Revenue and Profitability - Revenue for the three months ended June 30, 2023, was SGD 14,961,000, a decrease of 44.5% compared to SGD 27,008,000 for the same period in 2022[4] - Gross profit for the six months ended June 30, 2023, was SGD 2,555,000, down 47.1% from SGD 4,834,000 in the same period last year[4] - Operating profit for the six months ended June 30, 2023, increased to SGD 2,136,000, up 26.5% from SGD 1,687,000 in 2022[4] - Net profit for the six months ended June 30, 2023, was SGD 1,849,000, representing a 37.0% increase from SGD 1,349,000 in the previous year[5] - The group reported a pre-tax profit of SGD 1,849,000 for the six months ended June 30, 2023, compared to SGD 1,349,000 for the same period in 2022, reflecting an increase of 37.0%[34] - Profit for the six months ended June 30, 2023, was approximately SGD 1.849 million, an increase of approximately SGD 500,000 or 37.1% compared to SGD 1.349 million for the same period in 2022[60] Assets and Liabilities - Total assets as of June 30, 2023, were SGD 27,362,000, a decrease from SGD 28,522,000 as of December 31, 2022[7] - Current liabilities decreased to SGD 7,400,000 from SGD 10,711,000 as of December 31, 2022, indicating improved liquidity[7] - The company's equity increased to SGD 20,194,000 as of June 30, 2023, compared to SGD 18,358,000 at the end of 2022[9] - Trade receivables as of June 30, 2023, amounted to SGD 9,669,000, a decrease of 18.2% from SGD 11,815,000 as of December 31, 2022[38] - Other payables decreased significantly to SGD 553,000 as of June 30, 2023, from SGD 2,432,000 as of December 31, 2022, indicating a reduction of 77.3%[42] Cash Flow and Investments - For the six months ended June 30, 2023, the operating cash flow before changes in working capital was SGD 2,500,000, an increase of 20.8% compared to SGD 2,070,000 for the same period in 2022[12] - The net cash generated from operating activities for the six months ended June 30, 2023, was SGD 1,548,000, a decrease of 36.2% from SGD 2,426,000 in the previous year[12] - The net cash used in investing activities was SGD 1,099,000 for the six months ended June 30, 2023, compared to SGD 29,000 in the same period of 2022[13] - The total cash and cash equivalents at the end of June 30, 2023, amounted to SGD 13,346,000, up from SGD 12,604,000 at the end of June 30, 2022[13] - The group had a cash and bank balance of approximately SGD 13.3 million as of June 30, 2023, compared to SGD 13.2 million as of December 31, 2022[64] Employee Costs and Management - The total employee costs for the six months ended June 30, 2023, amounted to SGD 30,937,000, a decrease from SGD 51,461,000 in the same period of 2022, showing a reduction of 40.0%[29] - The total remuneration for key management personnel for the six months ended June 30, 2023, was SGD 274,000, down 39.6% from SGD 454,000 in the same period of 2022[48] - The number of full-time employees decreased from 64 as of June 30, 2022, to 50 as of June 30, 2023[66] Government Grants and Other Income - The group received government grants totaling SGD 2,490,000 for the six months ended June 30, 2023, compared to SGD 28,000 in the same period of 2022, indicating a significant increase[28] - Other income for the six months ended June 30, 2023, significantly increased to SGD 2,581,000 from SGD 74,000 in the previous year[4] - The company reported a total of SGD 74,000 in other income for the six months ended June 30, 2023, compared to SGD 74,000 in the same period of 2022, remaining stable[28] Dividends and Shareholder Information - The company did not declare any interim dividend for the six months ended June 30, 2023, consistent with the same period in 2022[33] - The group’s major shareholders include Omnipartners Holdings Limited, which holds 288,000,000 shares, representing 48.00% of the issued share capital[89] Future Outlook and Strategic Plans - The company provided an optimistic outlook for the second half of 2023, projecting a revenue growth of 20% compared to the first half[111] - New product launches are expected to contribute an additional HKD 100 million in revenue, with a focus on enhancing user experience and expanding market reach[111] - The company is investing in new technology development, allocating HKD 50 million towards R&D initiatives aimed at improving operational efficiency[111] - Market expansion plans include entering two new regions by Q4 2023, which are anticipated to increase market share by 10%[111] - The company is considering strategic acquisitions to bolster its product offerings, with a budget of up to HKD 200 million for potential targets[111] Compliance and Governance - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2023, and confirmed compliance with applicable accounting standards and GEM listing rules[107] - The group confirms compliance with applicable disclosure requirements under GEM Listing Rules regarding related party transactions[82]
中安控股集团(08462) - 2023 - 中期财报