Financial Performance - Revenue for the six months ended June 30, 2024, was approximately SGD 5.6 million, consistent with the same period in 2023[1] - Gross profit increased by approximately 250.0% from SGD 0.2 million in the six months ended June 30, 2023, to SGD 0.7 million in the same period in 2024[1] - Loss for the six months ended June 30, 2024, decreased by approximately 50.0% to SGD 0.5 million from SGD 1.0 million in the prior year[1] - Total comprehensive loss for the period was SGD 228,000, a significant improvement from SGD 1.191 million in the previous year[3] - The company reported a basic and diluted loss per share of SGD 0.05 for the period, improved from SGD 0.11 in the previous year[3] - The company reported a pre-tax loss of SGD 464,000 for the six months ended June 30, 2024, compared to a loss of SGD 1,047,000 for the same period in 2023, indicating an improvement in financial performance[16] - Basic loss per share for the six months ended June 30, 2024, was SGD 0.05, compared to SGD 0.11 for the same period in 2023, showing a reduction in loss per share[16] Revenue and Income - Other income increased to SGD 2.218 million from SGD 1.933 million year-on-year, reflecting a positive trend in revenue generation[2] - Other income for the six months ended June 30, 2024, totaled SGD 2,218,000, an increase from SGD 1,933,000 in 2023, reflecting a growth of approximately 14.8%[12] - Major customers contributing over 10% of total revenue included Customer A with SGD 2,468,000 (2024) down from SGD 3,475,000 (2023), and Customer B with SGD 1,534,000 (2024) up from SGD 1,362,000 (2023)[9] Assets and Liabilities - Non-current assets increased to SGD 54.057 million as of June 30, 2024, compared to SGD 49.693 million at the end of 2023[4] - Current liabilities decreased significantly from SGD 15.157 million to SGD 9.608 million over the same period[5] - The company's net assets stood at SGD 48.940 million as of June 30, 2024, slightly down from SGD 49.168 million at the end of 2023[5] - Trade receivables from third parties increased to SGD 1,036,000 as of June 30, 2024, compared to SGD 944,000 as of December 31, 2023, representing a growth of approximately 9.7%[18] - Trade payables decreased significantly to SGD 1,044,000 as of June 30, 2024, down from SGD 4,166,000 as of December 31, 2023, indicating a reduction of approximately 75%[22] - Trade and other payables totaled SGD 1,396,000 as of June 30, 2024, compared to SGD 4,710,000 as of December 31, 2023, reflecting a decrease of about 70.4%[22] - Other receivables and deposits amounted to SGD 320,000 as of June 30, 2024, down from SGD 454,000 as of December 31, 2023, a decline of approximately 29.5%[20] Expenses - Employee benefits expenses amounted to SGD 1,311,000 for the six months ended June 30, 2024, slightly down from SGD 1,338,000 in 2023[11] - Service costs decreased by approximately SGD 0.6 million or 11.1% to about SGD 4.8 million for the six months ended June 30, 2024[30] - Administrative expenses increased by approximately SGD 0.5 million or 17.2% to about SGD 3.4 million, mainly due to higher depreciation and professional fees[33] - Employee costs totaled approximately SGD 2.9 million for the period ending June 30, 2024, compared to SGD 2.8 million for the same period in 2023, with a total of 141 employees as of June 30, 2024[40] Investments and Projects - The company acquired a 49% stake in D.D. Resident Co., Ltd for HKD 58 million (approximately SGD 10.07 million), with the investment's fair value as of June 30, 2024, estimated at SGD 4.22 million, representing about 6.6% of total assets[39] - The group had five ongoing projects with a total contract value of approximately SGD 57.2 million, of which about SGD 37.7 million was recognized as revenue by June 30, 2024[28] - The company plans to demolish a newly acquired property and construct a four-story building for warehouse, office, dormitory, and ancillary facilities, with construction expected to commence within the year[41] Corporate Governance and Compliance - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[1] - The company has no provisions for expected credit losses on trade receivables as of June 30, 2024, consistent with the assessment made on December 31, 2023[19] - The company maintains a public float of at least 25% of its issued shares, in compliance with listing rules[48] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results for the period and confirmed compliance with applicable accounting standards and regulations[47] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[45] Financial Ratios and Performance Metrics - The group maintained a current ratio of approximately 1.1 times and a debt-to-equity ratio of about 11.3% as of June 30, 2024[34] - The aging analysis of trade receivables shows that amounts overdue by 1 to 30 days decreased from SGD 828,000 to SGD 714,000, a decline of about 13.8%[18] - The company did not anticipate any significant impact on its financial statements from the adoption of new or revised International Financial Reporting Standards during the reporting period[8] - There were no significant changes in valuation techniques or assumptions during the reporting period, maintaining consistency in financial reporting[21] - The group has no significant contingent liabilities or capital commitments as of June 30, 2024[38] Future Outlook - The group plans to adopt new construction technologies to enhance productivity and maintain a competitive edge in project bidding and delivery[27] - The fair value of the investment in D.D. Resident Co., Ltd increased from 6.0% of total assets as of December 31, 2023, to 6.6% as of June 30, 2024[39] - The company has no other significant investment or capital asset plans as of June 30, 2024[41] - There were no significant transactions or arrangements involving directors that could pose a conflict of interest during the period[44] - The company has not repurchased any shares during the period and has not engaged in any purchase or sale of its own shares[43]
守益控股(02227) - 2024 - 中期业绩