Financial Performance - Revenue for the six months ended June 30, 2024, was 4,911 thousand SGD, an increase of 7.9% compared to 4,552 thousand SGD for the same period in 2023[2] - Gross profit for the same period was 777 thousand SGD, significantly up from 428 thousand SGD, representing an increase of 81.6%[2] - The net loss for the period was 867 thousand SGD, compared to a net loss of 794 thousand SGD in the previous year, indicating a 9.2% increase in losses[2] - The group reported a net loss attributable to shareholders of 867,000 SGD for the six months ended June 30, 2024, compared to a loss of 794,000 SGD in 2023[18] - The group reported a loss of approximately 900,000 SGD for the six months ending June 30, 2024, compared to a loss of 800,000 SGD for the same period in 2023[38] Assets and Liabilities - Total assets as of June 30, 2024, were 3,559 thousand SGD, down from 4,468 thousand SGD as of December 31, 2023, reflecting a decrease of 20.4%[3] - Current liabilities increased to 1,741 thousand SGD from 1,423 thousand SGD, marking a rise of 22.3%[3] - Total equity as of June 30, 2024, was 2,850 thousand SGD, down from 3,721 thousand SGD, representing a decrease of 23.4%[3] - The group's total assets decreased to approximately 5,300,000 SGD as of June 30, 2024, down from 5,900,000 SGD in 2023[38] - The group's total equity decreased to approximately 2,900,000 SGD as of June 30, 2024, compared to 3,700,000 SGD in 2023[38] Cash Flow - For the six months ending June 30, 2024, the net cash used in operating activities was (951) thousand SGD, compared to (1,140) thousand SGD for the same period in 2023, representing a decrease of approximately 16.6%[5] - The net cash used in investing activities was (26) thousand SGD, a significant decrease from 782 thousand SGD in the previous year, indicating a shift in investment strategy[5] - Cash flow from financing activities showed a net inflow of 139 thousand SGD, compared to a net outflow of (137) thousand SGD in the prior year, reflecting improved financing conditions[5] - The cash and cash equivalents at the end of the period were 896 thousand SGD, down from 1,680 thousand SGD at the end of the previous year, indicating a reduction in liquidity[5] Income and Expenses - The company reported other income of 95 thousand SGD, down from 659 thousand SGD in the previous year, a decline of 85.6%[2] - Total administrative expenses for the six months ended June 30, 2024, were 1,046,000 SGD, slightly up from 1,034,000 SGD in the same period of 2023[16] - Research and development expenses were 125,000 SGD for the six months ended June 30, 2024, down from 150,000 SGD in 2023, indicating a decrease of 16.7%[16] - The total cost of services for the six months ended June 30, 2024, was 3,842,000 SGD, down from 3,990,000 SGD in 2023, indicating a reduction of 3.7%[16] Shareholder Information - WMCH Global Holdings Limited holds 367,212,000 shares, representing a 51.0% ownership stake in the company as of June 30, 2024[49] - Tan Seow Hong holds a total of 367,920,000 shares, which accounts for a 51.1% ownership stake in the company[49] - The group entered into related party transactions amounting to SGD 110,000 for the six months ending June 30, 2024, compared to none in 2023[66] Corporate Governance - The company has maintained the required public float as per GEM listing rules as of the interim results announcement date[73] - The company has adhered to all corporate governance codes except for the provision C.2.1, which allows the same individual to serve as both Chairman and CEO[77] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the interim financial results and confirmed compliance with applicable accounting standards[79] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[78] Employee Information - As of June 30, 2024, the group had a total of 143 employees, a decrease from 150 employees in 2023[46] - Employee costs for the group were approximately 4,900,000 SGD as of June 30, 2024, compared to 5,000,000 SGD in 2023, indicating a reduction of about 2%[46] - The company emphasizes the importance of employee quality and performance for its long-term success and development[46] - The group provides regular internal training to enhance employee knowledge and skills[46] Investment and Future Plans - The company has an investment property with a carrying value of 1,279,000 SGD as of June 30, 2024, after accounting for accumulated depreciation of 271,000 SGD[21] - The company has entered into a preliminary agreement to sell the investment property for 1,485,000 SGD, which is yet to be completed[22] - The company has no significant investment or acquisition plans as of June 30, 2024[41] Risks and Uncertainties - The group faces foreign exchange risk primarily related to the Vietnamese Dong, but currently does not have a foreign currency hedging policy due to the perceived insignificance of the risk[43] - The group will continue to closely monitor foreign exchange risks and consider hedging strategies if necessary[43] - There are no significant changes in the major risks and uncertainties affecting the group's business as outlined in the prospectus dated November 14, 2019[44]
WMCH Global(08208) - 2024 - 中期业绩