Financial Performance - The company reported revenue of SGD 22,109,000 for the three months ended June 30, 2022, compared to SGD 14,903,000 for the same period in the previous year, representing a year-over-year increase of approximately 48.5%[6] - The cost of sales for the quarter was SGD 21,002,000, up from SGD 14,452,000 in the prior year, indicating a rise of about 45.5%[6] - The net profit for the quarter was SGD 571,000, a significant increase from SGD 0 in the same quarter last year, marking a positive turnaround[15] - Basic and diluted earnings per share for the quarter were SGD 0.90 cents, compared to SGD 0.11 cents in the previous year, showing a substantial improvement[8] - The company reported a pre-tax profit of SGD 5,277,000 for the three months ended June 30, 2022, compared to SGD 1,778,000 for the same period in 2021, representing a significant increase[30] - Total expenses for the three months ended June 30, 2022, amounted to SGD 24,060,000, up from SGD 17,262,000 in the same period of 2021, indicating a rise of approximately 39.5%[37] - The company recognized other income of SGD 116,000 for the three months ended June 30, 2022, down from SGD 214,000 in the same period of 2021, reflecting a decrease of about 45.7%[32] - The cost of purchased inventory for the three months ended June 30, 2022, was SGD 15,943,000, compared to SGD 9,647,000 in the same period of 2021, marking an increase of approximately 65.5%[37] - Employee benefits for the three months ended June 30, 2022, were SGD 2,690,000, compared to SGD 2,392,000 in the same period of 2021, representing an increase of about 12.5%[37] - The fair value changes of biological assets resulted in a gain of SGD 3,796,000 for the three months ended June 30, 2022, compared to SGD 261,000 in the same period of 2021, showing a substantial increase[26] - The company received government grants totaling SGD 17,000 for the three months ended June 30, 2022, down from SGD 85,000 in the same period of 2021, reflecting a decrease of approximately 80%[32] - The depreciation of property, plant, and equipment for the three months ended June 30, 2022, was SGD 733,000, compared to SGD 662,000 in the same period of 2021, indicating an increase of about 10.7%[36] - The company's revenue increased by approximately 48% from SGD 14.9 million in the three months ended June 30, 2021, to SGD 22.1 million in the same period of 2022, driven by an expanded customer base[46] - Net profit rose from approximately SGD 0.6 million to SGD 5.3 million, reflecting an increase of about SGD 4.7 million due to a higher poultry count as of June 30, 2022[46] - Earnings per share increased significantly from SGD 0.11 to SGD 0.90, representing a growth of approximately 818%[42] - The cost of sales rose by approximately 45% from SGD 14.5 million to SGD 21.0 million, primarily due to increased procurement costs associated with a larger customer base[51] - Gross profit before fair value adjustments increased from SGD 2.9 million to SGD 4.3 million, while the gross profit margin remained stable at around 20%[51] - Other income increased from SGD 23,000 to SGD 73,000, mainly due to foreign exchange gains during the reporting period[53] - Revenue from fresh egg sales accounted for approximately 72% of total revenue, rising from SGD 10.8 million to SGD 16.0 million[49] - Revenue from processed egg sales increased from SGD 4.1 million to SGD 6.1 million, representing a growth of approximately 49% due to increased sales to food service customers[50] Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15 to ensure high standards of corporate governance and protect shareholder interests[59] - The chairman and CEO roles are currently held by the same individual, Mr. Ma, which the board believes is in the best interest of the group for effective strategic planning and implementation[60] - The company has established a sound system of checks and balances through the board and independent non-executive directors[60] - The audit committee consists of three independent non-executive directors, with Mr. Shao Tingwen as the chairman, overseeing financial reporting and risk management[75] - The company has established an audit committee in compliance with GEM listing rules and corporate governance codes[75] - The board will review corporate governance practices at least annually to ensure compliance with the corporate governance code[59] Shareholder Information - As of June 30, 2022, Mr. Ma holds 294,800,000 shares, representing approximately 58.96% of the company's shares[68] - Radiant Grand, the controlling shareholder, has committed not to engage in any competitive activities against the group, ensuring no conflicts of interest[63] - As of June 30, 2022, Elite Ocean Ventures Limited holds 80,200,000 shares, representing approximately 16.04% of the company's shares[71] Future Plans - The company plans to continue expanding its market presence and investing in new product development to drive future growth[17] - The company is focused on sustainable agricultural practices and aims to enhance its operational efficiency through technological advancements[17] Capital and Dividends - Capital commitments for expanding existing farms amounted to SGD 9.5 million as of June 30, 2022, compared to SGD 8.2 million as of March 31, 2022[44] - The company does not recommend any dividend payment for the three months ended June 30, 2022, consistent with the previous year[43] Share Options - The company has adopted a share option scheme to attract, retain, and reward eligible individuals, aligning their interests with those of the company and its shareholders[66] - No share options have been granted or agreed to be granted under the share option scheme[67] - The company has not purchased, sold, or redeemed any of its listed securities during the three months ending June 30, 2022[64]
永续农业(08609) - 2023 Q1 - 季度财报