Revenue Performance - Revenue for the six months ended June 30, 2023, was approximately S$33.6 million, a decrease of 4.2% from S$35.1 million in the same period of 2022[15] - The Group's revenue for the six months ended June 30, 2023, decreased by approximately S$1.5 million or 4.2% to approximately S$33.6 million from S$35.1 million for the same period in 2022, primarily due to reduced sales to end customers in China (including Hong Kong) [27] - Revenue from the sale of nuts accounted for approximately 64.7% of total revenue for the six months ended June 30, 2023, down from 67.4% for the same period in 2022, attributed to decreased demand in the PRC [32] - Revenue from the PRC (including Hong Kong) decreased significantly from approximately 10.9% for the six months ended June 30, 2022, to approximately 4.6% for the same period in 2023 [38] - Revenue from Singapore increased to S$20,687,355, up 0.8% from S$20,519,468 in 2022[171] - Revenue from Malaysia rose to S$9,979,868, an increase of 3.8% from S$9,611,645 in 2022[171] - Revenue from the "Nuts" segment was S$21,735,085, down 8.1% from S$23,645,783 in 2022, while the "Chips" segment revenue increased by 2.7% to S$10,771,824 from S$10,486,239[167] Profitability - Gross profit increased by 8.9% to S$9.34 million, compared to S$8.58 million in the previous year[15] - Profit before taxation rose by 14.6% to S$4.61 million, up from S$4.02 million in 2022[15] - Profit for the period increased by 15.8% to S$3.38 million, compared to S$2.92 million in the prior year[15] - The Group's profit for the period increased by approximately S$0.5 million or 15.8% from approximately S$2.9 million for the six months ended June 30, 2022, to approximately S$3.4 million for the six months ended June 30, 2023[63] - Profit for the period was S$3,384,403, up 16.0% from S$2,921,564 in the prior year[134] - The Group's profit before taxation was S$4,606,551, up from S$4,018,467 in the previous year, indicating a growth of 14.6%[167] Cost Management - The Group's cost of sales decreased by approximately S$2.2 million or 8.4% from approximately S$26.5 million for the six months ended June 30, 2022, to approximately S$24.3 million for the six months ended June 30, 2023[70] - The gross profit margin improved to 27.8% in 2023 from 24.4% in 2022[20] - The gross profit margin improved from approximately 24.4% for the six months ended June 30, 2022, to approximately 27.8% for the same period in 2023, mainly due to lower average costs of certain raw nuts and potatoes [42] - Selling and distribution expenses rose by approximately S$0.6 million or 36.7% to approximately S$2.1 million for the six months ended June 30, 2023, driven by increased marketing activities[80] - Administrative expenses decreased by approximately S$0.2 million or 6.3% to approximately S$2.9 million for the six months ended June 30, 2023, mainly due to lower professional fees[81] Financial Position - Total equity as of June 30, 2023, was S$71.01 million, reflecting a 3.8% increase from S$68.40 million at the end of 2022[17] - Current liabilities decreased by 19.1% to S$6.12 million from S$7.56 million at the end of 2022[17] - Non-current liabilities decreased by 21.7% to S$3.71 million from S$4.74 million at the end of 2022[17] - The Group's total assets were S$80,842,446 as of June 30, 2023, compared to S$80,705,854 as of December 31, 2022[135] - The Group's net assets increased to S$71,010,586 as of June 30, 2023, from S$68,400,285 at the end of 2022, reflecting a growth of 3.7%[137] Employee and Operational Metrics - The Group's total staff costs for the six months ended June 30, 2023, were approximately S$4.5 million, an increase from S$4.1 million for the same period in 2022, with the number of employees rising to 300 from 244[127] - The company had 300 employees as of June 30, 2023, with employee costs amounting to approximately S$4.5 million, up from S$4.1 million in the previous year[130] Market Outlook and Strategy - The Group expects the global snack food market to continue growing at approximately 2.7% annually to 2027, driven by changes in dietary habits and demand for healthy snacks[64] - The Group aims to maintain sustainable growth and create long-term shareholder value while managing its business cautiously[65] - The Group's performance reflects a strategic focus on improving profit margins despite a decrease in revenue[63] Dividends and Capital Management - The Group has not declared any interim dividend for the six months ended June 30, 2023, despite being profitable, maintaining its dividend policy under review[122] - The net proceeds from the Company's IPO amounted to approximately HK$66.8 million (equivalent to approximately S$11.7 million), with actual utilization as of June 30, 2023, being S$30.8 million, leaving S$36.0 million unutilized[113][116] - The Group plans to expand its existing nuts and potato chips products, with a planned use of S$47.0 million, of which S$20.6 million has been utilized as of June 30, 2023[116] Foreign Exchange and Risk Management - The Group is exposed to foreign currency exchange fluctuations, primarily selling food products in US dollars and sourcing materials in US dollars, euros, and Australian dollars[119] - The Group generally hedges 30% of its expected monthly sales and purchases denominated in foreign currencies to mitigate foreign exchange risk[120]
TS WONDERS(01767) - 2023 - 中期财报