Financial Performance - The Group's total revenue decreased by approximately S$4.7 million or 6.3% to approximately S$70.1 million for FY2023, down from approximately S$74.8 million in FY2022[19]. - Gross profits increased by S$1.8 million or 10.0% to S$19.8 million for FY2023, despite the decrease in revenue[18]. - The gross profit margin improved from approximately 24.0% in FY2022 to 28.2% in FY2023[19]. - The Group's profit for the year decreased by approximately S$0.4 million or 6.2% to approximately S$5.5 million for FY2023, down from approximately S$5.8 million in FY2022[19]. - The Group's revenue decreased by approximately S$4.7 million or 6.3% from approximately S$74.8 million for the year ended 31 December 2022 to approximately S$70.1 million for the year ended 31 December 2023[48]. - Profit for the year ended 31 December 2023 was approximately S$5.5 million, compared to S$5.8 million for the previous year[38]. - The Group's cost of sales decreased by approximately S$6.5 million or 11.4% to approximately S$50.3 million for the year ended 31 December 2023[87]. - Other income decreased by approximately S$1.2 million or 57.5% to approximately S$0.9 million for the year ended 31 December 2023[89]. - Selling and distribution expenses increased by approximately S$0.7 million or 18.5% to approximately S$4.7 million for the year ended 31 December 2023[98]. - Administrative expenses increased by approximately S$0.3 million or 3.6% to approximately S$8.6 million for the year ended 31 December 2023[104]. Economic Outlook - The Singapore economy expanded by 1.1% in 2023, moderating from 3.8% growth in 2022[18]. - GDP growth for Singapore in 2024 is forecasted to be between 1.0% and 3.0%[24]. - The Singapore economy grew by 2.2% year-on-year in Q4 2023, up from 1.0% in Q3 2023, while the overall growth for 2023 was 1.1%, down from 3.8% in 2022[68][69]. - The Ministry of Trade and Industry, Singapore, forecasts GDP growth for 2024 to be between 1.0% and 3.0%[70]. - The global snack food market is expected to grow at approximately 2.7% annually until 2027[80]. Product and Market Focus - The Group is focused on the production and sale of nuts and chips, with products distributed to over 10 countries, including Singapore, Malaysia, and the PRC[46]. - The Group expects strong demand for snack products, particularly those with less sugar and artificial ingredients, as health awareness increases among consumers[24]. - Revenue from nuts accounted for approximately 65.6% of total revenue in 2023, down from 68.0% in 2022, while chips contributed 31.4% in 2023, up from 28.9% in 2022[54]. - The Group's revenue from chips increased to S$22.0 million in 2023, with a gross profit of S$7.2 million and a margin of 32.6%, compared to S$21.7 million and a margin of 28.0% in 2022[63]. - Sales in Singapore and Malaysia represented approximately 60.9% and 29.2% of total revenue in 2023, respectively, while sales from the PRC (including Hong Kong) decreased from 9.0% in 2022 to 5.2% in 2023[58]. Financial Position - Total equity as at 31 December 2023 was approximately S$73.2 million, an increase from S$68.4 million in 2022[39]. - Current assets increased to approximately S$55.3 million as at 31 December 2023, compared to S$53.3 million in 2022[39]. - The Group's non-current assets rose to approximately S$28.7 million as at 31 December 2023, up from S$27.4 million in 2022[39]. - The current ratio as at 31 December 2023 was 6.6, indicating strong liquidity[43]. - The Group had nil bank and other borrowings as at 31 December 2023, compared to approximately S$2.9 million as at 31 December 2022[110]. Shareholder Returns - The Board has recommended a final dividend of 0.23 Hong Kong cents per ordinary share for the year ended 31 December 2023, totaling approximately HK$2.3 million (equivalent to approximately S$0.4 million)[27]. - The company has recommended a final dividend of 0.23 Hong Kong cents per ordinary share for the year ended December 31, 2023, totaling approximately HK$2.3 million, subject to shareholder approval[132]. Management and Governance - The management team includes family members, indicating a strong familial connection within the leadership structure[155]. - The Group's finance team, led by Mr. Terence Loo, coordinates with sales and procurement teams to manage financial and operational risks[186]. - The Group's finance manager and executive Directors regularly review foreign exchange rates and hedging methods to mitigate currency risks[131]. - SWL's governance includes a risk management committee, highlighting its focus on managing potential risks[150]. - The company is committed to maintaining close working relationships with customers to enhance business development[150]. Workforce and Employee Costs - The Group's employee count increased from 311 to 358 from December 31, 2022, to December 31, 2023, with staff costs rising from approximately S$11.7 million to S$12.4 million[140]. - Capital expenditures incurred during the year ended 31 December 2023 were approximately S$3.1 million, an increase from approximately S$2.0 million in the year ended 31 December 2022[113]. - The Group's capital commitments as at 31 December 2023 were approximately S$0.5 million, up from approximately S$0.3 million in 2022[113]. Corporate Structure - The Group's principal activity is investment holding, primarily engaged in the production, packaging, and sale of nuts and chips, with a track record of over 50 years[197]. - Core products include roasted nuts, baked nuts, potato chips, and cassava chips, distributed to over 10 countries including Singapore, Malaysia, and the PRC[197]. - The financial results for the year ended December 31, 2023, and the Group's financial position are detailed in the Financial Statements[200]. - A comprehensive business review and analysis for the year ended December 31, 2023, is provided in the "Management Discussion and Analysis" section of the annual report[199]. - The Group's financial statements are audited and presented alongside the Board's report for the year ended December 31, 2023[196].

Financial Performance - Total revenue for the year ended December 31, 2023, was SGD 70,117,966, a decrease of 6.3% compared to SGD 74,799,701 in 2022[2] - Profit before tax for the same period was SGD 6,901,898, down 4.6% from SGD 7,234,805 in the previous year[2] - Net profit for the year was SGD 5,455,152, reflecting a decline of 6.2% from SGD 5,815,266 in 2022[2] - Basic earnings per share for the year was SGD 0.55, compared to SGD 0.58 in the previous year[4] - The group reported a gross profit of SGD 19,766,148 for 2023, compared to SGD 17,964,773 in 2022, reflecting an increase of 10.0%[17] - The gross profit for the year ended December 31, 2023, increased by approximately 10.0% to about SGD 19.8 million, compared to SGD 18.0 million for the year ended December 31, 2022[50] - Annual profit decreased by approximately SGD 0.4 million or 6.2% to about SGD 5.5 million for the year ending December 31, 2023, mainly due to a decrease in other income and increased sales and distribution expenses[57] Revenue Breakdown - Revenue from the nuts segment was SGD 45,972,369, down 9.5% from SGD 50,834,158 in the previous year, while the chips segment generated SGD 22,027,219, an increase of 1.7% from SGD 21,656,353[17] - Revenue from nuts decreased to SGD 45,972,369, accounting for 65.6% of total revenue, down from 68.0% in the previous year[37] - Revenue from chips increased to SGD 22,027,219, representing 31.4% of total revenue, up from 28.9% in 2022[37] - The group operates primarily in Singapore and Malaysia, with total revenue from Singapore at SGD 42,721,738, down from SGD 44,797,269 in 2022[19] - Revenue from the Greater China region, including Hong Kong and Macau, decreased significantly to SGD 3,670,934 from SGD 6,710,316 in the previous year[19] Assets and Liabilities - Cash and cash equivalents decreased by 34.8% to SGD 19,490,038 from SGD 29,879,477 in the prior year[2] - Total assets increased to SGD 75,626,552, compared to SGD 73,143,154 in 2022[5] - The company has no bank borrowings as of December 31, 2023, down from SGD 2,859,361 in 2022[2] - Trade receivables decreased to SGD 11,557,873 as of December 31, 2023, from SGD 12,242,384 in 2022[32] - Trade payables increased to SGD 4,448,421 as of December 31, 2023, compared to SGD 3,926,392 in 2022[33] Margins and Ratios - The company reported a gross profit margin of 28.2%, up from 24.0% in 2022[2] - The return on equity decreased to 7.5% from 8.5% in the previous year[2] - The overall gross margin improved from approximately 24.0% for the year ended December 31, 2022, to about 28.2% for the year ended December 31, 2023[50] - The gross margin for nuts increased from approximately 22.3% in 2022 to 26.2% in 2023, primarily due to a decrease in the average cost of raw nuts[42] - The gross margin for chips rose from approximately 28.0% in 2022 to 32.6% in 2023, attributed to a decline in the average cost of raw potatoes[42] - The current ratio as of December 31, 2023, was 6.6 times, compared to 7.1 times as of December 31, 2022, indicating a strong liquidity position[58] Expenses - Sales and distribution expenses increased by approximately SGD 0.7 million or 18.5% to about SGD 4.7 million for the year ending December 31, 2023, primarily due to increased marketing activities[53] - Administrative expenses rose by approximately SGD 0.3 million or 3.6% to about SGD 8.6 million for the year ending December 31, 2023, mainly due to increased employee costs[54] - Financing costs decreased to SGD 96,580 in 2023 from SGD 116,821 in 2022, primarily due to lower interest on bank loans and lease liabilities[23] Government Support and Other Income - Government grants received increased to SGD 91,509 in 2023 from SGD 43,575 in 2022, indicating a significant rise in support measures[20] - Interest income rose to SGD 811,045 in 2023, up from SGD 268,195 in 2022, attributed to higher interest rates and increased fixed deposits[20][24] - Other income decreased by approximately 57.5% to about SGD 0.9 million for the year ended December 31, 2023, from SGD 2.1 million in the previous year[51] Corporate Governance and Compliance - The company has adhered to the corporate governance code as outlined in the listing rules, ensuring compliance throughout the year ending December 31, 2023[76] - The board of directors confirmed compliance with the standard code of conduct for securities trading throughout the year ending December 31, 2023[77] - The audit committee, consisting of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ending December 31, 2023, ensuring compliance with applicable accounting standards[85] - Deloitte & Touche LLP confirmed that the financial figures in the preliminary announcement for the year ending December 31, 2023, are consistent with the audited financial statements[86] Future Outlook and Strategy - The company plans to continue focusing on food production, packaging, and retail as part of its core business strategy[7] - The company anticipates the global snack food market, including nuts and chips, to grow at an annual rate of about 2.7% until 2027[47] - The company plans to increase marketing expenditures to enhance brand awareness in response to changing consumer preferences towards healthier snack options[47] - The economic outlook for Singapore in 2024 is projected to grow between 1.0% and 3.0%[45] Employee and Shareholder Information - As of December 31, 2023, the company employed 358 staff, up from 311 in the previous year, with employee costs amounting to approximately SGD 12.4 million compared to SGD 11.7 million in 2022, reflecting a year-over-year increase of about 6%[72] - The company has established an employee stock option plan to incentivize and retain qualified participants, enhancing long-term development[72] - The company's major shareholder, SWL Limited, holds 750 million shares, representing 75% of the issued share capital[81] - The board of directors consists of seven members, including four executive directors and three independent non-executive directors[87]

Revenue Performance - Revenue for the six months ended June 30, 2023, was approximately S$33.6 million, a decrease of 4.2% from S$35.1 million in the same period of 2022[15] - The Group's revenue for the six months ended June 30, 2023, decreased by approximately S$1.5 million or 4.2% to approximately S$33.6 million from S$35.1 million for the same period in 2022, primarily due to reduced sales to end customers in China (including Hong Kong) [27] - Revenue from the sale of nuts accounted for approximately 64.7% of total revenue for the six months ended June 30, 2023, down from 67.4% for the same period in 2022, attributed to decreased demand in the PRC [32] - Revenue from the PRC (including Hong Kong) decreased significantly from approximately 10.9% for the six months ended June 30, 2022, to approximately 4.6% for the same period in 2023 [38] - Revenue from Singapore increased to S$20,687,355, up 0.8% from S$20,519,468 in 2022[171] - Revenue from Malaysia rose to S$9,979,868, an increase of 3.8% from S$9,611,645 in 2022[171] - Revenue from the "Nuts" segment was S$21,735,085, down 8.1% from S$23,645,783 in 2022, while the "Chips" segment revenue increased by 2.7% to S$10,771,824 from S$10,486,239[167] Profitability - Gross profit increased by 8.9% to S$9.34 million, compared to S$8.58 million in the previous year[15] - Profit before taxation rose by 14.6% to S$4.61 million, up from S$4.02 million in 2022[15] - Profit for the period increased by 15.8% to S$3.38 million, compared to S$2.92 million in the prior year[15] - The Group's profit for the period increased by approximately S$0.5 million or 15.8% from approximately S$2.9 million for the six months ended June 30, 2022, to approximately S$3.4 million for the six months ended June 30, 2023[63] - Profit for the period was S$3,384,403, up 16.0% from S$2,921,564 in the prior year[134] - The Group's profit before taxation was S$4,606,551, up from S$4,018,467 in the previous year, indicating a growth of 14.6%[167] Cost Management - The Group's cost of sales decreased by approximately S$2.2 million or 8.4% from approximately S$26.5 million for the six months ended June 30, 2022, to approximately S$24.3 million for the six months ended June 30, 2023[70] - The gross profit margin improved to 27.8% in 2023 from 24.4% in 2022[20] - The gross profit margin improved from approximately 24.4% for the six months ended June 30, 2022, to approximately 27.8% for the same period in 2023, mainly due to lower average costs of certain raw nuts and potatoes [42] - Selling and distribution expenses rose by approximately S$0.6 million or 36.7% to approximately S$2.1 million for the six months ended June 30, 2023, driven by increased marketing activities[80] - Administrative expenses decreased by approximately S$0.2 million or 6.3% to approximately S$2.9 million for the six months ended June 30, 2023, mainly due to lower professional fees[81] Financial Position - Total equity as of June 30, 2023, was S$71.01 million, reflecting a 3.8% increase from S$68.40 million at the end of 2022[17] - Current liabilities decreased by 19.1% to S$6.12 million from S$7.56 million at the end of 2022[17] - Non-current liabilities decreased by 21.7% to S$3.71 million from S$4.74 million at the end of 2022[17] - The Group's total assets were S$80,842,446 as of June 30, 2023, compared to S$80,705,854 as of December 31, 2022[135] - The Group's net assets increased to S$71,010,586 as of June 30, 2023, from S$68,400,285 at the end of 2022, reflecting a growth of 3.7%[137] Employee and Operational Metrics - The Group's total staff costs for the six months ended June 30, 2023, were approximately S$4.5 million, an increase from S$4.1 million for the same period in 2022, with the number of employees rising to 300 from 244[127] - The company had 300 employees as of June 30, 2023, with employee costs amounting to approximately S$4.5 million, up from S$4.1 million in the previous year[130] Market Outlook and Strategy - The Group expects the global snack food market to continue growing at approximately 2.7% annually to 2027, driven by changes in dietary habits and demand for healthy snacks[64] - The Group aims to maintain sustainable growth and create long-term shareholder value while managing its business cautiously[65] - The Group's performance reflects a strategic focus on improving profit margins despite a decrease in revenue[63] Dividends and Capital Management - The Group has not declared any interim dividend for the six months ended June 30, 2023, despite being profitable, maintaining its dividend policy under review[122] - The net proceeds from the Company's IPO amounted to approximately HK$66.8 million (equivalent to approximately S$11.7 million), with actual utilization as of June 30, 2023, being S$30.8 million, leaving S$36.0 million unutilized[113][116] - The Group plans to expand its existing nuts and potato chips products, with a planned use of S$47.0 million, of which S$20.6 million has been utilized as of June 30, 2023[116] Foreign Exchange and Risk Management - The Group is exposed to foreign currency exchange fluctuations, primarily selling food products in US dollars and sourcing materials in US dollars, euros, and Australian dollars[119] - The Group generally hedges 30% of its expected monthly sales and purchases denominated in foreign currencies to mitigate foreign exchange risk[120]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告原文乃以英文編製，其後翻譯成中文。中英文版本如有任何歧義，概以英文 版為準。 TS WONDERS HOLDING LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1767） 截至二零二三年六月三十日止六個月的中期業績公告 財務摘要： 中期綜合損益及其他全面收益表 截至六月三十日止六個月 二零二三年 二零二二年 變動百分比 新加坡元 新加坡元 收益 33,619,903 35,080,289 (4.2%) 除稅前溢利 4,606,551 4,018,467 14.6% 期內溢利 3,384,403 2,921,564 15.8% 中期綜合財務狀況表 於二零二三年 於二零二二年 六月三十日 十二月三十一日 變動百分比 新加坡元 新加坡元 銀行結餘及現金 33,105,695 29,879,477 10.8% 銀行及其他借款 1,598,378 2,859,361 (44.1%) 資產淨 ...

Financial Performance - The Group's total revenue increased by approximately S$9.5 million or 14.6% from approximately S$65.3 million in FY2021 to approximately S$74.8 million in FY2022, driven by higher sales of nuts and chips in Singapore and Malaysia [17]. - The Group's total gross profit rose by approximately S$0.3 million or 1.6% from approximately S$17.7 million in FY2021 to approximately S$18.0 million in FY2022, with a gross profit margin decreasing from approximately 27.1% to 24.0% [17]. - The Group's profit for the year increased by approximately S$2.4 million or 69.9% from approximately S$3.4 million in FY2021 to approximately S$5.8 million in FY2022 [17]. - The Group's gross profit for the year ended December 31, 2022, was S$17,964,773, with a gross profit margin of 24.0% [36][40]. - Profit for the year ended December 31, 2022, was S$5,815,266, representing a profit margin of 7.8% [36][40]. - The Group's total revenue for the year ended 31 December 2022 was S$74.8 million, with nuts generating S$50.8 million and chips generating S$21.7 million [50]. - The Group's cost of sales increased by approximately S$9.2 million or 19.4% from approximately S$47.6 million for the year ended December 31, 2021, to approximately S$56.8 million for the year ended December 31, 2022 [79]. - Other income increased by approximately S$1.8 million or 513.1% from approximately S$0.3 million for the year ended December 31, 2021, to approximately S$2.1 million for the year ended December 31, 2022 [85]. Market and Demand Trends - The Group expects strong demand for snack products, particularly those with less sugar, as health awareness among consumers increases [23]. - The Group expects strong demand for healthier snack options, particularly those with lower sugar and artificial sweeteners, driven by increasing consumer health awareness [27]. - The global snack food market, including nuts and chips, is expected to grow at approximately 2.7% annually until 2027 [75]. - The Group anticipates improvements in external demand and regional economic growth, particularly in the PRC, which may positively impact sales in 2023 [66]. Dividend and Shareholder Value - No dividend has been recommended for FY2022 due to the uncertain macroeconomic outlook [26]. - The Board resolved not to recommend any final dividend for the year ended December 31, 2022, despite the company being profitable [129]. - The Group's dividend policy remains unchanged, with the Board planning to assess dividend recommendations in the next financial period [199]. Financial Position and Equity - Total equity as of December 31, 2022, was S$68,400,285, an increase from S$61,791,537 in 2021 [37]. - The current ratio improved to 7.1 as of December 31, 2022, compared to 4.5 in 2021 [40]. - The Group's non-current assets increased to S$27,371,556 as of December 31, 2022, from S$25,958,207 in 2021 [37]. - Bank and other borrowings decreased to approximately S$2.9 million as at December 31, 2022 from approximately S$3.8 million as at December 31, 2021 [101]. Management and Operations - The Group has been accredited with various certifications related to quality management and food safety, ensuring compliance with legal requirements [44]. - The Group's sales strategy includes strict quality assurance procedures and compliance with food safety regulations, supported by various certifications [46]. - The company is focused on maintaining close relationships with suppliers and customers to enhance operational efficiency and market presence [146]. - The company is committed to leveraging technology and improving operational efficiency through experienced leadership in IT and production management [173]. Employee and Staffing - The company incurred staff costs of approximately S$11.7 million for the year ended December 31, 2022, compared to S$10.2 million for the previous year [137]. - The company had 311 employees as of December 31, 2022, an increase from 271 employees in the previous year [137]. Future Outlook - Singapore's GDP growth for 2023 is forecasted to be between 0.5% and 2.5% [23]. - The Singapore economy grew by 3.6% in 2022, moderating from 8.9% growth in 2021, with a forecasted GDP growth for 2023 between 0.5% and 2.5% [64][65].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概無負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概無對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告原文乃以英文編製，其後翻譯成中文。中英文版本如有任何歧義，概以英文 版為準。 TS WONDERS HOLDING LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1767） 截至二零二二年十二月三十一日止年度的全年業績公告 財務摘要： 綜合損益及其他全面收益表 二零二二年 二零二一年 變動百分比 新加坡元 新加坡元 收益 74,799,701 65,269,727 14.6 除稅前溢利 7,234,805 5,131,694 41.0 年度溢利 5,815,266 3,423,115 69.9 綜合財務狀況表 二零二二年 二零二一年 變動百分比 新加坡元 新加坡元 銀行結餘及現金 29,879,477 26,277,352 13.7 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was S$35,080,289, representing a 12.8% increase from S$31,098,399 in 2021[19] - Profit for the period fell to S$2,921,564, a decrease of 29.3% compared to S$4,131,468 in 2021[19] - Gross profit decreased to S$8,575,630, down 1.5% from S$8,702,815 in the previous year[19] - The Group's profit for the period decreased by approximately S$1.2 million or 29.3% from approximately S$4.1 million for the six months ended 30 June 2021 to approximately S$2.9 million for the six months ended 30 June 2022[58] - The Group's profit before taxation was S$4,018,467, down from S$5,110,138 in the previous year[187] Revenue Breakdown - Revenue from nuts sales accounted for approximately 67.4% of total revenue, while chips sales accounted for 29.9% for the six months ended 30 June 2022[31] - Revenue from the Nuts segment was S$23,645,783, up 6.5% from S$22,195,286 in 2021, while the Chips segment revenue increased by 30.7% to S$10,486,239 from S$8,023,512[187] - The Group's revenue from Malaysia increased significantly from approximately S$6.5 million (20.8% of total revenue) for the six months ended 30 June 2021 to approximately S$9.6 million (27.4% of total revenue) for the six months ended 30 June 2022[39] - Revenue from Singapore was S$20,519,468, up from S$19,706,269, while revenue from Malaysia increased to S$9,611,645 from S$6,477,552[191] Cost and Expenses - The Group's cost of sales increased by approximately S$4.1 million or 18.3% from approximately S$22.4 million for the six months ended 30 June 2021 to approximately S$26.5 million for the six months ended 30 June 2022[62] - Selling and distribution expenses increased by approximately S$70,000 or 4.9%, rising from approximately S$1.4 million for the six months ended 30 June 2021 to approximately S$1.5 million for the six months ended 30 June 2022[70] - Administrative expenses increased by approximately S$0.7 million or 29.1%, from approximately S$2.4 million for the six months ended 30 June 2021 to approximately S$3.1 million for the six months ended 30 June 2022[70] - The Group's other income decreased by approximately S$129,000 or 63.1% from approximately S$204,000 for the six months ended 30 June 2021 to approximately S$75,000 for the six months ended 30 June 2022[64] Profitability Metrics - Return on total assets was 3.8% as of June 30, 2022, down from 4.3% at the end of 2021[24] - Return on equity decreased to 4.5% from 5.5% in December 2021[24] - Gross profit margin for the period was 24.4%, down from 28.0% in the previous year[24] - Basic and diluted earnings per share for the period were 0.29 Singapore cents, down from 0.41 Singapore cents in the previous year, representing a decrease of 29.3%[96] Assets and Liabilities - Non-current assets as of June 30, 2022, were S$25,265,522, a decrease of 2.7% from S$25,958,207 at the end of 2021[22] - Total assets amounted to S$69,323,481, an increase from S$67,027,533 as of December 31, 2021, reflecting a growth of approximately 3.4%[99] - Total liabilities decreased to S$51,053,572 from S$52,762,583, showing a reduction of about 3.2%[99] - Current liabilities significantly decreased by 40.2% to S$6,995,613 from S$11,693,257 in December 2021[22] Market and Economic Context - Singapore's GDP growth averaged 4.1% year-on-year in the first half of 2022[49] - The Ministry of Trade and Industry, Singapore has revised the GDP growth forecast for 2022 to between 3.0% and 4.0%, down from the previous forecast of 3.0% to 5.0%[49] - The ongoing Russia-Ukraine conflict and its impact on global supply disruptions and inflationary pressures remain a significant risk to economic growth[52] - Key Southeast Asian economies such as Malaysia, Indonesia, and Thailand are projected to expand at a slightly faster pace in the second half of 2022 due to a continued recovery in domestic and tourism demand[51] Cash Flow and Financing - Cash and cash equivalents rose to S$30,050,967 from S$26,277,352, reflecting an increase of about 10.3%[99] - Net cash from operating activities increased to S$4,920,663 from S$4,529,611 in 2021, reflecting a growth of 8.6%[175] - The company incurred finance costs of S$58,138, slightly down from S$60,812 in 2021[175] - The Group maintained a low gearing ratio of approximately 0.05 times as at June 30, 2022, compared to 0.06 times as at 31 December 2021[72] Future Outlook - The Group expects demand for healthier snack products to remain resilient in the long term, with the global snack food market projected to grow at approximately 5.5% annually to 2026[58] - The Group will adopt a cautious and prudent approach in managing its business to maintain sustainable growth and create long-term shareholder value[58] - The expected timeline for utilizing the unutilized net proceeds is subject to change based on future market conditions[78]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% growth compared to the previous year[2]. - The Group's total revenue decreased by approximately S$4.3 million or 6.2% from approximately S$69.6 million in FY2020 to approximately S$65.3 million in FY2021[16]. - The Group's total gross profit decreased by approximately S$1.0 million or 5.3% from approximately S$18.7 million in FY2020 to approximately S$17.7 million in FY2021, while the gross profit margin improved from 26.9% to 27.1%[16]. - Profit for the year decreased by approximately S$3.4 million or 49.9% from approximately S$6.8 million for the year ended 31 December 2020 to approximately S$3.4 million for the year ended 31 December 2021[95]. - The gross profit margin improved to 40%, up from 35% in the previous year, indicating better cost management[2]. Market Outlook and Strategy - The company provided a positive outlook for the next fiscal year, projecting revenue growth of 20% to $180 million[2]. - New product launches are expected to contribute an additional $20 million in revenue, with a focus on innovative technology solutions[2]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of the next fiscal year[2]. - The Group expects strong demand for snack products, particularly those with less sugar, as health awareness among consumers increases[18]. - The Group will adopt a cautious approach in managing its business to maintain sustainable growth and create long-term shareholder value[18]. Cost Management and Efficiency - Research and development expenses increased by 10% to $5 million, reflecting the company's commitment to innovation[2]. - The company aims to reduce operational costs by 5% through efficiency improvements in the supply chain[2]. - Selling and distribution expenses increased by approximately S$0.5 million or 17.6% from approximately S$3.0 million for the year ended 31 December 2020 to approximately S$3.5 million for the year ended 31 December 2021[92]. - Administrative expenses increased by approximately S$1.6 million or 20.9% from approximately S$7.5 million for the year ended 31 December 2020 to approximately S$9.0 million for the year ended 31 December 2021[92]. Shareholder Returns - The Directors resolved not to recommend any dividend for FY2021 despite the Group being profitable[18]. - The Board resolved not to recommend any final dividend for the year ended December 31, 2021, despite the Group being profitable[116]. - The Group's dividend policy, adopted on 20 December 2018, aims to allow shareholders to participate in profits while retaining reserves for future growth[175]. Operational Insights - The Group's principal activity is investment holding, primarily engaged in the production, packaging, and sale of nuts and chips, with a track record of over 50 years[167]. - The core products include roasted nuts, baked nuts, potato chips, and cassava chips, distributed to over 10 countries including Singapore, Malaysia, and the UK[167]. - The Group's materials cost accounted for over 80% of its cost of sales, primarily consisting of various nuts and beans[188]. - The Group's business experiences seasonal fluctuations, with higher revenue typically recorded during holiday seasons[187]. Management and Governance - The management team includes family members, indicating a closely-knit leadership structure[132]. - The board includes independent non-executive directors, enhancing governance and oversight[137]. - The company has a strong emphasis on risk management, with dedicated committees in place[137]. - The finance team led by Mr. Terence Loo will provide advice to the Board and coordinate with sales and procurement teams to manage financial and operational risks[152]. Economic Context - Singapore's GDP growth for 2022 is forecasted to be between 3.0% and 5.0%[18]. - The Singapore economy grew by 6.1% year-on-year in Q4 2021, moderating from 7.5% growth in Q3 2021[76]. - For the entire year of 2021, Singapore's economy expanded by 7.6%, rebounding from a 4.1% contraction in 2020[76]. - The global snack food market, including nuts and chips, is expected to grow at approximately 5.5% annually over the next five years[81].

Financial Performance - Revenue for the six months ended June 30, 2021, was S$31,098,399, a decrease of 2.6% compared to S$31,928,532 in 2020[13] - Gross profit for the same period was S$8,702,815, down 4.8% from S$9,143,922 in 2020[13] - Profit before taxation decreased by 17.2% to S$5,110,138 from S$6,171,126 in the previous year[13] - Profit for the period was S$4,131,468, reflecting an 18.6% decline from S$5,075,891 in 2020[13] - The Group's revenue decreased by approximately S$0.8 million or 2.6% from approximately S$31.9 million for the six months ended 30 June 2020 to approximately S$31.1 million for the six months ended 30 June 2021[24] - Profit for the period decreased by approximately S$1.0 million or 18.6% from approximately S$5.1 million for the six months ended June 30, 2020, to approximately S$4.1 million for the six months ended June 30, 2021[85] - Other income decreased by approximately S$370,000 or 64.3% from approximately S$574,000 for the six months ended June 30, 2020 to approximately S$204,000 for the six months ended June 30, 2021[101] - Other gains decreased by approximately S$279,000 or 77.5% from approximately S$360,000 for the six months ended June 30, 2020 to approximately S$81,000 for the six months ended June 30, 2021[101] Assets and Liabilities - Non-current assets increased by 5.8% to S$24,130,117 as of June 30, 2021, compared to S$22,806,990 at the end of 2020[15] - Current liabilities decreased significantly by 32.5% to S$6,556,066 from S$9,711,289 in December 2020[15] - Total equity rose by 6.9% to S$62,371,184 from S$58,340,360 at the end of 2020[15] - As of June 30, 2021, total assets amounted to S$48,155,551, a decrease of 1.86% from S$49,070,803 as of December 31, 2020[149] - Net current assets increased to S$41,599,485, reflecting a growth of 5.3% from S$39,359,514 as of December 31, 2020[149] - Trade receivables decreased to S$7,999,972, down 39.5% from S$13,156,360 as of December 31, 2020[149] - Cash and bank balances increased to S$27,303,525, a rise of 11.8% from S$24,400,875 as of December 31, 2020[149] Profitability Ratios - Return on total assets was 5.7% as of June 30, 2021, down from 9.5% in December 2020[17] - Return on equity decreased to 6.6% from 11.7% in the previous period[17] - The gross profit margin decreased from approximately 28.6% for the six months ended June 30, 2020 to approximately 28.0% for the six months ended June 30, 2021[60] - The gross margin declined from approximately 28.6% for the six months ended June 30, 2020, to about 28.0% for the same period in 2021, primarily due to lower margins in nuts and chips[62] Market and Economic Conditions - Singapore's economy expanded by 14.7% year-on-year in Q2 2021, significantly higher than the 1.5% growth in Q1 2021, largely due to a low base effect from the previous year[65] - The Ministry of Trade and Industry, Singapore, upgraded the GDP growth forecast for 2021 to 6.0% to 7.0%, from the previous forecast of 4.0% to 6.0%[68] - The economic recovery in key Southeast Asian economies is likely to be slower than earlier projected due to tightened restrictions to contain Covid-19 infections[73] - Downside risks in the global economy include uncertainty surrounding the Covid-19 pandemic and potential inflationary pressures that could lead to earlier interest rate increases[77] - The performance of the Singapore economy in the first half of 2021 was stronger than expected, with the vaccination program making good progress[78] Segment Performance - Sales of nuts accounted for approximately 71.4% of total revenue, while chips accounted for approximately 25.8% for the six months ended 30 June 2021[35] - Revenue from Singapore and Malaysia accounted for approximately 63.4% and 20.8% of total revenue respectively for the six months ended 30 June 2021[49] - Revenue from the "Nuts" segment was S$22,195,286, down 5.8% from S$23,572,724 in the previous year[181] - The "Chips" segment generated revenue of S$8,023,512, an increase of 7.9% compared to S$7,433,591 in 2020[181] - Revenue from the People's Republic of China (including Hong Kong) decreased significantly to S$3,570,939 from S$5,236,536, a decline of 31.8%[185] Operational Challenges - The Group temporarily shut down its production facilities in Malaysia from May 24, 2021, until June 2, 2021, due to positive Covid-19 cases among workers[88] - The Group noted an increase in sales to end customers in Singapore and Malaysia, but a decline in sales to end customers in the PRC due to a nonrecurring large order from an OEM customer based in Hong Kong in the first half of 2020[85] - The Group received a relatively lower amount of government assistance in the first half of 2021 compared to the same period in 2020[85] - The Group continues to focus on government support measures to mitigate challenges arising from the Covid-19 pandemic[189] Cash Flow and Investments - Operating cash flows before movement in working capital amounted to S$5,710,455, down from S$7,038,555 in the previous year, reflecting a decline of 18.8%[157] - Net cash from operating activities decreased to S$4,592,205, compared to S$5,728,673 in the prior year, representing a decline of 19.9%[157] - Net cash used in investing activities was S$7,068,293, significantly higher than S$367,576 in the previous year, indicating increased investment activity[159] - The company reported a significant increase in inventories, which rose by S$366,004, compared to a larger increase of S$672,540 in the previous year[157] Corporate Governance - The Board resolved not to recommend any interim dividend for the six months ended June 30, 2021, despite the Group being profitable[131] - No share options have been granted or exercised under the Share Option Scheme since its adoption on December 20, 2018[138] - The Group maintained sufficient public float as required under the Listing Rules throughout the six months ended June 30, 2021[139]

Financial Performance - Revenue for the six months ended June 30, 2020, was S$31,928,532, representing a 12.4% increase from S$28,417,231 in 2019[19] - Gross profit increased by 20.7% to S$9,143,922 compared to S$7,572,806 in the previous year[19] - Profit for the period surged by 143.2% to S$6,171,126 from S$2,537,563 in 2019[19] - The Group's revenue increased by approximately S$3.5 million or 12.4% from approximately S$28.4 million for the six months ended 30 June 2019 to approximately S$31.9 million for the six months ended 30 June 2020[28] - Profit for the period increased by approximately S$3.4 million or 200.9% from approximately S$1.7 million for the six months ended 30 June 2019 to approximately S$5.1 million for the six months ended 30 June 2020[93] - The Group's profit before taxation was S$6,171,126, compared to S$2,537,563 in the previous year, indicating a growth of 143.5%[196] Profitability Metrics - Gross profit margin for the period was 28.6%, up from 26.6% in 2019[23] - Profit margin for the period was 15.9%, compared to 5.9% in the previous year[23] - The Group's gross profit margin improved from approximately 26.6% for the six months ended 30 June 2019 to approximately 28.6% for the six months ended 30 June 2020[67] - The gross profit margin for nuts increased from approximately 25.5% to approximately 28.4% due to lower average costs of certain raw nuts[68] - The gross profit margin for chips decreased from approximately 31.0% to approximately 28.8% primarily due to rising raw potato prices[69] Assets and Equity - Total equity rose by 9.8% to S$56,660,260 as of June 30, 2020, compared to S$51,583,887 at the end of 2019[21] - Current assets increased by 10.6% to S$46,139,626 from S$41,724,508 in December 2019[21] - Total assets as of June 30, 2020, were S$83,109,428, a slight decrease from S$83,323,783 as of December 31, 2019[148] - Net current assets increased to S$38,492,474 from S$33,476,767 at the end of 2019[148] - Accumulated profits rose to S$31,316,982, up from S$26,241,091 at the end of 2019[150] Cash Flow and Expenses - Cash generated from operations was S$6,173,167, compared to S$4,726,263 in the same period last year, indicating a year-over-year increase of about 30%[165] - The net cash from operating activities was S$5,728,673, an increase from S$4,328,636 in the prior year, reflecting a growth of approximately 32%[165] - The Group's cost of sales increased by approximately S$2.0 million or 9.3% from approximately S$20.8 million for the six months ended 30 June 2019 to approximately S$22.8 million for the six months ended 30 June 2020[87] - Administrative expenses decreased by approximately S$0.3 million or approximately 11.8% from approximately S$2.8 million for the six months ended 30 June 2019 to approximately S$2.5 million for the six months ended 30 June 2020[90] - Selling and distribution expenses were S$1,321,921, slightly higher than S$1,306,712 in 2019[196] Market and Economic Context - The global snack food market is projected to grow from USD 210.4 billion in 2019 to USD 215.9 billion in 2020, with a compound annual growth rate (CAGR) of 2.7%[79] - The market is expected to recover and grow at a CAGR of 7% from 2021, reaching USD 264.8 billion by 2023[79] - The Ministry of Trade and Industry of Singapore forecasts GDP growth for 2020 to be between -7.0% to -5.0% due to the economic impact of Covid-19 measures[75] Operational Insights - The sale of nuts accounted for approximately 73.8% of total revenue, while chips accounted for approximately 23.3% for the six months ended 30 June 2020[42] - Sales from the PRC increased from approximately 6.8% to approximately 16.4% of total revenue, driven by a large order from an OEM customer in Hong Kong[56] - Sales from Malaysia declined from approximately 24.4% to approximately 19.0% due to the Movement Control Order imposed by the Malaysian government[56] - The Group's products are sold and distributed to over 10 countries, including Singapore, Malaysia, the PRC, India, the UK, and Indonesia[28] Corporate Governance and Compliance - The Group has been accredited with various certifications related to quality management and food safety, ensuring compliance with legal requirements[27] - The interim consolidated financial statements are presented in Singapore dollars (S$), which is also the functional currency of the Company[188] - The interim financial statements comply with all applicable International Financial Reporting Standards (IFRS) and the disclosure requirements of the Companies Ordinance[189] - The Group does not expect the adoption of new IFRS standards to have a material impact on future financial statements[195] Future Outlook and Strategic Plans - Despite favorable results in the first half of 2020, the Group acknowledges that these may not be sustainable due to ongoing macroeconomic uncertainties[81] - The Group plans to revise the expected timeline for implementing its business strategies due to adverse impacts from the US-PRC trade tension, Brexit, and the Covid-19 pandemic[125] - The Group will continue to monitor the impact of the Covid-19 outbreak on its operations, considering the unpredictability of the situation[115]