SHENG SIONG GROUP LTD.
Business Update for the Third Quarter ended 30 September 2022
- Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income
The Group | The Group | |||||
3 months ended | 9 months ended | |||||
30 Sep | 30 Sep | 30 Sep | 30 Sep | |||
2022 | 2021 | Change | 2022 | 2021 | Change | |
S$'000 | S$'000 | +/ (-) | S$'000 | S$'000 | +/ (-) | |
Revenue | 333,498 | 348,099 | (4.2%) | 1,010,249 | 1,029,774 | (1.9%) |
Cost of sales | (235,359) | (247,158) | (4.8%) | (713,041) | (736,317) | (3.2%) |
Gross profit | 98,139 | 100,941 | (2.8%) | 297,208 | 293,457 | 1.3% |
Other income | 2,625 | 2,496 | 5.2% | 8,108 | 10,042 | (19.3%) |
Selling and distribution expenses | (2,072) | (2,178) | (4.9%) | (6,006) | (5,738) | 4.7% |
Administrative expenses | (58,926) | (58,194) | 1.3% | (174,865) | (171,548) | 1.9% |
Other expenses | (1,341) | (1,365) | (1.8%) | (3,940) | (4,087) | (3.6%) |
Results from operating activities | 38,425 | 41,700 | (7.9%) | 120,505 | 122,126 | (1.3%) |
Finance income | 991 | 331 | 199.4% | 1,784 | 815 | 118.9% |
Finance expenses | (729) | (589) | 23.8% | (2,197) | (1,667) | 31.8% |
Profit before tax | 38,687 | 41,442 | (6.6%) | 120,092 | 121,274 | (1.0%) |
Tax expense | (5,800) | (7,019) | (17.4%) | (19,703) | (20,760) | (5.1%) |
Profit for the period | 32,887 | 34,423 | (4.5%) | 100,389 | 100,514 | (0.1%) |
Other comprehensive income | ||||||
Item that is or may be reclassified | ||||||
subsequently to profit or loss: | ||||||
Foreign currency translation | ||||||
differences - foreign operations | (235) | (46) | 410.9% | (516) | (237) | 117.7% |
Total comprehensive income for | ||||||
the period | 32,652 | 34,377 | (5.0%) | 99,873 | 100,277 | (0.4%) |
1 |
SHENG SIONG GROUP LTD.
Business Update for the Third Quarter ended 30 September 2022
The Group | The Group | ||||||
3 months ended | 9 months ended | ||||||
30 Sep | 30 Sep | 30 Sep | 30 Sep | ||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||
S$'000 | S$'000 | +/ (-) | S$'000 | S$'000 | +/ (-) | ||
Profit net of tax for the period | |||||||
attributable to: | |||||||
Owners of the Company | 32,767 | 34,364 | (4.6%) | 100,140 | 100,298 | (0.2%) | |
Non-controlling interest | 120 | 59 | 103.4% | 249 | 216 | 15.3% | |
Profit after tax | 32,887 | 34,423 | (4.5%) | 100,389 | 100,514 | (0.1%) | |
Total comprehensive income for | |||||||
the period attributable to: | |||||||
Owners of the Company | 32,626 | 34,233 | (4.7%) | 99,831 | 100,052 | (0.2%) | |
Non-controlling interest | 26 | 144 | (81.9%) | 42 | 225 | (81.3%) | |
Total comprehensive income | 32,652 | 34,377 | (5.0%) | 99,873 | 100,277 | (0.4%) | |
Earnings per share | |||||||
Basic and diluted (cents) | 2.18 | 2.29 | 6.66 | 6.67 |
2
SHENG SIONG GROUP LTD.
Business Update for the Third Quarter ended 30 September 2022
- Interim Statements of Financial Position
The Group | The Company | ||||
30 Sep | 31 Dec | 30 Sep | 31 Dec | ||
2022 | 2021 | 2022 | 2021 | ||
S$'000 | S$'000 | S$'000 | S$'000 | ||
Assets | |||||
Property, plant and equipment | 294,277 | 302,883 | - | - | |
Right-of-use assets | 77,007 | 79,505 | - | - | |
Investment in subsidiaries | - | - | 82,261 | 82,261 | |
Non-current assets | 371,284 | 382,388 | 82,261 | 82,261 | |
Inventories | 85,619 | 98,383 | - | - | |
Trade and other receivables | 11,889 | 11,604 | 154,026 | 200,721 | |
Cash and cash equivalents | 228,606 | 246,642 | 185 | 308 | |
Current assets | 326,114 | 356,629 | 154,211 | 201,029 | |
Total assets | 697,398 | 739,017 | 236,472 | 283,290 | |
Equity | |||||
Share capital | 235,373 | 235,373 | 235,373 | 235,373 | |
Merger reserve | (68,234) | (68,234) | - | - | |
Foreign currency translation reserve | (408) | (98) | - | - | |
Accumulated profits | 252,535 | 246,365 | 802 | 47,551 | |
Equity attributable to owners of the | |||||
Company | 419,266 | 413,406 | 236,175 | 282,924 | |
Non-controlling interest | 2,958 | 2,916 | - | - | |
Total equity | 422,224 | 416,322 | 236,175 | 282,924 | |
Liabilities | |||||
Lease liabilities | 43,820 | 48,945 | - | - | |
Deferred tax liabilities | 2,585 | 3,229 | - | - | |
Non-current liabilities | 46,405 | 52,174 | - | - | |
Trade and other payables | 170,865 | 212,391 | 299 | 361 | |
Current tax payable | 26,324 | 25,381 | (2) | 5 | |
Term loan | - | 5,000 | - | - | |
Lease liabilities | 31,580 | 27,749 | - | - | |
Current liabilities | 228,769 | 270,521 | 297 | 366 | |
Total liabilities | 275,174 | 322,695 | 297 | 366 | |
Total equity and liabilities | 697,398 | 739,017 | 236,472 | 283,290 |
3
SHENG SIONG GROUP LTD.
Business Update for the Third Quarter ended 30 September 2022
- Interim Consolidated Statement of Cash Flows
Operating activities
Profit for the period
Adjustments for:
Depreciation of:
- property, plant and equipment
- right-of-useassets
Gain on disposal of property, plant and equipment Unrealised exchange (gain)/loss
Interest income Interest expense Tax expense
Changes in:
- inventories
- trade and other receivables
- trade and other payables
Cash generated from operations Taxes paid
Cash flows from operating activities
The Group | The Group | ||
3 months ended | 9 months ended | ||
30 Sep | 30 Sep | 30 Sep | 30 Sep |
2022 | 2021 | 2022 | 2021 |
S$'000 | S$'000 | S$'000 | S$'000 |
32,887 | 34,423 | 100,389 | 100,514 |
4,862 | 5,157 | 14,861 | 15,246 |
8,550 | 7,589 | 24,798 | 22,812 |
(16) | (82) | (15) | (154) |
(375) | (12) | (893) | 20 |
(991) | (331) | (1,784) | (815) |
729 | 589 | 2,197 | 1,667 |
5,800 | 7,019 | 19,703 | 20,760 |
51,446 | 54,352 | 159,256 | 160,050 |
(1,887) | (3,921) | 12,764 | (982) |
(2,506) | (1,231) | (285) | 9,202 |
10,523 | 7,020 | (41,526) | (22,786) |
57,576 | 56,220 | 130,209 | 145,484 |
(6,846) | (10,460) | (19,404) | (29,326) |
50,730 | 45,760 | 110,805 | 116,158 |
Investing activities | |||||
Proceeds from disposal of property, plant and equipment | 42 | 83 | 132 | 185 | |
Purchase of property, plant and equipment | (1,451) | (3,926) | (6,614) | (9,340) | |
Interest received | 991 | 331 | 1,784 | 815 | |
Cash flows used in investing activities | (418) | (3,512) | (4,698) | (8,340) | |
Financing activities | |||||
Dividends paid | (47,361) | (46,610) | (93,971) | (91,716) | |
Repayment of term loan | - | - | (5,000) | (10,000) | |
Payment of lease liabilities | (8,186) | (7,547) | (23,697) | (22,739) | |
Interest paid on lease liabilities | (678) | (539) | (2,041) | (1,510) | |
Cash flows used in financing activities | (56,225) | (54,696) | (124,709) | (125,965) | |
Net decrease in cash and cash equivalents | (5,913) | (12,448) | (18,602) | (18,147) | |
Cash and cash equivalents at beginning of the period | 234,270 | 247,980 | 246,642 | 253,901 | |
Effect of exchange rate changes on balances held in | |||||
foreign currencies | 249 | (34) | 566 | (256) | |
Cash and cash equivalents at end of the period | 228,606 | 235,498 | 228,606 | 235,498 |
4
SHENG SIONG GROUP LTD.
Business Update for the Third Quarter ended 30 September 2022
- Notes to the Consolidated Financial Statements
1. Significant items
Note | |
Depreciation of property, plant and | |
equipment | |
Depreciation of right-of-use assets | |
Exchange gain, net | |
Gain on disposal of property, plant | |
and equipment | |
Staff costs | |
Contribution to defined contribution | |
plans, included in staff costs | |
Interest income | |
Interest expense | |
Finance (income)/ expense, net | |
Other income: | |
Operating lease income | 1.1 |
Sale of scrap materials | |
Government grants | 1.2 |
Miscellaneous income | 1.3 |
Note
The Group | The Group | ||
3 months ended | 9 months ended | ||
30 Sep | 30 Sep | 30 Sep | 30 Sep |
2022 | 2021 | 2022 | 2021 |
S$'000 | S$'000 | S$'000 | S$'000 |
4,862 | 5,157 | 14,861 | 15,246 |
8,550 | 7,589 | 24,798 | 22,812 |
(128) | (154) | (621) | (423) |
(16) | (82) | (15) | (154) |
47,686 | 48,484 | 141,160 | 144,476 |
2,183 | 1,916 | 6,348 | 5,457 |
(991) | (331) | (1,784) | (815) |
729 | 589 | 2,197 | 1,667 |
(262) | 258 | 413 | 852 |
831 | 818 | 2,186 | 2,306 |
729 | 887 | 2,359 | 2,050 |
584 | 762 | 2,007 | 4,418 |
481 | 29 | 1,556 | 1,268 |
2,625 | 2,496 | 8,108 | 10,042 |
- We lease excess retail spaces to external parties and Interested Persons, the latter accounted for 24.1% of the 3Q FY 2022 rental income.
- In view of improved COVID-19 situation, the Government reduced its grants and support in Year 2022.
- Miscellaneous income consists of IT consultancy services rendered to a third party to automate its warehousing system via an Interested Person. We invoiced the interested person $210,000 for the work done.
5
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Sheng Siong Group Ltd. published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 06:02:03 UTC.