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]
永续农业(08609) - 2021 Q1 - 季度财报