Financial Performance - Revenue for the six months ended June 30, 2024, was S$32,887,425, a decrease of 2.2% compared to S$33,619,903 in 2023[7]. - Gross profit for the same period was S$8,963,855, down 4.0% from S$9,341,000 in 2023[7]. - Profit for the period increased by 18.9% to S$4,025,254, compared to S$3,384,403 in 2023[7]. - The Group's revenue decreased by approximately S$0.7 million or 2.2% from approximately S$33.6 million for the six months ended 30 June 2023 to approximately S$32.9 million for the six months ended 30 June 2024[12]. - The Group's profit for the period increased by approximately S$0.6 million or 18.9% from approximately S$3.4 million for the six months ended June 30, 2023, to approximately S$4.0 million for the six months ended June 30, 2024[34]. - The total comprehensive income for the period was S$4,295,647, compared to S$2,610,301 in the previous year, indicating a year-over-year increase of about 64%[56]. - Basic earnings per share improved to 0.40 Singapore cents, up from 0.34 Singapore cents, indicating a 17.6% increase[48]. Revenue Breakdown - Revenue from nuts accounted for approximately 66.6% of total revenue, while chips accounted for 29.5% for the six months ended 30 June 2024, with chips revenue decreasing from 32.0% in the same period of 2023[13][16]. - Revenue from Singapore decreased slightly from S$20.7 million in the six months ended 30 June 2023 to S$20.3 million in the same period of 2024[18]. - Revenue from Malaysia decreased from S$9.98 million for the six months ended 30 June 2023 to S$9.85 million for the same period in 2024[18]. - The nuts segment generated revenue of S$21,916,371, up 0.8% from S$21,735,085 in 2023, while the chips segment saw a decline to S$9,691,889, down 10.0% from S$10,771,824[67]. Profitability Metrics - Gross profit margin slightly decreased to 27.3% from 27.8% in 2023[11]. - Profit margin for the period improved to 12.2% from 10.1% in the previous year[11]. - The Group's gross profit margin decreased from approximately 27.8% for the six months ended June 30, 2023, to approximately 27.3% for the six months ended June 30, 2024[35]. - The gross profit margin for chips decreased from approximately 34.6% for the six months ended June 30, 2023, to approximately 30.7% for the six months ended June 30, 2024, mainly due to an increase in average cost of fresh potatoes[22]. - The gross profit margin for nuts increased from approximately 24.5% for the six months ended June 30, 2023, to approximately 25.8% for the six months ended June 30, 2024, mainly due to lower average cost of certain raw nuts[22]. Assets and Liabilities - Non-current assets as of June 30, 2024, were S$29,268,807, reflecting a 2.0% increase from S$28,690,346 as of December 31, 2023[9]. - Current liabilities decreased significantly by 29.4% to S$5,889,748 from S$8,340,775 in the previous period[9]. - Total equity increased by 5.3% to S$77,103,286 from S$73,205,907 as of December 31, 2023[9]. - The Group's total assets as of June 30, 2024, were S$79,550,215, an increase from S$75,626,552 as of December 31, 2023[51]. - Cash and cash equivalents in the consolidated statement of cash flows amounted to S$11,283,075 as of June 30, 2024, compared to S$15,408,315 as of December 31, 2023, reflecting a decrease of approximately 27%[95]. Expenses and Costs - Selling and distribution expenses decreased by approximately S$0.2 million or 12.1% from approximately S$2.1 million for the six months ended 30 June 2023 to approximately S$1.8 million for the six months ended 30 June 2024[36]. - Administrative expenses increased by approximately S$0.3 million or approximately 10.9% from approximately S$2.9 million for the six months ended 30 June 2023 to approximately S$3.2 million for the six months ended 30 June 2024[36]. - Income tax expense decreased by approximately S$0.3 million or 24.3% from approximately S$1.2 million for the six months ended 30 June 2023 to approximately S$0.9 million for the six months ended 30 June 2024[36]. Market and Economic Outlook - Singapore's GDP growth averaged 3.0% year-on-year in the first half of 2024, with a growth of 2.9% in Q2 2024, following a 3.0% growth in Q1 2024[24][28]. - The Ministry of Trade and Industry, Singapore, forecasts GDP growth for 2024 to range between 2.0% and 3.0%[25][29]. - The global snack food market, including nuts and chips, is expected to grow at approximately 2.7% annually to 2027, driven by changes in dietary habits and demand for healthy and functional snacks[34]. Corporate Governance and Compliance - The company maintained compliance with the Corporate Governance Code for the six months ended June 30, 2024[106]. - The Audit Committee reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2024, and confirmed compliance with applicable accounting standards and Listing Rules[119]. - The directors confirmed compliance with the Model Code for Securities Transactions during the six months ended June 30, 2024[107].
TS WONDERS(01767) - 2024 - 中期财报