Financial Performance - For the six months ended June 30, 2024, the total revenue of C&N Holdings Limited was approximately SGD 13,753,000, an increase of about SGD 3,623,000 or 35.8% compared to SGD 10,130,158 for the same period in 2023[4]. - The loss attributable to owners of the company for the six months ended June 30, 2024, was approximately SGD 599,000, a significant improvement from a loss of SGD 2,140,000 for the same period in 2023[4]. - The gross profit for the six months ended June 30, 2024, was SGD 615,201, compared to SGD 126,092 for the same period in 2023, indicating a substantial increase in profitability[4]. - The total comprehensive loss for the period was SGD 598,768, a significant reduction from SGD 2,140,243 for the same period in 2023[4]. - The company reported a basic and diluted loss per share of SGD 0.004 for the six months ended June 30, 2024, compared to SGD 0.016 for the same period in 2023[4]. - The company recorded a loss of approximately SGD 678,000 for the six months ended June 30, 2024, a reduction of about SGD 1,443,000 compared to a loss of approximately SGD 2,121,000 for the same period in 2023[42]. Revenue Sources - Customer contract revenue increased to SGD 13,752,980 for the six months ended June 30, 2024, up 36.1% from SGD 10,130,158 in 2023[13]. - Revenue from truck transportation services rose to SGD 13,086,755, a 49.5% increase from SGD 8,758,250 in the previous year[14]. - The company's revenue for the six months ended June 30, 2024, increased by approximately SGD 3,623,000 or about 35.8% to approximately SGD 13,753,000 compared to the same period in 2023, primarily due to increased transaction volume[35]. - Revenue from truck transportation services rose by approximately SGD 4,329,000 to SGD 13,087,000, reflecting a growth of about 49.4% driven by increased customer transaction volume[35]. Assets and Liabilities - The total assets less current liabilities as of June 30, 2024, amounted to SGD 13,734,229, a decrease from SGD 14,658,933 as of December 31, 2023[6]. - Current liabilities increased to SGD 3,238,022 as of June 30, 2024, compared to SGD 2,928,772 as of December 31, 2023[5]. - The net current assets as of June 30, 2024, were SGD 5,836,228, down from SGD 6,269,904 as of December 31, 2023[6]. - Trade receivables as of June 30, 2024, amounted to SGD 7,255,811, an increase from SGD 6,221,430 as of December 31, 2023[24]. - Trade payables totaled SGD 1,058,208 as of June 30, 2024, up from SGD 962,236 as of December 31, 2023[26]. - Current lease liabilities increased to SGD 1,092,173 as of June 30, 2024, from SGD 731,838 as of December 31, 2023[27]. - Total loans and borrowings decreased slightly to SGD 1,538,712 as of June 30, 2024, from SGD 1,567,613 as of December 31, 2023[27]. Cash Flow - The company reported a net cash outflow from operating activities of SGD (591,410) for the six months ended June 30, 2024, compared to SGD (21,632) in the same period of 2023, indicating a significant increase in cash usage[10]. - The total cash and cash equivalents decreased to SGD 301,660 at the end of June 2024, down from SGD 3,836,683 at the end of June 2023[10]. - Financing activities resulted in a cash outflow of SGD (517,014) for the six months ended June 30, 2024, compared to a cash inflow of SGD 4,555,916 in the same period of 2023[10]. - The company had cash and cash equivalents of approximately SGD 302,000 as of June 30, 2024, a decrease from SGD 1,665,000 as of December 31, 2023[44]. Dividends - The company did not recommend any dividend distribution for the six months ended June 30, 2024[4]. - The company did not recommend a dividend for the six months ending June 30, 2024, consistent with no dividend for the same period in 2023[22]. - The company did not recommend any dividend payment for the six months ended June 30, 2024, considering overall operational performance and financial condition[43]. Share Capital and Options - The weighted average number of ordinary shares issued increased to 166,835,200 in 2024 from 130,035,438 in 2023, affecting the calculation of loss per share[21]. - The company issued 125,126,400 new shares at a subscription price of HKD 0.26 per share, raising approximately HKD 32.5 million in February 2023[29]. - No share options were granted or exercised under the share option scheme for the six months ending June 30, 2024, consistent with the same period in 2023[30]. - The company had a total of 3,890,350 share options outstanding as of June 30, 2024, with 2,669,194 options exercised[31]. - The company has granted stock options to 8 employees, with each holding 333,649 options, and to 3 employees, with each holding 407,052 options[60]. - The stock option plan will expire on October 17, 2027[60]. - The company has a total of 3,890,350 stock options, with 2,669,194 options granted and 1,221,156 options exercised[60]. Corporate Governance - The audit committee consists of three independent non-executive directors and has reviewed the financial statements for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards[67]. - The company has adopted a code of conduct for directors' securities transactions, confirming compliance for the six months ending June 30, 2024[65]. - The company has adhered to all provisions of the corporate governance code, with the exception of the separation of the roles of chairman and CEO[66]. - No directors or major shareholders have interests in any competing businesses during the review period[62]. Future Plans and Market Outlook - The company plans to maintain growth in the industry and expand its market share in Singapore, despite economic challenges[55]. - Future plans include purchasing new vehicles to increase service capacity and enhancing the IT systems of the group[55]. - The global trade economic uncertainty has led the company to adopt a cautious approach towards its expansion plans[55]. - The company aims to increase its workforce to meet business expansion needs and plans to acquire new office space[55]. Employee Costs - As of June 30, 2024, the total employee cost for the group was approximately SGD 3,379,000, a decrease from SGD 3,459,000 for the same period in 2023[50]. - The group has not faced significant labor disputes and maintains good relationships with employees[50].
春能控股(08430) - 2024 - 中期财报