Financial Performance - The company reported revenue of SGD 12,150,977 for the six months ended June 30, 2024, representing a 68.5% increase from SGD 7,221,802 in the same period of 2023[5] - Gross profit for the same period was SGD 2,426,059, up 102.5% from SGD 1,193,607 year-on-year[5] - The company achieved a pre-tax profit of SGD 264,397, compared to a pre-tax loss of SGD 1,597,679 in the previous year[5] - The net profit for the period was SGD 244,118, a significant recovery from a net loss of SGD 1,597,679 in the prior year[5] - Basic earnings per share for the period was SGD 0.05, compared to a loss per share of SGD 0.33 in the same period last year[5] - The company reported a profit attributable to owners of SGD 244,118 for the six months ended June 30, 2024, compared to a loss of SGD 1,597,679 in the same period of 2023[24] - Basic earnings per share for the six months ended June 30, 2024, was SGD 0.05, an improvement from a loss of SGD 0.33 per share in the previous year[24] - The group reported a net profit after tax of approximately SGD 244,000 for the six months ended June 30, 2024, a turnaround from a net loss of approximately SGD 1.60 million in 2023[52] Assets and Liabilities - Current assets increased to SGD 14,412,537 from SGD 13,675,302 as of December 31, 2023[6] - Current liabilities remained relatively stable at SGD 6,653,421 compared to SGD 6,644,604 in the previous period[6] - Non-current assets decreased to SGD 4,104,947 from SGD 4,951,601 as of December 31, 2023[7] - The company reported total assets less current liabilities of SGD 11,864,063, slightly down from SGD 11,982,299[6] - The total equity attributable to owners of the company increased to SGD 9,929,726 as of June 30, 2024, compared to SGD 9,733,343 as of December 31, 2023, reflecting a growth of 2.02%[8] - The company’s non-current liabilities decreased to SGD 1,934,337 as of June 30, 2024, down from SGD 2,248,956 as of December 31, 2023, indicating a reduction of 14%[8] - Total current assets net value was approximately SGD 7,759,000 as of June 30, 2024, compared to SGD 7,031,000 as of December 31, 2023[41] - The company's current ratio improved to approximately 2.2 times as of June 30, 2024, compared to 2.1 times as of December 31, 2023[42] Income and Expenses - The company received insurance claims of SGD 4,562 and rental income of SGD 277,168 during the period, contributing to other income totaling SGD 348,632, up from SGD 138,265 in the same period last year[17] - Financing costs for the period amounted to SGD 58,137, an increase from SGD 51,726 in the previous year, primarily due to higher interest on bank loans and lease liabilities[18] - Total employee costs, including directors' remuneration, increased to SGD 2,327,941 in the first half of 2024 from SGD 2,124,134 in the same period of 2023, reflecting a rise of approximately 9.6%[25] - Material costs recognized as expenses surged to SGD 3,074,767 in the first half of 2024, compared to SGD 1,659,719 in the same period of 2023, indicating an increase of about 85.0%[25] - Other income for the six months ended June 30, 2024, was approximately SGD 349,000, an increase from SGD 138,000 in 2023, primarily due to rental income[41] Operational Strategy - The company is focused on enhancing its operational efficiency and exploring new market opportunities to drive future growth[5] - The company plans to continue expanding its operations in Singapore and Malaysia, focusing on providing steel structure services for various building types[13] - The group aims to enhance its market position in the Singapore steel structure industry by increasing capacity and hiring more staff[52] - The group is actively seeking projects from various clients to mitigate reliance on a single customer[52] - The board is committed to managing expenses and regularly reviewing business strategies to identify opportunities[52] Shareholder Information - As of June 30, 2024, the major shareholder, Wei Guangjun, holds 104,652,500 shares, representing approximately 21.80% of the total issued share capital[54] - Wanbao International Holdings Limited, controlled by Zhang Zhang, holds 289,920,000 shares, accounting for 60.40% of the total issued share capital[54] Corporate Governance - The company did not recommend any dividend for the six months ended June 30, 2024, consistent with the previous year[22] - The board of directors has adopted a code of conduct for securities trading, compliant with GEM Listing Rules[58] - The company has maintained compliance with all corporate governance codes during the reporting period, despite a temporary deviation due to a resignation[59] - The Audit Committee was established on June 21, 2017, consisting of three independent non-executive directors[65] - The Audit Committee reviewed the unaudited performance for the six months ending June 30, 2024, and provided recommendations and opinions[66] - The board includes three executive directors, two non-executive directors, and three independent non-executive directors as of the report date[67] Acquisitions and Investments - The company acquired assets totaling approximately SGD 11,000 in the first half of 2024, compared to approximately zero in the same period of 2023[27] - The group has utilized approximately HKD 20.4 million for the acquisition of new steel manufacturing facilities since listing[49] - Approximately HKD 9.6 million has been spent on machinery for the new steel manufacturing facilities, with an additional HKD 5.1 million expected to be utilized by December 31, 2024[49] - The net proceeds from the listing, after deducting related expenses, amounted to approximately HKD 35.9 million (equivalent to about SGD 6.19 million)[50] - The exclusive period for a potential acquisition of a target company expired on July 26, 2024, with no formal agreement signed[63] - No major acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the six months ended June 30, 2024[63] Market Outlook - The total construction demand in Singapore for 2024 is projected to be between SGD 32 billion and SGD 38 billion, with public sector contributions expected to account for about 55% of this demand[53] - No significant events occurred after the financial period ending June 30, 2024, up to the report date[64]
高原之宝(08402) - 2024 - 中期业绩