Financial Performance - Revenue for the six months ended June 30, 2021, was SGD 125.16 million, a significant increase of 107.5% compared to SGD 60.31 million in the same period of 2020[10] - Gross profit for the same period was SGD 15.29 million, representing a gross margin of 12.2%, up from SGD 7.98 million in 2020[10] - Operating profit increased to SGD 8.83 million, compared to SGD 1.64 million in the previous year, reflecting a growth of 439.0%[10] - Net profit for the period was SGD 6.25 million, a substantial rise from SGD 0.19 million in 2020, marking a year-on-year increase of 3147.4%[10] - The company reported a profit before tax of SGD 7,727,000 for the period, compared to SGD 583,000 in the prior year, reflecting a substantial increase[31] - The net profit for the six months was SGD 6,246,000, a significant rise from SGD 190,000 in the same period last year[31] - Net profit for the period increased by approximately SGD 6.0 million or 3,000.0% to about SGD 6.2 million, with a net profit margin rising from approximately 0.3% to 5.0%[88] Revenue Breakdown - Automotive sales accounted for SGD 119,076,000, up from SGD 56,355,000 in the previous year, indicating a growth of 111.1%[29] - The increase in revenue was primarily driven by a rise in car sales amounting to approximately 62.7 million SGD or 111.2%[65] - Automotive sales revenue increased by approximately SGD 62.7 million or 111.2%, primarily due to new car sales rising by about SGD 50.5 million or 104.8%[67] - The number of new cars sold increased from 487 units in the first half of 2020 to 795 units in the first half of 2021, with the average selling price rising from approximately SGD 99,000 to SGD 124,000[67] - Used car sales revenue increased by approximately SGD 12.2 million or 148.8%, with the number of used cars sold rising from 217 units to 299 units[67] - Automotive financing service revenue increased by approximately SGD 1.7 million or 68.0% to about SGD 4.2 million, driven by increased vehicle sales[68] Assets and Liabilities - Total assets as of June 30, 2021, amounted to SGD 121.32 million, up from SGD 110.57 million at the end of 2020, indicating a growth of 9.3%[11] - Total liabilities as of June 30, 2021, were SGD 66,230,000, compared to SGD 61,724,000 as of December 31, 2020, indicating an increase of about 7.9%[34] - The company has maintained a stable capital structure with total liabilities of SGD 66.23 million, up from SGD 61.72 million[12] - Total equity increased to SGD 55.09 million from SGD 48.84 million, reflecting a growth of 12.8%[12] - Trade receivables as of June 30, 2021, were SGD 2,749,000, significantly higher than SGD 809,000 as of December 31, 2020, reflecting an increase of approximately 239.3%[49] - Trade payables decreased from 2,419 thousand SGD as of December 31, 2020, to 1,605 thousand SGD as of June 30, 2021[51] Cash Flow and Expenses - Cash and cash equivalents decreased to SGD 5.92 million from SGD 6.82 million, a decline of 13.0%[11] - The company reported a net cash outflow from operating activities of SGD 3.35 million, compared to a net inflow of SGD 4.70 million in the previous year[17] - Financing expenses for the six months ended June 30, 2021, totaled SGD 1,107,000, slightly up from SGD 1,069,000 in 2020, indicating a marginal increase of about 3.5%[36] - Total income tax expense for the six months ended June 30, 2021, was SGD 1,481,000, compared to SGD 393,000 in 2020, indicating an increase of about 276.3%[40] - Total sales and distribution expenses increased by approximately SGD 0.8 million or 57.1% to about SGD 2.2 million, primarily due to increased sales commissions[82] Capital Expenditures and Investments - Capital expenditures for the six months ended June 30, 2021, were SGD 1,001,000, a decrease from SGD 2,714,000 in the same period of 2020, representing a decline of approximately 63.2%[34] - The group had no significant capital commitments as of June 30, 2021, consistent with December 31, 2020[98] - There were no significant investments, acquisitions, or disposals of subsidiaries and associates during the six months ended June 30, 2021[99] Future Plans and Market Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[9] - The company is focused on expanding its automotive sales and financing services, leveraging the growth in demand for vehicles[27] - The company plans to continue enhancing its service offerings in automotive financing and insurance to capture a larger market share[27] - The company aims to maintain its market position as a leading parallel importer in Singapore through effective cost control and quality service[64] Shareholder Information - Gatehouse Ventures holds 381,400,000 shares, representing approximately 42.4% of the company's total shares[115] - Gifted Ally and Mr. Wu each hold 69,500,000 shares, accounting for 7.7% of the company's total shares[115] - As of June 30, 2021, the company has not purchased, sold, or redeemed any of its listed securities[117] - The company has a stock option plan adopted on February 1, 2019, with a total of 90,000,000 options granted and unexercised, representing about 10% of the issued share capital[120] - No stock options were exercised, canceled, or lapsed during the period from the grant date to June 30, 2021[121] Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[126] - There were no significant events affecting the group after June 30, 2021, up to the date of this interim report[127]
冠轈控股(01872) - 2021 - 中期财报