Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 32,887,425, a decrease of 2.2% compared to SGD 33,619,903 in 2023[1] - Profit before tax increased by 7.5% to SGD 4,950,379 from SGD 4,606,551 in the previous year[2] - Net profit for the period was SGD 4,025,254, representing an 18.9% increase from SGD 3,384,403 in 2023[2] - Total revenue for the six months ended June 30, 2024, was approximately SGD 32.9 million, a decrease of about SGD 0.7 million or 2.2% from SGD 33.6 million for the same period in 2023[21] - Profit for the period increased by approximately SGD 0.6 million or 18.9% to about SGD 4.0 million for the six months ending June 30, 2024, driven by increased other income and reduced selling and distribution expenses[39] Profitability Metrics - The gross profit margin for the six months ended June 30, 2024, was 27.3%, slightly down from 27.8% in 2023[1] - The net profit margin improved to 12.2% from 10.1% in the previous year[1] - Basic earnings per share rose to SGD 0.40 from SGD 0.34 in the previous year[2] - The basic earnings per share attributable to the company's owners increased to SGD 0.40 for the six months ended June 30, 2024, compared to SGD 0.34 for the same period in 2023, representing an increase of approximately 17.6%[18] Revenue Breakdown - Nut segment revenue increased to SGD 21,916,371 in 2024 from SGD 21,735,085 in 2023, reflecting a growth of 0.8%[10] - Chip segment revenue decreased to SGD 9,691,889 in 2024 from SGD 10,771,824 in 2023, a decline of 10.0%[10] - Other revenue increased to SGD 1,279,165 in 2024 from SGD 1,112,994 in 2023, representing a growth of 15.0%[10] - Sales of nuts accounted for 66.6% of total revenue in the six months ended June 30, 2024, while chips sales decreased from 32.0% to 29.5% during the same period, primarily due to declining demand in Singapore and Malaysia[23] Cash and Assets - Cash and cash equivalents increased significantly by 87.7% to SGD 36,584,798 from SGD 19,490,038 as of December 31, 2023[3] - Total assets less current liabilities increased to SGD 79,550,215 from SGD 75,626,552 as of December 31, 2023[3] - Trade receivables decreased to SGD 8,895,041 as of June 30, 2024, down from SGD 11,557,873 as of December 31, 2023, indicating a reduction of about 23.1%[19] - Trade payables decreased to SGD 2,554,835 as of June 30, 2024, down from SGD 4,448,421 as of December 31, 2023, reflecting a reduction of approximately 42.6%[20] Expenses and Costs - Total employee costs rose to SGD 4,698,627 in 2024 from SGD 4,533,927 in 2023, an increase of 3.6%[16] - Selling and distribution expenses decreased by approximately SGD 0.2 million or 12.1% to about SGD 1.8 million for the six months ending June 30, 2024, due to reduced marketing expenditures[35] - Administrative expenses increased by approximately SGD 0.3 million or 10.9% to about SGD 3.2 million for the six months ending June 30, 2024, primarily due to rising employee costs and maintenance expenses[36] Market Outlook - The group expects the global snack food market, including nuts and chips, to continue growing at an annual rate of approximately 2.7% until 2027, driven by changing dietary habits and demand for functional health snacks[28] - The group anticipates a gradual recovery in the manufacturing sector in Singapore in the second half of 2024, particularly in the electronics industry supported by strong demand for smartphones and AI-related chips[28] - Singapore's GDP growth forecast for 2024 is projected to be between 2.0% and 3.0%[28] Corporate Governance - The company has maintained compliance with corporate governance codes and has confirmed adherence to these codes for the six months ending June 30, 2024[56] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim consolidated financial statements for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards[64] - SWL Limited holds 750,000,000 shares, accounting for 75% of the company's issued share capital, with significant ownership by individual directors[61] - All directors have confirmed compliance with the standard code of conduct for securities trading during the six months ending June 30, 2024[57] Shareholder Information - The company declared a dividend of SGD 398,268 for the year-end dividend of 2023, compared to no dividend in 2022[10] - The company did not declare any interim dividends for the six months ending June 30, 2024, despite recording profits[51] - The company has adopted a share option scheme since December 20, 2018, allowing for the issuance of up to 100,000,000 shares, representing 10% of the total issued shares[53] Board Composition - The board of directors consists of seven members, including four executive directors and three independent non-executive directors[66] - The executive directors are Lin Xiaoyan, Lin Fangyu, Lin Fangzhou, and Lin Shengcai[66] - The independent non-executive directors are Chen Jiayu, Li Enhui, and Zhou Jiyao[66] - The company is led by Chairperson and Executive Director Lin Xiaoyan[66]
TS WONDERS(01767) - 2024 - 中期业绩