Financial Performance - Revenue for the six months ended June 30, 2021, was SGD 35,971,000, an increase of 72.5% compared to SGD 20,856,000 for the same period in 2020[3] - Gross profit for the six months ended June 30, 2021, was SGD 3,925,000, representing a 36.5% increase from SGD 2,876,000 in the same period of 2020[3] - Operating profit for the six months ended June 30, 2021, was SGD 1,109,000, up from SGD 514,000 in the same period of 2020, marking a 115.5% increase[3] - Net profit for the six months ended June 30, 2021, was SGD 823,000, compared to SGD 427,000 for the same period in 2020, reflecting a 93.7% increase[5] - The company reported a pre-tax profit of SGD 1,074,000 for the six months ended June 30, 2021, compared to SGD 498,000 in the same period of 2020, marking a 116% increase[12] - Profit for the six months ended June 30, 2021, was approximately SGD 0.8 million, an increase of approximately SGD 0.4 million or 100.0% compared to SGD 0.4 million for the same period in 2020[67] Assets and Liabilities - Total assets as of June 30, 2021, were SGD 27,915,000, a decrease from SGD 30,082,000 as of December 31, 2020[7] - Current liabilities decreased to SGD 12,105,000 as of June 30, 2021, from SGD 15,214,000 as of December 31, 2020[7] - Total equity increased to SGD 16,672,000 as of June 30, 2021, compared to SGD 15,864,000 as of December 31, 2020[8] - Cash and cash equivalents decreased to SGD 14,970,000 as of June 30, 2021, from SGD 19,283,000 as of December 31, 2020[7] - Trade receivables amounted to SGD 12,252,000 as of June 30, 2021, an increase from SGD 10,302,000 as of December 31, 2020[41] - Other payables and accrued expenses amounted to SGD 5,692,000 as of June 30, 2021, compared to SGD 9,190,000 as of December 31, 2020[48] Cash Flow - Operating cash flow before working capital changes increased to SGD 1,554,000 in 2021 from SGD 936,000 in 2020, representing a growth of 66%[12] - Net cash used in operating activities was SGD (3,934,000) in 2021, a significant decline from SGD 4,295,000 in 2020[12] - Cash and cash equivalents decreased by SGD 4,297,000 in the first half of 2021, compared to an increase of SGD 3,720,000 in the same period of 2020[13] - The company’s total cash and cash equivalents at the end of June 30, 2021, stood at SGD 14,970,000, down from SGD 16,418,000 at the end of June 30, 2020[13] Earnings and Costs - The company reported a basic and diluted earnings per share of SGD 0.14 for the six months ended June 30, 2021, compared to SGD 0.07 for the same period in 2020[5] - The total employee costs for the six months ended June 30, 2021, were SGD 34,068,000, which includes salaries and bonuses of SGD 26,307,000, up from SGD 14,743,000 in the same period of 2020[32] - The group’s income tax expense for the six months ended June 30, 2021, was SGD 251,000, compared to SGD 71,000 in the same period of 2020[34] - The total cost of property, plant, and equipment purchased by the group was approximately SGD 33,000 for the six months ended June 30, 2021, compared to SGD 115,000 for the same period in 2020[40] Government Grants and Other Income - The group recognized approximately SGD 44,000 in government grants related to COVID-19 during the six months ended June 30, 2021[31] - Total other income for the six months ended June 30, 2021, was SGD 155,000, down from SGD 574,000 in the same period of 2020[30] - Other income decreased by approximately SGD 419,000 or 73.0% from SGD 574,000 to SGD 155,000, primarily due to reduced government subsidies and foreign exchange gains[62] Employee and Management Information - The group employed 63 full-time employees as of June 30, 2021, an increase from 57 employees as of June 30, 2020[73] - The total remuneration for key management personnel for the six months ended June 30, 2021, was SGD 416,000, a decrease from SGD 474,000 for the same period in 2020[53] Future Plans and Investments - The group is actively exploring new business opportunities and has signed a non-binding memorandum of understanding with Zhong An Holdings Group to expand revenue sources and establish a wholly-owned subsidiary in Hong Kong[56] - The company plans to delay the utilization of the remaining net proceeds until the business environment improves post-COVID-19, expected by the end of 2021[98] - The group has no future plans for significant investments or equity assets as of June 30, 2021[81] Compliance and Reporting - The audit committee, consisting of two independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2021, ensuring compliance with applicable accounting standards and GEM listing rules[110] - The company will publish the report on the Hong Kong Stock Exchange website and its own website for at least seven days from the publication date[111] - The report is prepared in English and translated into Chinese, with the English version prevailing in case of discrepancies[112] - The company is listed under stock code 8462 on the Hong Kong Stock Exchange[115]

Financial Performance - Revenue for the first quarter of 2021 was SGD 18,713,000, representing a 91.5% increase from SGD 9,775,000 in the same period of 2020[4] - Gross profit for the first quarter of 2021 was SGD 2,424,000, up 45.0% from SGD 1,672,000 year-on-year[4] - Operating profit increased to SGD 1,034,000, compared to SGD 460,000 in the first quarter of 2020, marking a 124.3% growth[4] - Profit before tax for the first quarter of 2021 was SGD 1,026,000, a significant increase of 128.0% from SGD 450,000 in the previous year[4] - Net profit for the period was SGD 847,000, which is a 122.5% increase compared to SGD 381,000 in the same quarter of 2020[4] - Total comprehensive income for the first quarter of 2021 was SGD 847,000, compared to SGD 346,000 in the same period of 2020, reflecting a 144.5% increase[6] - Basic and diluted earnings per share for the first quarter of 2021 were SGD 0.14, up from SGD 0.06 in the same quarter of 2020, representing a 133.3% increase[6] - The company reported a profit attributable to shareholders of approximately SGD 847,000 for the three months ended March 31, 2021, compared to SGD 381,000 for the same period in 2020, representing a 123% increase[30] - Basic earnings per share increased to SGD 0.14 for the three months ended March 31, 2021, up from SGD 0.06 in the same period of 2020, reflecting a 133% growth[30] - The group's profit for the three months ended March 31, 2021, was approximately SGD 847,000, an increase of about SGD 466,000 or 122.3% compared to approximately SGD 381,000 for the same period in 2020[52] Revenue Sources - Revenue from client A was SGD 4,611,000, representing 24.6% of total revenue, compared to SGD 1,443,000 in the same period of 2020[19] - Revenue from client B was SGD 2,234,000, which was not applicable in the same period of 2020[19] - Revenue from human resource outsourcing services rose to approximately SGD 18.5 million, up from SGD 9.5 million, indicating a significant increase driven by more work orders from government and private sector clients[44] Costs and Expenses - The cost of services for the three months ended March 31, 2021, was SGD 17,317,000, up from SGD 9,094,000 in the same period of 2020, reflecting an increase of 90.2%[24] - The group reported a pre-tax profit after deducting service costs, which included salaries and bonuses of SGD 13,536,000 for the three months ended March 31, 2021, compared to SGD 6,545,000 in 2020[24] - The income tax expense for the three months ended March 31, 2021, was SGD 179,000, compared to SGD 69,000 in the same period of 2020[26] - Other income decreased by approximately SGD 190,000 or 59.9% to SGD 127,000 due to reduced foreign exchange gains from the appreciation of the Singapore dollar against the Hong Kong dollar[47] - Total compensation for key management personnel decreased to SGD 215,000 from SGD 234,000 in the same period of 2020[37] - The total employee cost for the three months ended March 31, 2021, was approximately SGD 17.3 million, compared to about SGD 9.1 million for the same period in 2020[58] Financial Position - The company's total equity increased to SGD 16,711,000 as of March 31, 2021, compared to SGD 15,864,000 at the beginning of the year[8] - The group's cash and bank balance as of March 31, 2021, was approximately SGD 14.0 million, down from about SGD 19.3 million as of December 31, 2020[55] - The current ratio as of March 31, 2021, was approximately 2.4 times, compared to 2.0 times as of December 31, 2020[55] Corporate Governance and Compliance - The group’s financial statements were prepared in accordance with International Financial Reporting Standards, with no significant impact from the application of revised standards[15] - The company has established an audit committee in accordance with GEM Listing Rules, which is responsible for overseeing financial reporting and internal controls[86] - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[81] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the three months ending March 31, 2021, and believes they comply with applicable accounting standards and regulations[88] Strategic Outlook - The company continues to focus on expanding its human resource outsourcing and recruitment services, aiming for further growth in the upcoming quarters[11] - The company is actively exploring new business opportunities and has signed a non-binding memorandum of understanding with a subsidiary in Shenzhen to expand revenue sources and establish a wholly-owned subsidiary in Hong Kong[41] - The company plans to continue seizing market opportunities to achieve sustainable business growth and long-term benefits for shareholders[42] - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $50 million allocated for this purpose[93] - The management emphasized the importance of customer feedback in shaping future product development strategies[93] - The company aims to improve operational efficiency, targeting a 5% reduction in costs by the end of the fiscal year[93] - The board of directors remains committed to maintaining shareholder value through consistent performance and strategic growth initiatives[93] Market Performance - User data showed an increase in active users by 20% compared to the previous quarter[93] - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10%[93] - New product launches are expected to contribute an additional 5% to overall revenue in the upcoming quarter[93] - Market expansion plans include entering two new regions, which are projected to increase market share by 3%[93]

Financial Performance - The group's revenue increased from approximately SGD 36.7 million for the year ended December 31, 2019, to approximately SGD 51.7 million for the year ended December 31, 2020, representing a growth of about 40.9%[8] - The gross profit rose from approximately SGD 5.7 million to approximately SGD 5.9 million, with a gross profit margin decreasing from about 15.6% to approximately 11.3% due to adjustments in business strategy to cope with market competition[8] - The group recorded a profit of approximately SGD 0.2 million for the year ended December 31, 2020, compared to a loss of approximately SGD 1.2 million for the year ended December 31, 2019, primarily due to reduced administrative expenses and increased government subsidies[8] - Revenue from human resource outsourcing services increased from approximately SGD 35.3 million to approximately SGD 51.1 million, a rise of about 44.8%[14] - Revenue from human resource recruitment services decreased from approximately SGD 1.4 million to approximately SGD 0.6 million[13] - Revenue from human resources recruitment services decreased by approximately SGD 0.8 million or 57.1% to about SGD 0.6 million for the year ended December 31, 2020, primarily due to the impact of the pandemic[16] - Revenue from other human resources support services decreased by approximately SGD 14,000 or 50.0% to about SGD 14,000 for the year ended December 31, 2020, mainly due to a reduction in referral and secondment services[17] - Service costs increased by approximately SGD 14.8 million or 47.7% to about SGD 45.8 million for the year ended December 31, 2020, driven by an increase in labor costs[18] - Other income increased by approximately SGD 735,000 or 432.4% to about SGD 905,000 for the year ended December 31, 2020, mainly due to government subsidies related to COVID-19[20] - Administrative expenses decreased by approximately SGD 0.6 million or 8.7% to about SGD 6.3 million for the year ended December 31, 2020, due to reduced internal employee costs[21] - The profit for the year ended December 31, 2020, was approximately SGD 232,000, an increase of about SGD 1.4 million or 116.7% compared to a loss of approximately SGD 1.2 million for the year ended December 31, 2019[24] - Total assets increased to approximately SGD 32.0 million as of December 31, 2020, compared to about SGD 20.2 million as of December 31, 2019[29] - Cash and cash equivalents amounted to approximately SGD 19.3 million as of December 31, 2020, up from about SGD 12.7 million as of December 31, 2019[29] Business Strategy and Opportunities - The company is actively exploring new business opportunities to expand its operations in different regions, including a memorandum of understanding with Zhong An Holdings Group (Shenzhen) Co., Ltd. for potential business collaboration[11] - The company aims to achieve sustainable business growth and long-term benefits for shareholders by seizing various market opportunities[12] - The company aims to strengthen its position in the Singapore human resources industry while expanding its business in Hong Kong[44] - The company is one of the largest operators providing human resource outsourcing and recruitment services to public sector clients in Singapore[43] - The overall business development strategy has been focused on expanding into the Asia-Pacific region, particularly in Singapore, Malaysia, Thailand, Taiwan, and China[182] - The company is exploring potential business collaborations with Shenzhen Kaiwen Technology Co., Ltd., which may lead to new market opportunities[176] - The management team is actively pursuing mergers and acquisitions to enhance market presence and service capabilities[182] Environmental, Social, and Governance (ESG) Initiatives - The company has implemented energy-saving measures to reduce indirect carbon emissions, including using energy-efficient equipment and encouraging public transport[53] - The company emphasizes compliance with environmental, social, and governance (ESG) guidelines and aims to create value for stakeholders[42] - The company has committed to maintaining high ethical standards and minimizing negative environmental impacts[44] - The company does not produce or release harmful pollutants or wastewater due to its operations being conducted in a typical office environment[52] - The management team is responsible for executing approved ESG policies and monitoring compliance and performance[50] - The company's indirect carbon emissions amounted to approximately 12.64 tons during the reporting period, a reduction of about 79% compared to the previous year[56] - Electricity consumption decreased by 60% to 30,936 kWh in 2020, with a per-employee consumption of 533.4 kWh, down 56.6% from 2019[60] - The total usage of printing paper was 100,701 sheets in 2020, a decrease of 223,635 sheets or approximately 69% compared to the previous year[61] - The company aims to reduce electricity consumption by an additional 1.5% in the coming year[61] - The company has implemented various policies to reduce indirect carbon emissions and water consumption in the upcoming year[66] - The company has not received any fines or warnings related to waste disposal or emissions during the reporting period[57] - The company continues to encourage employees to use resources responsibly, including electricity and water[67] - The company has established clear environmental policies aimed at achieving pollution-free operations and conserving scarce resources[59] - The management team recognizes global warming and freshwater conservation as critical climate issues affecting operational costs[65] - The company has committed to monitoring resource usage and investing in modern technologies to promote energy and resource conservation[64] Employee and Workforce Management - The company employed a total of 1,714 employees as of December 31, 2020, which includes 59 internal employees and 1,655 outsourced employees[73] - The number of internal employees decreased from 63 at the beginning of 2020 to 58 by the end of 2020, indicating minimal change[85] - The company adheres to local employment laws in Singapore and Hong Kong, including the Employment Act and the Central Provident Fund Act in Singapore, and the Employment Ordinance and Mandatory Provident Fund Schemes Ordinance in Hong Kong[70] - All eligible employees are provided with statutory benefits, including Central Provident Fund, Mandatory Provident Fund, social insurance, and medical insurance[70] - The company has implemented a mixed policy of external recruitment and internal promotion for job vacancies, ensuring equal opportunity for all applicants[70] - The company has maintained compliance with all employee-related responsibilities, including salary payments and health benefits, with no disputes or violations reported[85] - The company emphasizes a safe working environment and has implemented safety rules and policies in accordance with local health and safety regulations[86] - The company promotes a fair and just work environment, encouraging open communication and innovation among employees[73] - Employee compensation is determined based on current market levels, skills, qualifications, and experience[70] - The company has a total of 1,311 employees in 2019, showing an increase in workforce in 2020[73] - The company provided employee compensation insurance for all internal and outsourced employees in Singapore, complying with local regulations[87] - There were four injury cases reported among outsourced employees in Singapore during the 2020 reporting period, a decrease of one case compared to 2019, with a total of 15 lost workdays recorded[88] - The percentage of trained internal employees decreased from 33.33% in 2019 to 26.25% in 2020, while trained outsourced employees increased from 0% to 26.09%[92] - Average training hours per employee dropped significantly, with internal employees receiving 0.14 hours and outsourced employees receiving 0.18 hours in 2020, compared to 0.37 hours for internal employees in 2019[95] - The company plans to continue providing internal and external training programs to enhance employee skills in response to competitive pressures in the outsourcing industry[96] - The company maintained compliance with all relevant labor laws and regulations, with no reports of labor disputes or lawsuits during the 2020 reporting period[96] Corporate Governance - The board of directors consists of eight members, including four independent non-executive directors, exceeding the GEM listing rules requirement[118] - The company has adopted and complied with the corporate governance code as per GEM listing rules, with a noted deviation from one specific provision[108] - The company has taken appropriate insurance coverage for potential legal actions faced by directors[119] - The board held 13 meetings during the year, with an average attendance rate of 92.3% among directors[125] - Chairman and CEO Mr. Zhou Zhijian attended all 13 meetings, demonstrating full engagement in governance[125] - The company adopted a board diversity policy, emphasizing the importance of diverse skills and experiences among board members[127] - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the company's affairs[132] - All directors received training on their duties and responsibilities, ensuring they are well-informed about governance practices[124] - The company has confirmed that there are no direct or indirect competitive businesses held by directors or major shareholders[126] - The company encourages directors to participate in relevant training courses, with costs covered by the company[124] - The board is committed to reviewing its governance practices regularly to ensure compliance with applicable rules and regulations[131] - The company believes that having the same individual serve as both Chairman and CEO ensures consistent leadership and effective strategic planning[131] - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the year ended December 31, 2020, ensuring compliance with applicable accounting standards and GEM listing rules[136] - The remuneration committee held five meetings during the year to review and recommend the remuneration packages for directors and senior management[138] - The nomination committee conducted seven meetings to assess the board's structure and evaluate the independence of non-executive directors[141] - The company has established a governance framework to ensure compliance with legal and regulatory requirements[143] Shareholder Communication and Policies - The company has adopted a shareholder communication policy to ensure equal and timely access to information for shareholders[164] - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a special general meeting[160] - The company has not made any changes to its memorandum and articles of association during the year[166] - The revised and restated memorandum and articles of association have been published on both the stock exchange and the company's website[167] - The company has a dividend policy in place since January 1, 2019, which outlines principles for declaring and paying dividends based on net profits[128] - The board considers various factors, including financial performance and cash flow, when proposing dividends[134] - The company can declare dividends in cash or other forms deemed appropriate by the board[134] - Any unclaimed dividends will be forfeited and returned to the company according to its articles of association[134] Audit and Internal Control - The board of directors is responsible for establishing and maintaining the internal control system to safeguard shareholder investments and group assets[154] - The internal control system aims to facilitate effective and efficient operations while minimizing risks faced by the group[154] - The company has not established an independent internal audit department but has appointed an external consulting firm for annual reviews of the internal control system[154] - The audit committee reviewed the internal audit function and corporate governance compliance for the year ended December 31, 2020[136] - The independent auditor, Guowei CPA Limited, was engaged to provide audit and non-audit services, with total fees amounting to SGD 142,000 for audit services[150] Business Overview - The company is primarily engaged in providing human resource outsourcing and recruitment services[199] - The group reported its annual performance for the year ending December 31, 2020, along with audited consolidated financial statements[197] - The company was listed on GEM on July 17, 2017, after a public offering of 15,000,000 shares and a placement of 135,000,000 shares[198] - The business review for the year is detailed in the "Chairman's Report" and "Management Discussion and Analysis" sections of the annual report[200]

Financial Performance - Revenue for the nine months ended September 30, 2020, was SGD 35,192,000, an increase of 28.1% compared to SGD 27,487,000 for the same period in 2019[5] - Gross profit for the nine months ended September 30, 2020, was SGD 4,312,000, a decrease of 9.7% from SGD 4,771,000 in the same period of 2019[5] - Operating profit for the nine months ended September 30, 2020, was SGD 746,000, compared to an operating loss of SGD 411,000 in the same period of 2019[5] - Net profit for the nine months ended September 30, 2020, was SGD 602,000, compared to a net loss of SGD 472,000 in the same period of 2019[5] - Basic and diluted earnings per share for the nine months ended September 30, 2020, was SGD 0.10, compared to a loss per share of SGD 0.08 in the same period of 2019[7] - Total comprehensive income for the nine months ended September 30, 2020, was SGD 591,000, compared to a total comprehensive loss of SGD 460,000 in the same period of 2019[9] - The company reported other income of SGD 718,000 for the nine months ended September 30, 2020, significantly higher than SGD 108,000 in the same period of 2019[5] - Total service revenue for the three months ended September 30, 2020, was SGD 13,000, a decrease of 27.8% compared to SGD 18,000 in the same period of 2019[27] - The group reported a pre-tax profit of SGD 175,000 for the three months ended September 30, 2020, compared to a loss of SGD 266,000 in the same period of 2019[34] - The company reported a profit of approximately SGD 0.6 million for the nine months ended September 30, 2020, compared to a loss of SGD 0.5 million for the same period in 2019, marking an increase of about SGD 1.1 million or 220.0%[54] Revenue Sources - For the nine months ended September 30, 2020, the company reported revenue from human resource outsourcing services of SGD 34.699 million, an increase of 31.5% compared to SGD 26.423 million for the same period in 2019[25] - Revenue from human resource recruitment services decreased to SGD 483,000 for the nine months ended September 30, 2020, down from SGD 1.037 million in the same period of 2019, representing a decline of 53.5%[25] - Major clients contributed significantly to revenue, with Client B generating SGD 6.016 million for the nine months ended September 30, 2020, compared to SGD 4.429 million in the same period of 2019, an increase of 35.8%[23] - The total revenue for the nine months ended September 30, 2020, was SGD 35.192 million, compared to SGD 27.487 million for the same period in 2019, reflecting an overall growth of 28.1%[25] Expenses and Costs - Administrative expenses decreased to SGD 4,284,000 for the nine months ended September 30, 2020, from SGD 5,290,000 in the same period of 2019, reflecting a reduction of 19.0%[5] - Total employee costs for the nine months ended September 30, 2020, increased to SGD 33,864,000 from SGD 26,093,000 in the same period of 2019, representing a 29.8% increase[29] - Service costs increased by approximately SGD 8.2 million or 36.1% from SGD 22.7 million to SGD 30.9 million, mainly due to rising labor costs[48] - The group incurred a total tax expense of SGD 125,000 for the nine months ended September 30, 2020, compared to SGD 61,000 in the same period of 2019[31] - The group’s depreciation expense for property, plant, and equipment for the nine months ended September 30, 2020, was SGD 164,000, down from SGD 241,000 in the same period of 2019[29] Financial Position - The company’s total equity increased to SGD 16,195,000 as of September 30, 2020, from SGD 17,168,000 as of January 1, 2019[9] - As of September 30, 2020, the group's cash and bank balances were approximately SGD 17.6 million, an increase from SGD 12.7 million as of December 31, 2019[57] - The current ratio as of September 30, 2020, was approximately 2.3 times, down from 4.3 times as of December 31, 2019[57] - The group had no significant capital commitments as of September 30, 2020[62] - The group had no significant contingent liabilities or guarantees as of September 30, 2020[66] Governance and Compliance - The company has adopted the corporate governance code as per GEM listing rules and has complied with it for the nine months ending September 30, 2020, except for the separation of the roles of Chairman and CEO[82] - The audit committee, established in June 2017, has reviewed the unaudited consolidated financial statements for the nine months ending September 30, 2020, and confirmed compliance with applicable accounting standards and GEM listing rules[89] - The company has not purchased, sold, or redeemed any of its listed securities during the nine months ending September 30, 2020[85] Future Outlook - The company continues to focus on expanding its human resource outsourcing and recruitment services, aiming for further growth in the upcoming quarters[12] - The company is actively exploring new business opportunities in the digital media sector and has established a wholly-owned subsidiary in Singapore to identify potential growth markets[44] - The company has entered into a non-binding memorandum of understanding with Zhong An Holdings Group (Shenzhen) Co., Ltd. to expand revenue sources and create opportunities in the digital media and human resources sectors[44] - The company anticipates continued challenges in the fiscal year due to the economic downturn in China and the impact of COVID-19 on the human resources services industry[43] Other Information - The company has adopted new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2020, which did not have a significant impact on the financial position and performance for the current and prior periods[16] - The company has early adopted IFRS 16 related to COVID-19 rent concessions, which allows for a practical expedient in accounting for lease payment changes[17] - The group had 59 full-time employees as of September 30, 2020, down from 70 employees a year earlier[59] - No dividends were declared for the nine months ended September 30, 2020, consistent with the previous year[55] - The group had no significant acquisitions or disposals during the nine months ended September 30, 2020[68] - No share options have been granted since the adoption of the share option scheme in June 2017, and there are no unexercised options as of September 30, 2020[87]

Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 20,856,000, an increase of 13.4% compared to SGD 18,384,000 for the same period in 2019[5] - Gross profit for the six months ended June 30, 2020, was SGD 2,876,000, a decrease of 10.3% from SGD 3,208,000 in the same period of 2019[5] - Operating profit for the six months ended June 30, 2020, was SGD 514,000, compared to an operating loss of SGD 198,000 in the same period of 2019[5] - Net profit for the six months ended June 30, 2020, was SGD 427,000, a significant recovery from a net loss of SGD 206,000 in the same period of 2019[5] - The group reported a profit of approximately SGD 0.4 million for the six months ended June 30, 2020, compared to a loss of SGD 0.2 million for the same period in 2019, marking a growth of approximately 300%[73] Cash Flow and Liquidity - Cash and cash equivalents increased to SGD 16,418,000 as of June 30, 2020, up from SGD 12,714,000 as of December 31, 2019[9] - Operating cash flow before changes in working capital increased to SGD 936,000 in 2020 from SGD 460,000 in 2019, representing a 103.5% increase[14] - Net cash generated from operating activities reached SGD 4,295,000 in 2020, compared to a net cash used of SGD 132,000 in 2019[14] - Cash and cash equivalents increased by SGD 3,720,000 in the first half of 2020, compared to a decrease of SGD 739,000 in the same period of 2019[16] - The current ratio was 2.7 times as of June 30, 2020, compared to 4.3 times as of December 31, 2019, indicating a decrease in liquidity[77] Assets and Liabilities - Total assets as of June 30, 2020, were SGD 25,047,000, an increase from SGD 19,555,000 as of December 31, 2019[9] - Trade receivables rose to SGD 7,744,000 as of June 30, 2020, compared to SGD 5,979,000 as of December 31, 2019, indicating improved collection efficiency[9] - Other payables and accrued expenses totaled SGD 5,385,000 as of June 30, 2020, compared to SGD 971,000 as of December 31, 2019, reflecting a substantial increase due to government grants related to COVID-19[52] - The company recognized government grants of approximately SGD 4,301,000 related to COVID-19, which were included in other payables[52] Earnings and Share Performance - The company reported a basic and diluted earnings per share of SGD 0.07 for the six months ended June 30, 2020, compared to a loss per share of SGD 0.03 in the same period of 2019[7] - Basic earnings per share for the six months ended June 30, 2020, was SGD 0.07, compared to a loss of SGD 0.03 in 2019, reflecting improved profitability[42] Revenue Sources - Revenue from major clients (accounting for 10% or more of the group's revenue) includes Client B with SGD 2,146,000 for the three months ended June 30, 2020, compared to SGD 1,466,000 in 2019, and SGD 3,589,000 for the six months ended June 30, 2020, compared to SGD 2,917,000 in 2019[30] - Total revenue for human resource outsourcing services was SGD 10,965,000 for the three months ended June 30, 2020, up 21.5% from SGD 9,033,000 in 2019, and SGD 20,477,000 for the six months ended June 30, 2020, up 15.5% from SGD 17,811,000 in 2019[32] Government Support and Subsidies - The group recognized approximately SGD 282,000 in government subsidies related to COVID-19 under the Employment Support Scheme during the six months ended June 30, 2020[35] - Other income for the six months ended June 30, 2020, totaled SGD 574,000, significantly higher than SGD 81,000 in 2019, driven by government grants and other miscellaneous income[34] Employee Costs - Total employee costs for the six months ended June 30, 2020, increased to SGD 19,945,000 from SGD 17,384,000 in 2019, representing an increase of 14.7%[36] - As of June 30, 2020, the total employee cost for the group was approximately SGD 20.0 million, compared to SGD 17.4 million for the same period in 2019, reflecting an increase of about 15%[79] - The group had 57 full-time employees as of June 30, 2020, down from 78 employees as of June 30, 2019[79] Operational Changes and Events - The company did not report any significant changes in its operational segments, as it primarily provides human resource outsourcing and recruitment services[28] - The company recognized a rental payment change of SGD 16,000 due to COVID-19 related rent concessions during the reporting period[26] - The company did not declare any dividends for the six months ended June 30, 2020, consistent with the previous year[41] Audit and Governance - The audit committee was established on June 21, 2017, in compliance with GEM listing rules, to review and supervise the company's financial reporting and internal control systems[119] - The audit committee consists of two independent non-executive directors, with Mr. Fan Junhua serving as the chairman[119] - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2020, and found them to be prepared in accordance with applicable accounting standards and GEM listing rules[119]

Financial Performance - The company's revenue for the three months ended March 31, 2020, was SGD 9,775,000, an increase of 7.8% compared to SGD 9,064,000 for the same period in 2019[4] - Gross profit for the same period was SGD 1,672,000, down 16.4% from SGD 2,000,000 in 2019[4] - The company reported a profit before tax of SGD 450,000, which is an increase of 76.5% from SGD 255,000 in the previous year[4] - Net profit for the period was SGD 381,000, representing a 58.1% increase compared to SGD 241,000 in 2019[4] - The total comprehensive income for the period was SGD 346,000, up 32.9% from SGD 260,000 in the same quarter of the previous year[6] - Basic and diluted earnings per share for the period were SGD 0.06, compared to SGD 0.04 in the previous year, reflecting a 50% increase[6] - The company reported a profit before tax of SGD 381,000 for the three months ended March 31, 2020, compared to SGD 241,000 for the same period in 2019, representing a growth of 58.5%[32] - The basic and diluted earnings per share for the period were SGD 0.06, compared to SGD 0.04 for the same period in 2019, indicating a 50% increase[32] - Profit for the three months ended March 31, 2020, was approximately SGD 381,000, an increase of about SGD 140,000 or 58.1% compared to SGD 241,000 for the same period in 2019, driven by increased revenue from outsourced human resource services[53] Revenue Sources - Revenue from human resource outsourcing services was SGD 9,512,000, up from SGD 8,778,000, reflecting a growth of 8.4% year-over-year[23] - Revenue from human resource outsourcing services rose to approximately SGD 9.5 million, an increase of approximately SGD 0.7 million, while revenue from human resource recruitment services slightly decreased to approximately SGD 262,000, a decline of approximately SGD 23,000[45] Expenses and Costs - The company's administrative expenses decreased to SGD 1,539,000 from SGD 1,800,000, a reduction of 14.5%[4] - The company incurred service costs of SGD 9,094,000, which is an increase from SGD 8,211,000 in the previous year, reflecting a rise of 10.7%[25] - Depreciation expenses for the three months ended March 31, 2020, were approximately SGD 297,000, a slight increase from SGD 292,000 for the same period in 2019, with a significant decrease in property and equipment depreciation by 33.8% to SGD 49,000[51] - Total employee costs increased from approximately SGD 8.2 million for the three months ended March 31, 2019, to approximately SGD 9.1 million for the same period in 2020[58] Other Income and Tax - Other income increased significantly to SGD 317,000 from SGD 55,000, marking a growth of 476.4%[4] - The tax expense for the period was SGD 69,000, compared to SGD 14,000 for the same period in 2019, showing an increase of 392.9%[28] - Income tax expenses increased by SGD 55,000 or 392.9% to SGD 69,000 for the three months ended March 31, 2020, primarily due to the absence of tax refunds and the utilization of tax losses[52] Equity and Liquidity - As of March 31, 2020, total equity increased to SGD 15,950,000 from SGD 15,604,000 at the beginning of the year[8] - The group had cash and bank balances of approximately SGD 12.8 million as of March 31, 2020, compared to SGD 12.7 million as of December 31, 2019, indicating stable liquidity[56] - The current ratio as of March 31, 2020, was approximately 4.4 times, slightly up from 4.3 times as of December 31, 2019, reflecting strong short-term financial health[56] Business Strategy and Outlook - The company is actively exploring new business opportunities in the online digital media industry to diversify its revenue sources and capitalize on growth potential[42] - The company anticipates continued challenges in the fiscal year due to the economic downturn in China and the impact of COVID-19 on the human resources services industry[41] - The company has established a wholly-owned subsidiary in Singapore to explore potential opportunities in the 5G media services sector[42] - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[94] - New product launches are expected to contribute an additional 5% to overall revenue in the upcoming quarter[94] - The company is investing in new technology development, allocating approximately $2 million for R&D in the next fiscal year[94] - Market expansion plans include entering two new regions, which are projected to increase market share by 8%[94] - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $5 million earmarked for potential acquisitions[94] - The management emphasized the importance of customer feedback in shaping future product development strategies[94] - The company aims to improve operational efficiency, targeting a reduction in costs by 3% over the next year[94] - The board of directors remains committed to maintaining shareholder value through consistent performance and strategic growth initiatives[94] Corporate Governance - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO[79] - The board believes that having the same individual serve as both chairman and CEO ensures consistent leadership and effective strategic planning[79] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the three months ended March 31, 2020, ensuring compliance with applicable accounting standards and regulations[90] Shareholder Information - The company had no dividends declared for the three months ended March 31, 2020, consistent with the same period in 2019[31] - The group did not declare any dividends for the three months ended March 31, 2020, consistent with the previous year[54] - Omnipartners Holdings Limited holds 306,000,000 shares, representing 51.00% of the company's issued share capital[74] Risk Management - The company emphasizes the importance of risk management practices to effectively mitigate operational and financial risks[77] Compliance and Securities - The company has not purchased, sold, or redeemed any of its listed securities during the three months ended March 31, 2020[85] - The company has appointed a new compliance advisor, effective from August 30, 2019, and terminated the previous agreement on March 30, 2020[83] - The group had no significant capital commitments as of the reporting date[60] - There were no major acquisitions or disposals during the three months ended March 31, 2020[66] - The group had no significant contingent liabilities or guarantees as of March 31, 2020[64] - As of March 31, 2020, there were no known direct or indirect competitive businesses or interests that could pose a conflict for the group[76] User Engagement - User data showed an increase in active users by 20% compared to the previous quarter, reaching a total of 1.2 million active users[94]

Financial Performance - The group's revenue increased from approximately SGD 34.8 million for the year ended December 31, 2018, to approximately SGD 36.7 million for the year ended December 31, 2019, representing a growth of about 5.5%[10] - Gross profit rose from approximately SGD 5.6 million to approximately SGD 5.7 million, consistent with the revenue increase, while the gross profit margin decreased from about 16.0% to approximately 15.6% due to adjustments in business strategy to cope with intense market competition[10] - The group recorded a loss of approximately SGD 1.2 million for the year ended December 31, 2019, compared to a loss of approximately SGD 2.5 million for the year ended December 31, 2018, primarily due to reduced administrative expenses and the impact of government subsidies[10] - Revenue from human resource outsourcing services rose from approximately SGD 33.5 million to approximately SGD 35.3 million, an increase of about 5.4%[17] - Revenue from human resource recruitment services increased from approximately SGD 1.2 million to approximately SGD 1.4 million, a growth of 16.7%[18] - Other human resource support services revenue decreased from approximately SGD 68,000 to approximately SGD 28,000, a decline of 58.8%[20] - The group's service costs rose from approximately SGD 29.2 million to approximately SGD 31.0 million, an increase of about 6.2%[21] - Administrative expenses decreased from approximately SGD 8.0 million to approximately SGD 6.9 million, a reduction of 13.8%[24] - The group reported a loss of approximately SGD 1.2 million for the year ended December 31, 2019, a reduction of about 52.0% compared to a loss of approximately SGD 2.5 million in the previous year[28] Assets and Liabilities - As of December 31, 2019, the total assets of the group decreased to approximately SGD 20.2 million, down from SGD 21.0 million in 2018, while total equity decreased to approximately SGD 15.6 million from SGD 17.2 million[32] - The group's current assets decreased to approximately SGD 19.6 million from SGD 20.7 million in 2018, and current liabilities increased to approximately SGD 4.5 million from SGD 3.8 million[32] - The group had cash and cash equivalents of approximately SGD 12.7 million, down from SGD 13.9 million in 2018, with a current ratio of approximately 4.3 compared to 5.5 in 2018[32] Environmental Impact - The company reported a reduction of approximately 2.85 tons or 4.45% in greenhouse gas emissions, totaling about 61.15 tons for the year 2019 compared to 2018[58] - The total electricity consumption for the year 2019 was 77,406 kWh, a decrease of about 4.5% from 81,049 kWh in 2018[62] - The company aims to reduce indirect carbon emissions by 1.5% in the coming year[58] - The number of printed pages decreased by 59,999 pages or approximately 15.6% in 2019, totaling 324,336 pages[63] - The company recorded an increase of approximately 13.6% in energy consumption per internal employee, with 1,228.26 kWh per employee in 2019 due to a reduction in staff from 75 to 63[62] - The company has implemented measures to enhance environmental awareness among employees and business partners[55] - The company does not produce any harmful wastewater and only consumes a small amount of water for daily hygiene needs[58] - The company has not received any violations or fines related to air, water, or waste pollution during the reporting period[59] - The company continues to invest in energy-efficient equipment and encourages employees to use public transportation[56] Employee and Training - The company employed a total of 1,311 employees as of December 31, 2019, with 63 being internal employees and 1,248 being outsourced employees[73] - The gender distribution among employees was 61.5% male and 38.5% female, indicating a significant male majority[76] - The percentage of internal employees receiving external training in 2019 was 42.8%, with 27 out of 63 internal employees trained[89] - The total training hours for external training in 2019 amounted to 640 hours, while internal training hours were zero[89] - The company has committed to continue providing internal and external training programs for employees to enhance their skills in the coming years[89] Governance and Compliance - The company has established internal controls to prevent corruption and fraud, with no reports of bribery or corruption cases during the reporting period[98] - The company has adopted and complied with the corporate governance code as per GEM listing rules, with a specific deviation noted in the report[104] - The board of directors consists of seven members, including four independent non-executive directors, exceeding the GEM listing rules requirement[113] - The company has established a governance framework to ensure compliance with legal and regulatory requirements[135] - The independent auditor, Guowei CPA Limited, was appointed to provide auditing and non-auditing services for the group[140] Future Plans and Investments - The company has no significant future investment or capital asset plans beyond those disclosed in the prospectus and annual report as of December 31, 2019[42] - The company continues to explore advanced IT systems to support its operations, indicating ongoing investment in technology[195] - The company plans to utilize the remaining funds conservatively due to weak economic conditions, with no significant changes expected in the planned use of proceeds[195] Board and Management - The chairman and CEO roles are currently held by the same individual, which the board believes ensures consistent leadership[124] - The company has established three committees under the board: Audit Committee, Remuneration Committee, and Nomination Committee[125] - The board will continue to review the separation of the chairman and CEO roles as appropriate[124] - The board held five meetings during the year, with all directors attending an average of 5 out of 5 meetings[119]

Financial Performance - For the nine months ended September 30, 2019, the company reported total revenue of SGD 27,487,000, an increase of 6.5% compared to SGD 25,803,000 for the same period in 2018[3]. - Gross profit for the nine months was SGD 4,771,000, representing a 7.5% increase from SGD 4,438,000 in the previous year[3]. - The company incurred a loss before tax of SGD 411,000 for the nine months, an improvement from a loss of SGD 1,273,000 in the same period last year[3]. - The total comprehensive loss for the nine months was SGD 460,000, compared to a loss of SGD 1,359,000 in the previous year, indicating a significant reduction in losses[5]. - The basic and diluted loss per share for the nine months was SGD 0.08, an improvement from SGD 0.22 in the same period of 2018[5]. - The group reported a pre-tax loss of SGD 472,000 for the nine months ended September 30, 2019, compared to a loss of SGD 1,344,000 for the same period in 2018, representing a 64.9% improvement[31]. - The loss for the nine months ended September 30, 2019, was approximately SGD 0.5 million, a decrease of about SGD 0.8 million or 61.5% compared to a loss of SGD 1.3 million for the same period in 2018[47]. Revenue Breakdown - Revenue from human resource outsourcing services for the nine months ended September 30, 2019, was SGD 26,423,000, an increase of 6.3% from SGD 24,865,000 in the same period of 2018[25]. - Revenue from human resource recruitment services for the nine months ended September 30, 2019, was SGD 1,037,000, up from SGD 896,000 in the same period of 2018[25]. - The group's revenue increased by approximately SGD 1.7 million or 6.6% to about SGD 27.5 million for the nine months ended September 30, 2019, compared to SGD 25.8 million for the same period in 2018[41]. - Revenue from human resource outsourcing services rose by approximately SGD 1.5 million to about SGD 26.4 million, while revenue from recruitment services increased by approximately SGD 0.1 million to about SGD 1.0 million[41]. Expenses and Costs - The company reported administrative expenses of SGD 5,290,000 for the nine months, down from SGD 5,772,000 in the previous year, reflecting cost control measures[3]. - Total employee costs for the nine months ended September 30, 2019, amounted to SGD 26,093,000, an increase of 4.6% from SGD 24,930,000 in the same period of 2018[31]. - Service costs increased by approximately SGD 1.3 million or 6.1% to about SGD 22.7 million, primarily due to a rise in labor costs and related expenses[42]. - The group’s operating lease rental expenses for the three months ended September 30, 2019, were SGD 265,000, compared to SGD 802,000 in the same period of 2018, indicating a significant reduction of 66.9%[31]. Other Income and Gains - Other income for the nine months increased to SGD 108,000 from SGD 61,000 in the previous year, indicating growth in ancillary revenue streams[3]. - Other income rose by approximately SGD 47,000 or 77.0% to about SGD 108,000, mainly due to increased interest and service income[43]. - The company experienced a foreign exchange gain of SGD 12,000 for the nine months, compared to a loss of SGD 15,000 in the previous year, showing improved currency management[5]. Equity and Financial Position - As of September 30, 2019, total equity decreased to SGD 16,708,000 from SGD 19,691,000 at the beginning of the year, primarily due to accumulated losses[7]. - As of September 30, 2019, the group's cash and bank balances were approximately SGD 13.5 million, compared to SGD 13.9 million as of December 31, 2018[50]. - The group maintained a current ratio of approximately 4.7 times as of September 30, 2019, down from 5.5 times as of December 31, 2018[50]. Corporate Governance and Compliance - The company confirmed compliance with GEM Listing Rules regarding related party transactions as of September 30, 2019[65]. - The board believes that the current arrangement of having the same individual serve as both Chairman and CEO does not impair the balance of power and authority[75]. - The company has adopted the corporate governance code as per GEM Listing Rules and has complied with it, except for the separation of roles between Chairman and CEO[75]. - The company has adopted a code of conduct regarding securities trading by directors, ensuring compliance with GEM Listing Rules[76]. - The audit committee, established on June 21, 2017, consists of four independent non-executive directors and has reviewed the unaudited consolidated financial statements for the nine months ended September 30, 2019[84]. Shareholder Information - As of September 30, 2019, Mr. Zhou and Ms. Xiong each held 306,000,000 shares, representing 51.00% of the company's issued share capital[67]. - Omnipartners, owned by Mr. Zhou and Ms. Xiong, also holds 306,000,000 shares, equating to 51.00% of the issued share capital[69]. - The company did not declare any dividends for the nine months ended September 30, 2019, consistent with the previous year[30]. - The board did not declare any dividends for the nine months ended September 30, 2019, consistent with the previous year[48]. Accounting Standards and Changes - The company adopted IFRS 16 on January 1, 2019, resulting in the recognition of lease liabilities amounting to SGD 1,828,000[14]. - The total right-of-use assets recognized as of June 30, 2019, was SGD 1,286,000, down from SGD 1,814,000 on January 1, 2019[18]. - The group reported a depreciation expense of SGD 789,000 for right-of-use assets for the nine months ended September 30, 2019, with no comparable figure for the previous year due to the adoption of new accounting standards[31]. - The company has complied with applicable accounting standards and GEM Listing Rules in preparing its financial reports[84]. Miscellaneous - The company entered into a shared services agreement with BGC Malaysia, which is a related party, to provide financial, human resources, and administrative services from June 21, 2017, to December 31, 2019[63]. - The company did not engage in any significant acquisitions or disposals during the nine months ending September 30, 2019[61]. - No significant events occurred after the reporting period[62]. - There were no major investments or capital asset plans disclosed other than those in the prospectus and report as of September 30, 2019[60]. - The company has a stock option plan that allows for the issuance of up to 60,000,000 shares, representing 10% of the issued shares, valid for ten years from June 21, 2017[81]. - No stock options have been granted since the adoption of the plan, and there were no unexercised stock options as of September 30, 2019[82]. - The company’s main banking partner is DBS Bank Ltd[88]. - The company’s website is www.omnibridge.com.hk, and its stock code is 8462[88].

Financial Performance - Revenue for the three months ended June 30, 2019, was SGD 9,320,000, an increase of 11.4% compared to SGD 8,366,000 for the same period in 2018[3] - Gross profit for the six months ended June 30, 2019, was SGD 3,208,000, a slight decrease of 0.9% from SGD 3,236,000 in the same period of 2018[3] - The company reported a net loss of SGD 206,000 for the six months ended June 30, 2019, compared to a net loss of SGD 336,000 for the same period in 2018, representing a 38.5% improvement[3] - The group’s total revenue for the six months ended June 30, 2019, was SGD 18,384,000, compared to SGD 17,237,000 for the same period in 2018, reflecting a growth of 6.7%[36] - Revenue from human resource outsourcing services for the six months ended June 30, 2019, was SGD 17,811,000, representing an increase of 6.9% compared to SGD 16,672,000 for the same period in 2018[36] - The group reported a pre-tax loss of SGD 8,112,000 for the three months ended June 30, 2019, compared to SGD 7,219,000 for the same period in 2018, indicating an increase in loss of approximately 12.4%[39] - Loss for the six months ended June 30, 2019, was approximately SGD 0.2 million, a decrease of about SGD 0.1 million or 33% compared to a loss of SGD 0.3 million for the same period in 2018[67] Assets and Liabilities - Total assets as of June 30, 2019, were SGD 20,485,000, a decrease from SGD 20,655,000 as of December 31, 2018[7] - Current liabilities increased to SGD 4,688,000 as of June 30, 2019, compared to SGD 3,763,000 as of December 31, 2018, indicating a rise of 24.6%[7] - The total equity decreased to SGD 16,976,000 as of June 30, 2019, from SGD 17,181,000 as of December 31, 2018, reflecting a decline of 1.2%[8] - The company’s total liabilities included lease liabilities of SGD 1,828 thousand, with current lease liabilities of SGD 1,490 thousand[26] - Total other payables and accrued expenses amounted to SGD 1,181,000 as of June 30, 2019, compared to SGD 1,095,000 as of December 31, 2018, representing an increase of 7.8%[50] Cash Flow and Cash Position - The company recorded other comprehensive income of SGD 14,000 for the six months ended June 30, 2019, compared to SGD 13,000 for the same period in 2018[10] - For the six months ended June 30, 2019, the company reported a cash flow from operating activities of SGD (132) thousand, a decrease from SGD 630 thousand in the same period of 2018[12] - The company experienced a net cash decrease of SGD 739 thousand in cash and cash equivalents, compared to an increase of SGD 316 thousand in the prior year[13] - The company's cash and cash equivalents stood at SGD 13,132,000 as of June 30, 2019, down from SGD 13,857,000 at the end of 2018[7] - The group had cash and bank balances of approximately SGD 13.1 million as of June 30, 2019, compared to SGD 13.9 million as of December 31, 2018[70] Operational Metrics - The company’s operating cash flow before changes in working capital was SGD 460 thousand, a significant improvement from a negative SGD 104 thousand in the prior year[12] - The company incurred service costs of SGD 15,176,000 for the six months ended June 30, 2019, which is an increase of 8.0% from SGD 14,001,000 in the same period of 2018[39] - Total employee costs increased from approximately SGD 16.3 million for the six months ended June 30, 2018, to about SGD 17.4 million for the same period in 2019[72] Shareholder Information - The group did not declare any dividends for the six months ended June 30, 2019, consistent with the previous year[40] - The weighted average number of ordinary shares issued remained constant at 600,000,000 for both periods under review[41] - The board did not recommend any dividend for the six months ended June 30, 2019[68] Future Outlook and Strategic Initiatives - The company has not disclosed specific future outlook or guidance in the interim report[4] - The group will continue to explore strategic investments to enhance its position as a leading human resource service provider in Singapore and Hong Kong[57] - The company is considering strategic acquisitions to enhance its product offerings and market presence[113] - The company is investing in new technology development, allocating $2 million for R&D initiatives[113] - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[113] Accounting and Compliance - The company recognized lease liabilities of SGD 1,828 thousand as of January 1, 2019, following the adoption of IFRS 16[24] - The group’s depreciation expense for right-of-use assets was SGD 528,000 for the six months ended June 30, 2019, with no corresponding expense in the previous year, indicating the impact of new accounting standards[39] - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2019[110] Challenges and Risks - The company faced challenges in hiring suitable employees at reasonable salary levels for expanding its human resources outsourcing and recruitment services in Singapore and Hong Kong[98] - The company believes that risk management practices are crucial to effectively mitigate operational and financial risks[100]

Financial Performance - The company's revenue for the first quarter of 2019 was SGD 9,064,000, an increase of 2.2% compared to SGD 8,871,000 in the same period of 2018[4] - Gross profit for the first quarter was SGD 2,000,000, representing a decrease of 4.3% from SGD 2,089,000 year-over-year[4] - The company's profit before tax was SGD 255,000, down 6.3% from SGD 272,000 in the previous year[4] - Net profit for the period was SGD 241,000, an increase of 19.9% compared to SGD 201,000 in the first quarter of 2018[4] - Total comprehensive income for the period was SGD 260,000, up 29.4% from SGD 201,000 year-over-year[6] - Basic and diluted earnings per share for the first quarter were SGD 0.04, compared to SGD 0.03 in the same period last year[6] - Revenue for the three months ended March 31, 2019, was SGD 9,064,000, an increase of 2.2% from SGD 8,871,000 in the same period of 2018[18] - The group's profit before tax for the three months ended March 31, 2019, was SGD 241,000, up from SGD 201,000 in 2018, representing a growth of 19.9%[26] - Basic earnings per share for the period was SGD 0.04, compared to SGD 0.03 in the previous year, reflecting a 33.3% increase[26] - Profit for the period increased by approximately SGD 40,000 or 19.9% to about SGD 241,000 compared to SGD 201,000 for the same period in 2018[43] Income and Expenses - The company reported other income of SGD 55,000, significantly higher than SGD 9,000 in the previous year[4] - Other income for the same period was SGD 55,000, compared to SGD 9,000 in 2018, showing a significant increase[19] - The group incurred a tax expense of SGD 14,000 for the period, down from SGD 71,000 in 2018, indicating a decrease of 80.3%[23] - The income tax expense decreased by approximately SGD 57,000 or 80.3% to about SGD 14,000 due to the receipt of tax-exempt income[42] - The company's administrative expenses decreased to SGD 1,800,000 from SGD 1,826,000, reflecting a reduction of 1.4%[4] - The group's total employee costs, excluding directors' remuneration, were SGD 918,000 for the period, slightly down from SGD 920,000 in 2018[20] - The company’s operating lease rental expenses for leased properties were SGD 52,000, significantly reduced from SGD 268,000 in the previous year[20] - Total service costs for the three months ended March 31, 2019, amounted to SGD 8,211,000, an increase from SGD 7,879,000 in 2018[20] - The group's service costs rose by approximately SGD 0.3 million or 4.4% to about SGD 7.1 million, primarily due to increased labor costs[37] Equity and Cash Position - The total equity of the company as of March 31, 2019, was SGD 17,441,000, an increase from SGD 17,181,000 at the beginning of the year[7] - The group maintained a cash and bank balance of approximately SGD 14.2 million as of March 31, 2019, compared to SGD 13.9 million as of December 31, 2018[45] Human Resource Services - The company continues to focus on expanding its human resource outsourcing and recruitment services, leveraging its operational base in Singapore[10] - The company’s revenue from human resource outsourcing services was SGD 8,778,000, an increase of 2.1% from SGD 8,601,000 in the previous year[18] - Revenue from human resource outsourcing services rose from approximately SGD 8.6 million to about SGD 8.8 million, attributed to stable work orders from various Singapore government agencies[36] Shareholder Information - As of March 31, 2019, the company’s major shareholders, Mr. Zhou and Ms. Xiong, each hold 306,000,000 shares, representing 51% of the issued share capital[57] - Omnipartners Holdings Limited, controlled by Mr. Zhou and Ms. Xiong, also holds 306,000,000 shares, equating to 51% of the issued share capital[62] Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules, except for the combined roles of Chairman and CEO held by Mr. Zhou[69] - The company believes that the current arrangement of having the same person serve as both Chairman and CEO does not compromise the balance of power and authority[69] - The company will continue to review the separation of the roles of Chairman and CEO as appropriate in the future[69] - The audit committee, consisting of four independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the three months ended March 31, 2019, and confirmed compliance with applicable accounting standards and GEM listing rules[75] - The company has established an audit committee in accordance with GEM listing rules since June 21, 2017, to oversee financial reporting and internal controls[75] Related Party Transactions - There were no other related party transactions disclosed as of March 31, 2019, apart from those mentioned in the shared services agreement[55] - The company confirmed compliance with GEM Listing Rules regarding related party transactions as of March 31, 2019[55] Other Information - The company did not declare any dividends for the three months ended March 31, 2019, consistent with the previous year[25] - No significant acquisitions or disposals were made by the company during the three months ended March 31, 2019[53] - The company has entered into a shared services agreement with BGC Malaysia, which includes financial, human resources, and administrative services from June 21, 2017, to December 31, 2019[54] - The company has not disclosed any new product or technology developments in the provided documents[56] - There were no future outlooks or performance guidance provided in the available content[56] - The company has not reported any significant changes in user data or market expansion strategies in the documents[56] - The company has adopted a share option scheme allowing for the issuance of up to 60,000,000 shares, representing 10% of the issued shares, valid for ten years from June 21, 2017[72] - As of March 31, 2019, there have been no share options granted since the adoption of the scheme, and no unexercised options remain[73] - The company has not purchased, sold, or redeemed any of its listed securities during the three months ended March 31, 2019[71] - There were no known breaches of the securities trading code by directors during the three months ended March 31, 2019[68]