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]
永续农业(08609) - 2020 Q3 - 季度财报