Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 25,699,000, a decrease of 18% compared to SGD 31,546,000 for the same period in 2023[4] - Gross profit for the same period was SGD 2,110,000, down from SGD 2,555,000, reflecting a gross margin decrease[4] - Net profit for the period was SGD 1,654,000, compared to SGD 1,849,000 in the previous year, representing a decline of approximately 10.6%[5] - Basic and diluted earnings per share for the six months ended June 30, 2024, were SGD 0.28, down from SGD 0.31 in 2023[5] - Total comprehensive income for the period was SGD 1,648,000, compared to SGD 1,836,000 in the same period last year[5] - The company reported a decrease in profit before tax to SGD 2,020,000 for the six months ended June 30, 2024, down 5.03% from SGD 2,127,000 in 2023[10] - Profit for the six months ended June 30, 2024, was approximately SGD 1.6 million, a decrease of about SGD 0.2 million or 11.1% compared to SGD 1.8 million for the same period in 2023[49] Revenue Breakdown - For the six months ended June 30, 2024, total revenue from human resource outsourcing services was SGD 25,144,000, a decrease of 19.5% from SGD 31,289,000 in the same period of 2023[20] - Revenue from human resource recruitment services increased to SGD 498,000, up 131.5% from SGD 216,000 in the previous year[20] - Revenue from major clients accounted for over 10% of total revenue, with Client B contributing SGD 4,149,000 and Client C contributing SGD 2,610,000 for the six months ended June 30, 2024[19] - Revenue from human resource outsourcing services decreased by approximately SGD 6.1 million to about SGD 25.1 million, primarily due to a reduction in work orders from Singapore government agencies and private sector clients[43] Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended June 30, 2024, was SGD 2,950,000, representing a significant increase of 116.67% compared to SGD 1,366,000 in 2023[10] - The total cash and cash equivalents at the end of the period increased to SGD 17,862,000, up from SGD 13,346,000 in the previous year, marking a growth of 33.06%[11] - The company had cash and bank balances of approximately SGD 18.6 million as of June 30, 2024, up from SGD 15.8 million as of December 31, 2023[52] - The current ratio as of June 30, 2024, was approximately 4.4 times, compared to 3.6 times as of December 31, 2023[52] - Current liabilities decreased to SGD 6,293,000 from SGD 7,494,000, indicating improved liquidity[6] Assets and Liabilities - Non-current assets decreased to SGD 801,000 from SGD 1,060,000 as of December 31, 2023[6] - Trade receivables as of June 30, 2024, were SGD 6,392,000, down from SGD 8,590,000 at the end of 2023[6] - The aging analysis of trade receivables shows that overdue amounts less than 30 days decreased significantly from SGD 2,060,000 to SGD 143,000, a decline of approximately 93%[32] - The company reported a decrease in total other payables and accrued expenses from SGD 1,804,000 to SGD 1,528,000, a reduction of approximately 15.3%[36] - The company’s debt-to-equity ratio was 3.5% as of June 30, 2024, down from 4.9% as of December 31, 2023[51] Government Grants and Other Income - Government grants received amounted to SGD 2,618,000, an increase of 5.2% from SGD 2,490,000 in the previous year[22] - Other income increased by approximately SGD 0.1 million to about SGD 2.7 million, mainly due to the recognition of government subsidies, including SGD 2.5 million under the progressive wage subsidy scheme[45] Shareholder Information - The total shares held by Mr. Zhou Zhijian amounted to 288,000,000, representing 48.00% of the company's issued share capital[67] - Ms. Xiong Yuehan holds 289,735,000 shares, which is 48.29% of the company's issued share capital[67] - Mr. Lin Daoji increased his holdings to 3,600,000 shares as of June 30, 2024, after purchasing 1,060,000 shares during the reporting period[69] Corporate Governance - The company has adopted a corporate governance code in compliance with GEM listing rules, although the roles of Chairman and CEO are held by the same individual[77] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, ensuring compliance with applicable accounting standards and GEM listing rules[82] Future Plans and Investments - The company plans to continue expanding its IT team due to increased demand for IT support driven by the COVID-19 pandemic[76] - The remaining unutilized net proceeds as of June 30, 2024, is HKD 9.2 million for Singapore operations, expected to be fully utilized by December 31, 2024[75]
中安控股集团(08462) - 2024 - 中期财报