Financial Performance - Revenue for the six months ended December 31, 2022, was SGD 24,452,222, representing a 132.5% increase from SGD 10,520,931 in the same period of 2021[11] - Gross profit for the same period was SGD 2,024,750, up from SGD 875,502, indicating a significant improvement in profitability[11] - The company reported a profit before tax of SGD 694,225 compared to a loss of SGD 94,861 in the previous year, marking a turnaround in financial performance[11] - Net profit for the period was SGD 493,218, compared to a loss of SGD 146,308 in the prior year, reflecting a positive shift in overall earnings[11] - Basic and diluted earnings per share improved to SGD 0.05 from a loss of SGD 0.01, highlighting enhanced shareholder value[11] - The company reported a pre-tax profit of SGD 694,225 for the six months ended December 31, 2022, compared to a loss of SGD 146,308 in the same period of 2021, indicating a significant turnaround in performance[16] - The net profit after tax for the six months ended December 31, 2022, was approximately SGD 0.5 million, compared to a net loss of approximately SGD 0.1 million for the same period in 2021[75] Revenue Sources - Revenue from public sector clients accounted for SGD 21,364,418, compared to SGD 7,297,027 from the previous year, reflecting a growth of 194.5%[26] - Total revenue from electrical engineering services for the six months ended December 31, 2022, was SGD 24,452,222, up 132.5% from SGD 10,520,931 in 2021[26] - Total revenue from Singapore accounted for 100% of the group's revenue for the six months ended December 31, 2022, consistent with 2021[30] - Revenue from major customers exceeding 10% of total revenue includes Customer I at SGD 5,762,518, Customer II at SGD 4,499,163, and Customer III at SGD 2,632,521 for the six months ended December 31, 2022[29] Assets and Liabilities - Trade receivables increased to SGD 7,083,648 from SGD 5,301,383, indicating growth in sales and customer transactions[12] - Contract assets rose to SGD 31,703,508 from SGD 29,446,514, suggesting an increase in ongoing projects and future revenue potential[12] - Total assets as of December 31, 2022, were SGD 50,101,493, compared to SGD 49,166,138 at the end of June 2022, showing overall asset growth[12] - The company's equity increased to SGD 38,238,049 from SGD 37,744,831, indicating a strengthening financial position[12] - Trade payables increased to SGD 5,414,908 as of December 31, 2022, from SGD 2,435,219 as of June 30, 2022[66] - Contract liabilities as of December 31, 2022, amounted to SGD 282,591, compared to SGD 214,620 as of June 30, 2022[64] Cash Flow and Expenditures - Operating cash flow before changes in working capital was SGD 969,280, a substantial increase from SGD 36,100 in the previous year[16] - Cash and cash equivalents decreased by SGD 2,167,753, ending at SGD 10,579,212 compared to SGD 17,509,571 at the end of 2021[16] - The company experienced a net cash outflow from operating activities of SGD 2,154,437, compared to SGD 226,621 in the previous year[16] - The total cash outflow for leases amounted to SGD 79,312 for the six months ended December 31, 2022, compared to SGD 74,168 for the same period in 2021, reflecting an increase of approximately 6.5%[49] - The group made capital expenditures of approximately SGD 18,000 for the six months ended December 31, 2022, compared to SGD 50,000 for the previous period[101] Employee and Operational Costs - Total employee costs increased to SGD 2,612,419 for the six months ended December 31, 2022, from SGD 1,985,958 in 2021, reflecting a rise in wages and benefits[38] - The group employed a total of 200 employees as of December 31, 2022, compared to 124 employees a year earlier[99] - The company's service costs increased by approximately 132.5% to SGD 22.4 million, consistent with the revenue increase[81] Foreign Exchange and Risks - The company incurred a foreign exchange loss of SGD 188,160 during the reporting period, compared to a gain of SGD 61,429 in the previous year[16] - The group faced foreign exchange risk with bank balances of SGD 8.0 million denominated in USD and HKD as of December 31, 2022[95] Future Outlook and Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9] - The company expects to recognize revenue from unfulfilled contracts totaling SGD 97,656,816 over the next four years, from 2022 to June 30, 2026[28] - The company plans to allocate SGD 1.4 million for the purchase of additional machinery and equipment by June 30, 2023[105] - SGD 0.9 million is designated for the purchase of building information modeling software and supporting hardware upgrades by June 30, 2023[105] Shareholder Information - The company’s directors and key executives hold 55.0% of the shares through Lead Development Investment Limited[109] - The company’s major shareholders include Mr. Hong Wei Kun and Mr. Hong Guo Guang, who collectively control 55.0% of the shares[109] - A total of 550 million shares, representing 55.0% of the company's issued share capital, were sold for HKD 152.5 million (HKD 0.277 per share) in a share purchase agreement completed on January 27, 2023[107] Corporate Governance - The company has complied with the corporate governance code as per the listing rules for the six months ending December 31, 2022[116] - The interim results for the six months ending December 31, 2022, were not audited or reviewed by independent auditors, but were reviewed by the audit committee[118]
坤集团(00924) - 2023 - 中期财报