JTF International : ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

JTF International Holdings Limited

金 泰 豐 國 際 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 8479)

ANNUAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 31 DECEMBER 2021

ANNUAL RESULTS

The board of directors (the "Board") of JTF International Holdings Limited (the "Company") is pleased to announce the audited consolidated financial results of the Company and its subsidiaries (the "Group" or "our Group") for the year ended 31 December 2021 together with the comparative audited figures for the preceding year as follows:

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		Year ended 31 December
		2021		2020
	Note	RMB'000	RMB'000
Revenue	3	2,043,377		1,100,262
Cost of sales	4	(1,952,644)	(1,030,811)
Gross profit		90,733		69,451
Other gains	5	6		1,418
Distribution expenses	4	(21,791)	(20,570)
Administrative expenses	4	(12,354)	(20,699)
Impairment losses on financial assets		-	(295)
Operating profit		56,594		29,305
Finance income		291		291
Finance costs		(240)	(864)
Finance income/(costs) - net	6	51		(573)
Profit before income tax		56,645		28,732
Income tax expense	7	(19,559)	(13,527)
Profit for the year		37,086		15,205
Other comprehensive income		-	-
Total comprehensive income for the year		37,086		15,205
Earnings per share	8
4.0 cents
- Basic and diluted (RMB)		1.6 cents

- 1 -

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		31 December				31 December
		2021	2020
	Note	RMB'000				RMB'000
ASSETS
Non-current assets		17,137
Property, plant and equipment		17,521
Right-of-use assets		4,259	4,681
Deferred income tax assets		733	708
Prepayments		4,194	4,644
		26,323	27,554
Current assets
	42,131
Inventories		80,850
Prepayments		15,210	85,689
Trade and other receivables	10	504,936	147,071
Cash and cash equivalents		7,805	63,695
		570,082	377,305
Total assets		596,405	404,859
EQUITY
	7,980
Share capital		7,980
Other reserves		282,462	273,381
Retained earnings		96,197	68,192
Total equity		386,639	349,553
LIABILITIES
Non-current liabilities		4,054
Lease liabilities		4,407
Deferred income tax liabilities		16,187	12,373
		20,241	16,780
Current liabilities
	179,700
Trade and other payables	11	29,590
Contract liabilities	12	3,527	2,210
Lease liabilities		353	336
Current income tax liabilities		5,945	6,390
		189,525	38,526
Total liabilities		209,766	55,306
Total equity and liabilities		596,405	404,859
	- 2 -

NOTES

1. GENERAL INFORMATION
   The Company was incorporated in the Cayman Islands on 23 October 2014 as an exempted company with limited liability under the Companies Law (Cap.22) of the Cayman Islands. The address of the Company's registered office is Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1- 1111, Cayman Islands.
   The Company is an investment holding company. The Group is principally engaged in the blending and sale of fuel oil, sale of refined oil and other petrochemicals in the People's Republic of China (the "PRC").
   The Company's shares were listed on GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 17 January 2018.
   The ultimate holding company of the Company is Thrive Shine Limited, a company incorporated in the British Virgin Islands, which is owned as to 80% and 20% by Mr. Xu Ziming ("Mr. Xu") and Ms. Huang Sizhen ("Ms. Huang"), respectively. The ultimate controlling party of the Group is Mr. Xu and Ms. Huang (collectively, the "Controlling Shareholders").
   The financial statements are presented in Renminbi ("RMB"), unless otherwise stated, and have been approved for issue by the Board on 2 March 2022.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
   2.1 Basis of preparation
3. 1. Compliance with HKFRS and HKCO
      The consolidated financial statements of the Group have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") and the disclosure requirements of the Hong Kong Companies Ordinance, Cap. 622.
   2. Historical cost convention
      The consolidated financial statements have been prepared on a historical cost basis.
   3. New standards, amendments and interpretations to standards
      The Group has applied the following standards, amendments and interpretations to standards for the first time for their annual reporting period commencing 1 January 2021:
      Amendment to HKFRS 16 Covid-19-related Rent Concessions
      Amendments to HKFRS 9, Interest Rate Benchmark Reform - Phase 2
   4. • HKAS 39, HKFRS 7,
      • HKFRS 4 and HKFRS 16

The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

- 3 -

1. New standards, amendments and interpretations to standards not yet adopted
   The following new standards, amendments and interpretations to standards relevant to the Group have been issued but are not effective for the financial year beginning on 1 January
   2021 and have not been early adopted by the Group:

				Effective for
				financial year
				beginning on or after
Amendment to HKFRS 16	Covid-19-Related Rent Concessions	1 April 2021
		beyond 30 June 2021
Amendment to HKFRS 3	Reference to the Conceptual	1 January 2022
			Framework
Amendment to HKAS 16	Property, Plant and Equipment:	1 January 2022
		Proceeds before intended use
Amendment to HKAS 37	Onerous Contracts -	1 January 2022
		Cost of Fulfilling a Contract
Annual Improvements	Annual Improvements to	1 January 2022
			HKFRS Standards 2018-2020
Amendments to HKFRS 3,	Narrow-scope amendments	1 January 2022
HKAS 16 and HKAS 37
Accounting Guideline 5	Merger Accounting for Common	1 January 2022
	(revised)		Control Combinations
Hong Kong Interpretation 5	Presentation of Financial	1 January 2023
	(2020)		Statements - Classification
		by the Borrower of a Term Loan
		that Contains a Repayment
			on Demand Clause
HKFRS 17	Insurance contracts	1 January 2023
Amendment to HKAS 1	Classification of Liabilities as	1 January 2023
		Current or Non-current
Amendments to HKFRS 17	Amendments to HKFRS 17	1 January 2023
Amendments to HKAS 8	Definition of Accounting Estimates	1 January 2023
Amendments to HKAS 1	Disclosure of Accounting Policies	1 January 2023
	and HKFRS Practice
	Statement 2
Amendments to HKFRS 4	Extension of the Temporary	1 January 2023
			Exemption from
			Applying HKFRS 9
Amendments to HKAS 12	Deferred Tax related to Assets	1 January 2023
			and Liabilities arising
		from a Single Transaction
Amendments to HKFRS 10	Sale or Contribution of assets	To be Determined
	and HKAS 28		between an investor
		and its associate or joint venture

The Group has already commenced an assessment of the impact of these new or revised standards and amendments. According to the preliminary assessment made by the Group, no significant impact on the financial performance and position of the Group is expected when they become effective.

- 4 -

3. REVENUE AND SEGMENT INFORMATION

Management has determined the operating segments based on the reports reviewed by the chief operating decision-maker ("CODM"). The CODM, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the executive directors of the Company.

The Group principally engages in the blending and sale of fuel oil, sale of refined oil and other petrochemicals in the PRC. Management reviews the operating results of the business as one operating segment to make decisions about resources to be allocated. The CODM considers that there is only one operating segment which is used to make strategic decisions.

The major operating entity of the Group is domiciled in the PRC, and the Group's revenue for the years ended 31 December 2021 and 2020 were attributable to the market in the PRC.

As at 31 December 2021 and 2020, the Group's non-current assets were mainly located in the PRC. Revenue of the Group recognised during the year comprised the following:

	Year ended 31 December
	2021	2020
	RMB'000		RMB'000
Sales of goods:
- Refined oil	1,334,091	728,805
- Fuel oil	91,535	164,441
- Other petrochemical products	613,385	179,266
	2,039,011	1,072,512
Service income	4,366	27,750
	2,043,377	1,100,262

Revenue from transactions with external customers amounting to approximately 10% or more of the Group's revenue are as follows:

	Year ended 31 December
	2021		2020
	RMB'000	RMB'000
Customer A**	452,785		NA*
Customer B**	312,154		157,269
Customer C**	NA*	165,855
Customer D**	NA*	109,261
Customer E**	NA*	108,090

Note*: These customers contributed less than approximately 10% of total revenue for the corresponding year.

Note**: These customers are defined as a group if they are under common control, which have the same ultimate controlling shareholder.

- 5 -