Financial Performance - The company reported a total revenue of 168.3 million SGD for the first half of 2024, compared to 124.2 million SGD in the same period of 2023, reflecting a year-over-year increase of approximately 35%[6]. - Gross profit for the first half of 2024 was 92.5 million SGD, up from 7.0 million SGD in the first half of 2023, indicating a significant improvement in profitability[7]. - Net profit for the first half of 2024 reached 19.0 million SGD, a substantial increase from a net loss of 1.5 million SGD in the first half of 2023[7]. - For the six months ended June 30, 2024, total revenue increased by approximately 16.2% to SGD 51.5 million from SGD 44.3 million for the same period in 2023[14]. - Revenue for the six months ended June 30, 2024, increased to SGD 51,523 thousand, up 16.8% from SGD 44,336 thousand in 2023[69]. - Gross profit rose to SGD 4,820 thousand, representing a 37.3% increase compared to SGD 3,512 thousand in the previous year[69]. - The company reported a pre-tax profit of SGD 5,047 thousand, a significant turnaround from a loss of SGD 398 thousand in 2023[69]. - Net profit for the period was SGD 2,894 thousand, compared to a loss of SGD 1,513 thousand in the same period last year[69]. - Total comprehensive income for the period amounted to SGD 3,683 thousand, recovering from a loss of SGD 9,726 thousand in 2023[69]. Assets and Liabilities - Total assets as of the end of the first half of 2024 were reported at 198.4 million SGD, while total liabilities stood at 111.4 million SGD, resulting in a net equity of 87.0 million SGD[9]. - As of June 30, 2024, the group's cash and cash equivalents decreased to SGD 8.45 million from SGD 19.74 million as of December 31, 2023[26]. - The group's net current assets decreased from approximately SGD 43.4 million to SGD 41.2 million, primarily due to a decrease in cash and cash equivalents by approximately SGD 9.7 million[31]. - The group has capital commitments of SGD 7.31 million as of June 30, 2024, including SGD 448,000 for property, plant, and equipment and SGD 6.865 million for investment securities[33]. - The total liabilities amount to SGD 21,586,000, an increase from SGD 20,892,000 as of December 31, 2023, representing a growth of approximately 3.3%[38]. - The company's equity attributable to owners rose to SGD 95,038 thousand, compared to SGD 94,620 thousand at the end of 2023[70]. Cash Flow - As of June 30, 2024, the company had cash and cash equivalents of approximately SGD 8.5 million, indicating a strong financial position to meet operational needs and future capital expenditures[25]. - For the six months ended June 30, 2024, the net cash used in operating activities was approximately SGD 2.8 million, reflecting an increase in trade and other receivables by approximately SGD 10.5 million[27]. - The net cash used in investing activities for the same period was approximately SGD 5.0 million, primarily for the purchase of property, plant, and equipment amounting to approximately SGD 2.8 million[28]. - The net cash used in financing activities was approximately SGD 1.8 million, mainly for repaying bank loans of about SGD 11.1 million[30]. - The company experienced a net cash outflow from investing activities of SGD 5,036,000, compared to a cash inflow of SGD 5,844,000 in the same period last year[74]. - The company reported a net cash outflow from financing activities of SGD 1,849,000, compared to a net outflow of SGD 3,341,000 in the previous year[74]. Market Strategy and Future Outlook - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments and strategic partnerships[6]. - Future guidance indicates an optimistic outlook with expected revenue growth of 20% for the full year 2024, driven by increased demand in key markets[6]. - The company plans to invest in research and development to innovate new products, particularly in the semiconductor processing equipment sector[6]. - There is an ongoing strategy to explore potential mergers and acquisitions to strengthen the company's market position and expand its operational capabilities[6]. - The company aims to enhance its operational efficiency by implementing new technologies in its manufacturing processes[6]. - The board has approved a new strategic plan to increase shareholder value through targeted investments and cost management initiatives[6]. Shareholder Structure - As of June 30, 2024, Mr. Lin Guocai holds 304,791,246 shares, representing approximately 33.12% of the company's shares[52]. - Ms. Fu Haoyu, as the spouse of Mr. Lin Guocai, has a beneficial interest in 305,711,246 shares, which is about 33.22%[55]. - China Everbright Venture Capital Limited and its parent company, China Everbright Holdings Limited, collectively hold 262,084,380 shares, accounting for approximately 28.48%[55]. - The largest shareholder, Mr. Lin Guocai, has a direct and indirect interest in a total of 304,791,246 shares, which includes shares held by his spouse[53]. - The company has a diverse shareholder base, with significant stakes held by institutional investors and related parties[55]. - The overall ownership structure reflects a concentration of shares among a few key stakeholders, indicating potential influence over corporate decisions[56]. Stock Options and Corporate Governance - The company has a stock option plan effective from June 27, 2018, allowing for a maximum of 83,935,132 shares to be granted, which is 10% of the issued shares post-listing[59]. - The company granted a total of 29,740,000 stock options, with 6,840,000 options remaining unexercised as of the reporting date[63]. - The performance targets for the stock options granted in 2021 were not achieved, leading to their cancellation[60]. - The company emphasizes good corporate governance by changing auditors after a suitable period[67]. - The company plans to appoint PKF-CAP LLP as the new auditor following the resignation of Ernst & Young, which was approved at the 2024 Annual General Meeting[67]. Employee and Operational Metrics - The company employs 779 staff members, with employee benefit expenses amounting to approximately SGD 16.2 million for the six months ended June 30, 2024[47]. - Research and development expenses increased to SGD 1,418,000 in the first half of 2024, up from SGD 1,024,000 in the same period of 2023, reflecting a focus on innovation[83]. - The company’s short-term employee benefits for key management personnel increased to SGD 1,712 thousand for the six months ended June 30, 2024, compared to SGD 1,501 thousand for the same period in 2023, representing a growth of 14.05%[101]. Risks and Contingencies - The company has not declared an interim dividend for the six months ended June 30, 2024[48]. - There are no contingent liabilities or significant pending lawsuits as of June 30, 2024[40]. - The company has implemented measures to manage foreign exchange risks due to operations primarily in Singapore and China, with significant revenue denominated in USD[45].
精技集团(03302) - 2024 - 中期财报