Financial Performance - For the first half of 2022, Courage Investment Group Limited reported a revenue increase of 80% to $7,405,000, compared to $4,119,000 in the same period of 2021[11]. - The shipping business generated revenue growth of 100% to $7,265,000, with profit increasing by 249% to $4,029,000, driven by the recovery of global economic activities[12]. - The basic earnings per share rose to $0.14, up from $0.06 in the previous year[11]. - The company reported a profit attributable to shareholders of $1,575,000 for the first half of 2022, compared to $703,000 for the same period in 2021, indicating a significant increase in profitability[26]. - The total comprehensive income attributable to shareholders was $490,000 for the first half of 2022, up from $255,000 in the previous year[26]. - The shipping business contributed a profit of $4,029,000, a substantial increase from $1,154,000 in the first half of 2021[26]. - Net profit attributable to the company's owners for the period was $1,575,000, compared to $703,000 in the previous year, representing a 124% increase[38]. - The company reported a total comprehensive income of $490,000 for the period, up from $255,000 in the previous year[38]. - Employee costs for the first half of 2022 were $335,000, an increase from $296,000 in the same period of 2021[35]. - The group achieved a total profit of $1,575,000 for the six months ended June 30, 2022, up from $703,000 in the same period last year, reflecting an increase of approximately 124%[71]. Market Conditions - The overall market outlook for the shipping business remains cautiously optimistic despite new uncertainties from the Russia-Ukraine conflict[12]. - The market conditions for the shipping business improved in the first half of 2022, attributed to the recovery of global economic activities as the COVID-19 pandemic eased[36]. - The shipping business's performance is closely tied to the fluctuations in freight rates, which are expected to improve with the ongoing recovery of global economic activities[12]. Assets and Liabilities - As of June 30, 2022, the company held current assets of $21,040,000, an increase from $13,122,000 at the end of 2021[27]. - The current ratio improved significantly to approximately 7.50, compared to 2.44 at the end of 2021, primarily due to cash received from the sale of investment properties[27]. - The total assets of the group amounted to $69,300,000 as of June 30, 2022, compared to $72,451,000 as of December 31, 2021, showing a decrease of about 4%[65]. - The total amount of secured loans was $5,939,000 as of June 30, 2022, a decrease of 39.1% from $9,786,000 as of December 31, 2021[83]. - Current liabilities decreased to $2,806,000 from $5,374,000, a reduction of 48%[43]. - The total cash and cash equivalents increased to $18,115,000 at the end of the period, up from $7,175,000 at the end of the previous year, marking a rise of 152%[50]. Investment and Acquisition Plans - The company has not yet acquired any second-hand super handymax vessels due to significant price increases since 2021, but plans to continue its acquisition strategy[13]. - The company is exploring the acquisition of a second-hand panamax vessel to enhance its fleet options when market conditions stabilize[13]. - The company plans to acquire a second-hand dry bulk carrier, specifically targeting Panama-type vessels, to enhance its operational capacity[36]. - The company will continue to seek potential investment and acquisition opportunities to enhance long-term benefits[36]. Credit Loss and Financial Management - The company recognized a credit loss provision of $1,617,000 for debt instruments measured at fair value through other comprehensive income, reflecting a significant increase in credit risk[26]. - The fair value of debt instruments classified as measured at fair value through other comprehensive income decreased by a net amount of $2,424,000 during the period[17]. - The expected credit loss provision for debt instruments measured at fair value through other comprehensive income was $1,617,000 for the six months ended June 30, 2022, compared to $0 for the same period in 2021[82]. - The company closely collaborates with independent qualified valuers to assess expected credit losses based on historical and forward-looking data[77]. Shareholder Information - As of June 30, 2022, the company had a significant shareholder, Mr. Sun, holding 315,990,132 shares, representing approximately 28.79% of the total issued shares[109]. - The company has adopted a share option scheme that allows for the issuance of up to 109,770,356 shares, which is about 10% of the total issued shares as of the report date[104]. - The group did not declare or propose any dividends during the interim period, consistent with the previous year[70]. Compliance and Governance - The financial statements for the six months ended June 30, 2022, were approved and authorized for publication by the board on August 23, 2022[99]. - The company confirmed compliance with all applicable code provisions of the Corporate Governance Code during the six months ended June 30, 2022[112]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2022, prior to board approval[117]. - The company’s directors confirmed compliance with the required standards of the Model Code for Securities Transactions by Directors during the reporting period[113].
勇利投资(01145) - 2022 - 中期财报