Sino Grandness Food Industry Group

Sino Grandness Food reports 58% drop in 1H19 earnings to $15.2 mil

SINGAPORE (Sept 15): Sino Grandness Food Industry Group reported 1H19 ended June earnings of RMB78.4 million ($15.2 million), down some 58% from a year ago.

A casualty of trade war between the United States and China, 1H19 revenue decreased by 35.6% to RMB1.44 billion. This was due to the decrease of RMB46 million from sales of beverages, as well as the decrease of RMB71.1 million and RMB91.8 million from sales of canned products in the domestic and overseas markets respectively, as China’s economy saw a slowdown.

Sino Grandness selling 170 mil new shares at 4 cents each to JW Capital

SINGAPORE (Mar 25): Sino Grandness Food Industry has entered into a placement agreement to sell 170 million new shares to JW Capital Group at 4 cents each for 6.8 million.

The issue price represents a discount of 6.98% to the volume weighted average price of 4.3 cents per share, as at Mar 22.

The placement shares represent 17.36% of the group’s issued share capital and about 14.79% of the enlarged share capital after the placement.

Following this placement, the group will have in issue about 1.15 billion shares.

Sino Grandness to service $28.7 mil debt using dividends from China

SINGAPORE (Feb 7): Sino Grandness Food Industry Group says it is currently preparing to repatriate funds back from China, by way of dividend, amid ongoing negotiations with Soleado Holdings to extend the repayment of $28.7 million owed.

To recap, Soleado Holdings is demanding Sino Grandness pays an outstanding loan principal amount of US$21.2 million ($28.7 million) and $30,000 in interest and legal fees.

Sino Grandness says served with $28.7 mil letter of demand by lender

SINGAPORE (Jan 16): Sino Grandness Food Industry Group, the producer and distributor of branded juices and canned fruits and vegetables, has revealed that it was served with a letter of demand on Jan 8 totalling $28.73 million.

In its reply to the Singapore Exchange (SGX) on Wednesday night, Sino Grandness says lender Soleado Holdings is demanding the group pays a total sum of US$21.2 million ($28.7 million) and $30,000 by no later than Jan 21.

Sino Grandness asks for trading halt pending annnouncement after SGX query on 12.7% fall

SINGAPORE (Jan 14): Sino Grandness Food Industry Group, the canned fruits and vegetables producer, has called for a trading halt pending an announcement.

This came after Singapore Exchange (SGX) queried the group on the possible reasons behind its 12.7% plunge to 12 cents on Monday.

By 10.24am, some 4.2 million of Sino Grandness shares had changed hands, compared to its three-month volume average of 0.33 million.

SGX had issued three questions wiith regards to the counter’s unusual trading activity.

Sino Grandness rolls out own-branded products in Meiyijia, Meiyiduo outlets across China

SINGAPORE (June 29): Sino Grandness Food Industry Group has expanded its distribution network further in the China market with its own-branded products, namely across Meiyijia convenience stores and Meiyiduo supermarkets in China.

The products comprise Sino Grandness’ Garden Fresh juices, Grandness canned fruits, and First snack products.

Meiyijia convenience stores are managed by Dongguan Sugar & Alcohol Group Holding. As at May 2018, the chain has more than 15 million online customers with over 13,000 stores across 13 provinces and 68 cities across China.

Sino Grandness posts 18.3% drop in 1Q earnings to $9.1 mil

SINGAPORE (May 15): Sino Grandness Food Industry Group saw its earnings fall 18.3% to RMB 43.1 million ($9.1 million) for the 1Q ended March, from RMB 52.8 million a year ago.

This was mainly due to higher distribution and selling expenses as well as lower gross profit margin during the quarter.

1Q18 revenue rose 14.6% to RMB 728.1 million, from RMB 635.1 million a year ago.

This was mainly due to higher orders from its beverage segment, which saw sales increase by 20.4% to RMB 557.5 million on the back of steady expansion of its distribution network in China.

Sino Grandness swings back to profitability in 4Q on higher sales and forex gains

SINGAPORE (Feb 27): Sino Grandness Food Industry Group returned to profitability in 4Q17, posting earnings of RMB 4.86 million ($1.01 million), compared to a loss of RMB 106.0 million in 4Q16.

This brings FY17 earnings to RMB 356.0 million, 38.4% lower than FY16 earnings of RMB 577.6 million.

Revenue for the quarter was 66.7% higher at RMB 914.8 million from RMB 548.9 million in the previous year, with higher contributions from all its business segments.

Sino Grandness sets up fruits and veggies production subsidiary in Anhui, China

SINGAPORE (Dec 22): Sino Grandness Food Industry Group has incorporated a wholly-owned subsidiary in Anhui, China.

Garden Fresh (Anhui) Fruit & Vegetable Beverage Co has a registered capital of RMB60 million ($12.3 million).

In a Thursday night filing, Sino Grandness says transaction will be funded entirely through internal sources.

Sino Grandness's wholly-owned subsidiary, Garden Fresh (Shenzhen) Fruit & Vegetable Beverage Co, will directly own a 100% stake in Garden Fresh (Anhui).

Sino Grandness' 3Q earnings up 16.3% to $39.6 mil

SINGAPORE (Nov 10): Sino Grandness Food Industry Group posts a 16.3% rise in 3Q earnings to RMB 193.3 million ($39.6 million), from RMB 166.2 million a year ago.

In a filing to SGX on Friday, the Shenzhen-based producer and distributor of juices, canned fruits and vegetables says this was mainly due to higher sales in domestic canned products and beverage products.

3Q17 group revenue grew 10.8% to RMB 1.23 billion, from RMB 1.11 billion a year ago.

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