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伟源控股(01343) - 2024 - 中期财报
WEI YUAN HLDGWEI YUAN HLDG(HK:01343)2024-09-25 08:52

Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 45.432 million, a decrease of 1.45% compared to SGD 46.101 million in the same period of 2023[11] - Gross profit for the same period was SGD 6.070 million, with a gross margin of approximately 13.36%[11] - The operating profit for the six months was SGD 2.206 million, reflecting a significant improvement from a loss of SGD 4.896 million in the previous year[11] - Net profit attributable to equity holders for the period was SGD 2,000, representing a recovery from a loss of SGD 750,000 in the prior year[11] - The company reported a total comprehensive income of SGD 806,000 for the period, compared to SGD 1.136 million in the same period last year[12] - Basic earnings per share for the period was SGD 0.0002, down from SGD 0.04 in the previous year[12] - The company recognized other comprehensive income of SGD 589,000, significantly higher than SGD 120,000 in the prior year[12] - The company recorded a net profit of approximately 0.2 million SGD for the six months ended June 30, 2024, down from approximately 1.0 million SGD for the same period in 2023, a decrease of about 0.8 million SGD[154] Assets and Liabilities - Total assets as of June 30, 2024, amounted to SGD 76.948 million, compared to SGD 79.579 million as of December 31, 2023[13] - Current liabilities decreased to SGD 41.925 million from SGD 47.291 million at the end of 2023, indicating improved liquidity[13] - As of June 30, 2024, total equity increased to 57,103 thousand SGD from 56,297 thousand SGD as of January 1, 2024, reflecting a growth of approximately 1.43%[16] - The company reported a retained earnings balance of 24,906 thousand SGD as of June 30, 2024, slightly up from 24,904 thousand SGD at the beginning of the year[16] - The cash and cash equivalents at the end of the period decreased to 18,447 thousand SGD from 20,772 thousand SGD, indicating a decline of approximately 11.2%[20] - The company’s total assets as of June 30, 2024, were not explicitly stated but can be inferred to have increased given the rise in total equity[16] - The total liabilities for SWG Alliance Pte. Ltd. were 2,999 thousand SGD, comprising current liabilities of 2,605 thousand SGD and non-current liabilities of 395 thousand SGD[60] - The total liabilities, including current and non-current, were 3,057,000 SGD as of June 30, 2024, down from 3,279,000 SGD as of December 31, 2023[100] Cash Flow - The net cash flow from operating activities for the six months ended June 30, 2024, was 6,340 thousand SGD, compared to 5,903 thousand SGD for the same period in 2023, representing an increase of about 7.4%[20] - The company’s investment activities resulted in a net cash outflow of 2,587 thousand SGD for the six months ended June 30, 2024, compared to a net cash outflow of 1,568 thousand SGD in the previous year[20] - The company’s financing activities generated a net cash inflow of 14,939 thousand SGD for the six months ended June 30, 2024, compared to an outflow of 3,838 thousand SGD in the previous year[20] - The company’s cash and cash equivalents stood at 18,447,000 SGD as of June 30, 2024, slightly down from 18,967,000 SGD as of December 31, 2023, a decrease of 2.7%[72] - Cash and cash equivalents decreased from 18,891,000 to 13,073,000 SGD, a reduction of approximately 31%[89] Revenue Sources - Revenue from major clients included Client 1 generating 16,678 thousand SGD, Client 2 generating 8,915 thousand SGD, and Client 3 generating 6,734 thousand SGD, collectively accounting for over 10% of total revenue[27] - The decline in revenue was primarily due to reduced earnings from road milling and resurfacing services during the six months ended June 30, 2024[140] - Contract engineering revenue decreased by approximately 0.2 million SGD, with power cable installation project revenue increasing by approximately 3.9 million SGD, while telecommunications cable installation project revenue decreased by approximately 4.1 million SGD[145] Expenses - Employee benefits expenses totaled 12,874 thousand SGD for the six months ended June 30, 2024, a decrease of 4.41% from 13,468 thousand SGD in the same period of 2023[36] - The total cost of sales for the six months ending June 30, 2024, was 2,556,000 SGD, an increase from 2,451,000 SGD in the same period of 2023[48] - Administrative expenses for the same period were 313,000 SGD, up from 281,000 SGD in 2023[48] - The group's cost of sales increased from approximately 38.9 million SGD to approximately 39.4 million SGD, representing an increase of about 1.3%[146] Investments and Impairments - The investment in SWG was assessed at a recoverable amount of approximately 1,865 thousand SGD, leading to an impairment charge of about 1,050 thousand SGD due to the recoverable amount being lower than the carrying value[58] - The group incurred capital expenditures of approximately SGD 1.6 million for the purchase of property, plant, and equipment during the six months ended June 30, 2024, compared to SGD 2.1 million for the same period in 2023[160] Governance and Compliance - The company has adopted the standard code of conduct for securities transactions as per the listing rules[174] - The company has confirmed compliance with the standard code of conduct and securities trading rules by all directors, except Mr. Huang Lei[174] - The report indicates no known violations of the standard code of conduct during the six months ending June 30, 2024[174] - The company will continue to remind directors of the procedures and requirements for trading the company's securities[174] Future Outlook - The company plans to focus on market expansion and new product development to drive future growth[11] - The group anticipates ongoing challenges in the business environment due to high global interest rates and geopolitical uncertainties[140] - The group will adopt a prudent approach to business operations in light of these challenges[140] - The group has not incurred any retirement benefits for directors related to management services during the six months ended June 30, 2024[133]