Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 51,523,000, an increase of 16.2% from SGD 44,336,000 in the same period of 2023[1] - The group reported a profit of SGD 2,894,000 for the six months ended June 30, 2024, compared to a loss of SGD 1,513,000 in the previous year[1] - EBITDA for the period was SGD 7,965,000, representing a significant increase of 265.0% from SGD 2,182,000 in the prior year[1] - Gross profit increased to SGD 4,820,000 from SGD 3,512,000, reflecting improved operational efficiency[3] - Other income and gains rose to SGD 9,333,000, up from SGD 3,520,000, indicating enhanced revenue streams[3] - The company reported a basic and diluted loss per share of SGD (0.03) for the period, an improvement from SGD (0.20) in the previous year[4] - For the six months ended June 30, 2024, the company reported a loss attributable to owners of SGD 257,000, compared to a loss of SGD 1,837,000 for the same period in 2023, representing a significant improvement[23] - The basic and diluted loss per share for the six months ended June 30, 2024, was SGD 0.03, compared to SGD 0.20 for the same period in 2023[23] - The group recorded a pre-tax profit of approximately 5.0 million SGD for the six months ended June 30, 2024, compared to a pre-tax loss of approximately (0.4) million SGD for the same period in 2023[46] - Net profit after tax for the six months ended June 30, 2024, was approximately 2.9 million SGD, compared to a net loss of approximately (1.5) million SGD for the same period in 2023[48] Revenue Breakdown - The total revenue for the six months ended June 30, 2024, was SGD 51,523,000, representing a 16.7% increase from SGD 44,336,000 for the same period in 2023[13] - The Electronics Manufacturing Services segment generated revenue of SGD 47,347,000, accounting for 91.9% of total revenue, up from 81.9% in the previous year[13] - The Original Design Manufacturing segment's revenue decreased to SGD 3,194,000, representing 6.2% of total revenue, down from 15.3% in the previous year[13] - Investment segment revenue was SGD 982,000, contributing 1.9% to total revenue, compared to 2.8% in the previous year[13] - Revenue from Singapore was SGD 22,402,000, making up 43.5% of total revenue, a decrease from 55.2% in the previous year[15] - Revenue from the United States increased significantly to SGD 12,031,000, representing 23.4% of total revenue, up from 8.4% in the previous year[15] - Total revenue from the electronic manufacturing services segment increased by approximately 30.4% for the six months ended June 30, 2024, primarily due to orders from new customers, mainly wafer equipment manufacturers[35] - Total revenue for the original design manufacturing segment decreased by approximately 52.9% due to reduced customer demand, with a challenging short-term outlook[36] - Investment segment revenue decreased by approximately 21.7% compared to the same period in 2023, primarily due to reduced management fees from a fund managed by Shanghai Guangpu[37] Assets and Liabilities - Total assets as of June 30, 2024, were SGD 163,502,000, compared to SGD 159,373,000 as of December 31, 2023[5] - Cash and cash equivalents decreased to SGD 8,450,000 from SGD 18,141,000, indicating a need for improved cash management[5] - The net asset value increased to SGD 111,409,000 from SGD 109,555,000, reflecting a stable financial position[6] - The company's total inventory as of June 30, 2024, was SGD 46,118,000, slightly up from SGD 46,079,000 as of December 31, 2023[26] - Trade receivables as of June 30, 2024, were SGD 19,127,000, an increase from SGD 17,427,000 as of December 31, 2023[27] - The net current assets decreased from approximately SGD 43.4 million as of December 31, 2023, to approximately SGD 41.2 million as of June 30, 2024, due to an increase in current loans and borrowings by SGD 1.7 million and a decrease in cash and cash equivalents by SGD 9.7 million[55] - As of June 30, 2024, the total outstanding balance of interest-bearing loans and borrowings was approximately SGD 21.6 million, an increase from SGD 20.9 million as of December 31, 2023[58] - The net debt-to-equity ratio as of June 30, 2024, was approximately 0.12, up from 0.03 as of December 31, 2023[60] - The leverage ratio as of June 30, 2024, remained stable at approximately 0.19, consistent with the previous period[61] Operational Developments - The company completed the acquisition of a factory in Malacca, Malaysia, in April 2024, expanding its operational capacity[9] - The company completed the acquisition of a facility in Malacca, Malaysia, in April 2024, enhancing its production capabilities[34] - The company entered into a partnership agreement to establish a venture capital fund with an initial proposed size of RMB 100 million (approximately SGD 110 million), with the company's proposed subscription amount being RMB 30 million (approximately SGD 33 million)[63] Expenses and Cash Flow - The cost of goods sold for the six months ended June 30, 2024, was SGD 32,009,000, compared to SGD 27,939,000 in the previous year[20] - Research and development expenses increased to SGD 1,418,000 from SGD 1,024,000 in the previous year[20] - The income tax expense for the six months ended June 30, 2024, was SGD 2,153,000, up from SGD 1,115,000 in the previous year[21] - Sales and marketing expenses increased by approximately 33.3% from about 1.2 million SGD to about 1.6 million SGD, primarily due to higher sales commissions in the electronic manufacturing services segment[43] - The net cash flow used in investment activities for the six months ended June 30, 2024, was approximately SGD 5.0 million, primarily for the purchase of property, plant, and equipment amounting to SGD 2.8 million[53] - The net cash flow used in financing activities for the same period was approximately SGD 1.8 million, mainly for repaying bank loans of SGD 11.1 million and paying dividends of SGD 1.8 million[54] - Operating cash flow for the six months ended June 30, 2024, was approximately (2.8) million SGD, reflecting an increase in trade and other receivables by about 10.5 million SGD[51] Corporate Governance - The company has declared no interim dividend for the six months ended June 30, 2024, compared to a declared dividend of SGD 1,381,000 for the same period in 2023[23] - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2024[68] - The company has adopted a standard code of conduct for securities trading by directors and related employees, confirming compliance for the six months ending June 30, 2024[70] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries for the six months ending June 30, 2024[71] - The interim financial statements for the six months ending June 30, 2024, have been reviewed by the audit committee, which consists solely of independent non-executive directors[72] - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website, containing all information required by the listing rules[73] - The company holds approximately 28.58% of the issued shares of China Everbright Holdings, which is a significant shareholder[73] - The company is registered in Singapore and its shares are listed on the main board of the Hong Kong Stock Exchange under stock code 3302[73] - The company has a 51.03% ownership interest in Shanghai Guangpu Venture Capital Management Co., Ltd., which is significant for its investment strategy[74] - The company operates in the electronic manufacturing services sector, indicating a focus on technology and manufacturing[74] - The company is subject to the listing rules of the Hong Kong Stock Exchange, which govern its operations and disclosures[75] - The executive directors include Lin Guocai, Du Xiaotang, Lin Qinming, and Zheng Jinya, indicating a stable leadership team[75] Employee Information - The company employed 779 staff members and incurred employee benefit expenses of approximately SGD 16.2 million for the six months ended June 30, 2024[67]
精技集团(03302) - 2024 - 中期业绩