Oceanus reports 597% jump in profit for 2H21, revenue up 553%
Animal aquaculture company Oceanus has reported a profit of $4.9 million for its 2HFY2021 ended December, a sharp increase from last year’s figure of $713,000.
Revenue for 2HFY2021 also surged from $965,000 to $52.2 million, a staggering 553% rise.
Its full-year revenue and profit came in at $139.7 million and $8.3 million, representing a rise of 52% and 10% respectively. Oceanus also added that this is the highest revenue for the company on record.
The performance was mainly due to the expansion of Oceanus’ distribution segment in fast-moving consumer goods (FMCG) goods, which has contributed $134.5 million in revenue in FY2021, compared to $85.2 million in FY2020.
Oceanus says this part of its strategy to boost its global supply chain capabilities, which would then benefit the growth strategies for its other three key segments, namely, Food Production, Services and Innovation.
Revenue also grew from its services segment, due to a growing clientele base and projects following the Oceanus’ acquisition of marketing consultant and digital media companies Resolute Communications and Anomalyst Studio.
Along with the increase in revenue, Oceanus’ operating expenses also increased $2.3 million or 63% from $3.8 million in FY2020 to $6.1 million in FY2021.
This increase in staff costs is from its increase in overall workforce size across all its segments, increased professional fees expenses contributed from the additional companies acquired, as well as higher freight charges due to larger trade volumes.
Despite this, no dividend was declared, in light of accumulated losses. Oceanus also reported a positive closing cash balance of $37 million for the year ended 31 December 2021.
Moving forward, the company has identified its Innovation segment as “ pivotal in the Group’s transformation into a FoodTech enterprise.”
This will be done by upgrading the Group’s e-commerce capabilities and launching a platform whereby customers will be able to access a wide-ranging portfolio of over 2,000 FMCG and food products.
Oceanus also says this segment will also be developing an enterprise solution platform, which will allow it to utilise blockchain-enabled technology in ensuring better control and traceability of its products across the supply chain.
“To further innovations in product marketing, and in collaboration with the company’s capabilities in Oceanus Media Group (OMG), the company plans to push e-commerce boundaries with the development of a metaverse marketplace.”
Shares of Oceanus closed flat at 2.5 cents on Mar 1.