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]
中安控股集团(08462) - 2020 - 中期财报