News and Press Releases

Sino Agro Food, Inc. Announces 3rd Quarter Financial Results

Nov 9, 2010

GUANGZHOU, China--()--Sino Agro Food, Inc. (Pink Sheet: SIAF), an emerging integrated, diversified agriculture technology and organic food company with subsidiaries operating in China, is pleased to announce 3rd quarter financial results for 2010.

Assets. Our total assets were $97,642,552 as of September 30, 2010, an increase of 14.2% when compared to $85,451,738 as of June 30, 2010. This increase of assets from June 30, 2010 to September 30, 2010 was primarily a result of the addition of biological assets, increases in intellectual property, accounts receivable and investments in subsidiaries.

Liabilities. Our total liabilities were $9,540,371 at September 30, 2010, an increase of 40% when compared to $6,834,442 as of June 30, 2010. This increase was primarily due to an increase in payables during the periods reported.

Total Stockholders’ Equity. Our stockholders’ equity was $88,102,181, or $1.70 per share as of September 30, 2010, representing an increase of 12% compared to $78,617,296 as of June 30, 2010.

At September 30, 2010, we had unrestricted cash and cash equivalents of $2,275,436 compared to our cash and cash equivalent of $1,192,307 as at June 30, 2010.

Revenues increased by $6,778,232 or 59.5% to $11,395,223 for the Q3 period ended September 30, 2010 from $4,616,991 for the Q3 period ended September 30, 2009. The increase was primarily due to the corresponding increase of sales revenues generated from all 4 segments of the business instead of only 2 segments in Q3 period of 2009.

Cost of goods sold increased by $2,103,958 or 48.86% to $4,306,169 for the Q3 period ended September 30, 2010 from $2,202,211 for the Q3 period ended September 30, 2009. The increase is primarily due to an overall increase in costs relating to the increase of sales from each business segment.

Gross Profit increased by $4,674,284 or 65.6% to $7,089,064 for the Q3 period ended September 30, 2010 from $2,414,780 for the Q3 period ended September 30, 2009. The increase was primarily due to an increase of sales from all segments of our 4 businesses.

General and administrative expenses decreased by $478,723 or 51.09% to $345,271 for the Q3 period ended September 30, 2010 from $823,994 for the Q3 period ended September 30, 2009. The decrease was primarily the result of reduced corporate expenses from professional charges and related fees and the saving on interest payments from short term loan debt that was repaid in Q2 2010.

Net Profit for Q3 period ended September 30, 2010 is $7,220,202, net of Gross Profit of $7,089,064 plus Exchange gain of $2,202,824 minus all General administration expenses and minority interest etc. of $2,071,686 for the Q3 period ended September 30, 2010. For the 9 months ended September 30, 2010, our net income from operation was $11,174,356 or $0.19 per share on a fully diluted basis. There are no changes to Company guidance for the remainder of 2010.

The Company’s complete report for the 3rd Quarter, 9 months ended September 30, 2010, will be published to OTCmarkets.com by November 15th, 2010.

Shareholders are advised that the Company investor relations department will be closed from November 11th through November 24th, 2010.

ABOUT SINO AGRO FOOD, INC.

Sino Agro Food, Inc. (“SIAF”) (http://www.sinoagrofood.com) and (http://www.siafchina.com) is an integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the Peoples Republic of China. The Company intends to focus on meeting the increasing demand of China’s rising middle class for gourmet and high-quality food items. Current lines of business include the manufacture and distribution of dairy products, beef products, fish products, bio-organic fertilizer, stockfeed and hylocereus undatus plantations.

FORWARD LOOKING STATEMENTS

This release contains certain “forward-looking statements” relating to the business of SIAF and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “believes, expects” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on SIAF’s current expectations and beliefs concerning future developments and their potential effects on SIAF. There can be no assurance that future developments affecting SIAF will be those anticipated by SIAF. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. SIAF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts

Sino Agro Food, Inc.
CEO
Mr. Solomon Lee, 86-20-22057860
info@siafchina.com
or
Investor Relations (US and Europe)
Mr. Chad Sykes
Chad.Sykes@sinoagrofood.com