Financial Performance - Revenue for the six months ended June 30, 2022, was S$35,080,289, representing a 12.8% increase from S$31,098,399 in 2021[19] - Profit for the period fell to S$2,921,564, a decrease of 29.3% compared to S$4,131,468 in 2021[19] - Gross profit decreased to S$8,575,630, down 1.5% from S$8,702,815 in the previous year[19] - The Group's profit for the period decreased by approximately S$1.2 million or 29.3% from approximately S$4.1 million for the six months ended 30 June 2021 to approximately S$2.9 million for the six months ended 30 June 2022[58] - The Group's profit before taxation was S$4,018,467, down from S$5,110,138 in the previous year[187] Revenue Breakdown - Revenue from nuts sales accounted for approximately 67.4% of total revenue, while chips sales accounted for 29.9% for the six months ended 30 June 2022[31] - Revenue from the Nuts segment was S$23,645,783, up 6.5% from S$22,195,286 in 2021, while the Chips segment revenue increased by 30.7% to S$10,486,239 from S$8,023,512[187] - The Group's revenue from Malaysia increased significantly from approximately S$6.5 million (20.8% of total revenue) for the six months ended 30 June 2021 to approximately S$9.6 million (27.4% of total revenue) for the six months ended 30 June 2022[39] - Revenue from Singapore was S$20,519,468, up from S$19,706,269, while revenue from Malaysia increased to S$9,611,645 from S$6,477,552[191] Cost and Expenses - The Group's cost of sales increased by approximately S$4.1 million or 18.3% from approximately S$22.4 million for the six months ended 30 June 2021 to approximately S$26.5 million for the six months ended 30 June 2022[62] - Selling and distribution expenses increased by approximately S$70,000 or 4.9%, rising from approximately S$1.4 million for the six months ended 30 June 2021 to approximately S$1.5 million for the six months ended 30 June 2022[70] - Administrative expenses increased by approximately S$0.7 million or 29.1%, from approximately S$2.4 million for the six months ended 30 June 2021 to approximately S$3.1 million for the six months ended 30 June 2022[70] - The Group's other income decreased by approximately S$129,000 or 63.1% from approximately S$204,000 for the six months ended 30 June 2021 to approximately S$75,000 for the six months ended 30 June 2022[64] Profitability Metrics - Return on total assets was 3.8% as of June 30, 2022, down from 4.3% at the end of 2021[24] - Return on equity decreased to 4.5% from 5.5% in December 2021[24] - Gross profit margin for the period was 24.4%, down from 28.0% in the previous year[24] - Basic and diluted earnings per share for the period were 0.29 Singapore cents, down from 0.41 Singapore cents in the previous year, representing a decrease of 29.3%[96] Assets and Liabilities - Non-current assets as of June 30, 2022, were S$25,265,522, a decrease of 2.7% from S$25,958,207 at the end of 2021[22] - Total assets amounted to S$69,323,481, an increase from S$67,027,533 as of December 31, 2021, reflecting a growth of approximately 3.4%[99] - Total liabilities decreased to S$51,053,572 from S$52,762,583, showing a reduction of about 3.2%[99] - Current liabilities significantly decreased by 40.2% to S$6,995,613 from S$11,693,257 in December 2021[22] Market and Economic Context - Singapore's GDP growth averaged 4.1% year-on-year in the first half of 2022[49] - The Ministry of Trade and Industry, Singapore has revised the GDP growth forecast for 2022 to between 3.0% and 4.0%, down from the previous forecast of 3.0% to 5.0%[49] - The ongoing Russia-Ukraine conflict and its impact on global supply disruptions and inflationary pressures remain a significant risk to economic growth[52] - Key Southeast Asian economies such as Malaysia, Indonesia, and Thailand are projected to expand at a slightly faster pace in the second half of 2022 due to a continued recovery in domestic and tourism demand[51] Cash Flow and Financing - Cash and cash equivalents rose to S$30,050,967 from S$26,277,352, reflecting an increase of about 10.3%[99] - Net cash from operating activities increased to S$4,920,663 from S$4,529,611 in 2021, reflecting a growth of 8.6%[175] - The company incurred finance costs of S$58,138, slightly down from S$60,812 in 2021[175] - The Group maintained a low gearing ratio of approximately 0.05 times as at June 30, 2022, compared to 0.06 times as at 31 December 2021[72] Future Outlook - The Group expects demand for healthier snack products to remain resilient in the long term, with the global snack food market projected to grow at approximately 5.5% annually to 2026[58] - The Group will adopt a cautious and prudent approach in managing its business to maintain sustainable growth and create long-term shareholder value[58] - The expected timeline for utilizing the unutilized net proceeds is subject to change based on future market conditions[78]
TS WONDERS(01767) - 2022 - 中期财报