Financial Performance - Revenue for the first half of 2022 reached SGD 90.528 million, a 40% increase compared to SGD 64.727 million in the first half of 2021[9] - Net profit after tax for the first half of 2022 was SGD 35.073 million, representing a significant increase of 286% from SGD 9.098 million in the same period of 2021[9] - Core operating profit for the first half of 2022 was SGD 32.392 million, up 35% from SGD 23.957 million in the first half of 2021[12] - The gross profit increased by 40% to SGD 60.9 million, consistent with revenue growth[18] - The total profit for the six months ended June 30, 2022, was SGD 35,073,000, a significant increase of 285.5% compared to SGD 9,098,000 in 2021[88] - Basic earnings per share for the first half of 2022 were SGD 3.91, compared to SGD 1.04 in the same period of 2021[88] - The company reported a net fair value gain of SGD 9,541,000 on investment properties, compared to a loss of SGD 14,492,000 in the previous year[88] - The company reported a net profit attributable to equity holders for the six months ended June 30, 2022, was 32,898,000 SGD, a significant increase from 8,735,000 SGD in 2021, representing a growth of 276%[131] Equity and Debt Management - Total equity as of June 30, 2022, was SGD 688.594 million, compared to SGD 677.319 million as of December 31, 2021[10] - The net debt-to-equity ratio improved to 46% as of June 30, 2022, down from 47% at the end of 2021[10] - Total borrowings decreased from SGD 727.7 million as of December 31, 2021, to SGD 690.6 million as of June 30, 2022[32] - The total liabilities decreased to 863,598 thousand SGD as of June 30, 2022, down from 905,395 thousand SGD at the end of 2021, showing a reduction of approximately 4.6%[96] - The company’s borrowings totaled 690,599 thousand SGD as of June 30, 2022, compared to 727,690 thousand SGD at the end of 2021, showing a reduction in debt levels[196] Cash Flow and Investments - The group generated a positive cash flow of SGD 44.9 million from operating activities in the first half of 2022[36] - Cash and bank balances decreased by SGD 6.9 million to SGD 60.6 million due to loan repayments and dividend payments[27] - The net cash used in investing activities was SGD 0.7 million, primarily due to the acquisition of investment properties[37] - The company reported a net decrease in cash and cash equivalents of SGD 7,394 thousand, compared to a decrease of SGD 4,563 thousand in the prior year[123] - The company incurred capital expenditures of SGD 1,607,000 in the fiscal year 2022, down from SGD 21,134,000 in the fiscal year 2021[143] Dividend and Shareholder Returns - The company declared an interim dividend of 0.50 cents per share for the first half of 2022, compared to no dividend in the first half of 2021[9] - The company declared an interim dividend of SGD 0.005 per share for the first half of 2022, totaling SGD 4,204,000, compared to zero in the first half of 2021[77] - The company paid dividends related to 2021 amounting to 4,213 thousand SGD during the period, impacting the overall equity[99] Operational Performance - Financial occupancy rate for Singapore's purpose-built dormitories improved from 82% in the first half of 2021 to 96% in the first half of 2022[17] - The average occupancy rate of the group's nine purpose-built worker dormitories in Singapore increased to 97% in the first half of 2022, up from 82% in the same period of 2021[42] - The average occupancy rate of the purpose-built worker dormitory portfolio in Malaysia was 70% in the first half of 2022, down from 80% in the same period of 2021[45] - The average financial occupancy rate of the group's purpose-built student accommodation in the UK rose to 90% in the first half of 2022, compared to 66% in the same period of 2021[48] - In Australia, the average occupancy rate of the group's assets increased to 58% in the first half of 2022, up from 27% in the same period of 2021[49] Strategic Initiatives - The company plans to continue focusing on core business operations to enhance profitability and shareholder value[12] - Future strategies include potential market expansion and investment in new technologies to drive growth[12] - The company is strategically reviewing its portfolio of professional apartments to rationalize its asset mix, enhance capital circulation, and increase shareholder value[52] - The company aims to seek strategic global expansion opportunities through investments in synergistic assets and businesses to deliver sustained long-term value to shareholders[52] Corporate Governance - The company has complied with the applicable provisions of the 2018 Singapore Code of Corporate Governance and the Hong Kong Corporate Governance Code during the first half of 2022[74] - The company’s audit committee consists of three independent non-executive directors, ensuring oversight of the financial reporting process[73] - The company has adopted best practices for securities trading by its directors and senior officers, confirming compliance during the first half of 2022[75] Employment and Workforce - As of June 30, 2022, the company had 561 employees, an increase from 532 employees in the same period of 2021, with total employee benefits expenditure amounting to approximately SGD 17,810,000, up from SGD 12,144,000 in the first half of 2021[67] - The total remuneration for key management personnel was 3,221,000 SGD for the first half of 2022, an increase from 2,172,000 SGD in the same period of 2021[189]

Business Operations and Growth - The company operates a total of 36 assets across 17 cities in 6 countries, providing approximately 79,713 bed spaces[16] - The company expanded its portfolio from a single worker dormitory asset with 5,300 beds in Singapore to 36 managed dormitory assets, totaling over 79,700 beds across 17 cities in 6 countries[36] - The company completed the renovation of one of the two dormitories in Johor Bahru, Malaysia, adding approximately 420 bed spaces[27] - The company opened its third rapid-build dormitory in Singapore, which includes approximately 3,420 bed spaces[27] - The company has launched four rapid-build dormitories in Singapore, totaling approximately 628 bed spaces[27] - The company completed the construction of 2,000 new bed spaces in Johor Bahru, Malaysia, to comply with local labor department requirements[27] - The company completed asset enhancement works in the UK, renovating several rooms in the Manchester student villages to improve occupancy rates and revenue for the upcoming academic year[27] - The company added over 15,000 beds to its revenue-generating capacity since Q4 2020[55] - The company has strategically expanded its asset portfolio across six key markets: Singapore, Malaysia, Australia, the UK, the US, and South Korea, focusing on purpose-built worker dormitories and student accommodation[114] Financial Performance - Annual revenue from the dormitory business increased over 10 times, from SGD 13.0 million in 2011 to SGD 141.5 million in 2021[36] - The company reported a strong performance in FY2021, concluding a decade of stable growth despite unprecedented challenges[36] - Revenue for the fiscal year 2021 was SGD 143.0 million, an increase of 11% from SGD 128.4 million in 2020[161] - Gross profit for the fiscal year 2021 was SGD 94.3 million, up 5% from SGD 89.6 million in 2020[161] - Core profit (non-IFRS) for the fiscal year 2021 reached SGD 46.5 million, a 13% increase from SGD 41.3 million in 2020[161] - Net profit attributable to equity holders surged by 207% from 17.2 million SGD in 2020 to 52.7 million SGD in 2021[178] - The contribution from the worker dormitory business increased by five percentage points in total revenue for the fiscal year 2021[179] Occupancy and Market Conditions - The financial occupancy rate for the Singapore worker dormitory was 85%, a decrease of 9 percentage points from the previous fiscal year, while Australia’s occupancy rate was 26%, down 28 percentage points[50] - The occupancy rates in the UK and Korea's student apartments significantly recovered, increasing by 16 percentage points to 82% and 23 percentage points to 78%, respectively[50] - The financial occupancy rate for Singapore's purpose-built dormitories decreased by 9 percentage points to 85% due to COVID-19 travel restrictions[180] - The company is optimistic about further improvements in occupancy rates as global travel and social restrictions are gradually lifted[52] Strategic Initiatives and Innovations - The company has a clear growth strategy focused on strategic acquisitions through joint ventures and investment funds, enhancing its portfolio of specialized accommodation[17] - The company emphasizes innovation and efficiency in its operations to maintain a competitive edge in the market[14] - The company established a digital response strategy to ensure the safety and well-being of residents during travel and social restrictions[39] - The company is committed to enhancing its operational systems and space management in response to the new post-pandemic landscape[39] - The company launched the "De You Dormitory Brand" to strengthen its student accommodation offerings[32] - The company is investing in new technology development, allocating E million towards R&D initiatives aimed at innovation and efficiency[71] - A new sustainability strategy has been implemented, aiming to reduce operational costs by I% while enhancing corporate responsibility[71] Management and Governance - The company appointed Mr. Luo Jinghui as Executive Director and Co-Chairman on March 1, 2021, transitioning from a non-executive role[87] - Mr. Jiang Zhiming has been the CEO since August 2011, overseeing overall management and execution of business strategies[88] - The company has a diverse management team with extensive experience in various sectors, enhancing its operational capabilities[100] - The company has a commitment to sustainable development and corporate governance, as outlined in its annual report[92] - The company continues to focus on strategic growth and expansion in the dormitory and related sectors[90] Future Outlook and Guidance - The company provided guidance for the next fiscal year, projecting revenue growth of B% and an expected EBITDA margin of C%[71] - Market expansion plans include entering F new regions, which are expected to increase market share by G% over the next two years[67] - The company is considering strategic acquisitions to bolster its portfolio, with potential targets identified in the H sector[71] - The management team emphasized the importance of adapting to market trends and consumer demands to ensure long-term growth and stability[65]