Revenue Growth - For the six months ended September 30, 2021, the total revenue was approximately SGD 27.5 million, an increase of about SGD 19.9 million compared to SGD 7.6 million for the same period in 2020[17]. - The revenue increase was primarily due to a rise of approximately SGD 6.4 million from gas pipeline installation projects and SGD 12.7 million from the newly contributed building materials trading business[17]. - The building materials trading business accounted for 46.2% of total revenue, generating SGD 12.7 million, while gas pipeline projects contributed 50.4% with SGD 13.8 million[25]. - The group's revenue increased from approximately 7.6 million SGD in the first half of 2021 to about 27.5 million SGD in the first half of 2022, an increase of approximately 19.9 million SGD[28]. - Revenue from gas pipeline projects increased by approximately 6.4 million SGD, while new revenue from building materials trade contributed about 12.7 million SGD, accounting for approximately 46.2% of total revenue in the first half of 2022[29]. - For the six months ended September 30, 2021, customer contract revenue was 27,487 thousand SGD, a significant increase from 7,586 thousand SGD in the same period of 2020, representing a growth of approximately 262%[111]. - Total revenue for the construction contracts and building materials trading segment reached 27,487 thousand SGD for the six months ended September 30, 2021, compared to 7,586 thousand SGD in the same period of 2020, representing an increase of 262%[139]. Project and Contract Updates - The company secured three new gas projects, one new water project, and one cable installation project during the reporting period, with a total contract value of approximately SGD 31.7 million[17]. - As of September 30, 2021, the company had ongoing projects with a total contract value of approximately SGD 125.9 million, of which SGD 52.2 million was recognized as revenue[21]. - The company expects to recognize total unfulfilled performance obligations of 86,371 thousand SGD, with 62,886 thousand SGD expected to be recognized within one year after the fiscal year[153]. - Contract assets for construction contracts amounted to 8,335 thousand SGD, while contract liabilities totaled (1,101) thousand SGD as of September 30, 2021[151]. Financial Performance - The gross profit for the first half of 2022 was approximately 0.6 million SGD, compared to a gross loss of about 1.3 million SGD in the first half of 2021, resulting in a gross profit margin of 2.3%[33]. - The total comprehensive loss for the first half of 2022 was approximately 3.1 million SGD, an increase of about 0.2 million SGD compared to a comprehensive loss of approximately 2.9 million SGD in the first half of 2021[38]. - The company reported a basic and diluted loss per share of 0.35 SGD, compared to a loss of 0.32 SGD per share in the previous year[111]. - The company incurred a loss attributable to owners of the company of (3,259) thousand SGD for the six months ended September 30, 2021, compared to a loss of (2,898) thousand SGD in the same period of 2020[165]. - The company reported a pre-tax profit of (3,088) thousand SGD for the six months ended September 30, 2021, compared to (2,898) thousand SGD in the same period of 2020[139]. Expenses and Costs - The cost of sales rose from approximately 8.9 million SGD in the first half of 2021 to about 26.9 million SGD in the first half of 2022, an increase of approximately 18.0 million SGD or 202.2%[32]. - Other income decreased from approximately 1.5 million SGD in the first half of 2021 to about 0.8 million SGD in the first half of 2022, primarily due to a reduction in government subsidies received[34]. - Administrative expenses increased to approximately 4.1 million SGD in the first half of 2022 from about 2.5 million SGD in the first half of 2021[36]. - The company reported administrative expenses and financial costs of (4,059) thousand SGD for the six months ended September 30, 2021, compared to (2,517) thousand SGD in the same period of 2020[139]. - The company reported a material cost of 16,022 thousand SGD for the six months ended September 30, 2021, compared to 2,498 thousand SGD in the same period of 2020, representing a significant increase[157]. - Employee benefits costs totaled 5,260 thousand SGD for the six months ended September 30, 2021, up from 4,079 thousand SGD in the prior year, indicating a year-over-year increase of approximately 29%[159]. Assets and Liabilities - Trade receivables and other receivables increased from approximately 20.6 million SGD as of March 31, 2021, to about 32.5 million SGD in the first half of 2022, an increase of approximately 11.9 million SGD[43]. - The asset-liability ratio increased from 57.0% as of March 31, 2021, to 79.8% as of September 30, 2021, primarily due to new term loans for the renovation of the group's new headquarters[49]. - Total liabilities increased to 42,318 thousand SGD as of September 30, 2021, compared to 33,493 thousand SGD as of March 31, 2021, representing a growth of approximately 26.5%[119]. - Total equity increased to 79,635 thousand SGD as of September 30, 2021, up from 73,936 thousand SGD as of March 31, 2021, indicating a rise of about 7.3%[119]. - The company’s total liabilities included contract liabilities of 1,101 thousand SGD as of September 30, 2021, indicating a shift in revenue recognition[185]. Shareholder and Governance Information - The company has adopted the corporate governance code as per the listing rules, ensuring compliance and enhancing shareholder value[105]. - The board of directors confirmed full compliance with the trading code for securities transactions during the reporting period[104]. - The company did not recommend any interim dividend for the six months ended September 30, 2021, consistent with the previous year[168]. - The company has adopted a share option scheme, which allows for the grant of options to eligible participants, with a maximum of 92,000,000 shares available for grant, representing approximately 10% of the issued share capital as of the report date[93]. Strategic Initiatives - The company plans to enhance its market position in Singapore's pipeline construction industry and explore potential opportunities in China and Southeast Asia[18]. - The board is actively seeking new business opportunities to diversify revenue sources and believes this is a good opportunity for growth[18]. - The company aims to leverage the advantages of the Greater Bay Area and implement the Belt and Road Initiative to drive economic development in Southeast Asia[18]. - Jumbo Harvest Group Limited acquired 85% of the issued share capital of Fuhui Securities Limited, diversifying the company's revenue sources into the financial services sector[67].
卓航控股(01865) - 2022 - 中期财报