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Sino Agro Food, Inc. Reports Record Quarterly Revenue of $97.0M and Diluted EPS of $.14

Revenue Increases 78% to $97.0M

GUANGZHOU, China, Aug. 15, 2014 /PRNewswire/ -- Sino Agro Food, Inc. (OTC BB: SIAF.OB), today announced revenue of $97.0M for the second quarter ended June 30, 2014. Gross profit, net income, and diluted earnings per share ("EPS") for the quarter were $32.3M, $23.1M, and $.14 per share, respectively.

SIAF is an integrated, diversified agriculture technology and organic food company (the "Company") with principal operations as primary producer, processor, and marketer in the People's Republic of China ("PRC").

Solid and disciplined execution delivered another strong quarter, with the following growth rates:

Consolidated Financial Summary: Second Quarter Ended June 30, 2014

       Q2 2014

 Q2 2013






Gross Profit




Net Income




Diluted EPS




Stockholders' Equity




Consolidated Results


Total revenue for the quarter ended June 30, 2014 was $97,032,504 a 78% increase over revenue of $54,400,329 in the corresponding quarter in 2013.

Revenue in the second quarter of 2014 was derived from the sale of goods and consulting services, split 84.9%-15.1%: $82,357,060 and $14,675,444, respectively. The fishery division contributed 89% of revenue from consulting and services in Q2 2014 versus 49% in Q2 2013. This was due to the new Zhongshan Prawn Project.

The breakdown of revenue in Q2 2013 from the sale of goods and consulting services was 77.5%-22.5%: $42,151,850 and $12,248,479.

The following chart illustrates the total revenue and changes by business segment from the quarter ended June 30, 2013 to the quarter ended June 30, 2014:


Q2 2014

Q2 2013

Change ($)

   Change (%)

Fishery (CA)





Plantation (JHST)





Organic Fertilizer (SJAP/HSA)





Cattle Farm (MEIJI)





Corporate/Other (SIAF)










Cost of Goods

Cost of Goods for Q2 2014 totaled $64,735,321. Cost of Goods sold accounted for $58,049,860, and cost of services totaled the remaining $6,685,461.

Corresponding numbers in Q2 2013 were $35,009,882 (total), $26,338,635 (from sale of goods), and $8,671,247 (services).

Gross Profit

Gross profit increased by $12,906,736 or 67% to $32,297,183 for Q2 2014 compared to $19,390,447 for Q2 2013.

Gross profits from sale of goods increased by $8,493,985, or 54% from $15,813,215 in Q2 2013 to $24,307,200 in Q2 2014. Gross profit from consulting services increased by $4,412,751 or 121% to $7,989,983 in Q2 2014 from $3,577,232 for Q2 2013.

The full gross profit margin of 38% at the fishery division yielded a gross profit of $15,267,739, or 47% of Company wide gross profits. The full product gross profit margin of 32% at SJAP yielded a gross profit of $8,737,679, amounting to 27% of the Company total.

The Q2 2014 gross profit total of $32,297,183 consisted of $24,307,200 from sale of goods (75%), and the remaining $7,989,983 from consulting services (25%). The comparable breakdown in the previous quarter, Q1 2014 was 78% from sale of goods and 22% from consulting services.

Division Operation Performance and Developments

Fishery Division

Revenue from the fishery division totaled $39,950,675, for the second quarter 2014, an increase of 123% from the second quarter 2013. Sale of goods accounted for 67% of the total, and 33% were derived from consulting services, commissions, and management fees. Gross profits totaled $16,439,342 for the second quarter 2014, an increase of 298% over Q2, 2013.

Revenue from the sale of goods increased by $14,949,524, or 125% from $11,955,394 for the quarter ended June 30, 2013 to $26,904,918 for the quarter ended June 30, 2014. Sale of goods in the second quarter, 2014 broke down as follows: eels, $17,574,960, or 65.4%; prawns, $5,230,548, or 19.4%; and sleepy cod, $4,099,410, or 15.2%.

The fishery division sold 786 metric tons of eels in the second quarter of 2014 at an average sales price of $22,360 per ton; 355 metric tons of prawns at an average sales price of $14,734, and 270 metric tons of sleepy cod at an average sales price of $15,183.

Gross profits from the sale of goods in the fishery division increased by $3,476,893 or 90% from $3,876,306 for Q2 2013 to $7,353,199 for Q2 2014. The gross profit from eels amounted to $5,225,445 or 71% of the division's gross profit from sale of goods.

Accounted within the fishery division, additional revenue from consulting and services amounted to $13,045,757 for Q2 2014, an increase of $7,097,045, or 119% over Q2 2013. Gross profit increased by $7,660,135 0r 3,011% over $254,405 in Q2, 2013 to $7,914,540 in Q2 2014.

Jiangmen City A Power Fishery, Development Co. Ltd. ("JFD" or "Fish Farm 1") is fully operational.  The Company strives to find techniques to continually improve yields. During the quarter, the Company determined that periodic size and age grading for "Big Giant Prawns" is crucial to optimize results. The Company invented a grading machine to separate males from females at certain ages, further improving results. Moreover, providing sufficient "hiding compartments" within the tanks for the prawns to hide while shedding their shells increases survival rates. The production capacity of prawns increased late in the second quarter, producing five million pieces/month in June versus 1.3 million per month before. And with strong market prices for 60 piece/kilogram sizes, gross profit margin reached 70%.   

The Company intends to use these discoveries to design and configure special purpose APM tanks for the new Zhongshan Prawn Project.

Enping City Bi Tao A Power Prawn Culture Development Co., Ltd. ("EBAPCD" or "Prawn Farm 1") During Q2, the Company completed construction of associated facilities, including conference rooms and show rooms for local farmers and customers, extra staff quarters, and storage room capacity. Currently, the Company is constructing additional APM tanks to increase annual capacity from 250 metric tons to 600 metric tons. The Company plans to build an adjacent, environmentally friendly demonstration hydroponic farm using residual wastes from prawn growth for fruits and vegetables.

Zhongshan A Power Prawn Culture Farms Development Co. Ltd.  ("ZSAPP" or "Prawn Farm 2"): The Company continued prawn fingerling production, supplemented by second stage eel grow-out to sizes of 350 to 400 grams at ZSAPP, preparing for third phase grow out at Fish Farm I or Fish Farm II. In addition, the Company expects to complete construction work to convert 6 x 10 mu and 3 x 20 mu open dams into semi-enclosed RAS dams by the end of August. Upon completion, the new RAS dam sections will produce prawns, fish, and/or eels year round, capitalizing on the seasonally higher prices in the colder winter months of November through April.

R & D Station

During the second quarter 2014, the Company imported six different species of table fish to test breeding and assess costs for market opportunities.

New Zhongshan Prawn Project: Work continued in Q2 2014 on a phased 20-year project using Capital Award's APRAS technology, consulting, and management systems. Consisting of gradual, phase dependent development, the project targets production of 10,000 metric tons/year of prawns in Phase I, Stage I, and ultimately up to 300,000 metric tons per year. To date, the Company:

1) Connected to electrical facilities 

2) Established and piped fresh drinking water 

3) Built six kilometers of three-meter wide roads surrounding the property. Twelve kilometers of internal roads sub-dividing project segments will be built gradually to accommodate phased development. 

4) Built a complex of offices, including staff quarters and eating facilities, conference rooms, storage, parking and landscaping. Total build out is 2,000 square meters on 15,000 square meters of land (about 23 Chinese mu or about four U.S. acres). These facilities are sufficient to house the staff personnel and working areas to administrate Phase I of the project. 

5) Completed site preparation and consolidation on 200 mu (33 U.S acres) to construct the first set of APM farms, expected to be started immediately, pending finalizing some sub-contractor arrangements. 

6) Developed temporary RAS open dams on another section of 200 mu (33 U.S acres) adjacent to the office complex to grow out new fish species in connection with R & D activities. Trial and fish stocking is expected to start by the end of August.

HU Plantation Division

Revenue from the HU plantation division decreased by $1,043,098 from $3,554,986 in Q2 2013 to $2,511,888 in Q2 2014. Gross profit generated from the HU plantation decreased by $256,033 from $2,294,029 for Q2 2013 to $2,037,996 for Q2 2014. Gross profit margin increased to 81% in Q2 2014 from 65% in the corresponding 2013 quarter.

JHST harvested almost nine million pieces of flowers during Q2 2014, representing a yield 20% higher than during Q2 2013; therefore, expectations for sales in the second half of 2014 are optimistic. JHST also harvested 27.1 metric tons of fresh Immortal Vegetables from 10 mu (1.66 U.S. acres) of its plantation in the second quarter. The harvest was dried and packaged into gift boxes of 900 grams each that JHST sales agencies distributed to over 200 shops.

Organic Fertilizer Division

For segment reporting, the Company is consolidating the results from Qinghai Sanjiang A Power Agriculture Co., Ltd. ("SJAP") and Hunan Shenghua A Power Agriculture Company Ltd. ("HSA"), including sales of beef.

Revenue from organic fertilizer increased by $15,838,254, or 93% from $16,946,378 for Q2 2013 to $32,784,632 for Q2 2014. Revenue breaks down as follows:


1)  Organic Fertilizer                


2)  Organic Mixed Fertilizer               


          HSA Total                           



1)   Fertilizer                         


2)   Bulk Livestock Feed                  


3)   Concentrated Livestock Feed       


4)   Live Cattle                                   


5)   Live Cattle (QHMP)                     


6)   Slaughter and deboning (QHMP)    


          SJAP Total                             




Gross profit margins during Q2 2014 were 43% at HSA and 33% at SJAP.  

In Q2 2014, SJAP sold 5,157 head of cattle for an average price of $4,009, with a gross profit margin of 27% versus comparable numbers in the corresponding 2013 quarter of 2,418 head, $3,031/head, and a gross profit margin of 20%, respectively.

During the first half of 2014 SJAP surpassed full year 2013 cattle sales.

SJAP slaughtered 158 head of cattle and deboned 88 metric tons of meat during the second quarter. Work on the slaughterhouse and deboning operation continued during and beyond the second quarter to increase operating efficiency.

During the quarter, SJAP entered into two five-year contracts with Tesco, PLC to become both a supplier and an in-store butcher shop concessionaire of beef and lamb. The first branded meat retail store is scheduled to open concurrently with this press release. The strategic messaging of SJAP owned/Tesco stores emphasizes "the highest quality beef, meeting the most stringent food safety standards." SJAP has designated 60 different cuts of beef and lamb products for sale, preparing to roll out its signature Tesco store, the second, on or before September 15th in Shanghai.

SJAP increased its cropping land from 46,000 mu (about 7,666 U.S. acres) to 54,000 mu about 9,000 U.S. acres). HSA sold more than 9,000 metric tons of purposed fertilizer to lake fish farmers and grape growers.

At HSA, the trend of steadily increasing sales to lake fishermen and to grape farmers in Q1 and Q2 of 2014 is expected to continue throughout 2014. After completing installation of an additional production line during Q2, HSA is now constructing additional fermentation facilities to improve overall production efficiency and capacity.

Cattle Farm Division

All from the sale of goods, total revenue from the cattle farm division increased by $2,534,854, or 55% from $4,589,061 for Q2 2013 to $7,123,915 for Q2 2014. During Q2 2014, Jiangman City Hang Mei Cattle Farm Development Co. Ltd. ("JHMC" or "Cattle Farm 1") sold 2,324 head of live cattle (aromatic) in Q2 2014, 75% more than 1,325 in Q2 2013.

There was no revenue from consulting and services during Q2 2014.

Corporate Division (Marketing and Trading)

Total revenue in the corporate division increased by $5,087,696 or 53% from $9,573,698 for Q2 2013 to $14,661,394 for Q2 2014.

Revenue attributed to sale of goods accounted for 89% of the total, with 11% from consulting and services.

The Company has increased the quantity and variety of seafood imported from Madagascar, expecting to add live crayfish when the season starts in September. In tandem, the Company has begun importing beef and lamb from Australia, is rounding out its product offering, and enhancing its competitive ability to cater to all market spectra in China.

During Q2 2014, the Company continued work on several of its restaurants and wholesale/retail shop, having:

1) Completed 95% of renovation work at Leonie's restaurant (1) refocusing the motif and menu to a western style steak restaurant and increasing its seating capacity from 120 to 260, targeting an August re-opening.

2) Added a steak kitchen to Leonie's restaurant (2) to improve efficiency and turnover.

3) Begun expanding the seating capacity of Leonie's restaurant (4) at the Zhongshan HingZhang Shopping Complex from 100 to 250. The restaurant opened five months ago, and continues successful operation during renovation.

4) Started design and layout work for Leonie's restaurant (6), with construction work expected to commence in September 2014.

5) Progressed construction work on a 500 square meter frozen meat wholesale and retail shop at the Central Frozen Goods wholesale market of Guangzhou city, targeting opening in August 2014.

Strategic Developments

The Company's core wholesale production of seafood and meat has achieved sufficient size to fill out product offerings and add capabilities in the distribution, import, and retail branches. The second quarter was characterized by numerous such significant developments.

The Company signed two contracts with Tesco PLC to become both a supplier and an in-store butcher shop concessionaire. The first shop will open in August. The Company is expanding and branding its product line of meats for retail at grocery stores. In addition to establishing 60 different cuts of its own beef and lamb for retail sale, it is beginning to add imports from Australia, furthering selection and appeal to all Chinese consumers. Further, the Company is completing construction of a wholesale/retail shop in Guangzhou's Central Frozen Food Market to sell packaged, branded frozen meats.

Likewise the Company has packaged and branded its dried Immortal Vegetables into upscale gift boxes for sale at 200 retail shops. The Company is recasting and expanding several of its Leonie's restaurants to match the customer preferences experience has taught, and to suit individual locations.

The fishery division too is adding product variety, importing new varieties of seafood from Madagascar for sale and others for production-feasibility testing in the R & D station. The Company will post a video of local activities in Madagascar to its web site in the near future. 

CEO Solomon Lee summarized the second quarter as follows: "We are seeing the Company's holistic vision come into focus.  Meat and seafood production has grown to support complementary and downstream businesses. At the same time, we strive for continuous improvement. Just as we reconfigured APM tanks to accommodate eels in the first quarter, I am particularly pleased by our technical ability to improve prawn yields and margins, starting late in the second quarter.

Overall, we achieved ample and sustainable gross margins across all core divisions and subsidiaries.

While I expect that the current core businesses will continue to provide innovative opportunities to further the farm to table concept, we find ourselves in a new and enviable position. We are now able to achieve growth without new business contracts; yet, we will continue to consider new opportunities on a case-by-case basis as they arise. The newly producing abattoir at SJAP and the new Zhongshan Prawn project portray scaling potential, and projected volumes to feed growing distribution and retail facilities."

Please take the time to read our last 10-K filing, yesterday's 10-Q filing, and visit our web site, all of which have additional information describing the plans and potential of these projects.

Earnings Call Information

Due to a number of scheduling conflicts and travel among Board members, the Company will host an earnings call on Friday, September 5, 2014 at 10:00 AM EDT to discuss financial results for Q2 2014, with questions and answers. To participate in the conference call please use the following information:

SIAF 2014 Second Quarter Results Call Information

Date: September 5, 2014

Time: 10:00 AM, U.S. Eastern Time

Participant Dialing Instructions:

Toll Free Number:

(1-800) 868-1837

Direct Dial Number:

(1-404) 920-6440

Conference Code:   163851#

An audio replay of the conference call will be made available in the Investor Relations section of the Company's web site.

Financial Tables



June 30, 2014

December 31, 2013



Current assets

   Cash and cash equivalents






   Cost and estimated earnings in excess of billings on uncompleted contracts



   Deposits and prepaid expenses



   Accounts receivable, net of allowance for doubtful accounts



   Other receivables



Total current assets



Property and equipment

   Property and equipment, net of accumulated depreciation



   Construction in progress



   Land use rights, net of accumulated amortization



Total property and equipment



Other assets




   Proprietary technologies, net of accumulated amortization






Total other assets



Total assets





Current liabilities

   Accounts payable and accrued expenses



   Other payables



   Billings in excess of costs and estimated earnings on uncompleted contracts



   Due to a director



   Dividends payable



   Short term bank loan





Non-current liabilities

   Deferred dividends payable



    Long term debts



    Bonds payable





Commitments and contingencies



Stockholders' equity

   Preferred stock: $0.001 par value

   (10,000,000 shares authorized, 7,000,100 shares issued and outstanding

       as of  June 30, 2014 and December 31, 2013, respectively)

   Series A preferred stock:  $0.001 par value



   (100 shares designated, 100 shares issued and outstanding

       as of  June 30, 2014 and December 31, 2013, respectively)

   Series B convertible preferred stock:  $0.001 par value



   (10,000,000 shares designated, 7,000,000 shares issued  and outstanding

       as of  June 30, 2014 and December 31, 2013, respectively)

   Series F Non-convertible preferred stock:  $0.001 par value

   (1,000,000 shares designated, 0 shares issued  and outstanding



       as of  June 30, 2014 and December 31, 2013, respectively)

   Common stock:  $0.001 par value



   (170,000,000 shares authorized, 160,198,044 and 137,602,043 shares issued and outstanding

       as of  June 30, 2014 and December 31, 2013, respectively)

   Additional paid - in capital



   Retained earnings



   Accumulated other comprehensive income



  Treasury stock 



Total Sino Agro Food, Inc. and subsidiaries stockholders' equity



Non - controlling interest



Total stockholders' equity 



Total liabilities and stockholders' equity






Three months ended

Three months ended

Six months ended

Six months ended

June 30, 2014

June 30, 2013

June 30, 2014

June 30, 2013


- Sale of goods





- Consulting and service income from development contracts





- Commission income









Cost of goods sold





Cost of services





Gross profit





General and administrative expenses





Net income from operations





Other income (expenses)

Government grant





Other income





Gain of extinguishment of debts





Interest expense





Net income  (expenses)





Net income  before income taxes





Provision for income taxes





Net income





Less: Net (income) loss attributable

  to  non - controlling interest





Net income attributable

 to Sino Agro Food, Inc. and subsidiaries





Other comprehensive  (loss) income

      Foreign currency translation (loss) income





Comprehensive income 





Less: other comprehensive loss (income) attributable to 

non - controlling interest





Comprehensive income attributable to 

  Sino Agro Food, Inc. and subsidiaries





Earnings per share attributable to Sino Agro Food, Inc. 

  and subsidiaries common stockholders:











Weighted average number of shares outstanding:















Six months ended

Six months ended

June 30, 2014

June 30, 2013

Cash flows from operating activities

    Net income for the period



   Adjustments to reconcile net income for the period to net cash from operations:







      Common stock issued for services



      Gain on extinguishment of debts



      Other amortized cost



   Changes in operating assets and liabilities:

      Increase in inventories



      Increase/(decrease) in cost and estimated earnings in excess of billings on uncompleted contacts



      Decrease (increase) in deposits and prepaid expenses



      Decrease  in due to a director



      Increase in  accounts payable and accrued expenses



      Increase in  other payables



      Increase in accounts  receivable



      Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts



      Increase in other receivables



Net cash provided by operating activities



Cash flows from investing activities

   Purchases of property and equipment



   Payment for construction in progress



   Acquisition of land use rights



Net cash used in investing activities



Cash flows from financing activities

  Proceeds from long term debts



   Dividends paid



Net cash provided by (used in) financing activities



Effects on exchange rate changes on cash



   Increase in cash and cash equivalents



   Cash and cash equivalents, beginning of period



   Cash and cash equivalents, end of period



Supplementary disclosures of cash flow information:

  Cash paid for interest



  Cash paid for income taxes



  Non - cash transactions

 Common stock issued for settlement of debts



 Series  B convertible preferred stock cancelled



 Transfer construction in progress to property and equipment


$   -

 Transfer deposits and prepaid expenses to property and equipment


$   -

About Sino Agro Food, Inc.

Sino Agro Food, Inc. (http://www.sinoagrofood.com) is an agriculture technology and natural food holding company with principal operations in the People's Republic of China. The Company acquires and maintains equity stakes in a cohesive portfolio of companies that SIAF forms according to its core mission to produce, distribute, market and sell natural, sustainable protein food and produce, primarily seafood and cattle, to the rapidly growing middle class in China. SIAF provides financial oversight and strategic direction for each company, and for the interoperation between companies. The Company owns or licenses patents, proprietary methods, and other intellectual properties in its areas of expertise. SIAF provides consulting and services to joint venture partners to construct and operate food businesses, primarily producing wholesale fish and cattle. Further joint ventures market and distribute the wholesale products as part of an overall "farm to table" concept and business strategy.

Follow company developments on our Facebook page: www.facebook.com/SinoAgroFoodInc

Forward Looking Statements

This release may contain forward-looking statements relating to the business of SIAF and its subsidiary companies. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. These statements involve risks and uncertainties that may cause actual results to differ materially from those anticipated, believed, estimated or expected. These risks and uncertainties are described in detail in our filings with the Securities and Exchange Commission. Forward-looking statements are based on SIAF's current expectations and beliefs concerning future developments and their potential effects on SIAF. There is no assurance that future developments affecting SIAF will be those anticipated by SIAF. SIAF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

Not a Broker/Dealer or Financial Advisor

Sino Agro Food, Inc. is not a Registered Broker/Dealer or a Financial Advisor, nor does it hold itself out to be a Registered Broker/Dealer or Financial Advisor. All material presented in this press release, on the Company's website or other media is not to be regarded as investment advice and is only for informative purposes. Readers should verify all claims and conduct their own due diligence before investing in Sino Agro Food, Inc.

Investing in small-cap, micro cap and penny stock securities is speculative and carries a high degree of risk.

No Offer of Securities

None of the information featured in this press release constitutes an offer or solicitation to purchase or to sell any securities of Sino Agro Food, Inc.

SOURCE Sino Agro Food, Inc.

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