Financial Performance - Total revenue for the six months ended June 30, 2021, was SGD 9,646,384, a decrease of 30.5% compared to SGD 13,822,745 for the same period in 2020[7] - Gross profit for the same period was SGD 2,852,939, down 36.5% from SGD 4,491,760 in 2020[7] - The net profit after tax for the six months was SGD 737,081, a decline of 35.9% from SGD 1,147,900 in the previous year[7] - Operating cash flow for the six months ended June 30, 2021, was SGD 2,416,456, a decrease of 62.5% from SGD 6,427,451 in 2020[12] - The group recorded a profit before tax of SGD 737,081 for the six months ending June 30, 2021, compared to SGD 1,147,900 for the same period in 2020, reflecting a decrease of approximately 35.9%[26] - The group recorded a profit of approximately SGD 0.74 million in the first half of 2021, down from SGD 1.15 million in the same period of 2020, attributed to government support measures and stricter cost management[43] Assets and Liabilities - The company's total assets as of June 30, 2021, amounted to SGD 31,040,454, a slight decrease from SGD 32,446,928 at the end of 2020[8] - Current liabilities decreased to SGD 7,590,015 from SGD 13,166,527, indicating improved liquidity[8] - The company's net asset value increased to SGD 26,245,457 as of June 30, 2021, compared to SGD 25,490,425 at the end of 2020[9] - The group’s total liabilities decreased to SGD 5,217,590 as of June 30, 2021, from SGD 7,551,236 as of December 31, 2020, reflecting a reduction of about 30.8%[30] - The asset-liability ratio as of June 30, 2021, is approximately 8.1%, down from 21.6% as of December 31, 2020[55] Revenue Sources - The revenue from labor dispatch and related services fell by approximately 32.5%, from SGD 10.1 million in the first half of 2020 to SGD 6.8 million in the first half of 2021[36] - The revenue from dormitory services decreased from approximately SGD 3.0 million in the first half of 2020 to about SGD 2.2 million in the first half of 2021, primarily due to low occupancy rates[37] - The group’s total revenue for the six months ending June 30, 2021, was SGD 810,018, compared to SGD 690,510 in the same period of 2020, marking an increase of approximately 17.3%[22] Government Support - Government grants received amounted to SGD 813,012, a decrease of 35.5% compared to SGD 1,261,999 in 2020[20] - The group received government subsidies of SGD 672,779 and SGD 928,038 under the Employment Support Scheme for the periods ending June 30, 2021, and June 30, 2020, respectively, to support local employee retention during the COVID-19 pandemic[21] Employee Costs - Total employee costs decreased to SGD 5,806,283 for the six months ending June 30, 2021, from SGD 9,095,794 in the same period of 2020, a reduction of about 36.5%[23] - The total employee costs for the first half of 2021 were approximately SGD 4.1 million, compared to SGD 8.7 million in the same period of 2020[60] Cash Flow and Investments - The company reported a net cash inflow from investing activities of SGD 2,000,059, compared to a cash outflow of SGD 48,210 in the previous year[13] - The total cash and cash equivalents at the end of the period were SGD 20,087,768, down from SGD 26,688,155 in 2020[13] - The group's cash and cash equivalents as of June 30, 2021, are approximately SGD 20.1 million, with 31.1% in SGD and 67.5% in HKD[54] Corporate Governance - The company has adhered to the principles of the Corporate Governance Code as per the Listing Rules and has adopted all applicable code provisions as its own corporate governance code[76] - The Audit Committee has reviewed the unaudited interim results and has discussed with management, confirming that the financial information is prepared in accordance with applicable accounting standards and regulations[77] - There are no interests held by directors or controlling shareholders in any competing businesses that may conflict with the company's operations[75] Future Plans and Developments - The company plans to focus on market expansion and new product development in the upcoming quarters[1] - The management highlighted ongoing efforts in technology research and development to enhance service offerings[1] - The establishment of Shanghai Jin Hai Medical Technology Co., Ltd. with a registered capital of RMB 30 million aims to expand into the medical solutions industry, responding to the growing demand for quality medical services[33] Risk Management - The group faces cash flow interest rate risk due to floating interest rates on bank balances and fair value interest rate risk related to fixed-rate finance leases[61] - The group does not currently have an interest rate hedging policy but monitors interest rate risks and will consider hedging when necessary[62] - Credit risk is managed through established credit limits and approval processes, with significant reductions in credit risk noted by management[63] - The group maintains sufficient levels of cash and cash equivalents to manage liquidity risk and reduce cash flow volatility[64] - The group faces equity price risk from equity instruments designated at fair value through profit or loss, which is managed through portfolio diversification[65]
今海国际(02225) - 2021 - 中期财报