Financial Performance - Revenue for the six months ended June 30, 2023, was SGD 112,213,000, an increase of 23.3% compared to SGD 91,031,000 in the same period of 2022[10] - Gross profit for the same period was SGD 14,314,000, representing a gross margin of 12.8%, up from SGD 11,011,000 in 2022[10] - Operating profit increased significantly to SGD 8,838,000, compared to SGD 3,724,000 in the previous year, marking a growth of 137.5%[10] - Net profit for the period was SGD 6,398,000, a substantial increase of 132.5% from SGD 2,754,000 in 2022[10] - Basic earnings per share rose to SGD 0.71, up from SGD 0.31 in the same period last year, reflecting a growth of 129.0%[10] - The company reported a net profit of SGD 6,398,000 for the six months ended June 30, 2023, compared to a loss in the previous period, marking a substantial turnaround[30] - The net profit for the period increased by 128.6% from approximately SGD 2.8 million in the first half of 2022 to approximately SGD 6.4 million in the first half of 2023, with a net profit margin rising from 3.0% to 5.7%[92] Assets and Liabilities - Total assets as of June 30, 2023, were SGD 155,165,000, slightly down from SGD 156,960,000 at the end of 2022[11] - Total liabilities decreased to SGD 84,915,000 from SGD 93,108,000, showing a reduction of 8.5%[13] - Total current liabilities decreased to 17,626 thousand SGD as of June 30, 2023, down from 42,356 thousand SGD as of December 31, 2022, indicating a reduction of approximately 58.4%[57] - The company’s total assets decreased to 72,742 thousand SGD as of June 30, 2023, compared to 75,137 thousand SGD as of December 31, 2022, a decline of about 3.2%[57] - The company’s total liabilities as of June 30, 2023, were 72,742 thousand SGD, indicating a significant leverage position compared to its total assets[57] Cash Flow - Cash and bank balances increased to SGD 12,167,000 from SGD 5,525,000, indicating a growth of 120.0%[11] - Operating cash flow for the six months ended June 30, 2023, was SGD 12,833,000, a significant increase from SGD 93,000 in the same period of 2022, representing a growth of 13,700%[17] - Cash and cash equivalents increased to SGD 12,167,000 as of June 30, 2023, from SGD 6,812,000 at the end of the same period in 2022, reflecting a growth of 78.5%[17] - The company’s investment activities resulted in a net cash outflow of SGD 1,885,000 for the six months ended June 30, 2023, a significant improvement from SGD 11,805,000 in the previous year[17] - The company’s financing activities resulted in a net cash outflow of SGD 4,306,000 for the six months ended June 30, 2023, compared to a net inflow of SGD 11,912,000 in 2022[17] Sales and Revenue Breakdown - The company’s automotive sales revenue reached SGD 105,461,000 for the six months ended June 30, 2023, compared to SGD 85,265,000 in 2022, representing a growth of 23.7%[27] - New car sales increased by approximately 17.9 million SGD or 22.5%, with the number of new cars sold rising from 327 units in the first half of 2022 to 388 units in the first half of 2023[69] - Revenue from automotive financing services increased by approximately 0.4 million SGD or 11.1% to about 3.6 million SGD for the first half of 2023[70] - Revenue from car leasing increased by approximately 0.7 million SGD or 25.9% to about 2.7 million SGD for the first half of 2023[72] Cost and Expenses - Cost of goods sold for the six months ended June 30, 2023, was SGD 95,864 thousand, compared to SGD 78,869 thousand in 2022, representing a year-over-year increase of approximately 21.5%[38] - The company's sales cost increased by approximately 17.9 million SGD or 22.4% to about 97.9 million SGD for the first half of 2023[76] - Employee benefit expenses for the six months ended June 30, 2023, remained stable at approximately SGD 5.2 million, consistent with the previous year[108] Future Plans and Strategies - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9] - The company plans to continue expanding its automotive sales and financing services, leveraging the growth in revenue and improving cash flow[18] - The company aims to implement effective cost control measures to navigate the ongoing uncertainties caused by the COVID-19 pandemic[66] - The company plans to establish its own car workshop, which has been postponed to 2023 due to the economic impact of COVID-19 on Singapore[113] Corporate Governance and Shareholder Information - The major shareholder, Gatehouse Ventures, holds 381.4 million shares, representing approximately 42.4% of the company[120] - The company’s directors and key executives hold significant interests, with Mr. Chen owning 42.4% and Ms. Meng owning 43.4% of the shares through their respective holdings[116] - The company has adopted the corporate governance code principles and complied with applicable code provisions, with some deviations noted[132] - The chairman and CEO positions are held by the same individual, which deviates from the corporate governance code, justified by the board for effective strategy implementation[132] Stock Options and Incentives - The stock option plan adopted on February 1, 2019, aims to incentivize qualified individuals for their contributions to the group[125] - As of June 30, 2023, the company has granted a total of 90,000,000 stock options, representing approximately 10% of the issued share capital[128] - No stock options were exercised, canceled, or lapsed during the period from the grant date to June 30, 2023[129]
冠轈控股(01872) - 2023 - 中期财报