Financial Performance - Revenue for the six months ended September 30, 2023, was SGD 29,182,500, an increase of 28.5% compared to SGD 22,648,704 in the same period of 2022[9] - Gross profit for the same period was SGD 3,917,253, representing a gross margin of 13.4%[9] - The company reported a net loss of SGD 1,580,354 for the six months ended September 30, 2023, an improvement from a net loss of SGD 2,303,596 in the prior year[11] - Other income increased significantly to SGD 1,686,312 from SGD 327,330, reflecting improved operational performance[9] - The total comprehensive loss for the period was SGD 2,189,860, which includes a loss of SGD 1,542,702 from operations and a foreign exchange loss of SGD 647,158[17] - The basic and diluted loss per share for the period was SGD 0.13, compared to SGD 0.20 in the previous year[11] - The company reported a loss attributable to owners of SGD 1,542,702 for the six months ended September 30, 2023, compared to a loss of SGD 2,339,613 in the same period of 2022, representing a decrease in loss of approximately 34%[45] Assets and Liabilities - Total assets as of September 30, 2023, were SGD 55,848,583, down from SGD 58,184,260 as of March 31, 2023[14] - The company’s total liabilities increased to SGD 7,488,717 as of September 30, 2023, from SGD 3,301,576 as of March 31, 2023, indicating a growth of approximately 126%[52] - The company’s equity attributable to owners decreased to SGD 55,364,351 from SGD 57,554,211[14] - Trade receivables decreased to SGD 11,449,898 as of September 30, 2023, from SGD 12,748,632 as of March 31, 2023, representing a decline of approximately 10.2%[50] - The company’s current assets as of September 30, 2023, stand at SGD 328,297, consistent with the previous quarter[53] Cash Flow - For the six months ended September 30, 2023, the company reported a net cash outflow from operating activities of SGD 8,291,774, compared to SGD 3,979,934 for the same period in 2022, indicating a significant increase in cash used[17] - The company's cash and cash equivalents stood at SGD 14,984,172, slightly down from SGD 15,317,016 as of March 31, 2023[13] - The company's cash and cash equivalents decreased by SGD 565,500, ending the period at SGD 14,984,172, down from SGD 28,765,774 at the end of the same period last year[19] - The company reported a significant increase in cash used in investing activities, totaling SGD 10,826,403, compared to SGD 8,211,279 in the prior year[17] - The company’s investment activities generated a net cash inflow of SGD 7,974,203, contrasting with a cash outflow of SGD 2,692,259 in the previous year[17] Revenue Breakdown - Total revenue for the six months ended September 30, 2023, was SGD 29,236,337, an increase of 25.5% from SGD 23,214,034 in the same period of 2022[29] - Revenue from Integrated Building Services was SGD 20,402,097, up 15.1% from SGD 17,750,204 in 2022[29] - Revenue from Building Construction was SGD 8,822,527, representing a significant increase of 61.5% compared to SGD 5,463,830 in 2022[29] - Revenue from Information Technology Development and Application was SGD 11,713, with no revenue reported in the previous year[29] Employee and Administrative Costs - Total employee costs increased to SGD 5,783,444 in 2023 from SGD 4,436,261 in 2022, marking an increase of about 30%[42] - Administrative expenses increased from approximately SGD 5.3 million to about SGD 6.7 million, an increase of about SGD 1.4 million or approximately 26.4%[96] Investments and Acquisitions - The group completed the acquisition of a property for SGD 9,050,000, with a remaining payment of SGD 8,597,500 made on November 29, 2023[79] - The company plans to use part of the listing proceeds for the acquisition of a property located at 40 Kaki Bukit Crescent, Singapore, for SGD 9.05 million[124] Stock Options and Corporate Governance - The company has a stock option plan effective from January 5, 2017, valid for ten years, aimed at incentivizing qualified participants[131] - The company has maintained compliance with corporate governance codes during the review period, except for the separation of roles between the Chairman and CEO[141] - The company is actively seeking a suitable candidate for the CEO position, which has been vacant since July 23, 2021[141] Market and Future Outlook - The total construction demand in Singapore for 2023 is expected to be between SGD 27 billion and SGD 32 billion, with public sector projects contributing approximately 60%[83] - The total construction demand in Singapore is expected to reach between SGD 25 billion and SGD 32 billion annually from 2024 to 2027, with the public sector contributing approximately SGD 14 billion to SGD 18 billion each year, accounting for about 60% of the demand[84]
雄岸科技(01647) - 2024 - 中期财报