Revenue and Profitability - Revenue for the six months ended June 30, 2022, was SGD 52,471 thousand, an increase of 17.5% compared to SGD 44,445 thousand for the same period in 2021[9] - Gross profit for the same period was SGD 6,904 thousand, up from SGD 5,981 thousand, reflecting a gross margin increase[9] - Operating profit increased to SGD 2,957 thousand, representing a 29.5% growth from SGD 2,284 thousand in the previous year[9] - Net profit for the period was SGD 1,479 thousand, compared to SGD 1,242 thousand in the prior year, marking a 19.1% increase[9] - Basic earnings per share rose to SGD 0.11 from SGD 0.09, indicating a 22.2% increase year-over-year[11] - The total comprehensive income for the six months ended June 30, 2022, was 54,479 thousand SGD, compared to 50,712 thousand SGD for the same period in 2021, representing an increase of approximately 7.3%[19] - Contract revenue increased to 47,520 thousand SGD from 40,345 thousand SGD, representing a growth of 17.9% year-over-year[39] - Other income for the six months ended June 30, 2022, was 1,115 thousand SGD, up from 1,000 thousand SGD in the previous year, reflecting a 11.5% increase[44] Assets and Liabilities - Total assets as of June 30, 2022, were SGD 122,925 thousand, compared to SGD 117,435 thousand as of December 31, 2021[16] - Current liabilities increased to SGD 62,445 thousand from SGD 58,112 thousand, reflecting a rise in trade payables and bank borrowings[16] - The company's equity attributable to owners increased to SGD 54,479 thousand from SGD 52,910 thousand, showing a growth in shareholder value[16] - As of June 30, 2022, the total equity attributable to the owners of the company was 51,929 thousand SGD, an increase from 49,007 thousand SGD as of June 30, 2021, representing a growth of approximately 5.9%[19] - The net asset value as of June 30, 2022, was 9,293 thousand SGD, down from 9,878 thousand SGD as of December 31, 2021[91] - The total financial liabilities as of June 30, 2022, were 60,630,000 SGD, compared to 57,579,000 SGD as of December 31, 2021, indicating a rise of about 3.6%[120] - The total amount of trade payables and retention money as of June 30, 2022, was 15,175,000 SGD, compared to 13,126,000 SGD as of December 31, 2021, indicating an increase of about 15.6%[120] Cash Flow and Investments - The net cash flow from operating activities for the six months ended June 30, 2022, was (6,615) thousand SGD, compared to 3,148 thousand SGD for the same period in 2021, indicating a significant decline[22] - The company reported a net cash outflow from investing activities of (893) thousand SGD for the six months ended June 30, 2022, compared to (2,084) thousand SGD in the previous year, showing an improvement in cash management[22] - Financing activities generated a net cash inflow of 533 thousand SGD in the first half of 2022, a recovery from a net cash outflow of (5,856) thousand SGD in the same period of 2021[22] - The cash and cash equivalents at the end of the period were 6,484 thousand SGD, up from 3,264 thousand SGD at the end of June 30, 2021, reflecting a year-over-year increase of approximately 98%[24] Customer Contributions and Risks - Customer 1 contributed 29,269 thousand SGD to total revenue for the six months ended June 30, 2022, compared to 14,431 thousand SGD in the same period of 2021, marking an increase of approximately 102%[35] - Customer 2's contribution to revenue was 8,396 thousand SGD in the first half of 2022, down from 12,288 thousand SGD in the previous year, indicating a decline of approximately 31%[35] - The company had a total of two customers that accounted for over 10% of total revenue during the reporting period, highlighting a concentration risk in revenue sources[35] Expenses and Costs - Employee benefits expenses, including directors' remuneration, rose to 13,573 thousand SGD from 11,633 thousand SGD, a 16.7% increase[52] - The company reported a tax expense of 659 thousand SGD for the six months ended June 30, 2022, compared to 314 thousand SGD in the previous year, representing a 109.5% increase[59] - The cost of materials and consumables was 6,230 thousand SGD, slightly up from 6,108 thousand SGD, indicating a 2.0% increase[47] - The group reported a cost of sales of 2,394,000 SGD for the six months ended June 30, 2022, compared to 2,246,000 SGD for the same period in 2021[71] Provisions and Depreciation - The provision for holiday pay increased to 633,000 SGD from 258,000 SGD, indicating a significant rise of 145.3%[156] - Non-current provisions rose to 791,000 SGD as of June 30, 2022, compared to 706,000 SGD as of December 31, 2021, marking an increase of 12.1%[160] - The depreciation expense for right-of-use assets was 362,000 SGD for the six months ended June 30, 2022, down from 411,000 SGD for the same period in 2021, a decrease of 11.9%[171] Joint Ventures and Investments - The group’s share of losses from joint ventures for the six months ended June 30, 2022, was 301,000 SGD, compared to 616,000 SGD for the same period in 2021[83] - The group held a 40% equity interest in SWG Alliance Pte. Ltd. and Futurus Construction Pte. Ltd. as of June 30, 2022[84] - The group recognized a fair value gain of 160,000 SGD in the income statement for the year ended December 31, 2021, related to investment properties[76] Market Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9]
伟源控股(01343) - 2022 - 中期财报