Company Overview - Zhangli International (璋利国际) is a leading construction service company in Malaysia, established in 1996, with over 20 years of operational history [3] - The company specializes in various construction services and is capable of undertaking PPP projects under the BLMT model, which allows for long-term recurring cash flows [3] - According to industry reports, the company ranked 18th among publicly listed construction companies in Malaysia based on construction service revenue in 2015 [3] Financial Performance - As of March 31, 2025, Zhangli International reported total revenue of 266 million yuan, representing a year-on-year growth of 40.18% [2] - The company experienced a net loss attributable to shareholders of 39.45 million yuan, a significant decrease of 1989.86% compared to the previous year [2] - The gross profit margin stood at -3.3%, and the debt-to-asset ratio was 99.54% [2] Market Performance - On July 25, the Hang Seng Index fell by 1.09%, closing at 25,388.35 points, while Zhangli International's stock price increased by 8.3% to 2.87 HKD per share, with a trading volume of 24,200 shares and a turnover of 67,200 HKD [1] - Over the past month, Zhangli International has seen a cumulative decline of 14.52%, but it has achieved a year-to-date increase of 96.3%, outperforming the Hang Seng Index's rise of 27.95% [2] Valuation Metrics - Currently, there are no institutional investment ratings for Zhangli International [3] - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 10.58, with a median of -0.21 [3] - Zhangli International's P/E ratio is -2.45, ranking it 182nd in the industry, compared to other companies such as HPC Holdings (0.93), Pujiang International (1.01), and others [3]

Group 1 - The core viewpoint of the news highlights the performance of Zhangli International, which has seen significant stock price increases and financial results, despite a decline in the overall Hang Seng Index [1][2]. - Zhangli International's stock price increased by 11.15% to HKD 2.89 per share, with a trading volume of 164,900 shares and a turnover of HKD 493,600, indicating a volatility of 28.46% [1]. - Over the past month, Zhangli International has achieved a cumulative increase of 36.84%, and a year-to-date increase of 92.59%, outperforming the Hang Seng Index's increase of 18.2% [2]. Group 2 - Financial data shows that Zhangli International reported total revenue of HKD 266 million for the year ending March 31, 2025, representing a year-on-year growth of 40.18%. However, the net profit attributable to shareholders was a loss of HKD 39.45 million, a significant decrease of 1989.86% [2]. - The company's gross margin stands at -3.3%, and its debt-to-asset ratio is 99.54%, indicating a high level of financial leverage [2]. - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the construction industry is 9.67 times, while Zhangli International's P/E ratio is -2.41 times, ranking it 185th in the industry [3].

Group 1 - The Hang Seng Index rose by 0.84% to close at 24,366.94 points on June 11 [1] - Zhangli International (01693.HK) saw a significant increase of 50.0%, closing at HKD 2.7 per share, with a trading volume of 102,000 shares and a turnover of HKD 234,000, reflecting a volatility of 61.11% [1] - Over the past month, Zhangli International has experienced a cumulative decline of 17.81%, but has increased by 33.33% year-to-date, outperforming the Hang Seng Index by 20.45% [2] Group 2 - As of March 31, 2025, Zhangli International reported total revenue of HKD 266 million, a year-on-year increase of 40.18%, while the net profit attributable to shareholders was a loss of HKD 39.45 million, a decrease of 1989.86% [2] - The company's gross margin stands at -3.3%, and its debt-to-asset ratio is 99.54% [2] - Currently, there are no institutional investment ratings for Zhangli International [3] Group 3 - The average price-to-earnings (P/E) ratio for the construction industry is 9.3 times, with a median of 1.54 times, while Zhangli International's P/E ratio is -1.67 times, ranking 192nd in the industry [3] - Other companies in the food and beverage sector have P/E ratios ranging from 0.15 times to 1.58 times [3] - Zhangli International Holdings Limited, established in 1996, is a leading construction service company in Malaysia with over 20 years of operational history, primarily providing various construction services [3]

Financial Performance - The group's revenue increased from 35.7 million MYR in the same period last year to 64.5 million MYR in the current period, representing an increase of approximately 80.5%[2] - The gross loss improved from 23.1 million MYR in the same period last year to a gross loss of 0.99 million MYR in the current period[2] - The loss attributable to the company's owners for the current period was 8.3 million MYR, compared to a loss of 14.1 million MYR in the same period last year, indicating a reduction of approximately 41.3%[2] - The basic loss per share for the current period was 0.23 MYR, improved from 0.39 MYR in the same period last year[2] - The group generated revenue of 64,463 thousand Ringgit for the six months ended September 30, 2024, compared to 35,660 thousand Ringgit for the same period in 2023, representing an increase of approximately 81%[22] - The group reported a pre-tax loss of 8,276 thousand Ringgit for the period[28] - The net loss attributable to the owners of the company decreased to 8.3 million Ringgit from 14.1 million Ringgit in the same period last year, mainly due to increased revenue from significant project progress and reduced project cost overruns[85] Assets and Liabilities - Non-current assets increased from 92,000 MYR as of March 31, 2024, to 109,000 MYR as of September 30, 2024[6] - Current assets slightly decreased from 50,605,000 MYR as of March 31, 2024, to 50,378,000 MYR as of September 30, 2024[6] - Total liabilities increased from 101,796,000 MYR as of March 31, 2024, to 157,224,000 MYR as of September 30, 2024[6] - The company's total equity decreased from 21,022,000 MYR as of March 31, 2024, to 12,746,000 MYR as of September 30, 2024[9] - The group’s current liabilities primarily include redeemable secured loan notes of approximately 48.2 million Ringgit due within 12 months[15] - The total current liabilities increased to 103,454 thousand Ringgit as of September 30, 2024, from 92,082 thousand Ringgit as of March 31, 2024, reflecting an increase of approximately 12.3%[51] Cash Flow and Financing - The company reported a net cash and bank balance of 7,173,000 MYR as of September 30, 2024, compared to 6,497,000 MYR as of March 31, 2024[6] - The group is arranging mezzanine financing to provide working capital, indicating ongoing financial support from lenders, customers, and creditors[16] - Cash and bank balances, including fixed deposits, amounted to 37.4 million Ringgit as of September 30, 2024, a slight increase of 0.4 million Ringgit from 37.0 million Ringgit on March 31, 2024[89] Operational Segments - The company is primarily engaged in providing a wide range of construction services in Malaysia[12] - The group has several operating segments, including building and structure, energy infrastructure, machinery and electronics, and earthworks and infrastructure[27] - The construction services sector contributed 64.5 million Ringgit or 100% to the group's total revenue, compared to 35.5 million Ringgit or 99.6% in the same period last year[70] - The energy infrastructure division did not contribute any revenue during the period as all projects were completed, and there were no new projects acquired[74] - The mechanical and electrical division recorded a negative revenue of 0.02 million Ringgit, compared to no contribution in the same period last year, due to missed work scope during project account finalization[75] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with applicable provisions during the reporting period[121] - The audit committee has reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards and legal requirements[127] - Following the resignation of a director, the number of independent non-executive directors fell below three, leading to non-compliance with listing rule 3.10(1)[122] Shareholder Information - As of September 30, 2024, the issued share capital of the company is 50 million Hong Kong dollars, divided into 100 million shares with a par value of 0.5 Hong Kong dollars each[50] - The major shareholders include Jefong International with 18,000,000 shares and Seeva International with 6,885,000 shares, both fully owned by Dato' Ng Ming Chuang and Dato' Cheng Kuo Li respectively[110][111] - As of September 30, 2024, the company has a total of 24,885,000 shares held, representing 69.1% of the issued shares based on 36,000,000 total shares[106][112] Future Outlook and Strategic Initiatives - The company is seeking suitable opportunities in the franchise and maintenance sectors, targeting public-private partnership contracts of approximately 20 years[68] - The construction industry is expected to maintain a positive outlook, with projected growth of 13.7% in the second half of 2024 following a 14.6% increase in the first half[79] - BGMC Corporation established Nexa Intelligence Sdn. Bhd. on October 17, 2024, to expand its future business[63] - The company registered BGMC Energy Group Limited on October 29, 2024, primarily for investment holding purposes[63] - The company has established BGMC Energy Holdings Sdn. Bhd. on November 19, 2024, for investment holding and management consulting[63] Legal and Arbitration Matters - The group has ongoing arbitration regarding a dispute with Client A, claiming approximately 35 million Ringgit in lost profits and 4.4 million Ringgit in retention money[55] - BGMC Corporation is involved in ongoing arbitration proceedings, with a hearing scheduled for October 6-17, 2025[56] - The company is facing a bank guarantee claim of approximately MYR 5.5 million, related to a development project, which it disputes[59] - The court has scheduled a hearing for BGMC Corporation's appeal on December 9, 2024[59] Employee and Operational Costs - Total employee costs for the period amounted to 5.3 million Ringgit, compared to 5.2 million Ringgit in the same period last year, with the workforce increasing from 94 to 99 employees[100] - Administrative and other expenses increased to 8.3 million Ringgit from 7.5 million Ringgit in the same period last year, primarily due to increased employee costs and feasibility study expenses for potential projects[86] - The company has not made any significant investments during the period[97]

Financial Highlights [Financial Highlights](index=1&type=section&id=Financial%20Highlights) FY2024 revenue from continuing operations increased, but the Group turned from profit to gross loss, resulting in a significant decline in overall profitability Financial Highlights Summary | Metric | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Revenue from Continuing Operations | RM 117.1 million | RM 110.1 million | ▲ 6.4% | | Gross (Loss)/Profit from Continuing Operations | (RM 7.3 million) | RM 4.3 million | ▼ From profit to loss | | (Loss)/Profit Attributable to Owners of the Company | (RM 1.2 million) | RM 11.9 million | ▼ From profit to loss | | Basic (Loss)/Earnings Per Share | (RM 0.06 sen) | RM 0.66 sen | ▼ From profit to loss | Consolidated Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) FY2024 revenue from continuing operations increased, but higher sales costs led to a gross loss, resulting in an overall loss attributable to owners despite profit from discontinued operations Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Item (RM '000) | FY2024 | FY2023 | | :--- | :--- | :--- | | **Continuing Operations** | | | | Revenue | 117,070 | 110,110 | | Cost of Sales | (124,361) | (105,766) | | **Gross (Loss)/Profit** | **(7,291)** | **4,344** | | (Loss)/Profit Before Tax | (8,483) | 7,286 | | (Loss)/Profit from Continuing Operations | (8,206) | 6,797 | | **Discontinued Operations** | | | | Profit from Discontinued Operations for the Year | 9,180 | 4,462 | | **Total Profit for the Year** | **974** | **11,259** | | **(Loss)/Profit Attributable to Owners of the Company** | **(1,164)** | **11,878** | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets, equity, and net current assets significantly decreased, primarily due to the disposal of BGMC Bras Power Consolidated Statement of Financial Position Summary | Item (RM '000) | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | **Non-current Assets** | 50,605 | 49,431 | | **Current Assets** | 120,871 | 139,448 | | Assets Classified as Held for Sale | – | 213,932 | | **Total Assets** | **171,476** | **402,811** | | **Current Liabilities** | 101,796 | 140,724 | | Liabilities Directly Associated with Assets Classified as Held for Sale | – | 104,839 | | **Total Liabilities** | **150,454** | **294,129** | | **Net Assets** | **21,022** | **108,943** | | **Total Equity** | **21,022** | **108,943** | [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail the financial statements' basis, policies, and key matters, including going concern uncertainties, primary revenue from construction, BGMC Bras Power disposal, contingent liabilities, and a proposed share consolidation [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The financial statements are prepared on a going concern basis, despite significant uncertainties due to the current year's loss, with the Group's ability to continue dependent on new contract cash inflows, mezzanine financing, and debtor repayments - The auditor's report highlights that the Group incurred a loss of **RM 8.206 million** from continuing operations for the year, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[18](index=18&type=chunk)[107](index=107&type=chunk) - Management considers the going concern basis appropriate, based on cash flow forecasts for the next 21 months, including: (i) cash inflows of approximately **RM 23.79 million** from new construction contracts; (ii) ongoing mezzanine financing arrangements; and (iii) continuous debtor repayments[18](index=18&type=chunk)[20](index=20&type=chunk) [Revenue and Segment Information](index=9&type=section&id=Revenue%20and%20Segment%20Information) In FY2024, the Group's total revenue from continuing operations was **RM 117.1 million**, primarily from building construction, with the Buildings and Structures segment contributing **RM 115 million** in external revenue but recording a **RM 6.86 million** loss Revenue by Source | Revenue Source (RM '000) | FY2024 | FY2023 | | :--- | :--- | :--- | | Building Construction Revenue | 116,522 | 107,451 | | Supply and Installation of Lifts | 415 | 37 | | Management Fee Income | 133 | 2,622 | | **Total** | **117,070** | **110,110** | FY2024 Segment Performance | FY2024 Segment Performance (RM '000) | External Revenue | Segment (Loss)/Profit | | :--- | :--- | :--- | | Buildings and Structures | 115,007 | (6,855) | | Energy Infrastructure | – | – | | Mechanical and Electrical | 1,515 | (537) | | Earthworks and Infrastructure | – | 4,220 | | Others | 548 | (936) | | **Subtotal** | **117,070** | **(4,108)** | [Discontinued Operations](index=13&type=section&id=Discontinued%20Operations) On April 26, 2023, the Group completed the disposal of its **95%** equity interest in BGMC Bras Power, a renewable energy subsidiary, classifying it as a discontinued operation, which generated **RM 10.05 million** in profit for FY2024 - The Group completed the disposal of its **95%** equity interest in BGMC Bras Power, a renewable energy business, on April 26, 2023[36](index=36&type=chunk)[67](index=67&type=chunk) - This disposal generated **RM 10.05 million** in profit for FY2024 (for the period from April 1 to 26, 2023), recognized as profit from discontinued operations for the year[38](index=38&type=chunk) [Earnings/Loss Per Share](index=14&type=section&id=Earnings%2FLoss%20Per%20Share) In FY2024, the Company recorded a basic loss per share of **RM 0.06 sen**, a decline from FY2023's **RM 0.66 sen** earnings per share, primarily due to losses from continuing operations (Loss)/Earnings Per Share Summary | (Loss)/Earnings Per Share (RM sen) | FY2024 | FY2023 | | :--- | :--- | :--- | | **Basic and Diluted** | | | | From Continuing and Discontinued Operations | (0.06) | 0.66 | | From Continuing Operations | (0.58) | 0.42 | | From Discontinued Operations | 0.52 | 0.24 | [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) The Group faces several significant legal disputes, including arbitration with Customer A for approximately **RM 83 million** in counterclaims and a lawsuit with a bank for approximately **RM 5.5 million** related to a bank guarantee; management believes it has valid defenses and has not made provisions - The Group is involved in an arbitration dispute with Customer A regarding a construction contract termination, with Customer A filing a counterclaim of approximately **RM 83 million**; the case is ongoing, with a hearing expected in October 2025[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - Group subsidiary BGMC Corporation faces a lawsuit for approximately **RM 5.5 million** related to a bank guarantee claim, and another for approximately **RM 0.285 million** involving a demand notice and winding-up threat; management believes it has valid defenses and has made no provisions for these lawsuits[51](index=51&type=chunk)[53](index=53&type=chunk)[55](index=55&type=chunk) [Events After Reporting Period](index=20&type=section&id=Events%20After%20Reporting%20Period) Subsequent to March 31, 2024, the Group established Golden Sun Solar Energy Sdn. Bhd., a new indirect wholly-owned subsidiary for power plant construction; additionally, on June 19, 2024, the Board proposed a share consolidation on the basis of **50** existing shares into **1** consolidated share, pending shareholder approval - On June 19, 2024, the Board proposed a share consolidation, merging every **50** issued and unissued shares into **1** consolidated share[57](index=57&type=chunk) - On April 5, 2024, the Group established Golden Sun Solar Energy Sdn. Bhd., a new indirect wholly-owned subsidiary primarily engaged in power plant construction[57](index=57&type=chunk) Management Discussion and Analysis [Business Review](index=21&type=section&id=Business%20Review) The Group's business primarily comprises construction services and concession and maintenance; in FY2024, construction services were core, contributing **99.5%** of Group revenue and securing a new **RM 540 million** contract, significantly increasing outstanding orders to **RM 610 million**, while the concession and maintenance segment largely ceased operations due to a core asset disposal [Construction Services Segment](index=22&type=section&id=Construction%20Services%20Segment) The construction services segment contributed **RM 116.5 million** in revenue in FY2024, accounting for **99.5%** of the Group's total revenue, with the Buildings and Structures segment being the primary driver; this segment secured a new **RM 540.6 million** contract, increasing total outstanding orders to **RM 610.4 million** as of March 31, 2024 - The construction services segment secured a new contract with a fixed sum of **RM 540.6 million**[61](index=61&type=chunk) - As of March 31, 2024, the Group's outstanding orders totaled **RM 610.4 million**, primarily from the Buildings and Structures segment, a significant increase from **RM 157.2 million** in the prior year[61](index=61&type=chunk)[62](index=62&type=chunk) [Concession and Maintenance Segment](index=23&type=section&id=Concession%20and%20Maintenance%20Segment) Following the disposal of **95%** equity interest in BGMC Bras Power (a large-scale solar photovoltaic power plant project) on April 26, 2023, this segment's operations have largely ceased; the disposal aimed to resolve disputes with financing partners, avoid additional capital injection, and recover investments - The Group completed the disposal of the large-scale solar photovoltaic power plant project (BGMC Bras Power) on April 26, 2023, recognizing a disposal gain of **RM 10.1 million** in FY2024[65](index=65&type=chunk)[67](index=67&type=chunk) - The primary reasons for the disposal were to resolve disputes with former financing partners, avoid additional capital injection, and recover investments; the Group stated it would continue to seek similar project opportunities in the future[67](index=67&type=chunk)[68](index=68&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) In FY2024, the Group's revenue grew to **RM 117.1 million** due to new projects, but increased costs led to a **RM 7.3 million** gross loss and deteriorating margins; the **RM 1.2 million** loss attributable to owners, a significant decline from last year's **RM 11.9 million** profit, was also due to higher legal fees and the absence of prior year's performance bond provision reversals - Revenue increased to **RM 117.1 million**, primarily due to securing a new project valued at **RM 540.6 million**[69](index=69&type=chunk) - A gross loss of **RM 7.3 million** was recorded (compared to a gross profit of **RM 4.3 million** last year), mainly due to increased raw material prices and construction costs[70](index=70&type=chunk) - Loss attributable to owners of the Company was **RM 1.2 million** (compared to a profit of **RM 11.9 million** last year), with the deteriorating performance attributed to worsening gross profit, increased legal and professional fees, and the absence of a significant performance bond provision reversal recorded in the prior year[71](index=71&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=25&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's financial position improved, with the net gearing ratio significantly decreasing from **0.28** times in FY2023 to **-0.24** times, primarily due to the settlement of advances; cash and bank balances increased to **RM 37 million**, though net current assets substantially decreased from **RM 107.8 million** to **RM 19.1 million** due to the disposal of BGMC Bras Power - The net gearing ratio significantly decreased from **0.28** times in FY2023 to **-0.24** times[76](index=76&type=chunk) - Cash and bank balances (including fixed deposits) increased to **RM 37 million**, up from **RM 29.9 million** in the prior year[76](index=76&type=chunk) - Net current assets significantly decreased to **RM 19.1 million** from **RM 107.8 million** in the prior year, primarily due to the disposal of BGMC Bras Power, which resulted in zero assets classified as held for sale[77](index=77&type=chunk) [Future Prospects](index=26&type=section&id=Future%20Prospects) Despite industry challenges like fluctuating material costs and labor shortages, management remains optimistic, planning to leverage opportunities from Malaysian government economic initiatives such as the National Energy Transition Roadmap; the company's strategy focuses on sustainable growth, including using eco-friendly building materials, exploring renewable energy projects (solar, biomass), and enhancing staff training to maintain competitiveness and achieve long-term development - Management believes the Malaysian government's National Energy Transition Roadmap (NETR) and New Industrial Master Plan 2030 (NIMP) offer significant opportunities for the construction industry[87](index=87&type=chunk) - The company's strategic focus is to expand its project portfolio, with a particular emphasis on environmental sustainability, including using eco-friendly building materials and exploring renewable energy projects such as solar and biomass[88](index=88&type=chunk) - The company will address challenges such as uncertain construction material prices, rising financial costs, and skilled labor shortages by remaining agile, proactively responding to market changes, and enhancing team training[90](index=90&type=chunk)[91](index=91&type=chunk) Other Disclosures [Dividends](index=27&type=section&id=Dividends) The Board has resolved not to recommend any dividend payment for FY2024, consistent with the prior fiscal year - The Board has resolved not to recommend any dividend payment for the current reporting period (FY2023: Nil)[47](index=47&type=chunk)[92](index=92&type=chunk) [Corporate Governance and Compliance](index=29&type=section&id=Corporate%20Governance%20and%20Compliance) The Company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code as set out in Appendix C1 of the Hong Kong Stock Exchange Listing Rules; the Company complied with the applicable code provisions during FY2024 - The Company has adopted the Corporate Governance Code as set out in Appendix C1 of the Listing Rules and complied with its applicable code provisions during FY2024[102](index=102&type=chunk) - Following inquiry, all Directors confirmed compliance with the standard code for securities transactions by Directors during FY2024[104](index=104&type=chunk) [Auditor's Report Summary](index=30&type=section&id=Auditor%27s%20Report%20Summary) UHY, the auditor, highlighted in its report that the Group incurred a loss from continuing operations in FY2024, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern; however, the auditor did not modify its audit opinion based on this matter - The auditor's report emphasized 'Material Uncertainty Related to Going Concern'[107](index=107&type=chunk) - The report noted that the Group incurred a loss of **RM 8.206 million** from continuing operations for the year ended March 31, 2024, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern; the auditor did not modify its opinion on this matter[107](index=107&type=chunk)

Financial Performance - For the six months ended 30 September 2023, BGMC International Limited reported a consolidated revenue of RM35.5 million, a decrease from RM80.3 million in the corresponding period, primarily due to additional estimation of liquidated ascertained damages for a major project[17]. - The Group's total revenue decreased from RM82.3 million in the Corresponding Period to RM35.7 million during the Period, a decline of 56.6%[49]. - The Group recorded a total gross loss of RM23.1 million in the Period compared to a gross loss of RM6.7 million in the Corresponding Period, indicating a significant increase in losses[50]. - Loss before tax from continuing operations was RM21,324,000, up from RM13,181,000 in the same period last year, reflecting a worsening financial performance[117]. - The company reported a loss per share from continuing operations of RM 1.30, compared to RM 0.73 in the previous year, highlighting increased losses on a per-share basis[117]. - The Group incurred a loss attributable to owners of approximately RM14.1 million during the period, raising concerns about its ability to continue as a going concern[131][133]. Revenue Breakdown - The Construction Services sector contributed RM35.5 million, or 99.6%, to the Group's consolidated revenue for the period, compared to 97.6% in the previous year[17]. - The Building and Structures segment contributed RM35.5 million, or 99.6% of the Group's consolidated revenue for the period, compared to RM69.0 million, or 83.9% in the same period last year[24]. - The Energy Infrastructure segment did not contribute any revenue during the period, a decrease from RM8.5 million or 10.3% in the corresponding period[26]. - The Mechanical and Electrical segment also recorded no revenue, down from RM2.8 million or 3.5% contribution to consolidated revenue in the previous year[28]. - The Earthworks and Infrastructure segment had no recorded revenue as all projects were completed, with minimal future activities expected[30]. - The Group's BOO business generated RM0.3 million in revenue during the period, down from RM2.6 million in the corresponding period[38]. Order Book and Contracts - As of 30 September 2023, the outstanding order book stands at RM113.4 million, down from RM239.7 million a year earlier[18]. - BGMC secured a new contract with a fixed contract sum of RM540.6 million as of the date of the interim report[18]. - The Construction Services sector secured a new contract with a fixed contract sum of RM540.6 million as of the date of the interim report[134]. Operational Efficiency and Workforce - The company continues to review and restructure its workforce to enhance operational efficiency and reduce administrative expenses[80]. - The Group has 94 employees as of September 30, 2023, down from 120 a year earlier, with total staff costs of RM5.2 million compared to RM5.5 million in the Corresponding Period[74]. - Administrative and other expenses decreased from RM8.2 million to RM7.5 million, primarily due to reduced staff costs[51]. Cash and Assets Management - Cash and bank balances increased to RM34.9 million as of September 30, 2023, up by RM5.0 million from RM29.9 million[61]. - Net current assets decreased significantly from RM107.8 million to RM5.9 million, a decline of RM101.9 million, mainly due to the completion of the disposal of BGMC Bras Power[62]. - The total amount of trade and other payables as of September 30, 2023, was RM 85,956,000, down from RM 132,380,000 as of March 31, 2023, reflecting a significant decrease of about 35%[194]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the period, maintaining high standards of corporate governance[102]. - The Audit Committee reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards and legal requirements[112]. - The proposed amendments to the memorandum and articles of association were approved on September 4, 2023, to align with new requirements under the amended Listing Rules[103]. Future Outlook and Strategic Initiatives - The Group aims to explore new business opportunities and models to ensure sustainability and fulfill contractual obligations to clients[45]. - The company has not provided specific guidance for future performance but indicated ongoing efforts to improve operational efficiency and explore market opportunities[117]. - The company continues to focus on its core construction services while evaluating potential strategic partnerships and market expansion opportunities[123]. Legal and Disputes - The company has ongoing legal disputes with Customer A, involving performance bonds totaling approximately RM 25,800,000, which have been upheld by the High Court[198]. - The company initiated arbitration to claim losses of profit amounting to approximately RM 35,000,000 and return of retention sums of approximately RM 4,400,000[200].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」或「香港交 易所」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 BGMC International Limited 璋 利 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1693） 截 至2023年9月30日 止 六 個 月 的 未 經 審 核 中 期 業 績 公 告 財務摘要 (cid:129) 本集團的收益由同期的82.3百萬林吉特減少至本期間的35.7百萬林吉特。 (cid:129) 本集團的毛損由同期的6.7百萬林吉特惡化至本期間的毛損23.1百萬林 吉特。 (cid:129) 本 期 間 的 本 公 司 擁 有 人 應 佔 虧 損 為14.1百 萬 林 吉 特，而 同 期 的 虧 損 為 10.3百萬林吉特。 (cid:129) 本期間的每股基本虧損為0.79林吉特分，而同期的每股基本虧損為0.57 林吉特分。 璋利國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈截至202 ...

Project Completion and Revenue - The Group successfully completed several projects during FY2023, including the notable handover of the Setia SPICE hotel project in Penang[17]. - The Group successfully completed and handed over the Setia SPICE hotel project in December 2022, leading to new tender opportunities for similar projects[35]. - For the fiscal year 2023, the Group's consolidated revenue from the Construction Services sector was RM107.5 million, accounting for 97.6% of total revenue, compared to RM275.9 million or 96.5% for the previous 18-month period[34]. - The Group's total revenue for FY2023 was RM110.1 million, a significant decrease from RM285.8 million in FPE2022, primarily due to the shorter reporting period of 12 months in FY2023 compared to 18 months in FPE2022[60]. - The Group achieved a gross profit of RM4.3 million in FY2023, improving from a gross loss of RM50.1 million in FPE2022, resulting in a gross profit margin of 3.9% compared to -17.5% in FPE2022[62]. - Net profit attributable to owners of the Company was approximately RM11.9 million in FY2023, a turnaround from a net loss of RM56.5 million in FPE2022, driven by securing extensions of time for major projects and lower impairment losses[63]. Economic Environment - Malaysia achieved an impressive economic growth rate of 5.6% in Q1 2023, indicating optimism for a better-than-expected year[19]. - Malaysia's economy grew by 5.6% in the first quarter of 2023, indicating a positive outlook for economic performance[21]. - The Malaysian economy is expected to recover gradually in 2023, with a reported economic growth of 5.6% in Q1 2023, enhancing confidence and attracting foreign direct investment[112]. - Malaysia's economy is expected to gradually recover and stabilize in 2023, with a reported 5.6% economic growth in Q1 2023, enhancing public confidence and attracting foreign direct investment[114]. Challenges and Strategies - The construction industry faced challenges such as global supply chain disruptions, high core inflation, and economic impacts from geopolitical tensions[18]. - The Group faced challenges due to global supply chain disruptions, geopolitical tensions, and economic instability, impacting the construction and concession industries[21]. - The Group implemented strategies to source alternative options and optimize delivery processes to mitigate risks during challenging times[19]. - The Group's strategy focuses on enhancing efficiency and optimizing delivery processes to mitigate risks during challenging times[21]. - The Group did not secure any new contracts during FY2023, highlighting the competitive challenges in the construction sector[36]. - The Group did not secure any new projects in FY2023, focusing instead on increasing productivity for ongoing projects and preserving resources for suitable future projects[42]. Order Book and Future Opportunities - The Group has an outstanding order book of RM158.6 million as of March 31, 2023, which is expected to sustain operations for another 18 months[36]. - The Group aims to leverage its existing track record and expertise to capitalize on future opportunities in the construction and concession sectors[26]. - The Group's focus on the Building and Structures segment is expected to enhance future revenue contributions as other segments face challenges in procurement activities[46]. - The Group plans to invest more resources to procure new projects similar to the disposed LSSPV power plant, indicating a strategic shift rather than an exit from the sector[54]. - The Group continues to seek opportunities in the construction and concession industry to ensure sustainability and growth[113]. Financial Management and Costs - Other income decreased significantly from RM50.7 million in FPE2022 to RM1.2 million in FY2023, primarily due to one-off gains from debt extinguishment in the previous period[64]. - Administrative and other expenses were reduced from RM35.5 million in FPE2022 to RM15.7 million in FY2023, attributed to lower staff costs and professional fees[69]. - Finance costs decreased to RM1.1 million in FY2023 from RM3.9 million in FPE2022, due to repayments of bank borrowings[70]. - The net gearing ratio increased to 0.28 times as of March 31, 2023, from 0.01 times a year earlier, influenced by advances received for project development costs[72]. - Cash and bank balances decreased to RM29.9 million as of March 31, 2023, down from RM37.3 million a year prior, reflecting a reduction of RM7.4 million[73]. - The Group's net current assets stood at RM107.8 million as of March 31, 2023, compared to RM118.9 million as of March 31, 2022[74]. - The Group did not acquire any significant investments or construction machinery in FY2023, focusing instead on internal funding for capital expenditures[83][91]. Human Resources - As of March 31, 2023, the Group's employee count was 107, down from 130 in the previous year, with total employee costs for FY2023 amounting to 10.6 million Ringgit compared to 18.4 million Ringgit in FY2022[93]. - The Group's overall business is supervised by Dato' Michael Teh, who serves as the Executive Director and Chief Executive Officer[136]. - Chiang Wai Lam, the Project Director, has approximately 16 years of experience in the construction field, overseeing construction projects for the Group[137]. - Joan Ong May Ean, the Chief Financial Officer, has over 7 years of experience in accounting and finance, ensuring overall financial management of the Group[142]. Environmental, Social, and Governance (ESG) - The Group aims to integrate ESG concepts into its business and growth strategies, continuously improving performance in relevant areas[150]. - The Group has adopted specific ESG objectives, policies, and procedures to enhance its sustainability management[151]. - The Group's sustainability management strategy includes allocating resources for ESG and embedding ESG objectives into its operational systems[152]. - The Group has established ESG objectives focusing on environmental sustainability, social sustainability, and good corporate governance practices[153]. - The Board is responsible for evaluating ESG-related risks and ensuring effective ESG risk management and internal control systems are in place[156]. - The proprietary Qube System 2.0 includes eight elements, two of which emphasize ESG: Waste Reduction Policy and Emission Reduction Policy[160]. - The Group promotes environmental sustainability through the motto "Sustaining Together," which includes initiatives to reduce air pollutants and waste[166]. - The Group's commitment to community investments is encapsulated in the motto "Caring Together," supporting charities and employee welfare initiatives[166]. Environmental Performance - The Group has implemented an emission reduction policy aimed at decreasing air pollutants and greenhouse gas emissions through efficient vehicle and machinery use, conscious energy consumption, and rainwater harvesting systems[176]. - The Group's waste reduction policy focuses on minimizing hazardous and non-hazardous waste through methods such as dip trays and bund walls, and promoting recycling practices[177]. - Compliance with the Environmental Quality Act 1974 of Malaysia governs the emission of air pollutants and the handling of hazardous and non-hazardous wastes[178]. - The main sources of air pollutants in the Group's operations are construction machinery and motor vehicles, with specific amounts and intensities of emissions detailed in the report[179]. - Total GHG emissions for the year amounted to 2,545.38 tonnes, with direct emissions from mobile and stationary combustion at 1,573.81 tonnes and indirect emissions from purchased electricity at 968.88 tonnes[187]. - The Group produced 58.031 tonnes of hazardous wastes at project sites, resulting in a hazardous waste intensity of 0.00015218 tonnes/m²[191]. - Non-hazardous wastes produced by project sites totaled 3,281.220 tonnes, with an intensity of 0.0086 tonnes/m²[194]. - Energy consumed by project sites reached 6,468,810.543 kWh, translating to an energy intensity of 16.963 kWh/m²[199]. - The amount of air pollutants emitted by the Group's operations was 1.67 tonnes, with an intensity of 4.380 grammes/m²[183].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）或「港交所」） 對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 BGMC International Limited 璋 利 國 際 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1693） 自2020年10月1日 起 至2022年3月31日 止 期 間 之 經 審 核 年 度 業 績 公 告 財務摘要 (cid:129) 本集團來自持續經營業務的收益由2020財政年度的190.5百萬林吉特（經 重列）增加至FPE2022的285.8百萬林吉特。 (cid:129) 本集團來自持續經營業務的毛損由2020財政年度的82.0百萬林吉特（經 重列）減少至FPE2022的50.1百萬林吉特。 (cid:129) 本公司擁有人應佔虧損於FPE2022為56.5百萬林吉特，而2020財政年度的 虧損為193.5百萬林吉特。 (cid:129) FPE2022的每股基本虧損為3.14林吉特分，而2020財政年度的每股基本虧 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」或「香港交 易所」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 BGMC International Limited 璋 利 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1693） 截 至2023年3月31日 止 年 度 的 經 審 核 年 度 業 績 公 告 財務摘要 (cid:129) 本 集 團 來 自 持 續 經 營 業 務 的 收 益 由FPE2022的285.8百 萬 林 吉 特 減 少 至 2023財年的110.1百萬林吉特。 (cid:129) 本集團來自持續經營業務的毛利於2023財年為4.3百萬林吉特，而FPE2022 的虧損為50.1百萬林吉特。 (cid:129) 本公司擁有人應佔溢利於2023財年為11.9百萬林吉特，而FPE2022的虧損 為56.5百萬林吉特。 (cid:129) 2023財年的每股基本盈利為0.66林吉特分，而FPE2022的每股基本虧損為 3.14林吉 ...