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JTF International Holdings Limited
金 泰 豐 國 際 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 8479)
INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2022
INTERIM RESULTS
The board of directors of JTF International Holdings Limited (the "Company") is pleased to announce the unaudited condensed interim financial results of the Company and its subsidiaries (the "Group" or "our Group") for the three months and six months ended 30 June 2022 together with comparative figures for the corresponding periods in
2021 as follows:
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the three months | For the six months | |||||||||||||||
ended 30 June | ended 30 June | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Note | RMB'000 | RMB'000 | RMB'000 | RMB'000 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Revenue | 5 | 122,106 | 648,833 | 400,126 | 1,082,298 | |||||||||||
Cost of sales | 6 | (115,125) | (614,917) | (382,396) | (1,022,821) | |||||||||||
Gross profit | 6,981 | 33,916 | 17,730 | 59,477 | ||||||||||||
Other (losses)/gains - net | (221) | - | (220) | 1 | ||||||||||||
Distribution expenses | 6 | (3,541) | (5,119) | (7,431) | (10,829) | |||||||||||
Administrative expenses | 6 | (3,143) | (3,493) | (5,952) | (6,248) | |||||||||||
Operating profit | 76 | 25,304 | 4,127 | 42,401 | ||||||||||||
Finance income - net | 7 | 363 | 12 | 528 | 138 | |||||||||||
Profit before income tax | 439 | 25,316 | 4,655 | 42,539 | ||||||||||||
Income tax expense | 8 | (411) | (8,521) | (2,166) | (14,540) | |||||||||||
Profit for the period | 28 | 16,795 | 2,489 | 27,999 | ||||||||||||
Other comprehensive income | - | - | - | - | ||||||||||||
Total comprehensive | ||||||||||||||||
income for the period | 28 | 16,795 | 2,489 | 27,999 | ||||||||||||
Earnings per share | 9 | |||||||||||||||
0.0 cents | 0.3 cents | |||||||||||||||
- Basic and diluted (RMB) | 1.8 cents | 3.0 cents | ||||||||||||||
The accompanying notes form an integral part of these condensed consolidated financial statements.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At | At | ||||
30 June | 31 December | ||||
2022 | 2021 | ||||
Note | RMB'000 | RMB'000 | |||
(Unaudited) | (Audited) | ||||
ASSETS | |||||
Non-current assets | 16,620 | ||||
Property, plant and equipment | 11 | 17,137 | |||
Right-of-use assets | 4,048 | 4,259 | |||
Deferred income tax assets | 770 | 733 | |||
Prepayments | 4,194 | 4,194 | |||
25,632 | 26,323 | ||||
Current assets | |||||
103,936 | |||||
Inventories | 42,131 | ||||
Prepayments | 131,006 | 15,210 | |||
Trade and other receivables | 12 | 89,071 | 504,936 | ||
Cash and cash equivalents | 106,637 | 7,805 | |||
430,650 | 570,082 | ||||
Total assets | 456,282 | 596,405 | |||
EQUITY | |||||
Equity attributable to the owners of | |||||
the Company | 7,980 | ||||
Share capital | 14 | 7,980 | |||
Other reserves | 285,916 | 282,462 | |||
Retained earnings | 95,232 | 96,197 | |||
Total equity | 389,128 | 386,639 | |||
LIABILITIES | |||||
Non-current liabilities | 3,772 | ||||
Lease liabilities | 4,054 | ||||
Deferred income tax liabilities | 16,404 | 16,187 | |||
20,176 | 20,241 | ||||
Current liabilities | |||||
15,154 | |||||
Trade and other payables | 13 | 179,700 | |||
Contract liabilities | 28,193 | 3,527 | |||
Lease liabilities | 362 | 353 | |||
Current income tax liabilities | 3,269 | 5,945 | |||
46,978 | 189,525 | ||||
Total liabilities | 67,154 | 209,766 | |||
Total equity and liabilities | 456,282 | 596,405 | |||
The accompanying notes form an integral part of these condensed consolidated financial statements.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2022
Other reserves | ||||||||||||||||
Share | Recapitalisation | Share | Capital | Statutory | Safety | Retained | ||||||||||
capital | reserves | premium | reserves | reserves | reserves | earnings | Total | |||||||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | |||||||||
(Note a) | (Note b) | |||||||||||||||
Balances at 1 January 2021 | ||||||||||||||||
(Audited) | 7,980 | 56,125 | 169,321 | 300 | 17,500 | 30,135 | 68,192 | 349,553 | ||||||||
Profit and total comprehensive | ||||||||||||||||
income for the period | - | - | - | - | - | - | 27,999 | 27,999 | ||||||||
Appropriation to safety reserves | - | - | - | - | - | 2,341 | (2,341) | - | ||||||||
Balance at 30 June 2021 | ||||||||||||||||
(Unaudited) | 7,980 | 56,125 | 169,321 | 300 | 17,500 | 32,476 | 93,850 | 377,552 | ||||||||
Balances at 1 January 2022 | ||||||||||||||||
(Audited) | 7,980 | 56,125 | 169,321 | 300 | 21,738 | 34,978 | 96,197 | 386,639 | ||||||||
Profit and total comprehensive | ||||||||||||||||
income for the period | - | - | - | - | - | - | 2,489 | 2,489 | ||||||||
Appropriation to safety reserves | - | - | - | - | - | 3,454 | (3,454) | - | ||||||||
Balance at 30 June 2022 | ||||||||||||||||
(Unaudited) | 7,980 | 56,125 | 169,321 | 300 | 21,738 | 38,432 | 95,232 | 389,128 | ||||||||
The accompanying notes form an integral part of these condensed consolidated financial statements.
Notes:
-
Statutory reserves
In accordance with the Company Law of the People's Republic of China ("PRC") and the articles of association of the Group's PRC subsidiary, the Group's PRC subsidiary is required to appropriate 10% of its profits after tax, as determined in accordance with relevant accounting principles generally accepted in the PRC and other applicable regulations, to the statutory reserve until such reserve reaches 50% of its registered capital. The appropriation to the reserve must be made before any distribution of dividends to equity holders of the PRC subsidiary. The statutory reserve can be used to offset previous years' losses, if any, and part of the statutory reserve can be capitalised as the PRC subsidiary's capital provided that the amount of such reserve remaining after the capitalisation shall not be less than 25% of its capital. - Safety reserves
Pursuant to certain regulations issued by the Ministry of Finance and the State Administration of Work Safety of the PRC, the Group's PRC subsidiary is required to set aside an amount to safety reserve at progressive rates from 0.2% to 4% of the total revenue from the sales of hazardous chemical since 14 February 2012. The reserve can be utilised for the spending in improvements and maintenances of work safety on the Group's daily operations, which are considered expenses in nature and charged to the profit and loss as incurred.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended 30 June | ||||
2022 | 2021 | |||
RMB'000 | RMB'000 | |||
(Unaudited) | (Unaudited) | |||
Cash flows from operating activities | ||||
Cash generated from operations | 103,289 | 12,614 | ||
Income tax paid | (4,662) | (8,711) | ||
Net cash generated from operating activities | 98,627 | 3,903 | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (50) | (123) | ||
Interest income on bank deposit | 561 | 225 | ||
Net cash generated from investing activities | 511 | 102 | ||
Cash flows from financing activities | ||||
Principal elements of lease payments | (273) | (248) | ||
Interest paid | (107) | (132) | ||
Net cash used in financing activities | (380) | (380) | ||
Net increase in cash and cash equivalents | 98,758 | 3,625 | ||
Cash and cash equivalents at beginning of the period | 7,805 | 63,695 | ||
Exchange differences on cash and cash equivalents | 74 | 28 | ||
Cash and cash equivalents at end of the period | 106,637 | 67,348 | ||
The accompanying notes form an integral part of these condensed consolidated financial statements.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
-
GENERAL INFORMATION
The Company was incorporated in the Cayman Islands on 23 October 2014 as an exempted company with limited liability under the Companies Law Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The address of the Company's registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands.
The Company is an investment holding company. The Group is principally engaged in the blending and sale of fuel oil, sale of refined oil and other petrochemicals in the People's Republic of China (the "PRC").
The Company's shares were listed on GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 17 January 2018.
The ultimate holding company of the Company is Thrive Shine Limited ("Thrive Shine"), a company incorporated in the British Virgin Islands, which is owned as to 80% and 20% by Mr. Xu Ziming ("Mr. Xu") and Ms. Huang Sizhen ("Ms. Huang"), respectively. The ultimate controlling party of the Group is Mr. Xu and Ms. Huang (collectively, the "Controlling Shareholders").
The unaudited condensed consolidated interim financial statements are presented in Renminbi ("RMB"), unless otherwise stated, and have been approved for issue by the Company's board of directors on 12 August 2022. - BASIS OF PREPARATION AND ACCOUNTING POLICIES
The condensed consolidated interim financial statements of the Group for the six months ended 30 June 2022 have been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34, "Interim Financial Reporting". The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2021, which have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs").
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2021, as described in those annual financial statements, except that the Hong Kong Institute of Certified Public Accountants has issued a number of new standards and amendments to HKFRSs which are effective for the current accounting period of the Group. None of those developments have had a material effect on how the Group's results and financial position for the current or prior periods have been prepared or presented. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. - ESTIMATES
The preparation of the condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing the condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation of uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 December 2021.
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JTF International Holdings Ltd. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2022 07:42:01 UTC.