Sino Agro Food is filing its annual report 2021

Rhea-AI Summary

The press release from Guangzhou, China, reports the filing of Form 8K for the annual report 2021 by SIAF on March 29, 2022. It highlights that total consolidated revenues reached $10,582,565, with gross profits of $4,329,605, a rise from $9,892,398 and $7,567,647 in 2020. Revenue growth is attributed to the appreciation of RMB. The investment in SJAP resulted in a loss of $3.5 million, while Tri-way incurred a loss of $52.06 million. The company's operations include organic fertilizer, cattle farms, and plantations, mainly generating income through leasing contracts.

Positive

• Total consolidated revenues increased to $10,582,565 in 2021 from $9,892,398 in 2020.
• Gross profits rose to $4,329,605 compared to $7,567,647 in the previous year.

Negative

• Losses from equity investment in SJAP amounted to -$3.5 million.
• Losses from the investment in Tri-way reached -$52.06 million.

Guangzhou, China, March 29, 2022 (GLOBE NEWSWIRE) --

29th March 2022 

The Company is filing a Form 8K detailing its annual report 2021 previously known as the 10K 2021 report on 29th March 2022 as a company quoted on the OTC Pink Sheet..

Summary of the financials are listed as follows:

A. In the 12 months ended 31^st December 2021, the Company’s revenues and incomes are generated from the following businesses activities:

1. Leasing of business activities

2. Investments in investees

Whereas

1. Consolidated revenues are generated from the leasing of following business activities:

● The Organic fertilizer operation of HSA.

● Cattle farms operation of (MEIJI) & (JHMC)

● Plantation operation of (JHST)

2. Unconsolidated incomes are generated from the investments of following 2 investees:

● 45% equity holding in SJAP

● 36.6% equity holding in Tri-way

B. A summary of each business division and operations is described below:

B.1. Division (1) of leasing of operations:

● The Organic fertilizer operation of HSA.

The operation of Hunan Shenghua A Power Agriculture Co. Ltd. (“HSA”) is in manufacturing and sales of organic fertilizer. From 1^st October 2019 the Company contracted out its manufacturing and sales of organic fertilizer to its operational management; as such income of HSA is derived mainly from said leasing contract.

● The plantation operation of (JHST)

Plantation operation refers to the operations of Jiangmen City Heng Sheng Tai Agriculture Development Co. Ltd. (“JHST”) in the HU Plantation business where dragon fruit flowers (dried and fresh), crops of vegetables and immortal vegetables (dried) are being grown and sold to wholesale and retail markets. JHST’s financial statements are consolidated into the financial statements of Macau EIJI Company Ltd. (“MEIJI”) as one entity. From 1st October 2019 the Company contracted out its plantation operation to its operational management; as such income of JHST is derived mainly from said leasing contract.

● The cattle farms operation of (MEIJI) & (JHMC)

Cattle Farm Division refers to the operations of Cattle Farm 1 under Jiangmen City Hang Mei Cattle Farm Development Co. Ltd (“JHMC”) where cattle are being grown, fatten and sold live to third party livestock wholesalers who sell them mainly to Guangzhou and Beijing livestock wholesale markets. The financial statements of JHMC are consolidated into MEIJI as one entity along with MEIJI’s operation in the consulting and service for development of other cattle farms (e.g., Cattle Farm 2) or related projects. From 1st October 2019 the Company contracted out its cattle operation to its operational management; as such incomes of JHMC are derived mainly from said leasing contract.

The total leasing revenues and gross profits for fiscal year ended 31st December 2021 are $10,582,565 and $4,329,605 respectively representing 100% of the Group’s total consolidated revenue and gross profit comparing to fiscal year ended 31st December 2020 revenue of $9,892,398 and gross profit of $7,567,647. The differences of the two years revenues are primarily due to the appreciation of RMB averaging from 2020’s US$1 = RMB 6.90 to 2021’s US$1=RMB6.45.

B.2.Division (2) of investments in equity investees

● 45% equity holding in SJAP

SJAP became an investee of SIAF since 01102019 such that its financial is not detailed in SIAF’s consolidated financials but reported under investments in investees. 

The Company’s share of losses in the investment of SJAP is -$3.5 million for year ended December 31, 2021.

36.6% equity holding in Tri-way

The Company’s share of losses in the investment of Tr-way  is -$52.06 million  for year ended December 31, 2021.

For full financial details and related description please refer to the annual report 2020  reported within this 8K.

Contact information:
Solomon Lee
CEO of SIAF. solomon.lee1@vip.163.com

FAQ

What were SIAF's total revenues for the year 2021?

SIAF reported total consolidated revenues of $10,582,565 for the year ended December 31, 2021.

What was SIAF's gross profit in 2021?

The gross profit reported by SIAF for the fiscal year 2021 was $4,329,605.

How much did SIAF lose from its investment in SJAP?

SIAF incurred a loss of -$3.5 million from its investment in SJAP for the year ended December 31, 2021.

What were the losses for SIAF's investment in Tri-way?

The losses from SIAF's investment in Tri-way were -$52.06 million for the year ended December 31, 2021.