SunMoon Food Company Limited (“SunMoon”) continued to build on its asset-light, consumer-centric strategy and yesterday reported an 125% increase in revenue to S$45 million for the 12 months ended March 31, 2018 (“FY2018”), from the S$20 million for the 15 months ended March 31, 2017 (“FY2017”).
The latest results are proof that SunMoon’s Network x Geography x Products (NxGxP) business model is gaining momentum, as it chalked up a net profit of S$0.36 million for FY2018, compared to a net loss of S$9.31 million for FY2017.
In FY2018, SunMoon expanded its geographic footprint and product range: it has shipped avocados to China, Fuji apples to Thailand, now its second biggest apple market after Indonesia. SunMoon has also started the sale of packaged, ready-to-drink whole young Thai coconuts to Singapore and is also working on increasing its Thai coconut supply to United States of America, Australia and Europe. To date, it has 315 products in six countries, ranging from fresh fruits such as apples, pears, and seasonal fruits such as cherries, grapes and pomegranates; to consumer products such as fruit cups, juices, snacks and frozen durians. Its network now stands at over 15,000 point of sales globally.
Mr Gary Loh, CEO of SunMoon Food Company Limited, said:
“Our focus to build SunMoon Food as an asset-light, consumer-centric and brand-focused business continue to pay off, as we gain market share through an enlarged geographic footprint and wider product range. While margins for this business remains a challenge, however, we believe that this is short-term, and can be overcome with technology. We are confident that, through sustained brand-building activities and investments in technology such as blockchain, SunMoon Food will grow market share as a global distributor and marketer of high-quality fruits and vegetable products.
Note: SunMoon has restated its audited full year financial statement for FY2017. The material adjustments made to the audited financial statements for FY2017 are in relation to Taian Disposals and Intangible Assets Acquisition. Please refer to the “Explanatory Announcement on the Restatement of the Company’s Audited Financial Statements of the FY2017” attached herein for further details.