Financial Performance - Total revenue for the six months ended March 31, 2024, was SGD 23,625,588, a decrease of 26% compared to SGD 31,885,141 for the same period in 2023[14] - Gross profit for the period was SGD 2,753,475, representing a significant increase from SGD 1,786,156 in the previous year[14] - The company reported a net profit of SGD 251,515 for the six months ended March 31, 2024, compared to SGD 280,252 in the same period last year, reflecting a decrease of approximately 10%[14] - Earnings per share for the period was SGD 0.05, down from SGD 0.06 in the previous year[14] - Revenue from construction services was SGD 23,344,088, a decline of 26% from SGD 31,608,291 in the prior year[32] - Revenue from property investment increased slightly to SGD 281,500 from SGD 276,850, marking a growth of approximately 1%[32] - The total segment revenue for the six months ended March 31, 2024, was 23,625,588 SGD, down from 31,885,141 SGD in the previous year, reflecting a decline of approximately 26%[55] - The company reported a pre-tax profit of 251,515 SGD for the six months ended March 31, 2024, compared to 27,111 SGD in the same period of 2023[59] - The group's net profit for the first half of fiscal year 2024 remained stable compared to the first half of fiscal year 2023, primarily due to improved cost control on ongoing projects and higher profit margins from other supporting services[145] - The group's net profit for the first half of FY2024 and FY2023 was approximately 0.3 million SGD[185] Assets and Liabilities - The company’s total liabilities decreased to SGD 7,736,976 from SGD 8,329,806 as of September 30, 2023[24] - Non-current assets increased to SGD 28,210,521 from SGD 27,959,006, indicating a growth in asset value[24] - The company's total current assets decreased to SGD 34,494,069 from SGD 35,814,822 as of September 30, 2023[47] - Current liabilities were reported at SGD 26,463,623, down from SGD 27,323,859 as of September 30, 2023[47] - The company’s total liabilities decreased to SGD 26,463,623 from SGD 27,323,859 as of September 30, 2023[47] - The company’s total assets less current liabilities amounted to SGD 35,947,497, down from SGD 36,288,812 as of September 30, 2023[47] - The company's non-current liabilities related to bank loans were 4,063,249 SGD as of March 31, 2024, compared to 4,812,549 SGD as of September 30, 2023, showing a decrease of approximately 15.6%[83] - The total trade receivables as of March 31, 2024, were 4,124,880 SGD, down from 4,475,803 SGD as of September 30, 2023, representing a decline of about 7.8%[101] - The company’s contract assets, net of loss provisions, were reported at 19,953,590 SGD as of March 31, 2024, compared to 20,571,767 SGD as of September 30, 2023, reflecting a decline of approximately 3.0%[102] Employee and Compensation - The company continues to review its employee compensation policies to ensure competitiveness and retention of high-quality staff[10] - Total employee costs, including directors' remuneration, amounted to 3,824,963 SGD for the six months ended March 31, 2024, compared to 3,890,412 SGD in the same period of 2023[67] - As of March 31, 2024, the group employed 182 staff members, a decrease from 197 staff members as of March 31, 2023[199] - The total employee costs for the first half of the fiscal year 2024 amounted to approximately 3.8 million SGD, slightly down from 3.9 million SGD in the first half of fiscal year 2023[199] Cash Flow and Financing - The company has not recognized any taxable profits in Singapore for the six months ended March 31, 2024, thus no provision for Singapore corporate income tax was made[41] - The interest expenses for bank loans and overdrafts decreased to 434,303 SGD for the six months ended March 31, 2024, down from 522,799 SGD for the same period in 2023, a reduction of about 17.0%[87] - The group maintains a prudent cash and financial management policy, with cash primarily denominated in SGD and HKD, and closely monitors foreign exchange risks[160] - As of March 31, 2024, the group had bank borrowings of approximately 6.2 million SGD, down from approximately 6.9 million SGD as of September 30, 2023[161] - The debt-to-equity ratio as of March 31, 2024, was approximately 67.0%, down from 69.7% as of September 30, 2023, primarily due to a decrease in bank borrowings[190] - The group has pledged approximately 0.5 million SGD in bank deposits and various properties valued at approximately 21.4 million SGD to secure bank financing[191] Market Outlook and Strategy - The construction demand in Singapore for 2023 reached 33.8 billion SGD, exceeding the forecast of 27.0 billion SGD, with expectations for 2024 demand between 32.0 billion SGD and 38.0 billion SGD[124] - The company remains cautiously optimistic about profit recovery and business growth despite challenges from the post-COVID-19 environment and rising costs[125] - The company anticipates that the construction industry will regain momentum in the medium to long term[125] - The construction demand in the private sector for 2024 is projected to be between 14 billion SGD and 17 billion SGD, driven mainly by residential projects under government land sales and the expansion of two integrated resorts[147] - The group continues to focus on enhancing core competencies through productivity improvements, technical capabilities, financial management, and team skill enhancement[174] - The group aims to establish a stable and recurring revenue source through a diversified investment property portfolio, while mitigating risks associated with potential changes in the construction industry[197] Dividends and Shareholder Returns - The company did not declare any dividends for the six months ended March 31, 2024[42] - The board has decided not to declare an interim dividend for the first half of fiscal year 2024, compared to zero SGD in the first half of fiscal year 2023[158] Other Income and Expenses - Government grants received increased to 22,644 SGD from 19,238 SGD year-over-year[62] - The group's other income increased from approximately 0.1 million SGD in the first half of fiscal year 2023 to approximately 0.2 million SGD in the first half of fiscal year 2024, mainly due to increased rental income from leased equipment[153] - Other income decreased from approximately 1.4 million SGD in the first half of FY2023 to about 0.1 million SGD in the first half of FY2024, primarily due to a reduction in net gains from the sale of properties, plants, and equipment by approximately 2.2 million SGD[180] - Administrative expenses decreased from approximately 2.8 million SGD in the first half of FY2023 to about 2.6 million SGD in the first half of FY2024, mainly due to a reduction in professional fees by approximately 0.2 million SGD[181] - The expected credit loss provision for financial assets and contract assets increased from approximately 40,000 SGD in the first half of FY2023 to about 160,000 SGD in the first half of FY2024, attributed to a slight improvement in the economic environment[182] - Financing costs decreased from approximately 0.6 million SGD in the first half of FY2023 to about 0.5 million SGD in the first half of FY2024, mainly due to a reduction in bank borrowings[183]
S&T HLDGS(03928) - 2024 - 中期业绩