Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has issued a temporary injunction against an individual suspected of manipulating the shares of Perpetual Agricultural Development Co., Ltd., ensuring that assets valued at approximately HKD 62.6 million are preserved pending legal proceedings [1][2]. Group 1 - The temporary injunction was issued by the court as part of legal proceedings initiated by the SFC under Section 213 of the Securities and Futures Ordinance [1]. - The individual in question is accused of manipulating the shares between September 7, 2018, and November 5, 2018, and is prohibited from disposing of or handling assets in certain securities and bank accounts [1]. - The injunction remains in effect until the SFC's legal proceedings under Section 213 are resolved or the court issues further orders [1]. Group 2 - The SFC indicated that this temporary injunction is part of a broader enforcement action targeting a well-organized "pump and dump" market manipulation scheme [2]. - The individual is one of five defendants currently facing criminal charges, with the trial set to commence on July 13, 2026, in the District Court [2]. - The defendants are charged with multiple offenses, including conspiracy to commit fraud and violations of the Securities and Futures Ordinance and/or the Crimes Ordinance [2].

Financial Performance - The company reported revenue of SGD 53,527,000 for the six months ended September 30, 2024, compared to SGD 53,436,000 for the same period last year, reflecting a slight increase of 0.17%[4] - Cost of sales was SGD 53,292,000, resulting in a gross profit of SGD 235,000, compared to a gross profit of SGD 1,695,000 in the previous year, indicating a significant decline in profitability[4] - Other income increased to SGD 225,000 from SGD 110,000, representing a growth of 104.55% year-on-year[4] - The company reported a basic and diluted earnings per share of SGD 0.79 cents, down from SGD 2.02 cents in the previous year, indicating a decrease of 60.89%[6] - The group reported a pre-tax profit of SGD 4,703,000 for the six months ended September 30, 2024, reflecting the performance of its operating segments[54] - The company recorded a net profit attributable to equity holders of SGD 3,959,000 for the six months ended September 30, 2024, down from SGD 10,098,000 in the previous year, indicating a decrease of about 60.8%[72] - Net profit decreased by approximately 7.2 million SGD to SGD 4.7 million for the six months ended September 30, 2024, down from SGD 11.9 million for the same period in 2023[104] Assets and Liabilities - Total assets as of September 30, 2024, amounted to SGD 110,160,000, compared to SGD 108,499,000 as of March 31, 2024, showing a growth of 1.53%[11] - Total liabilities decreased to SGD 40,320,000 from SGD 42,617,000, reflecting a reduction of 5.36%[14] - The company's net asset value increased to SGD 69,840,000 from SGD 65,882,000, representing a growth of 5.93%[14] - Trade and other payables rose to SGD 13,242,000 from SGD 11,369,000, indicating an increase of 16.49%[14] - The company’s biological assets totaled SGD 16,802,000 as of September 30, 2024, down from SGD 20,490,000 as of March 31, 2024, representing a decrease of approximately 18%[75] Cash Flow and Financing - For the six months ended September 30, 2024, the net cash generated from operating activities was SGD 9,975,000, an increase of 60% compared to SGD 6,222,000 in the same period of 2023[44] - The net cash and cash equivalents increased by SGD 2,217,000, reaching a total of SGD 14,338,000 at the end of the reporting period, compared to SGD 13,322,000 at the end of the same period in 2023[44] - The group’s financing activities resulted in a net cash outflow of SGD 4,648,000, compared to a net inflow of SGD 1,154,000 in the previous year[44] - The company’s financing costs decreased to SGD 482,000 for the six months ended September 30, 2024, compared to SGD 641,000 in the same period of 2023, reflecting a reduction of approximately 24.8%[66] - Total borrowings decreased from approximately SGD 25.1 million to SGD 20.3 million, with no significant seasonal borrowing needs[121] - The company had unutilized borrowing facilities of approximately SGD 30.2 million as of September 30, 2024[123] Operational Highlights - The total revenue for the six months ended September 30, 2024, was SGD 53,527,000, with contributions from fresh eggs (SGD 36,284,000), processed eggs (SGD 16,415,000), and fruits and vegetables (SGD 828,000)[54] - The division performance showed a profit of SGD 6,665,000 from fresh eggs and SGD 2,089,000 from processed eggs, while the fruits and vegetables segment reported a loss of SGD 226,000[54] - Approximately 68% of revenue for the six months ended September 30, 2024, came from fresh egg sales, totaling SGD 36.3 million, up from SGD 36.2 million in the same period in 2023[109] - Processed egg sales contributed approximately 31% of revenue, increasing to SGD 16.4 million from SGD 15.7 million year-on-year[110] - The company is expanding its existing egg sorting, packaging, and processing facilities to accommodate increased egg production[104] - The company plans to focus on quail egg and quail meat businesses to enhance revenue sources in the Singapore market[106] Expenses and Costs - Administrative expenses rose to SGD 3,763,000 from SGD 3,481,000, marking an increase of 8.09%[6] - Employee benefits increased to SGD 7,900,000 for the six months ended September 30, 2024, compared to SGD 6,340,000 in the same period of 2023, reflecting an increase of about 24.6%[67] - The company reported a significant increase in the cost of purchased inventory, which amounted to SGD 28,515,000 for the six months ended September 30, 2024, down from SGD 33,873,000 in the previous year, indicating a decrease of approximately 15.9%[67] - The company’s tax expense for the six months ended September 30, 2024, was SGD 745,000, a decrease from SGD 1,794,000 in the previous year, representing a decline of approximately 58.6%[70] Market and Strategic Focus - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[4] - The company is committed to sustainable agricultural development and continues to explore opportunities for market expansion and new product development[46] - The company is seeking collaborative partners and other industry participants to strengthen its business and financial position[107] Corporate Governance - The company has committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[140] - The company has confirmed full compliance with the trading standards set forth in the GEM Listing Rules for the six-month period ending September 30, 2024, with no non-compliance incidents reported[155] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024, and found them compliant with applicable accounting standards and legal requirements[156]

Financial Performance - The company reported revenue of SGD 53,527,000 for the six months ended September 30, 2024, compared to SGD 53,436,000 for the same period last year, reflecting a slight increase of 0.17%[5] - The cost of sales was SGD 53,292,000, resulting in a gross profit of SGD 235,000, compared to a gross profit of SGD 1,695,000 in the previous year[5] - The basic and diluted earnings per share were SGD 0.79 cents, a decrease from SGD 2.02 cents in the previous year, reflecting a decline of approximately 60.89%[7] - The company reported a pre-tax profit of SGD 4,703,000 for the six months ended September 30, 2024, down from SGD 11,853,000 in the previous year, reflecting a decline of about 60%[59] - The profit attributable to equity holders for the six months ended September 30, 2024, was SGD 3,959,000, a decrease of 60.8% compared to SGD 10,098,000 for the same period in 2023[73] - Net profit for the six months ended September 30, 2024, decreased to approximately SGD 4.7 million from SGD 11.9 million for the same period in 2023, a decline of about 60%[105] Expenses and Costs - Administrative expenses increased to SGD 3,763,000 from SGD 3,481,000, representing a rise of approximately 8.09%[7] - The company incurred financing costs of SGD 482,000, down from SGD 621,000, indicating a decrease of about 22.39%[7] - Total employee benefits increased to SGD 7,900,000 for the six months ended September 30, 2024, compared to SGD 6,340,000 in the same period last year, representing an increase of approximately 25%[68] - The total depreciation of property, plant, and equipment was SGD 2,255,000, compared to SGD 1,750,000 in the previous year, indicating an increase of approximately 29%[59] - The total sales cost increased by approximately SGD 3.6 million (or about 7%) to SGD 53.3 million, attributed to higher procurement and production costs of eggs to meet sales growth[113] Assets and Liabilities - Total assets as of September 30, 2024, amounted to SGD 110,160,000, an increase from SGD 108,499,000 as of March 31, 2024[12] - The company’s total liabilities decreased to SGD 16,243,000 from SGD 18,310,000, reflecting a reduction of about 11.29%[12] - Total liabilities decreased to SGD 40,320,000 as of September 30, 2024, down from SGD 42,617,000 as of March 31, 2024, indicating a reduction of approximately 5.7%[15] - The company's net asset value increased to SGD 69,840,000 as of September 30, 2024, compared to SGD 65,882,000 as of March 31, 2024, reflecting a growth of about 6.5%[15] - Trade receivables as of September 30, 2024, amounted to SGD 13.9 million, down from SGD 15.1 million as of March 31, 2024[94] - Trade payables as of September 30, 2024, increased to SGD 6.912 million from SGD 5.814 million as of March 31, 2024[100] Cash Flow - The company reported a net cash inflow from operating activities of SGD 9,975,000 for the six months ended September 30, 2024, compared to SGD 6,222,000 for the same period in 2023, representing a 60% increase[45] - The company experienced a net increase in cash and cash equivalents of SGD 2,217,000 for the six months ended September 30, 2024, compared to SGD 4,583,000 for the same period in 2023, showing a decrease of about 51.7%[45] - The company’s investment activities resulted in a net cash outflow of SGD 3,110,000 for the six months ended September 30, 2024, compared to SGD 2,793,000 for the same period in 2023, reflecting an increase in investment spending[45] - The company’s financing activities resulted in a net cash outflow of SGD 4,648,000 for the six months ended September 30, 2024, compared to a net inflow of SGD 1,154,000 for the same period in 2023, indicating a significant shift in financing strategy[45] Market and Operational Insights - The company operates in two segments: fresh eggs and processed eggs, with performance evaluated based on profitability without allocating financing costs[51] - Approximately 68% of the revenue for the six months ended September 30, 2024, came from fresh egg sales, increasing from approximately SGD 36.2 million to SGD 36.3 million, driven by an expanded customer base[110] - Processed egg sales contributed about 31% of revenue, rising from approximately SGD 15.7 million to SGD 16.4 million, primarily due to increased sales of pasteurized liquid eggs and peeled hard-boiled eggs[111] - The company is focusing on enhancing its competitive position as a leading food distributor in Singapore's food service and general consumer markets[106] - The company is investing in a comprehensive range of egg-related products to meet changing customer demands[106] Corporate Governance and Shareholder Information - The company has committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[141] - The company has adopted a stock option plan to attract, retain, and reward eligible individuals, aligning their interests with those of the company and its shareholders[147] - As of September 30, 2024, the company’s major shareholders include Radiant Grand International Limited and Elite Ocean Ventures Limited, holding approximately 58.96% and 16.04% of shares respectively[153] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024, confirming compliance with applicable accounting standards and GEM listing rules[157]

Financial Performance - The total revenue of the company increased by approximately 13% from SGD 95.8 million in FY2023 to SGD 108.4 million in FY2024[9]. - The company's net profit after tax rose from approximately SGD 8.7 million in FY2023 to about SGD 19.3 million in FY2024[10]. - Total assets increased from SGD 91 million as of March 31, 2023, to SGD 109 million as of March 31, 2024[10]. - In fiscal year 2024, revenue from processed egg sales increased by approximately SGD 4.1 million to about SGD 31.5 million, maintaining a contribution of around 29% to total revenue[19]. - Revenue from the sale of fruits, vegetables, and groceries decreased to approximately 3% in fiscal year 2024, down from 4% in fiscal year 2023[20]. - Total sales costs rose by approximately SGD 13.7 million (or about 15%) to SGD 106.1 million in fiscal year 2024, primarily due to increased costs of purchased and produced eggs[21]. - Gross profit decreased to approximately SGD 2.3 million in fiscal year 2024, down from SGD 3.4 million in fiscal year 2023, due to fluctuations in egg prices[22]. - Revenue from the fair value adjustment of biological assets increased by approximately SGD 5.2 million to SGD 8.8 million in fiscal year 2024, attributed to the operation of two new chicken houses[26]. Expansion and Operations - The company completed the construction of its egg production facilities and expanded its breeding farms, which began full operations in early FY2024[9]. - The company is expanding its existing egg sorting, packaging, and processing facilities to accommodate increased egg production[9]. - The company is focusing on quail egg and meat business to enhance revenue sources in the Singapore market[13]. - A bank loan of approximately SGD 24.3 million was recorded as of March 31, 2024, to fund expansion[10]. - The company is pursuing the acquisition of an existing egg distributor to expand its customer base, which is expected to positively impact operations in the coming year[13]. Corporate Governance - The company is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value[70]. - The board of directors will review the company's corporate governance practices at least annually to ensure compliance with applicable codes[70]. - The independent non-executive directors are responsible for providing independent judgment and ensuring compliance with laws[60]. - The company has adopted the corporate governance code as per GEM listing rules effective for the fiscal year 2024[70]. - The company has established a remuneration committee to review the remuneration policies and structures for all directors and senior management[143]. - The company has a policy in place to encourage employees to report unethical behavior, promoting a healthy corporate culture[72]. - The board regularly reviews the contributions and time commitments of directors to ensure they fulfill their responsibilities[77]. Risk Management - The group faces foreign currency risks primarily from USD, HKD, and EUR, with no financial instruments for hedging these risks[44]. - The group faces various risks including poultry-related diseases, food contamination, and reliance on foreign labor, which could adversely affect operations[49]. - The board is committed to reviewing and enhancing the internal control and risk management systems annually to ensure effective risk management aligned with business objectives[53]. - The audit committee held five meetings during the fiscal year 2024, reviewing the annual financial statements and assessing the effectiveness of the risk management and internal control systems[99]. - The company has adopted a strict internal control system to ensure timely and accurate disclosure of relevant information to shareholders, enhancing transparency and market confidence[118]. Shareholder Relations - The company reported no final dividend for the fiscal year 2024, aiming to balance sufficient funds for business development and shareholder returns[135]. - The company has adopted a dividend policy that will be reviewed periodically by the board, considering various factors before recommending any dividends[135]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting, which must be held within two months of the request[123]. - The company emphasizes the importance of effective investor relations to enhance shareholder value and market confidence[118]. Board Composition and Diversity - The board consists of three executive directors and three independent non-executive directors as of March 31, 2024[78]. - The company has adopted a board diversity policy, focusing on various aspects such as gender, age, cultural background, and professional experience[105]. - The board achieved its diversity policy goals in fiscal year 2024, with six directors from different backgrounds contributing diverse professional experiences[106]. - The gender ratio among employees was approximately 7:3 (male to female) in fiscal year 2024, with at least one female director included on the board[107]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of March 31, 2024[182]. - The audit committee reviewed the annual report for fiscal year 2024 and found that the performance met applicable accounting standards and GEM listing rules[180]. - The company has engaged an independent internal audit firm for the fiscal year 2024 to enhance its internal audit functions, with the internal auditor reporting directly to the audit committee[115]. - The auditor evaluated the appropriateness of accounting policies adopted by the board and the reasonableness of accounting estimates and related disclosures[199]. Employee and Management - Employee costs, including director remuneration, increased to approximately SGD 13.4 million in fiscal year 2024, compared to SGD 11.5 million in fiscal year 2023[41]. - The company provides competitive compensation to attract and retain suitable personnel, with an annual review system in place for performance evaluation[160]. - All directors participated in continuous professional development during fiscal year 2024 to enhance their knowledge and skills[110]. Environmental and Social Responsibility - The company is committed to complying with environmental laws and regulations, ensuring efficient resource use and energy conservation[140]. - The company made charitable donations totaling approximately SGD 16,000 in fiscal year 2024, down from SGD 30,000 in fiscal year 2023[136].

Financial Performance - The revenue for the fiscal year ending March 31, 2024, increased by approximately 13% to about SGD 108.4 million from SGD 95.8 million in the previous fiscal year[13]. - The net profit after tax rose from approximately SGD 8.7 million in the previous fiscal year to about SGD 19.3 million in the fiscal year ending March 31, 2024[14]. - Total revenue increased from approximately SGD 95.8 million in FY2023 to approximately SGD 108.4 million in FY2024, representing a growth of about 13%[21]. - Revenue from fresh eggs accounted for approximately 68% of total revenue in FY2024, increasing by about SGD 8.5 million to approximately SGD 73.3 million[22]. - Revenue from processed eggs rose by approximately SGD 4.1 million to approximately SGD 31.5 million, maintaining a 29% share of total revenue[23]. - Sales costs increased from approximately SGD 92.4 million in FY2023 to approximately SGD 106.1 million in FY2024, a rise of about 15%[25]. - Gross profit decreased from approximately SGD 3.4 million in FY2023 to approximately SGD 2.3 million in FY2024 due to fluctuations in egg prices[26]. - Other net losses increased from approximately SGD 42,000 in FY2023 to approximately SGD 79,000 in FY2024, primarily due to goodwill impairment[27]. - Cash and cash equivalents were approximately SGD 12.1 million as of March 31, 2024, compared to SGD 8.7 million as of March 31, 2023[34]. - The current ratio improved to approximately 1.7 times as of March 31, 2024, up from 1.1 times in the previous year[33]. - Total borrowings decreased from approximately SGD 26.6 million in FY2023 to approximately SGD 25.1 million in FY2024[36]. - As of March 31, 2024, the company's reserves available for distribution to shareholders amount to approximately SGD 32.7 million[150]. Operational Developments - The company completed the construction of its egg production facilities and expanded farms, which are now fully operational, enhancing self-production capacity[13]. - The company is expanding its existing egg sorting, packaging, and processing facilities to accommodate increased egg production[13]. - The construction of a processing plant is ongoing and is expected to be fully operational by the first quarter of 2025[13]. - The company is focusing on expanding its quail egg and meat business to enhance revenue sources in the Singapore market[17]. - The quail farm completion has solidified the revenue source from quail products[13]. - Management anticipates facing cost pressures and other challenges as production scales up[13]. Employee and Management Information - As of March 31, 2024, the group had a total of 356 employees, an increase from 311 employees as of March 31, 2023[45]. - Employee costs, including director remuneration, amounted to approximately SGD 13.4 million for the fiscal year 2024, compared to SGD 11.5 million for the fiscal year 2023, reflecting a year-on-year increase of 16.5%[45]. - The management team includes experienced professionals with over 25 years in the management and food industry, ensuring strategic direction and daily operations are effectively handled[59]. - The financial management team is led by Ms. Li Yan Zhen, who has over 10 years of experience in finance and treasury operations, ensuring robust financial oversight[70]. - The company has expanded its operations significantly since 2006, with a focus on multiple business developments under the leadership of the CEO, Mr. Ma Qiong Jiu[59]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and compliance, as highlighted by the roles of its independent directors[62]. - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, ensuring compliance throughout the fiscal year 2024[74]. - The board consists of three executive directors and three independent non-executive directors, with the chairman also serving as the CEO, which deviates from the corporate governance code[82][87]. - The company has implemented an anti-corruption policy to promote a healthy corporate culture and high ethical standards[76]. - The company has established a mechanism to ensure the board receives independent opinions and insights, with at least three independent non-executive directors[84]. - The company maintains high standards of corporate governance to protect shareholder interests and enhance corporate value[74]. - The company has established three board committees: audit committee, remuneration committee, and nomination committee, each with defined responsibilities[100]. - The audit committee, consisting of three independent non-executive directors, oversees financial reporting, risk management, and internal control systems[101]. Risk Management and Compliance - The company continues to face various operational risks, including poultry-related diseases and food contamination, which could significantly impact business performance[53]. - The company has implemented appropriate insurance arrangements for directors against legal actions arising from corporate activities[96]. - The board has reviewed the effectiveness of the risk management and internal control systems for the fiscal year 2024 and concluded that they are sufficiently effective[119]. - The audit committee assists the board in reviewing the overall effectiveness of the risk management and internal control systems annually[119]. - The company has established appropriate procedures for handling and disclosing inside information in compliance with relevant regulations[120]. Shareholder Information - The company did not recommend any final dividend for the fiscal year 2024, aiming to balance sufficient funds for business development and shareholder returns[139]. - The total issued share capital of the company as of March 31, 2024, was 500,000,000 ordinary shares with a par value of HKD 0.01 each[146]. - Radiant Grand International Limited holds 294,800,000 shares, representing 58.96% of the company's total shares[161]. - Elite Ocean Ventures Limited holds 80,200,000 shares, representing 16.04% of the company's total shares[161]. - The company confirmed that at least 25% of its issued share capital was held by the public as of the report date[182]. Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements were prepared in accordance with applicable accounting standards and regulations[186]. - The external auditor's fee for statutory audit services increased from SGD 201,000 in 2023 to SGD 236,000 in 2024, reflecting a rise of approximately 17.4%[116]. - The audit committee reviewed the annual report and deemed the performance in line with applicable accounting standards and regulations[184]. - The Audit Committee held five meetings in the fiscal year 2024, reviewing the annual financial statements and risk management systems, deeming them effective[103]. Charitable Contributions - The group made charitable donations of approximately SGD 16,000 in fiscal year 2024, a decrease from SGD 30,000 in fiscal year 2023[140].

Financial Performance - Revenue for the six months ended September 30, 2023, was SGD 53,436,000, representing an increase of 16.0% compared to SGD 45,788,000 for the same period in 2022[4] - Gross profit for the same period was SGD 13,557,000, with a gross margin of 25.4%, compared to SGD 9,086,000 and a gross margin of 19.8% in 2022[6] - Net profit after tax for the six months was SGD 4,210,000, a significant increase of 157.5% from SGD 1,637,000 in the previous year[6] - Basic and diluted earnings per share increased to SGD 2.02 from SGD 1.46, reflecting a growth of 38.3%[6] - For the six months ended September 30, 2023, the company reported a net profit of 10,098 thousand Singapore dollars, an increase of 37.5% compared to 7,322 thousand Singapore dollars for the same period in 2022[10] - The net profit attributable to equity holders for the six months ended September 30, 2023, was SGD 10,098,000, compared to SGD 7,322,000 in 2022, reflecting a 38% increase[32] Assets and Liabilities - Total assets as of September 30, 2023, amounted to SGD 105,275,000, up from SGD 91,437,000 as of March 31, 2023, indicating a growth of 15.1%[9] - The company reported a total equity of SGD 56,717,000, an increase of 21.6% from SGD 46,658,000 as of March 31, 2023[9] - Cash and cash equivalents increased to SGD 13,322,000 from SGD 8,739,000, representing a growth of 52.5%[8] - Biological assets increased to SGD 11,152,000 from SGD 7,829,000, reflecting a growth of 42.5%[8] - The group reported trade receivables of SGD 15,130,000 as of September 30, 2023, an increase of 8.7% from SGD 13,924,000 as of March 31, 2023[45] - The group’s total liabilities for lease liabilities decreased to SGD 819,000 as of September 30, 2023, from SGD 1,179,000 as of March 31, 2023[37] Cash Flow and Operating Activities - Cash generated from operating activities for the six months ended September 30, 2023, was 6,222 thousand Singapore dollars, significantly higher than 2,913 thousand Singapore dollars in the same period last year, marking a 113.5% increase[12] - The company reported a net cash increase of 4,583 thousand Singapore dollars for the period, compared to a decrease of 1,300 thousand Singapore dollars in the same period last year[12] - The company’s investment activities resulted in a net cash outflow of 2,793 thousand Singapore dollars, an improvement from a net outflow of 4,572 thousand Singapore dollars in the previous year[12] Market and Product Development - The company plans to continue expanding its market presence and invest in new product development to drive future growth[4] - The company plans to continue expanding its market presence in Singapore, focusing on fresh and processed egg products, as indicated by the revenue growth in these segments[21] - Fresh egg sales accounted for about 68% of total revenue, increasing from SGD 32.2 million to SGD 36.2 million, driven by an expanded customer base[57] - Processed egg sales contributed approximately 29% of total revenue, rising from SGD 13.6 million to SGD 15.7 million, primarily due to increased sales of pasteurized liquid eggs[58] Costs and Expenses - The total cost of sales increased by approximately 11% from SGD 44.9 million to SGD 49.7 million, mainly due to rising procurement and production costs[60] - The company’s financing costs rose to SGD 621,000 from SGD 283,000, indicating a significant increase of 119.4%[6] - The company’s employee benefits expenses rose to SGD 6,340,000 in 2023 from SGD 5,545,000 in 2022, an increase of 14%[29] - The company’s depreciation of property, plant, and equipment increased to SGD 1,889,000 in 2023 from SGD 1,395,000 in 2022, a rise of 35%[29] Governance and Compliance - The company is led by Mr. Ma, who has served as CEO since 2009 and was appointed Chairman in September 2018, with the board believing this dual role is in the best interest of the group[85] - The company has established a non-competition agreement with its controlling shareholder, ensuring no competitive activities will be undertaken[88] - The audit committee consists of three independent non-executive directors, with Mr. Shao Tingwen as the chairman[99] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2023, ensuring compliance with applicable accounting standards and GEM listing rules[101] Shareholder Information - As of September 30, 2023, Mr. Ma and his spouse hold 294,800,000 shares, representing approximately 58.96% of the company's shares[93] - Radiant Grand International Limited, controlled by Mr. Ma, is the beneficial owner of 294,800,000 shares, also accounting for 58.96%[95] - Elite Ocean Ventures Limited holds 80,200,000 shares, representing approximately 16.04% of the company, with Mr. Lin and his spouse being the beneficial owners[95] Other Information - The company did not declare any interim dividends for the six months ended September 30, 2023, consistent with the previous year[33] - The group faced a currency risk with USD and HKD, with a potential impact of SGD 7,000 on performance if USD fluctuated by 3%[81] - The group had unutilized borrowing facilities of approximately SGD 23.0 million as of September 30, 2023, down from SGD 28.3 million on March 31, 2023[69]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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，並明確表示概不就 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。 EGGRICULTURE FOODS LTD. 永 續 農 業 發 展 有 限 公 司 （於開曼群島註冊成立的有限公司） 8609 （股份代號： ） 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 永續農業發展有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 連同其附屬公司截至二零二三年九月三十日止六個月的未經審計綜合業績。 本公告列載本公司二零二三年中期報告全文，乃符合聯交所GEM證券上市規 GEM 則（「 上市規則」）中有關中期業績初步公告附載資料的相關規定。本公司的 二零二三年中期報告印刷本載有GEM上市規則規定的資料，將適時向本公司 股東寄發。 承董事會命 永續農業發展有限公司 主席、執行董事兼行政總裁 馬琼就 新加坡，二零二三年十一月十日 於本公告日期，執行董事為馬琼就先生（主席兼行政總裁）、林淑英女士及陳鴻來 先生 ...

Financial Performance - For the three months ended June 30, 2023, the company reported total revenue of SGD 25,689,000, an increase of 16.0% compared to SGD 22,109,000 for the same period in 2022[4]. - The gross profit for the first quarter of 2023 was SGD 5,620,000, compared to SGD 4,322,000 in the previous year, reflecting a gross margin improvement[6]. - The net profit attributable to the owners of the company for the first quarter of 2023 was SGD 4,941,000, up from SGD 4,503,000 in the same quarter of 2022, representing an increase of 9.7%[6]. - The company reported earnings per share of SGD 0.98 for the first quarter of 2023, compared to SGD 0.90 for the same period last year[6]. - The total comprehensive income for the period was SGD 4,886,000, compared to SGD 4,505,000 in the previous year, marking a growth of 8.4%[6]. - The company recognized a profit before tax of SGD 5,742,000 for the three months ended June 30, 2023, compared to SGD 5,277,000 for the same period in 2022, which is an increase of approximately 8.8%[16][17]. - Net profit for the three months ended June 30, 2023, rose to SGD 5.7 million, an increase of approximately SGD 0.4 million from SGD 5.3 million in the same period in 2022[31]. Revenue Breakdown - The company’s biological assets and agricultural products fair value adjustments contributed significantly to the revenue, with a total of SGD 3,638,000 recognized in Q1 2023[4]. - The segment performance showed that fresh eggs generated a profit of SGD 3,811,000, processed eggs SGD 3,558,000, while fruits recorded a loss of SGD 102,000, leading to a total segment profit of SGD 7,267,000[16]. - Revenue from fresh egg sales increased to SGD 17.7 million for the three months ended June 30, 2023, from SGD 16.0 million in the same period in 2022, accounting for approximately 69% of total revenue[34]. - Revenue from processed egg sales rose to SGD 7.1 million for the three months ended June 30, 2023, from SGD 6.1 million in the same period in 2022, representing approximately 28% of total revenue[35]. Expenses and Costs - Administrative expenses increased to SGD 1,759,000 in Q1 2023 from SGD 1,318,000 in Q1 2022, indicating a rise of 33.5%[6]. - The cost of goods sold increased to SGD 27,553,000 for the three months ended June 30, 2023, compared to SGD 24,060,000 in the same period of 2022, marking an increase of about 10.4%[23]. - Sales cost increased by approximately 14% to SGD 24.0 million for the three months ended June 30, 2023, from SGD 21.0 million in the same period in 2022[36]. - The company reported a net financing cost of SGD 338,000 for the three months ended June 30, 2023, compared to SGD 141,000 in the same period last year, indicating a significant increase in financing costs[22]. - Other income for the three months ended June 30, 2023, was SGD 66,000, down from SGD 116,000 in the previous year, reflecting a decrease of approximately 43.1%[19]. - The company reported a decrease in employee benefits expenses to SGD 3,099,000 for the three months ended June 30, 2023, from SGD 2,690,000 in the same period last year, reflecting an increase of approximately 15.3%[23]. Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15 to ensure high standards of corporate governance and protect shareholder interests[45]. - The company has a robust internal control system and accountability to all shareholders as part of its corporate governance principles[45]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[61]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2023, and found the performance to comply with applicable accounting standards and GEM listing rules[61]. - The board believes that the dual role of the chairman and CEO held by Mr. Ma is in the best interest of the group for effective strategy planning and implementation[46]. Shareholder Information - The company’s total equity increased to SGD 51,544,000 as of June 30, 2023, up from SGD 42,488,000 a year earlier, indicating strong financial health and growth potential[8]. - The company’s major shareholder, Radiant Grand, holds 294,800,000 shares, representing approximately 58.96% of the total shares[59]. - Elite Ocean Ventures, controlled by Lin Youwen, holds 80,200,000 shares, which is about 16.04% of the total shares[59]. - The company has established a stock option plan to attract and retain qualified individuals, approved by shareholders on August 15, 2018[53]. - The company has confirmed compliance with the trading standards and codes of conduct regarding securities transactions by all directors as of June 30, 2023[47]. - The company has a non-competition agreement in place with its major shareholder to prevent any direct or indirect competition with the group[50]. - As of June 30, 2023, the company has not purchased, sold, or redeemed any of its listed securities during the three months period[51]. - No stock options have been granted or agreed to be granted under the stock option plan as of the report date[54].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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，並明確表示概不就 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。 EGGRICULTURE FOODS LTD. 永 續 農 業 發 展 有 限 公 司 （於開曼群島註冊成立的有限公司） 8609 （股份代號： ） 截 至 二 零 二 三 年 六 月 三 十 日 止 三 個 月 的 第 一 季 度 業 績 公 告 永續農業發展有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 連同其附屬公司截至二零二三年六月三十日止三個月的未經審計綜合業績。 本公告列載本公司二零二三年第一季度報告全文，乃符合聯交所GEM證券上 GEM 市規則（「 上市規則」）中有關季度業績初步公告附載資料的相關規定。 承董事會命 永續農業發展有限公司 主席、執行董事兼行政總裁 馬琼就 新加坡，二零二三年八月十日 於本公告日期，執行董事為馬琼就先生（主席兼行政總裁）、林淑英女士及陳鴻 來先生；而獨立非執行董事為邵廷文先生、袁家樂先生及劉振榮先生。 本公告的資料乃遵照GE ...

Financial Performance - The total revenue for the fiscal year 2023 increased by approximately 43% to about SGD 95.8 million, up from SGD 67.1 million in fiscal year 2022[9]. - Revenue from fresh eggs accounted for approximately 67% of total revenue, increasing by about SGD 17.1 million to approximately SGD 64.8 million in fiscal year 2023[16]. - Revenue from processed eggs remained stable at approximately 29% of total revenue, rising by about SGD 8.0 million to approximately SGD 27.4 million in fiscal year 2023[17]. - The net profit after tax increased from approximately SGD 3.5 million in fiscal year 2022 to about SGD 8.7 million in fiscal year 2023[10]. - Revenue from the sale of fruits, vegetables, and groceries increased by approximately 4% in FY2023, compared to 0% in FY2022, due to the acquisition of a new division[18]. - Gross profit increased from approximately SGD 2.2 million in FY2022 to about SGD 3.4 million in FY2023, with gross profit before fair value adjustments rising from SGD 13.1 million to SGD 20.3 million, mainly due to higher egg prices[20]. - Revenue from agricultural products at fair value increased by approximately SGD 6.0 million (or about 55%) to SGD 16.9 million in FY2023, driven by rising agricultural product prices[23]. - The company reported a significant increase in biological assets, with non-current biological assets rising to SGD 7,829,000 in 2023 from SGD 4,173,000 in 2022, a growth of about 87.5%[189]. - The company reported a significant increase in net profit after tax for the year was SGD 5,046,000, up from SGD 2,618,000 in 2022, reflecting a growth of 93.1%[192]. Assets and Liabilities - The total asset value rose from SGD 73 million as of March 31, 2022, to SGD 91 million as of March 31, 2023[10]. - Total assets increased to SGD 91,437,000 in 2023, up from SGD 72,785,000 in 2022, representing a growth of approximately 25.5%[189]. - Non-current assets rose to SGD 58,636,000 in 2023, compared to SGD 40,666,000 in 2022, marking an increase of about 44.2%[189]. - Current assets remained stable at SGD 32,801,000 in 2023, slightly up from SGD 32,119,000 in 2022, reflecting a growth of 2.1%[189]. - Total liabilities increased to SGD 44,779,000 in 2023, up from SGD 35,009,000 in 2022, indicating a rise of approximately 28.0%[189]. - Net assets grew to SGD 46,658,000 in 2023, compared to SGD 37,776,000 in 2022, which is an increase of around 23.5%[190]. - The company’s total equity increased to SGD 46,658,000 in 2023, up from SGD 37,776,000 in 2022, reflecting a growth of approximately 23.5%[190]. Expansion and Investments - The company is expanding its egg production facilities, with two new chicken houses completed and additional facilities expected to be operational in 2024[9]. - The quail egg farm is under construction and is expected to start operations in 2023, diversifying revenue sources[12]. - Bank borrowings increased to approximately SGD 25.4 million to support the expansion efforts[10]. - The group acquired an egg distribution business and a fruit wholesale business for cash consideration of SGD 798,000 and SGD 300,000, respectively, during the fiscal year[177]. - The acquisitions were accounted for using the acquisition method, necessitating a purchase price allocation[177]. Operational Costs and Profitability - Future profitability will depend on the company's ability to manage rising operational costs and inflationary pressures while passing on costs to customers[12]. - Total sales costs rose by approximately SGD 27.4 million (or about 42%) to SGD 92.3 million in FY2023, primarily due to increased procurement costs for eggs[19]. - Employee costs, including director remuneration, amounted to approximately SGD 11.5 million in FY2023, up from SGD 9.9 million in FY2022[39]. - The company incurred a total of SGD 14,811,000 in capital expenditures for property, plant, and equipment, slightly up from SGD 14,140,000 in 2022[197]. Risk Management - The company faces currency risks primarily from USD, HKD, and EUR, with no financial instruments for hedging[42]. - The company is exposed to various risks including poultry-related diseases, food contamination, and potential loss of licenses[47]. - The company relies on foreign labor, and any disruptions could negatively impact operations[50]. - The company has no long-term contracts with major customers and suppliers, exposing it to credit risk and payment defaults[50]. - The company will continue to engage external professionals to review its internal controls and risk management systems annually[51]. - The effectiveness of the risk management framework will be evaluated at least once a year, ensuring alignment with corporate objectives[49]. Corporate Governance - The company is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value[67]. - The board of directors has confirmed compliance with the adopted securities trading guidelines for the fiscal year 2023[68]. - The company has adopted the corporate governance code as per GEM listing rules, ensuring adherence to principles and guidelines[67]. - The independent non-executive directors are responsible for providing independent judgment and ensuring compliance with laws[58]. - The management team includes experienced professionals with over 30 years in legal and compliance fields[59]. - The company has a structured approach to internal controls and accountability to shareholders[67]. - The board reviews corporate governance practices annually to ensure ongoing compliance[67]. - The company emphasizes the importance of a strong board and good internal controls as key elements of corporate governance[67]. - The board consists of three executive directors and three independent non-executive directors as of March 31, 2023[71]. - The company has maintained compliance with GEM Listing Rules regarding the appointment of independent non-executive directors, ensuring they constitute more than one-third of the board[76]. Shareholder Communication and Dividends - The company has implemented a shareholder communication policy effective from January 1, 2022, ensuring equal access to information for all shareholders[109]. - The company reported no final dividend for the fiscal year 2023, aiming to balance sufficient funds for business development and shareholder returns[123]. - As of March 31, 2023, the company's distributable reserves amounted to approximately SGD 12.7 million, which can be used for dividend payments[133]. - The company has adopted a dividend policy that will be reviewed periodically by the board, considering various factors including financial performance and cash flow[123]. Compliance and Audit - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position as of March 31, 2023, in accordance with international financial reporting standards[169]. - The audit committee reviewed the annual report for the fiscal year 2023 and found that the performance complies with applicable accounting standards and regulations[167]. - The board is responsible for overseeing the group's risk management and internal control systems, which are reviewed at least annually[105]. - The company has designed policies and monitoring measures to safeguard assets, ensure compliance with regulations, and maintain reliable financial records[105]. - The internal audit function was outsourced to an independent internal audit firm, which reports directly to the audit committee[107].