Financial Performance - Revenue for the six months ended June 30, 2022, was SGD 26,671,302, representing a 24.5% increase from SGD 21,425,543 in the same period of 2021[32] - Gross profit for the same period was SGD 7,580,768, up from SGD 6,579,218, indicating a gross margin improvement[32] - Net profit for the period was SGD 2,754,737, compared to SGD 1,145,761 in the prior year, reflecting a significant increase of 140.5%[32] - Basic and diluted earnings per share increased to SGD 0.22 from SGD 0.09, marking a 144.4% rise[32] - Operating cash flow for the six months ended June 30, 2022, was SGD 3,474,204, up from SGD 2,248,739 in the previous year, indicating a growth of about 54.5%[43] - The company reported a profit of SGD 2,754,737 for the six months ended June 30, 2022, compared to SGD 1,145,761 for the same period in 2021, representing an increase of approximately 140%[39] - The group reported a net profit of SGD 7,580,768 for the six months ended June 30, 2022, compared to SGD 6,579,218 in the same period of 2021, indicating a growth of 15.2%[64] - Net profit rose from approximately SGD 1.1 million to SGD 2.8 million, with net profit margin increasing from about 5.1% to 10.5%[162] Assets and Liabilities - Total assets as of June 30, 2022, were SGD 41,371,018, compared to SGD 37,015,955 as of December 31, 2021, showing an increase of 11.4%[34] - Total liabilities decreased to SGD 8,830,623 from SGD 10,323,690, a reduction of 14.4%[37] - Net assets increased to SGD 43,440,426 from SGD 40,685,689, reflecting a growth of 6.9%[37] - Trade receivables rose to SGD 12,285,074 from SGD 10,887,339, an increase of 12.8%[34] - Cash and cash equivalents increased to SGD 26,932,416 from SGD 23,908,104, representing a growth of 12.6%[34] - The company’s total equity as of June 30, 2022, was SGD 43,440,426, up from SGD 38,975,098 at the end of June 2021, marking an increase of around 11.9%[39] - The total current liabilities decreased from SGD 4,522,673 as of December 31, 2021, to SGD 4,309,715 as of June 30, 2022, representing a decline of 4.7%[107] Revenue Breakdown - Revenue from truck transportation services reached SGD 9,602,951 for the six months ended June 30, 2022, up from SGD 8,750,185 in the same period of 2021, representing an increase of 9.7%[64] - Freight forwarding services generated revenue of SGD 13,933,633, compared to SGD 10,204,942 in the previous year, marking a growth of 36.0%[64] - Value-added transportation services saw revenue rise to SGD 3,134,718 from SGD 2,470,416, reflecting an increase of 26.9%[64] - Total revenue from external customers amounted to SGD 26,671,302, a 24.0% increase from SGD 21,425,543 in the prior year[64] Costs and Expenses - The company reported a decrease in financing costs to SGD 75,383 from SGD 122,007, a reduction of 38.2%[32] - Total employee costs amounted to SGD 4,855,764, a decrease of 2.6% from SGD 4,985,694 in the previous year[74] - The company recorded interest expenses of SGD 75,383, down 38.2% from SGD 122,007 in the prior year, indicating improved financing efficiency[73] - The company’s tax expense for the period was SGD 427,500, a decrease from SGD 477,492 in the prior year, reflecting a tax rate of 17% on estimated taxable profits[77] Strategic Plans and Investments - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[47] - The company plans to strategically acquire logistics companies providing warehousing services and expand outdoor storage services to enhance operational scale[doc id='146'] - The company aims to improve process efficiency and enhance stakeholder value through resource investment[147] - The company plans to utilize approximately 42.6% of the net proceeds (SGD 17.7 million) for strategic acquisitions, with an expected timeline for utilization by December 31, 2022[179] - The company has allocated approximately 39.7% of the net proceeds (SGD 16.5 million) for expanding its freight service fleet, with an expected timeline for utilization by December 31, 2023[179] Governance and Management - The chairman and CEO roles are held by the same individual, Mr. Huang, which deviates from the corporate governance code[191] - Mr. Huang holds 937,500,000 shares, representing 75% of the issued share capital[194] - The audit committee has reviewed and approved the unaudited consolidated financial statements for the six months ending June 30, 2022[192] - The company will periodically review its governance structure to ensure appropriateness[186] Other Financial Metrics - The company’s debt ratio decreased to approximately 6.3% as of June 30, 2022, compared to 9.8% as of December 31, 2021, primarily due to a reduction in bank loans and lease liabilities[167] - The actual tax rate for the six months ended June 30, 2022, was approximately 12.5%, significantly lower than Singapore's statutory corporate tax rate of 17%[161] - The company has no significant investments or capital asset plans beyond those disclosed in the prospectus as of June 30, 2022[171]

Financial Performance - Revenue increased by approximately 13.6% from about SGD 40.3 million for the year ended December 31, 2020, to approximately SGD 45.8 million for the year ended December 31, 2021[16]. - Truck transportation service revenue decreased by approximately SGD 4.9 million or 23.7% due to the impact of COVID-19 on certain end-client industries, despite increased demand for essential services like supermarket logistics[17]. - Freight forwarding service revenue increased from approximately SGD 15.4 million in 2020 to SGD 24.4 million in 2021, representing a growth of about 58.4% due to high demand during the COVID-19 pandemic[18]. - Value-added transportation service revenue rose from approximately SGD 4.1 million in 2020 to SGD 5.6 million in 2021, marking an increase of 36.6% attributed to new temporary storage income from leased logistics yards[19]. - Gross profit decreased by SGD 0.5 million or 3.6%, from SGD 13.9 million in 2020 to SGD 13.4 million in 2021, primarily due to increased fuel and direct employee costs[20]. - The company reported a net profit decline from approximately SGD 4.3 million in 2020 to SGD 2.9 million in 2021, resulting in a net profit margin drop from 10.7% to 6.3%[30]. - Administrative expenses increased from approximately SGD 8.3 million in 2020 to SGD 9.9 million in 2021, driven by higher employee costs and depreciation[26]. - The company had cash and bank balances of approximately SGD 12.7 million in 2020 and SGD 23.9 million in 2021, indicating a significant increase in liquidity[33]. - The actual tax rate for the company was approximately 19.2% in 2020 and 24.3% in 2021, higher than the statutory corporate tax rate of 17% in Singapore[29]. - The company did not declare or pay any dividends for the year ended December 31, 2021, compared to SGD 4.0 million declared for the previous fiscal year[31]. - As of December 31, 2021, the company's debt ratio was approximately 9.8%, a decrease from 22.6% on December 31, 2020, primarily due to a reduction in bank loans by approximately SGD 0.5 million and lease liabilities by approximately SGD 1.2 million[36]. Corporate Governance - The company has adopted all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange's Listing Rules, except for provision A.2.1[69]. - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[71]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance company value[69]. - The board is responsible for formulating and implementing the company's policies and business strategies, as well as overseeing financial performance[70]. - The company has established systems and procedures to achieve its corporate governance objectives, including regular reviews of compliance with governance codes[71]. - The board holds regular meetings to monitor business development and financial performance, ensuring effective oversight[70]. - The company has a dedicated company secretary with over 12 years of experience in corporate governance and compliance[66]. - The management team includes professionals with backgrounds in accounting, finance, and logistics, enhancing decision-making capabilities[64][65]. - The company has implemented training and professional development programs for directors and senior management to ensure compliance with legal and regulatory requirements[71]. - The company aims to appoint at least one female director by the end of 2023, targeting a minimum of 10% female representation on the board[85]. - The company has adopted a board diversity policy to ensure a balanced perspective related to its business and development[81]. - The independent non-executive directors have appropriate professional qualifications or financial management knowledge[76]. - The company will strive to promote gender diversity at all levels and ensure opportunities for female employees in career development[85]. Strategic Plans and Market Position - The company successfully listed on the Hong Kong Stock Exchange on January 13, 2021, marking a significant milestone[7]. - The company plans to continue focusing on strategic acquisitions to expand its business and achieve long-term growth[7]. - The company is actively seeking opportunities to expand its customer base and market share to enhance shareholder value[12]. - The net proceeds from the share offering will provide financial resources to achieve the company's business goals and strategies, further solidifying its market position in Singapore[12]. - The company acknowledges that while growth areas will take time to fully realize, additional operational expenses may impact short to medium-term business performance[13]. - The company remains optimistic about Singapore's long-term economic prospects despite the significant risks posed by the pandemic in 2022[7]. Risk Management - The board is responsible for maintaining effective risk management and internal control systems to protect shareholder interests and ensure compliance with applicable regulations[104]. - The risk management system aims to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses[108]. - The company has engaged external consultants to perform internal audit functions and review the effectiveness of risk management and internal control systems annually[108]. - The board reviews the risk management and internal control systems at least once a year to ensure their adequacy and effectiveness[105]. - The company has established a risk management policy and procedures, including a risk management matrix and risk management table[105]. Employee and Operational Insights - The total employee cost for the year ended December 31, 2021, was approximately SGD 10.1 million, compared to approximately SGD 9.1 million in 2020, with a total of 163 employees as of December 31, 2021, up from 141 in 2020[41]. - The company has a mechanism in place for annual performance reviews of employees, which serves as a basis for salary adjustments, bonuses, and promotions[188]. - The company has established stable business relationships with major customers, with most of the top five customers having long-term relationships ranging from three to nine years[190]. Shareholder Information - The company has maintained sufficient public float since its listing date up to the date of the annual report[195]. - The company will suspend share transfer registration from June 21 to June 24, 2022, to determine the shareholders eligible to attend the annual general meeting[200]. - The company does not have any provisions for preemptive rights in its articles of association or under the laws of the Cayman Islands[196]. - The company has confirmed that there are no significant uncertainties affecting its ability to continue as a going concern[100]. Connected Transactions - The company has entered into a main service agreement with R&S Engineering Works Pte. Ltd. and JH Tyres & Batteries Pte. Ltd. for maintenance and tire supply services, with annual caps of SGD 640,000, 690,000, and 750,000 for R&S and SGD 660,000, 710,000, and 770,000 for JH Tyres for the years ending December 31, 2020, 2021, and 2022 respectively[148]. - The independent non-executive directors have reviewed the ongoing connected transactions and confirmed that they are conducted in the ordinary course of business and on normal commercial terms[148]. - The company has obtained a clean opinion from the auditors regarding the ongoing connected transactions under the main service agreements[149]. Miscellaneous - Charitable donations made by the group amounted to approximately SGD 18,750 for the year ending December 31, 2021[128]. - The company underwent a restructuring process completed on December 18, 2020, prior to its listing on January 13, 2021[117]. - The company has maintained its primary business nature without significant changes as of December 31, 2021[119]. - The company does not have any share option plans as of the date of the report[158]. - The share award plan was adopted on December 18, 2020, and is effective for a period of three years[163].

Financial Performance - Revenue for the six months ended June 30, 2021, was SGD 21,425,543, an increase of 9% from SGD 19,656,168 in the same period of 2020[12] - Gross profit decreased to SGD 6,579,218, down 7% from SGD 7,098,830 year-on-year[12] - The net profit for the period was SGD 1,145,761, a decline of 59% compared to SGD 2,773,780 in the previous year[12] - Basic and diluted earnings per share were SGD 0.09, down from SGD 0.27 in the same period last year[12] - Total revenue for the six months ended June 30, 2021, was SGD 21,425,543, compared to SGD 19,656,168 for the same period in 2020, reflecting an overall growth of approximately 9.0%[50] - Profit for the period decreased from approximately SGD 2.8 million to about SGD 1.1 million, resulting in a net profit margin decline from approximately 14.2% to 5.1%[163] Assets and Liabilities - Total assets as of June 30, 2021, increased to SGD 37,340,439, compared to SGD 25,116,126 as of December 31, 2020[15] - Current liabilities decreased to SGD 7,505,757 from SGD 8,286,311 at the end of 2020[15] - Net assets rose to SGD 38,975,098, up from SGD 25,080,074 at the end of 2020, reflecting a significant increase in equity[18] - The company reported a significant increase in cash and cash equivalents, reaching SGD 22,683,278, compared to SGD 12,740,393 at the end of 2020[15] - Trade payables rose to SGD 1,428,944 as of June 30, 2021, up from SGD 955,697 as of December 31, 2020, indicating a growth of 49.5%[116] - Bank loans decreased to SGD 603,367 as of June 30, 2021, from SGD 1,096,521 as of December 31, 2020, reflecting a reduction of 45%[124] Cash Flow and Financing - The operating cash flow for the six months ended June 30, 2021, was SGD 2,130,151, down 51% from SGD 4,344,787 in the previous year[31] - The company generated net cash from financing activities of SGD 8,234,071, compared to a net outflow of SGD 2,893,399 in the same period of 2020[33] - Total cash and cash equivalents at the end of the period increased to SGD 22,683,278, up from SGD 12,496,719 a year earlier, representing an increase of 81%[33] - The company issued shares resulting in proceeds of SGD 12,749,263 during the reporting period[33] Revenue Breakdown - Revenue from truck transportation services decreased to SGD 8,750,185 from SGD 10,375,009, a decline of approximately 15.6% year-over-year[50] - Revenue from freight forwarding services increased to SGD 10,204,942 from SGD 7,464,711, representing a growth of approximately 36.9% year-over-year[50] - Revenue from value-added transportation services rose to SGD 2,470,416 from SGD 1,816,448, an increase of approximately 36.0% year-over-year[50] Expenses - Administrative expenses increased to SGD 4,628,575, up from SGD 3,904,240 in the previous year, reflecting higher operational costs[12] - The total employee costs, including directors' remuneration, amounted to SGD 4,985,694, an increase of 13% from SGD 4,411,891 in the previous year[63] - The company reported a total tax expense of SGD 420,492, down 33.1% from SGD 628,920 in the previous year[64] Corporate Governance - The company has adopted a code of conduct for securities trading by directors, which has been complied with since the IPO date[183] - The company has complied with the corporate governance code except for the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Huang Chun-Hsing[184] - The board consists of two executive directors and three independent non-executive directors as of the announcement date[196] Strategic Focus - The company is focused on expanding its logistics and transportation services through its subsidiaries, which include Rejoice Container Services and Radiant Overseas[36] - The company aims to leverage its successful listing to enhance future growth opportunities[146] Market Conditions - Truck transportation service revenue decreased by approximately SGD 1.7 million or 16.3% due to border restrictions imposed by the Singapore government to control COVID-19[151] - Freight forwarding service revenue increased by approximately SGD 2.7 million or 36.0% due to the recovery of global trade from COVID-19[152] - Value-added transportation service revenue increased by approximately SGD 0.7 million or 38.9% due to income from a newly leased logistics yard[153]