鹰辉物流(01442)发布公告，Kreston John&Gan，马来西亚特许会计师(Kreston Malaysia)已辞任本公司核 数师，自2025年10月30日起生效。 ...

智通财经APP讯，鹰辉物流(01442)发布公告，Kreston John & Gan，马来西亚特许会计师(Kreston Malaysia)已辞任本公司核数师，自2025年10月30日起生效。 ...

INFINITY LOGISTICS AND TRANSPORT VENTURES LIMITED 1442 Kreston Malaysia Kreston Malaysia Kreston Malaysia Kreston Malaysia Kreston Malaysia Kreston Malaysia Dato Seri Chan Kong Yew Dato Seri Chan Kong Yew Dato Kwan Siew Deeg Datin Seri Lo Shing Ping Yap Sheng Feng Datin Paduka TPr. Noraini Binti Roslan Dato Che Nazli Binti Jaapar 13.51(4) Kreston John & Gan Kreston Malaysia Kreston Malaysia ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2025年9月30日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 鷹輝物流有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01442 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,000,000,000 | HKD | | 0.01 | HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 15,000,000,000 | HKD | | 0.01 | H ...

Financial Performance - The company reported revenue of approximately 214.655 million MYR for the six months ended June 30, 2025, a decrease of 8.9% compared to 235.564 million MYR for the same period in 2024[18]. - Net profit for the six months ended June 30, 2025, was approximately 16.273 million MYR, a decline of 20.6% from 20.497 million MYR in the same period of 2024[7]. - Total comprehensive income for the period was RM 14,527,000, down from RM 18,104,000 in the previous year[52]. - Basic and diluted earnings per share for the period were 0.79 sen, compared to 0.93 sen in the same period last year[52]. - The company reported a foreign exchange loss of RM 8,360,000 during the period, impacting overall comprehensive income[55]. - For the six months ended June 30, 2025, the company reported a net profit of MYR 19,230,000, compared to MYR 24,673,000 for the same period in 2024, representing a decrease of approximately 22%[56]. - The pre-tax profit for the period was 19,484 thousand MYR, leading to a net profit of 16,273 thousand MYR after tax expenses of 3,211 thousand MYR[72]. - The company reported a net loss from foreign exchange of (376) thousand MYR compared to a gain of 640 thousand MYR in the previous year[84]. Revenue Breakdown - Revenue from logistics center and related services increased by approximately 23.3% to about 55.667 million MYR, with gross profit rising by 54.6% to approximately 8.318 million MYR[19]. - Revenue from land transportation services decreased by approximately 15.4% to about 31.297 million MYR, while gross profit increased by 13.8% to approximately 1.637 million MYR[20]. - Revenue from integrated freight forwarding services fell by approximately 15.8% to about 44.848 million MYR, with gross profit decreasing by 29.3% to approximately 9.061 million MYR[20]. - Revenue from container liquid bag solutions and related services decreased by approximately 19.1% to about 76.540 million MYR, with gross profit declining by 3.1% to approximately 22.721 million MYR[20]. - Revenue from fourth-party logistics services increased by approximately 12.7% to about 6,303,000 MYR for the six months ended June 30, 2025[21]. - Air freight service revenue increased to 2,159 thousand MYR, up 6.0% from 2,037 thousand MYR year-over-year[80]. - Sea freight service revenue decreased by 20.3% to 25,020 thousand MYR from 31,383 thousand MYR[80]. Assets and Liabilities - Total non-current assets amounted to approximately 475.018 million MYR, reflecting a slight increase of 0.7%[15]. - Current liabilities decreased by 6.5% to approximately 216.470 million MYR, while total liabilities decreased by 3.8% to approximately 213.175 million MYR[16]. - The company's total equity as of June 30, 2025, was MYR 357,779,000, an increase from MYR 339,675,000 as of June 30, 2024, reflecting a growth of about 5.3%[56]. - The group reported total trade and other payables of 81,865,000 MYR as of June 30, 2025, down from 87,371,000 MYR as of December 31, 2024[101]. - The group's interest-bearing loans amounted to 118,404,000 MYR as of June 30, 2025, compared to 116,899,000 MYR as of December 31, 2024[104]. - The total lease liabilities amounted to 116,782,000 MYR as of June 30, 2025, compared to 121,699,000 MYR as of December 31, 2024, indicating a reduction of approximately 4.1%[112]. Employee and Operational Costs - Employee costs, including director remuneration, were approximately 34,478,000 MYR for the six months ended June 30, 2025, compared to 32,656,000 MYR for the same period in 2024[29]. - The company incurred finance costs of MYR 6,725,000 for the six months ended June 30, 2025, an increase from MYR 5,767,000 in the previous year, indicating a rise of approximately 16.6%[57]. - The company experienced a net cash outflow from investing activities of MYR 33,761,000 for the six months ended June 30, 2025, compared to MYR 11,206,000 in the same period of 2024, representing a significant increase in investment spending[59]. Shareholder Information - As of June 30, 2025, Dato' Seri Chan, Dato' Kwan Siew Deeg, and Datin Seri Lo Shing Ping collectively hold 1,313,686,000 shares, representing 63.65% of the issued shares[39]. - Major shareholders include 2926 Holdings with 1,313,686,000 shares (63.65%) and Tan Sri Datuk Tan with 146,310,000 shares (7.09%) as of June 30, 2025[45]. - The company has not identified any external customers contributing 10% or more to total revenue for the periods ending June 30, 2025, and June 30, 2024[77]. Compliance and Governance - The company has been committed to enhancing its internal controls and procedures in line with regulatory changes and best practices[34]. - All directors confirmed compliance with the standard code of conduct for securities trading during the relevant period[35]. - The audit committee consists of three independent non-executive directors, responsible for maintaining relationships with auditors and reviewing financial information[36].

呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01442 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,000,000,000 | HKD | | 0.01 | HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 15,000,000,000 | HKD | | 0.01 | HKD | | 150,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 2025年8月31日 | | --- | | 截至月份: 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名 ...

Core Viewpoint - Eagle Logistics (01442) reported a decline in both revenue and profit for the six months ending June 30, 2025, indicating challenges in its operational performance [1] Financial Performance - The company achieved revenue of 215 million MYR, a decrease of 8.88% year-on-year [1] - Profit for the period was 16.273 million MYR, reflecting a year-on-year decline of 20.61% [1] - Basic earnings per share were reported at 0.79 sen [1]

Core Viewpoint - Eagle Logistics (01442.HK) reported a revenue of approximately 210 million MYR for the six months ending June 30, 2025, representing a year-on-year decrease of about 8.9% [1] - The company recorded a net profit of approximately 16.273 million MYR, down from about 20.497 million MYR for the same period last year [1] - Earnings per share attributable to shareholders was 0.79 sen [1] Revenue Sources - The company generates revenue through various services, including: 1. Integrated freight forwarding services 2. Logistics center and related services 3. Land transportation services 4. Container liquid bag solutions and related services 5. Fourth-party logistics services [1] - The company's sustained strong performance is attributed to its strategic integrated logistics service portfolio, tailored to meet the diverse needs of clients across various industries in Malaysia and surrounding countries [1]

Group 1 - The company, Eagle Logistics (01442), reported a revenue of 215 million Malaysian Ringgit for the six months ending June 30, 2025, representing a year-on-year decrease of 8.88% [1] - The company's profit for the same period was 16.273 million Malaysian Ringgit, which is a year-on-year decline of 20.61% [1] - The basic earnings per share for the company stood at 0.79 Malaysian cents [1]

[Condensed Consolidated Performance Overview](index=1&type=section&id=Condensed%20Consolidated%20Performance%20Overview) This section presents a concise overview of the Group's interim financial performance, including profit or loss and financial position statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group experienced an **8.9%** revenue decline and **20.6%** profit decrease, despite a gross margin improvement to **20.9%** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (thousand Ringgit) | Metric | June 30, 2025 (thousand Ringgit) | June 30, 2024 (thousand Ringgit) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 214,655 | 235,564 | -8.9% | | Cost of services rendered and goods sold | (169,733) | (189,642) | -10.5% | | Gross Profit | 44,922 | 45,922 | -2.2% | | Other income | 1,333 | 1,097 | +21.5% | | Administrative and other operating expenses | (20,162) | (16,828) | +19.8% | | Finance costs | (6,725) | (5,767) | +16.6% | | Profit before tax | 19,484 | 24,673 | -21.1% | | Income tax expense | (3,211) | (4,176) | -23.1% | | Profit for the period | 16,273 | 20,497 | -20.6% | | Profit for the period attributable to owners of the Company | 16,262 | 19,230 | -15.4% | | Basic and diluted earnings per share | 0.79 Ringgit sen | 0.93 Ringgit sen | -15.1% | - Gross profit margin increased from **19.5%** in the prior year to **20.9%** in 2025, indicating improved cost control or service pricing efficiency[41](index=41&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased, non-current assets remained stable, and net current assets reduced, with the gearing ratio maintained at **0.68** Condensed Consolidated Statement of Financial Position (thousand Ringgit) | Metric | June 30, 2025 (thousand Ringgit) | December 31, 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Non-current assets | 475,018 | 471,854 | | Current assets | 216,470 | 231,433 | | Current liabilities | 122,319 | 118,740 | | Net current assets | 94,151 | 112,693 | | Total assets less current liabilities | 569,169 | 584,547 | | Non-current liabilities | 213,175 | 221,562 | | Net assets | 355,994 | 362,985 | | Total equity | 355,994 | 362,985 | | Bank balances and cash | 30,245 | 41,878 | | Interest-bearing borrowings | 118,404 | 116,899 | | Gearing ratio | 0.68 | 0.68 | - Bank balances and cash decreased from **41,878 thousand Ringgit** as of December 31, 2024, to **30,245 thousand Ringgit** as of June 30, 2025[46](index=46&type=chunk) - The weighted average effective annual interest rate for interest-bearing borrowings slightly increased from approximately **5.01%** as of December 31, 2024, to approximately **5.05%** as of June 30, 2025[46](index=46&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the accounting policies, segment information, revenue disaggregation, and other financial notes for the interim period [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The interim financial statements are prepared in accordance with IAS 34 and HKEX Listing Rules, using the historical cost convention - The interim financial statements are presented in **Malaysian Ringgit**, with all amounts rounded to the nearest thousand[7](index=7&type=chunk) - Management's judgments, estimates, and assumptions made during preparation are consistent with the 2024 financial statements, and actual results may differ[8](index=8&type=chunk) [2. Principal Accounting Policies](index=5&type=section&id=2.%20Principal%20Accounting%20Policies) Accounting policies and calculation methods for this interim period are consistent with the 2024 financial statements, with adopted IFRS amendments having no significant impact - Adopted amendments include IAS 1 (Classification of Liabilities), IFRS 16 (Sale and Leaseback), and IAS 7/IFRS 7 (Supplier Finance Arrangements)[11](index=11&type=chunk) - Directors anticipate no significant impact on the Group's results from new/amended IFRS adoption in future periods[12](index=12&type=chunk) [3. Segment Information](index=6&type=section&id=3.%20Segment%20Information) The Group reports revenue and results across five operating segments: integrated freight forwarding, logistics center, land transport, flexibag solutions, and 4PL services, with segment assets and liabilities not regularly reviewed - The Group's key operating decision maker, the Company's Executive Director, focuses resource allocation and segment performance assessment on the type of goods delivered or services provided[13](index=13&type=chunk) - Segment results are measured by gross profit generated by each segment, excluding unallocated other income, administrative expenses, and finance costs[14](index=14&type=chunk) [3.1 Overview of Operating Segments](index=6&type=section&id=3.1%20Overview%20of%20Operating%20Segments) This section outlines the five reportable operating segments of the Group - The Group's five reportable operating segments include integrated freight forwarding services, logistics center and related services, land transport services, flexibag solutions and related services, and fourth-party logistics (4PL) services[17](index=17&type=chunk) [3.2 Segment Revenue and Performance Analysis](index=7&type=section&id=3.2%20Segment%20Revenue%20and%20Performance%20Analysis) This section provides a detailed breakdown of revenue and performance by each operating segment Revenue and Performance by Operating Segment (thousand Ringgit) | Segment | June 30, 2025 Revenue (thousand Ringgit) | June 30, 2024 Revenue (thousand Ringgit) | June 30, 2025 Segment Performance (thousand Ringgit) | June 30, 2024 Segment Performance (thousand Ringgit) | | :--- | :--- | :--- | :--- | :--- | | Integrated freight forwarding services | 44,848 | 53,242 | 9,061 | 12,811 | | Logistics center and related services | 55,667 | 45,163 | 8,318 | 5,381 | | Land transport services | 31,297 | 36,992 | 1,637 | 1,439 | | Flexibag solutions and related services | 76,540 | 94,573 | 22,721 | 23,449 | | Fourth-party logistics (4PL) services | 6,303 | 5,594 | 3,185 | 2,842 | | **Total** | **214,655** | **235,564** | **44,922** | **45,922** | - Revenue from logistics center and related services grew by **23.3%**, with segment gross profit increasing by **54.6%**, driven by higher demand for yard and warehousing services[42](index=42&type=chunk) - Revenue from flexibag solutions and related services decreased by **19.1%**, primarily due to reduced cargo volume from a major customer impacted by external supply chain disruptions[44](index=44&type=chunk) [3.3 Geographical Revenue Analysis](index=9&type=section&id=3.3%20Geographical%20Revenue%20Analysis) This section analyzes the Group's revenue distribution based on customer location Revenue by Customer Location (thousand Ringgit) | Region | June 30, 2025 (thousand Ringgit) | June 30, 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Malaysia | 124,048 | 123,256 | | Singapore | 21,103 | 38,798 | | Indonesia | 14,224 | 18,487 | | South Korea | 9,274 | 10,349 | | Spain | 7,737 | 6,600 | | Thailand | 6,562 | 6,885 | | Belgium | 4,759 | 5,095 | | China | 2,583 | 140 | | Vietnam | 1,355 | 2,065 | | Netherlands | 1,319 | 2,046 | | Other | 21,691 | 21,843 | | **Total** | **214,655** | **235,564** | - Malaysia remains the primary revenue source, with significant revenue growth in the **China market**, while **Singapore** and **Indonesia** markets experienced revenue declines[21](index=21&type=chunk) [3.4 Major Customer Information](index=9&type=section&id=3.4%20Major%20Customer%20Information) This section provides information on the Group's major customers - For the six months ended June 30, 2025, and 2024, no single external customer contributed **10%** or more of the Group's total revenue[22](index=22&type=chunk) [4. Revenue Disaggregation](index=10&type=section&id=4.%20Revenue%20Disaggregation) The Group's revenue primarily derives from flexibag solutions, warehousing and container yard services, sea freight, and land transport, with flexibag revenue recognized at a point in time and other services over time Revenue from Contracts with Customers by Service Type (thousand Ringgit) | Service Type | June 30, 2025 (thousand Ringgit) | June 30, 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Flexibag solutions | 76,540 | 94,573 | | Warehousing and container yard services | 53,545 | 41,314 | | Sea freight services | 25,020 | 31,383 | | Land transport income | 14,038 | 16,832 | | Land feeder services | 11,614 | 13,675 | | Freight forwarding services | 9,532 | 9,961 | | Non-vessel operating common carrier (NVOCC) services | 8,137 | 9,861 | | Fourth-party logistics (4PL) services | 6,303 | 5,594 | | Land bridge services | 5,645 | 6,485 | | Air freight services | 2,159 | 2,037 | | **Total** | **212,533** | **231,715** | - Revenue from other sources primarily includes warehouse rental income from logistics center and related services, amounting to **2,122 thousand Ringgit** in 2025 and **3,849 thousand Ringgit** in 2024[23](index=23&type=chunk) [5. Components of Profit Before Tax](index=11&type=section&id=5.%20Components%20of%20Profit%20Before%20Tax) Profit before tax is influenced by finance costs, staff costs, cost of inventories, and depreciation, with finance costs increasing by **16.6%** and staff costs by **5.6%** year-on-year Items Deducted From/Credited To Profit Before Tax (thousand Ringgit) | Item | June 30, 2025 (thousand Ringgit) | June 30, 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Finance costs | 6,725 | 5,767 | | - Interest on bank overdrafts | 123 | 161 | | - Interest on interest-bearing borrowings | 2,645 | 2,909 | | - Interest on lease liabilities | 3,957 | 2,697 | | Total staff costs | 34,478 | 32,656 | | Cost of inventories | 53,820 | 71,124 | | Depreciation | 14,612 | 13,211 | | Net exchange (gain) loss | (376) | 640 | | Gain on disposal of property, plant and equipment | (225) | (351) | - Interest on lease liabilities significantly increased from **2,697 thousand Ringgit** in the prior year to **3,957 thousand Ringgit** in 2025[25](index=25&type=chunk) - Cost of inventories decreased significantly by **24.3%** year-on-year, from **71,124 thousand Ringgit** to **53,820 thousand Ringgit**[26](index=26&type=chunk) [6. Income Tax Expense](index=12&type=section&id=6.%20Income%20Tax%20Expense) The Group's income tax expense primarily comprises Malaysian corporate income tax at a standard rate of **24%**, with some Malaysian subsidiaries enjoying investment tax allowances and Cayman Islands/BVI entities being exempt Income Tax Expense (thousand Ringgit) | Item | June 30, 2025 (thousand Ringgit) | June 30, 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Malaysian corporate income tax | 3,211 | 4,176 | - Infinity Logistics & Transport Sdn Bhd. (MY) has been granted an investment tax allowance since September 9, 2021, allowing it to offset **70%** of its statutory income[28](index=28&type=chunk) - Entities registered in Labuan, Malaysia, are subject to corporate income tax at a rate of **3%**, while Spanish entities are taxed at **25%**[28](index=28&type=chunk)[29](index=29&type=chunk) [7. Earnings Per Share](index=13&type=section&id=7.%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the Company decreased to **0.79 Ringgit sen** from **0.93 Ringgit sen** in the prior year Earnings Per Share Calculation (thousand Ringgit) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (thousand Ringgit) | 16,262 | 19,230 | | Weighted average number of ordinary shares | 2,064,000,000 | 2,064,000,000 | | Basic and diluted earnings per share (Ringgit sen) | 0.79 | 0.93 | - Diluted earnings per share are the same as basic earnings per share due to the absence of potential dilutive ordinary shares[31](index=31&type=chunk) [8. Dividends](index=14&type=section&id=8.%20Dividends) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, and 2024 - The Company's directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025, and 2024[32](index=32&type=chunk) [9. Trade and Other Receivables](index=14&type=section&id=9.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables decreased to **147,816 thousand Ringgit**, with trade receivables slightly increasing while other receivables, particularly prepayments, significantly reduced Trade and Other Receivables (thousand Ringgit) | Item | June 30, 2025 (thousand Ringgit) | December 31, 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Trade receivables (net) | 97,255 | 95,059 | | Other receivables | 50,561 | 59,793 | | - Deposits paid | 3,377 | 3,429 | | - Payments made on behalf of a 4PL customer | 41,695 | 43,428 | | - Prepayments | 4,444 | 11,888 | | **Total** | **147,816** | **154,852** | Ageing Analysis of Trade Receivables (thousand Ringgit) | Ageing | June 30, 2025 (thousand Ringgit) | December 31, 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Within 30 days | 40,814 | 37,326 | | 31 to 90 days | 26,181 | 51,493 | | Over 90 days | 32,608 | 8,538 | | **Total** | **99,603** | **97,357** | | Less: Loss allowance | (2,348) | (2,298) | - Trade receivables over **90 days** significantly increased from **8,538 thousand Ringgit** as of December 31, 2024, to **32,608 thousand Ringgit** as of June 30, 2025, indicating a potential extension in the collection cycle[37](index=37&type=chunk) [10. Trade and Other Payables](index=15&type=section&id=10.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables decreased to **81,865 thousand Ringgit**, with a notable reduction in salaries and bonuses payable within other payables Trade and Other Payables (thousand Ringgit) | Item | June 30, 2025 (thousand Ringgit) | December 31, 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Trade payables | 40,540 | 39,736 | | Other payables | 41,325 | 47,635 | | - Salaries and other benefits payable | 795 | 1,265 | | - Bonuses payable | 7,977 | 10,463 | | - Other accrued expenses and other payables | 25,001 | 28,682 | | **Total** | **81,865** | **87,371** | Ageing Analysis of Trade Payables (thousand Ringgit) | Ageing | June 30, 2025 (thousand Ringgit) | December 31, 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Within 30 days | 28,771 | 28,513 | | 31 to 90 days | 3,648 | 4,826 | | Over 90 days | 8,121 | 6,397 | | **Total** | **40,540** | **39,736** | - The maximum credit period for trade payables is **30 days**[40](index=40&type=chunk) [11. Share Capital](index=16&type=section&id=11.%20Share%20Capital) As of June 30, 2025, the Company's authorized share capital is **HKD 150,000,000**, and issued and fully paid share capital is **HKD 20,640,000**, equivalent to **10,865,975 thousand Ringgit**, unchanged from December 31, 2024 Share Capital Information | Item | Number of Shares | Hong Kong Dollar | Ringgit Equivalent Amount (thousand Ringgit) | | :--- | :--- | :--- | :--- | | Authorized share capital (ordinary shares of HKD 0.01 each) | 15,000,000,000 | 150,000,000 | 80,213,900 | | Issued and fully paid share capital (ordinary shares of HKD 0.01 each) | 2,064,000,000 | 20,640,000 | 10,865,975 | - The Company's share capital structure remained unchanged for the six months ended June 30, 2025[46](index=46&type=chunk) [Management Discussion and Analysis and Other Information](index=17&type=section&id=Management%20Discussion%20and%20Analysis%20and%20Other%20Information) This section provides management's review of financial performance, business operations, future outlook, treasury policies, and corporate governance [Financial Review](index=17&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group's revenue and gross profit decreased year-on-year, but gross margin improved, while net profit for the period declined by **20.6%** Key Financial Indicators Comparison (thousand Ringgit) | Metric | June 30, 2025 (thousand Ringgit) | June 30, 2024 (thousand Ringgit) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 214,655 | 235,564 | -8.9% | | Gross Profit | 44,922 | 45,922 | -2.2% | | Gross Profit Margin | 20.9% | 19.5% | +1.4 percentage points | | Net Profit | 16,273 | 20,497 | -20.6% | [Business Review](index=17&type=section&id=Business%20Review) The Group generates revenue through a diversified portfolio of integrated logistics services, with significant growth in logistics center services and declines in integrated freight forwarding and flexibag solutions - Revenue from logistics center and related services grew by **23.3%** to **55,667 thousand Ringgit**, with gross profit increasing by **54.6%** to **8,318 thousand Ringgit**, driven by higher demand for yard and warehousing services[42](index=42&type=chunk) - Land transport services revenue decreased by **15.4%** to **31,297 thousand Ringgit**, but gross profit increased by **13.8%** to **1,637 thousand Ringgit**, benefiting from improved margins on other customer orders[42](index=42&type=chunk) - Integrated freight forwarding services revenue decreased by **15.8%** to **44,848 thousand Ringgit**, with gross profit declining by **29.3%** to **9,061 thousand Ringgit**, mainly due to reduced sea freight volume[43](index=43&type=chunk) - Revenue from flexibag solutions and related services decreased by **19.1%** to **76,540 thousand Ringgit**, primarily impacted by external supply chain disruptions[44](index=44&type=chunk) - Fourth-party logistics (4PL) services revenue increased by **12.7%** to **6,303 thousand Ringgit**, with gross profit growing by **12.1%** to **3,185 thousand Ringgit**[44](index=44&type=chunk) [Outlook](index=18&type=section&id=Outlook) For the second half of 2025, the Group aims to drive sustainable development, strengthen ESG principles, enhance employee skills and workplace safety, and reinforce its governance structure, viewing market volatility and tariff changes as opportunities for adaptation and innovation - The Group integrates quantifiable and responsible Environmental, Social, and Governance (ESG) principles into its operations and decision-making as a core value for sustainable development[45](index=45&type=chunk) - Through collaboration with the Human Resources Development Corporation of Malaysia, the Group actively enhances employee skills and retraining, while strengthening its commitment to workplace safety[45](index=45&type=chunk) - Despite tariff changes affecting the logistics industry, the Group's cargo volume continues to grow, and it is prepared to meet challenges and seize opportunities for sustained growth[45](index=45&type=chunk) [Treasury Policy](index=19&type=section&id=Treasury%20Policy) The Group maintains a prudent financial and surplus fund management approach, ensuring a healthy liquidity position and minimizing credit risk through continuous credit assessment, with the Board closely monitoring liquidity to meet financing needs - The Group's working capital is primarily funded by internal cash flows and bank facilities provided by Malaysian banking partners[46](index=46&type=chunk) - The Directors believe that the Group's cash position, value of current assets, future earnings, and available bank facilities are sufficient to meet working capital requirements[46](index=46&type=chunk) [Hedging and Foreign Exchange Risk](index=19&type=section&id=Hedging%20and%20Foreign%20Exchange%20Risk) The Group's transactions, assets, and liabilities are primarily denominated in Ringgit, US Dollar, Euro, and Hong Kong Dollar, and it does not use financial instruments for hedging due to insignificant anticipated exchange rate risk - For the six months ended June 30, 2025, the Group did not use financial instruments for hedging purposes, nor did it use any financial instruments to hedge foreign exchange risk[48](index=48&type=chunk) - The Directors and senior management will continue to monitor foreign exchange risk and consider using applicable derivative instruments when necessary[48](index=48&type=chunk) [Pledged Assets](index=20&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group's leasehold land, buildings, and machinery with a total carrying amount of approximately **127,960 thousand Ringgit** have been pledged to secure banking facilities Carrying Amount of Pledged Assets (thousand Ringgit) | Date | Carrying Amount (thousand Ringgit) | | :--- | :--- | | June 30, 2025 | 127,960 | | December 31, 2024 | 137,942 | [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group has no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[50](index=50&type=chunk) [Material Events After Reporting Date](index=20&type=section&id=Material%20Events%20After%20Reporting%20Date) Except as disclosed elsewhere in this announcement, no material events affecting the Group have occurred after June 30, 2025, and up to the date of this announcement - As of the date of this announcement, no material events affecting the Group have occurred[51](index=51&type=chunk) [Employee Information](index=20&type=section&id=Employee%20Information) As of June 30, 2025, the Group employed **1,128** individuals, with staff costs totaling approximately **34,478 thousand Ringgit**, committed to attracting and retaining top talent through competitive remuneration and bonuses Employee Count and Costs | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Employees | 1,128 | 1,035 | | Staff Costs (thousand Ringgit) | 34,478 | 32,656 | - The Group has employees in **Malaysia**, **Spain**, and **Singapore**[52](index=52&type=chunk) - The Group offers competitive remuneration packages and bonuses based on qualifications and performance to attract and retain talent[52](index=52&type=chunk) [Interim Dividends](index=20&type=section&id=Interim%20Dividends) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[53](index=53&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) The Company is committed to best corporate governance practices and complies with the CG Code in Appendix C1 Part 2 of the HKEX Listing Rules, with some deviations regarding independent non-executive director attendance, chairman/CEO roles, board meeting frequency, and company secretary contact disclosure - Independent Non-Executive Director Datin Paduka TPr. Noraini Binti Roslan was unable to attend the Annual General Meeting on May 20, 2025, due to other commitments, deviating from Code Provision C.1.5[55](index=55&type=chunk) - Dato' Seri Chan Kong Yew holds both Chairman and Chief Executive Officer roles, deviating from Code Provision C.2.1, but the Board believes this arrangement is in the Group's best interest[55](index=55&type=chunk) - Only one regular Board meeting was held during the period, deviating from Code Provision C.5.1's requirement of at least four meetings annually, as the company does not announce quarterly results[56](index=56&type=chunk) - Mr. Lau Wai Piu, the Company Secretary, is an external service provider, and Dato' Seri Chan is designated as the contact person, complying with Code Provision C.6.1[56](index=56&type=chunk) - The Company's Directors confirm full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the relevant period[58](index=58&type=chunk) [Audit Committee](index=22&type=section&id=Audit%20Committee) The Company's Audit Committee, comprising three independent non-executive directors chaired by Dato' Che Nazli Binti Jaapar, assists the Board in corporate governance, financial reporting, and internal control, and has reviewed these interim results - The Audit Committee's primary responsibilities include maintaining auditor relations, reviewing financial information, and overseeing the financial reporting system[59](index=59&type=chunk) - Audit Committee Chairman Dato' Che Nazli Binti Jaapar possesses the appropriate professional accounting qualifications and financial management expertise as required by the Listing Rules[59](index=59&type=chunk) [Share Transactions](index=22&type=section&id=Share%20Transactions) During the period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held as of June 30, 2025 - During the relevant period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[60](index=60&type=chunk) - As of June 30, 2025, the Company held no treasury shares[60](index=60&type=chunk) [Acknowledgements](index=22&type=section&id=Acknowledgements) The Board of Directors extends sincere gratitude to all employees, shareholders, and investors - The Board of Directors expresses sincere gratitude to all employees for their dedication and contributions to the Group, and also thanks shareholders and investors for their strong support[61](index=61&type=chunk) [Board of Directors](index=22&type=section&id=Board%20of%20Directors) The Company's Board of Directors consists of four executive directors and three independent non-executive directors - Executive Directors include Dato' Seri Chan Kong Yew (Chairman), Dato' Kwan Siew Deeg, Datin Seri Lo Shing Ping, and Mr. Yap Sheng Feng[63](index=63&type=chunk) - Independent Non-Executive Directors include Mr. Lee Chee Keong, Datin Paduka TPr. Noraini Binti Roslan, and Dato' Che Nazli Binti Jaapar[63](index=63&type=chunk)