Revenue and Profitability - The company's revenue for the six months ended June 30, 2023, was SGD 5.305 million, an increase of 166.5% from SGD 1.988 million in the same period last year[9]. - Net profit for the same period was SGD 1.438 million, compared to a net loss of SGD 0.533 million in the previous year, representing an improvement of 369.8%[11]. - The increase in revenue was primarily driven by project management fees of SGD 2.98 million and interest income of SGD 1.62 million from real estate funds managed by the company[11]. - Basic and diluted earnings per share for the six months ended June 30, 2023, were approximately SGD 0.07, compared to a loss of SGD 0.03 in the same period last year[11]. - Total comprehensive income for the period was SGD 1,445,000, compared to a loss of SGD 542,000 in the same period of 2022[19]. - The company reported a profit attributable to owners of SGD 1,438,000 for the first half of 2023, compared to a loss of SGD 533,000 in the same period of 2022[17]. - The company reported a pre-tax profit of SGD 1,438,000 for the six months ended June 30, 2023, compared to a loss of SGD 533,000 in the same period of 2022[69]. - The company recorded a net profit of SGD 1.44 million for the first half of 2023, an increase of SGD 1.97 million or 369.8% compared to a net loss of SGD 0.53 million in the previous period[178]. Assets and Liabilities - Total assets as of June 30, 2023, were SGD 31.136 million, up from SGD 27.454 million at the end of the previous year[9]. - The company's total liabilities increased to SGD 8.738 million from SGD 6.501 million in the previous year[9]. - Current assets increased to SGD 27,540,000 as of June 30, 2023, compared to SGD 23,730,000 at the end of 2022, reflecting a growth of approximately 16.5%[22]. - The company's total equity increased to SGD 22,398,000 as of June 30, 2023, compared to SGD 20,953,000 at the end of 2022[24]. - The company has a total of SGD 3,250,000 in refundable tender deposits as current assets as of June 30, 2023, compared to zero as of December 31, 2022[88]. - Financial assets as of June 30, 2023, totaled SGD 29,902,000, with SGD 9,446,000 in cash and cash equivalents[146]. - Financial liabilities as of June 30, 2023, amounted to SGD 7,974,000, including SGD 1,254,000 in financial derivatives[148]. Cash Flow and Expenses - The net cash flow from operating activities for the first half of 2023 was negative SGD 825,000, an improvement from negative SGD 1,527,000 in the same period of 2022[32]. - The group generated a net cash inflow from investing activities of SGD 1,505,000, down from SGD 3,814,000 in the first half of 2022[32]. - Financing activities resulted in a net cash inflow of SGD 1,127,000, compared to a net outflow of SGD 525,000 in the same period of the previous year[32]. - Employee costs rose by SGD 0.83 million, or 41.5%, due to improved revenue and net profit, along with discretionary bonuses for eligible employees[11]. - Interest expenses escalated from SGD 40,000 to SGD 290,000, an increase of SGD 250,000 or 625%, mainly due to coupon payments owed to investors[199]. - The company incurred interest expenses of SGD 285,000 in the first half of 2023, significantly higher than SGD 42,000 in the same period of 2022[17]. Segment Performance - The investment management segment reported a loss of SGD 62,000, while the fund management segment generated a profit of SGD 1,496,000, indicating a strong performance in fund management[50]. - The property management and leasing management segments contributed revenues of SGD 3,072,000 and SGD 18,000, respectively, showcasing the company's diversified service offerings[50]. - Fund management revenue surged from SGD 540,000 to SGD 2,190,000, an increase of SGD 1,650,000 or 305.6%, primarily due to dividend income from a real estate fund[187]. - Acquisition and project management services revenue rose from SGD 1,250,000 to SGD 3,070,000, an increase of SGD 1,820,000 or 145.6%, driven by project management fees from completed development projects[188]. Financial Instruments and Fair Value - The fair value of financial derivative instruments measured at level three was SGD 1.25 million, down from SGD 1.36 million at the end of 2022[169]. - The fair value of financial instruments is approximated by their carrying amounts due to their short maturity, including trade receivables and cash equivalents[154]. - The fair value of non-listed equity securities is estimated using a discounted cash flow model, with a significant unobservable input range of 68% to 96%[159]. - A 10% decrease in the input data for non-listed equity securities would not lead to a change in fair value, while an 18% increase would decrease fair value by SGD 30,000[159]. Strategic Developments - The company is in the process of establishing an independent investment fund, the ZACD US Fund, with an investment of USD 10 million for hotel acquisitions led by iProsperity Group[140]. - The company has entered into a short-term transitional loan agreement of SGD 1,400,000 with ZACD Mount Emily Residential Development Fund during the financial period[100]. - The company has provided a financial guarantee totaling SGD 129,086,250 for the La Ville Development project, representing 75% of the total debt under the financing agreement[131]. - The company has not signed new contracts in the property management segment as it evaluates strategic directions[191].
杰地集团(08313) - 2023 - 中期财报