Financial Performance - Revenue for the six months ended June 30, 2024, was $185,155 thousand, a decrease of 2.0% compared to $188,909 thousand in the same period of 2023[1] - Gross profit increased by 46.5% to $32,903 thousand from $22,456 thousand year-on-year[1] - Profit for the period was $8,344 thousand, compared to a loss of $1,465 thousand in the previous year[1] - Basic and diluted earnings per share were both $0.55, a significant improvement from a loss of $0.10 per share in the prior year[1] - Proposed interim dividend per share increased to $0.273 from $0.229, reflecting a growth of 19.2%[1] - Comprehensive income for the period was $7,949 thousand, compared to a loss of $2,875 thousand in the same period last year[5] - The company reported a total expenditure of $174,138,000 for sales costs, selling and distribution expenses, and administrative expenses, down from $187,757,000 in 2023[16] - Corporate income tax expense for the first half of 2024 was $3,440,000, significantly higher than $1,044,000 in 2023[18] - Basic earnings per share for the period were $0.0055, with an interim dividend of $0.00273 per share, resulting in a payout ratio of 49.6%[47] Asset and Liability Management - Non-current assets totaled $140,887 thousand, down from $150,860 thousand as of December 31, 2023[2] - Current assets increased to $239,058 thousand from $232,650 thousand, driven by higher cash and cash equivalents[2] - Total assets amounted to $379,945 thousand, slightly down from $383,510 thousand[3] - Total liabilities decreased to $80,712 thousand from $88,727 thousand, indicating improved financial stability[3] - The group's cash and cash equivalents totaled $46.558 million, a decrease of $3.801 million or about 7.5% from the end of 2023[44] - Total borrowings increased by $1.928 million or approximately 4.4%, with 85.3% of borrowings in Vietnamese Dong[44] - Trade receivables rose to $34.88 million, an increase of $1.125 million or about 3.3%[44] - Inventory increased to $148.762 million, up $11.082 million or approximately 8.0%[44] Revenue Breakdown by Geography - Revenue by geographic location showed that Vietnam generated $79,505 thousand, Japan $35,218 thousand, and China $29,126 thousand for the six months ended June 30, 2024[10] - Vietnam market revenue for H1 2024 was approximately $79.505 million, a decrease of $2.806 million or 3.4% compared to H1 2023, with a revenue share drop from 43.6% to 43.0%[29] - Japan market revenue for H1 2024 was approximately $35.218 million, an increase of $0.890 million or 2.6% compared to H1 2023, with a revenue share increase from 18.2% to 19.0%[30] - China market revenue for H1 2024 was approximately $29.126 million, an increase of $1.879 million or 6.9% compared to H1 2023, with a revenue share rise from 14.4% to 15.7%[31] - ASEAN market revenue (excluding Vietnam) for H1 2024 was approximately $14.813 million, a slight increase of $0.277 million or 1.9% compared to H1 2023, with a revenue share increase from 7.7% to 8.0%[32] - U.S. market revenue for H1 2024 was approximately $13.011 million, a decrease of $1.695 million or 11.5% compared to H1 2023, with a revenue share decline from 7.8% to 7.0%[33] - Other markets (including Taiwan, South Korea, and the EU) generated approximately $13.482 million in revenue for H1 2024, a decrease of $2.299 million or 14.6% compared to H1 2023, with a revenue share drop from 8.4% to 7.3%[34] Product Revenue Analysis - Total revenue for H1 2024 was approximately $185.155 million, a decrease of $3.754 million or 2.0% compared to H1 2023[35] - Revenue from MSG and seasonings was approximately $105.611 million, a decrease of $7.215 million or 6.4% compared to the previous year, with a revenue share decline from 59.7% to 57.0%[36] - Revenue from modified starch, natural starch, and starch sugar was approximately $33.447 million, an increase of $2.159 million or 6.9% compared to the previous year[37] - Revenue from other products was approximately $19.720 million, an increase of $3.079 million or 18.5% compared to the previous year, with a revenue share increase from 8.8% to 10.6%[40] Operational Strategies and Market Outlook - The company continues to operate a single business segment focused on manufacturing and selling fermented food additives and biochemical products, maintaining consistent operational focus[10] - The group plans to expand product lines and optimize the product mix to enhance market share and sales profit[49] - The group will actively seek new markets and partnerships to expand market scale and strengthen brand positioning[49] - The group will continue to monitor raw material market trends and maintain stable relationships with suppliers to ensure a steady supply of materials[49] - The company plans to accelerate strategic alliances and cross-industry collaborations to enhance R&D capabilities and expand new product operations, aiming to improve operational scale and performance[50] - The company maintains a cautiously optimistic outlook for the second half of the year, despite facing challenges due to economic uncertainties and geopolitical tensions[50] - The company is focused on optimizing business processes through the implementation of electronic and information systems, leveraging big data for real-time feedback[50] - The company emphasizes continuous control over capital allocation strategies to enhance asset operational efficiency amid global financial market volatility[50] Dividend and Shareholder Information - A mid-term dividend of $0.273 per share has been declared, payable in HKD on October 4, 2024, based on an exchange rate of 1.00 USD to 7.76 HKD, equating to approximately HKD 2.11848 per share[51] - The company will suspend share transfer registration from September 16 to September 20, 2024, to facilitate the mid-term dividend distribution[52] - The interim report for the six months ending June 30, 2024, will be sent to shareholders and published on the company's website and the Hong Kong Stock Exchange website[57] - The board expresses gratitude to shareholders for their support and to employees for their dedication during the reporting period[58] Economic Context - The overall economic growth rate in Vietnam for the first half of 2024 was 6.42%, aligning with the government's target of 6.0-6.5%[25] - The average consumer price index (CPI) in Vietnam increased by 4.08% year-on-year, although it remained below the policy target of 4.5%[24] - The Vietnamese government aims to control inflation at 4.5% and achieve economic growth of 6.0% to 6.5% in 2024[48]
味丹国际(02317) - 2024 - 中期业绩