Financial Performance - Revenue for the six months ended June 30, 2024, was MYR 56,331,822, representing a 39.42% increase from MYR 40,403,890 in the same period of 2023[1] - Operating profit for the period was MYR 3,943,529, compared to a loss of MYR 3,447,941 in the previous year, indicating a significant turnaround[1] - Net profit attributable to equity holders was MYR 3,247,396, a substantial recovery from a loss of MYR 4,557,113 in the prior year[1] - Total comprehensive income for the period was MYR 5,458,109, a significant improvement from a loss of MYR 392,229 in the previous year[4] - The company reported a basic and diluted earnings per share of 0.30 sen, recovering from a loss of 0.42 sen[6] - Revenue for the first half of 2024 was approximately RM 56.33 million, an increase of about 39.42% from RM 40.40 million in the first half of 2023, primarily driven by increased sales of coconut milk powder[31] - Gross profit for the first half of 2024 increased by approximately RM 5.12 million or 64.29%, with a gross profit margin rising to 23.24% from 19.72% in the first half of 2023[31] - The group recorded a profit attributable to equity shareholders of approximately 3.25 million Malaysian Ringgit in the first half of 2024[39] Assets and Liabilities - Cash and cash equivalents increased by 59.51% to MYR 13,247,095 from MYR 8,304,999 as of December 31, 2023[2] - Current assets net worth surged over 100% to MYR 33,496,110 from MYR 9,307,402[2] - Total assets increased to MYR 168,400,491 from MYR 163,262,553, showing growth in the company's asset base[7] - Total liabilities decreased to MYR 44,066,885 as of June 30, 2024, from MYR 44,387,056 as of December 31, 2023, indicating a reduction of about 0.7%[8] - Total assets minus current liabilities increased to MYR 141,469,287 as of June 30, 2024, up from MYR 120,528,270 as of December 31, 2023, reflecting a growth of approximately 17.3%[8] - The company’s total equity and liabilities amounted to MYR 168,400,491 as of June 30, 2024, compared to MYR 163,262,553 as of December 31, 2023, indicating an increase of approximately 3.9%[8] - The company’s total loans and borrowings as of June 30, 2024, were RM 28,283,719, slightly down from RM 28,761,070 as of December 31, 2023, showing stable financial leverage[25] - Loans and borrowings decreased to approximately 28.28 million Malaysian Ringgit as of June 30, 2024, from about 28.76 million Malaysian Ringgit as of December 31, 2023, a decrease of approximately 1.67%[44] - The debt-to-equity ratio was approximately 0.262 times as of June 30, 2024, compared to 0.272 times as of December 31, 2023[45] Revenue Sources - Total revenue for coconut-related beverage products reached MYR 55,010,156 for the six months ended June 30, 2024, compared to MYR 37,962,868 in the same period of 2023, representing a growth of approximately 45.0%[14] - Revenue from other sources, including sublease income, increased to MYR 310,495 for the six months ended June 30, 2024, compared to MYR 275,608 in the same period of 2023, representing a growth of about 12.6%[17] - Revenue from Southeast Asia increased to MYR 20,163,607 for the six months ended June 30, 2024, compared to MYR 15,715,461 in the same period of 2023, representing a growth of approximately 28.9%[16] Expenses and Costs - The company’s workforce costs, including salaries and other benefits, increased to MYR 6,768,155 for the six months ended June 30, 2024, compared to MYR 6,206,350 in the same period of 2023, reflecting a rise of about 9.1%[19] - The company reported a decrease in interest expenses on financial liabilities not measured at fair value through profit or loss, which fell to MYR 722,841 in the first half of 2024 from MYR 1,100,876 in the same period of 2023, a reduction of approximately 34.3%[18] - The company’s depreciation expense for property, plant, and equipment was MYR 3,449,020 for the six months ended June 30, 2024, slightly down from MYR 3,664,261 in the same period of 2023, a decrease of about 5.9%[19] - Sales and distribution expenses rose to approximately 2.02 million Malaysian Ringgit in the first half of 2024, up from about 1.50 million Malaysian Ringgit in the same period of 2023, an increase of approximately 34.67%[34] - Administrative expenses increased to approximately 5.04 million Malaysian Ringgit in the first half of 2024, compared to about 4.64 million Malaysian Ringgit in the same period of 2023, an increase of approximately 8.63%[35] - Other expenses decreased to approximately 2.40 million Malaysian Ringgit in the first half of 2024 from about 5.55 million Malaysian Ringgit in the same period of 2023, a reduction of approximately 56.75%[36] - Net finance costs decreased to approximately 0.70 million Malaysian Ringgit in the first half of 2024 from about 1.11 million Malaysian Ringgit in the same period of 2023, a decrease of approximately 37.84%[37] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions in the first half of 2024[55] - The board consists of seven members, including four executive directors and three independent non-executive directors, meeting the requirement for independence[58] - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the first half of 2024 and agreed with the accounting principles adopted[57] Future Plans - The group plans to continue exploring new and potential coconut markets to enhance its distribution channels and market competitiveness[40]
椰丰集团(01695) - 2024 - 中期业绩