Financial Performance - The group's revenue for the six months ended June 30, 2023, was approximately SGD 143.3 million, an increase of about 52.4% compared to approximately SGD 94.0 million in the previous period[7]. - Profit attributable to the owners of the company for the current period was approximately SGD 3.9 million, compared to a loss of approximately SGD 11.4 million in the previous period[7]. - Gross profit for the period was SGD 5,418,616, recovering from a gross loss of SGD 10,519,056 in the previous year[36]. - The company reported a profit attributable to owners of SGD 3,898,398 for the six months ended June 30, 2023, compared to a loss of SGD 11,365,175 in the same period of 2022[86]. - Basic and diluted earnings per share improved to SGD 0.49 from a loss of SGD 1.42 per share in the previous year[36]. Revenue Breakdown - The construction revenue accounted for approximately 99.2% of total revenue, amounting to about SGD 142.2 million, while property investment revenue contributed approximately 0.8% or about SGD 1.1 million[7]. - Revenue from construction and building projects as a main contractor was SGD 110,479,556, up 21.2% from SGD 91,152,618 in 2022[64]. - Major customer A contributed SGD 111,304,230 to revenue, representing a significant increase from SGD 82,924,424 in 2022[73]. - Other income decreased to SGD 287,334 in 2023 from SGD 449,992 in 2022, largely due to a reduction in government grants[76]. Cash and Liquidity - As of June 30, 2023, the group had cash and cash equivalents of approximately SGD 33.3 million, an increase of about SGD 3.4 million from SGD 29.9 million as of December 31, 2022[15]. - The cash and cash equivalents at the end of the period increased to SGD 32,199,196 in 2023, up from SGD 21,550,942 in 2022, representing a growth of about 49%[46]. - The company reported a net cash generated from operating activities of SGD 5,141,440, a significant improvement from a cash outflow of SGD 13,022,540 in the prior year[44]. - The company reported a net increase in cash and cash equivalents of SGD 2,258,488 in 2023, a significant recovery from a decrease of SGD 14,829,736 in 2022[46]. Debt and Equity - The group's debt as of June 30, 2023, included approximately SGD 13.5 million in bank borrowings, down from SGD 14.7 million in 2022[15]. - The group's equity increased from approximately SGD 37.4 million as of December 31, 2022, to approximately SGD 41.3 million as of June 30, 2023[15]. - The group's debt-to-equity ratio as of June 30, 2023, was 0.33, compared to 0.40 as of December 31, 2022[15]. - The group’s total borrowings decreased to 13,650,120 SGD as of June 30, 2023, from 14,849,870 SGD at the end of 2022, with a significant portion due within one year[113]. Operational Highlights - The group plans to expand its business and strengthen its market position in the Singapore construction industry, aiming to secure larger contracts and enhance its workforce[13]. - The construction industry in Singapore is expected to grow by 6.8% year-on-year, with both public and private sector construction output increasing[12]. - The group is actively using BIM technology, upgrading from 3D to 5D, and integrating other smart office technologies towards a digital integrated direction[14]. - The company established a new subsidiary focused on real estate development in July 2023, indicating strategic market expansion[34]. Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period[29]. - The board consists of two executive directors and three independent non-executive directors, ensuring a balance of power and authority[29]. - The company has confirmed that all directors have complied with the standard code of conduct for securities transactions during the reporting period[31]. - The group had no transactions with related parties during the six months ended June 30, 2023, indicating stable governance and compliance[120]. Employee and Management Costs - The group incurred total employee costs of SGD 6,717,019 for the period, up from SGD 5,942,581 in 2022[82]. - Total compensation for directors and key management personnel for the six months ended June 30, 2023, was SGD 750,400, a decrease of 2.8% from SGD 770,502 in 2022[121]. - Short-term benefits for the same period amounted to SGD 720,700, down from SGD 739,330 in the previous year, reflecting a decline of 2.4%[121]. Assets and Liabilities - Total assets as of June 30, 2023, were SGD 94,666,350, up from SGD 92,128,063 at the end of 2022[38]. - Trade receivables increased to SGD 9,702,699 from SGD 6,427,685, indicating improved collection efficiency[38]. - The carrying value of investment properties decreased to SGD 15,095,290 as of June 30, 2023, from SGD 15,461,624 at the end of 2022[92]. - Trade payables decreased to 31,428,701 SGD as of June 30, 2023, from 39,863,885 SGD at the end of 2022, reflecting improved cash management[111].
BHCC HOLDING(01552) - 2023 - 中期财报