Financial Performance - For the six months ended June 30, 2024, the company reported revenue of SGD 25,937 thousand, a significant increase from SGD 11,983 thousand in the same period of 2023, representing a growth of approximately 116.5%[3] - The gross profit for the first half of 2024 was SGD 7,422 thousand, compared to SGD 5,049 thousand in the first half of 2023, indicating a growth of about 46.8%[3] - The company incurred a loss before tax of SGD 5,941 thousand for the period, compared to a profit of SGD 592 thousand in the same period last year, reflecting a decline in profitability[3] - The company reported a net loss of SGD 6,043,000 for the six months ended June 30, 2024, compared to a profit of SGD 940,000 in the same period of 2023[23] - The company reported a basic and diluted loss per share of SGD (0.47) for the first half of 2024, compared to earnings of SGD 0.08 per share in the same period of 2023[5] - Gross profit rose from SGD 5.0 million in the first half of 2023 to SGD 7.4 million in the first half of 2024, although the gross margin decreased from 42.1% to 28.6%[35] - Administrative expenses increased significantly from SGD 4.8 million to SGD 13.7 million, primarily due to post-COVID-19 recovery costs and share-based payments[37] - The company recorded a loss attributable to shareholders of SGD 6.0 million in the first half of 2024, compared to a profit of SGD 0.9 million in the same period of 2023[38] Revenue Breakdown - Revenue for the six months ended June 30, 2024, was SGD 25,937,000, a significant increase from SGD 11,983,000 in the same period of 2023, representing a growth of approximately 116%[14] - Revenue from Singapore reached SGD 13,505,000, up from SGD 11,587,000, indicating a growth of about 16.5% year-over-year[14] - Revenue from mainland China surged to SGD 12,432,000, compared to only SGD 396,000 in the previous year, reflecting a remarkable increase of over 3,000%[14] - Revenue from minimally invasive surgical solutions and related medical products surged from SGD 0.4 million to SGD 12.3 million, a staggering increase of 3,006.6%[32] - The revenue from dormitory services increased from SGD 3.6 million to SGD 5.6 million, driven by high market demand and increased pricing in the first half of 2024[34] Assets and Liabilities - The total assets of the company as of June 30, 2024, amounted to SGD 64,851 thousand, an increase from SGD 62,220 thousand as of December 31, 2023[6] - The company's total liabilities increased to SGD 27,154 thousand as of June 30, 2024, compared to SGD 24,730 thousand at the end of 2023, indicating a rise of approximately 9.8%[8] - The net cash balance decreased to SGD 13,173 thousand from SGD 20,196 thousand at the end of 2023, representing a decline of about 34.7%[6] - The group’s total borrowings and lease liabilities as of June 30, 2024, were SGD 11.3 million, an increase from SGD 10.1 million as of December 31, 2023, primarily due to new borrowings[50] - The debt-to-equity ratio as of June 30, 2024, was 30.0%, up from 26.9% as of December 31, 2023[50] Investments and Acquisitions - The company acquired investment properties worth SGD 10,515,000 during the six months ended June 30, 2024, with no acquisitions reported in the same period of 2023[24] - The company completed the acquisition of Neuhaus Engineering Pte. Ltd. on November 30, 2023, making it a wholly-owned subsidiary[54] - The group has reallocated SGD 10.0 million to acquire listed securities in the public market due to delays in acquiring foreign worker dormitories[43] Cash Flow and Financing - The net proceeds from the listing amounted to HKD 82.6 million (equivalent to SGD 14.1 million) after deducting underwriting fees and listing expenses[41] - The group has a remaining undrawn bank financing of SGD 3.0 million as of June 30, 2024, compared to SGD 2.5 million as of December 31, 2023[50] - The group maintains a prudent treasury policy to ensure a robust financial position and closely monitors its liquidity[40] Employee and Shareholder Information - Employee costs for the first half of 2024 were SGD 13.6 million, up from SGD 6.3 million in the first half of 2023[57] - The average number of ordinary shares outstanding increased to 1,292,500 for the six months ended June 30, 2024, compared to 1,230,000 in the same period of 2023[23] - The company granted a total of 128,603,750 share options under the share option plan on January 9, 2024, allowing holders to subscribe for the same number of shares[64] - The exercise price for the share options is set at HKD 2.54 per share, which is the highest of the closing price on the grant date or the average closing price over the previous five trading days[65] - The vesting schedule for the share options includes three tranches: 20% vesting on April 30, 2025, 30% on April 30, 2026, and 50% on April 30, 2027[66] Corporate Governance and Compliance - The company has adopted all applicable principles of the corporate governance code as per the listing rules, with no significant non-compliance reported[71] - The audit committee has reviewed the unaudited interim results and confirmed that the financial information complies with applicable accounting standards and listing rules[72] - The interim results announcement has been published on the Hong Kong Stock Exchange website and the company's website, ensuring transparency for shareholders[73] - All directors confirmed compliance with the trading code for securities transactions during the reporting period[69] Future Plans and Market Outlook - The company plans to continue expanding its service offerings in labor dispatch and IT services, which have shown growth in revenue[12] - The company plans to enhance its competitive position in the medical industry by strengthening development capabilities, expanding distribution networks, and developing new products[30] - The minimally invasive surgical instruments market in China is projected to grow from USD 1.56 billion in 2024 to USD 2.45 billion by 2029, with a compound annual growth rate of 9.45%[30] - The company aims to explore various fundraising methods in capital markets in Hong Kong and other locations to support business development[30] Risk Management - The company is facing economic uncertainty due to inflation and rising interest rates, prompting a more aggressive approach to managing internally generated funds[56] - The company has established policies to mitigate credit risk, including credit limits and approval processes[60] - The company has no interest rate hedging policies currently in place but monitors interest rate risks[58] - The company has no significant contingent liabilities as of June 30, 2024[53] - The company has no significant off-balance-sheet transactions as of June 30, 2024[57] Workforce Changes - The company has reduced its workforce from 694 employees as of December 31, 2023, to 508 employees as of June 30, 2024[57]
今海国际(02225) - 2024 - 中期业绩