Financial Performance - Revenue for the six months ended June 30, 2022, was RM 49,421,471, representing a 13.63% increase from RM 43,494,431 in the same period of 2021[10] - Operating loss significantly reduced to RM (201,206) from RM (8,689,006), a decrease of 97.68%[10] - Net loss attributable to owners of the company decreased by 92.72% to RM (651,929) compared to RM (8,949,570) in the previous year[10] - Total comprehensive income for the period was RM 2,699,451, a significant recovery from a loss of RM (6,883,979) in the prior year[14] - The company reported a pre-tax loss of MYR 652,467 for the six months ended June 30, 2022, an improvement from a loss of MYR 8,950,174 in the same period of 2021[23] - The company reported a loss attributable to equity shareholders of RM 651,929 for the year 2022, compared to a loss of RM 8,949,570 in 2021, indicating a significant improvement[54] - The basic loss per share decreased from RM 0.83 in 2021 to RM 0.06 in 2022, reflecting a reduction in losses[54] Revenue Breakdown - Revenue from coconut-related food products reached MYR 46,324,361 for the six months ended June 30, 2022, compared to MYR 40,595,194 in the same period of 2021, representing an increase of approximately 18%[37] - Total revenue for the group was MYR 49,421,471 for the six months ended June 30, 2022, up from MYR 43,494,431 in the previous year, indicating a growth of about 14%[41] - Revenue from the Southeast Asia region decreased to MYR 16,036,995 in 2022 from MYR 18,120,674 in 2021, a decline of approximately 11.5%[41] - The Middle East region saw an increase in revenue to MYR 7,323,810 in 2022 from MYR 6,557,742 in 2021, reflecting a growth of about 11.6%[41] - The company’s revenue from coconut beverage products was approximately 46.32 million Malaysian Ringgit in the first half of 2022, up from about 40.60 million Malaysian Ringgit in the same period of 2021, marking an increase of approximately 5.72 million Malaysian Ringgit[82] Cost and Expenses - Gross profit margin improved to 17.0% from 3.1%, indicating a more favorable cost structure[11] - The company recorded a cost of goods sold of RM 40,999,758 for the six months ended June 30, 2022, compared to RM 42,151,336 for the same period in 2021, indicating a decrease in cost[61] - Administrative expenses decreased to approximately 4.97 million Malaysian Ringgit in the first half of 2022 from about 5.46 million Malaysian Ringgit in the same period of 2021, due to cost-cutting measures[85] - The company’s other expenses increased to approximately 3.95 million Malaysian Ringgit, primarily due to foreign exchange losses, compared to about 2.71 million Malaysian Ringgit in the previous year[86] Assets and Liabilities - Total assets net value increased by 2.35% to RM 117,638,091 from RM 114,938,640[10] - Total assets increased to MYR 174,803,807 as of June 30, 2022, compared to MYR 170,461,339 as of December 31, 2021, reflecting a growth of 2%[17] - Non-current assets rose to MYR 112,955,849, up from MYR 109,133,355, marking an increase of approximately 2.6%[17] - Current assets totaled MYR 61,847,958, slightly up from MYR 61,327,984, indicating a marginal increase of 0.8%[17] - Total liabilities decreased to MYR 57,165,716 from MYR 55,522,699, showing a reduction of about 2.9%[19] Cash Flow and Financial Position - Cash and cash equivalents decreased by 47.84% to RM 6,954,167 from RM 13,331,950 as of December 31, 2021[10] - Operating cash flow for the six months was MYR 1,332,252, down from MYR 2,136,923 in the previous year, a decrease of 37.7%[23] - Financing activities resulted in a net cash outflow of MYR 2,289,125, down from MYR 4,871,274, indicating a decrease of 53%[26] - The group maintained a strong financial position with net cash status as of June 30, 2022, and was able to repay its debts during normal business operations[95] Investments and Capital Expenditures - The company invested MYR 4,506,783 in property, plant, and equipment, compared to MYR 7,965,360 in the prior year, a reduction of 43.5%[26] - The group incurred capital expenditures of approximately 7.02 million Malaysian Ringgit in the first half of 2022, compared to about 7.97 million Malaysian Ringgit in the first half of 2021, mainly related to the expansion and upgrading of the Perak factory[102] - Total property, plant, and equipment increased from RM 138,478,196 as of January 1, 2022, to RM 145,480,296 as of June 30, 2022, showing growth in asset investment[57] Shareholder Information - As of June 30, 2022, Tang Koon Fook holds 567,000,000 shares, representing 52.5% of the company[131] - Lee Sieng Poon owns 243,000,000 shares, accounting for 22.5% of the company[131] - The total issued shares of the company as of June 30, 2022, is 1,080,000,000[131] - Major shareholders include TYJ and Trinity, both holding 52.5% and 22.5% respectively[132] Corporate Governance and Compliance - The audit committee reviewed the unaudited interim consolidated results for the first half of 2022[140] - The company has adopted and complied with all applicable corporate governance codes as of the first half of 2022[138] - The company has confirmed compliance with the standard code for securities transactions by directors during the first half of 2022[139] Future Outlook and Plans - The group remains optimistic about the long-term prospects and profitability due to the global demand for coconut-based beverages, particularly coconut milk and coconut juice[93] - The company plans to package and sell raw coconut juice, identified as a new revenue source, utilizing the existing production facilities at the Perak factory[118] - The group plans to utilize approximately 75.5 million Hong Kong dollars (about 76.0% of the net proceeds) for the acquisition and installation of machinery and equipment for coconut milk production to expand and upgrade the Perak factory's production facilities[107]
椰丰集团(01695) - 2022 - 中期财报