Financial Performance - Revenue for the six months ended December 31, 2024, was SGD 105.9 million, representing a 63.9% increase from SGD 64.7 million in the same period of 2023[7] - Gross profit increased to SGD 6.4 million, up 102.5% from SGD 3.1 million year-on-year[7] - Profit attributable to shareholders for the period was SGD 2.0 million, compared to SGD 0.2 million in the previous year, marking a significant increase of 831.1%[7] - Basic and diluted earnings per share rose to SGD 0.25, compared to SGD 0.03 in the prior period, reflecting a substantial growth[7] - The company reported a pre-tax profit of SGD 1,969,000 for the six months ended December 31, 2024, compared to SGD 212,000 in the same period of 2023, representing a significant increase[14] - Operating cash flow before changes in working capital was SGD 2,171,000, up from SGD 311,000 year-over-year[14] - The company achieved a net cash increase of SGD 25,466,000, compared to SGD 15,380,000 in the previous year[15] - Other income for the six months ended December 31, 2024, was SGD 887,000, compared to SGD 852,000 in the same period of 2023, showing a slight increase of 4.1%[34] - The company reported a total of SGD 1,120,000 in gains from the sale of properties and investments for the six months ended December 31, 2024, compared to SGD 978,000 in the previous year, marking an increase of 14.5%[34] Assets and Liabilities - Total assets as of December 31, 2024, amounted to SGD 135.9 million, an increase from SGD 98.9 million as of June 30, 2024[9] - Current assets increased to SGD 114.1 million from SGD 76.3 million, indicating a growth of 49.5%[9] - Total liabilities rose to SGD 94.9 million from SGD 59.9 million, reflecting an increase of 58.5%[10] - Net assets attributable to shareholders increased to SGD 41.0 million from SGD 39.0 million, showing a growth of 5.2%[10] - The company reported a cash and cash equivalents balance of SGD 66.7 million, up from SGD 41.2 million, indicating a 62.0% increase[9] - The company's total liabilities as of December 31, 2023, were SGD 59,031,000, with total assets amounting to SGD 96,707,000, indicating a healthy asset-to-liability ratio[28] - Trade receivables increased to SGD 12,941,000 as of December 31, 2024, from SGD 7,705,000 as of June 30, 2024, representing a growth of 68.9%[45] - Unbilled receivables rose to SGD 24,623,000 as of December 31, 2024, compared to SGD 15,852,000 as of June 30, 2024, marking an increase of 55.5%[45] - Contract liabilities increased to SGD (27,839,000) as of December 31, 2024, from SGD (11,505,000) as of June 30, 2024, indicating a rise of 142.5%[51] - Trade payables surged to SGD 15,964,000 as of December 31, 2024, up from SGD 5,060,000 as of June 30, 2024, reflecting a growth of 215.5%[52] - Accrued subcontractor costs rose to SGD 27,817,000 as of December 31, 2024, compared to SGD 22,862,000 as of June 30, 2024, an increase of 21.6%[52] Market Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[7] - The construction industry in Singapore is projected to grow by 4.5% in 2024, down from 5.8% in 2023, with both public and private sector construction activity increasing[62] - The Singapore Construction Authority forecasts total construction demand for 2025 to be between SGD 47 billion and SGD 53 billion, representing an increase of 0.3% to 11.7% compared to pre-COVID levels in 2019[65] - The group aims to maintain its focus on becoming a leading contractor in both public and private sector construction projects, emphasizing investment in workforce and new construction technologies[65] - The group has a cautious yet optimistic outlook, believing that continuous investment in enhancing its workforce and adopting new technologies will strengthen its competitive advantage in bidding and delivering construction projects[65] - The Singapore economy is expected to grow by 1.0% to 3.0% in 2025, with ongoing global economic risks and inflation concerns impacting the outlook[64] Corporate Governance and Compliance - The company has fully complied with the corporate governance code during the reporting period, except for a specific deviation regarding the roles of the chairman and CEO[119] - The company appointed Ms. Wu Kai Ying as the company secretary, who possesses the necessary qualifications and experience for the role[121] - The audit committee, established on December 17, 2019, is chaired by independent non-executive director Mr. Pang Ting Wu, ensuring compliance with listing rules[125] - The interim condensed consolidated financial statements for the six months ending December 31, 2024, have been reviewed by the audit committee and comply with applicable accounting standards[127] - There are no reported interests or potential conflicts of interest from directors or major shareholders in competing businesses as of December 31, 2024[103] - The company has adopted a non-competition agreement to prevent potential competition with its major shareholders[104] Shareholder Information - Kwan Mei Kam and Tay Yen Hua each hold 600,000,000 shares, representing 75% ownership in the company[96] - The stock option plan allows for a maximum issuance of 80,000,000 shares, representing 10% of the company's issued shares as of December 7, 2019[112] - No stock options have been granted, exercised, expired, canceled, or become invalid as of the mid-term report date[117] - The company did not declare any dividends for the six months ended December 31, 2024, consistent with the same period in 2023[41]
光荣控股(09998) - 2025 - 中期财报