JTF INTERNATIONAL HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
JTF International Holdings Limited
金 泰 豐 國 際 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(the "Company")
(Stock Code: 8479)
THIRD QUARTERLY RESULTS ANNOUNCEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2021
The board of directors of the Company is pleased to announce the unaudited condensed consolidated financial results of the Company and its subsidiaries (the "Group" or "our Group") for the three months and nine months ended 30 September 2021 together with comparative figures for the corresponding periods in 2020 as follows:
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the three months | For the nine months | |||||||||
ended 30 September | ended 30 September | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
Note | RMB'000 | RMB'000 | RMB'000 | RMB'000 | ||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
Revenue | 3 | 394,028 | 335,478 | 1,476,326 | 819,124 | |||||
Cost of sales | (381,954) | (306,303) | (1,404,775) | (766,818) | ||||||
Gross profit | 12,074 | 29,175 | 71,551 | 52,306 | ||||||
Other gains - net | - | 35 | 1 | 47 | ||||||
Distribution expenses | (5,482) | (5,375) | (16,311) | (15,118) | ||||||
Administrative and other expenses | (1,874) | (2,656) | (8,122) | (16,683) | ||||||
Net impairment losses on financial assets | - | (8) | - | (152) | ||||||
Operating profit | 4,718 | 21,171 | 47,119 | 20,400 | ||||||
Finance (costs)/income - net | (16) | (149) | 122 | (493) | ||||||
Profit before income tax | 4,702 | 21,022 | 47,241 | 19,907 | ||||||
Income tax expense | 4 | (1,916) | (7,180) | (16,456) | (10,372) | |||||
Profit for the period attributable to | ||||||||||
owners of the Company | 2,786 | 13,842 | 30,785 | 9,535 | ||||||
Other comprehensive income | - | - | - | - | ||||||
Total comprehensive income | ||||||||||
for the period attributable | ||||||||||
to owners of the Company | 2,786 | 13,842 | 30,785 | 9,535 | ||||||
Earnings per share | 5 | |||||||||
0.3 cents | 3.3 cents | |||||||||
- Basic and diluted (RMB) | 1.5 cents | 1.0 cent | ||||||||
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the nine months ended 30 September 2021
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) | |||||||||||||||||
Balance at 1 January 2020 | ||||||||||||||||||
(Audited) | 5,301 | 56,125 | 116,618 | 300 | 14,958 | 22,531 | 63,133 | 278,966 | ||||||||||
Profit and total comprehensive | ||||||||||||||||||
income for the period | - | - | - | - | - | - | 9,535 | 9,535 | ||||||||||
Appropriation to safety reserves | - | - | - | - | - | 6,053 | (6,053) | - | ||||||||||
Issuance of shares by rights issue | 2,679 | - | 53,853 | - | - | - | - | 56,532 | ||||||||||
Transaction costs for rights issue | - | - | (1,150) | - | - | - | - | (1,150) | ||||||||||
Balance at 30 September 2020 | ||||||||||||||||||
(Unaudited) | 7,980 | 56,125 | 169,321 | 300 | 14,958 | 28,584 | 66,615 | 343,883 | ||||||||||
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 | - | - | - | - | - | - | 30,785 | 30,785 | ||||||||||
Appropriation to safety reserves | - | - | - | - | - | 3,414 | (3,414) | - | ||||||||||
Balance at 30 September 2021 | ||||||||||||||||||
(Unaudited) | 7,980 | 56,125 | 169,321 | 300 | 17,500 | 33,549 | 95,563 | 380,338 | ||||||||||
Notes:
-
Statutory reserves
In accordance with the Company Law of the People's Republic of China ("PRC") and its articles of association, 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 from 14 February 2012. The reserve can be utilised for spending on improvements and maintenances of work safety in respect of the Group's daily operations, which are considered expenses in nature and charged to the profit and loss as incurred.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED 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 Company and its subsidiaries (together, the "Group") are principally engaged in the blending and sale of fuel oil, sale of refined oil and other petrochemicals in 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 financial statements for the nine months ended 30 September 2021 are presented in Renminbi ("RMB"), unless otherwise stated, and have been approved for issue by the Company's board of directors on 12 November 2021. - BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited condensed consolidated financial statements of the Group for the nine months ended 30 September 2021 have been prepared in accordance with the disclosure requirements of the Rules Governing the Listing of Securities on GEM of the Stock Exchange. The unaudited condensed consolidated financial statements have been prepared under the historical cost convention.
The accounting policies adopted in preparing the unaudited consolidated results for the nine months ended 30 September 2021 are consistent with those adopted in the financial statements of the Group for the year ended 31 December 2020, except that the Hong Kong Institute of Certified Public Accountants has issued a number of new standards and amendments to Hong Kong Financial Reporting Standards 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. - REVENUE
The Group principally engages in the blending and sale of fuel oil, sale of refined oil and other petrochemicals in the PRC.
The major operating entity of the Group is domiciled in Mainland China, and the Group's revenue for the nine months ended 30 September 2021 and 2020 respectively was derived in Mainland China.
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Analysis of revenue is as follows: | |||||||
For the three months | For the nine months | ||||||
ended 30 September | ended 30 September | ||||||
2021 | 2020 | 2021 | 2020 | ||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Sales of goods: | |||||||
- Refined oil | 246,032 | 118,697 | 869,089 | 498,523 | |||
- Fuel oil | - | 39,475 | 91,401 | 115,725 | |||
- Other petrochemical products | 147,996 | 161,954 | 511,470 | 184,510 | |||
394,028 | 320,126 | 1,471,960 | 798,758 | ||||
Service income | - | 15,352 | 4,366 | 20,366 | |||
394,028 | 335,478 | 1,476,326 | 819,124 | ||||
4. INCOME TAX EXPENSE
The Company was incorporated in the Cayman Islands as an exempted company with limited liability and accordingly, is exempted from the Cayman Islands income tax.
No provision for Hong Kong profits tax was provided as the Group did not have assessable profit in Hong Kong for the nine months ended 30 September 2021 (nine months ended 30 September 2020: same). The profit of the group company in Hong Kong is mainly derived from dividend income from its subsidiary, which is not subject to Hong Kong profits tax.
The income tax provision of the Group in respect of its operations in Mainland China has been calculated at the applicable tax rate on the estimated assessable profit for the period.
Pursuant to the Enterprise Income Tax Law of the PRC (the "EIT Law") and the Implementation Rules of the EIT Law, the EIT is unified at 25% for all types of entities, effective from 1 January 2008. The standard tax rate of the Group's PRC entity was 25% for the nine months ended 30 September 2021 (nine months ended 30 September 2020: 25%).
According to the EIT Law and the Implementation Rules, starting from 1 January 2008, a withholding income tax of 10% is levied on the immediate holding company outside the PRC when its PRC subsidiary declares dividends out of profits earned after 1 January 2008. A lower 5% withholding income tax rate may be applied when the immediate holding company of the PRC subsidiary is established in Hong Kong and fulfils requirements under the tax treaty arrangements between the relevant authorities of Mainland China and Hong Kong. The applicable withholding income tax rates of the group company in Hong Kong was 10% for the nine months ended 30 September 2021 (nine months ended 30 September 2020: 10%).
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5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit for the period by the weighted average number of ordinary shares in issue during the periods ended 30 September 2021 and 2020.
For the three months | For the nine months | ||||||
ended 30 September | ended 30 September | ||||||
2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Profit for the period (RMB'000) | 2,786 | 13,842 | 30,785 | 9,535 | |||
Weighted average number of | |||||||
ordinary shares in issue | 930,000,000 | 930,000,000 | 930,000,000 | 920,145,985 | |||
Basic earnings per share (RMB) | 0.3 cents | 1.5 cents | 3.3 cents | 1.0 cent | |||
Diluted earnings per share is equal to basic earnings per share as there was no potential diluted shares outstanding for the reporting periods.
6. DIVIDENDS
The board does not recommend the payment of an interim dividend for the nine months ended 30 September 2021.
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JTF International Holdings Ltd. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 15:04:09 UTC.
