A. For the 3 months ended 31st March 2022, the Company's revenues and incomes are

generated from the following businesses activities:

1. Leasing of business activities

2. Investments in investees






Whereas

1. Consolidated revenues are generated from the leasing of following business


    activities:

? The Organic fertilizer operation of HSA.

? Cattle farms operation of (MEIJI) & (JHMC)

? Plantation operation of (JHST)

2. Unconsolidated incomes are generated from the investments of following 2


    investees:

? 45% equity holding in SJAP

? 36.6% equity holding in Tri-way

B. A summary of each business division and operations is described below:

C. B.1. Division (1) of leasing of operations:

? The Organic fertilizer operation of HSA.

The operation of Hunan Shenghua A Power Agriculture Co. Ltd. ("HSA") is in manufacturing and sales of organic fertilizer. From 1stOctober 2019 the Company contracted out its manufacturing and sales of organic fertilizer to its operational management; as such income of HSA is derived mainly from said leasing contract.

The table (a) below shows HSA's 2022Q1leasing contract's financial results:





                                                    US$
                                   RMB          equivalent                    Notes
Leasing revenue                   9,410,200       1,481,921
Administration expenses
                                                                All HSA's administration charges
                                                                  and expenses are being billed
Depreciation                     (4,786,486 )      (753,777 )      directly in SIAF's account
Amortization                     (1,286,217 )      (202,554 )
Others & miscellaneous           (1,971,000 )      (310,394 )
Leasing net incomes               1,366,497         215,196

? The plantation operation of (JHST)

Plantation operation refers to the operations of Jiangmen City Heng Sheng Tai Agriculture Development Co. Ltd. ("JHST") in the HU Plantation business where dragon fruit flowers (dried and fresh), crops of vegetables and immortal vegetables (dried) are being grown and sold to wholesale and retail markets. JHST's financial statements are consolidated into the financial statements of Macau EIJI Company Ltd. ("MEIJI") as one entity. From 1st October 2019 the Company contracted out its plantation operation to its operational management; as such income of JHST is derived mainly from said leasing contract.





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The table (b) below shows JHST's 2021 leasing contract's financial results:





                                                    US$
                                   RMB          equivalent                    Notes
Leasing revenue                   4,230,435         666,210
Administration expenses
                                                                  Depreciation and Amortization
                                                                charges are being deduct directly
  Depreciation                   (2,159,054 )      (340,009 )      from JHST's leasing account
  Amortization                     (862,008 )      (135,749 )
                                                                Others and miscellaneous expenses
                                                                   are being billed to SIAF's
  Others & miscellaneous         (1,290,000 )      (203,150 )                account
Leasing net incomes                 (80,627 )       (12,697 )

? The cattle farms operation of (MEIJI) & (JHMC)

Cattle Farm Division refers to the operations of Cattle Farm 1 under Jiangmen City Hang Mei Cattle Farm Development Co. Ltd ("JHMC") where cattle are being grown, fatten and sold live to third party livestock wholesalers who sell them mainly to Guangzhou and Beijing livestock wholesale markets. The financial statements of JHMC are consolidated into MEIJI as one entity along with MEIJI's operation in the consulting and service for development of other cattle farms (e.g., Cattle Farm 2) or related projects. From 1st October 2019 the Company contracted out its cattle operation to its operational management; as such incomes of JHMC are derived mainly from said leasing contract.

The table (C) below shows MEIJI's 2021 leasing contract's financial results:





                                     RMB         US$                    Notes
                                              equivalent
Leasing revenue                   3,423,752      539,174
Administration expenses
Depreciation                       (989,133 )   (155,769 )  Depreciation and Amortization
                                                               charges are being deduct
Amortization                              0            0    directly from MEIJI's leasing
                                                                       account
Others & miscellaneous             (399,780 )    (62,957 )     Others and miscellaneous
                                                             expenses are being billed to
                                                                    SIAF's account
Leasing net incomes               2,034,839      320,447

The total leasing revenues and gross profits for fiscal year ended 31st March 2022 are $2,687,305 and $1,099,447 respectively representing 100% of the Group's total consolidated revenue and gross profit comparing to fiscal year ended 31st March 2021 revenue of $2,633,393 and gross profit of $1,077,390. The differences of the two years revenues and gross profits are primarily due to the appreciation of RMB averaging from 2021Q1's US$1 = RMB 6.48 to 2022Q's US$1=RMB6.35.

Whereas the general expenses and costs of the leasing contracts are recorded in others and miscellaneous expenses consisting cost items of maintenances, replacements, security, legal, services, Government levies and taxes and the group's corporate management of the leasing contracts etc.





                                       8





Other divisions

C.1. Division (3) of the Marketing & Trading operation of The Corporate Sector

This division is referring to the trading segment of business operations of the Group named internally under corporate division of Sino Agro Food, Inc., including import/export business, corporate affairs and consulting and service operations provided to projects that are not included in CA's fishery development activities. Over the years up until end of fiscal year 2019 the corporate division imported mainly live seafood from South Africa countries, Vietnam, Thailand, Russian and other nearby countries and frozen beef from Australia and South America countries; however it is due to the interruptions and adverse impacts caused by the Pandemic COVID-19 made it impossible and unprofitable to continue the imports of live seafood, and the poor political relationship between China and Australia in 2020 induced high risks on the imports of Australian beef. However, over the years the Company has built up a strong base of connections and customers in China that provides an unique opportunity to the Company to develop an additional Trading Platform aiming to generate additional revenues, profits and most importantly positive cash flows, so from July 2020 onward, the corporate division started to explore the opportunities of importing some of the China markets' niche products. Although in so far the Company achieved minimal financial impacts due mainly to the adversities caused by the impacts of Covid-19 limiting oversea and domestic logistic, air flights and shipping services, restricting custom clearing services, inconstancy of supplies and deliveries and increasing costs and expenses of sales etc. making it extremely difficult to perform the trading activity effectively.

Therefore, there was no sales revenue generated in fiscal year 2020, 2021 and up to 31st March 2022 (Q1 2022) for Division (3).

Nevertheless presently the Company has registered in its book multiple of US$ hundred millions of supplies and sales in locally produced corns (for China domestic end users), imported sugars from Brazil, rape seed oil from Russia and coals from Indonesia for sales in China etc. that will be initiated as soon as the Company will finalize the seed capital needed for the establishment of bank instruments to generate the sizable trades. Once when these trading will be started, collectively they will bring in multiple of US$ tens of millions in gross profit per year to support the Company's cash flows at reasonable high levels. In this respect, the Company is optimist that the said seed capital will be materialized within a further reasonable period on or before the end of Q2 2022.

C.2. Division (4) of the Project Development of (CA)

This is referring to the fishery operations of Capital Award Inc. ("Capital Award" or "CA") covering its engineering, technology and consulting service management of fishery and agriculture farms, technology transfers and seafood sales and marketing, where;

Capital Award generated revenues from providing engineering consulting services as turnkey contractors to owners and developers of fishery projects that are being designed and engineered into turnkey contracts by Capital Award in China using its A Power Module Technology Systems ("APM") as follows:

? Engineering and Technology Services; via Consulting and Service Contracts

("CSC's") for the development, construction, and supply of plant and equipment,

and management of fishery (and prawn or shrimp) farms and related business

operations.

? Seafood Sales from CA's projected farms; became a discontinued segment of

operations from October 5, 2016 when Tri-way was disposed to other third

parties in term Tri-way was reclassified as an unconsolidated equity investee


   on same date.

From January 2020 up to the date of this annual report CA has not been able to do any fishery project or fishery project development due to the effects of the Pandemic COVID-19 as such, there was no revenue generated for fiscal year 2020 and 2021 for Division (4).

CA's Potential project in 2022:

In July 2020 SIAF became the joint venture partner of the China Africa Joint Chamber of Commerce and Industries (CAJCCI) which is a non-profit organization established in November 2016 by the China and Africa Governments to plan and to implement agriculture projects and related developments in Africa through development fund of US$60 Billion every three years provided by and granted by the China Government to Africa Nations in Agriculture industry projects and developments etc. In March 2021, development project papers in (i). Development of Trading of exporting dried cassavas to China and exporting of plant and equipment from China to Madagascar and developments of cassavas plantations and related value added processing and drying of cassavas on 100,000 acres of land in Madagascar and (ii). Development of goat farms and related value added processing in Madagascar were submitted to CAJCCI and Government of Madagascar; by early May 2021, both CAJCCI and the Government of Madagascar gave consents to both projects. Up until the date of this report, stringent traveling restriction between China and Madagascar has not been relaxed such that we have not been able to send our team members (including various professionals and professionals from CAJCCI) to assist our current Madagascar management teams of two members in Madagascar to start up the Projects but to wait until such time the said traveling restriction can be relaxed before sending staffs to Madagascar hopefully from June 2022 to start up the trading of cassavas and the development of cassavas farms etc.





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3. CONSOLIDATED RESULTS OF OPERATIONS

2.1. Part A. Audited Income Statements of Consolidated Results of Operations for


      the three months ended March 31,2022, compared to the three months ended
      March 31,2021

A (1) Income Statements (unaudited)

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