Sino Agri Food, Inc. (OTCQB: SIAFD) FULL REPORT
Effective 12-31-14 SIAFD was approved by OTC Markets for trading on the OTCQB board for entrepreneurial and development stage companies.
SIAF’s board and management team have over 100 years of experience in the food protein industry. Independent directors total four out of seven directors and the company employs best practice in corporate governance with audit and compensation being the key committees. SIAF have 6 PhDs who are well known professors in Chinese universities and owners of patents working in the company’s subsidiaries in China.
SIAF’s current business lines include farming of seafood (prawns, sleepy-cod and eels), cattle-beef, manufacture and distribution of bio-organic fertilizer and livestock feed, and plantation of dragon fruit flowers and immortal vegetables utilizing modern cultivation technologies.
SIAF’s products are produced to meet the high organic quality standards of the United Kingdom. SIAF is owner of two patented processes: the conversion of corn stalk into high quality feed for livestock and the manufacturing of bio-organic fertilizer.
SIAF has a strong financial track record and is well positioned for future growth on a sustainable basis. The aim of the company is to maximize shareholder value.
Total revenue for the quarter ended September 30, 2014 was $107,220,059, representing a 52% increase over revenue of $70,707,697 in the corresponding quarter in 2013.
Revenue in the third quarter of 2014 was derived from the sale of goods and consulting services split 76.6%/22.9%: $82,171,415 and $24,598,641, respectively, with commissions accounting for the remaining $450,003. The new Zhongshan Prawn Project contributed 100% of revenue from consulting and services in the third quarter of 2014.
Cost of Goods for the third quarter of 2014 totaled $72,723,395. Cost of Goods sold accounted for $59,121,526, and cost of services comprised the remaining $13,601,869.
Gross profit increased by $8,373,539 or 32% to $34,496,664 for the third quarter of 2014 from $26,123,125 for the corresponding quarter in 2013.
Gross profits from sale of goods increased by $2,698,151, or 13% to $23,049,889 in the third quarter of 2014 from $20,351,738 in the corresponding quarter in 2013. Gross profit from consulting services increased by $5,675,388 or 98% to $11,446,775 in the third quarter of 2014 from $5,771,387 for the third quarter of 2013.
The third quarter 2014 gross profit total of $34,496,664 consisted of $23,049,889 from sale of goods (67%), and the remaining $11,446,775 from consulting services (33%).