Financial Performance - For the six months ended June 30, 2023, the company reported a net profit of approximately SGD 2.2 million, an increase of approximately SGD 2.5 million from a net loss of SGD 0.3 million for the same period in 2022[29]. - Total revenue for the six months ended June 30, 2023, was approximately SGD 52.9 million, a significant increase from SGD 30.7 million in the same period of 2022, representing a growth of about 72%[25]. - Gross profit for the same period was SGD 5,977 thousand, up 87.0% from SGD 3,194 thousand year-on-year[97]. - The net profit attributable to equity holders for the six months ended June 30, 2023, was SGD 2,204 thousand, compared to a loss of SGD 296 thousand in the previous year[97]. - The company's revenue increased by 72.4% to approximately SGD 52.9 million for the six months ended June 30, 2023, compared to approximately SGD 30.7 million for the same period in 2022[167]. - The gross profit for the six months ended June 30, 2023, was approximately SGD 5,977,000, up 87.1% from SGD 3,194,000 in the same period of 2022, with a gross margin increase from 10.4% to 11.3%[197]. Revenue Sources - The company’s revenue primarily comes from three main activities: owners/tenants of commercial and light industrial properties, construction contractors, and professional consultants providing interior renovation services[53]. - The number of projects contributing to revenue from owners/tenants was 23, generating SGD 36.5 million, which accounted for 69.0% of total revenue[25]. - The company reported a total of 37 projects contributing to revenue for the six months ended June 30, 2023, compared to 42 projects in the same period of 2022[25]. Government Support and Grants - The company received government subsidies primarily for wage support programs during the COVID-19 pandemic, which provided immediate financial support without incurring future costs[1]. - The group reported a decrease in government grants to SGD 38,000 for the six months ended June 30, 2023, down from SGD 427,000 in the same period of 2022[123]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to SGD 44,831 thousand, an increase from SGD 41,473 thousand as of December 31, 2022[99]. - The company’s total liabilities as of June 30, 2023, were SGD 31,667 thousand, compared to SGD 30,500 thousand at the end of 2022[99]. - The company has accrued warranty liabilities of SGD 1.865 million as of June 30, 2023, compared to SGD 1.048 million as of December 31, 2022[17]. - Trade receivables as of June 30, 2023, amounted to SGD 8.704 million, a decrease of 3.7% from SGD 9.036 million as of December 31, 2022[9]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2023, was SGD 7,303,000, compared to SGD 943,000 for the same period in 2022, representing a significant increase[93]. - The cash and cash equivalents at the end of the period were SGD 6,217,000, down from SGD 8,498,000 in the previous year[93]. - The financing activities net cash outflow was SGD 5,103,000, compared to SGD 2,983,000 in the previous year, indicating increased financing costs[93]. - The company had access to committed bank financing totaling approximately SGD 27.0 million as of June 30, 2023, with SGD 5.0 million of that amount already utilized[31]. - The average fixed annual interest rate for outstanding term loans as of June 30, 2023, was 2.25%[31]. Operational Efficiency - The company’s total cash flow from operating activities showed a positive trend, indicating improved operational efficiency and cash management[93]. - The company’s financial performance reflects a recovery trajectory post-pandemic, with a focus on enhancing operational capabilities and market presence[93]. Employee and Management Costs - The company reported executive director remuneration of SGD 155,000 for the six months ended June 30, 2023, down from SGD 266,000 in the same period of 2022[19]. - The group’s total employee costs for the six months ended June 30, 2023, amounted to SGD 6,299,000, an increase from SGD 5,834,000 in the same period of 2022[135]. Compliance and Governance - The company has adopted a code of ethics and securities trading guidelines that comply with the standard code, ensuring all directors adhered to these regulations during the reporting period[58]. - The company continues to comply with the International Financial Reporting Standards, with no significant impact on its financial statements from new standards adopted[71]. Future Outlook and Challenges - The company anticipates challenges in the Singapore construction industry due to a reduction in the foreign worker ratio from 1:7 to 1:5 starting January 1, 2024[195]. - The company is focused on expanding its operations in Singapore, particularly in the interior decoration services sector[106].
RAFFLESINTERIOR(01376) - 2023 - 中期财报