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 三 月 三 十 一 日 止 年 度 的 年 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三月三十一日止年度的經審計綜合業績。本 公告列載本公司二零二三年年度報告全文，乃符合聯交所GEM證券上市規則 GEM （「 上市規則」）中有關年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，二零二三年六月三十日 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GEM上市規則而刊 ...

Financial Performance - For the three months ended December 31, 2022, the company reported revenue of SGD 24,633,000, an increase of 44.5% compared to SGD 17,047,000 for the same period in 2021[5]. - The gross profit for the same period was SGD 965,000, compared to SGD 1,053,000 in the previous year, reflecting a decrease of 8.3%[5]. - The net profit attributable to the owners of the company for the three months was SGD 701,000, compared to SGD 1,716,000 in the same period last year, representing a decline of 59.3%[7]. - For the nine months ended December 31, 2022, total revenue reached SGD 70,421,000, up 43.9% from SGD 48,905,000 in the prior year[9]. - The company recorded a gross profit of SGD 1,902,000 for the nine-month period, compared to SGD 1,464,000 in the previous year, indicating an increase of 29.9%[9]. - The basic and diluted earnings per share for the three months were SGD 0.14, down from SGD 0.34 in the same quarter of the previous year[7]. - The company reported a net profit of SGD 2,552,000 for the nine months ended December 31, 2022, compared to SGD 15,042,000 for the same period in the previous year, indicating a decrease of about 83%[10]. Expenses and Costs - The company experienced a significant increase in sales and distribution expenses, which rose to SGD 5,279,000 for the nine months, compared to SGD 4,627,000 in the previous year, marking an increase of 14.0%[9]. - Administrative expenses for the three months were SGD 1,645,000, compared to SGD 1,156,000 in the same period last year, reflecting an increase of 42.3%[7]. - The company reported a pre-tax profit of SGD 894,000 for the three months, down from SGD 1,980,000 in the previous year, a decrease of 55.0%[7]. - The cost of goods sold for the nine months ended December 31, 2022, was SGD 49,433 thousand, compared to SGD 32,993 thousand in the previous year, representing an increase of 49.8%[21][22]. - Employee benefits for the nine months ended December 31, 2022, totaled SGD 5,798 thousand, up from SGD 5,030 thousand in the same period of 2021, indicating a rise of 15.3%[21][22]. - The company incurred financing costs of SGD 440 thousand for the nine months ended December 31, 2022, compared to SGD 345 thousand in the same period of 2021, reflecting an increase of 27.5%[26]. - Depreciation of property, plant, and equipment for the nine months ended December 31, 2022, was SGD 2,114 thousand, up from SGD 1,950 thousand in the previous year, indicating an increase of 8.4%[21][22]. Revenue Segmentation - Fresh egg segment revenue reached SGD 17,621,000, while processed egg segment revenue was SGD 7,012,000, totaling SGD 24,633,000 for the three months ended December 31, 2022[19]. - Fresh egg segment revenue for the nine months ended December 31, 2022, was SGD 49,793 thousand, up from SGD 34,380 thousand in the previous year, indicating a growth of 44.9%[21][22]. - Processed egg segment revenue increased to SGD 20,628 thousand for the nine months ended December 31, 2022, compared to SGD 14,525 thousand in the same period of 2021, reflecting a growth of 41.9%[21][22]. - Approximately 70% of revenue comes from fresh egg sales, which increased from SGD 34.4 million to SGD 49.8 million, driven by an expanded customer base[41]. - Processed egg sales accounted for about 30% of revenue, rising from SGD 14.5 million to SGD 20.6 million, boosted by increased sales to food service customers as COVID-19 restrictions eased[42]. Future Plans and Developments - The company has indicated plans for market expansion and new product development to drive future growth, although specific details were not disclosed in the report[5]. - The company plans to expand its operations by constructing three additional chicken houses, expected to be completed by the end of 2023[37]. - The company is focused on expanding its operations in Singapore, primarily in the production and sale of fresh eggs and processed egg products[12]. - The company is enhancing its existing egg sorting, packaging, and processing facilities in line with increased production capacity[38]. Equity and Shareholding - As of December 31, 2022, the total equity amounted to SGD 45,959,000, an increase from SGD 36,795,000 as of December 31, 2021, representing a growth of approximately 25%[10]. - The company’s retained earnings increased to SGD 26,598,000 as of December 31, 2022, up from SGD 17,594,000 as of December 31, 2021, reflecting a growth of approximately 51%[10]. - The company’s total liabilities and equity as of December 31, 2022, were SGD 45,799,000, which includes non-controlling interests of SGD 160,000[10]. - As of December 31, 2022, Radiant Grand International Limited holds 294,800,000 shares, representing approximately 58.96% of the company's shares[62]. - Elite Ocean Ventures Limited owns 80,200,000 shares, accounting for about 16.04% of the company's shares[64]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the nine months ending December 31, 2022, and found them compliant with applicable accounting standards and GEM listing rules[66]. - The company has not been informed of any other interests or short positions in its shares that require disclosure under the Securities and Futures Ordinance as of the report date[65]. - The chairman and CEO, Mr. Ma Qiong Jiu, leads the executive team, which includes Ms. Lin Shu Ying and Mr. Chen Hong Lai[67].

Financial Performance - The company reported revenue of SGD 45,788,000 for the six months ended September 30, 2022, compared to SGD 31,858,000 for the same period in 2021, representing a growth of approximately 43.7%[6]. - The cost of sales was SGD 36,702,000, resulting in a gross profit of SGD 9,086,000 for the period[6]. - The company recorded a net profit of SGD 1,174,000, compared to SGD 165,000 in the previous year, indicating a significant increase in profitability[8]. - Basic and diluted earnings per share were SGD 1.46 cents, compared to SGD 0.17 cents in the previous year, showing a substantial improvement in earnings per share[8]. - The company reported a total segment profit of SGD 10,959 thousand for the six months, compared to SGD 8,489 thousand in the previous year, marking an increase of about 29.1%[65]. - Total revenue for the six months ended September 30, 2022, was 22,402 thousand Singapore dollars, compared to 9,456 thousand Singapore dollars for the same period in 2021, representing a significant increase[68]. - The company reported a net profit attributable to equity holders of 7,322 thousand Singapore dollars for the six months ended September 30, 2022, compared to 836 thousand Singapore dollars in the previous year, indicating a substantial growth[82]. - Total expenses for the six months ended September 30, 2022, amounted to 51,206 thousand Singapore dollars, compared to 37,092 thousand Singapore dollars in the previous year, reflecting an increase in operational costs[77]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to SGD 84,414,000, up from SGD 72,785,000 at the end of the previous fiscal year, marking an increase of approximately 15.9%[13]. - The company's total liabilities were SGD 39,116,000, compared to SGD 35,009,000, reflecting an increase of about 11.9%[16]. - The net asset value increased to SGD 45,298,000 from SGD 37,776,000, representing a growth of approximately 19.5%[16]. - The total biological assets as of September 30, 2022, were valued at 13,525 thousand Singapore dollars, up from 7,910 thousand Singapore dollars in the previous year[87]. Cash Flow and Investments - The net cash generated from operating activities for the six months was SGD 2,913 thousand, a decrease from SGD 4,572 thousand in the previous year, indicating a decline of about 36.3%[54]. - The total cash and cash equivalents at the end of the period decreased to SGD 8,769 thousand from SGD 19,440 thousand, reflecting a decline of approximately 54.9%[54]. - The company acquired property, plant, and equipment totaling 5,775,000 SGD in the six months ended September 30, 2022, a decrease from 7,640,000 SGD in the same period last year[92]. Operational Highlights - The fresh egg segment generated revenue of SGD 32,172 thousand, while the processed egg segment contributed SGD 13,616 thousand, together totaling SGD 45,788 thousand[65]. - Fresh egg sales accounted for about 70% of total revenue, increasing from SGD 22.4 million to SGD 32.2 million, primarily due to an expanded customer base[124]. - Processed egg sales contributed approximately 30% of total revenue, rising from SGD 9.5 million to SGD 13.6 million, driven by increased sales to food service customers as COVID-19 restrictions eased[125]. - The company harvested 82,173,047 eggs in the six months ended September 30, 2022, compared to 67,866,494 eggs in the same period last year, representing a growth of approximately 21.3%[91]. Expenses and Costs - The company incurred total expenses of SGD 36,299 thousand, leading to a pre-tax profit of SGD 8,489 thousand for the period[65]. - Selling and distribution expenses rose by approximately SGD 0.5 million (or about 16%) to approximately SGD 3.6 million for the six months ended September 30, 2022, from SGD 3.1 million for the same period in 2021, aligning with sales growth to an expanded customer base[132]. - Employee costs, including director remuneration, were approximately SGD 5.5 million for the six months ended September 30, 2022, compared to SGD 4.8 million for the same period in 2021[149]. Corporate Governance - The company has complied with all applicable corporate governance code provisions, except for a deviation regarding the separation of roles of Chairman and CEO[156]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[172]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2022, and found them compliant with applicable accounting standards and legal requirements[172]. Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[6]. - The management is optimistic about future growth prospects, driven by increased demand for fresh and processed egg products in the market[56]. - The company plans to begin construction of three additional egg laying houses by the end of 2022 as part of its expansion strategy[120].

Financial Performance - The company reported revenue of SGD 22,109,000 for the three months ended June 30, 2022, compared to SGD 14,903,000 for the same period in the previous year, representing a year-over-year increase of approximately 48.5%[6] - The cost of sales for the quarter was SGD 21,002,000, up from SGD 14,452,000 in the prior year, indicating a rise of about 45.5%[6] - The net profit for the quarter was SGD 571,000, a significant increase from SGD 0 in the same quarter last year, marking a positive turnaround[15] - Basic and diluted earnings per share for the quarter were SGD 0.90 cents, compared to SGD 0.11 cents in the previous year, showing a substantial improvement[8] - The company reported a pre-tax profit of SGD 5,277,000 for the three months ended June 30, 2022, compared to SGD 1,778,000 for the same period in 2021, representing a significant increase[30] - Total expenses for the three months ended June 30, 2022, amounted to SGD 24,060,000, up from SGD 17,262,000 in the same period of 2021, indicating a rise of approximately 39.5%[37] - The company recognized other income of SGD 116,000 for the three months ended June 30, 2022, down from SGD 214,000 in the same period of 2021, reflecting a decrease of about 45.7%[32] - The cost of purchased inventory for the three months ended June 30, 2022, was SGD 15,943,000, compared to SGD 9,647,000 in the same period of 2021, marking an increase of approximately 65.5%[37] - Employee benefits for the three months ended June 30, 2022, were SGD 2,690,000, compared to SGD 2,392,000 in the same period of 2021, representing an increase of about 12.5%[37] - The fair value changes of biological assets resulted in a gain of SGD 3,796,000 for the three months ended June 30, 2022, compared to SGD 261,000 in the same period of 2021, showing a substantial increase[26] - The company received government grants totaling SGD 17,000 for the three months ended June 30, 2022, down from SGD 85,000 in the same period of 2021, reflecting a decrease of approximately 80%[32] - The depreciation of property, plant, and equipment for the three months ended June 30, 2022, was SGD 733,000, compared to SGD 662,000 in the same period of 2021, indicating an increase of about 10.7%[36] - The company's revenue increased by approximately 48% from SGD 14.9 million in the three months ended June 30, 2021, to SGD 22.1 million in the same period of 2022, driven by an expanded customer base[46] - Net profit rose from approximately SGD 0.6 million to SGD 5.3 million, reflecting an increase of about SGD 4.7 million due to a higher poultry count as of June 30, 2022[46] - Earnings per share increased significantly from SGD 0.11 to SGD 0.90, representing a growth of approximately 818%[42] - The cost of sales rose by approximately 45% from SGD 14.5 million to SGD 21.0 million, primarily due to increased procurement costs associated with a larger customer base[51] - Gross profit before fair value adjustments increased from SGD 2.9 million to SGD 4.3 million, while the gross profit margin remained stable at around 20%[51] - Other income increased from SGD 23,000 to SGD 73,000, mainly due to foreign exchange gains during the reporting period[53] - Revenue from fresh egg sales accounted for approximately 72% of total revenue, rising from SGD 10.8 million to SGD 16.0 million[49] - Revenue from processed egg sales increased from SGD 4.1 million to SGD 6.1 million, representing a growth of approximately 49% due to increased sales to food service customers[50] 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[59] - The chairman and CEO roles are currently held by the same individual, Mr. Ma, which the board believes is in the best interest of the group for effective strategic planning and implementation[60] - The company has established a sound system of checks and balances through the board and independent non-executive directors[60] - The audit committee consists of three independent non-executive directors, with Mr. Shao Tingwen as the chairman, overseeing financial reporting and risk management[75] - The company has established an audit committee in compliance with GEM listing rules and corporate governance codes[75] - The board will review corporate governance practices at least annually to ensure compliance with the corporate governance code[59] Shareholder Information - As of June 30, 2022, Mr. Ma holds 294,800,000 shares, representing approximately 58.96% of the company's shares[68] - Radiant Grand, the controlling shareholder, has committed not to engage in any competitive activities against the group, ensuring no conflicts of interest[63] - As of June 30, 2022, Elite Ocean Ventures Limited holds 80,200,000 shares, representing approximately 16.04% of the company's shares[71] Future Plans - The company plans to continue expanding its market presence and investing in new product development to drive future growth[17] - The company is focused on sustainable agricultural practices and aims to enhance its operational efficiency through technological advancements[17] Capital and Dividends - Capital commitments for expanding existing farms amounted to SGD 9.5 million as of June 30, 2022, compared to SGD 8.2 million as of March 31, 2022[44] - The company does not recommend any dividend payment for the three months ended June 30, 2022, consistent with the previous year[43] Share Options - The company has adopted a share option scheme to attract, retain, and reward eligible individuals, aligning their interests with those of the company and its shareholders[66] - No share options have been granted or agreed to be granted under the share option scheme[67] - The company has not purchased, sold, or redeemed any of its listed securities during the three months ending June 30, 2022[64]

Financial Performance - The total revenue of the company increased by approximately 28% from about SGD 52.5 million in FY2021 to approximately SGD 67.1 million in FY2022[8]. - The net profit after tax decreased from approximately SGD 7.5 million in FY2021 to about SGD 3.5 million in FY2022, a reduction of around 53.3%[9]. - The total asset value rose from SGD 58.7 million as of March 31, 2021, to SGD 72.8 million as of March 31, 2022[9]. - In the fiscal year 2022, approximately 71% of revenue (about SGD 47.7 million) came from the sale of fresh eggs, an increase of about SGD 10.7 million from SGD 37.0 million in fiscal year 2021[15]. - Revenue from processed eggs accounted for approximately 29% (about SGD 19.4 million) in fiscal year 2022, up by about SGD 3.9 million from SGD 15.5 million in fiscal year 2021, primarily due to increased sales to food service customers as COVID-19 restrictions eased[16]. - Total sales costs increased by approximately SGD 12.8 million (or about 25%) to SGD 64.9 million in fiscal year 2022, mainly due to rising procurement costs of eggs[17]. - Gross profit before fair value adjustment decreased from approximately SGD 13.7 million (26% margin) in fiscal year 2021 to SGD 13.1 million (20% margin) in fiscal year 2022, attributed to increased operational costs[18]. - Cash and cash equivalents were approximately SGD 10.1 million as of March 31, 2022, compared to SGD 10.9 million as of March 31, 2021[26]. - Total borrowings increased to approximately SGD 23.5 million as of March 31, 2022, from SGD 13.0 million as of March 31, 2021[29]. Operational Developments - The company plans to enhance its self-production of eggs to reduce reliance on purchased eggs, with new laying facilities expected to be operational within two years[11]. - The company is expanding its existing egg sorting, packaging, and processing facilities to accommodate increased egg production[11]. - A quail breeding farm is under construction, expected to diversify revenue sources once operational in 2023[11]. - The company experienced increased operational costs due to supply chain disruptions and rising commodity prices influenced by COVID-19[8]. - The company anticipates that its operating costs and capital expenditures may be affected by global economic uncertainties and inflation pressures due to the European conflict[11]. Risk Management - The group has identified various risks, including poultry-related diseases, food contamination, and reliance on foreign labor, which could impact business operations[48][49][56]. - The group continues to monitor the impact of COVID-19 on business operations, with egg prices expected to remain volatile[68]. - The group faces foreign currency risks primarily related to USD, HKD, and EUR, with no financial instruments used for hedging[43]. Corporate Governance - The company has adopted the corporate governance code as per GEM listing rules to ensure high standards of corporate governance and protect shareholder interests[84]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[88]. - The company has complied with the requirement of having at least one independent non-executive director with appropriate professional qualifications or accounting expertise[91]. - The chairman and CEO roles are currently held by the same individual, which the board believes is in the best interest of the company for effective strategic planning[90]. - The board is responsible for overseeing the company's business, strategic decisions, and performance, ensuring alignment with stakeholder interests[86]. - The company has established a robust internal control and risk management system to monitor operational and financial performance[96]. - The board will review its governance practices annually to ensure ongoing compliance with the corporate governance code[84]. Employee and Shareholder Relations - The group had a total of 268 employees as of March 31, 2022, compared to 255 employees in the previous year[37]. - Employee costs, including director remuneration, amounted to approximately SGD 9.9 million for the fiscal year 2022, up from SGD 8.4 million in fiscal year 2021[37]. - The company recognizes employees as valuable assets and provides competitive compensation to attract and retain suitable personnel[162]. - The company emphasizes effective communication with shareholders through regular reports and meetings, encouraging attendance at the annual general meeting[123]. Strategic Initiatives - The company is investing in new technology development, focusing on D, which aims to enhance operational efficiency and product quality[74]. - Market expansion plans include entering E markets, with an expected increase in market share of F% over the next two years[74]. - The company is considering strategic acquisitions to bolster its market position, targeting G companies in the industry[74]. - Sustainability initiatives are being prioritized, with a commitment to reduce carbon emissions by H% by 2025[74]. - The company is focused on improving shareholder value, with plans to increase dividends by I% in the upcoming fiscal year[74]. Audit and Compliance - The independent auditor, Mazars LLP, was appointed effective January 5, 2022, following the resignation of PricewaterhouseCoopers LLP[179]. - The audit committee reviewed the annual report and confirmed that the performance aligns with applicable accounting standards and GEM listing rules[179]. - The company has outsourced its internal audit function to an independent internal audit firm, which reports directly to the audit committee[121]. - The company has established procedures for handling and disclosing inside information in compliance with relevant regulations[122]. - All current directors have received training on the GEM listing rules and ESG reporting guidelines to ensure compliance and enhance governance awareness[113].

Financial Performance - The company reported revenue of SGD 48.905 million for the third quarter, an increase from SGD 37.764 million in the same period last year, representing a growth of approximately 29%[10] - The gross profit margin for the third quarter was approximately 17.5%, compared to 15.5% in the previous year, indicating an improvement in cost management[10] - The company reported a net profit of SGD 3.858 million for the nine months ended December 31, 2021, compared to SGD 2.552 million for the same period last year, marking a growth of approximately 51%[12] - Basic and diluted earnings per share for the third quarter were SGD 0.51, down from SGD 0.77 in the previous year, indicating a decrease of about 33.8%[10] - Total revenue for the nine months ended December 31, 2021, was 48,905 thousand Singapore dollars, an increase from 37,764 thousand Singapore dollars for the same period in 2020, representing a growth of approximately 29.5%[29] - The company's revenue increased by approximately 29% from SGD 37.8 million for the nine months ended December 31, 2020, to SGD 48.9 million for the nine months ended December 31, 2021[54] - Net profit decreased from approximately SGD 4.6 million for the nine months ended December 31, 2020, to approximately SGD 3.0 million for the nine months ended December 31, 2021, primarily due to COVID-19 related government support[54] Expenses and Costs - Other income decreased to SGD 571,000 from SGD 1.576 million year-on-year, reflecting a decline of about 64%[10] - Administrative expenses increased to SGD 3.737 million from SGD 3.202 million, representing a rise of approximately 17.7%[10] - Financing costs rose to SGD 345,000 from SGD 234,000, an increase of about 47.4%[10] - Employee benefits for the nine months ended December 31, 2021, were 5,030 thousand Singapore dollars, compared to 4,365 thousand Singapore dollars in the same period of 2020, representing an increase of about 15.2%[29] - The cost of goods sold for the nine months ended December 31, 2021, was 32,993 thousand Singapore dollars, an increase from 23,039 thousand Singapore dollars in the previous year, indicating a rise of approximately 43.3%[33] - Selling and distribution expenses increased by approximately S$1.7 million (or about 59%) to S$4.6 million for the nine months ended December 31, 2021, mainly due to an increase in workforce and expanded delivery fleet[68] - Administrative expenses increased from approximately S$3.2 million to S$3.7 million for the nine months ended December 31, 2021, primarily due to increased employee benefits[69] Segment Performance - For the three months ended December 31, 2021, total segment revenue was 17,047 thousand Singapore dollars, comprising 11,978 thousand from fresh eggs and 5,069 thousand from processed eggs[22] - The segment performance for fresh eggs and processed eggs was 1,710 thousand and 1,285 thousand Singapore dollars respectively, leading to a total profit before tax of 1,980 thousand Singapore dollars[22] - The company reported a total revenue of 14,186 thousand Singapore dollars for the nine months ended December 31, 2021, with fresh eggs contributing 9,795 thousand and processed eggs contributing 4,391 thousand Singapore dollars[25] - The profit before tax for the nine months ended December 31, 2021, was 2,493 thousand Singapore dollars, with segment performance showing 1,889 thousand for fresh eggs and 1,355 thousand for processed eggs[25] - Revenue from fresh eggs accounted for about 70% of total revenue, increasing from approximately SGD 26.4 million to SGD 34.4 million for the same periods[59] - Revenue from processed eggs accounted for about 30% of total revenue, rising from approximately SGD 11.3 million to SGD 14.5 million for the same periods[60] Assets and Equity - The company’s total equity increased to SGD 36.795 million as of December 31, 2021, up from SGD 30.639 million at the end of the previous year, reflecting a growth of approximately 20%[12] - The company recognized a fair value gain of 791 thousand Singapore dollars from biological assets for the three months ended December 31, 2021[22] - Biological assets fair value changes less estimated point of sale costs increased by approximately S$1.1 million to S$1.3 million for the nine months ended December 31, 2021[67] Future Plans and Market Outlook - The company plans to expand its market presence in Singapore and explore new product lines in the coming quarters[14] - The company is focusing on sustainable agricultural practices and enhancing its product offerings through research and development initiatives[14] - The company is currently expanding its existing egg-laying facilities and processing facilities, expected to start production in Q2 2022[55] - The quail egg farm is under construction and is also expected to start production in Q2 2022[56] - The Singapore egg market is expected to remain challenging due to potential demand impacts from the ongoing pandemic and reduced government support[58] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, oversees the company's financial reporting and internal control systems[87] - The unaudited consolidated financial statements for the nine months ending December 31, 2021, were reviewed and deemed compliant with applicable accounting standards and GEM listing rules[87] - The company has established a written terms of reference for the audit committee in accordance with GEM listing rules[87] - Mr. Ma Qiongjiu serves as the chairman and CEO of the company[88] - The company is committed to ensuring full disclosure in compliance with the Securities and Futures Ordinance[81]

Financial Performance - Revenue for the six months ended September 30, 2021, was SGD 31,858,000, an increase from SGD 23,578,000 in the same period last year, representing a growth of 35.0%[4] - Net profit for the six months was SGD 1,896,000, up from SGD 836,000 in the prior year, reflecting a growth of 126.5%[21] - For the six months ended September 30, 2021, total revenue was SGD 31,858,000, an increase from SGD 23,578,000 for the same period in 2020, representing a growth of approximately 35.2%[34] - The company reported a net profit before tax of SGD 1,001,000 for the six months ended September 30, 2021, compared to SGD 2,140,000 for the same period in 2020[34] - The company reported a net profit attributable to equity holders of SGD 836,000 for the six months ended September 30, 2021, down 56.0% from SGD 1,896,000 in the same period of 2020[50] - Net profit decreased from approximately SGD 2.1 million to SGD 1.0 million for the same period, mainly due to government assistance received during COVID-19[94] Cost and Expenses - The cost of sales for the period was SGD 31,447,000, compared to SGD 21,725,000 in the previous year, indicating an increase of 44.5%[4] - Total cost of sales rose approximately 45% from SGD 21.7 million to SGD 31.4 million, mainly due to increased procurement of eggs following acquisitions[100] - Selling and distribution expenses increased by approximately SGD 0.9 million (or approximately 41%) from approximately SGD 2.2 million for the six months ended September 30, 2020, to approximately SGD 3.1 million for the six months ended September 30, 2021, mainly due to an increase in employee numbers and an expanded delivery fleet[106] - Administrative expenses increased from approximately SGD 2.1 million for the six months ended September 30, 2020, to approximately SGD 2.6 million for the six months ended September 30, 2021, primarily due to increased employee benefits[107] Assets and Liabilities - Total assets as of September 30, 2021, amounted to SGD 74,422,000, compared to SGD 58,712,000 as of March 31, 2021, marking an increase of 26.7%[13] - Total liabilities as of September 30, 2021, were SGD 39,343,000, compared to SGD 24,469,000 as of March 31, 2021, reflecting an increase of 60.6%[16] - The company’s net asset value increased to SGD 35,079,000 from SGD 34,243,000, showing a growth of 2.4%[16] - Trade receivables increased to SGD 8,821,000 as of September 30, 2021, representing a rise of 7.0% from SGD 8,241,000 as of March 31, 2021[76] - Total other receivables increased to SGD 846,000 as of September 30, 2021, up 52.5% from SGD 555,000 as of March 31, 2021[76] - Prepayments surged to SGD 3,868,000 as of September 30, 2021, a significant increase from SGD 703,000 as of March 31, 2021[76] Cash Flow - Cash and cash equivalents at the end of the period were SGD 19,440,000, up from SGD 10,875,000 at the beginning of the period, representing an increase of 79.0%[23] - Operating cash flow for the six months was SGD 1,837,000, a decrease from SGD 3,529,000 in the previous year, indicating a decline of 48.0%[23] - The company reported a financing cash inflow of SGD 12,527,000, significantly higher than SGD 1,441,000 in the same period last year[23] Inventory and Production - The company harvested 67,866,494 eggs in the six months ended September 30, 2021, slightly down from 68,706,822 eggs in the same period of 2020[58] - The company’s total inventory purchases amounted to SGD 21,409,000, with a significant portion attributed to fresh eggs[34] - Fresh egg sales accounted for about 70% of total revenue, increasing from SGD 16.6 million to SGD 22.4 million, driven by customer base expansion[98] - Processed egg sales represented approximately 30% of total revenue, rising from SGD 6.9 million to SGD 9.5 million, attributed to increased sales to food service customers as COVID-19 restrictions eased[99] Corporate Governance and Management - The company has adopted corporate governance principles to protect shareholder interests and enhance corporate value, complying with GEM listing rules[126] - The roles of the Chairman and CEO are currently held by the same individual, Mr. Ma, which the board believes is in the best interest of the group for effective strategic planning and implementation[127] - The company has established a share option scheme to attract, retain, and reward eligible individuals, aligning their contributions with the group's interests[133] Market and Expansion - Expansion plans for existing egg production and processing facilities are underway, with fresh eggs expected to start production in Q2 2022[95] - The quail egg farm is under construction and is expected to be completed by the end of 2021[96] - The company is exploring various funding options for expansion to solidify its market position as a leading egg distributor in Singapore[96] Other Income and Fair Value Adjustments - The company recognized other income of SGD 107,000 from fair value adjustments of biological assets during the current period[34] - Other income changed from a net loss of approximately SGD 104,000 for the six months ended September 30, 2020, to a net income of approximately SGD 29,000 for the six months ended September 30, 2021, reflecting a change of approximately SGD 133,000 due to currency exchange gains from the depreciation of USD against SGD[103] - The fair value change of biological assets resulted in a profit of approximately SGD 0.5 million for the six months ended September 30, 2021, compared to a loss of approximately SGD 0.8 million for the six months ended September 30, 2020, reflecting a change of approximately SGD 1.3 million[105] Tax and Compliance - The company’s Singapore current tax expense was SGD 136,000 for the six months ended September 30, 2021, down from SGD 184,000 in the same period of 2020, a decrease of 26.1%[49] - The company has confirmed compliance with the trading standards set forth in GEM Listing Rules from all directors as of September 30, 2021[141] Shareholding Structure - As of September 30, 2021, Mr. Ma and his spouse hold a combined 58.96% equity interest in the company, amounting to 294,800,000 shares[135] - Radiant Grand International Limited holds 294,800,000 shares, representing approximately 58.96% of the company's shares[138] - Elite Ocean Ventures Limited and Mr. Lin Youwen each hold 80,200,000 shares, accounting for approximately 16.04% of the company's shares[138] - Ms. Tan Bee Hong, as the spouse of Mr. Lin Youwen, is also considered to hold 80,200,000 shares, equivalent to approximately 16.04%[138]

Financial Performance - The company reported unaudited revenue of SGD 14,903,000 for the first quarter of 2021, an increase from SGD 11,540,000 in the same period last year, representing a growth of 29.5%[8] - Gross profit for the first quarter was SGD 2,932,000, compared to SGD 3,170,000 in the previous year, indicating a decrease of 7.5%[10] - The company incurred a net loss of SGD 261,000 for the quarter, a significant improvement from a net loss of SGD 859,000 in the same quarter of the previous year[10] - Total comprehensive income for the quarter was SGD 571,000, compared to SGD 863,000 in the same period last year, reflecting a decline of 33.8%[10] - The group reported segment revenues of 10,761 thousand SGD for fresh eggs and 4,142 thousand SGD for processed eggs, totaling 14,903 thousand SGD for the three months ended June 30, 2021[25] - The group achieved a segment profit of 956 thousand SGD from fresh eggs and 822 thousand SGD from processed eggs, resulting in a total segment profit of 1,778 thousand SGD[25] - The group recorded a total revenue of 214 thousand SGD from other income, a decrease from 797 thousand SGD in the same period last year[35] - The group incurred a total cost of goods sold of 17,262 thousand SGD, an increase from 12,715 thousand SGD in the previous year[39] - The group reported a pre-tax profit of 614 thousand SGD for the three months ended June 30, 2021[25] - Revenue increased approximately 30% from SGD 11.5 million for the three months ended June 30, 2020, to SGD 14.9 million for the same period in 2021[49] - Net profit decreased from approximately SGD 0.9 million for the three months ended June 30, 2020, to approximately SGD 0.6 million for the same period in 2021[49] - Basic and diluted earnings per share decreased from SGD 0.17 to SGD 0.11[45] Expenses and Costs - Administrative expenses increased to SGD 1,282,000 from SGD 944,000 year-on-year, marking a rise of 36%[10] - Sales cost increased by approximately 36% from SGD 10.7 million to SGD 14.5 million due to increased procurement of eggs following acquisitions[54] - Gross profit before fair value adjustment decreased from SGD 3.2 million to SGD 2.9 million, while gross profit margin fell from approximately 27% to 20%[55] - The group’s employee benefits increased to 2,392 thousand SGD from 1,743 thousand SGD year-on-year[39] - The group’s financing costs amounted to 94 thousand SGD, up from 70 thousand SGD in the same period last year[30] - Administrative expenses increased from approximately SGD 0.9 million for the three months ended June 30, 2020, to approximately SGD 1.3 million for the three months ended June 30, 2021, primarily due to increased employee benefits[61] Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[18] - The company is expanding its existing egg production facilities, with fresh eggs expected to start production in Q2 2022[49] - The company is exploring various funding options for its expansion plans[50] Corporate Governance - The board confirmed that the financial statements are accurate and complete, with no misleading information or omissions[8] - The company has adopted the principles and provisions of the corporate governance code as per GEM listing rules, ensuring high levels of corporate governance to protect shareholder interests[63] - The board will review the corporate governance practices at least annually to ensure compliance with the corporate governance code[63] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[78] - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2021, and confirmed compliance with applicable accounting standards and GEM listing rules[78] Shareholder Information - As of June 30, 2021, Mr. Ma holds 294,800,000 shares, representing approximately 58.96% of the company's shares, through his controlled entity Radiant Grand[71] - Radiant Grand, the company's controlling shareholder, has entered into a non-compete agreement to prevent competition with the group[66] - As of June 30, 2021, Elite Ocean Ventures holds 80,200,000 shares, representing approximately 16.04% of the company's shares[74] - The board did not recommend any dividend for the three months ended June 30, 2021[46] Share Option Scheme - The company has adopted a share option scheme to attract, retain, and reward eligible individuals, aligning their interests with those of the company and its shareholders[69] - No share options have been granted or agreed to be granted under the share option scheme as of the reporting date[70] Segment Reporting - The group has two operating segments: fresh eggs and processed eggs, with performance evaluated based on segment profit without allocating financing costs[22] - The group has not disclosed segment assets and liabilities as they are not regularly reported to the chief operating decision maker[22] - Fresh egg sales accounted for approximately 72% of total revenue, increasing from SGD 8.7 million to SGD 10.8 million[52] - Processed egg sales represented approximately 28% of total revenue, rising from SGD 2.8 million to SGD 4.1 million[53] Compliance and Risk Management - The company’s financial performance is subject to market volatility risks associated with being listed on the GEM board[7] - The group did not report any significant impact from the adoption of new international financial reporting standards during the current accounting period[21] - The executive directors include Mr. Ma Qiong Jiu, Ms. Lin Shu Ying, and Mr. Chen Hong Lai, while the independent non-executive directors are Mr. Shao Ting Wen, Mr. Yuan Jia Le, and Mr. Chen Yi Jun[80]

Financial Performance - Total revenue increased by approximately 13% from SGD 46.3 million in FY2020 to SGD 52.5 million in FY2021, primarily due to the acquisition of an existing egg distribution business in Singapore[8]. - Revenue from fresh eggs accounted for about 70% of total revenue in FY2021, up from 64% in FY2020, with sales rising from approximately SGD 29.5 million to SGD 37.0 million[17]. - Net profit after tax increased by approximately SGD 2.3 million to SGD 7.5 million in FY2021, mainly due to government subsidies received during the COVID-19 pandemic[8]. - Revenue from processed eggs decreased from approximately SGD 16.8 million in FY2020 to about SGD 15.5 million in FY2021, representing a decline of approximately 7.7%[18]. - Total sales costs increased by approximately SGD 9.4 million (or about 22%) from SGD 42.7 million in FY2020 to SGD 52.1 million in FY2021, primarily due to an expanded customer base[19]. - Gross profit before fair value adjustments increased from approximately SGD 13.0 million in FY2020 to SGD 13.7 million in FY2021, while gross profit after fair value adjustments decreased by approximately 89% from SGD 3.6 million to SGD 0.4 million[20]. - Other net losses changed from a net income of approximately SGD 288,000 in FY2020 to a net loss of approximately SGD 120,000 in FY2021, a change of approximately SGD 408,000, mainly due to foreign exchange losses[21]. - Revenue from agricultural products at fair value increased by approximately 43% from SGD 9.4 million in FY2020 to SGD 13.4 million in FY2021, driven by rising prices[23]. Expansion Plans - The first phase of the farm expansion project has commenced, with expectations to produce fresh eggs starting in Q2 2022[9]. - The second phase of the farm expansion includes the construction of three additional single-story chicken houses, planned to commence by the end of 2023[10]. - The company is also expanding its existing egg processing facilities to accommodate the increased egg production from the farm expansion[11]. - Bank borrowings increased to approximately SGD 11.4 million in FY2021 to fund the expansion plans[13]. - The first phase of the expansion plan is expected to be completed by the end of 2021, with production of fresh eggs starting in Q2 2022[51]. - The group has received government approval to commence construction, although there have been delays due to feedback from appointed professionals[51]. Risk Management - The ongoing economic challenges due to the pandemic continue to impact the egg market in Singapore, presenting ongoing challenges for the company[13]. - The company is exploring other related businesses in different regions to mitigate risks associated with its focus solely on the Singapore market[13]. - The group is exposed to various risks including poultry-related diseases, food contamination, and fluctuations in raw material costs[52][53][59]. - The management is committed to continuous risk management and will review the internal control and risk management systems annually[71]. - The group faces a currency risk with USD financial assets and liabilities, where a 5% appreciation/depreciation of USD against SGD would result in a change of SGD 30,000 in performance[45]. - The group has a currency risk with HKD, where a 6% appreciation/depreciation of HKD against SGD would result in a change of SGD 109,000 in performance[47]. - The group has a currency risk with EUR, where a 1% appreciation/depreciation of EUR against SGD would result in a change of SGD 6,000 in performance[48]. - The group has implemented a three-tier risk management approach to identify, assess, and manage significant risks[125]. - The board is responsible for overseeing the risk management and internal control systems, which are reviewed at least annually[125]. Corporate Governance - The company has adopted the principles and code provisions of the corporate governance code as per GEM Listing Rules Appendix 15, ensuring high standards of corporate governance to protect shareholder interests and enhance corporate value[87]. - The board consists of three executive directors and three independent non-executive directors, maintaining compliance with GEM Listing Rules regarding board composition[91]. - The independent directors bring over 30 years of experience in law and compliance, enhancing the company's governance and shareholder value[77][79]. - The company has established a robust internal control system and conducts annual reviews of its corporate governance practices to ensure ongoing compliance[87]. - The audit committee conducted four meetings and reviewed the annual financial statements, mid-term, and quarterly reports, finding the risk management and internal control systems effective[111]. - The company has established three board committees: audit, remuneration, and nomination, each with defined responsibilities[108]. - The company has confirmed compliance with the trading code of conduct for directors during the fiscal year 2021, adhering to the standards set forth in GEM Listing Rules[88]. - The company has committed to re-election of directors at the annual general meeting, ensuring compliance with its articles of association[99]. - The company has received written confirmations of independence from all independent non-executive directors, affirming their compliance with independence guidelines[94]. - The company has implemented appropriate insurance arrangements for potential legal actions against directors[102]. Shareholder Communication - The company is committed to maintaining effective communication with shareholders through regular reports and meetings[129]. - The company encourages shareholders to attend annual general meetings to express any inquiries to the board[129]. - The company has established appropriate procedures and internal controls for handling and disclosing inside information[128]. - The company reported reserves available for distribution to shareholders of approximately SGD 12.6 million as of March 31, 2021[153]. - The company did not recommend any final dividend for the fiscal year 2021, aiming to balance sufficient funding for business development and shareholder returns[144]. - The board adopted a dividend policy considering factors such as actual and expected financial performance, retained earnings, and cash flow[144]. Management and Leadership - The company has a strong leadership team with over 20 years of experience in management and the food industry, which is expected to drive business development and expansion[74]. - The financial manager has over 10 years of experience in financial auditing and consulting, which supports the company's financial oversight[84]. - The company emphasizes continuous professional development for all directors to ensure they remain informed and capable of contributing effectively[119]. - The Nomination Committee is tasked with identifying suitable candidates for board positions based on various diversity criteria[118]. - The board believes its current composition is suitable for the company's business needs and will review it periodically[117]. Financial Overview - As of March 31, 2021, the current ratio was approximately 1.9 times, down from 2.2 times on March 31, 2020[27]. - Total borrowings amounted to approximately SGD 13.0 million as of March 31, 2021, compared to SGD 10.7 million on March 31, 2020[31]. - The group had cash and cash equivalents of approximately SGD 10.9 million as of March 31, 2021, compared to SGD 9.0 million as of March 31, 2020[28]. - The company’s financial performance and asset and liability summary for the five fiscal years ending March 31, 2021, are detailed in the annual report[147]. - The consolidated financial statements were audited by PricewaterhouseCoopers LLP, which will be proposed for reappointment at the annual general meeting[184].

Financial Performance - Revenue for the third quarter of 2020 was SGD 14,186 thousand, an increase from SGD 12,251 thousand in the same period last year, representing a growth of 15.8%[8] - Gross profit for the third quarter was SGD 3,414 thousand, compared to SGD 3,464 thousand in the previous year, showing a slight decrease of 1.4%[10] - The net profit after tax for the third quarter was SGD 913 thousand, a decrease from SGD 1,272 thousand in the same quarter last year, reflecting a decline of 28.2%[10] - Total comprehensive income for the nine months ended December 31, 2020, was SGD 3,225 thousand, up from SGD 2,422 thousand in the previous year, indicating an increase of 33.2%[14] - The company reported a basic and diluted earnings per share of SGD 0.39 for the third quarter, compared to SGD 0.21 in the same period last year, marking an increase of 85.7%[10] - Total revenue for the nine months ended December 31, 2020, was 37,764 thousand Singapore dollars, an increase from 35,063 thousand Singapore dollars for the same period in 2019, representing a growth of approximately 7.7%[32] - The pre-tax profit rose from approximately SGD 3.8 million for the nine months ended December 31, 2019, to approximately SGD 4.6 million for the nine months ended December 31, 2020, mainly due to government support during the ongoing pandemic[58] Segment Performance - For the nine months ended December 31, 2020, total revenue from fresh eggs was SGD 9,795,000 and from processed eggs was SGD 4,391,000, totaling SGD 14,186,000[25] - The segment performance for fresh eggs generated a profit of SGD 2,410,000, while processed eggs generated SGD 1,594,000, leading to a total segment profit of SGD 4,004,000[25] - Revenue from fresh eggs accounted for about 70% of total revenue, increasing from approximately SGD 22.2 million to approximately SGD 26.4 million for the nine months ended December 31, 2020, driven by an expanded customer base and increased sales from supermarkets[63] - Revenue from processed eggs decreased from approximately SGD 12.9 million to approximately SGD 11.3 million for the nine months ended December 31, 2020, due to a decline in sales to food and beverage customers during the lockdown[64] Expenses and Costs - Administrative expenses for the third quarter were SGD 984 thousand, a decrease from SGD 1,036 thousand in the previous year, representing a reduction of 5%[10] - The company incurred total costs of SGD 8,817,000 for purchases, with additional expenses including employee benefits of SGD 809,000 and depreciation of SGD 416,000[25] - Employee benefits for the nine months ended December 31, 2020, amounted to 2,782 thousand Singapore dollars, up from 2,300 thousand Singapore dollars in the same period of 2019, which is an increase of 20.9%[35] - The cost of goods purchased for the nine months ended December 31, 2020, was 23,039 thousand Singapore dollars, compared to 20,316 thousand Singapore dollars in the previous year, representing an increase of 13.4%[35] - The total expenses for the nine months ended December 31, 2020, were 15,070 thousand Singapore dollars, an increase from 12,202 thousand Singapore dollars in the previous year, representing a growth of 23.5%[42] Other Income and Financial Adjustments - The company recognized other income of SGD 353,000, contributing positively to the overall financial performance[25] - Other income for the nine months ended December 31, 2020, totaled 1,576 thousand Singapore dollars, significantly higher than 612 thousand Singapore dollars for the same period in 2019, reflecting an increase of 157.9%[38] - Other income increased by approximately SGD 964,000 to approximately SGD 1.576 million for the nine months ended December 31, 2020, mainly due to COVID-19 employment support subsidies received from the Singapore government[68] - Biological assets fair value changes resulted in a profit of approximately SGD 0.2 million for the nine months ended December 31, 2020, a change of approximately SGD 1.0 million from a loss of approximately SGD 0.8 million[72] Company Strategy and Future Plans - The company plans to expand its market presence and invest in new product development to drive future growth[8] - The company has identified potential acquisition targets to enhance its operational capabilities and market reach[8] - The company plans to complete the quail farm expansion by the end of 2021 and is seeking additional resources to fund this expansion[59] - The company is exploring other related businesses in different regions to diversify its risks associated with the Singapore egg market[62] Shareholding and Corporate Structure - As of December 31, 2020, Radiant Grand International Limited holds 294,800,000 shares, representing 58.96% of the company's shares[86] - Elite Ocean Ventures Limited owns 80,200,000 shares, accounting for 16.04% of the company's shares[89] - The company's ultimate holding company is Radiant Grand International Limited, registered in the British Virgin Islands[16] Compliance and Reporting - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the nine months ending December 31, 2020, confirming compliance with applicable accounting standards and GEM listing rules[93] - The company’s financial statements are prepared in accordance with International Financial Reporting Standards and GEM listing rules[17] - The company has adopted new International Financial Reporting Standards, which did not have a significant impact on the unaudited financial statements[20]