Financial Performance - The company reported revenue of SGD 23,578,000 for the six months ended September 30, 2020, an increase of 3.35% compared to SGD 22,812,000 for the same period in 2019[4]. - Gross profit for the same period was SGD 5,564,000, down from SGD 6,156,000 in 2019, representing a decrease of 9.6%[4]. - Other income increased significantly to SGD 1,191,000 from SGD 295,000, marking a growth of 303.39%[4]. - The company incurred a loss of SGD 104,000 from other gains/losses, compared to a gain of SGD 312,000 in the previous year[4]. - The total comprehensive income for the period attributable to owners of the company was SGD 2,698,000, compared to SGD 2,182,000 in the same period last year, reflecting an increase of 23.6%[4]. - Basic and diluted earnings per share were SGD 0.38, down from SGD 0.49 in the previous year, indicating a decrease of 22.45%[4]. - The company reported a net loss from biological asset fair value changes of SGD 14,222,000, compared to a loss of SGD 590,000 in the previous year[154][158]. - The company recorded a pre-tax profit of SGD 2,140,000 for the six months ended September 30, 2020, compared to SGD 2,518,000 in the previous year, showing a decrease of approximately 15%[158]. - The company reported a profit attributable to equity holders of SGD 1,896,000 for the six months ended September 30, 2020, down from SGD 2,182,000 in the same period of 2019, representing a decrease of approximately 13.1%[176]. Assets and Liabilities - The company’s total assets as of September 30, 2020, were reported at SGD 50,000,000, compared to SGD 48,000,000 as of March 31, 2020, showing an increase of 4.17%[4]. - Total assets increased to SGD 51,251,000 from SGD 43,540,000, representing a growth of approximately 17.4%[75]. - Current liabilities rose to SGD 12,570,000 from SGD 9,795,000, an increase of about 28.7%[77]. - Total liabilities increased to SGD 22,574,000 from SGD 16,759,000, marking a rise of about 34.8%[77]. - Net assets increased to SGD 28,677,000 from SGD 26,781,000, reflecting a growth of approximately 7.1%[77]. - The company’s total equity increased to SGD 28,677,000 from SGD 26,781,000, representing a growth of about 7.1%[77]. Cash Flow and Expenses - Cash and cash equivalents increased significantly to SGD 13,748,000 from SGD 9,011,000, a rise of about 52.5%[119]. - Operating cash flow for the six months ended September 30 was SGD 7,846,000, compared to SGD 3,136,000 in the previous period, indicating a substantial increase of approximately 150.5%[126]. - Employee benefits expenses increased to SGD 1,973,000 from SGD 1,547,000, reflecting a year-over-year increase of approximately 27.6%[154][158]. - The total operating expenses for the six months ended September 30, 2020, amounted to SGD 26,186,000, compared to SGD 22,867,000 in the same period of 2019, representing an increase of approximately 14.4%[168]. - The company incurred finance costs of SGD 164,000 for the six months ended September 30, 2020, down from SGD 222,000 in the previous year[167]. Inventory and Production - The company’s inventory increased to SGD 2,111,000 from SGD 1,641,000, reflecting a growth of approximately 28.6%[75]. - The total inventory purchased during the period was SGD 398,000, compared to SGD 13,023,000 in the previous year, indicating a significant reduction in inventory purchases[154][158]. - The company harvested 68,706,822 eggs during the six months ended September 30, 2020, compared to 66,698,054 eggs in the same period of 2019, representing an increase of approximately 3%[185]. Market and Future Plans - The company plans to continue expanding its market presence and invest in new product development to drive future growth[4]. - The company has not disclosed any significant new product developments or market expansions during the reporting period[159]. Shareholder Information - The weighted average number of ordinary shares issued increased to 500,000,000 shares in 2020 from 445,548,000 shares in 2019, reflecting a significant increase in share issuance[176]. - The company did not declare any interim dividend for the six months ended September 30, 2020, consistent with the previous year[177]. Biological Assets - The fair value of biological assets decreased to SGD 3,281,000 as of September 30, 2020, from SGD 4,270,000 as of the same date in 2019, a decline of about 23.2%[180]. - The company’s biological assets include 2,539,000 mature hens and 742,000 immature hens as of September 30, 2020, compared to 3,736,000 mature hens and 534,000 immature hens as of March 31, 2020, indicating a reduction in total biological assets[180]. Other Information - The board confirmed that all information provided in the announcement is accurate and complete, with no misleading or fraudulent elements[2]. - The company will publish its interim report on its website and the GEM website for at least seven days from the announcement date[3].

Financial Performance - Revenue for the first quarter of 2020 was SGD 11,540,000, an increase from SGD 10,520,000 in the same period last year, representing a growth of approximately 9.7%[6] - Gross profit for the quarter was SGD 3,143,000, compared to SGD 2,805,000 in the previous year, indicating a year-over-year increase of about 12.1%[8] - The company reported a net profit before tax of SGD 1,703,000, up from SGD 1,325,000 in the prior year, reflecting a growth of approximately 28.5%[8] - Total comprehensive income for the quarter was SGD 1,641,000, compared to SGD 1,239,000 in the same quarter last year, marking an increase of around 32.4%[8] - Basic and diluted earnings per share increased to SGD 0.17 from SGD 0.15, representing a growth of approximately 13.3%[8] Expenses and Costs - Administrative expenses for the quarter were SGD 747,000, up from SGD 686,000 in the previous year, indicating an increase of about 8.9%[8] - Financing costs decreased to SGD 70,000 from SGD 103,000, showing a reduction of approximately 32.0%[8] - The company experienced a decrease in sales and distribution expenses, which were SGD 667,000 compared to SGD 926,000 in the previous year, a decline of about 28.0%[8] - The cost of goods sold for fresh eggs was SGD 5,780,000 and for processed eggs was SGD 1,695,000, totaling SGD 7,475,000[23] - Total sales costs increased by approximately 19% from SGD 8.9 million in the three months ended June 30, 2019, to SGD 10.6 million in the same period in 2020, primarily due to increased procurement of eggs[51] Segment Performance - For the three months ended June 30, 2020, the total revenue from the fresh eggs segment was SGD 8,650,000, and from the processed eggs segment was SGD 2,890,000, resulting in a total revenue of SGD 11,540,000[23] - The segment performance showed a profit of SGD 1,632,000 from fresh eggs and SGD 219,000 from processed eggs, leading to a total segment profit of SGD 1,851,000[23] - Fresh egg sales accounted for approximately 75% of total revenue in the three months ended June 30, 2020, up from about 63% in the same period in 2019, with revenue from fresh eggs increasing from SGD 6.7 million to SGD 8.7 million[49] - Processed egg sales contributed approximately 25% to total revenue in the three months ended June 30, 2020, down from about 37% in the same period in 2019, with revenue decreasing from SGD 3.8 million to SGD 2.9 million[50] Other Income and Losses - Other income for the quarter was SGD 140, down from SGD 152 in the previous year, reflecting a decrease of approximately 7.9%[8] - The total other income for the three months ended June 30, 2020, was SGD 140,000, compared to SGD 152,000 for the same period in 2019, indicating a decrease of approximately 7.89%[29] - The company experienced a loss from biological asset fair value changes of SGD 859,000 for the three months ended June 30, 2020, compared to a loss of SGD 626,000 for the same period in 2019[23] - The company reported a net loss from currency exchange of SGD 67,000 for the three months ended June 30, 2020, compared to a gain of SGD 71,000 in the same period of 2019[30] Government Support and Grants - The company received government grants amounting to SGD 20,000 for the three months ended June 30, 2020, compared to SGD 7,000 in the same period of 2019, marking an increase of approximately 185.71%[29] - Sales and distribution expenses decreased from approximately SGD 0.9 million to SGD 0.7 million, a reduction of about 22% due to government COVID-19 financial support[56] Corporate Governance - The company has adopted corporate governance principles and codes as per GEM listing rules to enhance shareholder value and ensure accountability[59] - The roles of the Chairman and CEO are currently held by the same individual, which the board believes is in the best interest of the company for effective strategic planning[60] - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting and internal controls[77] - The company is committed to maintaining transparency in its financial disclosures and governance practices[77] - The company has maintained compliance with all applicable corporate governance codes as of the report date[60] Shareholder Information - As of June 30, 2020, Mr. Ma holds approximately 294.8 million shares, representing 58.96% of the company's shares[68] - Radiant Grand holds 294,800,000 shares, representing 58.96% of the company's shares[73] - Elite Ocean Ventures Limited, controlled by Mr. Lin Youwen, holds 80,200,000 shares, accounting for 16.04% of the company's shares[73][74] - Mr. Lin Youwen and Ms. Tan Bee Hong each have a beneficial interest in 80,200,000 shares, also representing 16.04%[73][74] - The company has not reported any new acquisitions or significant changes in shareholder structure during the reporting period[76] Strategic Focus - The company continues to focus on expanding its market presence and enhancing its product offerings in the fresh egg and processed egg products sector[15] - The company continues to focus on sustainable agricultural development as part of its core strategy[79] - The company completed the acquisition of Khwan Hup Farming Pte Ltd, enhancing its market position in Singapore[46] Miscellaneous - The company did not declare any dividends for the three months ended June 30, 2020, consistent with the same period in 2019[44] - The company has a share option plan to attract, retain, and reward eligible individuals, aligning their contributions with the company's interests[66] - No share options have been granted or agreed to be granted under the share option plan as of the report date[67] - The unaudited consolidated financial statements for the three months ending June 30, 2020, were reviewed and deemed compliant with applicable accounting standards[77] - The report was issued on August 6, 2020, reflecting the company's ongoing commitment to corporate governance[78]

Financial Performance - The group's total revenue increased by approximately 39% from about SGD 33.3 million in FY2019 to approximately SGD 46.3 million in FY2020[8]. - Net profit after tax rose to SGD 5.2 million in FY2020, up from SGD 3.2 million in FY2019, excluding non-recurring expenses related to the IPO[8]. - Revenue from fresh eggs accounted for approximately 64% of total revenue in FY2020, increasing by about SGD 9.0 million to approximately SGD 29.5 million[16]. - Revenue from processed eggs represented approximately 36% of total revenue in FY2020, rising by about SGD 4.0 million to approximately SGD 16.8 million[17]. - Gross profit before fair value adjustment increased from approximately SGD 6.3 million in FY2019 to approximately SGD 13.0 million in FY2020, representing an increase of about SGD 6.7 million[19]. - Gross profit margin before fair value adjustment rose from approximately 19% in FY2019 to approximately 28% in FY2020[19]. - Other net income changed from a net loss of approximately SGD 199,000 in FY2019 to a net income of approximately SGD 288,000 in FY2020, a change of approximately SGD 487,000[20]. - Revenue from agricultural products at fair value increased from approximately SGD 4.5 million in FY2019 to approximately SGD 9.4 million in FY2020, representing an increase of about 109%[22]. Costs and Expenses - The total cost of sales increased by approximately 36% from about SGD 31.5 million in FY2019 to approximately SGD 42.7 million in FY2020, primarily due to higher sales leading to increased procurement of fresh eggs[18]. - Sales and distribution expenses increased by approximately SGD 1.4 million (or about 54%) from approximately SGD 2.6 million in FY2019 to approximately SGD 4.0 million in FY2020[24]. - Employee costs increased to approximately SGD 7.2 million in FY2020 from approximately SGD 5.8 million in FY2019[39]. Acquisitions and Expansion - The company completed the acquisition of Tew Seng Cheow Kee (TSCK), enhancing its position in the Singapore market[8]. - The expansion plan for egg production facilities is expected to double the annual production capacity of fresh eggs by 2022[9]. - The quail breeding facility is expected to produce approximately 15 million quail eggs annually upon completion[11]. - The company is actively seeking opportunities to acquire local distributors to enhance its competitive advantage in the egg distribution business[10]. Risk Management - The group faces a currency risk of SGD 19,000 due to a 5% appreciation/depreciation of USD against SGD as of March 31, 2020, compared to SGD 2,000 in the previous fiscal year[44]. - The group has a currency risk exposure of SGD 156,000 from HKD fluctuations, with a 6% appreciation/depreciation against SGD as of March 31, 2020, compared to SGD 93,000 in the previous fiscal year[46]. - The group's cash and bank deposits in EUR amounted to SGD 478,000, with a potential impact of SGD 16,000 from a 4% appreciation/depreciation against SGD as of March 31, 2020[47]. - The group faces various risks, including poultry-related diseases and food contamination, which could impact operational performance[58][59]. - The group relies heavily on the Singapore market, and a significant decline in market share could adversely affect financial performance[62]. - The group has not established long-term contracts with major customers and suppliers, exposing it to credit and payment risks[68]. - The group’s financial risk management policies include monitoring currency risk, credit risk, and liquidity risk, with regular assessments conducted by management[75]. Corporate Governance - The company reported a commitment to high levels of corporate governance to protect shareholder interests and enhance corporate value[95]. - The board consists of three executive directors and three independent non-executive directors as of March 31, 2020[99]. - The company has adopted a set of guidelines for directors' securities trading, ensuring compliance with GEM listing rules[96]. - The chairman and CEO roles are not separated, with Mr. Ma serving in both capacities since 2009, which the board believes is in the best interest of the company[101]. - The company has complied with GEM listing rules regarding the appointment of independent non-executive directors, ensuring at least one has appropriate professional qualifications[102]. - The company’s financial manager, Ms. Yang, has over 10 years of experience in corporate financial audits and financial consulting[92]. - The board will review corporate governance practices at least annually to ensure ongoing compliance with governance codes[95]. - The company has established a robust mechanism for checks and balances through the board and independent non-executive directors[101]. - The company’s independent non-executive directors confirmed their independence according to GEM listing rules for the fiscal year 2020[102]. - The company has established a remuneration committee to review the remuneration policy and structure for all directors and senior management[162]. - The company has arranged for directors and senior management liability insurance covering costs and liabilities arising from legal actions due to corporate activities[169]. - The company has not granted any rights to directors for acquiring shares or debt securities during the fiscal year[185]. - The company’s board of directors includes both executive and independent non-executive members, ensuring governance and oversight[165]. - The company did not engage in any related party transactions that required disclosure under GEM listing rules for the fiscal year 2020[186]. - As of March 31, 2020, all directors confirmed compliance with the non-competition agreement established on August 15, 2018[189]. - The company has adopted a share option scheme on August 15, 2018, with a total number of shares involved not exceeding 50,000,000, which is 10% of the issued share capital[195]. - No share options were granted, exercised, expired, or cancelled during the fiscal year 2020[195]. Shareholder Communication - The board of directors is responsible for leading and monitoring the company, ensuring effective strategy implementation and financial performance oversight[106]. - The audit committee held four meetings during the fiscal year 2020, reviewing the annual financial statements and assessing the effectiveness of the risk management and internal control systems[113]. - The remuneration committee conducted two meetings in the fiscal year 2020 to review and recommend compensation policies for directors and senior management[119]. - The board meets quarterly, with additional meetings organized as necessary, ensuring timely communication and decision-making[109]. - The company has a dedicated company secretary to support the board and ensure compliance with governance policies[145]. - The company encourages shareholders to submit inquiries to the board through its Hong Kong office[143]. - The board of directors is dedicated to effective communication with shareholders, encouraging attendance at annual general meetings to address any inquiries[139]. Financial Position - Current ratio improved to approximately 2.2 times as of March 31, 2020, compared to 1.8 times as of March 31, 2019[26]. - Total borrowings decreased from approximately SGD 12.1 million as of March 31, 2019, to approximately SGD 10.7 million as of March 31, 2020[29]. - The company had cash and cash equivalents of approximately SGD 9 million as of March 31, 2020, compared to SGD 9.9 million as of March 31, 2019[27]. - The reserves available for distribution to shareholders as of March 31, 2020, were approximately SGD 5.6 million[163]. - As of March 31, 2020, the total issued share capital of the company was 500,000,000 ordinary shares with a par value of HKD 0.01 per share[161]. - The company’s major customers accounted for approximately 18% of total annual sales, with the largest customer contributing about 5%[181]. - The company’s major suppliers accounted for approximately 79% of total annual purchases, with the largest supplier contributing about 25%[181]. - The company’s financial performance, assets, and liabilities for the past four fiscal years are summarized in the annual report[157]. - The company’s property, plant, and equipment changes for the fiscal year 2020 are detailed in the consolidated financial statements[158].

Financial Performance - The company reported revenue of SGD 12,251,000 for the three months ended December 31, 2019, compared to SGD 8,898,000 for the same period in the previous year, representing a year-over-year increase of approximately 38.5%[5] - Gross profit for the third quarter was SGD 3,464,000, up from SGD 1,321,000 in the prior year, indicating a significant improvement in profitability[5] - The net profit after tax for the third quarter was SGD 1,272,000, compared to SGD 1,043,000 in the same quarter last year, reflecting a growth of about 22%[7] - Total revenue for the nine months ended December 31, 2019, was SGD 35,063,000, an increase from SGD 23,964,000 in the same period last year, marking a growth of approximately 46.5%[9] - The gross profit for the nine-month period was SGD 9,620,000, compared to SGD 4,291,000 in the previous year, indicating a substantial increase in gross margin[9] - The company reported a significant loss in biological asset fair value changes, amounting to SGD (20,316,000) for purchases of inventory[42] - The company recorded a profit attributable to equity holders of SGD 1,043,000 for the three months ended December 31, 2019, compared to SGD 710,000 in the same period of 2018, reflecting a 47% increase[61] - Net profit after tax rose by SGD 2.7 million to SGD 3.2 million for the same period, driven by increased sales and improved gross margins[66] Earnings and Expenses - The company achieved a basic and diluted earnings per share of SGD 0.21 for the third quarter, compared to SGD 0.14 in the previous year[7] - Total expenses for the nine months ended December 31, 2019, amounted to SGD 35,069,000, up from SGD 26,391,000 in the same period of 2018, indicating a 33% increase[57] - Employee benefits expenses totaled SGD (2,300,000) for the nine months, indicating a focus on workforce investment[42] - Employee benefits increased to SGD 5,145,000 for the nine months ended December 31, 2019, compared to SGD 4,177,000 in the same period of 2018, reflecting a 23% increase[57] - Sales and distribution expenses increased by approximately 42% from SGD 1.9 million to SGD 2.7 million, primarily due to higher employee benefits and vehicle maintenance costs[76] Revenue Breakdown - Total revenue for fresh eggs and processed eggs reached SGD 12,251,000, with fresh eggs contributing SGD 7,691,000 and processed eggs contributing SGD 4,560,000[35] - For the nine months ending December 31, 2019, total revenue was SGD 35,063,000, with fresh eggs at SGD 22,203,000 and processed eggs at SGD 12,860,000[42] - Fresh egg sales accounted for approximately 63% of total revenue, increasing from approximately SGD 14.5 million to approximately SGD 22.2 million, attributed to customer base expansion[68] - Processed egg sales represented about 37% of total revenue, rising from approximately SGD 9.4 million to approximately SGD 12.9 million, mainly due to increased sales of pasteurized peeled eggs and salted eggs[69] Strategic Initiatives - The company plans to expand its market presence and invest in new product development to drive future growth[4] - The company is focused on enhancing its operational efficiency and exploring potential acquisition opportunities to strengthen its market position[4] - The overall operational strategy appears to focus on enhancing product offerings and managing costs effectively to improve profitability[35] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2019, and found them compliant with applicable accounting standards[94] - The company has established a non-competition agreement with its major shareholder to prevent any competitive activities[83] - The company’s major shareholders and their respective interests have been disclosed, with no additional interests reported as of the report date[93] Market and Operational Context - The company operates primarily in Singapore, focusing on the production and sale of fresh eggs and processed egg products[25] - The group underwent a restructuring to prepare for listing, with the current subsidiaries being controlled by the ultimate shareholder, Mr. Ma[26] - The company has two operating segments: fresh eggs and processed eggs, evaluated based on revenue and segment performance[34] Other Financial Information - The company reported other income of SGD 612,000 for the nine months, up from SGD 328,000 in the prior year, showing a growth of approximately 86.5%[9] - Other income for the nine months included government grants of SGD 31,000 and sales of animal feed income of SGD 173,000[49] - Other income shifted from a net loss of approximately SGD 133,000 to a net gain of approximately SGD 102,000, mainly due to foreign exchange gains[73] - The company reported a loss of SGD 225,000 from foreign exchange, a significant increase from a loss of SGD 4,000 in the previous year[50] - The company did not recommend any dividend payment for the nine months ended December 31, 2019, consistent with the previous year[63]

Financial Performance - The company reported revenue of SGD 22,812,000 for the six months ended September 30, 2019, compared to SGD 15,066,000 for the same period in 2018, representing a year-over-year increase of 51.5%[5] - Gross profit for the period was SGD 6,156,000, up from SGD 2,970,000 in the previous year, indicating a significant increase of 106.5%[5] - The company achieved a profit before tax of SGD 3,034,000, compared to a loss of SGD 940,000 in the prior year, marking a turnaround in profitability[11] - The company reported a basic and diluted earnings per share of SGD 0.49 for the period, compared to a loss per share of SGD 0.06 in the previous year[14] - The company reported a pre-tax profit of SGD 2,518,000 for the six months ended September 30, 2019, compared to a pre-tax loss of SGD 87,000 in the same period of 2018[53] - The company reported a net profit attributable to equity holders of SGD 2,182,000 for the six months ended September 30, 2019, compared to a loss of SGD 235,000 in the same period of 2018[67] Assets and Liabilities - Total assets increased to SGD 42,387,000 as of September 30, 2019, up from SGD 39,654,000 as of March 31, 2019, reflecting a growth of 6.2%[16] - The company's net asset value rose to SGD 23,805,000, compared to SGD 21,623,000 in the previous period, representing an increase of 10.1%[19] - Total trade receivables increased to SGD 9,002,000 from SGD 7,132,000, indicating a growth of 26.3%[16] - As of September 30, 2019, total borrowings amounted to approximately SGD 11.6 million, a decrease from SGD 12.1 million as of March 31, 2019[115] - The company’s expected credit loss provision for trade receivables increased to SGD 234,000 as of September 30, 2019, from SGD 133,000 as of March 31, 2019, reflecting a rise of approximately 76%[87] Cash Flow - For the six months ended September 30, 2019, the net cash generated from operating activities was SGD 3,136,000, compared to a net cash used of SGD 500,000 in the same period of 2018[35] - The net cash used in investing activities for the same period was SGD 4,152,000, an increase from SGD 1,038,000 in 2018[35] - The net cash used in financing activities was SGD 1,120,000, a significant decrease from the net cash generated of SGD 9,184,000 in the previous year[35] - The cash and cash equivalents decreased by SGD 2,136,000, compared to an increase of SGD 7,646,000 in the prior year[35] - As of September 30, 2019, the cash and cash equivalents at the end of the period were SGD 7,775,000, down from SGD 8,445,000 in 2018[35] Operational Highlights - The company operates in two segments: fresh eggs and processed eggs, with performance evaluated based on profit generated by each segment[52] - The company is primarily engaged in the production and sale of fresh eggs and processed egg products in Singapore[37] - The company harvested 66,698,054 eggs in the six months ended September 30, 2019, compared to 47,738,964 eggs in the same period of 2018, indicating a growth of approximately 39.6%[77] - Revenue from fresh eggs accounted for approximately 64% of total revenue, increasing from approximately SGD 9.1 million to approximately SGD 14.5 million, driven by an expanded customer base[102] - Revenue from processed eggs represented approximately 36% of total revenue, rising from approximately SGD 6.0 million to approximately SGD 8.3 million, mainly due to increased sales of pasteurized peeled eggs and salted eggs[103] Expenses and Costs - The cost of goods sold amounted to SGD 13,023,000, with a total operating expense of SGD 22,867,000 for the six months ended September 30, 2019, compared to SGD 17,004,000 in the same period of 2018[63] - The company incurred finance costs of SGD 222,000 for the six months ended September 30, 2019, up from SGD 187,000 in the same period of 2018[62] - The company reported a net tax expense of SGD 336,000 for the six months ended September 30, 2019, compared to SGD 148,000 in the same period of 2018[66] - Sales and distribution expenses increased by approximately SGD 0.6 million (or about 46%) from approximately SGD 1.3 million for the six months ended September 30, 2018, to approximately SGD 1.9 million for the six months ended September 30, 2019, primarily due to increased sales leading to higher employee benefits and vehicle maintenance costs[111] - Other administrative expenses rose from approximately SGD 0.9 million for the six months ended September 30, 2018, to approximately SGD 1.6 million for the six months ended September 30, 2019, mainly due to higher compliance costs since the company’s listing in September 2018[112] Future Plans and Commitments - The company plans to continue expanding its market presence and invest in new product development to drive future growth[4] - The company plans to expand existing laying facilities and develop quail egg farms to strengthen its market position as a leading egg distributor in Singapore[101] - As of September 30, 2019, the company had capital commitments of approximately SGD 5.617 million related to the expansion of existing farms, which were not recognized in the unaudited financial statements[99] Governance and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and are unaudited but reviewed by the audit committee[49] - The company has adopted IFRS 16 regarding leases, which impacts the recognition of lease liabilities and right-of-use assets[49] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[167] - The audit committee reviewed the unaudited consolidated financial statements for the six months ending September 30, 2019, confirming compliance with applicable accounting standards[167] Shareholding and Management - The chairman and CEO roles are held by the same individual, Mr. Ma, which the board believes is in the best interest of the group[151] - As of September 30, 2019, Mr. Ma and Ms. Lam each hold 294,800,000 shares, representing approximately 58.96% of the company's shares[160] - Radiant Grand International Limited is wholly owned by Mr. Ma, who is considered to have an interest in the company's shares[161] - As of September 30, 2019, Radiant Grand International Limited holds 294,800,000 shares, representing approximately 58.96% of the company's shares[163] - Elite Ocean Ventures Limited, also controlled by Mr. Lin, holds 80,200,000 shares, accounting for approximately 16.04% of the company's shares[163]

Financial Performance - For the first quarter ended June 30, 2019, the company reported total revenue of SGD 10,520,000, compared to SGD 6,516,000 in the same period last year, representing a year-over-year increase of 61.5%[5] - The gross profit for the first quarter was SGD 2,805,000, up from SGD 1,314,000 in the previous year, indicating a significant improvement in profitability[5] - The company achieved a net profit before tax of SGD 1,325,000, compared to a loss of SGD 566,000 in the prior year, marking a turnaround in financial performance[11] - Total comprehensive income for the quarter was SGD 1,239,000, compared to a loss of SGD 566,000 in the same quarter last year, reflecting a positive shift in overall financial health[13] - Basic and diluted earnings per share for the quarter were SGD 0.15, compared to a loss of SGD 0.06 in the previous year, indicating improved earnings capacity[14] - The company reported other income of SGD 152,000, an increase from SGD 109,000 in the previous year, contributing to overall revenue growth[5] Operational Costs - The cost of sales was SGD 7,715,000, which is an increase from SGD 5,202,000 in the same period last year, reflecting higher operational costs associated with increased sales[5] - The cost of purchased inventory amounted to SGD 5,779,000, with specific costs for fresh and processed eggs being SGD 4,343,000 and SGD 1,436,000 respectively[39] - The company incurred a loss of SGD 626,000 from the fair value changes of biological assets, with losses of SGD 300,000 for fresh eggs and SGD 326,000 for processed eggs[39] - Employee benefits expenses totaled SGD 179,000, with SGD 86,000 attributed to fresh eggs and SGD 93,000 to processed eggs[39] - Depreciation of property, plant, and equipment was SGD 506,000, with SGD 364,000 for fresh eggs and SGD 142,000 for processed eggs[39] Market Strategy - The company is focused on expanding its market presence in Singapore, particularly in the production and sale of fresh eggs and processed egg products[25] - The company plans to invest in new product development and technology to enhance operational efficiency and product offerings in the future[25] - The company is actively exploring potential mergers and acquisitions to strengthen its market position and expand its product portfolio[25] - The company plans to expand its egg production facilities and diversify into quail egg farming to strengthen its market position as a leading egg distributor in Singapore[60] Segment Performance - For the three months ended June 30, 2019, total revenue was SGD 10,520,000, with fresh eggs contributing SGD 6,679,000 and processed eggs contributing SGD 3,841,000[39] - The total segment profit for fresh eggs was SGD 716,000, while processed eggs generated a profit of SGD 1,229,000, leading to a combined segment profit of SGD 1,945,000[39] Compliance and Governance - The company adopted IFRS 16 for leases starting April 1, 2019, which requires recognition of lease liabilities and right-of-use assets[33] - The financial statements are prepared in accordance with International Financial Reporting Standards and are presented in Singapore dollars[32] - The company maintains a commitment to high levels of corporate governance to protect shareholder interests and enhance corporate value[73] - The company has established an audit committee to oversee financial reporting and risk management systems[86] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the three months ending June 30, 2019, ensuring compliance with applicable accounting standards[86] Shareholder Information - The company's major shareholder, Radiant Grand International Limited, holds 294,800,000 shares, representing approximately 58.96% of the total shares[80] - Elite Ocean Ventures Limited, another major shareholder, holds 80,200,000 shares, representing approximately 16.04% of the total shares[83] - The company did not purchase, sell, or redeem any of its securities during the three months ending June 30, 2019[80] - The company has committed to non-competition agreements with its major shareholders to prevent any competitive activities[80] Employee and Administrative Expenses - The company’s employee benefits increased to SGD 1.628 million for the three months ended June 30, 2019, compared to SGD 1.225 million for the same period in 2018[50] - The company’s depreciation of property, plant, and equipment was SGD 611,000 for the three months ended June 30, 2019, down from SGD 745,000 in the same period in 2018[50] - Other administrative expenses increased from approximately SGD 0.5 million to SGD 0.7 million, primarily due to higher compliance costs since the company went public[71] Revenue Growth - The company's revenue increased by 62% from approximately SGD 6.5 million for the three months ended June 30, 2018, to approximately SGD 10.5 million for the three months ended June 30, 2019[59] - Revenue from fresh eggs increased from approximately SGD 3.7 million to SGD 6.7 million, representing a growth of about 81% year-over-year[62] - Revenue from processed eggs rose from approximately SGD 2.8 million to SGD 3.8 million, marking an increase of about 36% year-over-year[63] - Revenue from agricultural products recognized at fair value less estimated point of sale costs increased by approximately SGD 0.8 million (or about 160%) to SGD 1.3 million, driven by higher production of fresh eggs and increased wholesale prices[68] Other Financial Metrics - The company incurred financing costs of SGD 103,000 for the three months ended June 30, 2019, up from SGD 73,000 in the same period in 2018[48] - The company did not declare any dividends for the three months ended June 30, 2019, consistent with the same period in 2018[57] - Biological asset fair value changes resulted in a loss of approximately SGD 0.6 million, a decrease of about SGD 0.8 million compared to the previous year[69] - Selling and distribution expenses rose by approximately SGD 0.3 million (or about 50%) to SGD 0.9 million, attributed to increased employee benefits and vehicle maintenance costs[70] - Other income increased from approximately SGD 62,000 to SGD 83,000, mainly due to currency exchange gains from the appreciation of the Hong Kong dollar against the Singapore dollar[67]

Financial Performance - Total revenue increased by approximately SGD 8.2 million (or about 33%) from SGD 25.1 million in FY2018 to approximately SGD 33.3 million in FY2019[30]. - Net profit after tax increased by SGD 1.1 million to SGD 1.6 million for FY2019, with adjusted net profit rising to SGD 3.2 million after excluding non-recurring expenses related to the IPO[22]. - Revenue from fresh eggs accounted for approximately 62% of total revenue in FY2019, up from 57% in FY2018, with sales increasing from approximately SGD 14.3 million to SGD 20.5 million[31]. - Sales of processed egg products rose by SGD 1 million to SGD 13 million in FY2019, with the introduction of new products such as Japanese omelette rolls[22]. - Revenue from processed eggs increased from approximately SGD 10.8 million in FY2018 to about SGD 12.8 million in FY2019, representing a growth of approximately 18.5%[32]. - Revenue from agricultural products at fair value increased by approximately SGD 1.8 million (or about 66.7%) from approximately SGD 2.7 million in FY2018 to about SGD 4.5 million in FY2019, driven by higher wholesale prices[37]. - Total sales cost rose by approximately SGD 9.5 million (or about 43%) from approximately SGD 22.0 million in FY2018 to about SGD 31.5 million in FY2019, primarily due to increased egg procurement from Guan Sing Eggs[33]. - Gross profit before fair value adjustment increased from approximately SGD 5.8 million in FY2018 to about SGD 6.3 million in FY2019, while gross profit after fair value adjustment decreased from approximately SGD 3.1 million to about SGD 1.8 million (a decline of about 41.9%)[34]. - Other income/loss shifted from a net income of approximately SGD 67,000 in FY2018 to a net loss of about SGD 199,000 in FY2019, a change of approximately SGD 266,000, mainly due to foreign exchange losses in FY2019[35]. Expansion and Development - The company has signed a 20-year lease to expand its egg production facilities, which is expected to double the annual production capacity upon completion in 2021[23]. - A new quail farm is being established on a 16,000 square meter site in Singapore, with an estimated investment of SGD 4.5 million, expected to produce approximately 15 million quail eggs annually[25]. - The company plans to enhance its distribution network by increasing the number of egg distributors in the supply chain[24]. - The expansion of the quail farm is part of a strategy to strengthen the supply chain and capture profits across the entire supply chain[25]. - The company aims to solidify its position as a leading egg distributor in Singapore through these developments[26]. - The group plans to expand its egg production capacity by constructing additional facilities, with a revised plan to build one layer of small hen houses and six layer egg hen houses over three years[70]. - The first phase of the expansion plan is expected to be completed by mid-2020, which includes planning and foundation work for the entire facility[71]. - The net proceeds from the share offering are approximately SGD 180,000, intended for the construction of new production facilities[76]. - As of March 31, 2019, the group has utilized approximately SGD 31.0 million of the net proceeds for expanding production capacity, with SGD 3.4 million allocated for working capital and other general corporate purposes[93]. Risk Management - The group has identified risks related to poultry diseases and infections, emphasizing the importance of effective risk management practices[94]. - The company faces risks related to food contamination and spoilage, which may lead to product liability claims[95]. - The company may be impacted by fluctuations in the import prices of eggs from Malaysia[98]. - The company relies on foreign labor, which may pose operational risks[101]. - The company does not have long-term contracts with major customers and suppliers, increasing business uncertainty[104]. - The company faces risks related to customer credit and payment defaults[105]. - The fair value of the company's biological assets may fluctuate significantly over different periods, leading to unstable operational performance[108]. - Changes in social, political, regulatory, economic, and legal developments, as well as shifts in Singapore government policies, could have a significant adverse impact on the business[110]. - Loss of government funding or reductions in related funding may negatively affect the company's financial performance and operational results[111]. Corporate Governance - The company has implemented new compliance measures to strengthen corporate governance, ensuring adherence to regulatory standards[129]. - The board of directors is committed to enhancing shareholder value through strategic decision-making and performance monitoring[131]. - The board consists of three executive directors and three independent non-executive directors as of March 31, 2019, and the report date[134]. - The chairman and CEO, Mr. Ma, has been leading the group since 2009 and was appointed chairman in September 2018, ensuring effective strategy planning and implementation[136]. - All independent non-executive directors have confirmed their independence according to GEM listing rules during the reporting period[137]. - The company held three board meetings during the reporting period, with all directors attending all meetings[148]. - The board has established three committees: audit committee, remuneration committee, and nomination committee, with defined written terms of reference[149]. - The Audit Committee held four meetings during the reporting period, with all members attending all meetings[150]. - The Compensation Committee held one meeting to review and recommend compensation policies for directors and senior management[156]. - The Nomination Committee held one meeting to review the board's structure, size, and diversity policy[163]. - The company has adopted a board diversity policy with measurable objectives to enhance board diversity[163]. - The board is committed to continuous professional development for all directors to ensure they remain informed about relevant laws and regulations[165]. - The company continues to apply the going concern basis in preparing its consolidated financial statements[167]. - The external auditor, PricewaterhouseCoopers LLP, is responsible for auditing the financial statements[168]. - The auditor's fees for the fiscal year 2019 amounted to SGD 379,000, with SGD 231,000 for statutory audit services and SGD 148,000 for the company's listing accounting services[169]. - The board is responsible for overseeing the group's risk management and internal control systems, which are reviewed at least annually[170]. - The internal audit function was outsourced to an independent internal audit firm, which reports directly to the audit committee[172]. - The company emphasizes effective communication with shareholders through regular reports and meetings, enhancing investor relations[174]. - The company has established appropriate procedures for handling and disclosing inside information in compliance with relevant regulations[173]. - The management is responsible for implementing the strategies set by the board and regularly reporting on operational performance[182]. - The company has maintained its articles of association without changes during the reporting period, adhering to applicable laws and regulations[184]. - The company encourages shareholders to attend meetings to stay informed about business conditions and express any concerns to the board[174]. Shareholder Information - The company will not declare any final dividend for the fiscal year 2019[190]. - The total issued share capital as of March 31, 2019, was 500,000,000 shares with a par value of HKD 0.01 each[198]. - The reserves available for distribution to shareholders as of March 31, 2019, were approximately SGD 6.7 million[200]. - The board will consider various factors, including actual and expected financial performance, when deciding on dividends[190]. - The company aims to balance sufficient funding for business development and returns to shareholders[190]. - The board has adopted a dividend policy that takes into account the company's operating performance and cash flow[190]. - The company has significant considerations regarding its capital needs and potential impacts on its reputation when determining dividends[190]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of BB% and an expected EBITDA margin of CC%[125]. - New product launches are anticipated to contribute an additional $DD million in revenue, with a focus on innovative technologies[125]. - The company is expanding its market presence in the Asia-Pacific region, targeting a market share increase of EE% by the end of the next fiscal year[125]. - Strategic acquisitions are planned to enhance the company's product offerings, with an estimated investment of $FF million[125]. - The company is investing in R&D, allocating $GG million to develop new technologies aimed at improving operational efficiency[125]. - The management team emphasized the importance of sustainability initiatives, aiming to reduce carbon emissions by HH% over the next five years[125].

Financial Performance - Revenue for the three months ended December 31, 2018, was SGD 8,898,000, an increase from SGD 6,313,000 in the same period of 2017, representing a growth of approximately 41%[9] - Gross profit for the same period was SGD 1,321,000, compared to SGD 1,313,000 in 2017, indicating a slight increase of 0.6%[9] - The net profit attributable to equity holders for the three months was SGD 106,000, down from SGD 866,000 in the previous year, reflecting a decrease of approximately 87%[30] - Basic and diluted earnings per share for the quarter were SGD 0.14, compared to SGD 0.23 in the same quarter of 2017, a decline of about 39%[32] - Revenue for the nine months ended December 31, 2018, was SGD 23,964,000, an increase from SGD 18,495,000 in the same period of 2017, representing a growth of 29.9%[34] - Gross profit for the nine months ended December 31, 2018, was SGD 4,291,000, slightly down from SGD 4,304,000 in the previous year, indicating a decrease of 0.3%[34] - The net profit attributable to equity holders for the nine months ended December 31, 2018, was SGD 475,000, compared to SGD 1,721,000 in the same period of 2017, reflecting a decline of 72.3%[34] - Basic and diluted earnings per share for the nine months ended December 31, 2018, was SGD 0.11, down from SGD 0.32 in the previous year[34] Expenses and Costs - Total sales and distribution expenses for the quarter were SGD 657,000, an increase from SGD 583,000 in the previous year, showing a rise of approximately 12.7%[9] - Other income for the quarter was SGD 117,000, significantly lower than SGD 1,401,000 in the same period of 2017, a decrease of about 91.6%[9] - The company incurred financing costs of SGD 283,000 for the nine months ended December 31, 2018, compared to SGD 149,000 in the same period of 2017, reflecting an increase of 89.9%[34] - The company’s administrative expenses for the nine months ended December 31, 2018, included listing expenses of SGD 1,605,000, which was significantly higher than SGD 853,000 in the previous year[34] - Total costs for the nine months ended December 31, 2018, amounted to SGD 26,391,000, an increase from SGD 19,718,000 in the previous year, reflecting a rise in operational expenses[83] - Employee benefits for the nine months ended December 31, 2018, were SGD 4,177,000, up from SGD 3,299,000 in the same period of 2017, showing a 26.5% increase[83] Income and Profitability - The total comprehensive income for the nine months ended December 31, 2018, was SGD 1,023,000, compared to SGD 866,000 in the same period of 2017, an increase of approximately 18%[30] - The company reported a loss before tax of SGD 812,000 for the nine months ended December 31, 2018, compared to a profit of SGD 2,252,000 in the same period of 2017[34] - The company reported a pre-tax profit of SGD 732,000 for the quarter, with a total profit of SGD 1,100,000 for the nine-month period ending December 31, 2018[64] - The company reported a pre-tax profit of SGD 645,000 for the nine months ended December 31, 2018, compared to SGD 1,723,000 for the same period in 2017[71] Revenue Segmentation - Total revenue for the fresh eggs segment was SGD 5,455,000, while the processed eggs segment generated SGD 3,443,000, leading to a combined total revenue of SGD 8,898,000[62] - Total revenue for the nine months ended December 31, 2018, was SGD 23,964,000, with fresh eggs contributing SGD 14,546,000 and processed eggs contributing SGD 9,418,000[68] - Revenue from fresh eggs accounted for approximately 61% of total revenue, increasing from approximately SGD 10.5 million to approximately SGD 14.5 million, driven by higher sales volume[99] - Revenue from processed eggs accounted for approximately 39% of total revenue, rising from approximately SGD 8.0 million to approximately SGD 9.4 million, primarily due to increased sales of pasteurized liquid eggs and peeled hard-boiled eggs[100] Investments and Future Plans - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[8] - The company plans to invest approximately SGD 4.5 million in building and operating a quail farm on a site provided by the Singapore government, with the investment funded through internal resources and bank loans[94] - The company expects to start production of fresh eggs from expanded facilities in early 2020, with overall capital expenditure completion anticipated by the end of 2021[94] Governance and Compliance - The board confirmed that the financial information presented is accurate and complete, ensuring no misleading elements are present[8] - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting and internal controls[126] - The company has established an audit committee to oversee financial reporting and risk management systems[126] - The unaudited consolidated financial statements for the nine months ending December 31, 2018, were reviewed and deemed compliant with applicable accounting standards[126] - The company is committed to transparency and has made sufficient disclosures as per legal requirements[126] Shareholding Structure - Radiant Grand International Limited holds 294,800,000 shares, representing approximately 58.96% of the company's shares[123] - Elite Ocean Ventures Limited owns 80,200,000 shares, accounting for about 16.04% of the company's shares[123] - Mr. Lin Youwen and Ms. Tan Bee Hong each have a controlled interest in 80,200,000 shares, also representing 16.04%[123] Other Information - The company has not adopted any new or revised International Financial Reporting Standards that have been issued but are not yet effective[58] - The accounting policy changes related to IFRS 9 and IFRS 15 have been retrospectively adopted without any financial impact[56][57] - The company has not disclosed any geographical segment information as it primarily operates in Singapore[73] - The company did not recommend any dividend payment for the nine months ended December 31, 2018, consistent with the previous year[91] - The company has established a wholly-owned subsidiary, Qualico Eggs Pte. Ltd., after the reporting period[92]