Financial Performance - Revenue for the six months ended June 30, 2022, was SGD 14,707,178, an increase from SGD 9,646,384 in the same period of 2021, representing a growth of approximately 52.9%[11] - Gross profit for the same period was SGD 5,028,537, compared to SGD 2,852,939 in 2021, indicating a significant increase of about 76.5%[11] - The net profit after tax for the six months ended June 30, 2022, was SGD 1,332,972, up from SGD 737,081 in 2021, reflecting an increase of approximately 80.7%[11] - Total comprehensive income for the period was SGD 1,007,138, compared to SGD 755,032 in the previous year, marking an increase of around 33.3%[11] - Basic and diluted earnings per share for the six months ended June 30, 2022, were 0.11 cents, compared to 0.06 cents in the same period of 2021, representing an increase of approximately 83.3%[11] - For the six months ended June 30, 2022, the company reported a pre-tax profit of SGD 1,632,634, a significant increase from SGD 775,513 in the same period of 2021, representing a growth of 109.5%[16] - The group reported a pre-tax profit of SGD 970,715 for the six months ended June 30, 2022, compared to SGD 293,983 in 2021, reflecting a substantial increase of 230.5%[29] - The company reported a profit of approximately SGD 1.40 million for the first half of 2022, compared to SGD 0.74 million in the same period of 2021, attributed to the gradual recovery of business operations[46] Revenue Sources - Revenue from the provision of micro-invasive surgical solutions products surged to SGD 4,651,092, compared to SGD 19,801 in the previous year, marking an increase of 23,487.5%[22] - The minimally invasive surgical solutions segment generated revenue of approximately SGD 4.6 million in the first half of 2022, a substantial increase from SGD 19,801 in the same period of 2021[41] - The dormitory services revenue increased from approximately SGD 2.2 million in the first half of 2021 to about SGD 2.9 million in the first half of 2022, primarily due to higher occupancy rates[42] Assets and Liabilities - Trade receivables as of June 30, 2022, were SGD 5,740,553, a significant rise from SGD 1,464,816 at the end of 2021, showing an increase of approximately 291.5%[12] - Current assets totaled SGD 37,616,478 as of June 30, 2022, compared to SGD 30,623,915 at the end of 2021, indicating a growth of about 22.7%[12] - Current liabilities increased to SGD 13,412,066 from SGD 8,232,768, representing a rise of approximately 63.5%[12] - The company's total equity as of June 30, 2022, was SGD 26,180,654, up from SGD 25,173,516 at the end of 2021, reflecting an increase of about 4%[14] - Trade payables as of June 30, 2022, were SGD 5,822,877, compared to SGD 263,732 as of December 31, 2021, indicating a substantial increase in liabilities[35] Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2022, was SGD 1,543,180, compared to SGD 2,416,456 in the previous year, indicating a decrease of 36.2%[16] - The company incurred a net cash outflow from investing activities of SGD 899,223 for the six months ended June 30, 2022, compared to a cash inflow of SGD 2,000,059 in the same period of 2021[17] - The cash and cash equivalents at the end of the period were SGD 14,261,423, down from SGD 20,087,768 at the end of the previous year, a decrease of 29.1%[17] - As of June 30, 2022, the group's cash and cash equivalents are approximately SGD 14.3 million, with 54.3% in SGD, 31.2% in RMB, and 14.5% in HKD[58] Government Support and Other Income - The group received government grants totaling SGD 146,456 under the wage support scheme for the six months ended June 30, 2022, compared to SGD 672,779 in 2021, reflecting a decrease in support[27] - The company reported a significant increase in other income to SGD 457,682 for the six months ended June 30, 2022, compared to SGD 1,016,013 in the previous year, indicating a decrease of about 55.1%[11] - Other income decreased from approximately SGD 1.0 million in the first half of 2021 to about SGD 0.5 million in the first half of 2022, mainly due to the reduction of government subsidies as the economy recovers[44] Corporate Governance and Compliance - The company has adhered to the principles of the Corporate Governance Code as per the Listing Rules and has adopted all applicable code provisions as its own corporate governance code[80] - The Audit Committee has reviewed the unaudited interim results and believes that the financial information and reports have been prepared in accordance with applicable accounting standards and regulations[81] - All directors confirmed compliance with the code of conduct for securities transactions during the reporting period[78] Risks and Mitigation - The group faces foreign currency risk due to bank balances and financial assets denominated in USD, RMB, and HKD[66] - To mitigate credit risk, the group has established credit limits and approval processes, significantly reducing credit risk[67] - The group monitors cash and cash equivalents to manage liquidity risk, maintaining levels deemed sufficient by management[68] - The group is exposed to fair value risk from financial assets and liabilities measured at fair value[69] Capital Expenditures and Future Plans - Funding of SGD 5.5 million is allocated for the purchase of 10 trucks, with a revised timeline for completion by June 2023[51] - Approximately HKD 162.0 million is estimated for the acquisition of a foreign worker dormitory, with HKD 77.1 million allocated for this purpose to be completed by June 2024[51] - The company injected additional capital of RMB 3 million into its subsidiary, Shanghai Jin Hai Medical Technology Co., Ltd., to expand into the medical solutions sector[38] Shareholder Information - As of June 30, 2022, Mr. Chen holds 632,500,000 shares, representing approximately 51.42% of the company's equity[71] - The company decided not to declare an interim dividend for the period, maintaining a conservative approach to shareholder returns[47]
今海国际(02225) - 2022 - 中期财报