Financial Performance - Revenue for the six months ended September 30, 2023, was SGD 53,436,000, representing an increase of 16.0% compared to SGD 45,788,000 for the same period in 2022[4] - Gross profit for the same period was SGD 13,557,000, with a gross margin of 25.4%, compared to SGD 9,086,000 and a gross margin of 19.8% in 2022[6] - Net profit after tax for the six months was SGD 4,210,000, a significant increase of 157.5% from SGD 1,637,000 in the previous year[6] - Basic and diluted earnings per share increased to SGD 2.02 from SGD 1.46, reflecting a growth of 38.3%[6] - For the six months ended September 30, 2023, the company reported a net profit of 10,098 thousand Singapore dollars, an increase of 37.5% compared to 7,322 thousand Singapore dollars for the same period in 2022[10] - The net profit attributable to equity holders for the six months ended September 30, 2023, was SGD 10,098,000, compared to SGD 7,322,000 in 2022, reflecting a 38% increase[32] Assets and Liabilities - Total assets as of September 30, 2023, amounted to SGD 105,275,000, up from SGD 91,437,000 as of March 31, 2023, indicating a growth of 15.1%[9] - The company reported a total equity of SGD 56,717,000, an increase of 21.6% from SGD 46,658,000 as of March 31, 2023[9] - Cash and cash equivalents increased to SGD 13,322,000 from SGD 8,739,000, representing a growth of 52.5%[8] - Biological assets increased to SGD 11,152,000 from SGD 7,829,000, reflecting a growth of 42.5%[8] - The group reported trade receivables of SGD 15,130,000 as of September 30, 2023, an increase of 8.7% from SGD 13,924,000 as of March 31, 2023[45] - The group’s total liabilities for lease liabilities decreased to SGD 819,000 as of September 30, 2023, from SGD 1,179,000 as of March 31, 2023[37] Cash Flow and Operating Activities - Cash generated from operating activities for the six months ended September 30, 2023, was 6,222 thousand Singapore dollars, significantly higher than 2,913 thousand Singapore dollars in the same period last year, marking a 113.5% increase[12] - The company reported a net cash increase of 4,583 thousand Singapore dollars for the period, compared to a decrease of 1,300 thousand Singapore dollars in the same period last year[12] - The company’s investment activities resulted in a net cash outflow of 2,793 thousand Singapore dollars, an improvement from a net outflow of 4,572 thousand Singapore dollars in the previous year[12] Market and Product Development - The company plans to continue expanding its market presence and invest in new product development to drive future growth[4] - The company plans to continue expanding its market presence in Singapore, focusing on fresh and processed egg products, as indicated by the revenue growth in these segments[21] - Fresh egg sales accounted for about 68% of total revenue, increasing from SGD 32.2 million to SGD 36.2 million, driven by an expanded customer base[57] - Processed egg sales contributed approximately 29% of total revenue, rising from SGD 13.6 million to SGD 15.7 million, primarily due to increased sales of pasteurized liquid eggs[58] Costs and Expenses - The total cost of sales increased by approximately 11% from SGD 44.9 million to SGD 49.7 million, mainly due to rising procurement and production costs[60] - The company’s financing costs rose to SGD 621,000 from SGD 283,000, indicating a significant increase of 119.4%[6] - The company’s employee benefits expenses rose to SGD 6,340,000 in 2023 from SGD 5,545,000 in 2022, an increase of 14%[29] - The company’s depreciation of property, plant, and equipment increased to SGD 1,889,000 in 2023 from SGD 1,395,000 in 2022, a rise of 35%[29] Governance and Compliance - The company is led by Mr. Ma, who has served as CEO since 2009 and was appointed Chairman in September 2018, with the board believing this dual role is in the best interest of the group[85] - The company has established a non-competition agreement with its controlling shareholder, ensuring no competitive activities will be undertaken[88] - The audit committee consists of three independent non-executive directors, with Mr. Shao Tingwen as the chairman[99] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2023, ensuring compliance with applicable accounting standards and GEM listing rules[101] Shareholder Information - As of September 30, 2023, Mr. Ma and his spouse hold 294,800,000 shares, representing approximately 58.96% of the company's shares[93] - Radiant Grand International Limited, controlled by Mr. Ma, is the beneficial owner of 294,800,000 shares, also accounting for 58.96%[95] - Elite Ocean Ventures Limited holds 80,200,000 shares, representing approximately 16.04% of the company, with Mr. Lin and his spouse being the beneficial owners[95] Other Information - The company did not declare any interim dividends for the six months ended September 30, 2023, consistent with the previous year[33] - The group faced a currency risk with USD and HKD, with a potential impact of SGD 7,000 on performance if USD fluctuated by 3%[81] - The group had unutilized borrowing facilities of approximately SGD 23.0 million as of September 30, 2023, down from SGD 28.3 million on March 31, 2023[69]
永续农业(08609) - 2024 - 中期财报