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MLM In Singapore: Best World Half Year Revenue Up by 32.7%
A Report on MLM In Singapore:
Singapore, 6 August 2007 – Mainboard-listed Best World International Limited,
(“Best World” or the “Group”), a company specializing in the development of health and wellness products distributed through its regional direct selling network, today announced a net profit of $6.7 million for the half year ended 30 June 2007, a 15.6% increase on the prior comparative half year to 30 June 2006.
The Group’s growth in revenue of 32.7% to S$46.6 million for 1H2007 was attributed by
consistent growth in membership and the opening of new Lifestyle Centres (“LCs”) and Regional
Centres (“RCs”) in strategic locations. Membership base for 1H2007 now stands at 121,553
compared to 84,162 in 1H2006, an increase of 44.4%. The Group currently operates a total of 61
LCs in 10 regional markets. Overall, the Group’s earnings per share rose to 4.039 cents.
Given the Group’s strong net operating cash flow of S$7.5 million, the Directors of the Group
have declared a tax-exempt one-tier interim dividend of 1.212 cents per share, which represents a dividend payout of 30% of the Group’s 1HY2007 net profit. A bonus issue of 1 for 4 will also be issued to the shareholders, subjected to approval from SGX, to express their appreciation and reward shareholders for their support.
“The first half of 2007 has been a period of investment. During which, we have witnessed the
Group’s entry into China with the setup of our Changsha Regional Centre, the launch of our
Indonesia business while also continually focusing on more innovative product development.
Moving forward, while we will still be impacted by administration expenses incurred by our China subsidiary, I believe that our second half year will see better performance vis-a-vis the first half of 2007 due to new products rollout," said Dr Dora Hoan, Group Managing Director & CEO of Best World.
1H2007 Operating and Financial Review
Indonesia emerged as the top revenue contributor in 1H2007, boosted by a continually
expanding membership and the success of the recent launch ceremony. “Our commitment to
focus on training, new membership drive and raising brand awareness in Indonesia really paid off in strong growth and earnings," said Dr Doreen Tan, Chairman of Best World. Indonesia posted a 177.9% increase in revenue to S$17.2 million.
Delay in product launches and competitive market environment has resulted in a slowdown in
revenue growth for Malaysia and a decline in revenue generation for Singapore. Sales remains
neutral for Malaysia as the Group’s strategizes an aggressive training and recruitment campaign
in 1H2007, in anticipation of the rollout of new products in 2H2007. However, sales from both
countries are expected to pick up in 2H2007 with the introduction of new products.
Sales contributed by other regions increased 163.4% to S$3.7 million from S$1.4 million with
strong performances from Vietnam.
Gross profit jumped 29.9% to S$35.3 million translating into a gross margin of 75.9% (1H2006:
77.5%). Gross margin was slightly affected due to a new one time re-packaging exercise for the
Avance range and the increase in freight and import tariff charges as export to the Group’s
subsidiaries continues to grow.
Total administrative expenditure increased S$2.7 million to S$8.4 million mainly due to expenses related to the leasing of the Group’s new premises at Changi, Changsha and Taichung, the incurrence of management and consultancy costs in China and staff related costs for all regional markets.
Entry Into China
Dr Dora Hoan said “We are very excited about establishing our first RC in Changsha, Hunan as
our initial step into China. 2007 is also a year of preparations in laying a solid foundation for our
business; we are sparing no effort in order to ensure that it will be a success from day one. With
its increasingly affluent consumer base and entrepreneurial citizens, China has the necessary
ingredients for a successful market. We believe that China will contribute to improve our top and bottom line in the coming years.”
Dr Dora Hoan added, “Leveraging on our experience in other regions, we are confident that we
have the necessary infrastructure for a smooth transition into China. We have commenced
training sessions in Changsha and the response has been positive. As such, we are progressing
smoothly in our business plans for the China market.”
Barring unforeseen circumstances, the Directors remain confident of the Group’s performance
for FY2007.
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