Financial Performance - Revenue for the six months ended December 31, 2022, was SGD 53,595,000, an increase of 25% compared to SGD 42,922,000 for the same period in 2021[8] - Gross profit for the same period was SGD 2,967,000, significantly up from SGD 240,000, reflecting a gross margin improvement[8] - The company reported a profit before tax of SGD 125,000, a turnaround from a loss of SGD 2,405,000 in the previous year[8] - The group reported a profit of SGD 125,000 for the six months ended December 31, 2022, compared to a loss of SGD 2,405,000 in the same period of 2021[16] - Total comprehensive income for the period was SGD 65,000, which includes a loss of SGD 60,000 from fair value adjustments[13] - Cash flow from operating activities was SGD 12,657,000, a significant improvement from a cash outflow of SGD 7,410,000 in the previous year[16] - The group recorded a total operating profit of SGD 125,000, with the construction segment achieving an operating profit of SGD 130,000, contrasting with an operating loss of SGD 2,203,000 in the previous year[32] - The company maintained a basic and diluted earnings per share of SGD 0.02, recovering from a loss per share of SGD 0.30 in the previous year[8] Assets and Liabilities - Total assets as of December 31, 2022, increased to SGD 82,614,000 from SGD 71,840,000 as of June 30, 2022[9] - Current assets rose to SGD 62,199,000, up from SGD 50,371,000, indicating improved liquidity[9] - Total liabilities increased to SGD 47,534,000 from SGD 36,825,000, primarily due to higher trade and other payables[10] - The company's net asset value stood at SGD 35,080,000, slightly up from SGD 35,015,000[10] - Cash and cash equivalents increased significantly to SGD 24,781,000 from SGD 13,877,000, enhancing the company's cash position[9] - The group’s total equity as of December 31, 2022, was SGD 35,080,000, up from SGD 32,991,000 a year earlier[13] - Trade receivables rose to SGD 8,141,000 as of December 31, 2022, up from SGD 6,198,000 as of June 30, 2022, indicating an increase of about 31.4%[51] - The group’s total trade and other receivables amounted to SGD 15,798,000 as of December 31, 2022, compared to SGD 15,109,000 as of June 30, 2022, reflecting an increase of approximately 4.6%[51] Cash Flow and Investments - The group’s cash flow used in investing activities was SGD 891,000, an improvement from SGD 1,354,000 in the previous year[17] - The group’s financing activities resulted in a cash outflow of SGD 862,000, compared to SGD 1,386,000 in the previous year[17] - The group acquired assets costing approximately SGD 321,000 during the six months ended December 31, 2022, compared to SGD 776,000 in the same period of 2021[49] - The group has pledged fixed deposits of SGD 5.0 million as collateral for bank overdraft financing as of December 31, 2022, compared to SGD 4.0 million as of June 30, 2022[99] Market and Operational Insights - The company continues to explore market expansion opportunities and new product development strategies to drive future growth[8] - The total construction demand in Singapore for 2023 is expected to be between SGD 27 billion and SGD 32 billion, with public sector demand accounting for about 60%[69] - The overall construction demand in Singapore is expected to reach between SGD 25 billion and SGD 32 billion annually from 2024 to 2027, with approximately 60% of the demand coming from building projects[92] - The group anticipates ongoing challenges in the construction supply chain and rising construction material costs[92] Employee and Operational Costs - Employee benefits expenses (excluding directors' remuneration) decreased to SGD 5,151,000 in 2022 from SGD 5,614,000 in 2021, a decline of about 8.2%[44] - The total employee cost for the six months ended December 31, 2022, was approximately SGD 5.2 million, a decrease from SGD 5.6 million for the same period in 2021[94] - The group employed 355 employees as of December 31, 2022, down from 382 employees as of December 31, 2021[94] Governance and Compliance - The company has confirmed compliance with the standard code of conduct for securities trading as of December 31, 2022[123] - The audit committee, established on December 17, 2019, is chaired by an independent non-executive director and includes members with appropriate professional qualifications[138] - The interim condensed consolidated financial statements for the six months ended December 31, 2022, have been reviewed by the audit committee and are deemed to comply with applicable accounting standards and listing rules[139] Stock Options and Share Capital - The company has adopted a stock option plan on December 17, 2019, aimed at rewarding employees, directors, and selected participants for their contributions[124] - The total number of shares that can be issued under the stock option plan shall not exceed 80,000,000 shares, which is 10% of the total issued shares as of the listing date[128] - No stock options have been granted, exercised, expired, or canceled as of December 31, 2022, and there are no unexercised stock options under the stock option plan[132] - The total issued and paid-up share capital remained at SGD 1,389,000 as of December 31, 2022, consistent with the previous period[61]
光荣控股(09998) - 2023 - 中期财报