Financial Performance - Revenue from continuing operations for the six months ended June 30, 2024, was SGD 18,598,000, a decrease of 1.5% compared to SGD 18,873,000 for the same period in 2023[7]. - Gross profit increased to SGD 7,395,000, representing a 1.7% increase from SGD 7,271,000 in the previous year[7]. - Operating profit significantly improved to SGD 3,488,000, up 159.5% from SGD 1,346,000 in the prior year[7]. - Profit before tax rose to SGD 2,754,000, a substantial increase of 297.4% compared to SGD 692,000 in the same period last year[7]. - Net profit from continuing operations was SGD 2,097,000, compared to SGD 75,000 in the previous year, marking a significant turnaround[7]. - Total comprehensive income for the period was SGD 2,098,000, down from SGD 2,268,000 in the previous year[8]. - Basic and diluted earnings per share from continuing operations increased to SGD 1.70, compared to SGD 0.21 in the previous year[8]. - Other income for the period was SGD 1,435,000, slightly up from SGD 1,412,000 in the previous year[7]. - The company reported a profit of 2,097 thousand SGD for the six months ended June 30, 2024, compared to a loss of 6,117 thousand SGD at the beginning of the year, showing a turnaround in performance[11]. - The company reported a profit of approximately SGD 2.1 million for the six months ended June 30, 2024, compared to SGD 2.2 million for the same period in 2023[58]. Expenses and Cost Management - Administrative expenses decreased to SGD 5,717,000 from SGD 7,151,000, reflecting improved cost management[7]. - Employee costs, including salaries and other benefits, decreased to 3,625,000 SGD from 5,514,000 SGD, representing a reduction of 34.2%[25]. - Sales costs increased to 2,555,000 SGD, up 7.4% from 2,378,000 SGD in the previous year[26]. - Administrative expenses significantly decreased to 1,547,000 SGD, down 57.1% from 3,609,000 SGD[26]. - The total costs for the period amounted to 4,102,000 SGD, down 31.5% from 5,987,000 SGD in the previous year[26]. Assets and Liabilities - As of June 30, 2024, the company's non-current assets totaled 43,948 thousand SGD, a slight decrease from 44,345 thousand SGD as of December 31, 2023, representing a decline of approximately 0.9%[9]. - The company's cash and bank balances increased significantly to 12,425 thousand SGD from 9,225 thousand SGD, marking a growth of 34.8%[9]. - The total equity attributable to the owners of the company as of June 30, 2024, was 29,095 thousand SGD, up from 26,997 thousand SGD, reflecting an increase of 7.7%[10]. - The company's total liabilities decreased to 26,468 thousand SGD from 27,248 thousand SGD, a reduction of approximately 2.9%[10]. - The company’s current liabilities slightly increased to 15,300 thousand SGD from 15,615 thousand SGD, a decrease of 2.0%[9]. - The total borrowings as of June 30, 2024, were 3,526 thousand HKD, down from 4,237 thousand HKD at the end of 2023, indicating a decrease of about 16.7%[45]. Revenue Breakdown - Revenue from semiconductor customers increased to 16,264 thousand, up 2.7% from 15,831 thousand in the prior year[17]. - Aerospace revenue rose significantly to 1,766 thousand, compared to 675 thousand in the previous year, marking a growth of 162.5%[17]. - Revenue from data storage customers decreased to 464 thousand, down 74.2% from 1,794 thousand in the same period last year[17]. - Revenue from Singapore, Malaysia, and the United States was 5,461 thousand, 8,253 thousand, and 2,882 thousand respectively, compared to 7,464 thousand, 6,916 thousand, and 3,103 thousand in the previous year[18]. Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2024, was 6,455 thousand SGD, compared to 2,607 thousand SGD in the same period of 2023, indicating a substantial increase of 147.5%[12]. - The net cash used in investing activities was 403 thousand SGD for the six months ended June 30, 2024, compared to 331 thousand SGD in the same period of 2023, indicating an increase in investment outflows[12]. - Capital expenditures for the six months ended June 30, 2024, were approximately 1.6 million SGD, compared to 0.8 million SGD for the same period in 2023[64]. Shareholder Information - Major shareholder SGP BVI holds 58,647,335 shares, representing 39.10% of the total issued shares[84]. - Baccini holds 24,748,479 shares, accounting for 16.50% of the total issued shares[84]. - Angelling holds 12,299,998 shares, which is 8.20% of the total issued shares[84]. - The company increased its authorized share capital from SGD 67,000 to SGD 172,000 by issuing 620,000,000 shares[46]. - The company raised approximately 65.34 million HKD from the issuance of 27,000,000 shares at a price of 2.42 HKD per share on July 2, 2024[68]. Employee and Management - As of June 30, 2024, the company employed a total of 154 employees, up from 141 employees as of December 31, 2023[79]. - Employee costs for the six months ended June 30, 2024, were approximately 4.1 million SGD, compared to 3.7 million SGD for the same period in 2023, reflecting an increase of about 10.81%[79]. - The company believes that the quality, performance, and commitment of its employees are key to its success and long-term growth[79]. - The company regularly reviews compensation to attract and retain capable employees[79]. - The company provides internal training to enhance the knowledge level of its workforce[79]. Compliance and Governance - The company has complied with all relevant laws and regulations that significantly impact its business operations[99]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's accounting principles and internal controls for the six months ended June 30, 2024[103]. - The board of directors believes that the current arrangement of having the same individual serve as both Chairman and CEO is beneficial for the group's management and aligns with the interests of the company and its shareholders[102].
元续科技(08637) - 2024 - 中期财报