Financial Performance - The company reported revenue of SGD 53,527,000 for the six months ended September 30, 2024, compared to SGD 53,436,000 for the same period last year, reflecting a slight increase of 0.17%[5] - The cost of sales was SGD 53,292,000, resulting in a gross profit of SGD 235,000, compared to a gross profit of SGD 1,695,000 in the previous year[5] - The basic and diluted earnings per share were SGD 0.79 cents, a decrease from SGD 2.02 cents in the previous year, reflecting a decline of approximately 60.89%[7] - The company reported a pre-tax profit of SGD 4,703,000 for the six months ended September 30, 2024, down from SGD 11,853,000 in the previous year, reflecting a decline of about 60%[59] - The profit attributable to equity holders for the six months ended September 30, 2024, was SGD 3,959,000, a decrease of 60.8% compared to SGD 10,098,000 for the same period in 2023[73] - Net profit for the six months ended September 30, 2024, decreased to approximately SGD 4.7 million from SGD 11.9 million for the same period in 2023, a decline of about 60%[105] Expenses and Costs - Administrative expenses increased to SGD 3,763,000 from SGD 3,481,000, representing a rise of approximately 8.09%[7] - The company incurred financing costs of SGD 482,000, down from SGD 621,000, indicating a decrease of about 22.39%[7] - Total employee benefits increased to SGD 7,900,000 for the six months ended September 30, 2024, compared to SGD 6,340,000 in the same period last year, representing an increase of approximately 25%[68] - The total depreciation of property, plant, and equipment was SGD 2,255,000, compared to SGD 1,750,000 in the previous year, indicating an increase of approximately 29%[59] - The total sales cost increased by approximately SGD 3.6 million (or about 7%) to SGD 53.3 million, attributed to higher procurement and production costs of eggs to meet sales growth[113] Assets and Liabilities - Total assets as of September 30, 2024, amounted to SGD 110,160,000, an increase from SGD 108,499,000 as of March 31, 2024[12] - The company’s total liabilities decreased to SGD 16,243,000 from SGD 18,310,000, reflecting a reduction of about 11.29%[12] - Total liabilities decreased to SGD 40,320,000 as of September 30, 2024, down from SGD 42,617,000 as of March 31, 2024, indicating a reduction of approximately 5.7%[15] - The company's net asset value increased to SGD 69,840,000 as of September 30, 2024, compared to SGD 65,882,000 as of March 31, 2024, reflecting a growth of about 6.5%[15] - Trade receivables as of September 30, 2024, amounted to SGD 13.9 million, down from SGD 15.1 million as of March 31, 2024[94] - Trade payables as of September 30, 2024, increased to SGD 6.912 million from SGD 5.814 million as of March 31, 2024[100] Cash Flow - The company reported a net cash inflow from operating activities of SGD 9,975,000 for the six months ended September 30, 2024, compared to SGD 6,222,000 for the same period in 2023, representing a 60% increase[45] - The company experienced a net increase in cash and cash equivalents of SGD 2,217,000 for the six months ended September 30, 2024, compared to SGD 4,583,000 for the same period in 2023, showing a decrease of about 51.7%[45] - The company’s investment activities resulted in a net cash outflow of SGD 3,110,000 for the six months ended September 30, 2024, compared to SGD 2,793,000 for the same period in 2023, reflecting an increase in investment spending[45] - The company’s financing activities resulted in a net cash outflow of SGD 4,648,000 for the six months ended September 30, 2024, compared to a net inflow of SGD 1,154,000 for the same period in 2023, indicating a significant shift in financing strategy[45] Market and Operational Insights - The company operates in two segments: fresh eggs and processed eggs, with performance evaluated based on profitability without allocating financing costs[51] - Approximately 68% of the revenue for the six months ended September 30, 2024, came from fresh egg sales, increasing from approximately SGD 36.2 million to SGD 36.3 million, driven by an expanded customer base[110] - Processed egg sales contributed about 31% of revenue, rising from approximately SGD 15.7 million to SGD 16.4 million, primarily due to increased sales of pasteurized liquid eggs and peeled hard-boiled eggs[111] - The company is focusing on enhancing its competitive position as a leading food distributor in Singapore's food service and general consumer markets[106] - The company is investing in a comprehensive range of egg-related products to meet changing customer demands[106] Corporate Governance and Shareholder Information - The company has committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[141] - The company has adopted a stock option plan to attract, retain, and reward eligible individuals, aligning their interests with those of the company and its shareholders[147] - As of September 30, 2024, the company’s major shareholders include Radiant Grand International Limited and Elite Ocean Ventures Limited, holding approximately 58.96% and 16.04% of shares respectively[153] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024, confirming compliance with applicable accounting standards and GEM listing rules[157]
永续农业(08609) - 2025 - 中期业绩