Financial Performance - Revenue for the six months ended September 30, 2021, was SGD 31,858,000, an increase from SGD 23,578,000 in the same period last year, representing a growth of 35.0%[4] - Net profit for the six months was SGD 1,896,000, up from SGD 836,000 in the prior year, reflecting a growth of 126.5%[21] - For the six months ended September 30, 2021, total revenue was SGD 31,858,000, an increase from SGD 23,578,000 for the same period in 2020, representing a growth of approximately 35.2%[34] - The company reported a net profit before tax of SGD 1,001,000 for the six months ended September 30, 2021, compared to SGD 2,140,000 for the same period in 2020[34] - The company reported a net profit attributable to equity holders of SGD 836,000 for the six months ended September 30, 2021, down 56.0% from SGD 1,896,000 in the same period of 2020[50] - Net profit decreased from approximately SGD 2.1 million to SGD 1.0 million for the same period, mainly due to government assistance received during COVID-19[94] Cost and Expenses - The cost of sales for the period was SGD 31,447,000, compared to SGD 21,725,000 in the previous year, indicating an increase of 44.5%[4] - Total cost of sales rose approximately 45% from SGD 21.7 million to SGD 31.4 million, mainly due to increased procurement of eggs following acquisitions[100] - Selling and distribution expenses increased by approximately SGD 0.9 million (or approximately 41%) from approximately SGD 2.2 million for the six months ended September 30, 2020, to approximately SGD 3.1 million for the six months ended September 30, 2021, mainly due to an increase in employee numbers and an expanded delivery fleet[106] - Administrative expenses increased from approximately SGD 2.1 million for the six months ended September 30, 2020, to approximately SGD 2.6 million for the six months ended September 30, 2021, primarily due to increased employee benefits[107] Assets and Liabilities - Total assets as of September 30, 2021, amounted to SGD 74,422,000, compared to SGD 58,712,000 as of March 31, 2021, marking an increase of 26.7%[13] - Total liabilities as of September 30, 2021, were SGD 39,343,000, compared to SGD 24,469,000 as of March 31, 2021, reflecting an increase of 60.6%[16] - The company’s net asset value increased to SGD 35,079,000 from SGD 34,243,000, showing a growth of 2.4%[16] - Trade receivables increased to SGD 8,821,000 as of September 30, 2021, representing a rise of 7.0% from SGD 8,241,000 as of March 31, 2021[76] - Total other receivables increased to SGD 846,000 as of September 30, 2021, up 52.5% from SGD 555,000 as of March 31, 2021[76] - Prepayments surged to SGD 3,868,000 as of September 30, 2021, a significant increase from SGD 703,000 as of March 31, 2021[76] Cash Flow - Cash and cash equivalents at the end of the period were SGD 19,440,000, up from SGD 10,875,000 at the beginning of the period, representing an increase of 79.0%[23] - Operating cash flow for the six months was SGD 1,837,000, a decrease from SGD 3,529,000 in the previous year, indicating a decline of 48.0%[23] - The company reported a financing cash inflow of SGD 12,527,000, significantly higher than SGD 1,441,000 in the same period last year[23] Inventory and Production - The company harvested 67,866,494 eggs in the six months ended September 30, 2021, slightly down from 68,706,822 eggs in the same period of 2020[58] - The company’s total inventory purchases amounted to SGD 21,409,000, with a significant portion attributed to fresh eggs[34] - Fresh egg sales accounted for about 70% of total revenue, increasing from SGD 16.6 million to SGD 22.4 million, driven by customer base expansion[98] - Processed egg sales represented approximately 30% of total revenue, rising from SGD 6.9 million to SGD 9.5 million, attributed to increased sales to food service customers as COVID-19 restrictions eased[99] Corporate Governance and Management - The company has adopted corporate governance principles to protect shareholder interests and enhance corporate value, complying with GEM listing rules[126] - The roles of the Chairman and CEO are currently held by the same individual, Mr. Ma, which the board believes is in the best interest of the group for effective strategic planning and implementation[127] - The company has established a share option scheme to attract, retain, and reward eligible individuals, aligning their contributions with the group's interests[133] Market and Expansion - Expansion plans for existing egg production and processing facilities are underway, with fresh eggs expected to start production in Q2 2022[95] - The quail egg farm is under construction and is expected to be completed by the end of 2021[96] - The company is exploring various funding options for expansion to solidify its market position as a leading egg distributor in Singapore[96] Other Income and Fair Value Adjustments - The company recognized other income of SGD 107,000 from fair value adjustments of biological assets during the current period[34] - Other income changed from a net loss of approximately SGD 104,000 for the six months ended September 30, 2020, to a net income of approximately SGD 29,000 for the six months ended September 30, 2021, reflecting a change of approximately SGD 133,000 due to currency exchange gains from the depreciation of USD against SGD[103] - The fair value change of biological assets resulted in a profit of approximately SGD 0.5 million for the six months ended September 30, 2021, compared to a loss of approximately SGD 0.8 million for the six months ended September 30, 2020, reflecting a change of approximately SGD 1.3 million[105] Tax and Compliance - The company’s Singapore current tax expense was SGD 136,000 for the six months ended September 30, 2021, down from SGD 184,000 in the same period of 2020, a decrease of 26.1%[49] - The company has confirmed compliance with the trading standards set forth in GEM Listing Rules from all directors as of September 30, 2021[141] Shareholding Structure - As of September 30, 2021, Mr. Ma and his spouse hold a combined 58.96% equity interest in the company, amounting to 294,800,000 shares[135] - Radiant Grand International Limited holds 294,800,000 shares, representing approximately 58.96% of the company's shares[138] - Elite Ocean Ventures Limited and Mr. Lin Youwen each hold 80,200,000 shares, accounting for approximately 16.04% of the company's shares[138] - Ms. Tan Bee Hong, as the spouse of Mr. Lin Youwen, is also considered to hold 80,200,000 shares, equivalent to approximately 16.04%[138]
永续农业(08609) - 2022 - 中期财报