Sino Agro Food Inc (OTCMKTS:SIAF) shares ticked 2.63% higher on Friday to $3.12 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $2.72 to $7.32. The company has a market cap of $74.86 million at 23.99 million shares outstanding.
A few weeks back, Sino Agro Food Inc reported its quarterly financial reports for the period ending March 31, 2017. Quarterly revenue from continuing operations increased by 27% year over year to $70.6 million while revenue from the sale of goods increased by $14.8 million. Gross profit from the sale of goods for the quarter declined 12% to $10 millionhile the gross profit from project development increased 22% to $4.4 million.
Sino Agro Food Inc also announced its strategy to restructure its businesses into standalone companies while retaining significant equity stakes. This will create well-capitalized endeavors receiving peer group valuations on suitable exchanges and result in higher long-term returns on investments from having spent resources today to open opportunities provided by the protein food arenas in China.
“We entered 2017 with strong momentum, having undertaken a series of initiatives in 2016 to position our operations to continue growth trajectories while making significant progress on our strategic plan to restructure the business and maximize value for shareholders. During the quarter, we announced the successful completion of the carve-out of our aquaculture operations into Tri-Way Industries Ltd., a Hong Kong domiciled corporation,” remarked Sino Agro Food Inc Chairman and CEO Solomon Lee.
Sino Agro Food Inc is an agriculture technology and natural food holding company. As such, it acquires and maintains equity stakes in a portfolio of companies to produce, distribute, market and sell protein food, and produce, primarily seafood and cattle.
It also provides consulting and services to joint venture partners to construct and operate food businesses, producing wholesale fish and cattle. The company operates in five segments: Fishery Development Division operated by Capital Award, Inc. and Jiang Men City A Power Fishery Development Co., Limited; HU Plantation Division operated by Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited; Organic Fertilizer and Bread Grass Division operated by Qinghai Sanjiang A Power Agriculture Co., Limited and Qinghai Zhong He Meat Products Co., Limited, among others; Cattle Farm Development Division operated by Jiang Men City Hang Mei Cattle Farm Development Co. Limited and Macau Eiji Company Limited, and Corporate and Others Division.