Financial Performance - For the six months ended June 30, 2024, Indigo Star Holdings Limited reported revenue of SGD 38,683,000, a significant increase of 115.5% compared to SGD 17,951,000 for the same period in 2023[2]. - Gross profit for the same period was SGD 8,183,000, up 45.5% from SGD 5,615,000 year-on-year[2]. - The company achieved a profit before tax of SGD 2,808,000, compared to SGD 590,000 in the previous year, marking a 376.3% increase[2]. - Net profit for the period was SGD 2,313,000, a substantial rise from SGD 486,000 in the prior year, reflecting a 376.5% growth[2]. - Basic and diluted earnings per share for the period were SGD 0.58, up from SGD 0.12 in the same period last year, reflecting a 383.3% increase[2]. - The group recorded revenue of approximately SGD 38.7 million for the six months ended June 30, 2024, representing an increase of about 115.5% compared to SGD 17.9 million for the same period in 2023[29]. - Direct costs for the same period were approximately SGD 30.5 million, an increase of about 147.2% from SGD 12.3 million in the previous year, aligning with the revenue growth[30]. - Gross profit for the six months ended June 30, 2024, was approximately SGD 8.2 million, with a gross margin decrease from 31.3% in 2023 to 21.2% in 2024[31]. - The group achieved a profit of approximately SGD 2.3 million for the reporting period, compared to SGD 0.5 million for the same period in 2023[34]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to SGD 27,594,000, compared to SGD 26,737,000 at the end of 2023, indicating a 3.2% increase[3]. - The company's cash and cash equivalents decreased to SGD 8,841,000 from SGD 10,316,000, a decline of 14.3%[7]. - The net asset value increased to SGD 16,723,000 from SGD 14,388,000, representing a growth of 16.2%[4]. - As of June 30, 2024, trade receivables amounted to 3,504 thousand SGD, a decrease of 52.3% from 7,356 thousand SGD as of December 31, 2023[21]. - Trade payables decreased to 1,267 thousand SGD as of June 30, 2024, down from 1,803 thousand SGD as of December 31, 2023, a reduction of 29.7%[23]. - Contract liabilities related to construction services increased to 6,622 thousand SGD as of June 30, 2024, compared to 6,295 thousand SGD as of December 31, 2023, reflecting a growth of 5.2%[21]. Revenue Sources - Major clients contributing over 10% of total revenue included Client A with SGD 12,002,000 (up from SGD 6,245,000), Client B with SGD 8,577,000 (up from SGD 3,675,000), and Client C with SGD 5,034,000[12]. - Revenue from Singapore increased to SGD 28,337,000 in 2024 from SGD 17,951,000 in 2023, while revenue from Hong Kong was SGD 10,346,000[12]. - The company recorded revenue from general building projects of approximately 4.8 million SGD for the six months ended June 30, 2024, which is a decline of 27.3% compared to 6.6 million SGD for the same period in 2023[27]. - Revenue from civil engineering projects was approximately 8.6 million SGD for the six months ended June 30, 2024, an increase of 86.9% from 4.6 million SGD for the same period in 2023[27]. - Revenue from the mobile phone and accessories business was approximately 10.3 million SGD for the six months ended June 30, 2024, accounting for 27% of total revenue[27]. Employee and Operational Costs - Total employee benefits expenses, including directors' remuneration, amounted to SGD 11,393,000 for the six months ended June 30, 2024, compared to SGD 10,356,000 in 2023[17]. - The company has utilized approximately HKD 9.2 million (equivalent to about SGD 1.6 million) for employee costs related to construction projects as of June 30, 2024[47]. Strategic Initiatives - The group is focused on diversifying its business to enhance resilience against economic fluctuations and is actively seeking more potential opportunities in Singapore[28]. - The group aims to upgrade its license from C1 to B2 level to broaden its project bidding scope[28]. - The company plans to allocate approximately HKD 28.5 million (equivalent to about SGD 5.0 million) for the acquisition of new properties to serve as a cutting and bending factory and dormitory for foreign workers[46]. - The company has identified suitable properties for establishing dormitories and cutting and bending factories and has entered into purchase agreements with sellers[48]. - The company has hired a quantity surveyor and is in the process of recruiting skilled employees to strengthen its team capabilities[49]. Compliance and Governance - The audit committee, established on October 24, 2017, consists of three independent non-executive directors and has reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards[60]. - The roles of chairman and CEO were held by the same individual, Mr. Wu Jinshun, until May 27, 2024, when Mr. Chen was appointed as chairman[55]. - The company has confirmed compliance with the code of conduct for securities transactions by directors throughout the reporting period[56]. - The board of directors does not recommend the payment of any dividends for the reporting period[57]. - The company has adopted a share option scheme but has not granted any options since its adoption, with no unexercised options as of June 30, 2024[58]. - Splendor Investment Limited holds 205,160,000 shares, representing 51.29% of the company's issued share capital[50]. - The company has maintained a public float of at least 25% of its issued shares since January 1, 2024, in compliance with GEM listing rules[59].
靛蓝星(08373) - 2024 - 中期业绩