Financial Performance - The group's revenue for the six months ended June 30, 2021, was approximately SGD 53.6 million, an increase of about 48.1% compared to SGD 36.2 million in the previous period[8]. - The group reported a profit attributable to owners of the company of approximately SGD 0.2 million, compared to a loss of approximately SGD 0.4 million in the previous period[9]. - Revenue for the six months ended June 30, 2021, was SGD 53,565,805, an increase of 48% compared to SGD 36,241,451 for the same period in 2020[43]. - Gross profit for the same period was SGD 1,122,639, up from SGD 686,896 in 2020, reflecting a gross margin improvement[43]. - The company reported a profit before tax of SGD 336,867, compared to a loss of SGD 410,685 in the prior year[43]. - Net profit for the period was SGD 214,439, a significant recovery from a loss of SGD 396,979 in the previous year[43]. - Basic and diluted earnings per share for the six months ended June 30, 2021, was SGD 0.03, compared to a loss per share of SGD 0.05 in 2020[43]. Revenue Breakdown - Construction and building engineering revenue accounted for approximately 94.6% of total revenue, amounting to about SGD 50.7 million, up from SGD 35.5 million in the previous period[8]. - Revenue from main contractor projects was SGD 47,132,343, up 50.8% from SGD 31,255,995 in the previous year[78]. - The group has a remaining performance obligation of SGD 197,783,573 for contracts with customers as of June 30, 2021, compared to SGD 304,000,443 in the previous year[82]. - Major clients contributed over 10% of total revenue, with Client A generating SGD 26,955,970, Client B SGD 5,480,505, and Client C SGD 14,695,868[93]. Cash and Liquidity - As of June 30, 2021, the group had cash and cash equivalents of approximately SGD 29.0 million, a decrease of about SGD 5.5 million from SGD 34.5 million as of December 31, 2020[17]. - The cash and cash equivalents at the end of the period were SGD 28,004,934 million, slightly down from SGD 28,861,913 million in the previous year[57]. - Cash generated from operating activities for the six months was SGD 1,522,913, compared to SGD 2,374,231 in the same period last year[53]. - Current liabilities decreased to SGD 41,712,780 from SGD 52,426,079, indicating improved liquidity[46]. - The company’s cash flow statement reflected cash and cash equivalents of SGD 28,004,934 for the six months ended June 30, 2021, compared to SGD 33,476,340 in the previous period[141]. Assets and Liabilities - Total assets as of June 30, 2021, were SGD 71,095,354, down from SGD 86,867,947 as of December 31, 2020[46]. - The group had bank borrowings of approximately SGD 17.7 million as of June 30, 2021[18]. - The company's trade receivables amounted to SGD 4,543,281, an increase from SGD 3,808,577 as of December 31, 2020[118]. - Trade and other payables totaled SGD 40,088,248 as of June 30, 2021, down from SGD 50,001,193 as of December 31, 2020, showing a reduction in liabilities[145]. - The company reported a significant decrease in contract liabilities, which stood at SGD (174,390) as of June 30, 2021, compared to SGD (81,131) at the end of 2020[133]. Operational Efficiency - The company is investing in Building Information Modeling (BIM) and enterprise resource planning software to improve productivity[12]. - The group is actively using BIM technology, upgrading from 3D to 5D, and integrating other smart office technologies[15]. - The group’s gross profit for the construction segment was SGD 715,380, compared to SGD 301,733 in the previous year, indicating improved operational efficiency[87]. - The cost of materials recognized as service costs was SGD 9,957,573, representing a 17.3% increase from SGD 8,490,091 in the prior period[105]. - The cost of subcontractor services recognized as service costs surged to SGD 29,649,917, up 86.8% from SGD 15,892,797 in the previous period[105]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements and confirmed compliance with applicable accounting standards[38]. - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period[34]. - The board of directors confirmed adherence to the standard code of conduct for securities trading throughout the reporting period[35]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[32]. - The company has no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[31]. Employee and Management Information - The number of employees increased to 354 as of June 30, 2021, compared to 341 in the previous period[19]. - Total employee costs for the period amounted to SGD 5,264,428, an increase of 4.6% from SGD 5,033,039 in the previous period[105]. - Total remuneration for directors and key management personnel for the six months ended June 30, 2021, was SGD 692,982, up from SGD 641,608 in the previous year, marking an increase of about 8%[161]. Future Outlook and Strategy - The group plans to expand its business and strengthen its market position in Singapore's construction industry, aiming to secure larger contracts and enhance its workforce[12]. - The company is a subsidiary of Wahda Development Limited, which is owned by Mr. Yang Xinping and his spouse[61]. - The company operates primarily in building construction services and real estate investment, focusing on industrial property leasing[61].
BHCC HOLDING(01552) - 2021 - 中期财报