Ellipsiz (BIX) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 6% YoY to $59.1m, while profit for the year fell 78% to $0.7m; lower Bintan land fair-value gains and consolidated EPD expenses weighed on earnings.

• Core DSS delivered stable sales across Singapore and China; investment in egg production and distribution expanded with an additional 40% interest in ICM, bringing ownership to 80%.

Financial highlights

• Revenue was $59.143m vs $55.595m; gross profit was $11.668m vs $12.148m; operating results were $1.249m vs $3.587m; profit for the year was $0.698m vs $3.187m.

• Profit attributable to owners was $2.048m vs $2.751m; basic and diluted EPS was 1.23 cents vs 1.65 cents.

• FY2023 included a $0.430m fair-value gain on Bintan investment property, down from $1.916m in FY2022; finance income rose to $1.249m from $0.130m.

Outlook and guidance

• WSTS and SEMI expected semiconductor markets to contract in 2023 and recover in 2024; DSS planned to broaden products as Chinese businesses consider production facilities in Southeast Asia.

• IFH was reviewing farm design, layout, biosecurity measures and development costs; changes could delay the commercial egg farm’s schedule and completion.

• FY2024 sustainability target: maintain or improve financial performance subject to market conditions.