Financial Performance - The total revenue of the company increased by approximately 13% from SGD 95.8 million in FY2023 to SGD 108.4 million in FY2024[9]. - The company's net profit after tax rose from approximately SGD 8.7 million in FY2023 to about SGD 19.3 million in FY2024[10]. - Total assets increased from SGD 91 million as of March 31, 2023, to SGD 109 million as of March 31, 2024[10]. - In fiscal year 2024, revenue from processed egg sales increased by approximately SGD 4.1 million to about SGD 31.5 million, maintaining a contribution of around 29% to total revenue[19]. - Revenue from the sale of fruits, vegetables, and groceries decreased to approximately 3% in fiscal year 2024, down from 4% in fiscal year 2023[20]. - Total sales costs rose by approximately SGD 13.7 million (or about 15%) to SGD 106.1 million in fiscal year 2024, primarily due to increased costs of purchased and produced eggs[21]. - Gross profit decreased to approximately SGD 2.3 million in fiscal year 2024, down from SGD 3.4 million in fiscal year 2023, due to fluctuations in egg prices[22]. - Revenue from the fair value adjustment of biological assets increased by approximately SGD 5.2 million to SGD 8.8 million in fiscal year 2024, attributed to the operation of two new chicken houses[26]. Expansion and Operations - The company completed the construction of its egg production facilities and expanded its breeding farms, which began full operations in early FY2024[9]. - The company is expanding its existing egg sorting, packaging, and processing facilities to accommodate increased egg production[9]. - The company is focusing on quail egg and meat business to enhance revenue sources in the Singapore market[13]. - A bank loan of approximately SGD 24.3 million was recorded as of March 31, 2024, to fund expansion[10]. - The company is pursuing the acquisition of an existing egg distributor to expand its customer base, which is expected to positively impact operations in the coming year[13]. Corporate Governance - The company is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value[70]. - The board of directors will review the company's corporate governance practices at least annually to ensure compliance with applicable codes[70]. - The independent non-executive directors are responsible for providing independent judgment and ensuring compliance with laws[60]. - The company has adopted the corporate governance code as per GEM listing rules effective for the fiscal year 2024[70]. - The company has established a remuneration committee to review the remuneration policies and structures for all directors and senior management[143]. - The company has a policy in place to encourage employees to report unethical behavior, promoting a healthy corporate culture[72]. - The board regularly reviews the contributions and time commitments of directors to ensure they fulfill their responsibilities[77]. Risk Management - The group faces foreign currency risks primarily from USD, HKD, and EUR, with no financial instruments for hedging these risks[44]. - The group faces various risks including poultry-related diseases, food contamination, and reliance on foreign labor, which could adversely affect operations[49]. - The board is committed to reviewing and enhancing the internal control and risk management systems annually to ensure effective risk management aligned with business objectives[53]. - The audit committee held five meetings during the fiscal year 2024, reviewing the annual financial statements and assessing the effectiveness of the risk management and internal control systems[99]. - The company has adopted a strict internal control system to ensure timely and accurate disclosure of relevant information to shareholders, enhancing transparency and market confidence[118]. Shareholder Relations - The company reported no final dividend for the fiscal year 2024, aiming to balance sufficient funds for business development and shareholder returns[135]. - The company has adopted a dividend policy that will be reviewed periodically by the board, considering various factors before recommending any dividends[135]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting, which must be held within two months of the request[123]. - The company emphasizes the importance of effective investor relations to enhance shareholder value and market confidence[118]. Board Composition and Diversity - The board consists of three executive directors and three independent non-executive directors as of March 31, 2024[78]. - The company has adopted a board diversity policy, focusing on various aspects such as gender, age, cultural background, and professional experience[105]. - The board achieved its diversity policy goals in fiscal year 2024, with six directors from different backgrounds contributing diverse professional experiences[106]. - The gender ratio among employees was approximately 7:3 (male to female) in fiscal year 2024, with at least one female director included on the board[107]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of March 31, 2024[182]. - The audit committee reviewed the annual report for fiscal year 2024 and found that the performance met applicable accounting standards and GEM listing rules[180]. - The company has engaged an independent internal audit firm for the fiscal year 2024 to enhance its internal audit functions, with the internal auditor reporting directly to the audit committee[115]. - The auditor evaluated the appropriateness of accounting policies adopted by the board and the reasonableness of accounting estimates and related disclosures[199]. Employee and Management - Employee costs, including director remuneration, increased to approximately SGD 13.4 million in fiscal year 2024, compared to SGD 11.5 million in fiscal year 2023[41]. - The company provides competitive compensation to attract and retain suitable personnel, with an annual review system in place for performance evaluation[160]. - All directors participated in continuous professional development during fiscal year 2024 to enhance their knowledge and skills[110]. Environmental and Social Responsibility - The company is committed to complying with environmental laws and regulations, ensuring efficient resource use and energy conservation[140]. - The company made charitable donations totaling approximately SGD 16,000 in fiscal year 2024, down from SGD 30,000 in fiscal year 2023[136].
永续农业(08609) - 2024 - 年度财报