Financial Performance - Revenue for the six months ended June 30, 2022, was RM 72,044,000, representing a 27% increase from RM 56,772,000 in the same period of 2021[7] - Gross profit for the same period was RM 17,816,000, up 33% from RM 13,382,000 in 2021[7] - Profit before tax increased to RM 9,726,000, a 19% rise compared to RM 8,164,000 in the previous year[7] - Net profit attributable to equity holders for the period was RM 6,425,000, which is a 10% increase from RM 5,829,000 in 2021[7] - Total comprehensive income for the period was RM 7,207,000, compared to RM 6,791,000 in the same period last year, reflecting a 6% increase[7] - Total revenue for the animal feed additives segment was 55,584 thousand MYR, while the human food ingredients segment generated 16,460 thousand MYR, leading to a total revenue of 72,044 thousand MYR[38] - The distribution revenue reached 51,697 thousand MYR, up from 40,262 thousand MYR in the previous year, marking a growth of 28%[62] - The production revenue also increased to 20,347 thousand MYR from 16,510 thousand MYR, which is a growth of 23%[62] - The gross profit for the six months ended June 30, 2022, was 13,382 thousand MYR, compared to 10,109 thousand MYR in the same period of 2021, indicating a growth of 32%[62] Assets and Liabilities - Current assets as of June 30, 2022, amounted to RM 129,525,000, an increase from RM 122,451,000 at the end of 2021[9] - Total assets less current liabilities stood at RM 148,498,000, up from RM 141,326,000 at the end of 2021[9] - The company’s total equity as of June 30, 2022, was RM 147,891,000, compared to RM 140,684,000 at the end of 2021[9] - As of June 30, 2022, total trade receivables amounted to 33,784 thousand MYR, an increase from 26,909 thousand MYR as of December 31, 2021, representing a growth of approximately 25.5%[76][83] - The company’s total liabilities decreased from 12,153 thousand MYR as of December 31, 2021, to 10,859 thousand MYR as of June 30, 2022, indicating a reduction of about 10.7%[86] Cash Flow - Cash and cash equivalents increased significantly to RM 22,933,000 from RM 11,666,000 at the end of 2021[9] - Operating cash flow before changes in working capital increased to 13,542 thousand MYR, up from 8,996 thousand MYR, indicating a growth of approximately 50.3%[17] - The net cash generated from operating activities was 7,534 thousand MYR, a decrease from 9,760 thousand MYR, reflecting a decline of about 22.5%[17] - The company experienced a significant increase in cash and cash equivalents, rising to 22,933 thousand MYR at the end of the reporting period from 11,666 thousand MYR at the beginning, marking an increase of approximately 96.5%[19] Expenses - The total administrative and other operating expenses were 6,516 thousand MYR, which is an increase from the previous year's 5,042 thousand MYR[47] - The effective tax expense for the period was 3,301 thousand MYR, up from 2,335 thousand MYR in the previous year, reflecting an increase of 41%[67] - The financing costs for the period were 18 thousand MYR, a slight increase from 24 thousand MYR in the previous year[48] - The depreciation for the period was approximately 912 thousand MYR, compared to 751 thousand MYR in the same period of 2021[65] Shareholder Information - As of June 30, 2022, the company had 472,000,000 issued and fully paid shares, down from 500,000,000 at the beginning of the year, following the cancellation of 28,000,000 shares[92] - The major shareholders collectively control 337.5 million shares, representing 71.5% of the company's total issued share capital[162] - Garry-Worth Investment Limited is the beneficial owner of 337.5 million shares, with a 53.37% interest held by the chairman and executive director[163] - The company has adopted a share option scheme allowing the board to grant options to qualified individuals, with a total of 50,000,000 shares available for issuance, representing approximately 10.6% of the total issued share capital as of June 30, 2022[172][176] Corporate Governance - The board of directors confirmed compliance with the standards set out in the corporate governance code during the six months ending June 30, 2022[178][179] - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[182] - The chairman and CEO roles are held by the same individual, which the board believes is appropriate under the current circumstances[179] Future Plans and Investments - The company plans to gradually utilize the net proceeds to strengthen its business growth following Malaysia's transition to an endemic phase of COVID-19 on April 1, 2022[160] - The company has established a centralized enterprise resource planning system with an investment of $3.7 million, completed by December 31, 2022[159] - The company has allocated $1.7 million for sales and marketing activities, with $1.6 million yet to be utilized[159] - The company has set up new testing laboratories with an investment of $3.5 million, completed by June 30, 2023[159]
利特米(01936) - 2022 - 中期财报