Financial Performance - For the six months ended June 30, 2024, the company reported revenue of SGD 24,278,000, a decrease of 54.1% compared to SGD 52,918,000 for the same period in 2023[1] - Gross profit for the same period was SGD 5,521,000, down 7.7% from SGD 5,977,000 in 2023[1] - The company recorded a net profit of SGD 247,000 for the six months ended June 30, 2024, compared to SGD 2,210,000 in the previous year, representing a decline of 88.8%[1] - Total comprehensive income for the period was SGD 86,000, significantly lower than SGD 2,191,000 in the prior year[2] - Basic earnings per share for the period were SGD 0.009, compared to SGD 0.220 in the previous year[3] - The company reported a pre-tax profit of SGD 87 thousand for the six months ended June 30, 2024, compared to SGD 2,204 thousand for the same period in 2023[14] - The net profit for the six months ended June 30, 2024, was SGD 392,000, a decrease of 82.2% compared to SGD 2,204,000 for the same period in 2023[25] - The company reported a net profit attributable to owners of approximately SGD 87,000 for the six months ended June 30, 2024, down from approximately SGD 2.2 million for the same period in 2023[50] Revenue Breakdown - Revenue from soft drink products amounted to SGD 855 thousand for the six months ended June 30, 2024, compared to SGD 0 for the same period in 2023[12] - Contract revenue for the six months ended June 30, 2024, was SGD 23,423 thousand, down from SGD 52,918 thousand in 2023, indicating a decrease of about 56%[12] - As of June 30, 2024, the group's revenue from interior decoration services decreased by 55.8% to approximately SGD 23.4 million compared to SGD 52.9 million for the six months ended June 30, 2023[37] - The gross profit for the interior decoration segment fell by 11.7% to approximately SGD 5.3 million, down from SGD 6.0 million for the same period last year[37] - The gross profit margin for the beverage sales and distribution segment was 22.7% for the six months ended June 30, 2024, compared to 11.3% for the same period in 2023[39] Assets and Liabilities - The company's total assets as of June 30, 2024, were SGD 44,001,000, slightly down from SGD 44,223,000 as of December 31, 2023[4] - Current assets decreased to SGD 37,102,000 from SGD 42,973,000 at the end of 2023, primarily due to a reduction in contract assets[4] - The company's total liabilities decreased to SGD 30,699,000 from SGD 31,862,000, indicating a reduction in financial obligations[5] - Non-current assets included intangible assets of SGD 2,050,000 and goodwill of SGD 3,863,000[4] - Trade receivables increased to SGD 6,159,000 as of June 30, 2024, compared to SGD 4,111,000 as of December 31, 2023, reflecting a 50% increase[26] - The total amount of trade receivables net of expected credit loss was SGD 6,074,000, up from SGD 4,026,000 in the previous period[26] - Trade payables decreased to SGD 4.475 million as of June 30, 2024, from SGD 6.662 million as of December 31, 2023[34] - The total trade and other payables and accrued expenses amounted to SGD 21.865 million as of June 30, 2024, down from SGD 29.679 million as of December 31, 2023[34] Expenses - The company's administrative expenses for the six months ended June 30, 2024, were SGD 1,100 thousand, impacting overall profitability[14] - Total employee costs increased to SGD 7,230,000, up 14.8% from SGD 6,299,000 in the previous year[25] - Administrative expenses increased from approximately SGD 3.7 million for the six months ended June 30, 2023, to SGD 4.3 million for the same period in 2024, mainly due to the new soda business[47] - Financing costs increased to approximately SGD 293,000 for the six months ended June 30, 2024, from SGD 126,000 for the same period in 2023, primarily due to accrued interest on convertible bonds[48] Business Operations - The company continues to focus on its core business of providing interior design services in Singapore and distributing soft drink products in China[6] - The company has expanded its operations into China for the sale and distribution of soft drink products, establishing a new reporting segment[15] - The group has 11 ongoing projects with an estimated contract value of approximately SGD 19.2 million as of June 30, 2024[37] - Management anticipates achieving an annual growth rate of approximately 30% over the next three years in the beverage segment[39] - The group expects to generate tens of millions in revenue from a long-term agreement with Sinopec, with recognition anticipated in the second half of 2024[38] Corporate Governance and Future Outlook - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2024, with no objections raised[65] - The group has adhered to the corporate governance code as of June 30, 2024[62] - There were no significant events to disclose after June 30, 2024, up to the announcement date[61] - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[24] - There were no significant investments or capital commitments planned for the future as of June 30, 2024[60] - The group did not engage in any purchase, sale, or redemption of its listed securities during the six months ended June 30, 2024[64] - The group expressed gratitude to shareholders for their support and acknowledged the contributions of all employees[67]
RAFFLESINTERIOR(01376) - 2024 - 中期业绩