Financial Performance - The group's unaudited revenue decreased by 18.8% to approximately SGD 2.9 million for the nine months ended September 30, 2022, down from approximately SGD 3.6 million in the same period last year[10] - The group recorded a net loss of approximately SGD 1 million for the nine months ended September 30, 2022, compared to a net profit of approximately SGD 6.8 million in the same period last year, representing a turnaround of approximately 114.8%[10] - Basic and diluted loss per share was approximately 0.05 Singapore cents, compared to a profit of 0.34 Singapore cents in the previous year[10] - The company reported a total comprehensive loss attributable to owners of the company of SGD (733) thousand for the nine months ended September 30, 2022, compared to a profit of SGD 7,908 thousand in the same period last year[16] - The company experienced a significant increase in losses, with a total loss of SGD (1,002) thousand for the nine months ended September 30, 2022, compared to a loss of SGD 6,769 thousand in the same period last year[16] - The company reported a comprehensive loss of SGD (1,275) thousand for the nine months ended September 30, 2022, compared to a comprehensive loss of SGD 6,299 thousand in the previous year[22] - The company recorded a pre-tax loss of SGD 469,000 for the three months ended September 30, 2022, compared to a profit of SGD 7,931,000 for the same period in 2021[64] - For the nine months ended September 30, 2022, the company reported a loss attributable to owners of SGD 1,002,000 compared to a profit of SGD 6,769,000 for the same period in 2021, representing a significant decline[64] Revenue Breakdown - Total revenue for the nine months ended September 30, 2022, was SGD 2,949,000, a decrease from SGD 3,634,000 in the same period of 2021, representing a decline of approximately 18.9%[49] - Revenue from Singapore for the nine months was SGD 2,503,000, down from SGD 3,445,000 in the previous year, indicating a decrease of about 27.4%[47] - The investment management segment generated SGD 1,071,000 in fund management fees for the nine months, an increase from SGD 738,000 in the same period last year, reflecting a growth of approximately 45%[55] - The acquisition and project management services reported revenue of SGD 1,294,000 for the nine months, compared to SGD 1,977,000 in the previous year, showing a decline of about 34.6%[55] - Property management and leasing management fees totaled SGD 29,000 for the nine months, consistent with the previous year, indicating stable performance in this segment[55] - The revenue from external clients in Australia increased to SGD 87,000 for the nine months, up from SGD 57,000 in the previous year, marking a growth of approximately 52.6%[47] Costs and Expenses - Total employee costs decreased by 10.1% to approximately SGD 3 million, with the number of employees slightly reduced from 34 to 33[10] - Project management and acquisition costs increased from approximately SGD 380,000 in the previous period to approximately SGD 1.2 million in the review period[10] - The company incurred professional fees of SGD 247,000 for the nine months ended September 30, 2022, an increase from SGD 145,000 in the same period of 2021[59] - Other expenses, net increased by approximately SGD 117,000 or 9.6% from about SGD 1,200,000 to approximately SGD 1,300,000[107] Dividends and Shareholder Information - The group did not declare any dividends for the nine months ended September 30, 2022, consistent with the previous year[10] - The company has not issued any options under the share option plan as of September 30, 2022[115] - Mr. Yao and Ms. Shen hold 51% and 49% of the issued share capital of ZACD Investments, respectively[135] - As of September 30, 2022, Mr. Yao and Ms. Shen are deemed to have interests in all shares held by ZACD Investments, totaling 1,298,600,000 shares, representing 64.93% of the issued share capital[144] Operational Focus and Strategy - The company continues to focus on investment management services, including special purpose entity investment management and fund management, as part of its core operations[29] - The group continues to streamline existing operations to focus on core revenue streams and is actively seeking growth opportunities in attractive assets and underperforming assets with redevelopment potential, particularly in Singapore and nearby regions[119] - The group is focused on creating a pipeline of acquisition assets for its investment management, acquisition, and project management businesses[119] - The company is actively managing its investments through special purpose entities to provide investment management services to real estate project investors[36] - The group acknowledges the competitive nature of the real estate industry in Singapore but believes it can leverage its local expertise to capture growth opportunities[119] Legal and Compliance - The company has not made any provisions for contingent liabilities as of September 30, 2022, after external lawyers found no evidence of negligence or fraud by the company's management[78] - The audit committee consists of three independent non-executive directors and has reviewed the financial performance for the nine months ending September 30, 2022[152] - The company has complied with the required trading standards and codes of conduct for directors since the listing date[143] Future Outlook - The group is closely monitoring the long-term impacts of the COVID-19 pandemic, rising interest rates, and inflation on its performance and will adjust its operational and business strategies as necessary[119] - The group sees growth potential in the family office sector, particularly in Southeast Asia, through partnerships with public and private sectors[122] - The company is currently executing nine corporate advisory mandates, including investment advisory services for a family office with assets of approximately USD 100 million[83]

Revenue and Income - The group's revenue increased by approximately 7.2%, from SGD 1.9 million in the previous period to SGD 2.0 million in the current period[10] - Other income and gains rose from SGD 399,000 to SGD 596,000, an increase of approximately 49.4%[10] - Revenue for the six months ended June 30, 2022, was SGD 1,988 million, an increase from SGD 1,855 million in the same period of 2021, representing a growth of approximately 7.2%[4] - Total revenue for the six months ended June 30, 2022, was SGD 1,988,000, representing an increase from SGD 1,855,000 in the same period of 2021[86] - Investment management fees contributed SGD 1,247 million, while property management and leasing fees accounted for SGD 19 million, indicating a strong performance in investment management[86] - Other income and gains totaled SGD 596 million, up from SGD 399 million year-over-year, reflecting a growth of approximately 49.5%[86] Financial Performance - The group recorded a net loss of approximately SGD 533,000, an improvement of approximately 54.1% compared to a net loss of SGD 1.2 million in the previous period[10] - Basic and diluted loss per share was approximately SGD 0.03, compared to SGD 0.06 in the previous period[10] - The company reported a loss of SGD 533 million for the period, an improvement compared to a loss of SGD 1,162 million in the prior year, indicating a reduction in losses by about 54.1%[4] - Total comprehensive loss attributable to owners for the period was SGD 542 million, down from SGD 1,609 million in the previous year, reflecting a decrease of approximately 66.3%[4] - The group reported a pre-tax loss of SGD 533 million for the six months ended June 30, 2022, compared to a loss of SGD 1,162 million in the same period of 2021, showing an improvement in financial performance[93] Assets and Liabilities - Trade receivables increased significantly to SGD 4,249 million from SGD 3,246 million, marking a rise of about 30.9%[4] - Cash and cash equivalents stood at SGD 11,269 million, up from SGD 7,647 million, indicating a substantial increase of approximately 47.5%[4] - Non-current assets decreased slightly to SGD 2,481 million from SGD 2,501 million, a decline of about 0.8%[4] - The company's equity totalled SGD 23,188 million, down from SGD 23,730 million, representing a decrease of approximately 2.3%[4] - Total assets as of June 30, 2022, amounted to SGD 19,665,000, with total liabilities of SGD 4,683,000[69] Cash Flow - Operating cash flow before changes in working capital was a negative SGD 560,000, an improvement from negative SGD 879,000 year-over-year[38] - The net cash used in operating activities was SGD 1,567,000, compared to SGD 963,000 in the previous period, reflecting increased operational expenditures[38] - Cash flow from investing activities showed a net inflow of SGD 3,814,000, a significant recovery from a net outflow of SGD 6,474,000 in the prior period[41] - The net increase in cash and cash equivalents was SGD 1,762,000, with a closing balance of SGD 7,647,000 compared to SGD 4,980,000 in the previous period[41] Trade Receivables and Impairments - Trade receivables, net of impairment, increased to SGD 4,249 million as of June 30, 2022, compared to SGD 3,246 million as of December 31, 2021[102] - The impairment provision for trade receivables rose to SGD 508 million as of June 30, 2022, from SGD 331 million at the end of the previous year, indicating increased caution in receivables management[105] - The aging analysis of trade receivables shows that overdue amounts over three months were SGD 2,663,000, a decrease of 4.7% from SGD 2,795,000 in the previous period[108] - The company believes that no impairment provision is necessary for overdue trade receivables due to the good credit quality of its customers[111] Capital Expenditure and Investments - The company’s capital expenditure for the period was SGD 48,000, reflecting investments in property and equipment[74] - The company provided a transitional loan of SGD 5,000,000 to ZACD Mount Emily Residential Development Fund, with a 6% annual interest rate[130] - The company entered into a transitional loan agreement of SGD 18 million with ZACD LV Development Fund on February 1, 2022, also at an interest rate of 6% per annum[138] Related Party Transactions and Guarantees - The group reported significant related party transactions, including acquisition and project management fees of SGD 1,207,000 for Mandai 7 JV Pte. Ltd. and ZACD LV Development Pte. Ltd.[172] - The group provided a financial guarantee totaling SGD 129,086,250 to support the La Ville Development project, representing 75.0% of the total liabilities under the financing agreement[182] - A guarantee of SGD 150,744,796 was provided for the Landmark Development project, which is 39.2% of the total liabilities under the financing agreement[188] Strategic Initiatives - The company continues to provide investment management services through special purpose entities, focusing on real estate projects[50] - The company is actively involved in fund management, aiming to maximize internal rates of return for its investors[53] - The company plans to continue expanding its property management and leasing services to enhance revenue streams[60] - The company is actively involved in the redevelopment of residential projects in Singapore, including the La Ville project[137]

Financial Performance - The group's unaudited revenue decreased by 53.7% to approximately SGD 461,000 for the three months ended March 31, 2022, compared to SGD 995,000 for the same period in 2021[11]. - The net loss for the review period increased by 78.8% to approximately SGD 760,000, compared to a net loss of SGD 425,000 in the previous period[11]. - Basic and diluted loss per share for the review period was approximately 0.04 Singapore cents, compared to a loss of 0.02 Singapore cents in the previous period[11]. - Total comprehensive income for the three months ended March 31, 2022, was a loss of SGD 760,000 compared to a loss of SGD 723,000 for the same period in 2021, indicating a slight increase in losses[17]. - The total comprehensive loss attributable to equity holders for the three months ended March 31, 2022, was SGD 683,000, compared to a loss of SGD 425,000 in the previous year, reflecting a 60.6% increase in losses[17]. - The company reported a pre-tax loss of SGD 760,000 for the three months ended March 31, 2022, compared to a loss of SGD 425,000 in the same period last year[53]. - Total revenue for the three months ended March 31, 2022, was SGD 461,000, compared to SGD 995,000 for the same period in 2021, representing a decrease of 53.7%[46]. - The investment management segment's unreviewed revenue decreased from approximately SGD 475,000 to approximately SGD 169,000, a reduction of approximately SGD 306,000 or 64.4%[69]. - Fund management revenue increased by approximately SGD 80,000 or 42.1% from approximately SGD 190,000 to approximately SGD 270,000, attributed to services provided to family office clients[71]. - Project management revenue decreased by approximately SGD 205,000 or 94.5% from approximately SGD 217,000 to approximately SGD 12,000, primarily due to reduced project management fees[72]. Employee and Operational Costs - Total employee costs reduced by 19.1% from approximately SGD 1.2 million to SGD 997,000, with the number of employees decreasing from 50 to 32[11]. - The company continues to simplify operations to control costs in response to the COVID-19 pandemic[11]. - Other expenses increased by approximately SGD 40,000 or 11.9% from approximately SGD 335,000 to approximately SGD 375,000, mainly due to short-term rental costs for the Singapore office[82]. Dividends and Shareholder Information - The group did not declare any dividends for the three months ended March 31, 2022, consistent with the previous period[11]. - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2022[132]. - Mr. Yao and Ms. Shen hold 51% and 49% of the issued share capital of ZACD Investments, respectively[122]. - ZACD Investments provided a convertible loan of SGD 300,000 to ZACD (Neew2) Pte. Ltd., convertible into up to 7.00% of the enlarged issued share capital[122]. - ZACD Investments provided a convertible loan of SGD 3,830,000 to ZACD (Jurong) Pte. Ltd., convertible into up to 17.10% of the enlarged issued share capital[123]. - As of March 31, 2022, Mr. Yao and Ms. Shen are deemed to have interests in all shares held by ZACD Investments in ZACD Development Sdn. Bhd.[124]. - Mr. Yao and Ms. Shen are recognized as having a controlling interest in ZACD Investments, which holds 1,298,600,000 shares, representing 64.93% of the total issued share capital[128]. - Rachman Sastra holds 175,350,000 shares, representing 8.77% of the total issued share capital[128]. - Harmonious Tidings Limited holds 125,600,000 shares, representing 6.28% of the total issued share capital[128]. Impairments and Losses - The group recognized a financial advisory fee impairment loss of approximately SGD 177,000 during the review period[11]. - The group recorded an impairment loss of approximately SGD 177,000 related to trade receivables from financial advisory fees[81]. - The company experienced a foreign exchange loss of SGD 26,000 related to overseas operations during the reporting period[17]. - Fair value changes in equity securities investments resulted in a loss of SGD 232,000 for the three months ended March 31, 2022[17]. Future Outlook and Strategic Initiatives - The group aims to enhance operational efficiency and explore new market opportunities moving forward[11]. - The company is focused on expanding its investment structures, which include 29 private equity and fund structures across 28 real estate projects in Singapore, Malaysia, Indonesia, and Australia[57]. - The company aims to streamline existing operations to focus on core revenue sources and will continue to identify growth opportunities in Singapore and surrounding areas[100]. - The local real estate development opportunities in Singapore are expected to rise post-COVID-19 pandemic, leveraging the company's local expertise[100]. - The company observes growth prospects in the family office management sector, particularly in Southeast Asia, as Singapore strengthens its family office ecosystem[100]. - The collective sale of La Ville, a freehold residential development in Tanjong Rhu, is on track for completion by the end of June 2022[103]. - A new development fund is being established to participate in a new executive condominium project in Bukit Batok West, which is expected to attract first-time homebuyers and government housing upgrade seekers[103]. - The performance of Foodfab@Mandai, a freehold industrial project acquired by Mandai Fund, has been strong since its launch in March 2021, with continued optimism for 2022 due to robust demand for food factories and food delivery services[103]. Governance and Management - The audit committee consists of three independent non-executive directors and has reviewed the group's performance for the first quarter ended March 31, 2022[136]. - The board of directors includes five executive directors and three independent non-executive directors as of the report date[137].

Financial Performance - The group's operating income increased by 5.1% to SGD 11.6 million in the fiscal year 2021, compared to SGD 11 million in 2020, primarily due to improved performance fees from the investment management segment[14]. - The company reported a revenue of approximately SGD 5.596 million for the fiscal year ending December 31, 2021, representing a 5.1% increase from SGD 5.325 million in 2020[39]. - The net profit for the year was approximately SGD 7.461 million, a significant turnaround from a net loss of SGD 20.263 million in 2020, marking an improvement of approximately SGD 27.7 million or 136.8%[44]. - Investment management service revenue increased from approximately SGD 0.580 million in 2020 to SGD 0.896 million in 2021, a rise of about 54.5%[54]. - Fund management revenue surged from approximately SGD 1.20 million in 2020 to SGD 2.60 million in 2021, a significant increase of approximately SGD 1.40 million or 112.8%[55]. - Revenue from acquisition and project management services increased from approximately SGD 1.3 million in 2020 to about SGD 2.0 million in 2021, representing an increase of approximately SGD 670,000 or 50.6%[56]. - Revenue from property management and leasing services decreased from approximately SGD 1.4 million in 2020 to about SGD 39,000 in 2021, indicating a decrease of approximately SGD 1.4 million or 97.3%[57]. - Revenue from financial advisory services decreased from approximately SGD 783,000 in 2020 to about SGD 104,000 in 2021, representing a decrease of approximately SGD 679,000 or 86.7%[59]. - Other income and gains decreased from approximately SGD 1.4 million in 2020 to about SGD 911,000 in 2021, a reduction of approximately SGD 466,000 or 33.8%[60]. Asset Management and Client Base - As of December 31, 2021, the group managed assets exceeding SGD 432 million, representing a year-on-year increase of 3.3%[21]. - The group has over 334 clients, with repeat transaction clients accounting for approximately 35% of the client base, indicating strong customer loyalty and trust[21]. - The company managed assets worth approximately USD 100 million for family offices, providing investment advisory services[43]. - The total assets as of December 31, 2021, amounted to SGD 28.331 million, with total liabilities of SGD 4.586 million, resulting in a net asset value of SGD 23.730 million[40]. Cost Management and Operational Efficiency - Employee costs decreased by 37.5% from SGD 6.8 million in 2020 to SGD 4.2 million in 2021, while other expenses reduced by 43.2% from SGD 3 million to SGD 1.7 million[14]. - The company reduced its operating expenses by approximately SGD 2.5 million, primarily due to a decrease in employee numbers[46]. - The group continues to focus on expanding its investment management and acquisition project management divisions while maintaining a cautious approach to business expansion[61]. - The group will continue to strengthen its cost control measures to mitigate the adverse effects of the pandemic and will monitor the situation for necessary operational and business strategy adjustments[84]. Market Trends and Strategic Focus - The private residential property prices in Singapore increased by 10.6% in 2021 compared to 2020, with a 5.0% rise in the fourth quarter alone[14]. - The group anticipates a slowdown in private residential price growth to around 3% in the following year due to new cooling measures implemented by the Singapore government[14]. - The Singapore economy grew by 7.2% for the full year 2021, with a 5.9% growth in the fourth quarter[80]. - The company aims to focus on high-profit projects that can quickly turn profitable in the Singapore real estate market[26]. - The company is shifting its focus from residential and industrial projects to government and international projects for better profitability[28]. - The group plans to expand its business footprint in the Asia-Pacific region, focusing on acquiring yield-generating assets in Australia due to favorable currency exchange rates[12]. Family Office and ESG Initiatives - The number of family offices in Singapore doubled to 400 in 2021 compared to the previous year[31]. - The company is leveraging its expertise in capital markets to expand its family office business, anticipating significant growth in the coming years[27]. - The company is expanding its family office management division, particularly in developing family offices in Southeast Asia[84]. - The company reported a strict adherence to ESG-related goals and maintained high standards in 2021[112]. - The board emphasized the integration of sustainability issues into strategic planning, identifying significant ESG factors relevant to organizational needs[110]. - The company aims to reduce greenhouse gas emissions by 5% from the 2020 baseline by the end of 2023 through energy-saving measures[124]. Employee Engagement and Workplace Culture - The company has implemented flexible work arrangements to improve employee satisfaction and productivity[139]. - The company emphasizes employee engagement through various initiatives, including annual town hall meetings[145]. - The HR department aims to digitize HR practices and utilize online payroll management platforms to reduce processing time[142]. - The company plans to introduce new retention methods and expand existing ones in 2022, focusing on attractive benefits to enhance employer branding[142]. - No complaints regarding discriminatory practices were reported during the reporting period, reflecting the company's commitment to diversity and inclusion[138]. Corporate Governance and Compliance - The board believes that the financial statements fairly reflect the group's financial position as of December 31, 2021[179]. - The company has a procurement policy requiring management approval for vendor selection and contract awards, ensuring compliance with budgetary constraints[167]. - The company emphasizes integrity in all business transactions and has policies in place to prevent fraud and corruption[173]. - The company adheres to local employment laws and international labor principles, ensuring no incidents of human rights violations or forced labor occurred during the reporting period[163].

Za ZACD GROUP LTD. | --- | --- | --- | |---------------------------------------------|-------|---------------| | | | | | | | | | 杰地集團有限公司* | | | | (於新加坡註冊成立的有限公司) 股份代號：8313 | | | | | | | | | | | | | | | | | | | | | | | | | | 1891 度 택문 | ally 啥 *僅供識別 香港聯合交易所有限公司（「聯交所」）GEM特色 GEM乃為較其他於聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市市 場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出 投資決定。 由於GEM上市公司普遍為中小型公司，於GEM買賣的證券可能會較於主板買賣的證券 承受較大的市場波動風險，同時無法保證於GEM買賣的證券會有高流通市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示不會就因本報告全部或任何部分內容而產生或因倚賴 該等內 ...

Revenue Performance - The company's unaudited revenue decreased by approximately 54.6%, from SGD 4.1 million in the previous period to SGD 1.9 million in the current period[11] - Revenue for the six months ended June 30, 2021, was SGD 1,855,000, down 54.6% from SGD 4,090,000 in the same period of 2020[18] - Total revenue for the six months ended June 30, 2021, was SGD 1,855,000, a decrease of 54.5% compared to SGD 4,090,000 for the same period in 2020[76] - Revenue from external customers in Singapore was SGD 1,688,000, a significant decrease from SGD 3,668,000 in the prior year, indicating a decline of approximately 54.0%[69] - The property management and leasing management segment generated revenue of SGD 19,000, while the financial advisory segment reported a loss of SGD 597,000[58] - The company’s investment management segment reported revenue of SGD 765,000, while the fund management segment generated SGD 543,000[58] Loss and Financial Performance - The net loss for the current period was approximately SGD 1.2 million, an improvement of about SGD 6.7 million or 85.4% compared to a net loss of SGD 7.9 million in the previous period[11] - Basic and diluted loss per share for the current period was approximately 0.06 Singapore cents, compared to a loss of 0.40 Singapore cents in the previous period[11] - The company reported a loss attributable to owners of SGD 1,162,000 for the six months ended June 30, 2021, compared to a loss of SGD 7,939,000 in the same period of 2020, representing a significant improvement[17] - The pre-tax loss for the period was SGD 1,162,000, a decrease of 85.3% from SGD 7,932,000 in the prior year[18] - Total comprehensive loss attributable to owners was SGD 1,609,000, down from SGD 8,520,000, indicating an 81.1% improvement[21] - The group reported a pre-tax loss of SGD 1,162,000 for the six months ended June 30, 2021, compared to a loss of SGD 7,939,000 in the same period of 2020[84] Employee Costs - Total employee costs reduced from approximately SGD 3.8 million in the previous period to about SGD 2.3 million, a decrease of approximately SGD 1.5 million or 40.6%[11] - The company incurred employee costs of SGD 2,286,000, a reduction of 40.5% compared to SGD 3,847,000 in the previous year[18] - The company experienced a reduction in employee costs by approximately SGD 1.5 million during the review period[196] Assets and Liabilities - Non-current assets totaled SGD 3,241,000 as of June 30, 2021, compared to SGD 2,103,000 at the end of 2020, reflecting a growth of 54.1%[24] - Current assets decreased to SGD 16,424,000 from SGD 19,497,000, a decline of 15.9%[24] - The company's total equity as of June 30, 2021, was SGD 14,982,000, down from SGD 16,591,000 at the end of 2020, representing a decrease of 9.7%[27] - The company reported a significant reduction in total liabilities, with non-current liabilities decreasing to SGD 2,468,000 from SGD 2,854,000, a decline of 13.5%[27] - Total assets as of June 30, 2021, amounted to SGD 19,665,000, with total liabilities of SGD 4,683,000[58] Cash Flow and Investments - Operating cash flow before changes in working capital was negative SGD 879,000, an improvement from negative SGD 1,518,000 in the previous year[35] - The net cash used in investing activities was SGD 6,474,000, slightly higher than SGD 6,252,000 in the prior period, reflecting ongoing investment commitments[38] - The company experienced a net decrease in cash and cash equivalents of SGD 7,679,000, compared to a decrease of SGD 5,211,000 in the same period last year[38] - The total cash and cash equivalents at the end of the period stood at SGD 4,980,000, down from SGD 13,093,000 at the end of June 2020[38] Financial Guarantees and Loans - The company provided a financial guarantee amounting to SGD 28,985,400 to support the Mandai Development project, representing 60.0% of the total liabilities under the financing agreement[145] - A financial guarantee of SGD 150,744,796 was established for the Landmark Development project, accounting for 39.2% of the total liabilities under the financing agreement[146] - The company issued a guarantee of SGD 38,015,040 for the BBW6 Development project, which corresponds to 12.0% of the total liabilities under the financing agreement[148] - A refinancing loan of SGD 125,000,000 was granted for the BBW6 Development project, with SGD 55,000,000 allocated to refinance existing loans and SGD 70,000,000 for shareholder loans[149] Investment Management and Services - The company operates through several business units, including investment management and fund management, focusing on real estate projects[46] - The company provides investment management services through special purpose entities, allowing investors to participate in real estate development projects[47] - The company is responsible for creating investment funds and managing fund portfolios, actively seeking real estate transactions to maximize internal rates of return[49] - The total investment management income for the six months ended June 30, 2021, was SGD 548,000, compared to SGD 410,000 for the same period in 2020, reflecting a year-on-year increase[135] Trade Receivables and Impairments - As of June 30, 2021, trade receivables amounted to SGD 8.827 million, with a provision for impairment of SGD 3.969 million[94] - The aging analysis of trade receivables shows SGD 3.167 million overdue for more than three months as of June 30, 2021[99] - The provision for impairment increased from SGD 3.867 million as of December 31, 2020, to SGD 3.969 million as of June 30, 2021[94] - The company confirmed a provision for impairment losses of approximately SGD 134,000 related to receivables from financial advisory fees during the review period[196] Dividends - The company did not recommend any dividend payment for the current period, consistent with the previous period[11] - No dividends were declared or recommended for the six months ended June 30, 2021, consistent with the previous year[85]

Financial Performance - The group's unaudited revenue for the three months ended March 31, 2021, decreased by 65.1% or approximately SGD 1.9 million to approximately SGD 995,000 compared to the same period last year[10]. - The group recorded a net loss of approximately SGD 425,000 for the current period, an increase of approximately SGD 370,000 or 672.7% compared to a net loss of SGD 55,000 in the previous period[10]. - Basic and diluted loss per share for the current period was approximately SGD 0.02, compared to a loss of SGD 0.003 in the same period last year[10]. - For the three months ended March 31, 2021, the company reported a total comprehensive loss of SGD 729,000, which includes a loss of SGD 55,000 from the period[17]. - The company’s revenue for the same period was SGD 1,237,000, a decrease of approximately 46.0% compared to SGD 2,297,000 in the same period of 2020[17]. - The company reported a pre-tax loss of SGD 326,000 for the three months ended March 31, 2021, compared to a loss of SGD 410,000 in the same period of 2020, showing an improvement of 20.5%[48]. - The group recorded a net loss of approximately SGD 425,000 for the three months ended March 31, 2021, compared to a net loss of approximately SGD 55,000 for the same period last year, representing an increase in net loss of approximately SGD 370,000 or 672.7%[60]. Revenue Breakdown - Total revenue for the three months ended March 31, 2021, was SGD 995,000, compared to SGD 2,854,000 for the same period in 2020, representing a decrease of approximately 65.2%[46]. - Revenue from investment management services was SGD 475,000 for the three months ended March 31, 2021, up from SGD 427,000 in the previous year, indicating a growth of 11.3%[46]. - The total income from property management and leasing services was SGD 10,000 for the three months ended March 31, 2021, down from SGD 579,000 in the previous year, reflecting a decline of 98.3%[46]. - The investment management segment's unaudited revenue increased by approximately SGD 48,000 or 11.2% to approximately SGD 475,000, mainly due to higher performance fees[70]. - The fund management segment's unaudited revenue decreased by approximately SGD 377,000 or 66.5% to approximately SGD 190,000, as no new investment funds were closed during the review period[72]. - The property management and leasing segment's unaudited revenue fell by approximately SGD 569,000 or 98.3% to approximately SGD 10,000, attributed to a strategic restructuring and loss of management contracts[76]. Cost Management - Total employee costs decreased by approximately SGD 887,000 or 41.9%, from SGD 2.1 million in the previous period to SGD 1.2 million in the current period, with the number of employees reduced from 95 to 50[10]. - Other net expenses decreased by approximately SGD 456,000 or 57.6% to approximately SGD 335,000, primarily due to reduced professional fees and outsourced property maintenance costs[10]. - Other income and gains increased by SGD 89,000 or approximately 37.9% to approximately SGD 324,000, mainly due to government support programs during the economic uncertainty caused by the COVID-19 pandemic[80]. - The group did not recognize any income tax provision during the review period as there were no taxable profits generated in other jurisdictions[85]. Strategic Restructuring - The decrease in revenue was mainly due to a lack of completed project acquisitions and a strategic restructuring in the property management segment[10]. - The company is undergoing strategic restructuring in its property management services, which has impacted its financial performance[10]. - The company aims to enhance its market presence through strategic project management services for real estate developers[30]. - Cost control measures will be enhanced to mitigate the prolonged adverse effects of the COVID-19 pandemic[109]. Guarantees and Financing - The company provided a guarantee amounting to SGD 28,985,400 to support the loan financing for the Mandai Development project, which represents 60.0% of the total liabilities under the financing agreement[87]. - A guarantee of SGD 150,744,796 was established for the Landmark Development project, accounting for 39.2% of the total liabilities under the financing agreement[90]. - The company provided a guarantee of SGD 38,015,040 for the BBW6 Development project, which corresponds to 12.0% of the total liabilities under the financing agreement[91]. - A loan financing of SGD 125,000,000 was granted for the BBW6 Development project, with SGD 55,000,000 allocated to refinance existing loans and SGD 70,000,000 for shareholder loans[94]. - The company is required to provide a guarantee for 12% of the total liabilities owed by the special purpose entity, estimated at approximately SGD 15,000,000, under the refinancing agreement[95]. - A guarantee of SGD 152,800,000 was provided for the Shunfu Development project, representing 20.0% of the total liabilities under the financing agreement[96]. Market Conditions - Singapore's economy returned to growth in Q1 2021, with a year-on-year increase of 0.2% after three quarters of contraction[106]. - Private residential property prices in Singapore rose for four consecutive quarters, increasing by 2.9% quarter-on-quarter in Q1 2021, compared to 2.1% in the previous quarter[106]. - 85.6% of new home sales in Q1 2021 were for units priced below SGD 2 million, indicating a preference for smaller units[106]. - The Mount Emily project is expected to attract significant interest due to its central location and the demand for smaller units[106]. - The FoodFab@Mandai industrial project launched in late March 2021 exceeded expectations, driven by strong demand for food factories amid government initiatives to boost productivity[106]. Future Plans - The company plans to continue expanding its asset management and investment management businesses, focusing on opportunities in Singapore and surrounding regions[109]. - A new fund product was launched in March 2021 to capitalize on the global easing environment, targeting high-growth market companies and unicorns[109]. - The company aims to strengthen its corporate advisory team in Singapore and Hong Kong to manage current advisory mandates and transaction leads[109]. - The company continues to focus on developing its family office management division, particularly in Southeast Asia[109]. Corporate Governance - The audit committee consists of three independent non-executive directors, with Mr. Jiang Zhiwu as the chairman, overseeing the group's risk management and internal control systems[144]. - The company has complied with the securities trading standards and codes of conduct since the listing date[133]. - The board of directors includes four executive directors and three independent non-executive directors, indicating a diverse leadership structure[145].

Financial Performance - The group's unaudited revenue decreased by 20.8%, approximately SGD 1.3 million, from about SGD 6.2 million for the nine months ended September 30, 2019, to about SGD 4.9 million for the nine months ended September 30, 2020[11]. - The group recorded a net loss of approximately SGD 8.6 million for the nine months ended September 30, 2020, compared to a net loss of approximately SGD 1.5 million for the same period last year[11]. - Basic and diluted loss per share for the nine months ended September 30, 2020, was approximately 0.43 Singapore cents, compared to a loss of 0.07 Singapore cents for the same period in 2019[11]. - The decrease in revenue was primarily due to contract terminations and/or non-renewals after contract expiration, leading to reduced property management fees[11]. - The group reported a pre-tax loss of approximately SGD 8.57 million for the nine months ended September 30, 2020[14]. - The group’s total expenses, including employee costs and other expenditures, amounted to SGD 10.5 million for the nine months ended September 30, 2020[14]. - The total comprehensive loss attributable to the company for the nine months ended September 30, 2020, was SGD 9,088,000[21]. - The company reported a loss of SGD 8,574,000 for the nine months ended September 30, 2020[24]. - The company’s retained earnings accumulated losses increased to SGD (4,610,000) as of September 30, 2020[24]. - The company reported a net loss of approximately SGD 8.6 million for the nine months ended September 30, 2020, compared to a net loss of approximately SGD 1.5 million for the same period last year, indicating a significant increase in losses[72]. Revenue Breakdown - Total revenue for the nine months ended September 30, 2020, was SGD 4,916,000, a decrease of 20.8% compared to SGD 6,207,000 for the same period in 2019[52]. - Revenue from property management and leasing services for the nine months was SGD 1,244,000, down 51.1% from SGD 2,544,000 in the previous year[52]. - Financial advisory fees increased to SGD 830,000 for the nine months, up 81.5% from SGD 458,000 in the same period last year[52]. - Revenue from Singapore accounted for SGD 4,214,000, representing 85.7% of total revenue for the nine months[52]. - The company’s revenue from Malaysia was SGD 265,000, a decrease of 10.5% from SGD 296,000 in the previous year[52]. - The company’s revenue from Australia was SGD 56,000, down 46.2% from SGD 104,000 in the previous year[52]. - The investment management services segment saw a revenue drop of approximately 57.0%, from about SGD 1.1 million to approximately SGD 490,000, primarily due to fewer dividends received from special purpose entities[78]. - Fund management revenue decreased by approximately 25.3% to about SGD 1.0 million, with a notable decline in management fees from ZACD Income Trust due to the impact of the pandemic[80]. - Acquisition and project management services revenue increased by approximately 97.0%, rising from about SGD 662,000 to approximately SGD 1.3 million, attributed to the acquisition of land for industrial development in Mandai, Singapore[81]. Expenses and Impairments - A significant impairment provision of approximately SGD 3.7 million was recognized for receivables from investment management fees during the six months ended June 30, 2020[11]. - The company recognized impairment losses of approximately SGD 3.7 million for receivables from the ZACD Australia Hotel Fund and SGD 2.3 million for advance payments[91]. - Other net expenses increased by approximately 29.2%, from about SGD 1.9 million to around SGD 2.4 million, mainly due to increased professional fees[94]. - The company experienced an increase in professional fees of approximately SGD 0.823 million due to one-off corporate financing activities[11]. Dividends and Equity - The group did not declare any dividends for the nine months ended September 30, 2020[11]. - The company did not recommend any dividend payment for the nine months ended September 30, 2020[66]. - The company's total equity as of September 30, 2020, decreased to SGD 28,497,000 from SGD 37,585,000 as of January 1, 2020[24]. Corporate Developments - The company operates in investment management, project management, property management, and financial advisory services[28]. - The company has established private real estate funds and provides fund management services, aiming to maximize internal rates of return[36]. - The company has rebranded its acquisition and project management services to better reflect its current business activities[39]. - The financial statements are prepared in accordance with International Financial Reporting Standards and Singapore Financial Reporting Standards[30]. - The company is focusing on enhancing its financial advisory services as a key growth area moving forward[47]. - The company is currently managing 28 real estate projects and assets across Singapore, Malaysia, Indonesia, and Australia, with ongoing advisory services for a family office managing approximately USD 100 million[71]. - The company is focusing on expanding its fund structure to align with its current business model, moving away from special purpose entities[78]. - The company is currently pursuing claims against iProsperity Group regarding deposits and losses related to the ZACD Australia Hotel Fund[110]. - The company is establishing the ZACD US Fund with an investment of USD 10 million for hotel acquisitions in the US, with a portion convertible into equity[113]. - The company plans to expand its corporate advisory team in Singapore and Hong Kong to manage current mandates and project leads[117]. - The property management division has not achieved expected economies of scale and is currently incurring losses, prompting management to explore restructuring options[117]. - The company expects strong market interest in a landmark redevelopment project set to launch in Q4 2020 due to its competitive pricing and central location[114]. Shareholding and Governance - As of September 30, 2020, Mr. Yao and Ms. Shen collectively held 64.93% of the company's ordinary shares, amounting to 1,298,600,000 shares[125]. - The board has adopted the principles and code provisions of the GEM Listing Rules Appendix 15 corporate governance code, ensuring compliance during the reporting period[124]. - The Audit Committee was established in accordance with the board resolution passed on December 13, 2017, and complies with GEM Listing Rules[155]. - The Audit Committee consists of three independent non-executive directors, with Mr. Jiang Zhiwu as the chairman[155]. - The Audit Committee has reviewed the group's performance for the nine months ending September 30, 2020[156].

Financial Performance - The group's unaudited revenue decreased by approximately 6.7%, from about SGD 4.4 million for the six months ended June 30, 2019, to about SGD 4.1 million for the six months ended June 30, 2020[10]. - The group recorded a net loss of approximately SGD 7.9 million for the six months ended June 30, 2020, compared to a net loss of approximately SGD 0.983 million for the same period last year[10]. - Basic and diluted loss per share was approximately 0.40 Singapore cents for the six months ended June 30, 2020, compared to a loss of 0.05 Singapore cents for the same period last year[10]. - The company reported a pre-tax loss of SGD 7,932,000, compared to a loss of SGD 983,000 in the same period last year, indicating a substantial decline in performance[15]. - The total comprehensive loss attributable to owners of the company for the period was SGD 8,520,000, compared to SGD 879,000 in the prior year, reflecting a significant increase in losses[17]. - The company did not recommend any dividend for the six months ended June 30, 2020, consistent with the previous year[10]. Asset and Equity Changes - Non-current assets decreased to SGD 2,766,000 from SGD 3,595,000 as of December 31, 2019, indicating a reduction in asset value[21]. - Current assets also declined to SGD 29,970,000 from SGD 36,770,000, showing a decrease in liquidity[21]. - The company's net asset value dropped to SGD 29,065,000 from SGD 37,585,000, highlighting a significant reduction in equity[25]. - The company’s cash and cash equivalents decreased to SGD 13,093,000 from SGD 18,342,000, indicating a decline in cash reserves[21]. - The total assets of the group as of June 30, 2020, amounted to SGD 32,736,000, compared to SGD 37,084,000 as of December 31, 2019, indicating a decrease of approximately 11.5%[60]. Impairment and Provisions - The increase in net loss was primarily due to impairment provisions of approximately SGD 3.7 million for receivables from investment management, and approximately SGD 2.3 million for prepayments to ZACD (Development4) Ltd.[10]. - The company incurred a financial asset impairment loss of SGD 6,030,000 during the period, which was not present in the previous year[15]. - The company recognized impairment losses on trade receivables amounting to SGD 3,677,000, with no such losses reported in the previous year[33]. - The impairment provision for trade receivables was SGD 3,677,000 as of June 30, 2020, indicating a full impairment for the receivables related to the ZACD Australia Hotel Fund[109]. - The company recognized an impairment provision of approximately SGD 2,353,000 related to the loan as of July 23 and July 24, 2020[131]. Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2020, was a net inflow of SGD 1,394 thousand, compared to an outflow of SGD 3,762 thousand in the same period of 2019[33]. - The company reported a decrease in trade receivables by SGD 2,142 thousand, contributing positively to working capital changes[33]. - Investment activities resulted in a net cash outflow of SGD 6,252 thousand, a significant decrease from a net inflow of SGD 14,237 thousand in the previous year[36]. - The company’s cash and cash equivalents at the end of the period were SGD 13,093 thousand, down from SGD 17,884 thousand at the end of the previous period[36]. - Cash and cash equivalents as of June 30, 2020, amounted to SGD 13,093,000, a decrease from SGD 18,342,000 as of December 31, 2019, representing a decline of approximately 28.5%[132]. Revenue Breakdown - The company's revenue for the six months ended June 30, 2020, was SGD 4,090,000, a decrease of 6.7% compared to SGD 4,385,000 for the same period in 2019[15]. - The segment revenue from external customers for property management and leasing management was SGD 1,286,000, while the financial advisory segment reported a loss of SGD 59,000[60]. - The group’s investment management segment generated revenue of SGD 469,000, while the project management segment reported a loss of SGD 3,716,000[60]. - Investment management fees amounted to SGD 469,000, a decrease from SGD 878,000 in the previous year, representing a decline of 46.5%[90]. - Property management and leasing fees decreased to SGD 975,000 from SGD 1,708,000, reflecting a decline of 42.9%[90]. Related Party Transactions - The company reported related party transaction income of SGD 1,204,000 for the six months ended June 30, 2020, compared to SGD 325,000 in the same period of 2019, representing a significant increase[157]. - Fund management fees from related parties totaled SGD 859,000 for the six months ended June 30, 2020, compared to SGD 902,000 for the same period in 2019, reflecting a decrease of about 4.8%[155]. - The company reported a total of SGD 410,000 in dividend income from related parties for the six months ended June 30, 2020, compared to SGD 733,000 for the same period in 2019, indicating a decrease of approximately 44.1%[155]. Guarantees and Commitments - The company provided a guarantee amounting to SGD 28,985,400 to support the loan financing for the Mandai Development project, which represents 60.0% of the total liabilities under the financing agreement[164]. - A guarantee of SGD 150,744,796 was established for the Landmark Development project, accounting for 39.2% of the total liabilities under the financing agreement[165]. - The company has provided a guarantee of SGD 38,015,040 for the BBW6 Development project, which represents 12.0% of the total liabilities under the financing agreement[167]. - The company has entered into a refinancing agreement for SGD 125,000,000 for the BBW6 Development project, which will be used to repay existing loans and fund operational needs[168]. - The company is required to provide a guarantee for the lower of SGD 15,000,000 or the total of the refinancing loan principal of SGD 125,000,000 and associated costs[170]. Financial Instruments and Fair Value - The fair value of equity securities decreased from SGD 2,297 thousand as of December 31, 2019, to SGD 1,782 thousand as of June 30, 2020, reflecting a loss of SGD 515 thousand[193]. - The financial assets measured at amortized cost included SGD 9,762 thousand in loans and receivables, and SGD 4,856 thousand in trade receivables[19]. - The fair value of financial instruments is assessed using a discounted cash flow model, with significant unobservable inputs classified as Level 3[181]. - The company experienced significant uncertainty in cash flow projections related to real estate development projects, impacting the fair value estimates[182]. - The total financial liabilities measured at amortized cost included SGD 1,792 thousand in payables to the ultimate holding company and related parties[177].

Financial Performance - The group's unaudited revenue increased by 10.5%, approximately SGD 272,000, from about SGD 2.6 million for the three months ended March 31, 2019, to approximately SGD 2.9 million for the three months ended March 31, 2020[11]. - The net loss for the group was approximately SGD 55,000 for the three months ended March 31, 2020, compared to a net loss of approximately SGD 313,000 for the same period in 2019, indicating a reduction in net loss due to increased revenue[11]. - The basic and diluted loss per share was approximately 0.003 Singapore cents for the three months ended March 31, 2020, compared to a loss of 0.02 Singapore cents for the same period in 2019[11]. - The total comprehensive loss attributable to owners of the company for the three months ended March 31, 2020, was approximately SGD 729,000, compared to SGD 550,000 for the same period in 2019[14]. - The fair value change of equity securities investment resulted in a loss of approximately SGD 535,000 for the three months ended March 31, 2020[14]. - The group experienced a foreign exchange loss of approximately SGD 139,000 during the period[14]. - The total equity of the group as of March 31, 2020, was approximately SGD 36.856 million, compared to SGD 35.089 million as of March 31, 2019[18]. Revenue Breakdown - The increase in revenue was primarily attributed to acquisitions and project management business segments, offset by lower dividend income from investment management and reduced property management service income due to contract terminations[11]. - For the three months ended March 31, 2020, the revenue from Singapore was SGD 2,736,000, an increase of 16.3% compared to SGD 2,352,000 in the same period of 2019[38]. - The total revenue from external customers for the three months ended March 31, 2020, was SGD 2,854,000, up from SGD 2,582,000 in the previous year, representing a growth of 10.5%[38]. - The company generated total revenue of SGD 2,736,000 from various services, including SGD 1,114,000 from project management and SGD 579,000 from property management and leasing services[44]. - The investment management segment earned SGD 427,000 from special purpose entity management fees and SGD 567,000 from fund management fees[46]. - Revenue increased by 10.5%, rising from approximately SGD 2.6 million in the previous year to approximately SGD 2.9 million in the current period, primarily driven by acquisition and project management fees[59]. - The company reported a decrease in property management service revenue due to contract terminations and failures to renew contracts[59]. Dividends and Grants - The group did not declare any dividends for the three months ended March 31, 2020, consistent with the previous year[11]. - The company did not declare or recommend any dividends for the three months ended March 31, 2020, consistent with the previous year[52]. - The company received government grants amounting to SGD 168,000 during the period, compared to SGD 81,000 in the previous year[46]. Operational Insights - The company is focused on strategic acquisitions and expanding its project management capabilities to drive future growth[11]. - The company continues to provide investment management services through special purpose entities, focusing on real estate projects and funds[27]. - The fund management segment is responsible for creating investment funds and managing fund portfolios, with performance fees based on a percentage of the fund's capital returns[29]. - The acquisition and project management segment has been rebranded to better reflect the current business activities and services provided to real estate developers[31]. - The company has maintained consistent accounting policies for the first quarter of 2020, with no significant impact from new standards adopted[24]. - The management monitors the operational results of each business unit to make informed decisions regarding resource allocation and performance evaluation[37]. - The company plans to expand its corporate advisory team in Singapore and Hong Kong to manage current advisory mandates and convert transaction leads[91]. - The COVID-19 pandemic has caused operational disruptions, impacting the progress of residential projects and sales activities for the Landmark Development project[87]. Employee and Expense Management - Employee costs slightly decreased by SGD 44,000, with the total number of employees reducing from 115 to 95[73]. - Other expenses increased by approximately 6.5%, from about SGD 743,000 to SGD 791,000[74]. Corporate Governance and Shareholding - The company has adopted the principles and code provisions of the corporate governance code as per GEM Listing Rules Appendix 15, and has complied with all applicable code provisions during the reporting period[96]. - As of March 31, 2020, Mr. Yao and Ms. Shen hold a combined 66.44% interest in the company's ordinary shares, amounting to 1,328,800,000 shares[97]. - Mr. Yao holds 867,000 ordinary shares (51%) and Ms. Shen holds 833,000 ordinary shares (49%) in ZACD Investments Pte. Ltd.[97]. - The company has a 100% controlled interest in ZACD Property Pte. Ltd. and ZACD Treasury Limited, with holdings of 2 and 10,000 ordinary shares respectively[100]. - The company has a 51% controlled interest in ZACD CRF (Woodlands) Pte. Ltd., holding 1,530 ordinary shares[100]. - The company has issued a convertible loan agreement to ZACD (Neew) Pte. Ltd. for SGD 2,000,000, convertible into shares representing up to 19.40% of the expanded issued capital[104]. - The company has issued a convertible loan agreement to ZACD (Tuas Bay) Pte. Ltd. for SGD 1,100,000, convertible into shares representing up to 12.10% of the expanded issued capital[108]. - The company has complied with the Securities and Futures Ordinance regarding the disclosure of interests in shares and related securities[97]. Audit and Board Composition - The audit committee consists of three independent non-executive directors and has reviewed the group's performance for the first quarter ending March 31, 2020[125]. - The board of directors includes five executive directors and three independent non-executive directors as of May 12, 2020[127].