香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告之 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Jinhai International Group Holdings Limited 今海國際集團控股有限公司 （於開曼群島註冊成立的成員有限責任公司） （股份代號：2225） 截至二零二三年六月三十日止六個月 中期業績公告 今海國際集團控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事 （「董事」）會（「董事會」）公佈本集團截至二零二三年六月三十日止六個月（「期內」 或「二零二三年上半年」）的未經審核綜合中期業績，連同二零二二年同期（「二零 二二年上半年」）之未經審核比較數字及於二零二二年十二月三十一日之若干比較 數字。本公司已發行股份（「股份」）於二零一七年十月十七日（「上市日期」）於聯 交所主板上市（「上市」）。 綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 | --- | --- | --- | --- | |--------------------|- ...

Financial Performance - The company recorded a revenue increase of approximately 1.8% year-on-year for the fiscal year 2022, with gross profit rising by 30.9% to approximately SGD 10.1 million[10]. - The group's revenue increased from approximately SGD 21.9 million in FY2021 to approximately SGD 22.3 million in FY2022, representing a growth of about 1.8%[15]. - Revenue from labor dispatch and supporting services rose from approximately SGD 14.3 million to approximately SGD 15.0 million, an increase of about 5.0% due to increased construction activities[16]. - The gross profit increased from approximately SGD 7.7 million in FY2021 to approximately SGD 10.1 million in FY2022, with the gross profit margin rising from about 35.3% to approximately 45.4%[19]. - The group recorded a profit of approximately SGD 0.1 million in FY2022, compared to a loss of SGD 0.5 million in FY2021, primarily due to stricter cost management measures[23]. - Other income decreased from approximately SGD 1.9 million in FY2021 to approximately SGD 1.5 million in FY2022, mainly due to the cessation of government grants related to COVID-19[20]. - The group did not recommend any dividend payment for FY2022, consistent with FY2021[24]. - The company reported no dividends for the fiscal year 2022, consistent with the previous fiscal year[100]. - The company has a cumulative loss of approximately SGD 5.3 million as of December 31, 2022, with total share premium of about SGD 15.0 million[106]. Business Strategy and Expansion - The company plans to expand its existing business into the Asia-Pacific region, including China, and consider providing value-added services such as skills training[11]. - The company aims to enhance its competitiveness by broadening its product line and increasing R&D capabilities in 2023[11]. - The group plans to diversify its business and expand into the Asia-Pacific region, including China, while considering value-added services for labor[19]. - The company will continue to expand its distribution network and develop new products to strengthen its position in the medical industry[11]. - There is a steady growth in demand for medical devices driven by an aging population and rising living standards in China[11]. Human Resources and Employment - The company has approximately 520 employees as of December 31, 2022, down from 551 the previous year[40]. - The total employee costs for the fiscal years 2022 and 2021 were approximately SGD 13.2 million and SGD 13.6 million, respectively[40]. - The company employs a total of 50 local employees and 464 foreign workers as of December 31, 2022[165]. - Employee turnover rates are 20.7% for male employees and 5.9% for female employees, with turnover rates of 14.3% for those under 30 and 22.4% for those 30 and above[173]. - The average training hours completed by workers increased from approximately 4.8 hours in fiscal year 2021 to approximately 9.8 hours in fiscal year 2022, indicating a significant enhancement in training efforts[177]. - The company invested approximately SGD 116,630 in worker training during the fiscal year 2022[176]. - The company has implemented a systematic performance evaluation system to assess employee performance and determine eligibility for promotions and salary adjustments[169]. - The company promotes equal opportunities in hiring and training, actively working to eliminate discrimination in employment practices[164]. - The company organizes multiple team-building activities and company outings to foster a harmonious work environment[171]. Corporate Governance - The company is committed to fulfilling its responsibilities to shareholders and enhancing shareholder value through good corporate governance practices[54]. - The board consists of seven members, including three independent non-executive directors, meeting the requirement of at least one with appropriate professional qualifications in accounting or related financial management[59]. - All independent non-executive directors have confirmed their independence according to the relevant guidelines, ensuring compliance with listing rules[59]. - The company has adopted the corporate governance code as per the listing rules, ensuring adherence to all applicable provisions[55]. - The board is responsible for overseeing the management of the group's business affairs and overall performance, including the development and review of business and investment plans[57]. - The company has purchased liability insurance for directors against legal actions, complying with corporate governance code provisions[60]. - The company encourages all directors to participate in relevant training courses to enhance their understanding of their responsibilities[61]. - The independent non-executive directors contribute extensive business and financial expertise to the board, ensuring effective independent judgment[59]. - The company has established various committees, including audit, remuneration, and nomination committees, to delegate specific responsibilities[57]. Risk Management - The group has established policies and procedures for risk management and internal control, ensuring effective systems are in place to manage risks associated with achieving strategic goals[89]. - The group faces cash flow interest rate risk due to floating interest rates on bank balances and fair value interest rate risk related to fixed-rate finance leases[41]. - The group is exposed to foreign currency risk from bank balances, financial assets, and trade receivables and payables denominated in USD and HKD[42]. - Credit risk has been significantly reduced through established credit limits, approval processes, and regular reviews of trade receivables for impairment[43]. - The group monitors cash and cash equivalents to maintain sufficient levels for operational needs and to mitigate cash flow volatility[44]. - The group faces equity price risk from financial instruments designated at fair value through profit or loss and manages this risk through portfolio diversification[45]. Environmental and Social Responsibility - The group has established an environmental management system to comply with internal policies on water conservation and energy usage[109]. - There were no incidents of non-compliance with environmental laws and regulations during the fiscal year 2022[109]. - The group has continuously invested in systems and human resources to ensure compliance with regulatory requirements[110]. - The company has implemented energy-saving measures, including the use of energy-efficient lighting and air conditioning systems[155]. - The company has established an environmental management system to promote water conservation among employees[157]. - The company has not generated significant industrial wastewater, with wastewater primarily coming from residential discharges[157]. - The group is committed to sustainable development, creating long-term value for shareholders and stakeholders[109]. - The group donated a total of SGD 90,000 to various charities during the year[191]. Audit and Compliance - The group’s financial statements have been audited and reflect a true and fair view of its financial position as of December 31, 2022[193]. - The auditor's report aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[199]. - The audit process involved assessing risks of material misstatement and designing audit procedures to address these risks[199]. - The auditor evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates made by the directors[199]. - The auditor concluded on the appropriateness of the going concern basis of accounting and identified any significant uncertainties that may cast doubt on the group's ability to continue as a going concern[199]. - The overall presentation, structure, and content of the consolidated financial statements were assessed to ensure they fairly reflect the relevant transactions and events[199]. - The auditor is responsible for the direction, supervision, and execution of the group audit[200]. - The audit opinion is based on evidence obtained up to the date of the auditor's report, with future events potentially affecting the group's ability to continue as a going concern[199].

Financial Performance - Revenue for the fiscal year ended December 31, 2022, was SGD 22,279,572, an increase of 1.76% from SGD 21,895,836 in the previous year[2] - Gross profit increased to SGD 10,115,878, up 30.8% from SGD 7,726,710 in the previous year[2] - The company reported a net profit of SGD 115,726, a significant recovery from a loss of SGD 497,830 in the previous year[4] - The company reported a pre-tax profit of SGD 3,915,785 for 2022, compared to SGD 2,817,150 in 2021, indicating a significant increase of about 39%[25] - The company’s net profit for 2022 was SGD 3,272,669, compared to SGD 2,382,866 in 2021, showing an increase of approximately 37.3%[25] - Basic and diluted earnings per share for the year were SGD 0.04, compared to a loss per share of SGD 0.02 in the previous year[4] - Basic earnings per share improved to 0.04 Singapore cents in FY2022 from a loss of 0.02 Singapore cents in FY2021, based on a profit attributable to shareholders of approximately SGD 0.47 million[42] Assets and Liabilities - Total assets as of December 31, 2022, amounted to SGD 40,271,827, an increase of 19.5% from SGD 33,769,497 in the previous year[6] - Current assets, including trade receivables, were SGD 33,301,539, compared to SGD 30,708,066 in the previous year, reflecting a growth of 5.2%[5] - Total liabilities increased to SGD 15,679,621, up 60.8% from SGD 9,745,259 in the previous year[6] - The company’s total liabilities increased to SGD 15,679,621 in 2022 from SGD 9,745,259 in 2021, representing a growth of approximately 60.5%[22] - The group’s debt-to-equity ratio as of December 31, 2022, was approximately 18.1%, up from 7.8% as of December 31, 2021[52] Revenue Breakdown - Revenue from labor dispatch and supporting services increased to SGD 15,017,819 in 2022 from SGD 14,306,931 in 2021[17] - Revenue from dormitory services rose to SGD 5,787,235 in 2022, up from SGD 4,789,450 in 2021[17] - Revenue from IT services decreased to SGD 417,150 in 2022 from SGD 567,035 in 2021[17] - Revenue from construction supporting services fell to SGD 401,838 in 2022 from SGD 674,137 in 2021[17] - The company’s revenue from Singapore was SGD 21,624,042 in 2022, up from SGD 20,337,553 in 2021, reflecting an increase of about 6.3%[21] Adjustments and Errors - Adjustments were made to prior year financial statements due to identified significant errors, impacting both the income statement and balance sheet[10] - The adjustments made to the financial statements were primarily related to Goods and Services Tax accounting errors identified during the audit process[10] - The company identified understatements in accounts receivable and payable for goods and services tax amounting to SGD 84,151 and SGD 1,233,429 respectively as of December 31, 2021[15] Operational Plans and Market Conditions - The company plans to continue expanding its service offerings in labor dispatch and IT services, aiming for further market penetration[7] - The company plans to diversify its business and expand into the Asia-Pacific region, including China, to enhance its service offerings[33] - The company aims to strengthen its research and development capabilities and expand its product line in response to increasing demand for medical devices[33] - The construction industry in Singapore is expected to face challenges in 2023, with economic growth projected to slow down to between 0.5% and 2.5%[33] Employee and Administrative Costs - The group generated employee costs of approximately SGD 13.2 million in the fiscal year 2022, slightly down from SGD 13.6 million in the fiscal year 2021[57] - Administrative expenses increased by approximately SGD 1.5 million, primarily due to increased activities in the company's Chinese subsidiary[38] Governance and Compliance - The company has adopted all applicable principles of the Corporate Governance Code as per the Listing Rules Appendix 14[65] - The Audit Committee has reviewed the audited annual performance and confirmed that the consolidated financial statements are prepared in accordance with applicable accounting standards and regulations[66] - The auditor HLB has compared preliminary announcement figures with the audited consolidated financial statements, confirming consistency[67] - The company maintains sufficient public float as required by the Listing Rules[68] - The annual report contains all information required by the Listing Rules and will be sent to shareholders in due course[68]

Financial Performance - Revenue for the six months ended June 30, 2022, was SGD 14,707,178, an increase from SGD 9,646,384 in the same period of 2021, representing a growth of approximately 52.9%[11] - Gross profit for the same period was SGD 5,028,537, compared to SGD 2,852,939 in 2021, indicating a significant increase of about 76.5%[11] - The net profit after tax for the six months ended June 30, 2022, was SGD 1,332,972, up from SGD 737,081 in 2021, reflecting an increase of approximately 80.7%[11] - Total comprehensive income for the period was SGD 1,007,138, compared to SGD 755,032 in the previous year, marking an increase of around 33.3%[11] - Basic and diluted earnings per share for the six months ended June 30, 2022, were 0.11 cents, compared to 0.06 cents in the same period of 2021, representing an increase of approximately 83.3%[11] - For the six months ended June 30, 2022, the company reported a pre-tax profit of SGD 1,632,634, a significant increase from SGD 775,513 in the same period of 2021, representing a growth of 109.5%[16] - The group reported a pre-tax profit of SGD 970,715 for the six months ended June 30, 2022, compared to SGD 293,983 in 2021, reflecting a substantial increase of 230.5%[29] - The company reported a profit of approximately SGD 1.40 million for the first half of 2022, compared to SGD 0.74 million in the same period of 2021, attributed to the gradual recovery of business operations[46] Revenue Sources - Revenue from the provision of micro-invasive surgical solutions products surged to SGD 4,651,092, compared to SGD 19,801 in the previous year, marking an increase of 23,487.5%[22] - The minimally invasive surgical solutions segment generated revenue of approximately SGD 4.6 million in the first half of 2022, a substantial increase from SGD 19,801 in the same period of 2021[41] - The dormitory services revenue increased from approximately SGD 2.2 million in the first half of 2021 to about SGD 2.9 million in the first half of 2022, primarily due to higher occupancy rates[42] Assets and Liabilities - Trade receivables as of June 30, 2022, were SGD 5,740,553, a significant rise from SGD 1,464,816 at the end of 2021, showing an increase of approximately 291.5%[12] - Current assets totaled SGD 37,616,478 as of June 30, 2022, compared to SGD 30,623,915 at the end of 2021, indicating a growth of about 22.7%[12] - Current liabilities increased to SGD 13,412,066 from SGD 8,232,768, representing a rise of approximately 63.5%[12] - The company's total equity as of June 30, 2022, was SGD 26,180,654, up from SGD 25,173,516 at the end of 2021, reflecting an increase of about 4%[14] - Trade payables as of June 30, 2022, were SGD 5,822,877, compared to SGD 263,732 as of December 31, 2021, indicating a substantial increase in liabilities[35] Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2022, was SGD 1,543,180, compared to SGD 2,416,456 in the previous year, indicating a decrease of 36.2%[16] - The company incurred a net cash outflow from investing activities of SGD 899,223 for the six months ended June 30, 2022, compared to a cash inflow of SGD 2,000,059 in the same period of 2021[17] - The cash and cash equivalents at the end of the period were SGD 14,261,423, down from SGD 20,087,768 at the end of the previous year, a decrease of 29.1%[17] - As of June 30, 2022, the group's cash and cash equivalents are approximately SGD 14.3 million, with 54.3% in SGD, 31.2% in RMB, and 14.5% in HKD[58] Government Support and Other Income - The group received government grants totaling SGD 146,456 under the wage support scheme for the six months ended June 30, 2022, compared to SGD 672,779 in 2021, reflecting a decrease in support[27] - The company reported a significant increase in other income to SGD 457,682 for the six months ended June 30, 2022, compared to SGD 1,016,013 in the previous year, indicating a decrease of about 55.1%[11] - Other income decreased from approximately SGD 1.0 million in the first half of 2021 to about SGD 0.5 million in the first half of 2022, mainly due to the reduction of government subsidies as the economy recovers[44] Corporate Governance and Compliance - The company has adhered to the principles of the Corporate Governance Code as per the Listing Rules and has adopted all applicable code provisions as its own corporate governance code[80] - The Audit Committee has reviewed the unaudited interim results and believes that the financial information and reports have been prepared in accordance with applicable accounting standards and regulations[81] - All directors confirmed compliance with the code of conduct for securities transactions during the reporting period[78] Risks and Mitigation - The group faces foreign currency risk due to bank balances and financial assets denominated in USD, RMB, and HKD[66] - To mitigate credit risk, the group has established credit limits and approval processes, significantly reducing credit risk[67] - The group monitors cash and cash equivalents to manage liquidity risk, maintaining levels deemed sufficient by management[68] - The group is exposed to fair value risk from financial assets and liabilities measured at fair value[69] Capital Expenditures and Future Plans - Funding of SGD 5.5 million is allocated for the purchase of 10 trucks, with a revised timeline for completion by June 2023[51] - Approximately HKD 162.0 million is estimated for the acquisition of a foreign worker dormitory, with HKD 77.1 million allocated for this purpose to be completed by June 2024[51] - The company injected additional capital of RMB 3 million into its subsidiary, Shanghai Jin Hai Medical Technology Co., Ltd., to expand into the medical solutions sector[38] Shareholder Information - As of June 30, 2022, Mr. Chen holds 632,500,000 shares, representing approximately 51.42% of the company's equity[71] - The company decided not to declare an interim dividend for the period, maintaining a conservative approach to shareholder returns[47]

Company Information - Jinhai International Group Holdings Limited is registered in the Cayman Islands with stock code 2225[2] Correction Announcements - The company issued a correction announcement regarding the annual performance announcement for the year ended December 31, 2021[2] - The chairman's report publication date in the annual report should be corrected to April 25, 2022[2] - The board report publication date in the annual report should be corrected to April 25, 2022[2] - The independent auditor's report publication date in the annual report should be corrected to April 25, 2022[2]

Financial Performance - The company recorded a revenue decline of approximately 4.7% for the fiscal year ending December 31, 2021, with gross profit decreasing by 12.4% to approximately SGD 87.8 million[11]. - The group's revenue decreased from approximately SGD 22.5 million in FY2020 to about SGD 21.4 million in FY2021, a decline of approximately 4.7%[17]. - Revenue from labor dispatch and supporting services fell by about 9.1%, from approximately SGD 15.2 million to SGD 13.8 million, primarily due to reduced construction activities[18]. - The group recorded a loss of approximately SGD 0.46 million in FY2021, compared to a profit of SGD 1.26 million in FY2020, mainly due to disruptions caused by the COVID-19 pandemic[26]. - Gross profit decreased from approximately SGD 8.9 million in FY2020 to about SGD 7.8 million in FY2021, with the gross profit margin dropping from approximately 39.4% to 36.2%[22]. - Other income fell from approximately SGD 3.2 million in FY2020 to about SGD 1.9 million in FY2021, primarily due to a reduction in government grants[23]. - The company reported a net loss after tax of SGD 463,647 for the fiscal year, compared to a profit of SGD 1,263,079 in the previous year[200]. - Total comprehensive loss for the year was SGD 316,909, a significant decrease from the total comprehensive income of SGD 1,288,047 in the prior year[200]. - Basic and diluted earnings per share for the year were SGD (0.02), down from SGD 0.10 in the previous year[200]. - The company’s administrative expenses were SGD 1,899,621, indicating a need for cost management strategies moving forward[200]. Business Strategy and Expansion - The company is actively seeking opportunities to diversify its existing business and expand its revenue base, particularly through the establishment of a joint venture, Shanghai Jinhai Medical Technology Co., Ltd., to enter the healthcare solutions industry[12]. - The group plans to establish a joint venture in the healthcare solutions sector with a registered capital of RMB 30 million, aiming to expand its customer base and revenue sources[15]. - The group is considering expanding its existing business into the Asia-Pacific region, including China, and providing value-added services such as skills training[16]. - The company has delayed the use of remaining net proceeds for the purchase of additional trucks until June 2022 due to a decline in demand for services since 2019[34]. - The company has invested 10.0 million Chinese yuan in Jin Hai Medical as part of its capital injection, with further capital expenditures expected to be gradually paid over 30 months starting from April 2021[36]. Corporate Governance - The company is committed to fulfilling its responsibilities to shareholders and enhancing shareholder value through good corporate governance practices[58]. - The board of directors is responsible for overseeing the management of the group's business affairs and overall performance[61]. - The board consists of eight members, including executive, non-executive, and independent non-executive directors, ensuring a balanced composition for independent judgment[63]. - The company has adopted and complied with the corporate governance code as set out in the Listing Rules during the reporting period[59]. - The board has established various committees to delegate responsibilities and ensure effective governance[61]. - The company has implemented a standard code of conduct for directors regarding securities trading, confirming compliance throughout the year[60]. - The company has three independent non-executive directors, meeting the requirement that at least one-third of the board members must be independent[65]. - The board held four regular meetings during the year, including the approval of the audited consolidated financial statements for the year ended December 31, 2020[70]. - The company has taken out liability insurance for directors to comply with corporate governance code requirements[66]. - The company has adopted a nomination policy to evaluate candidates for board positions based on technical expertise, experience, and diversity[85]. Risk Management - The company has established policies and procedures for risk management and internal control, overseen by the board[92]. - The board believes that the risk management and internal control systems are adequate and effective in meeting the group's needs in the current business environment[93]. - The internal audit function is performed by an external professional company, which reports annually to the board on the adequacy and effectiveness of the risk management and internal control systems[93]. - The company has implemented policies to minimize the risk of fraud, corruption, and bribery, including annual conflict of interest declarations by employees[188]. - The group has not identified any significant violations of laws related to bribery, extortion, fraud, or money laundering during the year[188]. Environmental and Social Responsibility - The company has established an environmental management system to address its carbon footprint, primarily from indirect greenhouse gas emissions due to electricity usage[112]. - There were no reported incidents of non-compliance with environmental laws and regulations during the fiscal year[112]. - The company has adopted green office practices to minimize paper consumption, including measures such as double-sided printing and encouraging employees to use reusable items[162]. - The company has implemented a safety management system based on OHSAS 18001:2007 standards since 2009, certified for its subsidiaries[175]. - The company has a zero-tolerance policy towards child labor and forced labor, with no significant violations reported during the year[177]. - The company has received recognition from Singapore's National Water Agency for operating a water-efficient dormitory[161]. Employee Management - The company employs 53 local employees and 316 foreign workers as of December 31, 2021, with a focus on equal opportunity and non-discrimination in hiring practices[167]. - Employee performance evaluations are conducted annually, considering business needs, individual capabilities, and contributions to the company[171]. - The company ensures all employees are entitled to paid leave and other statutory benefits, safeguarding their basic rights[173]. - The company has implemented a systematic approach to assess employee performance and provide career development opportunities[171]. - The company invested SGD 40,453 in training for foreign workers during the fiscal year 2021[176]. Financial Position - As of December 31, 2021, the company's total liabilities to equity ratio was approximately 7.4%, a decrease from 21.6% on December 31, 2020[35]. - The company had cash and cash equivalents of approximately 14.6 million Singapore dollars as of December 31, 2021, with about 36.9% in Singapore dollars, 33.1% in Chinese yuan, and 30.0% in Hong Kong dollars[37]. - The company is in a net cash position with no bank borrowings as of December 31, 2021[138]. - The company maintains sufficient public float throughout the year as per listing rules[138]. Shareholder Communication - The company aims to ensure timely and comprehensive communication with shareholders and investors through various channels, including financial reports and shareholder meetings[99]. - The company has implemented measures to handle and disclose inside information in compliance with relevant regulations[94]. - The company has adopted a dividend policy allowing shareholders to share in profits, contingent on stable business conditions and no significant investments[143]. - The board retains discretion to update or cancel the dividend policy at any time, ensuring alignment with shareholder interests[143].

Financial Performance - Total revenue for the six months ended June 30, 2021, was SGD 9,646,384, a decrease of 30.5% compared to SGD 13,822,745 for the same period in 2020[7] - Gross profit for the same period was SGD 2,852,939, down 36.5% from SGD 4,491,760 in 2020[7] - The net profit after tax for the six months was SGD 737,081, a decline of 35.9% from SGD 1,147,900 in the previous year[7] - Operating cash flow for the six months ended June 30, 2021, was SGD 2,416,456, a decrease of 62.5% from SGD 6,427,451 in 2020[12] - The group recorded a profit before tax of SGD 737,081 for the six months ending June 30, 2021, compared to SGD 1,147,900 for the same period in 2020, reflecting a decrease of approximately 35.9%[26] - The group recorded a profit of approximately SGD 0.74 million in the first half of 2021, down from SGD 1.15 million in the same period of 2020, attributed to government support measures and stricter cost management[43] Assets and Liabilities - The company's total assets as of June 30, 2021, amounted to SGD 31,040,454, a slight decrease from SGD 32,446,928 at the end of 2020[8] - Current liabilities decreased to SGD 7,590,015 from SGD 13,166,527, indicating improved liquidity[8] - The company's net asset value increased to SGD 26,245,457 as of June 30, 2021, compared to SGD 25,490,425 at the end of 2020[9] - The group’s total liabilities decreased to SGD 5,217,590 as of June 30, 2021, from SGD 7,551,236 as of December 31, 2020, reflecting a reduction of about 30.8%[30] - The asset-liability ratio as of June 30, 2021, is approximately 8.1%, down from 21.6% as of December 31, 2020[55] Revenue Sources - The revenue from labor dispatch and related services fell by approximately 32.5%, from SGD 10.1 million in the first half of 2020 to SGD 6.8 million in the first half of 2021[36] - The revenue from dormitory services decreased from approximately SGD 3.0 million in the first half of 2020 to about SGD 2.2 million in the first half of 2021, primarily due to low occupancy rates[37] - The group’s total revenue for the six months ending June 30, 2021, was SGD 810,018, compared to SGD 690,510 in the same period of 2020, marking an increase of approximately 17.3%[22] Government Support - Government grants received amounted to SGD 813,012, a decrease of 35.5% compared to SGD 1,261,999 in 2020[20] - The group received government subsidies of SGD 672,779 and SGD 928,038 under the Employment Support Scheme for the periods ending June 30, 2021, and June 30, 2020, respectively, to support local employee retention during the COVID-19 pandemic[21] Employee Costs - Total employee costs decreased to SGD 5,806,283 for the six months ending June 30, 2021, from SGD 9,095,794 in the same period of 2020, a reduction of about 36.5%[23] - The total employee costs for the first half of 2021 were approximately SGD 4.1 million, compared to SGD 8.7 million in the same period of 2020[60] Cash Flow and Investments - The company reported a net cash inflow from investing activities of SGD 2,000,059, compared to a cash outflow of SGD 48,210 in the previous year[13] - The total cash and cash equivalents at the end of the period were SGD 20,087,768, down from SGD 26,688,155 in 2020[13] - The group's cash and cash equivalents as of June 30, 2021, are approximately SGD 20.1 million, with 31.1% in SGD and 67.5% in HKD[54] Corporate Governance - The company has adhered to the principles of the Corporate Governance Code as per the Listing Rules and has adopted all applicable code provisions as its own corporate governance code[76] - The Audit Committee has reviewed the unaudited interim results and has discussed with management, confirming that the financial information is prepared in accordance with applicable accounting standards and regulations[77] - There are no interests held by directors or controlling shareholders in any competing businesses that may conflict with the company's operations[75] Future Plans and Developments - The company plans to focus on market expansion and new product development in the upcoming quarters[1] - The management highlighted ongoing efforts in technology research and development to enhance service offerings[1] - The establishment of Shanghai Jin Hai Medical Technology Co., Ltd. with a registered capital of RMB 30 million aims to expand into the medical solutions industry, responding to the growing demand for quality medical services[33] Risk Management - The group faces cash flow interest rate risk due to floating interest rates on bank balances and fair value interest rate risk related to fixed-rate finance leases[61] - The group does not currently have an interest rate hedging policy but monitors interest rate risks and will consider hedging when necessary[62] - Credit risk is managed through established credit limits and approval processes, with significant reductions in credit risk noted by management[63] - The group maintains sufficient levels of cash and cash equivalents to manage liquidity risk and reduce cash flow volatility[64] - The group faces equity price risk from equity instruments designated at fair value through profit or loss, which is managed through portfolio diversification[65]

Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 13,822,745, a decrease of 45.5% compared to SGD 25,361,949 for the same period in 2019[9] - Gross profit for the same period was SGD 4,491,760, down 20.7% from SGD 5,662,004 in 2019[9] - Net profit for the period was SGD 1,147,900, representing a 65.5% increase from SGD 693,501 in the previous year[9] - Basic and diluted earnings per share increased to 0.09 cents from 0.06 cents year-on-year[9] - Revenue from labor dispatch and support services was SGD 10,116,687 in 2020, down from SGD 21,804,489 in 2019, reflecting a decline of 53.7%[19] - Total revenue from investment properties for the six months ended June 30, 2020, was SGD 3,019,792, up from SGD 2,768,876 in 2019, indicating a growth of approximately 9.0%[24] - The company reported a pre-tax profit of SGD 1,844,085 for the six months ended June 30, 2020, compared to SGD 762,727 in the same period of 2019, representing an increase of approximately 142.5%[24] - Basic and diluted earnings per share for the six months ended June 30, 2020, were SGD 0.09, compared to SGD 0.06 in 2019, marking a growth of 50%[28] Assets and Liabilities - Non-current assets as of June 30, 2020, totaled SGD 9,478,138, a decrease from SGD 12,557,501 as of December 31, 2019[10] - Current assets amounted to SGD 30,004,730, compared to SGD 30,087,077 at the end of 2019[10] - Total liabilities decreased to SGD 11,703,767 from SGD 13,354,240 year-on-year[11] - The company's net asset value increased to SGD 25,350,278 from SGD 24,202,378 as of December 31, 2019[11] - As of June 30, 2020, the company's current and non-current lease liabilities totaled approximately SGD 7.6 million, down from SGD 10.1 million as of December 31, 2019, due to lease liability repayments[52] - The company's debt-to-equity ratio as of June 30, 2020, was approximately 29.9%, a decrease from 41.7% as of December 31, 2019[52] Cash Flow - Total cash generated from operating activities reached SGD 6,427,451 for the six months ended June 30, 2020, compared to SGD 4,907,221 in the same period of 2019, an increase of 31%[13] - The total cash and cash equivalents at the end of the period increased to SGD 26,688,155 in 2020 from SGD 21,100,541 in 2019, marking a growth of 26.4%[14] - Cash used in investing activities was SGD (48,210) in 2020, a significant decrease from SGD 2,921,370 in 2019, indicating a shift in investment strategy[14] - Financing activities resulted in cash outflow of SGD (1,916,163) in 2020, down from SGD (2,601,354) in 2019, a reduction of 26.3%[14] Government Support and Grants - Government grants received amounted to SGD 1,261,999 for the six months ended June 30, 2020, compared to SGD 277,584 in the same period of 2019, reflecting a significant increase[21] - The company received SGD 928,038 under the COVID-19 support scheme, aimed at helping employers retain local employees during the pandemic[22] Employee Costs - Total employee costs decreased to SGD 9,095,794 for the six months ended June 30, 2020, from SGD 18,827,390 in 2019, reflecting a reduction of approximately 51.7%[24] - The total employee costs for the first half of 2020 were approximately SGD 8.7 million, compared to SGD 12.0 million for the same period in 2019[58] Strategic Focus - The company plans to focus on market expansion and new product development to drive future growth[9] - The company is actively seeking suitable acquisitions for dormitory services while maintaining a cautious approach to ensure shareholder value[39] - The company anticipates additional costs in the future to comply with government regulations regarding worker testing and safety measures[36] - The company continues to implement stricter cost management measures and defer capital expenditures to conserve cash during the pandemic[36] Compliance and Governance - The company has adopted all applicable new and revised International Financial Reporting Standards as of January 1, 2020, with no significant impact on accounting policies[17] - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[75] - The audit committee has reviewed the unaudited interim results and found them to be prepared in accordance with applicable accounting standards[76] Other Information - The company did not declare or pay any dividends for the six months ended June 30, 2020, consistent with the previous year[27] - The company has no significant contingent liabilities as of June 30, 2020[55] - There were no significant events affecting the group from June 30, 2020, to the date of this interim report[72] - The company has not adopted any share option schemes during the reporting period[69] - The company maintains cash and cash equivalents at a level deemed sufficient by management to meet operational needs and reduce cash flow volatility[62] - The company faces equity risk from financial assets and liabilities measured at fair value, and it diversifies its portfolio to manage this risk[63] - As of June 30, 2020, Mr. Chen holds 632,500,000 shares, representing approximately 51.42% of the company's equity[65]

Financial Performance - For the fiscal year 2019, the company reported a revenue increase of 9.4% to approximately SGD 51.9 million, driven by construction demand and increased hourly wages for foreign workers in the labor dispatch segment [16]. - The pre-tax profit significantly improved due to the growth in demand, despite the challenges posed by the US-China trade war and intense industry competition [16]. - The Singapore construction industry experienced a year-on-year growth of 2.6%, contrasting with the overall GDP growth of only 0.7% [16]. - The group recorded revenue of approximately SGD 51.9 million for the fiscal year 2019, an increase of about 9.4% compared to the previous year [20]. - Gross profit increased from approximately SGD 8.9 million in fiscal year 2018 to approximately SGD 12.4 million in fiscal year 2019, with a gross margin rising from about 18.7% to 23.8% [25]. - Revenue from labor dispatch and supporting services grew by approximately 8.3%, from about SGD 41.2 million in fiscal year 2018 to approximately SGD 44.7 million in fiscal year 2019 [23]. - The group recorded a loss of approximately SGD 0.69 million in FY2019, compared to a loss of SGD 3.54 million in FY2018, indicating an improvement in performance [31]. - Basic loss per share for FY2019 was 0.06 Singapore cents, down from 0.29 Singapore cents in FY2018, based on a weighted average of 1,230,000,000 shares [31]. COVID-19 Impact - The company is closely monitoring the impact of the COVID-19 pandemic, which has created significant uncertainty and disrupted supply chains, affecting several construction projects [17]. - The board is committed to keeping shareholders informed of any significant developments related to the pandemic's impact on business and financial performance [17]. - The group expects to face several adverse factors in 2020 due to the coronavirus outbreak, which may delay construction projects and affect labor demand [20]. - The board is closely monitoring the impact of the coronavirus outbreak on the group's operations and financial performance [20]. Operational Insights - The group anticipates total construction demand in Singapore for 2020 to be between SGD 28 billion and SGD 33 billion, with public sector demand expected to reach SGD 17.5 billion to SGD 20.5 billion [20]. - The group is actively seeking suitable acquisitions for dormitory services to capture more business opportunities [23]. - Administrative expenses increased by approximately SGD 0.4 million, mainly due to rental expenses for the Hong Kong office and costs related to a mandatory cash offer [27]. Debt and Financing - The group’s financing costs increased by approximately SGD 0.44 million due to the adoption of IFRS 16, resulting in lease liability interest expenses [30]. - As of December 31, 2019, the group’s total lease liabilities amounted to approximately SGD 10.1 million, a significant increase from SGD 0.3 million on December 31, 2018 [38]. - The group’s debt-to-equity ratio as of December 31, 2019, was approximately 41.7%, compared to 1.4% on December 31, 2018 [38]. - The net proceeds from the IPO were approximately HKD 82.6 million (equivalent to about SGD 14.1 million), with SGD 0.3 million allocated for the purchase of three new trucks [33]. Employee and Workforce - As of December 31, 2019, the group had 1,650 employees, a decrease from 1,720 employees as of December 31, 2018 [44]. - Employee costs for the fiscal year 2019 were approximately SGD 24.0 million, compared to SGD 23.7 million in fiscal year 2018 [44]. - The employee turnover rate for local employees was 38%, while the turnover rate for foreign workers was 31% as of December 31, 2019 [172]. - The company invested approximately SGD 16,181 in training for local employees and SGD 337,087 for foreign workers during the fiscal year 2019 [181]. Corporate Governance - The company is committed to fulfilling its responsibilities to shareholders and enhancing shareholder value through good corporate governance practices [65]. - The company adopted and complied with all applicable code provisions of the Corporate Governance Code during the year ended December 31, 2019, with some deviations disclosed [66]. - The board of directors consists of nine members, including three independent non-executive directors, meeting the requirement of at least one with appropriate professional qualifications in accounting or related financial management [69]. - The company has established a standard code of conduct for directors' securities transactions, ensuring compliance throughout the year [67]. - The company has established policies and procedures for risk management and internal control, which the board believes are adequate and effective in the current business environment [97]. Environmental and Social Responsibility - The company has established an environmental management system to address its carbon footprint and water conservation efforts [115]. - There were no reported violations of environmental laws and regulations during the fiscal year [115]. - The company made charitable donations totaling SGD 100,500 during the fiscal year, a decrease from SGD 144,300 in the previous fiscal year [113]. - The company has a zero-tolerance policy towards child labor and forced labor, ensuring no employees under the age of 18 are hired [182]. Risk Management - The company has engaged an external professional firm to conduct independent assessments of its risk management and internal control systems [97]. - The board is responsible for evaluating the nature and extent of risks acceptable to the company in achieving its strategic objectives [97]. - The company has implemented a gift and bribery policy to minimize the risks of fraud, corruption, and bribery [193]. Supplier and Procurement - The top five suppliers accounted for approximately 63.5% of total procurement in the fiscal year 2019, up from 59.3% in 2018 [142]. - The largest supplier accounted for 25.4% of total procurement in fiscal year 2019, compared to 22.2% in 2018 [142]. - The company evaluates and monitors suppliers annually to manage environmental and social risks [183]. Audit and Compliance - The total remuneration for auditors Foo Kon Tan LLP (FKT) for the year includes S$175,000 for audit services and S$20,000 for non-audit services, totaling S$195,000 [94]. - The company has not reported any significant violations of employment laws that would impact its operations during the year [175]. - The company has not discovered any serious violations of bribery, extortion, fraud, and money laundering laws that significantly impact its operations during the year [193].