Financial Performance - For the six months ended June 30, 2024, the company reported revenue of SGD 80,120 thousand, a decrease of 28.5% compared to SGD 112,213 thousand for the same period in 2023[2] - Gross profit for the same period was SGD 9,079 thousand, down 36.5% from SGD 14,314 thousand in 2023[2] - Operating profit decreased to SGD 2,658 thousand, a decline of 69.9% from SGD 8,838 thousand in the previous year[2] - The net profit attributable to equity holders for the period was SGD 951 thousand, compared to SGD 6,398 thousand in the prior year, representing a significant drop[2] - Basic and diluted earnings per share for the period were SGD 1.09, down from SGD 7.11 in the same period last year[2] - The group reported a total segment profit of SGD 2,658 thousand for the six months ended June 30, 2024, compared to SGD 8,838 thousand in the same period of 2023, indicating a decrease of 70.0%[13] - The group incurred total tax expenses of SGD 515 thousand for the six months ended June 30, 2024, compared to SGD 1,179 thousand in 2023, reflecting a decrease of 56.3%[20] - Net profit margin decreased from approximately 5.7% in the first half of 2023 to about 0.8% in the first half of 2024, with total comprehensive income decreasing by approximately SGD 5.7 million or 89.1%[52] Revenue Breakdown - Automotive sales revenue for the six months ended June 30, 2024, was SGD 73,254 thousand, a decrease of 30.5% compared to SGD 105,461 thousand for the same period in 2023[12] - Total revenue recognized from customer contracts as per IFRS 15 for the six months ended June 30, 2024, was SGD 74,929 thousand, down from SGD 107,441 thousand in 2023, reflecting a decline of 30.2%[12] - The company's revenue decreased by approximately 32.1 million SGD or 28.6% from about 112.2 million SGD in H1 2023 to about 80.1 million SGD in H1 2024, primarily due to a decline in automobile sales[34] - Automobile sales revenue decreased by approximately 32.2 million SGD or 30.5%, with new car sales dropping by about 26.9 million SGD or 33.7%[35] - The average selling price of new cars fell from approximately 205,000 SGD in H1 2023 to about 135,000 SGD in H1 2024[35] - The average selling price of used cars decreased from 128,000 SGD in H1 2023 to about 101,000 SGD in H1 2024, resulting in a revenue decline of approximately 5.5 million SGD or 20.8%[35] - Revenue from car leasing increased by approximately SGD 0.4 million or 12.9% from about SGD 2.7 million in the first half of 2023 to about SGD 3.1 million in the first half of 2024[38] - Revenue from the sale of spare parts and accessories surged by approximately SGD 6,000 or 600.0% from SGD 1,000 in the first half of 2023 to about SGD 7,000 in the first half of 2024[39] Assets and Liabilities - Total assets as of June 30, 2024, were SGD 153,087 thousand, slightly down from SGD 153,939 thousand as of December 31, 2023[4] - Current assets increased to SGD 84,116 thousand from SGD 78,697 thousand at the end of 2023, primarily driven by higher inventory levels[4] - Non-current liabilities decreased to SGD 45,173 thousand from SGD 51,466 thousand, indicating a reduction in long-term debt[5] - The company’s cash and bank balances were SGD 8,622 thousand, down from SGD 12,975 thousand at the end of 2023, reflecting cash flow challenges[4] - Trade receivables decreased from 7,623 thousand SGD as of December 31, 2023, to 6,534 thousand SGD as of June 30, 2024[25] - Total liabilities increased from 8,073 thousand SGD as of December 31, 2023, to 11,450 thousand SGD as of June 30, 2024[28] - The total assets of the automotive sales segment as of June 30, 2024, were SGD 123,875 thousand, an increase from SGD 122,379 thousand as of December 31, 2023[15] - The total liabilities of the automotive sales segment as of June 30, 2024, were SGD 55,480 thousand, a slight decrease from SGD 56,780 thousand as of December 31, 2023[15] Expenses and Costs - The cost of goods sold for the six months ended June 30, 2024, was SGD 68,995 thousand, down from SGD 95,864 thousand in 2023, representing a reduction of 28.0%[18] - Cost of sales decreased by approximately SGD 26.9 million or 27.5% from about SGD 97.9 million in the first half of 2023 to about SGD 71.0 million in the first half of 2024[40] - Gross profit decreased by approximately SGD 5.2 million or 36.4% from about SGD 14.3 million in the first half of 2023 to about SGD 9.1 million in the first half of 2024, with a gross profit margin of 12.8% in 2023 and 11.3% in 2024[41] - Employee benefits expenses for the six months ended June 30, 2024, were approximately SGD 4.9 million, compared to SGD 5.2 million in 2023[63] - The company’s general and administrative expenses remained stable at approximately SGD 5.5 million in the first half of 2023 and SGD 5.9 million in the first half of 2024[49] Strategic Focus and Future Plans - The company continues to focus on expanding its automotive financing and insurance services, aiming to enhance revenue streams in the upcoming periods[6] - The company aims to strengthen its market position as a leading parallel importer in Singapore through effective cost control and maintaining good relationships with key suppliers[33] - The group plans to establish a car workshop, with an allocation of approximately HKD 5.5 million from the net proceeds, delayed to 2024 due to economic impacts[65] Shareholder and Capital Information - The company completed a subscription agreement for 18,000,000 shares at SGD 0.63 per share, raising approximately SGD 11.34 million for expanding the automotive product portfolio[53] - The net proceeds from the share issuance amounted to approximately HKD 52.9 million, with allocations including 45.8% for expanding car leasing financing and 30.2% for expanding used car sales[65] Employment and Governance - The group employed a total of 91 employees as of June 30, 2024, an increase from 80 employees as of December 31, 2023[63] - The group has adopted corporate governance principles and complied with applicable codes, with some deviations noted regarding the separation of roles for the chairman and CEO[67] Risks and Contingencies - The group faces foreign exchange risks primarily from transactions in GBP, JPY, HKD, and USD[61] - There were no significant contingent liabilities as of June 30, 2024[62]
冠轈控股(01872) - 2024 - 中期业绩