Financial Performance - The revenue for the fiscal year ending March 31, 2024, increased by approximately 13% to about SGD 108.4 million from SGD 95.8 million in the previous fiscal year[13]. - The net profit after tax rose from approximately SGD 8.7 million in the previous fiscal year to about SGD 19.3 million in the fiscal year ending March 31, 2024[14]. - Total revenue increased from approximately SGD 95.8 million in FY2023 to approximately SGD 108.4 million in FY2024, representing a growth of about 13%[21]. - Revenue from fresh eggs accounted for approximately 68% of total revenue in FY2024, increasing by about SGD 8.5 million to approximately SGD 73.3 million[22]. - Revenue from processed eggs rose by approximately SGD 4.1 million to approximately SGD 31.5 million, maintaining a 29% share of total revenue[23]. - Sales costs increased from approximately SGD 92.4 million in FY2023 to approximately SGD 106.1 million in FY2024, a rise of about 15%[25]. - Gross profit decreased from approximately SGD 3.4 million in FY2023 to approximately SGD 2.3 million in FY2024 due to fluctuations in egg prices[26]. - Other net losses increased from approximately SGD 42,000 in FY2023 to approximately SGD 79,000 in FY2024, primarily due to goodwill impairment[27]. - Cash and cash equivalents were approximately SGD 12.1 million as of March 31, 2024, compared to SGD 8.7 million as of March 31, 2023[34]. - The current ratio improved to approximately 1.7 times as of March 31, 2024, up from 1.1 times in the previous year[33]. - Total borrowings decreased from approximately SGD 26.6 million in FY2023 to approximately SGD 25.1 million in FY2024[36]. - As of March 31, 2024, the company's reserves available for distribution to shareholders amount to approximately SGD 32.7 million[150]. Operational Developments - The company completed the construction of its egg production facilities and expanded farms, which are now fully operational, enhancing self-production capacity[13]. - The company is expanding its existing egg sorting, packaging, and processing facilities to accommodate increased egg production[13]. - The construction of a processing plant is ongoing and is expected to be fully operational by the first quarter of 2025[13]. - The company is focusing on expanding its quail egg and meat business to enhance revenue sources in the Singapore market[17]. - The quail farm completion has solidified the revenue source from quail products[13]. - Management anticipates facing cost pressures and other challenges as production scales up[13]. Employee and Management Information - As of March 31, 2024, the group had a total of 356 employees, an increase from 311 employees as of March 31, 2023[45]. - Employee costs, including director remuneration, amounted to approximately SGD 13.4 million for the fiscal year 2024, compared to SGD 11.5 million for the fiscal year 2023, reflecting a year-on-year increase of 16.5%[45]. - The management team includes experienced professionals with over 25 years in the management and food industry, ensuring strategic direction and daily operations are effectively handled[59]. - The financial management team is led by Ms. Li Yan Zhen, who has over 10 years of experience in finance and treasury operations, ensuring robust financial oversight[70]. - The company has expanded its operations significantly since 2006, with a focus on multiple business developments under the leadership of the CEO, Mr. Ma Qiong Jiu[59]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and compliance, as highlighted by the roles of its independent directors[62]. - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, ensuring compliance throughout the fiscal year 2024[74]. - The board consists of three executive directors and three independent non-executive directors, with the chairman also serving as the CEO, which deviates from the corporate governance code[82][87]. - The company has implemented an anti-corruption policy to promote a healthy corporate culture and high ethical standards[76]. - The company has established a mechanism to ensure the board receives independent opinions and insights, with at least three independent non-executive directors[84]. - The company maintains high standards of corporate governance to protect shareholder interests and enhance corporate value[74]. - The company has established three board committees: audit committee, remuneration committee, and nomination committee, each with defined responsibilities[100]. - The audit committee, consisting of three independent non-executive directors, oversees financial reporting, risk management, and internal control systems[101]. Risk Management and Compliance - The company continues to face various operational risks, including poultry-related diseases and food contamination, which could significantly impact business performance[53]. - The company has implemented appropriate insurance arrangements for directors against legal actions arising from corporate activities[96]. - The board has reviewed the effectiveness of the risk management and internal control systems for the fiscal year 2024 and concluded that they are sufficiently effective[119]. - The audit committee assists the board in reviewing the overall effectiveness of the risk management and internal control systems annually[119]. - The company has established appropriate procedures for handling and disclosing inside information in compliance with relevant regulations[120]. Shareholder Information - The company did not recommend any final dividend for the fiscal year 2024, aiming to balance sufficient funds for business development and shareholder returns[139]. - The total issued share capital of the company as of March 31, 2024, was 500,000,000 ordinary shares with a par value of HKD 0.01 each[146]. - Radiant Grand International Limited holds 294,800,000 shares, representing 58.96% of the company's total shares[161]. - Elite Ocean Ventures Limited holds 80,200,000 shares, representing 16.04% of the company's total shares[161]. - The company confirmed that at least 25% of its issued share capital was held by the public as of the report date[182]. Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements were prepared in accordance with applicable accounting standards and regulations[186]. - The external auditor's fee for statutory audit services increased from SGD 201,000 in 2023 to SGD 236,000 in 2024, reflecting a rise of approximately 17.4%[116]. - The audit committee reviewed the annual report and deemed the performance in line with applicable accounting standards and regulations[184]. - The Audit Committee held five meetings in the fiscal year 2024, reviewing the annual financial statements and risk management systems, deeming them effective[103]. Charitable Contributions - The group made charitable donations of approximately SGD 16,000 in fiscal year 2024, a decrease from SGD 30,000 in fiscal year 2023[140].
永续农业(08609) - 2024 - 年度业绩