Financial Performance - For the three months ended June 30, 2023, the company reported total revenue of SGD 25,689,000, an increase of 16.0% compared to SGD 22,109,000 for the same period in 2022[4]. - The gross profit for the first quarter of 2023 was SGD 5,620,000, compared to SGD 4,322,000 in the previous year, reflecting a gross margin improvement[6]. - The net profit attributable to the owners of the company for the first quarter of 2023 was SGD 4,941,000, up from SGD 4,503,000 in the same quarter of 2022, representing an increase of 9.7%[6]. - The company reported earnings per share of SGD 0.98 for the first quarter of 2023, compared to SGD 0.90 for the same period last year[6]. - The total comprehensive income for the period was SGD 4,886,000, compared to SGD 4,505,000 in the previous year, marking a growth of 8.4%[6]. - The company recognized a profit before tax of SGD 5,742,000 for the three months ended June 30, 2023, compared to SGD 5,277,000 for the same period in 2022, which is an increase of approximately 8.8%[16][17]. - Net profit for the three months ended June 30, 2023, rose to SGD 5.7 million, an increase of approximately SGD 0.4 million from SGD 5.3 million in the same period in 2022[31]. Revenue Breakdown - The company’s biological assets and agricultural products fair value adjustments contributed significantly to the revenue, with a total of SGD 3,638,000 recognized in Q1 2023[4]. - The segment performance showed that fresh eggs generated a profit of SGD 3,811,000, processed eggs SGD 3,558,000, while fruits recorded a loss of SGD 102,000, leading to a total segment profit of SGD 7,267,000[16]. - Revenue from fresh egg sales increased to SGD 17.7 million for the three months ended June 30, 2023, from SGD 16.0 million in the same period in 2022, accounting for approximately 69% of total revenue[34]. - Revenue from processed egg sales rose to SGD 7.1 million for the three months ended June 30, 2023, from SGD 6.1 million in the same period in 2022, representing approximately 28% of total revenue[35]. Expenses and Costs - Administrative expenses increased to SGD 1,759,000 in Q1 2023 from SGD 1,318,000 in Q1 2022, indicating a rise of 33.5%[6]. - The cost of goods sold increased to SGD 27,553,000 for the three months ended June 30, 2023, compared to SGD 24,060,000 in the same period of 2022, marking an increase of about 10.4%[23]. - Sales cost increased by approximately 14% to SGD 24.0 million for the three months ended June 30, 2023, from SGD 21.0 million in the same period in 2022[36]. - The company reported a net financing cost of SGD 338,000 for the three months ended June 30, 2023, compared to SGD 141,000 in the same period last year, indicating a significant increase in financing costs[22]. - Other income for the three months ended June 30, 2023, was SGD 66,000, down from SGD 116,000 in the previous year, reflecting a decrease of approximately 43.1%[19]. - The company reported a decrease in employee benefits expenses to SGD 3,099,000 for the three months ended June 30, 2023, from SGD 2,690,000 in the same period last year, reflecting an increase of approximately 15.3%[23]. 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[45]. - The company has a robust internal control system and accountability to all shareholders as part of its corporate governance principles[45]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[61]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2023, and found the performance to comply with applicable accounting standards and GEM listing rules[61]. - The board believes that the dual role of the chairman and CEO held by Mr. Ma is in the best interest of the group for effective strategy planning and implementation[46]. Shareholder Information - The company’s total equity increased to SGD 51,544,000 as of June 30, 2023, up from SGD 42,488,000 a year earlier, indicating strong financial health and growth potential[8]. - The company’s major shareholder, Radiant Grand, holds 294,800,000 shares, representing approximately 58.96% of the total shares[59]. - Elite Ocean Ventures, controlled by Lin Youwen, holds 80,200,000 shares, which is about 16.04% of the total shares[59]. - The company has established a stock option plan to attract and retain qualified individuals, approved by shareholders on August 15, 2018[53]. - The company has confirmed compliance with the trading standards and codes of conduct regarding securities transactions by all directors as of June 30, 2023[47]. - The company has a non-competition agreement in place with its major shareholder to prevent any direct or indirect competition with the group[50]. - As of June 30, 2023, the company has not purchased, sold, or redeemed any of its listed securities during the three months period[51]. - No stock options have been granted or agreed to be granted under the stock option plan as of the report date[54].
永续农业(08609) - 2024 Q1 - 季度财报