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%[4] - 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, indicating a significant decline in profitability[4] - Other income increased to SGD 225,000 from SGD 110,000, representing a growth of 104.55% year-on-year[4] - The company reported a basic and diluted earnings per share of SGD 0.79 cents, down from SGD 2.02 cents in the previous year, indicating a decrease of 60.89%[6] - The group reported a pre-tax profit of SGD 4,703,000 for the six months ended September 30, 2024, reflecting the performance of its operating segments[54] - The company recorded a net profit attributable to equity holders of SGD 3,959,000 for the six months ended September 30, 2024, down from SGD 10,098,000 in the previous year, indicating a decrease of about 60.8%[72] - Net profit decreased by approximately 7.2 million SGD to SGD 4.7 million for the six months ended September 30, 2024, down from SGD 11.9 million for the same period in 2023[104] Assets and Liabilities - Total assets as of September 30, 2024, amounted to SGD 110,160,000, compared to SGD 108,499,000 as of March 31, 2024, showing a growth of 1.53%[11] - Total liabilities decreased to SGD 40,320,000 from SGD 42,617,000, reflecting a reduction of 5.36%[14] - The company's net asset value increased to SGD 69,840,000 from SGD 65,882,000, representing a growth of 5.93%[14] - Trade and other payables rose to SGD 13,242,000 from SGD 11,369,000, indicating an increase of 16.49%[14] - The company’s biological assets totaled SGD 16,802,000 as of September 30, 2024, down from SGD 20,490,000 as of March 31, 2024, representing a decrease of approximately 18%[75] Cash Flow and Financing - For the six months ended September 30, 2024, the net cash generated from operating activities was SGD 9,975,000, an increase of 60% compared to SGD 6,222,000 in the same period of 2023[44] - The net cash and cash equivalents increased by SGD 2,217,000, reaching a total of SGD 14,338,000 at the end of the reporting period, compared to SGD 13,322,000 at the end of the same period in 2023[44] - The group’s financing activities resulted in a net cash outflow of SGD 4,648,000, compared to a net inflow of SGD 1,154,000 in the previous year[44] - The company’s financing costs decreased to SGD 482,000 for the six months ended September 30, 2024, compared to SGD 641,000 in the same period of 2023, reflecting a reduction of approximately 24.8%[66] - Total borrowings decreased from approximately SGD 25.1 million to SGD 20.3 million, with no significant seasonal borrowing needs[121] - The company had unutilized borrowing facilities of approximately SGD 30.2 million as of September 30, 2024[123] Operational Highlights - The total revenue for the six months ended September 30, 2024, was SGD 53,527,000, with contributions from fresh eggs (SGD 36,284,000), processed eggs (SGD 16,415,000), and fruits and vegetables (SGD 828,000)[54] - The division performance showed a profit of SGD 6,665,000 from fresh eggs and SGD 2,089,000 from processed eggs, while the fruits and vegetables segment reported a loss of SGD 226,000[54] - Approximately 68% of revenue for the six months ended September 30, 2024, came from fresh egg sales, totaling SGD 36.3 million, up from SGD 36.2 million in the same period in 2023[109] - Processed egg sales contributed approximately 31% of revenue, increasing to SGD 16.4 million from SGD 15.7 million year-on-year[110] - The company is expanding its existing egg sorting, packaging, and processing facilities to accommodate increased egg production[104] - The company plans to focus on quail egg and quail meat businesses to enhance revenue sources in the Singapore market[106] Expenses and Costs - Administrative expenses rose to SGD 3,763,000 from SGD 3,481,000, marking an increase of 8.09%[6] - 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 of 2023, reflecting an increase of about 24.6%[67] - The company reported a significant increase in the cost of purchased inventory, which amounted to SGD 28,515,000 for the six months ended September 30, 2024, down from SGD 33,873,000 in the previous year, indicating a decrease of approximately 15.9%[67] - The company’s tax expense for the six months ended September 30, 2024, was SGD 745,000, a decrease from SGD 1,794,000 in the previous year, representing a decline of approximately 58.6%[70] Market and Strategic Focus - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[4] - The company is committed to sustainable agricultural development and continues to explore opportunities for market expansion and new product development[46] - The company is seeking collaborative partners and other industry participants to strengthen its business and financial position[107] Corporate Governance - The company has committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[140] - The company has confirmed full compliance with the trading standards set forth in the GEM Listing Rules for the six-month period ending September 30, 2024, with no non-compliance incidents reported[155] - 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, and found them compliant with applicable accounting standards and legal requirements[156]
永续农业(08609) - 2025 - 中期财报