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]

Financial Performance - The company reported a consolidated revenue of HKD 1.2 billion for the fiscal year, representing a year-over-year increase of 15%[4] - The company has projected a revenue growth of 10% for the next fiscal year, aiming for HKD 1.32 billion[5] - The Group's revenue for FY2019 was approximately S$61.1 million, an increase of approximately S$2.5 million or 4.2% compared to FY2018 revenue of approximately S$58.6 million[27] - The Group's total gross profit for 2019 was S$15,472,139, compared to S$14,318,933 in 2018[94] - The Group's revenue increased by approximately S$2.5 million or 4.2% from approximately S$58.6 million for the year ended 31 December 2018 to approximately S$61.1 million for the year ended 31 December 2019[108] User Growth and Market Expansion - User data showed a growth in active users by 25%, reaching a total of 500,000 users by the end of the year[5] - Market expansion efforts have led to a 20% increase in market share in Southeast Asia[4] - The company plans to open two new offices in Europe to support its international growth strategy[5] Product Development and Revenue Contribution - New product launches contributed to 30% of total revenue, with three major products introduced during the year[4] - The Group aims to achieve higher growth by expanding its product range and production capacity in the snacks industry[31] Research and Development - The company is investing HKD 50 million in R&D for new technologies aimed at enhancing user experience[5] Sustainability and Corporate Responsibility - The management emphasized a focus on sustainability initiatives, allocating 5% of revenue towards environmental projects[4] - The Group has complied with all applicable environmental laws and regulations, with no material claims or penalties reported in 2019[197] Financial Stability and Liquidity - The current ratio improved from 2.6 in 2018 to 5.1 in 2019, suggesting enhanced liquidity and financial stability[45] - Bank borrowings decreased to approximately S$2.8 million as of December 31, 2019, compared to approximately S$5.0 million as of December 31, 2018, reflecting a reduction in debt[128] Profitability and Cost Management - Gross profit for FY2019 was approximately S$15.5 million, representing an increase of approximately S$1.2 million or 8.1% compared to FY2018 gross profit of approximately S$14.3 million[27] - The Group's gross profit margin improved from 24.4% in 2018 to 25.3% in 2019, indicating better cost management and pricing strategies[49] Challenges and Economic Outlook - The Ministry of Trade and Industry downgraded Singapore's GDP growth forecast for 2020 to between -4.0% to -1.0% due to various economic challenges[31] - The Group anticipates a challenging macroeconomic environment for the year ending 31 December 2020 due to factors including the Covid-19 outbreak[144] Dividend Policy - The Directors resolved not to recommend any dividend for FY2019 despite the Group being profitable, due to the uncertain macroeconomic outlook[31] - The Group's dividend policy remains unchanged, with the Board continuing to assess the possibility of recommending dividends in the next financial period[154] Employee and Management Insights - The Group had 256 employees as of 31 December 2019, an increase from 218 employees in the previous year[152] - The Group's core management team has over 30 years of experience in the snacks industry, focusing on operations, sales, and marketing[159] Risk Management - The Group's business operations and financial results may be affected by various risks and uncertainties, including seasonality and material price fluctuations[199] - The risk management committee is responsible for reviewing and investigating future foreign exchange rates and hedging methods[148] Compliance and Certifications - The Group has been accredited with various certifications related to quality management and food safety, ensuring compliance with legal requirements[54] - The Group's compliance and risk management policies are in place to monitor adherence to significant legal and regulatory requirements[197]

Revenue and Profit - Revenue for the six months ended June 30, 2019, was S$28,417,231, a decrease of 4.3% compared to S$29,687,441 in 2018[19] - Profit for the period decreased by 44.0% to S$1,686,660 from S$3,012,750 in 2018[19] - The Group's revenue decreased by approximately S$1.3 million or 4.3% from approximately S$29.7 million for the six months ended 30 June 2018 to approximately S$28.4 million for the six months ended 30 June 2019[26] - The Group reported a profit for the period of approximately S$1.7 million, a decrease of approximately S$1.3 million or 44.0% from approximately S$3.0 million for the six months ended June 30, 2018[74] - Basic and diluted earnings per share were 0.17 Singapore cents, down from 0.38 Singapore cents in the same period last year[94] - Net profit for the period was S$1,686,660, a decline of 44.0% compared to S$3,012,750 in 2018[141] Gross Profit and Margins - Gross profit for the same period was S$7,572,806, down 10.4% from S$8,454,664 in 2018[19] - Gross profit margin for the six months ended June 30, 2019, was 26.6%, compared to 28.5% in 2018[23] - The Group's total gross profit decreased by approximately S$0.9 million or 10.4% from approximately S$8.5 million for the six months ended 30 June 2018 to approximately S$7.6 million for the six months ended 30 June 2019[69] - The Group's overall gross profit margin decreased from approximately 28.5% for the six months ended 30 June 2018 to approximately 26.6% for the six months ended 30 June 2019[69] Assets and Liabilities - Non-current assets increased by 6.8% to S$20,755,095 as of June 30, 2019, compared to S$19,425,751 as of December 31, 2018[21] - Current assets rose significantly by 45.9% to S$38,839,016 from S$26,620,755[21] - Current liabilities decreased by 59.1% to S$4,199,930 from S$10,272,099[21] - Total equity increased by 49.9% to S$50,741,344 from S$33,842,744[21] - The Group's current ratio improved to 9.2 times as at 30 June 2019 from 2.6 times as at 31 December 2018[79] - The Group's bank borrowings decreased to approximately S$3.0 million as at 30 June 2019 from approximately S$5.0 million as at 31 December 2018[81] Revenue by Segment - Sales of nuts accounted for approximately 75.6% of total revenue, while chips accounted for 19.9% for the six months ended 30 June 2019[39] - Revenue from the "Nuts" segment was S$21,479,087, down 4.4% from S$22,477,969 in the previous year[141] - The "Chips" segment generated revenue of S$5,642,557, a decrease of 1.2% from S$5,713,391 in 2018[141] - The "Others" segment reported revenue of S$1,295,587, down 13.4% from S$1,496,081 in the prior year[141] Expenses - Selling and distribution expenses increased to S$1,306,712 from S$1,084,292, reflecting a rise of 20.5%[141] - Administrative expenses increased by approximately S$0.7 million or 35.5% to approximately S$2.8 million for the six months ended 30 June 2019, mainly due to increased staff costs[73] - Total staff costs increased to S$3,495,339, up 13.8% from S$3,071,945 in the previous year[171] Cash Flow and Financing - The company reported a net cash from operating activities of S$4,328,636 for the six months ended June 30, 2019, compared to S$1,220,294 in the same period of 2018, showing a significant increase[109] - The company reported a net cash from financing activities of S$13,506,506, a turnaround from a net cash used of S$2,926,702 in the previous period[112] - Cash and cash equivalents at the end of the period were S$20,093,465, compared to S$1,568,838 at the end of the previous period[112] Market Conditions and Trends - Demand for snack products with less sugar and artificial sweeteners has seen stronger growth in Singapore, Malaysia, and the PRC, indicating a positive market trend for healthier snack options[67] - The decrease in revenue was mainly attributed to a shorter Chinese New Year period in 2019 compared to 2018, affecting the sales ramp-up[26] - The Group recognizes the uncertain market conditions due to US-PRC trade tensions and Brexit but remains focused on achieving its business objectives[67] Corporate Developments - The Group has been accredited with various certifications related to quality management and food safety, ensuring compliance with legal requirements[26] - The Group has incorporated a wholly-owned subsidiary, TS Group Investment Limited, in the British Virgin Islands, which has a direct wholly-owned subsidiary, ZC China Limited, in Hong Kong[85] - The shares were listed on the Main Board of the Stock Exchange on 14 January 2019[83] IFRS 16 Adoption - The adoption of IFRS 16 Leases, effective from January 1, 2019, introduces significant changes in lease accounting, requiring the recognition of a right-of-use asset and a lease liability for all leases[120] - The Group recognized right-of-use assets of S$1,238,684 on January 1, 2019, with a net decrease in accumulated profits of S$119,936[133]

Financial Performance - The company reported a consolidated revenue of $150 million for the fiscal year, representing a 10% increase compared to the previous year[11]. - Net profit for the year was $30 million, which is a 15% increase year-over-year[11]. - The Group's revenue for FY2018 was approximately S$58.6 million, representing an increase of approximately S$3.1 million or 5.5% compared to FY2017 revenue of approximately S$55.5 million[29]. - Gross profit for FY2018 was approximately S$14.3 million, an increase of approximately S$0.7 million or 5.1% from the previous year's gross profit of approximately S$13.6 million[29]. - The Group's profit for FY2018 was approximately S$2.1 million, a decrease of approximately S$3.8 million or 64.2% compared to the profit of approximately S$6.0 million in FY2017, primarily due to one-off listing expenses[30]. - The total gross profit for the year ended 31 December 2018 was S$14.3 million, with a gross profit margin of 24.4%, compared to S$13.6 million and a margin of 24.5% for the year ended 31 December 2017[87]. - The Group's overall gross profit margin remained stable at approximately 24.4% to 24.5% for the two years ended 31 December 2018[99]. - Profit for the year decreased by approximately S$3.8 million or 64.2% from approximately S$6.0 million for the year ended 31 December 2017 to approximately S$2.1 million for the year ended 31 December 2018[103]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share within the next two years[11]. - The Group aims to expand its market position in the snacks industry by launching tortilla chips and increasing production capacity for nuts and potato chips[29]. - Demand for snack products with less sugar and artificial ingredients is expected to grow, particularly in Singapore, Malaysia, and the People's Republic of China[29]. - The Group's strategy includes leveraging branding and production capabilities to enhance growth in the snacks market[89]. - The Group anticipates that the popularity of tortilla chips will continue to grow, particularly among urban millennials, contributing positively to the savory snacks segment[93]. Operational Efficiency and Cost Management - The company aims to improve operational efficiency, targeting a 5% reduction in costs over the next year[11]. - Research and development expenses increased by 30%, focusing on innovative technologies and product enhancements[11]. - The Group's cost of sales increased by approximately S$2.4 million or 5.7% from approximately S$41.9 million for the year ended 31 December 2017 to approximately S$44.3 million for the year ended 31 December 2018[99]. - Selling and distribution expenses increased by approximately S$0.4 million or 16.1% from approximately S$2.2 million for the year ended 31 December 2017 to approximately S$2.6 million for the year ended 31 December 2018[101]. - Administrative expenses increased by approximately S$0.8 million or approximately 18.5% from approximately S$4.4 million for the year ended 31 December 2017 to approximately S$5.2 million for the year ended 31 December 2018[101]. Shareholder Returns and Dividends - The proposed final dividend is 0.2 Hong Kong cents per share, representing approximately 16.3% of the profit for the year[31]. - The Group has recommended a final dividend of 0.2 Hong Kong cents per ordinary share for the year ended December 31, 2018, totaling approximately HK$2.0 million (equivalent to approximately S$0.3 million)[117]. - The final dividend payment is subject to shareholder approval at the annual general meeting scheduled for 3 June 2019[117]. - The Group has adopted a dividend policy to allow shareholders to participate in profits while retaining adequate reserves for future growth[154]. Corporate Governance and Management - The Group's management team includes family members, indicating a strong familial influence in leadership[126]. - The Group's executive directors have over 30 years of experience in the snacks industry, focusing on operations, sales, and marketing[124]. - The Company has a corporate secretary with extensive experience in corporate finance, including IPOs, mergers, and acquisitions[140]. - Each executive director is appointed under a service agreement for a term of three years from the Listing Date, terminable by either party with three months' written notice[193]. - Independent non-executive directors are appointed for a term of three years from the Listing Date, terminable with one month's written notice[193]. Environmental and Social Responsibility - Environmental, social, and governance initiatives are being prioritized, with a commitment to reduce carbon emissions by 15% by 2025[11]. - The Group complied with all applicable environmental laws and regulations during the year ended December 31, 2018, with no material claims or penalties reported[158]. Risks and Challenges - The Group's financial condition and results may be affected by various risks and uncertainties, including seasonal fluctuations in revenue[161]. - The Group's reliance on third-party suppliers poses risks to its production and business operations, particularly if there are disruptions in supply[167]. - The Group's profitability may be adversely affected by the quality and price of materials, which are dependent on harvest outputs[166]. - The Group faces risks related to the availability and pricing of materials, which could materially impact its financial performance[167].