Financial Performance - Republic Healthcare Limited reported revenue of approximately SGD 4.5 million for the six months ended June 30, 2024, a decrease of about 16.7% compared to SGD 5.4 million in the same period last year[5]. - The gross profit for the period was approximately SGD 3.1 million, down about 11.4% from SGD 3.5 million in the previous year[5]. - Revenue for the six months ended June 30, 2024, decreased to SGD 4.48 million from SGD 5.40 million in the same period last year, representing a decline of approximately 17%[7]. - Total revenue for the six months ended June 30, 2024, was SGD 4,481,738, a decrease of 17% from SGD 5,403,458 for the same period in 2023[30]. - Treatment services revenue decreased to SGD 2,763,858, down 11.7% from SGD 3,128,131 in the previous year[30]. - Medical examination services revenue fell to SGD 1,074,389, a decline of 19.3% from SGD 1,331,375 in the prior year[30]. - The company reported a loss attributable to owners of SGD (156,057) for the six months ended June 30, 2024, compared to a loss of SGD (260,321) in the same period of 2023[34]. - The company recorded a net loss of SGD 0.15 million for the current period, an improvement from a net loss of SGD 0.28 million in the previous year, attributed to enhanced cost control measures[6]. - Basic loss per share for the six months ended June 30, 2024, was SGD (0.03), an improvement from SGD (0.04) in the previous year[34]. Operational Challenges - The decline in medical business sales was approximately 12%, significantly impacted by the closure of a treatment center, which affected overall revenue and patient volume[5]. - Increased competition from both new entrants and established companies has intensified, with competitors ramping up marketing efforts and launching new services[5]. - Economic factors have influenced patient spending patterns, with rising living costs leading patients to seek more affordable healthcare options[5]. - Recent revisions to healthcare regulations have resulted in increased operational costs and tighter compliance requirements, impacting revenue[5]. - A shift towards telemedicine and online consultation services has occurred, which typically have lower profit margins compared to in-person consultations[5]. Financial Position - Non-current assets as of June 30, 2024, totaled SGD 1.35 million, down from SGD 2.08 million as of December 31, 2023[8]. - Current assets increased slightly to SGD 13.59 million from SGD 13.56 million as of December 31, 2023[8]. - Total liabilities decreased to SGD 2.34 million from SGD 2.89 million as of December 31, 2023[9]. - The total cash and cash equivalents decreased by SGD 1,788,214 for the six months ended June 30, 2024, compared to an increase of SGD 700,821 in the same period of 2023[11]. - The cash and cash equivalents at the beginning of the period were SGD 11,934,070, while at the end of the period, they were SGD 10,145,856[11]. - Trade receivables as of June 30, 2024, amount to SGD 140,360, an increase from SGD 65,251 as of December 31, 2023[43]. - Trade payables as of June 30, 2024, total SGD 247,420, a decrease from SGD 334,759 as of December 31, 2023[50]. - The total carrying amount of property, plant, and equipment as of June 30, 2024, was SGD 1,904,887[36]. Strategic Initiatives - The company aims to expand its network of treatment centers and diversify its service offerings in high-potential areas to meet increasing comprehensive care demands[62]. - Investment in telemedicine platforms, electronic health records, and advanced diagnostic tools is crucial for improving patient care and operational efficiency[62]. - The strategy to expand healthcare education services is seen as a key growth area, with tailored training programs aimed at addressing industry skill gaps[63]. - The company anticipates that its healthcare education initiatives will contribute revenue in the third quarter of 2024, aligning with optimistic expectations for the sector[64]. - The online healthcare business platform "Quinn" has been launched, with ongoing improvements to user interface and experience[83]. Governance and Compliance - The financial statements have been prepared in accordance with International Financial Reporting Standards and applicable GEM listing rules, ensuring consistency with the previous audited financial statements[13]. - The company adopted all applicable new or revised International Financial Reporting Standards effective from January 1, 2023, with no significant impact on accounting policies or reported amounts[13]. - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements and found them compliant with applicable accounting standards[100]. - The company has adopted a code of conduct for securities trading that complies with GEM Listing Rules, confirming full compliance by all directors during the reporting period[90]. Shareholder Information - As of June 30, 2024, Dr. Chen holds 350,000,000 shares, representing 56.09% of the company's issued share capital of 624,000,000 shares[93]. - Cher Sen Holdings Limited, wholly owned by Dr. Chen, holds 100% of its shares, indicating Dr. Chen's beneficial ownership[95]. - The total number of issued shares as of June 30, 2024, is 624,000,000[96]. - The company has not granted or agreed to grant any options under the share option scheme since its adoption, and there are no unexercised options as of June 30, 2024[93].
REPUBLIC HC(08357) - 2024 - 中期业绩