Financial Performance - The company reported revenue of SGD 4,552,000 for the six months ended June 30, 2023, representing an increase of 5.2% compared to SGD 4,328,000 in the same period of 2022[6]. - Gross profit for the period was SGD 428,000, a significant increase from SGD 7,000 in the previous year, indicating improved operational efficiency[6]. - The company incurred a loss before tax of SGD 794,000, which is a 41.7% improvement compared to a loss of SGD 1,361,000 in the prior year[6]. - Basic and diluted loss per share improved to SGD 0.11 from SGD 0.21 year-over-year[9]. - The company reported a total comprehensive loss of SGD 791,000 for the period, an improvement from a total comprehensive loss of SGD 1,364,000 in the previous year[9]. - The group's loss for the six months ended June 30, 2023, was approximately 800,000 SGD, a reduction from a loss of about 1,400,000 SGD in the same period in 2022[74]. Revenue Breakdown - Revenue from consulting services increased to 4,431 thousand SGD in 2023, compared to 4,096 thousand SGD in 2022, marking an 8.2% increase[30]. - Revenue from Singapore customers rose to 3,696 thousand SGD in 2023, up from 3,076 thousand SGD in 2022, reflecting an increase of 20.1%[31]. - Revenue from Vietnam customers decreased to 836 thousand SGD in 2023 from 1,216 thousand SGD in 2022, a decline of 31.2%[31]. - Other income, including government subsidies, totaled 659 thousand SGD in 2023, significantly higher than 186 thousand SGD in 2022, indicating a substantial increase in financial support received[33]. - The revenue from the factory prefabricated volume construction technology (PPVC) project was approximately 2,100,000 SGD, an increase of about 200,000 SGD from 1,900,000 SGD in the previous period[67]. Asset and Liability Management - Total assets decreased to SGD 3,965,000 as of June 30, 2023, down from SGD 4,649,000 at the end of 2022, reflecting a reduction in current assets[11]. - The company's net asset value decreased to SGD 3,098,000 from SGD 3,889,000 at the end of 2022, indicating a decline in overall equity[13]. - Total liabilities decreased to 755,000 SGD as of June 30, 2023, from 1,114,000 SGD at the end of 2022, a reduction of 32.3%[57]. - The debt-to-equity ratio as of June 30, 2023, was approximately 59.1%, up from 49.4% in 2022[78]. Cash Flow Analysis - The net cash used in operating activities for the first half of 2023 was (1,140) thousand SGD, compared to (1,120) thousand SGD in the same period of 2022, indicating a slight increase in cash outflow[18]. - The net cash inflow from investing activities was 782 thousand SGD in 2023, a significant improvement from (18) thousand SGD in 2022, primarily due to proceeds from the sale of property, plant, and equipment amounting to 780 thousand SGD[18]. - The net cash used in financing activities increased to (137) thousand SGD in 2023 from (94) thousand SGD in 2022, reflecting higher repayments of lease liabilities[18]. - The company reported a net decrease in cash and cash equivalents of 495 thousand SGD in the first half of 2023, compared to a net decrease of 1,232 thousand SGD in the same period of 2022, showing improved cash management[18]. Employee and Operational Costs - Employee costs, including directors' remuneration, totaled 5,024,000 SGD in 2023, up from 4,779,000 SGD in 2022, indicating a 5.1% increase[39]. - Research and development expenses decreased to 150,000 SGD in 2023 from 246,000 SGD in 2022, reflecting a 39% reduction[39]. - Service costs decreased by approximately 200,000 SGD or 16.2% to about 4,100,000 SGD, largely due to employee turnover during the period[68]. - Administrative expenses increased by approximately 200,000 SGD or 12.5% to about 1,800,000 SGD, primarily due to increased travel expenses following the reopening of borders[71]. - Financing costs rose by approximately 16,000 SGD or 84.2% to about 35,000 SGD, mainly due to increased bank loan rates and lease liabilities[72]. Corporate Governance and Compliance - The company has maintained the public float required by the GEM listing rules as of the date of this interim report[125]. - The company has complied with all relevant laws and regulations that have a significant impact on its business, including health and safety, workplace conditions, employment, and environmental regulations[128]. - The board of directors is committed to maintaining high standards of corporate governance, which is essential for protecting shareholder interests and enhancing corporate value[130]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ended June 30, 2023, and confirmed compliance with applicable accounting standards[134]. - The company has established an audit committee in accordance with GEM listing rules and corporate governance code, ensuring proper oversight of financial reporting and internal controls[134]. Shareholder Information - As of June 30, 2023, Mr. Huang Sheng holds 367,212,000 shares, representing 51.0% of the company's total shares[88]. - Tan Seow Hong, as a spouse, holds rights to 367,920,000 shares, which is 51.1% of the total shares[92]. - The company has not granted any stock options since the adoption of the stock option plan on November 6, 2019, and there are no unexercised options as of June 30, 2023[96]. - The stock option plan aims to attract and retain top talent and provide additional incentives to employees and partners[99].
WMCH Global(08208) - 2023 - 中期财报