Financial Performance - The company reported revenue of SGD 45,788,000 for the six months ended September 30, 2022, compared to SGD 31,858,000 for the same period in 2021, representing a growth of approximately 43.7%[6]. - The cost of sales was SGD 36,702,000, resulting in a gross profit of SGD 9,086,000 for the period[6]. - The company recorded a net profit of SGD 1,174,000, compared to SGD 165,000 in the previous year, indicating a significant increase in profitability[8]. - Basic and diluted earnings per share were SGD 1.46 cents, compared to SGD 0.17 cents in the previous year, showing a substantial improvement in earnings per share[8]. - The company reported a total segment profit of SGD 10,959 thousand for the six months, compared to SGD 8,489 thousand in the previous year, marking an increase of about 29.1%[65]. - Total revenue for the six months ended September 30, 2022, was 22,402 thousand Singapore dollars, compared to 9,456 thousand Singapore dollars for the same period in 2021, representing a significant increase[68]. - The company reported a net profit attributable to equity holders of 7,322 thousand Singapore dollars for the six months ended September 30, 2022, compared to 836 thousand Singapore dollars in the previous year, indicating a substantial growth[82]. - Total expenses for the six months ended September 30, 2022, amounted to 51,206 thousand Singapore dollars, compared to 37,092 thousand Singapore dollars in the previous year, reflecting an increase in operational costs[77]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to SGD 84,414,000, up from SGD 72,785,000 at the end of the previous fiscal year, marking an increase of approximately 15.9%[13]. - The company's total liabilities were SGD 39,116,000, compared to SGD 35,009,000, reflecting an increase of about 11.9%[16]. - The net asset value increased to SGD 45,298,000 from SGD 37,776,000, representing a growth of approximately 19.5%[16]. - The total biological assets as of September 30, 2022, were valued at 13,525 thousand Singapore dollars, up from 7,910 thousand Singapore dollars in the previous year[87]. Cash Flow and Investments - The net cash generated from operating activities for the six months was SGD 2,913 thousand, a decrease from SGD 4,572 thousand in the previous year, indicating a decline of about 36.3%[54]. - The total cash and cash equivalents at the end of the period decreased to SGD 8,769 thousand from SGD 19,440 thousand, reflecting a decline of approximately 54.9%[54]. - The company acquired property, plant, and equipment totaling 5,775,000 SGD in the six months ended September 30, 2022, a decrease from 7,640,000 SGD in the same period last year[92]. Operational Highlights - The fresh egg segment generated revenue of SGD 32,172 thousand, while the processed egg segment contributed SGD 13,616 thousand, together totaling SGD 45,788 thousand[65]. - Fresh egg sales accounted for about 70% of total revenue, increasing from SGD 22.4 million to SGD 32.2 million, primarily due to an expanded customer base[124]. - Processed egg sales contributed approximately 30% of total revenue, rising from SGD 9.5 million to SGD 13.6 million, driven by increased sales to food service customers as COVID-19 restrictions eased[125]. - The company harvested 82,173,047 eggs in the six months ended September 30, 2022, compared to 67,866,494 eggs in the same period last year, representing a growth of approximately 21.3%[91]. Expenses and Costs - The company incurred total expenses of SGD 36,299 thousand, leading to a pre-tax profit of SGD 8,489 thousand for the period[65]. - Selling and distribution expenses rose by approximately SGD 0.5 million (or about 16%) to approximately SGD 3.6 million for the six months ended September 30, 2022, from SGD 3.1 million for the same period in 2021, aligning with sales growth to an expanded customer base[132]. - Employee costs, including director remuneration, were approximately SGD 5.5 million for the six months ended September 30, 2022, compared to SGD 4.8 million for the same period in 2021[149]. Corporate Governance - The company has complied with all applicable corporate governance code provisions, except for a deviation regarding the separation of roles of Chairman and CEO[156]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[172]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2022, and found them compliant with applicable accounting standards and legal requirements[172]. Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[6]. - The management is optimistic about future growth prospects, driven by increased demand for fresh and processed egg products in the market[56]. - The company plans to begin construction of three additional egg laying houses by the end of 2022 as part of its expansion strategy[120].
永续农业(08609) - 2023 - 中期财报