Financial Performance - The company reported revenue of SGD 12,150,977 for the six months ended June 30, 2024, representing a 68.5% increase from SGD 7,221,802 in the same period of 2023[5]. - Gross profit for the same period was SGD 2,426,059, up from SGD 1,193,607, indicating a significant improvement in profitability[5]. - The company achieved a profit before tax of SGD 264,397, a turnaround from a loss of SGD 1,597,679 in the prior year[5]. - Total comprehensive income for the period was SGD 196,383, compared to a loss of SGD 1,634,535 in the previous year[5]. - Basic earnings per share improved to SGD 0.05, compared to a loss of SGD 0.33 per share in the same period last year[5]. - The company reported a profit of SGD 244,118 for the six months ended June 30, 2024, compared to a loss of SGD (2,761,737) for the same period in 2023[9]. - The net profit after tax for the six months ended June 30, 2024, was approximately SGD 244,000, a turnaround from a net loss of SGD 1.60 million in 2023[52]. Assets and Liabilities - Current assets increased to SGD 14,412,537 from SGD 13,675,302 year-over-year, reflecting a healthy liquidity position[6]. - The company's net asset value rose to SGD 9,929,726 as of June 30, 2024, compared to SGD 9,733,343 at the end of 2023[8]. - Non-current assets decreased to SGD 4,104,947 from SGD 4,951,601, primarily due to depreciation of property, plant, and equipment[7]. - The company reported a decrease in total liabilities to SGD 1,934,337 from SGD 2,248,956, indicating improved financial stability[8]. - Total trade receivables as of June 30, 2024, amounted to SGD 4,708,354, an increase from SGD 2,600,055 as of December 31, 2023[29]. - Trade payables increased to SGD 4,783,180 as of June 30, 2024, from SGD 3,597,861 as of December 31, 2023[36]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was SGD (2,111,764), compared to SGD (1,367,468) for the same period in 2023, indicating a decline in cash flow[10]. - The total cash and cash equivalents at the end of June 30, 2024, were SGD 912,801, down from SGD 1,173,762 at the end of June 30, 2023[10]. - The company's cash and cash equivalents were approximately SGD 913,000 as of June 30, 2024, down from SGD 3,243,000 on December 31, 2023[42]. Costs and Expenses - The total employee costs, including directors' remuneration, amounted to SGD 2,327,941 for the six months ended June 30, 2024, compared to SGD 2,124,134 for the same period in 2023[19]. - The company reported a significant increase in material costs recognized as expenses, totaling SGD 3,074,767 for the six months ended June 30, 2024, compared to SGD 1,659,719 for the same period in 2023[19]. - The company incurred tax expenses of SGD 20,279 for the six months ended June 30, 2024, with a corporate tax rate of 17%[21]. - The company generated depreciation expenses of approximately SGD 445,000 for the period, compared to SGD 347,000 in 2023[27]. Future Plans and Market Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[5]. - The total construction demand in Singapore for 2024 is projected to be between SGD 32 billion and SGD 38 billion, with public sector projects contributing about 55% of the total demand[53]. - Major upcoming public sector projects in 2024 include new Build-To-Order (BTO) housing developments and infrastructure works for Changi Airport Terminal 5[53]. - The company aims to expand its capacity and hire more staff to strengthen its market position in the Singapore steel structure industry[52]. - The company is actively seeking projects from various clients to mitigate the risk of over-reliance on a single client[52]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[65]. - The company has complied with all corporate governance code provisions during the six months ended June 30, 2024, except for certain deviations due to the resignation of an independent non-executive director[59]. - The company has maintained a solid corporate governance structure to ensure effective oversight of management[60]. Shareholder Information - As of June 30, 2024, the company has a major shareholder, Wei Guangjun, holding 104,652,500 shares, representing approximately 21.80% of the total issued share capital[55]. - The company did not recommend any dividend payment for the six months ended June 30, 2024, consistent with the previous year[22].
高原之宝(08402) - 2024 - 中期财报