Financial Performance - The company reported unaudited revenue of SGD 14,903,000 for the first quarter of 2021, an increase from SGD 11,540,000 in the same period last year, representing a growth of 29.5%[8] - Gross profit for the first quarter was SGD 2,932,000, compared to SGD 3,170,000 in the previous year, indicating a decrease of 7.5%[10] - The company incurred a net loss of SGD 261,000 for the quarter, a significant improvement from a net loss of SGD 859,000 in the same quarter of the previous year[10] - Total comprehensive income for the quarter was SGD 571,000, compared to SGD 863,000 in the same period last year, reflecting a decline of 33.8%[10] - The group reported segment revenues of 10,761 thousand SGD for fresh eggs and 4,142 thousand SGD for processed eggs, totaling 14,903 thousand SGD for the three months ended June 30, 2021[25] - The group achieved a segment profit of 956 thousand SGD from fresh eggs and 822 thousand SGD from processed eggs, resulting in a total segment profit of 1,778 thousand SGD[25] - The group recorded a total revenue of 214 thousand SGD from other income, a decrease from 797 thousand SGD in the same period last year[35] - The group incurred a total cost of goods sold of 17,262 thousand SGD, an increase from 12,715 thousand SGD in the previous year[39] - The group reported a pre-tax profit of 614 thousand SGD for the three months ended June 30, 2021[25] - Revenue increased approximately 30% from SGD 11.5 million for the three months ended June 30, 2020, to SGD 14.9 million for the same period in 2021[49] - Net profit decreased from approximately SGD 0.9 million for the three months ended June 30, 2020, to approximately SGD 0.6 million for the same period in 2021[49] - Basic and diluted earnings per share decreased from SGD 0.17 to SGD 0.11[45] Expenses and Costs - Administrative expenses increased to SGD 1,282,000 from SGD 944,000 year-on-year, marking a rise of 36%[10] - Sales cost increased by approximately 36% from SGD 10.7 million to SGD 14.5 million due to increased procurement of eggs following acquisitions[54] - Gross profit before fair value adjustment decreased from SGD 3.2 million to SGD 2.9 million, while gross profit margin fell from approximately 27% to 20%[55] - The group’s employee benefits increased to 2,392 thousand SGD from 1,743 thousand SGD year-on-year[39] - The group’s financing costs amounted to 94 thousand SGD, up from 70 thousand SGD in the same period last year[30] - Administrative expenses increased from approximately SGD 0.9 million for the three months ended June 30, 2020, to approximately SGD 1.3 million for the three months ended June 30, 2021, primarily due to increased employee benefits[61] Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[18] - The company is expanding its existing egg production facilities, with fresh eggs expected to start production in Q2 2022[49] - The company is exploring various funding options for its expansion plans[50] Corporate Governance - The board confirmed that the financial statements are accurate and complete, with no misleading information or omissions[8] - The company has adopted the principles and provisions of the corporate governance code as per GEM listing rules, ensuring high levels of corporate governance to protect shareholder interests[63] - The board will review the corporate governance practices at least annually to ensure compliance with the corporate governance code[63] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[78] - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2021, and confirmed compliance with applicable accounting standards and GEM listing rules[78] Shareholder Information - As of June 30, 2021, Mr. Ma holds 294,800,000 shares, representing approximately 58.96% of the company's shares, through his controlled entity Radiant Grand[71] - Radiant Grand, the company's controlling shareholder, has entered into a non-compete agreement to prevent competition with the group[66] - As of June 30, 2021, Elite Ocean Ventures holds 80,200,000 shares, representing approximately 16.04% of the company's shares[74] - The board did not recommend any dividend for the three months ended June 30, 2021[46] Share Option Scheme - The company has adopted a share option scheme to attract, retain, and reward eligible individuals, aligning their interests with those of the company and its shareholders[69] - No share options have been granted or agreed to be granted under the share option scheme as of the reporting date[70] Segment Reporting - The group has two operating segments: fresh eggs and processed eggs, with performance evaluated based on segment profit without allocating financing costs[22] - The group has not disclosed segment assets and liabilities as they are not regularly reported to the chief operating decision maker[22] - Fresh egg sales accounted for approximately 72% of total revenue, increasing from SGD 8.7 million to SGD 10.8 million[52] - Processed egg sales represented approximately 28% of total revenue, rising from SGD 2.8 million to SGD 4.1 million[53] Compliance and Risk Management - The company’s financial performance is subject to market volatility risks associated with being listed on the GEM board[7] - The group did not report any significant impact from the adoption of new international financial reporting standards during the current accounting period[21] - The executive directors include Mr. Ma Qiong Jiu, Ms. Lin Shu Ying, and Mr. Chen Hong Lai, while the independent non-executive directors are Mr. Shao Ting Wen, Mr. Yuan Jia Le, and Mr. Chen Yi Jun[80]
永续农业(08609) - 2022 Q1 - 季度财报