Financial Performance - Revenue for the six months ended June 30, 2021, was SGD 44,445,000, representing a 91.3% increase from SGD 23,188,000 in the same period of 2020[8] - Gross profit for the same period was SGD 5,981,000, up from SGD 1,226,000, indicating a significant improvement in profitability[8] - Operating profit for the six months was SGD 2,284,000, compared to an operating loss of SGD 3,759,000 in the prior year[8] - Net profit for the period was SGD 1,242,000, a turnaround from a net loss of SGD 4,917,000 in the same period last year[8] - Basic earnings per share for the period was SGD 0.09, compared to a loss per share of SGD 0.49 in the previous year[10] - The company reported a total comprehensive income of SGD 1,273,000 for the period, compared to a loss of SGD 4,523,000 in the prior year[10] - The company reported a profit attributable to equity holders of SGD 947,000 for the six months ended June 30, 2021, compared to a loss of SGD 4,775,000 for the same period in 2020, marking a significant turnaround[55] Assets and Liabilities - Total assets as of June 30, 2021, were SGD 59,407,000, compared to SGD 53,504,000 as of December 31, 2020[14] - The company's net asset value increased to SGD 51,985,000 from SGD 50,712,000 at the end of the previous year[14] - Non-current liabilities increased to SGD 7,422,000 from SGD 2,792,000, primarily due to higher lease liabilities[14] - Total liabilities increased to 61,660,000 SGD as of June 30, 2021, from 46,752,000 SGD as of December 31, 2020, representing a growth of about 31.8%[91] - The net asset value at the end of June 30, 2021, was 11,046,000 SGD, down from 11,637,000 SGD as of December 31, 2020, indicating a decrease of approximately 5.1%[78] Cash Flow - For the six months ended June 30, 2021, the company reported a net cash inflow from operating activities of 3,792 thousand SGD, compared to a net cash outflow of 2,638 thousand SGD in the same period of 2020[20] - The company incurred a net cash outflow from investing activities of 2,084 thousand SGD, compared to 4,318 thousand SGD in the prior year[20] - The company’s cash and cash equivalents decreased by 4,792 thousand SGD, resulting in a closing balance of 3,264 thousand SGD as of June 30, 2021[23] - Cash and cash equivalents, including bank deposits, totaled 5,175 thousand SGD as of June 30, 2021, a decrease from 8,059 thousand SGD as of December 31, 2020, representing a decline of approximately 35.5%[112] Revenue Sources - Contract engineering revenue contributed 40,345 thousand SGD, up from 20,736 thousand SGD, reflecting a growth of 94.8% year-on-year[33] - The group’s total revenue for the six months ended June 30, 2021, was 44,445 thousand SGD, a significant increase of 91.2% compared to 23,188 thousand SGD for the same period in 2020[33] - Other income for the six months ended June 30, 2021, was 1,042 thousand SGD, down from 1,633 thousand SGD in the same period of 2020, primarily due to a decrease in government grants[37] Expenses - Operating profit for the period was impacted by increased material costs, which rose to 6,108 thousand SGD from 2,746 thousand SGD, representing a 121.5% increase[40] - Employee benefits expenses, including directors' remuneration, increased to 11,633 thousand SGD, compared to 9,450 thousand SGD, marking a rise of 23.1%[44] - The cost of sales for the six months ended June 30, 2021, was SGD 2,246,000, an increase from SGD 1,671,000 in the same period of 2020, representing a rise of approximately 34.4%[63] - Administrative expenses for the period were SGD 2,689,000, compared to SGD 2,278,000 in the prior year, indicating an increase of about 18%[63] Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[8] - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[20] Shareholder Information - The weighted average number of ordinary shares issued increased to 1,064,000 shares in 2021 from 982,601 shares in 2020, reflecting a growth of approximately 8.3%[55] - The group did not recommend any interim dividend for the six months ended June 30, 2021, consistent with the same period in 2020[147] Director Remuneration - Total remuneration for directors for the six months ended June 30, 2021, was 591,000 SGD, compared to 679,000 SGD for the same period in 2020[186] - The company reported no retirement benefits paid to any directors for the six months ended June 30, 2021, consistent with the previous year[189] - There were no payments made to directors for early termination of appointments for the six months ended June 30, 2021, as in the previous year[190] Regulatory and Compliance - The company submitted an application to the Accounting and Corporate Regulatory Authority for the deregistration of its inactive wholly-owned subsidiary, Wee Guan Logistics Pte Ltd, on August 3, 2021[195] - The deregistration application is not expected to have a significant impact on the group's unaudited consolidated net tangible assets and earnings per share for the six months ended June 30, 2021[195]
伟源控股(01343) - 2021 - 中期财报