CONDENSED FINANCIAL STATEMENTS FOR THE SECOND HALF YEAR AND FULL YEAR ENDED 30 SEPTEMBER 2024
Financials Archive
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
Condensed Statements of Financial Position
Review of Performance
Statement of Profit or Loss and Other Comprehensive Income Review
Revenue
Revenue had increased by $2.7 million or 8.4% from $31.4 million in 2HY2023 to $34.1
million in 2HY2024. The increase was mainly from the increase in revenue in Marine and
Other Sectors. Revenue from Marine Sector had increased by $2.6 million or 372.9% from
$0.7 million in 2HY2023 to $3.3 million in 2HY2024. Revenue from Other Sector had
increased by $2.6 million or 237.7% from $1.1 million in 2HY2023 to $3.7 million in 2HY2024.
This was partially offset by decrease in revenue from Energy and Trading Sectors. Revenue
from Energy Sector had decreased by $2.5 million or 10.2% from $24.5 million in 2HY2023 to
$22.0 million in 2HY2024. Revenue from Trading Sector had decreased by $28 thousand or
0.5% from $5.1 million in 2HY2023 to $5.1 million in 2HY2024. Year on year, revenue had
decreased by $13.8 million or 16.6% from $83.4 million in FY2023 to $69.6 million in FY2024.
The decrease was mainly from the decrease in revenue in Energy and Trading Sectors.
Revenue from Energy Sector had decreased by $20.5 million or 30.8% from $66.8 million in
FY2023 to $46.3 million in FY2024. Revenue from Trading Sector had decreased by $1.4
million or 11.1% from $12.0 million in FY2023 to $10.6 million in FY2024. The decrease was
partially offset by the increase in revenue from Marine and Other Sectors. Revenue from
Marine Sector had increased by $4.1 million or 142.6% from $2.9 million in FY2023 to $7.0
million in FY2024. Revenue from Other Sector had increased by $4.0 million or 225.9% from
$1.8 million in FY2023 to $5.7 million in FY2024.
Geographically, Singapore market was the main contributor at 49.5% of the revenue
generated in FY2024. However, the revenue from Singapore market had decreased by $25.3
million or 42.3% from $59.8 million in FY2023 to $34.5 million in FY2024.
Gross Profit and Gross Profit Margin
Gross profit margin had decreased by 2.3 percentage point from 15.2% in 2HY2023 to 12.9%
in 2HY2024. Gross profit decreased by $0.4 million or 7.8% from $4.8 million in 2HY2023 to
$4.4 million in 2HY2024. In tandem to the decrease in revenue, gross profit had decreased by
$3.9 million or 29.2% from $13.2 million in FY2023 to $9.3 million in FY2024 while gross profit
margin had decreased by 2.4 percentage points from 15.8% in FY2023 to 13.4% in FY2024.
Interest Income and Finance Costs
Interest income had increased by $0.2 million or 138.6% from $0.1 million in 2HY2023 to $0.3
million in 2HY2024 mainly from the notional interest income arising from the instalment
payment plan to the customers. Year on year, interest income had increased by $0.3 million
or 105.3% from $0.2 million in FY2023 to $0.5 million in FY2024 as per the reason
contributing to 2HY2024 increase.
Finance costs had increased by $0.1 million or 11.7% from $0.5 million in 2HY2023 to $0.6
million in 2HY2024 mainly from the increase in bank borrowings and higher interest rates.
Year on year, finance costs had increased by $0.1 million or 12.0% from $0.9 million in
FY2023 to $1.0 million in FY2024 as per the reason contributing to 2HY2024 increase.
Operating Expenses
Marketing and distribution costs had decreased by $0.1 million or 3.1% from $1.7 million in
2HY2023 to $1.6 million in 2HY2024 mainly from lower vehicle repair and maintenance and
entertainment. Year on year, marketing and distribution costs remained relatively stable at
$3.3 million.
Administrative expenses had increased by $0.1 million or 2.1% from $2.5 million in 2HY2023
to $2.6 million in 2HY2024 mainly from higher employee benefits expenses and repair and
maintenance expenses, partly offset by lower legal and professional fees. Year on year,
administrative expenses had increased by $0.3 million or 6.0% from $4.6 million in FY2023 to
$4.9 million in FY2024 as per the reason contributing to 2HY2024 increase.
Depreciation expense of property, plant and equipment had increased by $45 thousand or
3.2% from $1.4 million in 2HY2023 to $1.4 million in 2HY2024 mainly from increase in
depreciation of building. Year on year, depreciation expense of property, plant and equipment
had increased by $0.1 million or 4.6% from $2.8 million in FY2023 to $2.9 million in FY2024
as per the reason contributing to 2HY2024 increase.
Depreciation expense of right-of-use assets had increased by $3 thousand or 2.1% from $0.1
million in 2HY2023 to $0.1 million in 2HY2024.Year on year, depreciation expense of right-of-use assets had decreased by $0.2 million or 39.1% from $0.5 million in FY2023 to $0.3
million in FY2024. This reduction is primarily due to the expiration of the lease at 21A Neythal
Road on 30 November 2022.
Other (Losses)/ Gains (Net)
Other gains had decreased by $3.8 million or 221.8% from other gains of $1.7 million in
2HY2023 to other losses of $2.1 million in 2HY2024 mainly due to decrease in reversal of
write-down of inventories and increase in foreign exchange transaction and translation losses
in 2HY2024. Year on year, other gains had decreased by $4.3 million or 268.1% from other
gains of $1.6 million in FY2023 to other losses of $2.7 million in FY2024 as per the reason
contributing to 2HY2024 decrease.
(Loss)/ Profit Before Tax
Profit before tax had decreased by $4.1 million or 1,175.7% from a profit of $0.3 million in
2HY2023 to a loss of $3.7 million in 2HY2024. Year on year, profit before tax had decreased
by $8.3 million or 269.5% from a profit of $3.1 million in FY2023 to a loss of $5.2 million in
FY2024 due to the aforementioned reasons.
Other Comprehensive (Loss)/ Income
Other comprehensive income had decreased by $0.4 million or 79.4% from $0.5 million in
2HY2023 to $0.1 million in 2HY2024 mainly from the revaluation of the properties. Year on
year, other comprehensive income had decreased by $1.0 million or 96.2% from $1.1 million
in FY2023 to $40 thousand in FY2024 as per the reason contributing to 2HY2024 decrease.
Statement of Financial Position Review
Non-Current Assets
Non-current assets had decreased by $3.1 million or 11.9% from $25.9 million as at 30
September 2023 to $22.8 million as at 30 September 2024 mainly from the reclassification of
one of the warehouse in Singapore to current assets held for sale, partly offset by the
acquisition of warehouse in Malaysia and increase in non-current portion of trade and other
receivables.
Current Assets
Current assets had increased by $18.0 million or 23.7% from $76.0 million as at 30
September 2023 to $94.0 million as at 30 September 2024. The increase was mainly due to
increase in trade and other receivables and assets held for sale, partly offset by decrease in
other non-financial assets and cash and cash equivalents. Trade and other receivables had
increased by $12.7 million or 42.1% from $30.3 million as at 30 September 2023 to $43.0
million as at 30 September 2024. Assets held for sales has increased by $9.7 million or
100.0% in 30 September 2024. On the other hand, other non-financial assets had decreased
by $0.6 million or 57.2% from $1.0 million as at 30 September 2023 to $0.4 million as at 30
September 2024. Cash and cash equivalents had decreased by $4.5 million or 24.0% from
$18.9 million as at 30 September 2023 to $14.4 million as at 30 September 2024.
Non-Current Liabilities
Non-current liabilities had increased by $1.6 million or 22.2% from $7.2 million as at 30
September 2023 to $8.8 million as at 30 September 2024 mainly from the new borrowing
arising from the acquisition of warehouse in Malaysia.
Current Liabilities
Current liabilities had increased by $19.6 million or 137.2% from $14.3 million as at 30
September 2023 to $33.9 million as at 30 September 2024. The increase was mainly due to
increase in trade and other payables and loans and borrowings. Trade and other payable has
increased by $5.7 million or 107.4% from $5.3 million as at 30 September 2023 to $11.0
million as at 30 September 2024. Loan and borrowings had increased by $13.4 million or
160.0% from $8.3 million as at 30 September 2023 to $21.7 million as at 30 September 2024.
Equity
Total equity had decreased by $6.2 million or 7.8% from $80.4 million as at 30 September
2023 to $74.2 million as at 30 September 2024 mainly from the loss generated in FY2024
and the dividend paid to shareholders.
Statement of Cash Flows Review
Cash Flows (Used in)/ From Operating Activities
Cash from operating activities had decreased by $15.8 million from an inflow of $4.8 million in
2HY2023 to an outflow of $11.0 million in 2HY2024 mainly from the working capital changes.
Year on year, cash used in operating activities had increased by $7.9 million from $3.6 million
in FY2023 to $11.5 million in FY2024 as per the reason contributing to 2HY2024 increase.
Cash Flows Used in Investing Activities
Cash used in investing activities had decreased by $0.6 million from $1.1 million in 2HY2023
to $0.5 million in 2HY2024 mainly due to no cash restricted in use in 2HY2024. Year on year,
cash used in investing activities had increased by $4.7 million from $1.8 million in FY2023 to
$6.5 million in FY2024 mainly from the capital expenditure arising from the acquisition of
warehouse in Malaysia.
Cash Flows From/ (Used in) Financing Activities
Cash used in financing activities had decreased by $19.5 million from an outflow of $8.5
million in 2HY2023 to an inflow of $11.0 million in 2HY2024 mainly from increase in loan and
borrowings. Year on year, cash used in financing activities had decreased by $14.9 million
from an outflow of $1.0 million in FY2023 to an inflow of $13.9 million in FY2024 as per the
reason contributing to 2HY2024 decrease.
Commentary
The Group faced delays in the fulfilment of certain confirmed sales orders during FY2024.
The Group expects to complete these confirmed sales orders in FY2025, barring any
unforeseen circumstances.
Despite challenging operating conditions, the Group expects improved revenue generation in
FY2025. Profit margins are still expected to face pressure as the Group maintains its
competitive position.The Group’s financial performance is affected by foreign exchange
fluctuations, particularly between the United States dollar and Singapore dollar, which can
result in both transaction and translation gains or losses.
Moving forward, the Group remains committed to prudent cost management while actively
seeking new markets and customers for its products, aiming to enhance revenue generation
and capitalize on growth opportunities.
