Financial Performance - Revenue for the six months ended June 30, 2024, was approximately SGD 38.7 million, an increase of about 115.5% compared to SGD 17.9 million for the same period in 2023[5] - Gross profit for the same period was approximately SGD 8.2 million, representing a 45.7% increase from SGD 5.6 million in the previous year[5] - Profit for the six months ended June 30, 2024, was approximately SGD 2.3 million, a significant increase of about 375.9% compared to SGD 0.5 million in 2023[5] - Basic and diluted earnings per share for the period were approximately 0.58 Singapore cents, up 383.3% from 0.12 Singapore cents in the previous year[5] - For the six months ended June 30, 2024, total revenue reached 38,683 thousand SGD, a significant increase of 115.5% compared to 17,951 thousand SGD for the same period in 2023[19] - The company reported a net profit of 2,313 thousand SGD for the first half of 2024, compared to 486 thousand SGD in the same period of 2023, representing a growth of 376.5%[10] - Profit before tax for the six months ended June 30, 2024, was 2,313 thousand SGD, significantly up from 486 thousand SGD in the same period of 2023, reflecting a growth of 376%[26] - Basic earnings per share for the six months ended June 30, 2024, was 0.58 SGD, compared to 0.12 SGD in the same period of 2023, indicating a 383% increase[26] Assets and Liabilities - Total current assets as of June 30, 2024, amounted to SGD 27.6 million, compared to SGD 26.7 million as of December 31, 2023[8] - Total current liabilities decreased to SGD 16.9 million as of June 30, 2024, from SGD 18.6 million at the end of 2023[8] - The net current asset value increased to SGD 10.7 million as of June 30, 2024, compared to SGD 8.1 million at the end of 2023[8] - Non-current liabilities, specifically lease liabilities, amounted to 601 thousand SGD as of June 30, 2024, down from 903 thousand SGD as of December 31, 2023[9] - The company's total equity increased to 16,723 thousand SGD as of June 30, 2024, up from 14,388 thousand SGD at the end of 2023, reflecting a growth of 16.2%[9] - Trade receivables decreased to 3,504 thousand SGD as of June 30, 2024, from 7,356 thousand SGD as of December 31, 2023, a decline of 52%[28] - Contract assets increased to 8,501 thousand SGD as of June 30, 2024, compared to 5,250 thousand SGD as of December 31, 2023, representing a growth of 62%[30] - Trade payables and warranty payables totaled 1,329 thousand SGD as of June 30, 2024, down from 1,894 thousand SGD as of December 31, 2023, a decrease of 30%[32] Revenue Sources - Revenue from civil engineering projects surged to 8,577 thousand SGD in the first half of 2024, a 88.5% increase from 4,555 thousand SGD in the same period of 2023[19] - The sales of mobile phones and accessories generated 10,346 thousand SGD in revenue for the first half of 2024, with no revenue reported in the same period of 2023[19] - Major customer A contributed 12,002 thousand SGD to total revenue in the first half of 2024, compared to 6,245 thousand SGD in the same period of 2023, indicating a growth of 92.5%[17] - Revenue from Singapore increased to 28,337 thousand SGD in the first half of 2024, up from 17,951 thousand SGD in the same period of 2023, marking a growth of 57.5%[17] - The company generated revenue of approximately SGD 10.3 million from the sale of mobile phones and accessories, accounting for 27% of total revenue for the six months ended June 30, 2024[39] Expenses and Costs - Direct costs for the six months ended June 30, 2024, were approximately SGD 30.5 million, an increase of about 147.2% from SGD 12.3 million in the same period in 2023[41] - Administrative expenses increased to approximately SGD 6.1 million for the six months ended June 30, 2024, compared to SGD 5.2 million in the same period in 2023[42] - Employee benefits expenses, including directors' remuneration, totaled 11,393 thousand SGD for the six months ended June 30, 2024, up from 10,356 thousand SGD in the same period of 2023, an increase of 10%[23] Cash Flow and Liquidity - Cash and cash equivalents decreased by 1,497 thousand SGD to 8,841 thousand SGD as of June 30, 2024, compared to 6,992 thousand SGD at the end of 2023[12] - The company’s operating cash flow for the first half of 2024 was a net outflow of 383 thousand SGD, contrasting with a net inflow of 2,102 thousand SGD in the same period of 2023[12] - The current ratio as of June 30, 2024, was 1.6 times, up from 1.4 times as of December 31, 2023[42] - The company's net current assets were approximately SGD 10.7 million as of June 30, 2024, including cash and cash equivalents of about SGD 8.8 million[42] - The company maintains a policy to ensure sufficient liquidity to meet its short-term and long-term funding needs[43] Corporate Governance and Shareholder Information - The company did not recommend the payment of any dividend for the six months ended June 30, 2024[5] - The company has no significant capital commitments or contingent liabilities as of June 30, 2024[43] - The company has maintained a public float of at least 25% of its issued shares since January 1, 2024[55] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024[55] - The company complied with the corporate governance code, except for the separation of roles between the chairman and CEO during a specific period[52] - No major shareholders or directors were reported to have any interests that could potentially conflict with the company's business[51] - Mr. Chen holds 205,160,000 shares, representing 51.29% of the company's issued share capital[48] - Splendor Investment Limited, controlled by Mr. Chen, is the holding company with 100% beneficial ownership of its shares[49] Future Plans and Developments - The company aims to upgrade its license from C1 to B2 level to enable bidding for a wider range of projects in Singapore[40] - The company continues to upgrade its license from C1 to B2 level to bid for larger public sector projects[47] - The company has identified suitable properties for establishing dormitories and cutting and fabrication plants, with agreements in place[47] - The company has not yet purchased a single production line for cutting and fabrication systems, with expenditures delayed due to COVID-19 impacts[46] - The actual use of net proceeds from the IPO includes HKD 28.5 million for property acquisition and HKD 1.1 million for property renovation, both fully utilized[46]
靛蓝星(08373) - 2024 - 中期财报