Financial Performance - Total revenue for the six months ended June 30, 2023, was SGD 11,982,837, a decrease of 18.6% compared to SGD 14,707,178 in the same period of 2022[5] - Gross profit for the same period was SGD 5,048,441, slightly up from SGD 5,028,537, indicating a stable gross margin[5] - The net profit after tax for the six months was SGD 584,393, down 56.1% from SGD 1,332,972 in the previous year[5] - Total comprehensive income for the period was SGD 383,275, a decline of 61.9% compared to SGD 1,007,138 in the prior year[5] - Basic and diluted earnings per share for the period were 0.08 cents, down from 0.11 cents in the previous year[5] - The company reported a pre-tax profit of SGD 590,165 for the six months ended June 30, 2023, a decrease of 63.9% compared to SGD 1,632,634 in the same period of 2022[10] - Confirmed revenue for the six months ended June 30, 2023, was SGD 11,982,837, a decrease of 18.5% compared to SGD 14,707,178 in 2022[18] - The group recorded a profit attributable to shareholders of approximately SGD 0.9 million in the first half of 2023, down from SGD 1.4 million in the same period of 2022[40] Assets and Liabilities - Current assets increased to SGD 39,340,316 as of June 30, 2023, compared to SGD 33,301,539 at the end of 2022, reflecting improved liquidity[6] - Total liabilities increased to SGD 20,250,653 from SGD 13,998,576, suggesting a rise in financial obligations[7] - The company's net asset value improved to SGD 25,442,652 as of June 30, 2023, compared to SGD 24,592,206 at the end of 2022[7] - Trade receivables rose significantly to SGD 8,623,294 from SGD 2,211,612, indicating a potential increase in sales or credit terms[6] - Trade payables increased to SGD 8,730,909 as of June 30, 2023, compared to SGD 476,557 at the end of 2022[29] - The group's total lease liabilities as of June 30, 2023, were approximately SGD 3.5 million, an increase from SGD 2.5 million as of December 31, 2022, due to lease renewals[52] - The asset-to-liability ratio as of June 30, 2023, was approximately 21.0%, up from 18.1% as of December 31, 2022[52] Cash Flow and Investments - Operating cash flow generated was negative SGD 1,110,615, compared to positive SGD 1,713,778 in the previous year, indicating a significant decline in operational efficiency[10] - The company incurred a net cash outflow from investing activities of SGD 120,891, a significant improvement from SGD 899,223 in the previous year[11] - Cash and cash equivalents at the end of the period stood at SGD 12,936,556, down from SGD 14,261,423 at the end of June 2022[11] - The group has approximately SGD 527,639 in undrawn bank financing available as of June 30, 2023[52] - The company maintains cash and cash equivalents at a level deemed sufficient by management to meet operational needs and reduce cash flow volatility[61] Revenue Breakdown - Revenue from labor dispatch and support services increased to SGD 7,540,287, up 11.2% from SGD 6,782,648 in 2022[16] - Revenue from dormitory services rose from approximately SGD 2.8 million to about SGD 3.6 million, primarily due to an increase in occupancy rates[36] - Revenue from minimally invasive surgical solution products decreased by approximately SGD 4.2 million, attributed to operations in China[36] - Other income for the six months ended June 30, 2023, totaled SGD 706,551, an increase of 54.4% from SGD 457,682 in 2022[20] - Other income increased from approximately SGD 0.46 million to about SGD 0.70 million, mainly due to procurement service fees recognized in Hong Kong[38] Expenses and Costs - The company paid interest of SGD 48,280, which is an increase from SGD 25,087 in the previous year, reflecting higher financing costs[11] - Administrative expenses rose from approximately SGD 4.0 million to about SGD 4.8 million, primarily due to the gradual recovery of the construction industry post-COVID-19[38] - The group incurred employee costs of approximately SGD 6.3 million in the first half of 2023, compared to SGD 4.8 million in the first half of 2022[57] Shareholder Information - As of June 30, 2023, the company has 632,500,000 shares outstanding, representing approximately 51.42% ownership by its major shareholder, Bao Lai International Limited[66] - The company did not declare or pay any dividends for the six months ended June 30, 2023, consistent with the previous year[25] - The company has not adopted any share option schemes during the reporting period[67] Future Plans and Developments - The board is considering expanding existing services to include value-added services such as skills training and workforce enhancement in the Asia-Pacific region, including China[36] - The group plans to explore various fundraising methods in capital markets in Hong Kong and/or other locations to support business development[36] Miscellaneous - The company has not disclosed the total transaction price allocated to unsatisfied performance obligations as they are part of contracts expected to be completed within one year[16] - The company primarily operates in Singapore, with nearly all revenue generated from this region, while some revenue from minimally invasive surgical solutions comes from China[17] - The group has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures in the first half of 2023[56] - There were no significant events affecting the group from June 30, 2023, to the date of this interim report[69] - The audit committee has reviewed the unaudited interim results and found them to be prepared in accordance with applicable accounting standards and regulations[73]
今海国际(02225) - 2023 - 中期财报