Company Overview - The group has been a leading demolition service provider in Singapore for over 29 years, focusing on various types of buildings and structures [9]. - The company holds multiple licenses, including a general contractor Class 2 license and a single grading license for demolition, allowing unlimited bidding for public demolition projects [9]. - The company was successfully listed on the Hong Kong Stock Exchange on November 8, 2019, enhancing its capital acquisition capabilities [9]. - The group has registered with the Building and Construction Authority of Singapore, which is a prerequisite for bidding on public sector projects [9]. Project Status - The group completed six demolition projects in the first half of 2022, including four commercial buildings, one religious building, and one shipyard project [14]. - As of June 30, 2022, the group had seven ongoing demolition projects, with four being commercial buildings, one school, one power station project, and one coastal project [25]. - The ongoing projects are expected to be completed between August 31, 2022, and April 15, 2023 [27]. Financial Performance - The company's revenue for the first half of 2022 was approximately SGD 16.7 million, an increase of about 95.7% compared to SGD 8.5 million in the first half of 2021, driven by the recovery in the Singapore construction market [42]. - The total revenue confirmed from completed projects in the first half of 2022 amounted to 11,217 thousand Singapore dollars [14]. - The gross profit margin improved significantly to approximately 29.5% in the first half of 2022, up from 7.2% in the same period of 2021, reflecting the resumption of demolition activities [52]. - The company recorded a profit attributable to equity holders of approximately SGD 0.2 million in the first half of 2022, compared to a loss of about SGD 3.0 million in the same period of 2021 [60]. - Total revenue for the six months ended June 30, 2022, was SGD 16,714,360, an increase from SGD 8,540,040 in the same period of 2021 [116]. - Gross profit for the same period was SGD 4,925,222, compared to SGD 611,944 in the previous year, indicating a significant improvement [116]. - The company reported a total comprehensive income of SGD 223,579 for the six months ended June 30, 2022, recovering from a loss of SGD 2,985,358 in the prior year [116]. - Basic and diluted earnings per share for the period were SGD 0.02, a turnaround from a loss per share in the previous year [116]. Assets and Liabilities - The net assets of the company increased to approximately SGD 20.0 million as of June 30, 2022, up by about 4.9% from SGD 19.0 million as of December 31, 2021 [61]. - Total assets as of June 30, 2022, amounted to SGD 54,731,465, slightly up from SGD 54,372,311 at the end of 2021 [119]. - Total liabilities increased to SGD 15,194,352 as of June 30, 2022, compared to SGD 15,058,777 at the end of 2021 [119]. - The total debt of the group as of June 30, 2022, was approximately SGD 15.2 million, up from SGD 15.1 million as of December 31, 2021 [63]. - The debt-to-equity ratio as of June 30, 2022, was approximately 28.6%, an increase from 27.1% as of December 31, 2021 [64]. Cash Flow and Expenses - The company’s cash and cash equivalents were approximately SGD 11.5 million as of June 30, 2022, down from SGD 12.3 million as of December 31, 2021 [62]. - The company’s administrative expenses for the first half of 2022 were approximately SGD 4.9 million, significantly higher than in the same period of 2021, primarily due to an increase in employee costs [53]. - Total expenses for the six months ended June 30, 2022, amounted to SGD 16,773,818, up from SGD 11,804,925 in 2021, reflecting an increase of 42.1% [154]. - Employee benefits expenses, including directors' remuneration, rose to SGD 5,297,827 in the first half of 2022, compared to SGD 3,677,920 in 2021, marking an increase of 44% [155]. Shareholder Information - As of the end of the first half of 2022, TCB holds 341,700,000 shares, representing 34.17% of the company's equity [94]. - K Luxe Holdings Limited owns 163,900,000 shares, accounting for 16.39% of the company's equity [94]. - Ms. Lee has a beneficial ownership of 505,600,000 shares, which constitutes 50.56% of the company's equity [94]. - The company has a share option plan approved on October 15, 2019, with a total of 100,000,000 shares available for issuance, representing 10% of the issued share capital [103]. - No share options were granted, exercised, cancelled, or lapsed under the share option plan as of the end of the first half of 2022 [103]. Governance and Compliance - The company has complied with the corporate governance code during the first half of 2022 [104]. - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, ensuring strong independence [109]. - The audit committee, chaired by Mr. Liang You-Wan, includes three independent non-executive directors and has reviewed the financial results for the six months ending June 30, 2022 [113]. Market Outlook - The company expects to benefit from more awarded contracts in the fiscal year 2022, with private sector contract values estimated between SGD 1.1 billion and SGD 1.3 billion [38]. - The company anticipates increased demand for its core business over the next three years due to the return of collective sales in the market [39].
BENG SOON MACH(01987) - 2022 - 中期财报