Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 31,443,294, a decrease of 1.06% from SGD 31,780,569 for the same period in 2023[5] - Gross profit for the same period was SGD 10,272,157, down 4.02% from SGD 10,702,228 in 2023[5] - The company reported a net profit of SGD 3,259,948, an increase of 6.55% compared to SGD 3,059,229 in the previous year[5] - Basic and diluted earnings per share increased to SGD 0.26 from SGD 0.24, reflecting a growth of 8.33%[5] - The company reported a net profit of SGD 3,050,885 for the six months ended June 30, 2024, compared to SGD 3,270,180 for the same period in 2023, indicating a decrease in profitability[9] - The group's pre-tax profit for the six months ended June 30, 2024, was SGD 3,745,406, compared to SGD 3,542,229 in 2023, representing an increase of 5.7%[18] - The profit attributable to the company's owners for the six months ended June 30, 2024, was SGD 3,270,180, compared to SGD 3,050,885 for the same period in 2023, representing an increase of approximately 7.2%[27] - Net profit increased from approximately SGD 3.1 million to SGD 3.3 million, with a net profit margin rising from about 9.7% to 10.5%[50] Assets and Liabilities - Total assets as of June 30, 2024, were SGD 71,146,822, slightly down from SGD 71,463,677 at the end of 2023[6] - Current assets increased to SGD 47,574,627 from SGD 41,762,277, marking a growth of 13.67%[6] - Total liabilities decreased to SGD 18,292,775 from SGD 21,869,578, a reduction of 16.92%[8] - Net assets increased to SGD 52,854,047 from SGD 49,594,099, representing a growth of 6.67%[8] - The total equity as of June 30, 2024, increased to SGD 52,854,047 from SGD 49,210,484 as of June 30, 2023, representing a growth of about 5.3%[9] - The company's debt ratio decreased to 22.2% as of June 30, 2024, compared to 32.4% as of December 31, 2023, primarily due to a reduction in bank loans and lease liabilities[53] Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, was SGD 8,203,490, down from SGD 12,850,924 in the previous year, reflecting a decline of approximately 36.5%[11] - Cash and cash equivalents at the end of the period reached SGD 30,602,988, up from SGD 15,596,155 a year earlier, showing an increase of approximately 96.5%[11] - The company incurred a total cash outflow from investing activities of SGD 3,721,771 for the six months ended June 30, 2024, compared to an outflow of SGD 4,056,258 in the same period of 2023[11] - The group acquired property, plant, and equipment at a cost of SGD 877,647 for the six months ended June 30, 2024, down from SGD 9,622,631 in the same period of 2023, indicating a decrease of approximately 91.9%[29] Revenue Breakdown - Revenue from truck transportation services increased to SGD 12,124,000, up from SGD 11,043,779, reflecting a growth of 9.8% year-over-year[18] - Revenue from freight forwarding services rose to SGD 13,676,497, compared to SGD 12,304,874, marking an increase of 11.2%[18] - Revenue from value-added transportation services decreased to SGD 5,642,797, down from SGD 8,431,916, indicating a decline of 33.1%[18] - Truck transportation service revenue increased from approximately SGD 11.0 million to SGD 12.1 million, representing a growth of about SGD 1.1 million or 9.8% due to sustained demand from customers[41] - Freight forwarding service revenue rose from approximately SGD 12.3 million to SGD 13.7 million, an increase of about SGD 1.4 million or 11.4%, driven by high import and export freight demand[42] - Value-added transportation service revenue decreased from approximately SGD 8.4 million to SGD 5.6 million, a decline of about SGD 2.8 million or 33.1%, primarily due to the absence of temporary services provided to customers[43] Other Income and Expenses - The company reported an increase in other income to SGD 952,151, up 128.73% from SGD 417,702 in the previous year[5] - Other income rose from approximately SGD 0.4 million to SGD 1.0 million, mainly due to additional government subsidies and increased interest income from fixed deposits[46] - Financing costs decreased to SGD 315,614 from SGD 352,701, reflecting a reduction of 10.5%[23] - The total employee costs, including directors' remuneration, amounted to SGD 5,597,179, slightly up from SGD 5,372,108 in the previous year[24] - The income tax expense for the period was SGD 485,458, marginally higher than SGD 483,000 in the same period last year[25] - Administrative expenses remained consistent at approximately SGD 7.2 million and SGD 7.3 million for the respective periods[48] Strategic Focus and Future Plans - The company plans to focus on market expansion and new product development in the upcoming quarters[5] - The company is focused on long-term goals, including expanding its transportation fleet and enhancing value-added services to create a favorable environment for future growth[39] - The company aims to maintain a prudent cost management strategy while seeking partnerships to enhance competitive advantages amid external challenges such as diesel price fluctuations and labor cost pressures[39] - The group expects to enhance transparency in logistics operations and improve funding access to support expansion plans and strengthen market position[38] - The company is engaged in strategic acquisitions and investments, as indicated by the cash flows related to potential strategic acquisitions[11] Employee and Shareholder Information - As of June 30, 2024, the company had a total of 228 employees, an increase from 221 employees as of December 31, 2023[58] - As of June 30, 2024, Mr. Huang holds 937,500,000 shares, representing 75% of the issued share capital of the company[70] - Mirana Holdings, owned entirely by Mr. Huang, is the direct shareholder of the company, holding 937,500,000 shares, which also accounts for 75% of the issued share capital[74] - Ms. Liyani, as Mr. Huang's spouse, is deemed to have an interest in the 937,500,000 shares held by Mr. Huang, also representing 75% of the issued share capital[74] - The company has not established any share option schemes as per the listing rules[75] - No share awards have been granted or agreed to be granted under the share award scheme as of June 30, 2024[76] Compliance and Governance - The company has maintained its accounting policies consistent with those applied in the previous financial year, ensuring comparability in financial reporting[13] - The audit committee has reviewed and approved the unaudited consolidated financial statements for the six months ending June 30, 2024, confirming compliance with applicable accounting standards and regulations[69] - The company has no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures as of June 30, 2024[56] - The company has no capital commitments or contingent liabilities as of June 30, 2024[59] - The company has no foreign currency hedging policy but adopts a conservative approach to manage foreign currency risks[54]
LEGION CONSO(02129) - 2024 - 中期财报