Financial Performance - The group's revenue for the six months ended June 30, 2024, was approximately SGD 100.9 million, a decrease of about 29.6% compared to SGD 143.3 million in the previous period[7]. - Revenue for the six months ended June 30, 2024, was SGD 100,907,459, a decrease of 29.5% compared to SGD 143,253,645 for the same period in 2023[53]. - Revenue from construction activities accounted for approximately 98.9% of total revenue, amounting to about SGD 99.8 million, down from SGD 142.2 million in the previous period[7]. - The profit attributable to the owners of the company was approximately SGD 5.0 million, an increase from SGD 3.9 million in the previous period[8]. - Net profit for the period was SGD 5.03 million, up from SGD 3.90 million, representing a 29.1% increase year-over-year[40]. - Profit before tax rose to SGD 5.39 million, compared to SGD 3.98 million in the previous year, marking a 35.5% increase[40]. - Basic and diluted earnings per share increased to 0.63 Singapore cents from 0.49 Singapore cents, a growth of 28.6%[40]. - Gross profit increased to SGD 6.05 million, up from SGD 5.42 million year-over-year, reflecting a gross margin improvement[40]. - The profit for the six months ended June 30, 2024, was SGD 5,037,383, compared to SGD 3,898,398 for the same period in 2023, representing a 29.2% increase[68]. Cash Flow and Financial Position - As of June 30, 2024, the group's cash and cash equivalents amounted to approximately SGD 57.2 million, an increase from SGD 56.7 million as of December 31, 2023[14]. - The company reported a significant cash outflow from operating activities of SGD 78.81 million, contrasting with a cash inflow of SGD 5.14 million in the same period last year[44]. - Cash and cash equivalents at the end of the period amounted to SGD 57,158,747, up from SGD 32,199,196 in the previous year[45]. - The company reported a total of SGD 86,589,902 in development properties as of June 30, 2024, which were pledged to banks for loans[74]. - The company's total borrowings amounted to SGD 64,944,000, with repayments of SGD 1,209,529 during the period[45]. - The company's bank loans, secured, totaled SGD 76,165,737 as of June 30, 2024, compared to SGD 12,389,882 as of December 31, 2023, reflecting increased borrowing activity[86]. - The current portion of borrowings due within one year was SGD 2,471,567 as of June 30, 2024, compared to SGD 11,373,677 as of December 31, 2023, indicating a reduction in short-term debt obligations[86]. Strategic Initiatives - The group completed the acquisition of a 45% stake in Evermega Investment Holdings Pte. Ltd., which holds industrial properties in Singapore, marking a strategic entry into real estate development[6][12]. - The group plans to implement refined strategies such as advanced planning and optimized design to strengthen its market position in the construction industry[11]. - The company is actively utilizing Building Information Modeling (BIM) technology, upgrading from 3D to 5D, and integrating smart office technologies into its projects[13]. - A new subsidiary focused on real estate development was established in July 2024[37]. Market Outlook - The construction industry outlook in Singapore remains optimistic, with projected total construction demand between SGD 32 billion and SGD 38 billion in 2024, primarily driven by public sector demand[11]. - The company is focusing on market expansion and new product development to drive future growth[40]. Shareholder Information - Major shareholders include Yang Xinping with 409,050,000 shares (51.13125%) and Han Yuying with 136,350,000 shares (17.04375%) as of June 30, 2024[21]. - The company’s major shareholders include Huada Development, which holds 51.13125% of the shares, and Eagle Global, which holds 17.04375%[22]. - The company has adopted a share option plan, allowing directors and employees to participate, with a total of 80,000,000 options available for issuance, representing 10% of the total shares issued at the time of listing[24]. - The company has no outstanding share options as of June 30, 2024, since all options available under the share option plan have been exercised[24]. Employee and Management Information - As of June 30, 2024, the company had 307 employees, a decrease from 384 employees in the previous period[15]. - The total remuneration for directors and key management personnel for the six months ended June 30, 2024, was SGD 762,594, an increase from SGD 750,400 in the same period of 2023, indicating a growth of about 1.9%[93]. - The company’s employee compensation policy is based on current market terms and individual performance, with discretionary bonuses for local employees[15]. Compliance and Governance - The board of directors confirmed compliance with the standard code for securities trading throughout the reporting period[33]. - The company has adopted corporate governance codes and has complied with all applicable provisions during the reporting period[32]. Real Estate Transactions - Wan Yoong Construction Pte. Ltd. signed an option letter to sell three units at Tai Seng Point for SGD 7,840,000, completed on August 19, 2024[28]. - Two additional units at Tai Seng Point were sold for SGD 2,232,400 and SGD 2,617,600, with completion on August 13, 2024[28]. - The total percentage of the transactions from the sales exceeds 25% but is below 75%, classifying them as major transactions under listing rules[28]. Tax and Financial Obligations - The tax expense for the period was SGD 356,559, significantly higher than SGD 80,865 in the previous year, reflecting an increase of 340%[64]. - The financing costs for the period were SGD 249,952, a decrease from SGD 338,414 in the same period last year[63]. Other Financial Metrics - Total assets as of June 30, 2024, were SGD 170.76 million, compared to SGD 100.87 million at the end of 2023, indicating a significant increase of 69.1%[41]. - Net assets amounted to SGD 59.74 million, up from SGD 39.20 million, reflecting a growth of 52.5%[42]. - Total employee costs amounted to SGD 6,109,898, down from SGD 6,717,019 in the previous period, indicating a decrease of 9.0%[66]. - The carrying value of investment properties decreased to SGD 6,462,597 from SGD 14,728,957, reflecting a decline of 56.1%[71].
BHCC HOLDING(01552) - 2024 - 中期财报