SINO

Sino Agro Food Inc (OTCBB:SIAF) Posts FY2014 Audited Results

Sino Agro Food Inc (OTCBB:SIAF) posted record revenue of $403.4 million for its audited and consolidated FY2014 results ended December 31, 2014. The revenue in 4Q amounted to $109.2 million. The diluted earnings per share, net income and annual gross profit came at $5.56 per share, $92.1 million and $129.3 million, respectively.

The financials

Sino Agro said that total revenue for FY2014 amounted to $4.04 billion approximately, representing a 55% growth over revenue of almost $2.61 billion in FY2013. The sale of goods surged 55% to $3.22 billion over FY2013 revenue of $2.08 billion. The consulting and services revenue jumped 57% to $80 million over FY2013 revenue of $51 million. The commission and management fees saw a decline of 4% to $1.56 million from FY2013 revenue of $1.63 million. The revenue from sale of goods comprised 79.8% of total revenue with commissions and management fees at 4% and consulting and services at 19.8%.

Fishery Division

The revenue from the fishery segment came at $1.82 billion for FY2014, a jump of 67% over FY2013. It formed 45% of total revenue. The sale of goods contributed 58% of the total fishery division and 42% from consulting, commissions and management fees. The gross profits totaled to $66 million in FY2014, up 49% from FY2013.

The update

Sino Agro Food Inc (OTCBB:SIAF) said that ZSAPP recorded strong progress on brood stock development plan furthered by creating strategic alliances. It contracted with the R&D Station owned by the Chinese Government for the Big Giant Praw. The contract is made for its first batch of SPF BGP brood stock in 4Q2014. Due to premium quality of brood stock, the division anticipates to generate FY2015 revenue up to $11.8 million for BGP fingerling sales based on estimated sales of 5 million pieces per day for next 240 days that started in late March. In last trading session, the stock price of Sino Agro surged 2.10% to close at $12.15.

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