Financial Performance - For the six months ended June 30, 2024, the company reported revenue of SGD 9.433 million, a decrease of 20.4% compared to SGD 11.851 million in the same period of 2023[8]. - The company incurred a loss before tax of SGD 2.118 million, compared to a profit of SGD 1.139 million in the prior year, indicating a significant decline in performance[8]. - Total comprehensive loss for the period was SGD 2.139 million, contrasting with a total comprehensive income of SGD 1.085 million in the previous year[8]. - The company reported a basic and diluted loss per share of SGD 0.11 for the current period, compared to a profit of SGD 0.06 per share in the previous year[8]. - The company reported a net cash outflow from operating activities of SGD 550,000 for the six months ended June 30, 2024, compared to a net inflow of SGD 887,000 in the same period of 2023[12]. - The company incurred a total comprehensive loss of SGD 1,771,000 for the six months ended June 30, 2024, compared to a loss of SGD 2,140,000 for the same period in 2023[11]. - The company recorded a revenue of approximately SGD 9.43 million for the six months ended June 30, 2024, a decrease of 20.4% from SGD 11.85 million for the same period in 2023[42]. - The company reported a loss of approximately SGD 2.14 million for the six months ended June 30, 2024, compared to a profit of approximately SGD 1.09 million for the same period in 2023[42]. Revenue Breakdown - Revenue from maintenance and repair services was SGD 7,665,000, down from SGD 7,830,000, reflecting a decline of 2.1%[16]. - Revenue from modification, tuning, and beautification services, as well as the sale of parts and accessories, decreased significantly to SGD 1,409,000 from SGD 2,544,000, a drop of 44.6%[16]. - Revenue from Singapore operations decreased by 15.3% to SGD 8.75 million, primarily due to a reduction in parts sales exports[42]. - Revenue from mainland China decreased by 51.4% to SGD 0.68 million, attributed to declining consumer demand and economic downturn[42]. - The company's gross profit margin declined from 50.1% to approximately 47.2%, due to reduced contributions from higher-margin businesses in mainland China[45]. Assets and Liabilities - The company's total assets as of June 30, 2024, amounted to SGD 21.358 million, a slight decrease from SGD 22.235 million as of December 31, 2023[9]. - Current liabilities increased to SGD 11.553 million from SGD 9.028 million, reflecting a rise in financial obligations[9]. - The net asset value decreased to SGD 3.968 million from SGD 6.108 million, indicating a decline in shareholder equity[9]. - The total trade receivables at the end of June 30, 2024, amounted to 1,127,000 Singapore dollars, a decrease from 1,447,000 Singapore dollars as of December 31, 2023[23]. - Trade payables as of June 30, 2024, amounted to SGD 1,500 thousand, an increase from SGD 1,416 thousand as of December 31, 2023[34]. - Other payables increased significantly to SGD 3,947 thousand as of June 30, 2024, compared to SGD 2,193 thousand as of December 31, 2023[34]. Cash Flow and Financial Position - The company’s cash and cash equivalents stood at SGD 2.511 million, down from SGD 2.930 million at the end of 2023[9]. - The total cash and cash equivalents at the end of June 30, 2024, were SGD 2,511,000, down from SGD 3,417,000 at the end of June 30, 2023[12]. - Cash and bank balances as of June 30, 2024, were approximately SGD 2.51 million, down from SGD 2.93 million as of December 31, 2023[47]. - The company's debt-to-equity ratio was 0.7 times as of June 30, 2024, compared to 0.3 times as of December 31, 2023[47]. Strategic Plans and Future Outlook - The company plans to focus on market expansion and new product development to improve future performance[7]. - The management is actively exploring strategic partnerships and potential acquisitions to enhance growth opportunities[7]. - The company plans to expand its electric vehicle business, with expected delivery around the end of Q3 2024[29]. - The company aims to become a leading platform for pre-prepared food industry SaaS+ services globally, integrating various business models including retail, delivery, and brand incubation[43]. - The company is focusing on customer service and loyalty while acquiring new customers through new products and services amidst economic uncertainties[44]. Shareholder Information - As of June 30, 2024, Mr. Wang Lei holds a beneficial interest of 590,870,000 shares, representing approximately 29.54% of the company's equity[48]. - Ms. Li Lidan, as the spouse of Mr. Wang Lei, is deemed to have the same interest in the 590,870,000 shares, also representing approximately 29.54%[49]. - Mr. Li Jie holds a beneficial interest of 286,020,000 shares, which is approximately 14.30% of the company's equity[53]. - The company has 2,000,000,000 issued ordinary shares as of June 30, 2024[22]. Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code and has not separated the roles of Chairman and CEO[60]. - The interim results for the six months ending June 30, 2024, have not been audited[61]. - The previous auditor, Zhongzheng Tianheng CPA Limited, will not be reappointed, and a new auditor, Xianji CPA Limited, has been appointed following a resolution passed at the annual general meeting on June 26, 2024[65]. Acquisitions and Investments - The company decided not to proceed with the acquisition of 100% equity in Shanghai Tianji Zhongwei Industrial Development Co., Ltd., which was valued at RMB 19,000,000 (approximately HKD 20,938,000) due to careful consideration[62]. - The acquisition agreement was unilaterally terminated by the buyer on August 1, 2024, releasing the buyer from related obligations and responsibilities[62]. - No significant investments or acquisitions related to subsidiaries, associates, or joint ventures occurred during the six months ending June 30, 2024[63].
中食民安(08283) - 2024 - 中期财报