Financial Performance - Revenue for the six months ended June 30, 2023, was approximately SGD 17.9 million, an increase of about 52.3% compared to SGD 11.8 million for the same period in 2022[9] - Gross profit for the same period was approximately SGD 5.6 million, representing an increase of about 115.38% from SGD 2.6 million in 2022[9] - Net profit for the six months ended June 30, 2023, was approximately SGD 0.5 million, a decrease of about 50% compared to SGD 1.0 million in 2022[9] - Basic and diluted earnings per share for the period were approximately 0.12 Singapore cents, down 50% from 0.24 Singapore cents in the previous year[9] - The company’s profit for the period was 486 thousand SGD, down from 962 thousand SGD in the previous period, indicating a decline of 49.5%[17] - The company's profit before tax for the six months ended June 30, 2023, was 486,000 SGD, a decrease of 49.5% compared to 962,000 SGD for the same period in 2022[36] Assets and Liabilities - Total assets less current liabilities as of June 30, 2023, amounted to approximately SGD 14.76 million, compared to SGD 14.47 million as of December 31, 2022[11] - Cash and cash equivalents as of June 30, 2023, were approximately SGD 6.99 million, an increase from SGD 5.81 million as of December 31, 2022[11] - Trade receivables decreased to SGD 2.28 million as of June 30, 2023, from SGD 5.45 million as of December 31, 2022[11] - Trade payables increased to 874,000 SGD as of June 30, 2023, from 808,000 SGD as of December 31, 2022, an increase of 8.2%[44] - As of June 30, 2023, the company's current ratio was 1.5, with net current assets of approximately SGD 7.2 million, including cash and cash equivalents of about SGD 7.0 million[65] Revenue Sources - Major customer A contributed 6,245 thousand SGD to revenue, up from 2,234 thousand SGD in the previous year, marking an increase of 179.5%[25] - The company recorded revenue from general building projects of approximately 6.6 million SGD for the six months ended June 30, 2023, which accounted for about 37% of total revenue, down from 55% in the same period of 2022[51] - For the six months ended June 30, 2023, the company recorded civil engineering project revenue of approximately SGD 4.6 million, representing 25% of total revenue, compared to 10% for the same period in 2022[52] - The company recognized revenue of 11,168 thousand SGD over time, compared to 7,977 thousand SGD in the previous year, which is a growth of 39.5%[28] Expenses - Direct costs for the same period increased to approximately SGD 12.3 million, a 40% rise from SGD 9.2 million in 2022, consistent with revenue growth[59] - Total employee benefits expenses, including directors' remuneration, increased to 10,356,000 SGD in 2023 from 6,094,000 SGD in 2022, representing a rise of 70.5%[36] - Administrative expenses increased to approximately SGD 5.2 million for the six months ended June 30, 2023, compared to SGD 2.7 million in 2022, aligning with revenue growth[63] Cash Flow - For the six months ended June 30, 2023, the company reported a net cash inflow from operating activities of 2,102 thousand SGD, compared to a cash outflow of 185 thousand SGD in the same period of 2022, representing a significant improvement[17] - Cash and cash equivalents at the end of the period increased to 6,992 thousand SGD from 3,924 thousand SGD, reflecting a growth of 78.5%[17] Corporate Governance - The board of directors did not recommend the payment of any dividend for the six months ended June 30, 2023[9] - The company did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[34] - The roles of chairman and CEO are held by the same individual, which the board believes ensures unified leadership[91] - The company has complied with the corporate governance code, with the exception of the separation of the roles of chairman and CEO[91] - There are no known competing interests from major shareholders or directors that conflict with the company's business[88] Future Plans and Developments - The company plans to upgrade its license from C1 to B2 level to bid for a wider range of projects in Singapore[57] - The group is in the process of upgrading its license from C1 to B2 level to expand its business in the public sector[84] - The group has identified suitable properties for establishing dormitories and cutting and forming factories, and has entered into a sale agreement with the seller[84] - The group has hired a quantity surveyor and is actively recruiting skilled employees to strengthen its team[84] Miscellaneous - The company has not disclosed any new product developments or market expansion strategies in the current report[9] - The company reported a foreign exchange loss of SGD 150,000 for the period, compared to a loss of SGD 33,000 in the previous year[10] - The company recorded a profit of approximately SGD 0.5 million for the six months ended June 30, 2023, down from SGD 1.0 million in the same period of 2022[64] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the six months ended June 30, 2023[97] - The company has adopted a share option scheme but has not granted any options since its adoption[95] - The company did not purchase, redeem, or sell any of its listed securities during the reporting period[90] - The group has no other significant investment and capital asset plans beyond those disclosed in the prospectus dated October 31, 2017[77]
靛蓝星(08373) - 2023 - 中期财报