Financial Performance - For the three months ended June 30, 2019, the company reported revenue of SGD 11,684,123, an increase of 4.7% compared to SGD 11,154,183 for the same period in 2018[8] - The gross profit for the six months ended June 30, 2019, was SGD 6,685,272, representing a 33.1% increase from SGD 5,026,291 in the previous year[8] - The net profit for the six months ended June 30, 2019, was SGD 3,594,190, up 15.3% from SGD 3,117,122 in the same period of 2018[8] - Basic earnings per share for the six months ended June 30, 2019, were SGD 0.75, compared to SGD 0.65 for the same period in 2018, marking a 15.4% increase[8] - Total comprehensive income for the six months ended June 30, 2019, was SGD 3,117,122, compared to SGD 3,594,190 for the same period in 2018, reflecting an increase in cumulative profits to SGD 16,652,528[14] - The profit before tax for the six months ended June 30, 2019, was SGD 3,594,190, compared to SGD 3,117,122 for the same period in 2018, reflecting an increase of 15.3%[44] - The group recorded a pre-tax profit of approximately SGD 5,037,000, an increase of 35.8% compared to SGD 3,708,000 for the same period in 2018[72] - The group's net profit after tax for the same period was approximately SGD 4,116,000, up 32.0% from SGD 3,117,000 in 2018[72] Assets and Liabilities - The company’s total assets as of June 30, 2019, were SGD 36,258,675, a slight decrease from SGD 37,263,534 at the end of 2018[10] - The company’s total liabilities decreased to SGD 30,494,582 from SGD 26,964,272 at the end of 2018, reflecting improved financial stability[12] - The company’s total equity as of June 30, 2019, was SGD 29,093,158, an increase from SGD 25,496,527 as of January 1, 2019[14] - The group’s current assets net value was approximately SGD 26,442,000 as of June 30, 2019, compared to SGD 22,900,000 on December 31, 2018[73] - The group’s total equity attributable to owners was approximately SGD 29,093,000 as of June 30, 2019, an increase from SGD 25,497,000 on December 31, 2018[76] Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to SGD 6,856,970 from SGD 16,962,802 at the end of 2018, indicating a significant reduction in liquidity[10] - The cash and cash equivalents at the end of June 30, 2019, were SGD 6,856,970, down from SGD 9,651,892 at the end of June 30, 2018[16] - The net cash used in operating activities for the six months ended June 30, 2019, was SGD (4,347,310), a significant increase from SGD (275,240) in the same period of 2018[16] - The company reported a net cash outflow from investing activities of SGD (3,636,034) for the six months ended June 30, 2019, compared to SGD (269,990) in the same period of 2018[16] - The group’s cash and cash equivalents were approximately SGD 6,857,000 as of June 30, 2019, down from SGD 16,963,000 on December 31, 2018[73] Revenue Sources - Revenue from steel structure services for the six months ended June 30, 2019, was SGD 28,513,524, up from SGD 17,503,457 in the same period of 2018, indicating a growth of approximately 63.5%[27] - Revenue from Singapore for the six months ended June 30, 2019, was SGD 28,508,480, an increase from SGD 15,847,988 in the same period of 2018, representing an increase of 80.5%[30] - Revenue from construction and installation services for the six months ended June 30, 2019, was approximately SGD 28,514,000, compared to SGD 17,503,000 in 2018[93] Expenses and Costs - The company reported a decrease in administrative expenses to SGD 1,596,093 for the six months ended June 30, 2019, down from SGD 1,252,786 in the previous year[8] - Total employee costs for the six months ended June 30, 2019, were SGD 2,320,672, an increase of 39.3% from SGD 1,666,155 in the same period of 2018[37] - The financing costs for the six months ended June 30, 2019, amounted to SGD 75,321, an increase of 32.0% from SGD 57,087 in the same period of 2018[35] Strategic Plans and Market Position - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[8] - The company aims to enhance its market position in the Singapore steel structure industry by expanding capacity and hiring more staff[97] - The group plans to purchase new manufacturing facility machinery in the fourth quarter of 2019[84] Shareholder Information - The company did not recommend any dividend for the six months ended June 30, 2019, consistent with the previous year[40] - The board does not recommend the payment of a dividend for the six months ended June 30, 2019[112] - As of June 30, 2019, the company’s directors and key executives hold a total of 360 million shares, representing approximately 75% of the issued share capital[100][104] - The company has adopted a share option scheme aimed at attracting, retaining, and rewarding qualified individuals, with no unexercised options as of June 30, 2019[111] Acquisitions and Investments - On March 18, 2019, the company entered into a share purchase agreement to acquire all issued shares of Kay Huat Trading Company Private Limited for SGD 3,500,000[113] - The acquisition aims to enhance the group's production and manufacturing capacity, providing additional storage space for beams and steel to meet increasing demand[113] - The group made a payment of SGD 3,500,000 related to the acquisition of Kay Huat Trading Company Private Limited[62] - The group acquired assets totaling approximately SGD 140,000 for the six months ended June 30, 2019, compared to SGD 88,000 in 2018[48] Regulatory and Compliance - The company has adopted IFRS 16 "Leases" effective January 1, 2019, which has impacted the financial performance and position of the group[21] - The audit committee has reviewed the unaudited results for the six months ended June 30, 2019, and provided feedback[118] - The board consists of two executive directors and three independent non-executive directors as of the report date[119] Market Outlook - The total construction demand in Singapore for 2019 is projected to be between SGD 27 billion and SGD 32 billion, with the value of contracts awarded in 2018 being SGD 30.5 billion[97] - Public institutions are expected to contribute SGD 16 billion to SGD 20 billion annually from 2020 to 2023, with a balanced demand for building construction and civil engineering projects[97] - The construction bureau is implementing an eco-building program, aiming to designate 80% of buildings in Singapore as "green buildings" by 2030[97] - Steel is highlighted as a highly recyclable material, with North America recycling more steel annually than the total of aluminum, paper, glass, and plastic combined[97] Other Information - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending June 30, 2019[106] - As of June 30, 2019, the group had no contingent liabilities or capital commitments[81][83] - No significant events occurred from June 30, 2019, until the report date[116]
高原之宝(08402) - 2019 - 中期财报