no significant contingent liabilities[45] - The group has not entered into any interest rate swap contracts as of June 30, 2024, and has not established any foreign currency forward contracts[44]

Financial Performance - The company reported a resilient performance despite global economic challenges, demonstrating the strength and adaptability of its business model[12]. - Revenue for the year ended December 31, 2023, decreased to approximately US$58.9 million, a decline of approximately US$5.2 million or 8.1% from US$64.1 million in 2022[64]. - Profit for the year decreased by approximately US$2.4 million or 22.0% from approximately US$10.9 million for the year ended December 31, 2022, to approximately US$8.5 million for the year ended December 31, 2023[86]. - The company recorded other income of $1.95 million in 2023, compared to $5.98 million in 2022[28]. - Administrative expenses for the year were approximately $4.35 million, a slight decrease from $4.58 million in 2022[28]. - The Group's profit from operations for the year ended December 31, 2023, was approximately US$8.5 million, a significant increase of approximately 54.5% compared to US$5.5 million for the year ended December 31, 2022[54]. - The Group's gross profit increased by approximately US$1.8 million or 11.8%, from approximately US$15.2 million for the year ended December 31, 2022, to approximately US$17.0 million for the year ended December 31, 2023[78]. - The gross profit margin improved from approximately 23.8% for the year ended December 31, 2022, to approximately 28.9% for the year ended December 31, 2023[82]. Revenue Streams - Revenue from asphalt tanker chartering services remained stable, supported by ongoing investments in global infrastructure development[12]. - Revenue from asphalt tanker time charters increased significantly by approximately US$11.0 million or 48.5% to approximately US$33.7 million for the year ended December 31, 2023[64]. - Revenue from asphalt tanker voyage charters decreased by approximately US$10.9 million or 35.4% to approximately US$19.9 million for the year ended December 31, 2023[64]. - Revenue from bulk carrier time chartering services decreased by approximately US$5.2 million or 49.1% to approximately US$5.4 million for the year ended December 31, 2023[65]. Fleet and Operations - The company operates a fleet of ten vessels with a total capacity of approximately 92,000 dwt, generating steady income through long-term charters[32]. - The Group's fleet consisted of ten vessels with a total capacity of approximately 92,000 deadweight tons, with eight vessels operating under asphalt charter agreements[57]. - The company is committed to upgrading its fleet to comply with the latest emissions standards and is exploring alternative fuel options[12]. - The Group anticipates that global economic growth and infrastructure development will continue to drive demand for asphalt and tanker chartering services[60]. Cost Management - Cost of sales decreased by approximately US$7.0 million or 14.3%, from approximately US$48.9 million in 2022 to approximately US$41.9 million in 2023, aligning with an 8.1% decrease in revenue[43][44]. - Overall gross profit margin improved from approximately 23.8% in 2022 to approximately 28.9% in 2023, mainly due to a drop in bunker fees and a decrease in crew expenses[68]. - Bunker fees decreased by approximately US$5.5 million or 49.8%, attributed to lower bunker costs and a decrease in revenue from asphalt tanker voyage charters[66]. - Crew expenses decreased by approximately US$1.5 million or 9.3% due to normalization after the COVID-19 pandemic[67]. Environmental and Sustainability Initiatives - The company is committed to sustainability, aligning its fleet with anticipated environmental regulations to gain a competitive advantage in the asphalt tanker services industry[37]. - The introduction of variable-frequency control systems and energy-efficient lighting systems aims to reduce energy consumption[114]. - Onshore power systems will be used during berthing to lower energy consumption and emissions at the dock[115]. - Advanced ship designs, including dual-flow fins and streamlined hulls, are implemented to reduce water resistance and enhance vessel efficiency[116]. - The company is committed to complying with the latest IMO regulations regarding fuel and energy requirements[116]. - Carbon intensity indices will be used to track and monitor carbon emission intensity[116]. - The Group has implemented a decarbonization strategy, aligning with international shipping sustainability initiatives, to mitigate climate change impacts[165]. Governance and Risk Management - The Group's ESG governance structure emphasizes commitment to environmental and social responsibilities, with the Board overseeing ESG practices and management priorities[157]. - The Group conducts annual assessments of environmental practices of suppliers, ensuring compliance with standards like ISO 14001 and ISO 9001, and those failing to meet standards undergo remedial actions[166]. - The Group has established risk management strategies for different levels of ESG risks, including internal policies and technological innovations to reduce environmental impacts[173]. - The Group prioritizes stakeholder engagement, actively soliciting feedback to align with their diverse needs and expectations[174]. Share Option Scheme - The company has conditionally adopted a share option scheme effective from the Listing Date, allowing eligible participants to subscribe for shares representing initially not more than 10% of the shares in issue[89]. - The Share Option Scheme aims to motivate eligible participants to optimize their performance efficiency for the benefit of the Group[90]. - The maximum limit for shares issued under the Share Option Scheme cannot exceed 30% of the total issued shares at any time[96]. - Any grant of options exceeding HK$5 million requires approval from independent non-executive Directors and shareholders[101].

Financial Performance - Revenue for 2023 was $58,916 thousand, a decrease of 8.5% from $64,124 thousand in 2022[2] - Gross profit increased to $17,025 thousand in 2023, up 11.6% from $15,242 thousand in 2022[2] - Operating profit for the year was $13,964 thousand, down 14.7% from $16,374 thousand in 2022[2] - Net profit for 2023 was $8,497 thousand, a decline of 22.3% compared to $10,931 thousand in 2022[2] - Basic earnings per share decreased to 1.93 cents from 2.48 cents in the previous year[2] - The total comprehensive income for 2023 was $8,516 thousand, compared to $10,848 thousand in 2022[14] - The group reported a pre-tax profit of $8.591 million for 2023, down from $10.932 million in 2022, indicating a decrease of approximately 21.4%[51] - Profit decreased from approximately $10.9 million for the year ending December 31, 2022, by about $2.4 million or 22% to approximately $8.5 million for the year ending December 31, 2023, with a net profit margin dropping from about 17.0% to approximately 14.4%[107] Assets and Liabilities - Total assets as of December 31, 2023, were $187,723 thousand, down from $212,651 thousand in 2022[4] - Total liabilities decreased to $63,356 thousand in 2023 from $80,773 thousand in 2022[16] - The group’s assets as of December 31, 2023, totaled $174,279 thousand, with liabilities amounting to $61,845 thousand[24] - The group’s borrowings and lease liabilities totaled approximately $58.9 million as of December 31, 2023, a decrease of about $16.3 million from approximately $75.2 million as of December 31, 2022, mainly due to repayment of debts from operating income[110] - The net asset value as of December 31, 2023, was approximately $124.4 million, compared to $131.9 million as of December 31, 2022[138] Revenue Sources - Revenue from customer contracts under the Hong Kong Financial Reporting Standard was $19,856 thousand for 2023, down from $30,808 thousand in 2022, representing a decline of 35.7%[21] - Income from other sources, specifically from leasing, increased to $39,060 thousand in 2023, up 17.5% from $33,316 thousand in 2022[21] - Revenue from charter services increased significantly from approximately $22.7 million for the year ended December 31, 2022, to approximately $33.7 million for the year ended December 31, 2023, representing a growth of about $11.0 million or 48.5%[67] - Revenue from time charter and shipping contracts decreased from approximately $30.8 million for the year ended December 31, 2022, to approximately $19.9 million for the year ended December 31, 2023, a decline of about $10.9 million or 35.4%[68] Expenses and Costs - The group recognized a current tax expense of $94,000 in 2023, compared to $1,000 in 2022, showing a significant increase[30] - The group incurred tax expenses of $1.417 million in 2023, compared to $1.804 million in 2022, reflecting a decrease of approximately 21.4%[51] - Administrative expenses decreased by approximately $0.2 million or 4.3% to about $4.4 million for the year ending December 31, 2023, primarily due to a reduction in director compensation[103] - The interest expense on lease liabilities decreased to $574,000 in 2023 from $1,579,000 in 2022, a reduction of 63.7%[30] - Borrowing interest increased to $4,799,000 in 2023 from $3,806,000 in 2022, reflecting a rise of 26.1%[30] Market Outlook and Risks - The group anticipates potential risks in the market for 2024, including reduced demand for crude oil and fluctuations in fuel costs, which could impact profitability[65] - The outlook for the crude oil chartering industry remains positive, with expectations of continued demand growth despite global economic uncertainties[92] - The company expects continued demand for crude oil tanker charter services as global economic growth and infrastructure development progress[93] Corporate Governance and Management - The company has adopted the corporate governance code as per the listing rules and confirmed compliance with all applicable provisions as of December 31, 2023[178] - The board does not recommend the payment of a final dividend for the year ending December 31, 2023[180] - The audit committee has reviewed the group's performance for the year ending December 31, 2023, confirming adherence to applicable accounting principles and sufficient disclosures[161] - The company has established a Strategic Development Committee effective from March 26, 2024[194] - Mr. Chen has been appointed as the Chairman of the Strategic Development Committee[198] Employee and Operational Information - The group employed a total of 41 employees as of December 31, 2023, with 33 in China, 3 in Hong Kong, and 5 in Singapore[147] - The group’s total employee benefits expenses, including director compensation, remained stable at approximately $2.8 million for both the years ending December 31, 2023, and 2022[121] Significant Transactions - The company sold the remaining bulk carrier XYMG Noble for approximately $17.0 million, enhancing operational liquidity and financial position[94] - The group entered into a sale and leaseback transaction on December 15, 2023, involving the sale of the vessel Baustella[149] - On December 22, 2023, the group agreed to sell XYMG Noble for a price of $16,950,000[150]

智通财经APP讯，信源企业集团(01748)发布公告，于2023年12月22日，卖方(海豚船务有限公司，公司的间接全资附属公司)拟向买方SAFE ARRIVAL SHIPPING PTE . LTD .出售该船舶，代价为1695万美元。 该船舶指XYMG NOBLE(IMO编号为9314674)，为一艘于2004年建造并于蒙罗维亚注册的散货船，总吨位为10.19万吨。 ...

智通财经APP讯，信源企业集团(01748)发布公告，于2023年12月15日，租船人紫荆星船务(香港)(公司的间接全资附属公司)：与拥有人订立协议备忘录，拥有人同意购买及租船人同意出售船舶，惟受当中的条款及条件规限;及就光船租赁船舶与拥有人订立光船租赁协议。根据光船租赁协议，租船人向拥有人租回船舶，并拥有购买选择权，可向拥有人购买船舶，且倘购买选择权未获行使，则租船人于租期结束时承担向拥有人购买船舶的购买责任，惟受当中所载条件规限。 船舶(Baustella(IMO编号为9812133))为一艘于2018年建造总吨位达7293的沥青船/油船。于2022年12月31日，船舶的净资产账面值约为1540万美元。 订立协议备忘录及光船租赁协议为有关船舶的售后回租安排，公司认为鉴于集团能够获得额外营运资金，同时维持对船舶的适当权益，从而亦将增强集团的现金流量，因此有关安排对集团有利。 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was $30,064,000, a decrease of 9.5% from $33,233,000 in the same period of 2022[97]. - The consolidated profit for the period ended June 30, 2023, was US$5,534,000, compared to US$4,554,000 in 2022, marking an increase of about 21.5%[150]. - Profit for the period was $5,534,000, representing a 21.5% increase compared to $4,554,000 in the previous year[101]. - Basic earnings per share rose to 1.26 cents, up from 1.04 cents in the same period last year[97]. - The total comprehensive income for the period was HK$4,400,000, compared to HK$4,531,000 for the same period in 2022, reflecting a slight decrease of about 2.9%[64]. - The Group recorded revenue of approximately US$30.1 million for the six months ended 30 June 2023, representing a decrease of 9.3% compared to the same period in 2022[199]. Cash Flow and Assets - Cash and cash equivalents at the end of the period stood at HK$26,628,000, up from HK$20,509,000 at the end of June 2022, indicating a year-on-year increase of approximately 29.9%[56]. - Net cash generated from operating activities was HK$9,227,000, compared to HK$8,985,000 for the same period in 2022, representing an increase of approximately 2.7%[56]. - Cash and cash equivalents, including pledged bank deposits, totaled approximately US$32.0 million as of June 30, 2023, down from approximately US$39.7 million as of December 31, 2022[123]. - Total assets decreased to $200,319,000 from $212,651,000 as of December 31, 2022[104]. - The company reported a net decrease in cash and cash equivalents of HK$5,697,000 for the period, contrasting with an increase of HK$18,791,000 in the previous year[56]. Employee and Director Compensation - As of June 30, 2023, the total employee benefits expenditure (including director remuneration) was approximately $1.1 million, compared to $1.0 million for the same period in 2022, reflecting a year-over-year increase of 10%[2]. - Directors' emoluments increased to US$327,000 in the first half of 2023 from US$300,000 in the same period of 2022[173]. - Staff costs, including Directors' emoluments, totaled US$1,132,000 for the six months ended 30 June 2023, compared to US$1,016,000 in 2022[173]. Shareholder Information - The total number of shares in issue as of June 30, 2023, was 440,000,000, providing a basis for calculating shareholding percentages[12]. - Mr. Xu Wenjun holds 34,079,000 shares, representing approximately 7.75% of the Company, while Mr. Ding Yuzhao and Mr. Lin Shifeng hold 14,898,000 shares (3.39%) and 17,478,000 shares (3.97%), respectively[9][11]. - The maximum number of shares that may be issued under the Share Option Scheme is 40,000,000 shares, representing approximately 9.1% of the issued shares[21]. - The weighted average number of ordinary shares for the six months ended 30 June 2023 remained at 440,000,000, with no diluted earnings per share presented for both periods[173]. Corporate Governance - The company has fully complied with the Corporate Governance Code during the six months ended June 30, 2023[33]. - The Audit Committee comprises three independent non-executive Directors, ensuring compliance with the Listing Rules[34]. - The company is committed to maintaining high standards of corporate governance to enhance shareholder value[35]. - The independent review report confirms compliance with accounting standards and provides assurance on the financial information presented[90]. Market and Operational Insights - The company aims to further expand its position in the asphalt and bulk chartering markets, maintaining a balanced development approach to meet diverse market demands[113]. - The Group operates primarily in Hong Kong and Singapore, with no provision for Hong Kong Profits Tax due to subsidiaries having no assessable profit for the period[161]. - The Group operates two business segments: asphalt vessel chartering services and bulk carrier chartering services[200]. - Revenue is primarily generated from various charter agreements, including time charters and voyage charters[200]. Liabilities and Financial Commitments - The Group had no material capital commitments or significant contingent liabilities as of June 30, 2023, indicating a stable financial position[1][3]. - The Group has no definite future plans for material investments or acquisitions of significant capital assets as of June 30, 2023, suggesting a cautious approach to expansion[3][4]. - Current liabilities decreased significantly to $20,899,000 from $32,970,000 at the end of the previous year[108]. - Non-current liabilities decreased to $42,233,000 from $47,803,000 as of December 31, 2022[108].

Financial Performance - Revenue for the six months ended June 30, 2023, was $30,064,000, a decrease of 9.5% compared to $33,233,000 for the same period in 2022[3] - Gross profit increased to $9,488,000, representing a 13.5% increase from $8,356,000 in the prior year[3] - Operating profit for the period was $8,463,000, up 30.4% from $6,494,000 in the same period last year[3] - Net profit for the six months ended June 30, 2023, was $5,534,000, compared to $4,554,000 for the same period in 2022, reflecting a 21.5% increase[3] - Basic earnings per share increased to 1.26 cents from 1.04 cents, marking a 21.2% rise year-over-year[3] - The company reported other income of $699,000, significantly higher than $267,000 in the same period last year[3] - Segment profit for the six months ended June 30, 2023, was $6,676 thousand, an increase from $6,024 thousand in the same period of 2022, reflecting a growth of 10.8%[36] - The company reported a net profit of $5,534 thousand for the six months ended June 30, 2023, compared to $4,554 thousand for the same period in 2022, marking an increase of 21.5%[46] - The company's profit increased from approximately $4.6 million for the six months ended June 30, 2022, to approximately $5.5 million for the six months ended June 30, 2023, representing a growth of about 19.6%[108] Assets and Liabilities - Total assets as of June 30, 2023, were $200,319,000, down from $212,651,000 at the end of 2022[3] - Non-current assets decreased to $165,264,000 from $169,928,000, indicating a decline of 2.0%[3] - Current assets totaled $35,055,000, down 18.0% from $42,723,000 in the previous year[3] - Total assets as of June 30, 2023, amounted to $177,692 thousand, down from $193,618 thousand as of December 31, 2022, indicating a decrease of 8.2%[36] - Total liabilities as of June 30, 2023, were $62,136 thousand, compared to $78,909 thousand as of December 31, 2022, showing a reduction of 21.5%[36] - The company’s financial liabilities totaled $63,132 thousand as of June 30, 2023, down from $80,773 thousand at the end of 2022, a decrease of 21.8%[41] - The company’s segment assets for the liquid cargo segment were $162,618 thousand as of June 30, 2023, compared to $177,996 thousand as of December 31, 2022, a decline of 8.6%[36] - The company’s segment liabilities for the liquid cargo segment were $49,020 thousand as of June 30, 2023, down from $64,860 thousand as of December 31, 2022, a decrease of 24.5%[36] - The group's borrowings and lease liabilities totaled approximately $58.8 million as of June 30, 2023, a decrease of approximately $16.4 million from $75.2 million as of December 31, 2022[94] Costs and Expenses - Financial costs increased to $2,927,000 from $1,939,000, reflecting a rise of 51.2% year-over-year[3] - Employee costs, including directors' remuneration, amounted to $1,132,000 for the six months ended June 30, 2023, compared to $1,016,000 for the same period in 2022[51] - Cost of sales decreased by approximately $4.3 million or 17.3% to about $20.6 million for the six months ended June 30, 2023, attributed to a reduction in fuel costs and a decrease in revenue[75] - The overall gross profit margin increased from approximately 25.1% to about 31.6% for the six months ended June 30, 2023, mainly due to lower fuel costs and reduced crew expenses post-COVID-19[76] - The group's administrative expenses decreased by approximately $0.3 million or 14.3% to approximately $1.8 million for the six months ended June 30, 2023[103] Revenue Sources - The company's time charter revenue increased significantly, with revenue from time charters rising by approximately 67.4% to $15,400,000 for the six months ended June 30, 2023, compared to $9,200,000 for the same period in 2022[71] - Revenue from charter and shipping contracts decreased by approximately $4.9 million or 29.0% to about $12.0 million for the six months ended June 30, 2023, primarily due to the transition of three vessels from time charter to bareboat charter[72] - Revenue from bulk carrier time charter services significantly decreased by approximately $4.4 million or 62.0% to about $2.7 million for the six months ended June 30, 2023, following the sale of a bulk carrier in August 2022[73] Market Outlook and Risks - The global demand for tanker shipping is expected to grow steadily over the next two years, driven by infrastructure investments in countries along the Belt and Road Initiative and increased domestic spending in Europe and the US post-COVID-19[83] - The supply-demand imbalance in the tanker market is anticipated to worsen, leading to increased freight and time charter rates due to low newbuilding orders[84] - The bulk carrier segment is expected to see stable income contributions, with anticipated increases in average shipping distances due to changes in trade patterns following sanctions on Russian coal[84] - The company faces various risks including global economic slowdown, inflation, and geopolitical tensions, which may impact market conditions[85] Corporate Governance - The company has adopted corporate governance principles to enhance shareholder rights and improve transparency and accountability[130] - The company established an audit committee consisting of three independent non-executive directors, confirming compliance with applicable accounting principles and sufficient disclosures for the six-month period ending June 30, 2023[131] - The interim results for the six months ending June 30, 2023, have not been audited but were reviewed by the company's auditor according to the relevant standards[131] - The board does not recommend the payment of any interim dividend for the six months ending June 30, 2023, consistent with the previous year[138]

Financial Performance - Revenue from asphalt tanker chartering business increased by approximately 27.9% to approximately US$53.5 million for the year ended 31 December 2022[13]. - The Group recorded revenue of approximately US$64.1 million for the year ended 31 December 2022, representing an increase of 22.6% compared to 2021[29]. - Gross profit increased significantly by approximately US$6.9 million or 83.1% to approximately US$15.2 million for the year ended 31 December 2022, driven by a revenue increase of approximately 22.6%[25]. - Revenue from asphalt tanker voyage charters increased by approximately US$3.8 million or 14.1% to approximately US$30.8 million for the year ended 31 December 2022[21]. - Revenue from bulk carrier time chartering services increased by approximately US$0.1 million or 1.0% to approximately US$10.6 million for the year ended 31 December 2022[34]. - The profit increased significantly by approximately US$9.2 million or 541.2% to approximately US$10.9 million compared to US$1.7 million for the year ended 31 December 2021[63]. - The net profit margin increased from approximately 3.3% to approximately 17.0% for the respective years, primarily due to increased operating profits from chartering services of approximately US$6.9 million[63]. Operational Efficiency - The bulk carrier chartering services continued to contribute stable income to the Group this year[13]. - The one-off disposal of a bulk carrier named Fortune in August 2022 optimized fleet composition and increased focus on the core asphalt tanker chartering business[13]. - Other operating expenses decreased from approximately US$1.0 million in 2021 to approximately US$0.3 million in 2022[41]. - The increase in gross profit from asphalt tanker time charters was approximately US$3.1 million or 224.9% for the year ended 31 December 2022[39]. - The increase in crew expenses was approximately US$2.2 million, partially offsetting the revenue increase from asphalt tanker time charters[39]. Financial Position - The total assets of the Group as of 31 December 2022 were approximately US$212.651 million, while total liabilities were approximately US$80.773 million[28]. - The net assets of the Group increased to approximately US$131.878 million as of 31 December 2022[28]. - The gearing ratio decreased by 5.0% to 0.57 as at 31 December 2022, compared to 0.60 as at 31 December 2021[64]. - The net debt to equity ratio was 0.27 as at 31 December 2022, representing a decrease of 50.9% from 0.55 as at 31 December 2021[64]. - The current ratio increased significantly by 490.9% to 1.30 as at 31 December 2022, compared to 0.22 as at 31 December 2021[64]. - The Group's cash and cash equivalents, including pledged bank deposits, increased to approximately US$39.7 million as of December 31, 2022, from approximately US$5.2 million as of December 31, 2021, reflecting a significant cash inflow from operating profits and other financing activities[48]. Market Outlook - Recent indicators point to solid and sustained market strength, with optimism regarding the global economic recovery[13]. - The company anticipates continued good performance in 2023[13]. Corporate Governance - The company aims to enhance compliance with listing rules and corporate governance standards, leveraging the expertise of its independent non-executive directors[140]. - The company has adopted the Corporate Governance Code and complied with all provisions during the year ended December 31, 2022[158]. - All directors confirmed full compliance with the Model Code for Securities Transactions during the year ended December 31, 2022[158]. - The roles of the chairman and the chief executive officer have been separated as required by the corporate governance code[190]. - Each Director is engaged on a service contract or a letter of appointment for a specific term of three years[200]. Management and Strategy - The management expresses gratitude to employees, shareholders, customers, and suppliers for their continued support[13]. - The company aims to refine and optimize its business to further enhance long-term returns[13]. - The management team has extensive experience in the shipping industry, with Mr. Xu having approximately 16 years and Mr. Ding approximately 12 years[108][109]. - The company is focused on expanding its investment portfolio, particularly in state-owned assets and real estate sectors[132]. - The management's extensive experience in corporate finance and investment will support the company's strategic initiatives and market expansion efforts[144]. Risk Management - The company is committed to providing high-quality service despite industry risks, including market volatility and competition[13]. - The Group has adopted a foreign exchange rate and interest rate risk control policy to manage foreign exchange and interest rate risks[85]. - The Group closely monitors foreign currency exposure and will consider hedging transactions to mitigate significant risks if necessary[85]. Employee and Operational Structure - The Group had a total of 40 employees as of December 31, 2022, with 32 located in the PRC, 3 in Hong Kong, and 5 in Singapore[89]. - The remuneration to employees is based on qualifications, experiences, job nature, performance, and market conditions[89]. - Total employee benefit expenses for the years ended December 31, 2022, and 2021 were approximately US$2.8 million and US$2.1 million, respectively, indicating an increase of about 33.3%[89].

Financial Performance - Revenue for the year ended December 31, 2022, was $64,124 thousand, an increase of 22.5% compared to $52,331 thousand in 2021[16] - Gross profit for 2022 was $15,242 thousand, up from $8,309 thousand in 2021, representing an increase of 83.5%[16] - Operating profit for the year was $16,374 thousand, compared to $5,327 thousand in 2021, reflecting a significant increase of 207.5%[16] - Net profit for the year ended December 31, 2022, was $10,931 thousand, a substantial increase from $1,721 thousand in 2021, marking a growth of 535.5%[16] - Basic earnings per share for 2022 were 2.48 cents, compared to 0.39 cents in 2021, indicating a significant improvement[16] - The company reported a total comprehensive income of 10,931 thousand USD for the year ended December 31, 2022, compared to 1,721 thousand USD in 2021, representing a significant increase[31] - The group reported a total revenue of $10,931,000 in 2022, a significant increase from $1,721,000 in 2021, marking a growth of over 535%[43] - For the fiscal year ended December 31, 2022, the group recorded a significant increase in profit from approximately $1.7 million for the year ended December 31, 2021, to approximately $10.9 million, representing a growth of about 541.2%[143] - The group's net profit margin improved from approximately 3.3% to about 17.0% during the same period[143] Revenue Sources - Revenue from customer contracts related to charter and package contracts was 30,808 thousand USD in 2022, up from 26,986 thousand USD in 2021, reflecting a growth of approximately 10.5%[27] - Revenue from other sources, specifically time charter, increased to 33,316 thousand USD in 2022 from 25,345 thousand USD in 2021, marking a growth of about 31.5%[27] - Revenue from external customers reached $64,124,000 for the year ended December 31, 2022, with a segment profit of $15,041,000[52] - Revenue from the chartering of tankers increased significantly from approximately $14.9 million for the year ended December 31, 2021, to approximately $22.7 million for the year ended December 31, 2022, representing a growth of about $7.8 million or 52.3%[75] - The revenue from time charter and voyage contracts increased by approximately $3.8 million or 14.1% to approximately $30.8 million, primarily due to a 34.9% increase in average freight rates for time charter contracts[104] Assets and Liabilities - Total assets as of December 31, 2022, amounted to $212,651 thousand, an increase from $200,499 thousand in 2021[6] - Total liabilities increased to $80,773 thousand in 2022 from $79,469 thousand in 2021[6] - Current liabilities decreased to $32,970 thousand in 2022 from $41,517 thousand in 2021, indicating improved liquidity[6] - The company’s non-current assets primarily consist of vessels, accounting for over 99% of total non-current assets as of December 31, 2022[34] - The segment liabilities totaled $78,909,000 as of December 31, 2022, showing a slight increase from $77,934,000 in 2021[55] - The capital debt ratio decreased to 0.57 as of December 31, 2022, from 0.60 as of December 31, 2021, representing a reduction of 5.0%[115] - The net debt to equity ratio significantly decreased to 0.27 as of December 31, 2022, from 0.55 as of December 31, 2021, a decline of 50.9%[115] - Total borrowings and lease liabilities amounted to approximately $75.2 million as of December 31, 2022, an increase of about $3.1 million from $72.1 million as of December 31, 2021[117] Expenses and Costs - Interest expenses for the company amounted to 3,542 thousand USD in 2022, compared to 3,542 thousand USD in 2021, indicating stable financing costs[31] - Interest expenses on lease liabilities decreased to $1,579,000 in 2022 from $1,668,000 in 2021, representing a reduction of approximately 5.3%[37] - Borrowing interest increased significantly to $3,806,000 in 2022 from $1,647,000 in 2021, indicating a rise of about 131.5%[37] - The total income tax expense recognized in profit or loss was $1,000 in 2022, down from $10,000 in 2021, reflecting a decrease of 90%[37] - Administrative expenses rose by approximately $0.9 million or 24.3% to about $4.6 million for the year ended December 31, 2022, mainly due to increased employee costs[82] - Financing costs increased from approximately $3.6 million for the year ended December 31, 2021, to approximately $5.4 million for the year ended December 31, 2022, due to higher interest rates on new loans[84] - Fuel costs increased by approximately $2.6 million or 31.0%, attributed to a significant rise in global fuel prices, with average fuel prices increasing by approximately 30% to 60%[106] Corporate Governance and Compliance - The company is committed to maintaining high levels of corporate governance to safeguard shareholder interests and enhance corporate value[162] - The audit committee, composed entirely of independent non-executive directors, has reviewed the group's consolidated results for the year ended December 31, 2022, confirming compliance with applicable accounting principles and sufficient disclosures[168] - The company has adopted corporate governance principles and has complied with all applicable rules as of December 31, 2022[189] - The company has adopted the Listing Rules Appendix 10 as its own code of conduct regarding directors' securities transactions, with all directors confirming compliance as of December 31, 2022[163] Future Outlook and Strategy - The company anticipates steady growth in the global liquid transportation market over the next two years, driven by economic development in regions like Africa and South America[71] - The company expects demand for liquid chartering services to steadily increase, particularly in the Asia-Pacific region under the Belt and Road Initiative[71] - The company plans to continue optimizing its fleet composition and enhancing operational efficiency to improve profitability[73] - The company remains optimistic about the future of the tanker and bulk shipping markets despite ongoing risks such as the Ukraine conflict and rising global oil prices[74] - The company has diversified its business and gradually developed its customer base, including major clients in global transportation and logistics[97] - The company anticipates that the shortage of tanker capacity will continue in specific markets, with demand growth expected to outpace supply[100] Shareholder Information - The group does not recommend the payment of dividends for 2022, consistent with the previous year[42] - The group has 440,000,000 shares issued and fully paid as of December 31, 2022, unchanged from the previous year[45] - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2022[191] - The company maintained a public shareholding of over 25% as of December 31, 2022, in compliance with listing regulations[94] Significant Transactions - The company completed the sale of XYG Fortune for a price of $20,850,000, which was approved by shareholders on August 22, 2022[182] - The company sold a second-hand bulk carrier, XYG Fortune, generating approximately $5.5 million in revenue, which significantly contributed to other income increasing from about $1.3 million to approximately $6.2 million[81] - The company has entered into various charter agreements, including a charter agreement dated March 4, 2022, for the vessel XYMG Noble[170]