Financial Performance - The company reported a revenue of approximately 323.9 million for the six months ended June 30, 2023, representing a 31.8% increase from US3.4 million, an increase of 106.1% compared to the net loss of USDD million in revenue over the next fiscal year[8]. - Over 300 new products were launched worldwide, covering categories such as soup base, dishes, snacks, and beverages, tailored to local tastes[26]. - A themed marketing campaign titled "Say Hi to Souper Tasty Adventure" was organized, launching 10 new products with click-through rates exceeding 10% for three highlighted items in Singapore, Malaysia, and Thailand[26]. Operational Efficiency - The gross profit margin improved to EE%, reflecting better cost management and operational efficiencies[8]. - The operating profit margin at the restaurant level was 8.3%, an increase of 6.8% compared to the same period last year[22]. - Restaurant level operating margin improved from 1.5% in 2022 to 8.3% in 2023, indicating enhanced operational efficiency[41]. - Average daily revenue per restaurant increased from 15.6 thousand in 2023[41]. Financial Health and Capital Management - Cash and cash equivalents increased by 26.6% from US118.9 million as of June 30, 2023, mainly due to enhancements in business operations[91]. - The current ratio improved to 1.5 as of June 30, 2023, compared to 1.3 as of December 31, 2022, indicating better short-term financial health[103]. - The gearing ratio remained stable at 0.4 as of both June 30, 2023, and December 31, 2022, reflecting consistent leverage levels[103]. - The Group's capital management aims to maintain stability and growth while maximizing shareholder value through optimizing debt and equity balances[89]. Corporate Governance - The Company has adopted the Corporate Governance Code and separated the roles of chairman and chief executive officer on March 30, 2023[147]. - The Audit Committee consists of three independent non-executive Directors, with Mr. TEO Ser Luck as the chairman[154]. - The Company has complied with all applicable principles and code provisions as set out in the Corporate Governance Code during the Reporting Period[148]. - The Company has made specific inquiries to all Directors regarding compliance with the Model Code, with no incidents of non-compliance noted[142]. Strategic Acquisitions and Investments - The company is exploring potential acquisitions to enhance its market position and expand its product portfolio[8]. - The Group plans to continue identifying potential strategic investment opportunities and seeks to acquire high-quality target businesses and assets that create synergies[101]. - The company is exploring additional brands and businesses through incubation and strategic acquisitions to enrich its business and customer base[29]. Challenges and Risks - The company recorded a net foreign exchange loss of USD 8,741,000 in the first half of 2023, compared to a loss of USD 27,565,000 in the same period of 2022[189]. - The Group does not currently have a foreign exchange hedging policy but monitors foreign exchange exposure closely[106]. - As of June 30, 2023, the Group did not have any material contingent liabilities or significant litigations that could adversely affect its business[107].
特海国际(09658) - 2023 - 中期财报