Financial Performance - The group's unaudited revenue for the six months ended June 30, 2024, was approximately SGD 37.0 million, an increase of about SGD 5.9 million or 18.8% compared to SGD 31.1 million for the same period in 2023[2] - The group's unaudited profit after tax for the six months ended June 30, 2024, was approximately SGD 1.2 million, an increase of about SGD 1.1 million compared to SGD 92,000 for the same period in 2023[2] - Basic and diluted earnings per share for the six months ended June 30, 2024, were SGD 0.055, compared to SGD 0.0038 for the same period in 2023[2] - The total comprehensive income for the six months ended June 30, 2024, was SGD 1.149 million, compared to SGD 107,000 for the same period in 2023[3] - The operating profit for the six months ended June 30, 2024, was SGD 1.554 million, compared to SGD 262,000 for the same period in 2023[3] - For the six months ended June 30, 2024, the company reported a profit attributable to owners of the company of 1,092 thousand SGD, a significant increase from 76 thousand SGD in the same period of 2023, representing a growth of 1,356.6%[26] - Basic and diluted earnings per share for the six months ended June 30, 2024, were 0.055 SGD, compared to 0.0038 SGD for the same period in 2023, reflecting an increase of 1,342.1%[26] - Revenue for the six months ended June 30, 2024, grew by 18.8% compared to the same period in 2023, driven by new large projects in Singapore and organic growth in the environmental services business in Thailand[33] Assets and Liabilities - The total assets as of June 30, 2024, were SGD 41.494 million, a decrease from SGD 44.475 million as of December 31, 2023[6] - The total liabilities as of June 30, 2024, were SGD 13.251 million, down from SGD 14.381 million as of December 31, 2023[6] - The equity attributable to the owners of the company as of June 30, 2024, was SGD 28.140 million, a decrease from SGD 30.049 million as of December 31, 2023[6] - The company’s trade receivables increased to 16,116 thousand SGD as of June 30, 2024, from 14,066 thousand SGD as of December 31, 2023, marking a growth of 14.5%[28] - The company’s total liabilities decreased to 7,419 thousand SGD as of June 30, 2024, from 8,218 thousand SGD as of December 31, 2023, a reduction of 9.7%[32] Cash Flow and Investments - The company generated a net cash inflow from investing activities of 2,707 thousand SGD, compared to a net cash outflow of 259 thousand SGD in the previous year[11] - Operating cash flow used was 2,501 thousand SGD for the first half of 2024, compared to 1,818 thousand SGD in the same period of 2023[11] - The company paid dividends of 3,000 thousand SGD, an increase from 2,000 thousand SGD in the previous year, reflecting a 50% increase[11] - The cash outflow from financing activities was 4,561 thousand SGD, compared to 3,920 thousand SGD in the same period last year, indicating an increase of 16.3%[11] Revenue Sources - The revenue from cleaning services was 36,940 thousand SGD, up from 31,078 thousand SGD, reflecting a growth of 18.5% year-over-year[19] - The company’s revenue from Singapore was 32,036 thousand SGD, up from 27,597 thousand SGD, marking a growth of 16.6% year-over-year[20] Expenses and Costs - Employee benefits expenses increased to 25,041 thousand SGD, up from 20,401 thousand SGD, representing a rise of 22.5% year-over-year[23] - Cost of sales for the same period was approximately SGD 30.9 million, up about 14.2% from SGD 27.1 million in 2023[36] - Gross profit increased from approximately SGD 4.1 million to about SGD 6.1 million, with the gross margin rising from 13.1% to 16.4% due to reduced labor-related expenses and increased government subsidies[37] - Administrative expenses increased from approximately SGD 4.0 million to SGD 4.6 million, primarily due to higher employee benefits and professional fees[38] Taxation - Tax expenses for the six months ended June 30, 2024, were approximately SGD 307,000, with an effective tax rate of 21.1%, compared to SGD 61,000 and 39.9% in 2023[42] - The effective corporate tax rate for Singapore was maintained at 17% for both periods under review[24] Employee and Governance - As of June 30, 2024, the group employed approximately 3,029 employees, an increase from 2,609 employees as of December 31, 2023, reflecting a growth of about 16%[52] - The company has established a progressive salary scheme for Singapore citizens and permanent residents, ensuring compliance with the Ministry of Manpower's salary levels for various cleaning workers[52] - The company is committed to high standards of corporate governance and has adopted a corporate governance code to ensure transparency and accountability to shareholders[53] - The company has not reported any significant labor disputes during the reporting period, indicating good employee relations[52] - The company is compliant with the Singapore Central Provident Fund Act, making mandatory contributions for local and permanent resident employees[52] Future Outlook and Strategy - The company has invested in digital solutions to enhance productivity and improve decision-making, aligning with the shift from headcount-based to outcome-based cleaning contracts[33] - The company anticipates continued challenges in the Singapore environmental services industry but aims to enhance productivity through investments in technology and training[34] Corporate Actions - The company has entered into an agreement to acquire 51% of Dongxing Life Convenience Store (Shenzhen) Co., Ltd. for HKD 34.2 million[48] - The company confirmed government grants totaling approximately SGD 0.8 million for the period, up from SGD 0.5 million in the previous year[37] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim results for the six months ended June 30, 2024, confirming compliance with applicable accounting principles and full disclosure[55] - The interim report for the six months ended June 30, 2024, will be sent to shareholders and published on the company's website at an appropriate time[59] Other Information - The company has established a cleaning score certification program to recognize businesses providing high-standard cleaning services through training and fair employment practices[58] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the reporting period[56] - The company has maintained the required public float as per listing rules as of the announcement date[57] - Other income decreased from approximately SGD 183,000 to SGD 95,000 due to lower average balances of fixed bank deposits and lower interest income[41] - Interest income decreased to 90 thousand SGD from 183 thousand SGD, indicating a decline of 50.8% year-over-year[21]
HYGIEIA GROUP(01650) - 2024 - 中期业绩