Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 100,907,459, a decrease of 29.5% compared to SGD 143,253,645 for the same period in 2023[2] - Gross profit increased to SGD 6,053,718, up 11.7% from SGD 5,418,616 in the prior period[2] - Profit before tax rose to SGD 5,389,246, representing a 35.4% increase from SGD 3,979,263 in the previous year[2] - Net profit for the period was SGD 5,032,687, compared to SGD 3,898,398 in the same period last year, marking a 29.1% increase[2] - Basic and diluted earnings per share increased to 0.63 Singapore cents from 0.49 Singapore cents, reflecting a growth of 28.6%[2] Assets and Liabilities - Total assets as of June 30, 2024, amounted to SGD 170,762,217, compared to SGD 100,870,366 as of December 31, 2023[3] - Net assets increased to SGD 59,737,196 from SGD 39,195,378 at the end of the previous year, indicating a growth of 52.5%[4] - Non-current liabilities decreased to SGD 73,838,028 from SGD 1,394,234, showing a significant reduction[4] - The company reported cash and cash equivalents of SGD 57,158,747, slightly up from SGD 56,700,787 at the end of 2023[3] Cash Flow and Financing - Operating cash flow before changes in working capital was SGD 5,500,735, compared to SGD 4,403,441 in the previous year, indicating an increase of about 24.9%[6] - The net cash used in operating activities was SGD (78,807,835), a significant decrease from the net cash generated of SGD 5,141,440 in the same period last year[6] - The net cash generated from financing activities was SGD 78,382,229, a substantial increase compared to a net cash used of SGD (1,642,087) in the same period of 2023[7] Revenue Breakdown - Revenue from construction and building projects as a main contractor was SGD 94,971,760, down from SGD 110,479,556, indicating a decrease of about 14%[15] - The rental income from property investments was SGD 99,760,035, compared to SGD 142,153,720 in the previous year, reflecting a decline of approximately 29.8%[15] - Major customer A contributed SGD 86,611,383 to total revenue, down from SGD 111,304,230, which accounted for over 10% of total revenue[23] Operational Highlights - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2] - The company continues to focus on its core business of building construction services and property investment[8] - The company has not reported any new product launches or technological advancements during this period[8] Employee and Cost Management - Total employee costs amounted to SGD 6,109,898 for the six months ended June 30, 2024, a decrease of approximately 9.0% from SGD 6,717,019 in the prior period[29] - The company incurred a loss contract provision of SGD 245,612 for the current period, a significant improvement compared to a loss of SGD 943,438 in the previous period[29] - The company’s total material costs recognized as service costs were SGD 16,981,184 for the current period, a significant decrease from SGD 43,942,284 in the previous period, representing a reduction of approximately 61.3%[29] Corporate Governance and Compliance - The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and are unaudited[9] - The audit committee has reviewed the accounting standards and policies adopted by the group and confirmed that the unaudited interim financial statements were prepared in accordance with applicable accounting standards[81] - The company has adopted the corporate governance code and complied with all applicable provisions during the reporting period[78] Strategic Initiatives - The group has recently entered the real estate development sector by acquiring a 45% stake in Evermega Investment Holdings Pte. Ltd., which holds industrial properties in Singapore[67] - The company completed the acquisition of a 45% stake in Evermega Investment Holdings Pte. Ltd., positioning itself in the industrial property development sector[61] - The group signed an option agreement on March 28, 2024, to sell three units at Tai Seng Point for SGD 7.84 million, with the sale completed on August 19, 2024[75] Market Outlook - The total construction demand in Singapore is projected to be between SGD 32 billion and SGD 38 billion in 2024, primarily driven by increasing public sector demand[66]
BHCC HOLDING(01552) - 2024 - 中期业绩