Financial Performance - For the six months ended April 30, 2023, the company's revenue surged approximately 120% to about SGD 167.73 million from approximately SGD 76.24 million in the previous period[10]. - The gross profit increased by approximately 41.79%, rising from about SGD 2.75 million to approximately SGD 3.90 million, although the gross margin decreased to 2.32% from 3.61%[10]. - The company recorded a net profit after tax of approximately SGD 1.94 million, a recovery of about 290% compared to a net loss of approximately SGD 1.02 million in the previous period[15]. - Revenue for the six months ended April 30, 2023, was SGD 167.725 million, a significant increase from SGD 76.245 million in the same period of 2022, representing a growth of 120%[56]. - Gross profit for the same period was SGD 3.898 million, up from SGD 2.749 million, indicating a year-over-year increase of 42%[56]. - The company reported a profit before tax of SGD 2.374 million compared to a loss of SGD 1.921 million in the previous year, marking a turnaround in performance[56]. - Basic and diluted earnings per share for the period were SGD 0.13, compared to a loss of SGD 0.06 per share in the same period last year[56]. Order Book and Projects - The total order book value remained robust at SGD 329.76 million as of April 30, 2023, despite competitive bidding conditions[6]. - The company successfully secured a new project, Tiong Nam Logistics (S) warehouse, with a contract value of SGD 36.50 million[6]. - The construction of the Silicon Box semiconductor wafer plant, with a contract value of SGD 314.60 million, is expected to be completed in Q3 2023[28]. - The construction of the Global Indian International School is anticipated to be completed in Q4 2023, enhancing the group's track record in the international school market[28]. - The group has a robust order book value of SGD 329.76 million as of April 30, 2023, allowing for better project selection for sustainable growth[31]. Market Outlook - The construction market in Singapore is expected to grow by 5.4% in 2023 compared to 2022, despite ongoing inflationary pressures[6]. - The construction industry in Singapore is projected to grow by 5.4% in 2023, driven by planned public housing projects[28]. - The demand for cold storage logistics warehouses is nearing full capacity, leading to rental increases exceeding those of 2022[29]. - The group remains cautiously optimistic about future performance, focusing on monitoring the overseas expansion of Chinese companies[31]. Financial Position - The current ratio as of April 30, 2023, was 1.9, compared to 2.0 as of October 31, 2022, indicating stable liquidity[18]. - The debt-to-equity ratio decreased to 19.18% as of April 30, 2023, from 23.17% as of October 31, 2022, due to gradual loan repayments[19]. - Total assets as of April 30, 2023, amounted to SGD 184.033 million, an increase from SGD 177.354 million as of October 31, 2022[57][58]. - The company’s total liabilities increased to SGD 97.684 million from SGD 92.942 million, reflecting a rise of 5%[58]. - The total liabilities reported were SGD 97,684,000, an increase of 5.9% from SGD 92,942,000 as of October 31, 2022[84]. Shareholder Information - As of April 30, 2023, the company has 1,600,000,000 shares issued[44]. - Mr. Wang Yingde holds 660,000,000 shares, representing 41.25% of the issued shares, while Mr. Shi Jianhua holds 540,000,000 shares, representing 33.75%[43]. - Tower Point Global Limited and Creative Value Investments Limited are the beneficial owners of the shares held by Mr. Wang and Mr. Shi, respectively[44]. - The total number of issued and paid-up ordinary shares remained at 10,000,000 as of April 30, 2023, with a share capital of SGD 100,000[152]. Expenses and Costs - Administrative expenses increased by approximately SGD 111,000 to about SGD 3.45 million for the six months ended April 30, 2023[13]. - The company’s administrative expenses for the six months were SGD 3.562 million, compared to SGD 3.451 million in the previous year, showing a slight increase of 3.2%[79]. - The depreciation expense for property, plant, and equipment was SGD 644,000, slightly down from SGD 655,000 in the previous year[91]. - The company reported a decrease in expenses related to short-term leases, which amounted to SGD 4,000 for the six months ended April 30, 2023, compared to SGD 114,000 for the same period in 2022[141]. Compliance and Governance - The interim financial statements have been reviewed and found to comply with International Accounting Standard 34[54]. - The company has complied with the proposed plans and uses of proceeds as stated in the prospectus[41]. - The company has not disclosed any other interests or positions held by directors or senior management in the company's shares as of April 30, 2023[48]. Cash Flow and Receivables - The net cash generated from operating activities for the six months was SGD 6.506 million, compared to a cash outflow of SGD 10.058 million in the previous year[61]. - Trade receivables increased to SGD 61.509 million from SGD 45.163 million, showing a growth of 36%[57]. - Cash and cash equivalents rose to SGD 29.135 million from SGD 23.949 million, indicating a growth of 21%[58]. - The overdue but not impaired trade receivables as of April 30, 2023, totaled SGD 33,925,000, significantly up from SGD 14,097,000 as of October 31, 2022[116]. Provisions and Liabilities - The provision for expected credit losses on trade receivables remained unchanged at SGD 15,641,000 for both April 30, 2023, and October 31, 2022[118]. - The provision for loss contracts increased to SGD 8,911,000 as of April 30, 2023, from SGD 8,466,000 as of October 31, 2022, with a new provision of SGD 445,000 recognized during the period[144]. - Non-current liabilities related to warranty obligations were valued at SGD 2,053,000, down from SGD 2,527,000, a decrease of 18.7%[133].
HPC HOLDINGS(01742) - 2023 - 中期财报