Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 63,505 thousand, a decrease of 4.8% from SGD 66,756 thousand in the same period of 2023[4] - Gross profit increased to SGD 7,033 thousand, compared to SGD 4,238 thousand in the previous year, reflecting a significant improvement in profitability[4] - Net profit attributable to owners for the period was SGD 2,371 thousand, up 36.4% from SGD 1,739 thousand in the prior year[4] - The company reported a basic earnings per share of 0.19 cents, up from 0.17 cents in the previous year[4] - The company reported a profit of SGD 2,371,000 for the six months ended June 30, 2024, compared to SGD 1,739,000 for the same period in 2023, indicating a year-over-year increase of approximately 36.4%[8] - The company reported a pre-tax profit of SGD 3,226,000 for the six months ended June 30, 2024, compared to SGD 2,278,000 for the same period in 2023, marking an increase of approximately 41.7%[20] - The company reported a net expected credit loss provision of SGD 1,268,000 as of June 30, 2024, up from SGD 1,175,000 as of December 31, 2023[12] - The company’s income tax expense for the six months ended June 30, 2024, was SGD 855,000, compared to SGD 539,000 in the same period of 2023, reflecting an increase of approximately 58.5%[29] - The company’s diluted earnings per share for the six months ended June 30, 2024, was SGD 0.00176, up from SGD 0.00168 in the same period of 2023[31] Assets and Liabilities - Total assets as of June 30, 2024, amounted to SGD 193,305 thousand, an increase from SGD 121,685 thousand as of December 31, 2023[5] - Non-current assets rose significantly to SGD 111,478 thousand from SGD 45,214 thousand, indicating substantial investment in long-term assets[5] - Current liabilities increased to SGD 45,221 thousand, compared to SGD 26,075 thousand at the end of 2023, reflecting higher operational costs[6] - The total equity attributable to owners increased to SGD 97,381 thousand from SGD 92,088 thousand, indicating a strengthening financial position[6] - The company’s total liabilities as of June 30, 2024, were SGD 95,924,000, compared to SGD 29,597,000 as of December 31, 2023, indicating an increase of approximately 224.5%[22] - The total reportable segment assets as of June 30, 2024, amounted to SGD 129,128,000, significantly up from SGD 59,966,000 as of December 31, 2023, indicating an increase of approximately 115.5%[21] - The total reportable segment liabilities as of June 30, 2024, were SGD 81,868,000, compared to SGD 18,950,000 as of December 31, 2023, reflecting an increase of approximately 331.5%[22] Cash Flow and Investments - The net cash flow from operating activities for the six months ended June 30, 2024, was SGD 5,756,000, a decrease of 30.5% compared to SGD 8,322,000 for the same period in 2023[9] - The company incurred a net cash outflow from investing activities of SGD 44,907,000 for the six months ended June 30, 2024, compared to a net cash outflow of SGD 9,738,000 for the same period in 2023[9] - Cash and cash equivalents at the end of June 30, 2024, were SGD 27,140,000, up from SGD 19,810,000 at the end of June 30, 2023, representing a growth of approximately 36.7%[9] - The company has committed to capital expenditures of SGD 3,660,000 for the acquisition of property, plant, and equipment as of June 30, 2024, compared to SGD 1,830,000 as of December 31, 2023[45] Operational Highlights - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[4] - The company’s total revenue from external customers is segmented into three main divisions: earthworks and related services, general construction, and property leasing and management[18] - The earthworks and ancillary services segment contributed approximately 70.0% of total revenue, amounting to about SGD 45.0 million, an increase from approximately SGD 41.5 million in the previous year[62] - The group participated in 85 ongoing earthworks and ancillary services projects, showcasing its capability in executing complex infrastructure projects[62] - The group secured 12 new projects during the first half of 2024, with a total contract value of approximately SGD 37.0 million[62] - The general construction segment reported revenue of approximately SGD 18.5 million during the reporting period, compared to SGD 25.2 million as of June 30, 2023, primarily due to the completion of several non-recurring projects in the previous year[63] Financing and Shareholder Information - Financing costs increased to SGD 365 thousand from SGD 87 thousand, highlighting rising interest expenses[4] - The company issued new shares resulting in an increase in share capital by SGD 2,960,000 during the reporting period[8] - The company provided a total of SGD 3,000,000 in additional shareholder loans to the joint venture for redevelopment projects, with the first loan of SGD 500,000 issued on January 3, 2024, and the second loan of SGD 2,500,000 on March 18, 2024[129] - The company has implemented an employee stock option plan to recognize and reward contributions to its growth[112] - The stock option plan allows for a maximum of 10% of the total issued shares to be granted, equating to 100,000,000 shares, with 79,272,000 shares available for issuance under the plan, representing about 6.3% of the total issued shares[115] Market and Economic Outlook - The Singapore economy showed resilience with a GDP growth of 3.0% year-on-year in the first half of 2024, benefiting the construction sector[57] - The construction industry in Singapore recorded a strong year-on-year growth rate of 3.8% in Q2 2024, supported by public construction projects[57] - The global economic outlook for 2024 has been adjusted to a growth forecast of 3.2%, with Singapore's GDP growth projected between 2.0% and 3.0%[66] - The construction sector in Singapore is expected to grow by 3.3% in 2024, driven by significant investments in key infrastructure[66] Corporate Governance and Compliance - The company has adopted all provisions of the corporate governance code and has complied with all applicable code provisions throughout the reporting period[133] - The audit committee consists of three independent non-executive directors, and the external auditor conducted agreed-upon procedures on the interim financial statements for the six months ended June 30, 2024[138]
川控股(01420) - 2024 - 中期财报