Contracts and Projects - The group completed 3 offshore construction contracts with a total original contract value of approximately MYR 53.4 million and 1 building and infrastructure contract valued at approximately MYR 18.3 million for the six months ended December 31, 2024[10]. - As of December 31, 2024, the group has 3 ongoing offshore construction contracts with a total original contract value of approximately MYR 1,312.1 million and 2 ongoing building and infrastructure contracts valued at approximately MYR 146.7 million[10]. - The group submitted 3 tenders and 2 quotations with an expected total contract value of approximately MYR 176.9 million as of June 30, 2024, with additional tenders and quotations submitted for building and infrastructure contracts totaling approximately MYR 234.2 million[11]. - The group is focused on executing existing contracts, including a reclamation project in Johor and a new courthouse building in Malaysia, with a total contract value of approximately 0.6 million MYR[63]. Financial Performance - Revenue increased by approximately 97.5 million MYR or 77.2% to about 223.8 million MYR for the six months ended December 31, 2024, compared to approximately 126.3 million MYR for the same period in 2023[19]. - Revenue from offshore construction services accounted for approximately 90.8% of total revenue, increasing by about 87.2 million MYR or 75.1% to approximately 203.3 million MYR[20]. - Revenue from land reclamation and related works increased by approximately 63.2 million MYR or 3,950.0% to approximately 64.8 million MYR, primarily due to new contracts awarded in 2024[20]. - Revenue from offshore transportation increased by approximately 24.0 million MYR or 21.0% to approximately 138.5 million MYR, driven by increased sand transportation volume from new contracts in Singapore[21]. - The group reported a profit attributable to the owners of approximately 1.6 million Ringgit for the six months ended December 31, 2024, compared to a loss of approximately 3.0 million Ringgit for the same period in 2023, indicating a significant turnaround in performance[34]. - The company reported a net profit for the period of RM 1,541,000, compared to a net loss of RM 3,240,000 in the same period last year, marking a significant recovery[91]. Expenses and Costs - Gross profit increased by approximately 5.5 million MYR or 220.0% to approximately 8.0 million MYR, with gross margin rising from about 2.0% to approximately 3.6%[25]. - General and administrative expenses increased by approximately 1.6 million MYR or 23.9% to about 8.3 million MYR, mainly due to increased employee costs[31]. - Financial costs decreased from approximately 0.5 million MYR to about 0.4 million MYR, primarily due to reduced bank loan balances[32]. - Total employee costs increased to RM 4,995,000 for the six months ended December 31, 2024, from RM 4,218,000 in the same period of 2023, reflecting a rise of 18.4%[130]. - Interest expenses on bank loans decreased to RM 343,000 in the six months ended December 31, 2024, down from RM 470,000 in the same period of 2023, a reduction of 27.0%[129]. Assets and Liabilities - As of December 31, 2024, the group had cash and cash equivalents of approximately 83.1 million Ringgit, down from 94.1 million Ringgit as of June 30, 2024, primarily due to cash outflows from operating, financing, and investing activities[37]. - The total amount of bank loans and lease liabilities decreased from approximately 11.2 million Ringgit as of June 30, 2024, to approximately 9.1 million Ringgit as of December 31, 2024, contributing to a decline in the debt-to-equity ratio from about 8.2% to 6.8%[38]. - Trade and other receivables increased to RM 115,888,000 from RM 92,419,000, reflecting improved collection and sales performance[93]. - The total non-current assets as of December 31, 2024, were MYR 47,748,000, slightly up from MYR 47,528,000 as of June 30, 2024[124]. Shareholder and Governance - The group did not recommend the payment of an interim dividend for the six months ended December 31, 2024, consistent with the previous period[36]. - The company has adopted and complied with all applicable corporate governance code provisions during the reporting period[73]. - Major shareholders include JBB Jade Investment Limited and JBB Berlian Investment Limited, holding approximately 36.36% and 32.25% of the issued share capital, respectively[85]. - The company established an audit committee to oversee financial reporting and internal controls, enhancing corporate governance practices[88]. Investments and Financing - The group entered into a sale agreement to sell a 50% stake in a non-wholly owned subsidiary for MYR 1.0 million, with the net assets of the subsidiary prior to the sale being approximately MYR 0.9 million[13]. - The group sold a 35% stake in a joint venture for MYR 150,000, with the net assets of the joint venture prior to the sale being approximately MYR 397,000[15]. - The net proceeds from the global offering of ordinary shares amount to approximately HKD 125.2 million (about MYR 62.6 million), after deducting underwriting fees and related listing expenses[69]. - The allocation of net proceeds includes 57.9% (MYR 36.2 million) for purchasing a modified sand transport vessel and 7.3% (MYR 4.6 million) for acquiring new land-based machinery[69]. Market Conditions and Challenges - The group faces challenges in the construction industry, including labor shortages, inflationary pressures, and rising interest rates impacting profitability[66]. - The group maintains a strong liquidity position, monitoring uncertainties while exploring new opportunities and optimizing its business model[67]. Trade Receivables and Payables - Approximately 40% of the total trade receivables and contract assets as of December 31, 2024, were derived from the group's largest customer, down from 61% as of June 30, 2024, indicating a reduction in credit concentration risk[48]. - Trade receivables increased to MYR 109,228,000 as of December 31, 2024, compared to MYR 88,571,000 as of June 30, 2024, reflecting a growth of approximately 23.4%[145]. - The aging analysis of trade receivables shows MYR 35,254,000 overdue by more than 90 days as of December 31, 2024, compared to MYR 2,163,000 as of June 30, 2024[147]. - As of December 31, 2024, trade payables increased to 135,903 thousand Ringgit from 118,979 thousand Ringgit as of June 30, 2024, representing a growth of approximately 14.2%[150]. Future Outlook - The expected timeline for utilizing the remaining proceeds is by June 30, 2028, depending on market and economic conditions[72]. - The company plans to upgrade IT and project management systems with an allocation of 0.6% (MYR 0.4 million) of the net proceeds[69].

Financial Performance - Revenue for the six months ended December 31, 2024, was RM 223,827 thousand, an increase of 97,522 thousand or 77.2% compared to RM 126,305 thousand in the same period of 2023[2] - Gross profit for the same period was RM 8,045 thousand, up RM 5,527 thousand or 219.5% from RM 2,518 thousand in 2023, resulting in a gross margin of 3.6%[2] - The profit attributable to owners of the company was RM 1,571 thousand, a turnaround from a loss of RM 3,017 thousand in the previous year, representing an increase of RM 4,588 thousand[2] - Basic and diluted earnings per share improved to 0.31 sen from a loss of 0.60 sen in the prior year[2] - The company reported operating profit of RM 2,750 thousand, a significant improvement from an operating loss of RM 1,936 thousand in the previous period[5] - The group reported total revenue of 223,827 thousand ringgit for the six months ended December 31, 2024, a significant increase from 126,305 thousand ringgit in the same period of 2023, representing a growth of approximately 77%[15] - The group reported a total segment profit of 9,983 thousand ringgit for the six months ended December 31, 2024, compared to a profit of 2,002 thousand ringgit in the same period of 2023, marking an increase of approximately 398%[23] - The group reported a pre-tax profit of 2,380 thousand ringgit for the current period, a turnaround from a pre-tax loss of 2,486 thousand ringgit in the previous period[23] - The company reported a profit attributable to owners of approximately 1.6 million Ringgit for the six months ended December 31, 2024, compared to a loss of approximately 3.0 million Ringgit for the same period in 2023[86] Revenue Breakdown - Revenue from reclamation and related works reached 64,832 thousand ringgit, up from 1,606 thousand ringgit, indicating a substantial increase of over 4,000%[23] - The offshore transportation segment generated revenue of 138,474 thousand ringgit, compared to 114,491 thousand ringgit, reflecting an increase of about 21%[23] - Revenue from offshore construction services accounted for approximately 90.8% of total revenue, increasing from approximately 116.1 million MYR to approximately 203.3 million MYR, a 75.1% increase[73] - Revenue from land reclamation and related works increased from approximately 1.6 million MYR to approximately 64.8 million MYR, a significant increase of 3,950.0%[73] - The group’s geographical revenue analysis shows that revenue from Malaysia increased to 85,353 thousand ringgit from 9,502 thousand ringgit, a growth of over 800%[27] - The group’s revenue from Singapore was 138,474 thousand ringgit, up from 116,803 thousand ringgit, representing an increase of about 18%[27] Expenses and Liabilities - Current liabilities rose to RM 149,778 thousand from RM 133,654 thousand, an increase of 12.1%[6] - The group incurred unallocated central administrative expenses of 8,031 thousand ringgit, which is an increase from 5,274 thousand ringgit in the previous period[23] - Employee costs increased to 4,836,000 MYR for the six months ended December 31, 2024, up 29% from 3,758,000 MYR in the same period of 2023[31] - The total income tax expense for the six months ended December 31, 2024, was 839,000 MYR, representing an increase of 11% from 754,000 MYR in the same period of 2023[32] - General and administrative expenses increased by approximately 1.6 million Ringgit or 23.9% to about 8.3 million Ringgit for the six months ended December 31, 2024, primarily due to increased employee costs[83] Assets and Receivables - Trade and other receivables increased to RM 115,888 thousand from RM 92,419 thousand, reflecting a growth of 25.5%[6] - Total assets as of December 31, 2024, were RM 241,249 thousand, compared to RM 229,254 thousand as of June 30, 2024, indicating an increase of 5.2%[6] - Trade receivables as of December 31, 2024, amounted to 109,228,000 MYR, an increase from 88,571,000 MYR as of June 30, 2024[44] - The aging analysis of trade receivables shows that 35,254,000 MYR is overdue by more than 90 days as of December 31, 2024[46] - The group has recognized a provision for bad debts of 8,266,000 MYR as of December 31, 2024, compared to 7,396,000 MYR as of June 30, 2024[44] Investments and Acquisitions - The company acquired property, plant, and equipment for approximately 559,000 MYR in cash during the six months ended December 31, 2024, significantly higher than 122,000 MYR in the same period of 2023[36] - The company entered into a sale agreement to sell a 50% stake in Gabungan Jasapadu Sdn. Bhd. for a total consideration of 1,000 thousand ringgit[59] - The net assets of Gabungan at the time of sale amounted to 428 thousand ringgit, with a sale gain of 572 thousand ringgit recognized in the current year's profit[60] - The company has committed capital expenditures of approximately 12,911 thousand ringgit for the acquisition of investment properties as of December 31, 2024[58] - The group entered into a sale agreement to sell its 50% stake in Gabungan Jasapadu Sdn. Bhd. for 1.0 million MYR, with the net assets of Gabungan prior to the sale being approximately 0.9 million MYR[66] Market Outlook and Strategy - The company continues to focus on expanding its offshore construction services and infrastructure services, with plans for further market penetration in Malaysia and Singapore[7] - The group is optimistic about the construction industry in Malaysia and Singapore, despite facing challenges such as labor shortages and inflationary pressures[113] - The group is actively participating in various tenders to strengthen market competitiveness and is focused on delivering high-quality projects awarded in 2024[114] - The group has received invitations for new projects, including offshore transport expansions in Singapore and government-related projects in Malaysia[113] - The Johor-Singapore Economic Zone agreement was signed in early January 2025, expected to enhance trade and attract new investments, creating job opportunities and supporting talent development[113] Corporate Governance - The Audit Committee was established on April 11, 2019, consisting of three independent non-executive directors, with Tai Lam Shin as the chairman[122] - The interim report for the six months ending December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time[123] - The Board expresses gratitude to shareholders, business partners, and customers for their continued support and contributions[124]

Financial Performance - Revenue increased from approximately MYR 217.8 million for the year ended June 30, 2023, to approximately MYR 329.3 million for the year ended June 30, 2024[6]. - Gross margin decreased from approximately 5.6% for the year ended June 30, 2023, to approximately 2.5% for the year ended June 30, 2024[6]. - The company recorded a profit attributable to owners of approximately MYR 3.0 million for the year ended June 30, 2024, compared to a loss of approximately MYR 8.2 million for the year ended June 30, 2023[6]. - Revenue increased by approximately 111.5 million Ringgit or 51.2% from about 217.8 million Ringgit for the year ended June 30, 2023, to about 329.3 million Ringgit for the year ended June 30, 2024[10]. - Revenue from marine construction services accounted for approximately 93.8% of total revenue, increasing by about 125.2 million Ringgit or 68.2% from approximately 183.6 million Ringgit to about 308.8 million Ringgit[11]. - Revenue from land and infrastructure services increased by about 1.5 million Ringgit or 9.0% from approximately 16.7 million Ringgit to about 18.2 million Ringgit[12]. - Revenue from the marine fuel trading business decreased by about 15.2 million Ringgit or 86.9% from approximately 17.5 million Ringgit to about 2.3 million Ringgit[14]. - Gross profit decreased by about 4.0 million Ringgit or 32.5% from approximately 12.3 million Ringgit to about 8.3 million Ringgit, with overall gross margin dropping from approximately 5.6% to about 2.5%[15]. - Other income increased from approximately 3.3 million Ringgit to about 5.8 million Ringgit, mainly due to additional income from subcontractors and suppliers related to marine transport activities[16]. Contracts and Tenders - The company is actively monitoring new project invitations and has secured new contracts during the fiscal year[7]. - The company has 6 ongoing marine construction contracts with a total original contract value of approximately 1,365.5 million Ringgit as of June 30, 2024[9]. - The company submitted 5 tenders and 2 quotations with an expected total contract value of approximately 1,789.8 million Ringgit as of June 30, 2023[9]. - The company has secured 3 contracts with an original contract value of approximately 564.0 million Ringgit for the year ended June 30, 2024[9]. - The company anticipates submitting additional tenders and quotations with an expected total contract value of approximately 177.2 million Ringgit, with results still pending as of June 30, 2024[9]. - The company has secured new contracts totaling approximately 564.0 million Malaysian Ringgit, including a modern courthouse complex and land reclamation projects in Johor, Malaysia[42]. Corporate Governance - Commitment to high standards of corporate governance in line with the Hong Kong Stock Exchange's guidelines[7]. - The company has maintained a commitment to corporate governance, with independent directors overseeing audit and remuneration committees[50]. - The company has complied with all applicable corporate governance codes as of the report date[70]. - The company confirmed adherence to the standard code for securities transactions by directors during the reporting period[71]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced composition for effective decision-making[132]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, with a majority of independent non-executive directors in each committee[145]. Financial Position - As of June 30, 2024, the company had cash and cash equivalents of approximately 94.1 million MYR, an increase from 77.5 million MYR as of June 30, 2023[23]. - The current ratio decreased from approximately 2.1 times as of June 30, 2023, to about 1.7 times as of June 30, 2024, due to increased subcontracting costs and reduced gross margins[23]. - The debt-to-equity ratio improved from approximately 10.9% as of June 30, 2023, to about 8.2% as of June 30, 2024, due to a reduction in total bank loans and lease liabilities[23]. - Trade receivables and contract assets impairment reversal amounted to approximately 5.7 million MYR for the year ended June 30, 2024, compared to an impairment loss of about 5.8 million MYR for the year ended June 30, 2023[18]. - General and administrative expenses increased by approximately 1.3 million MYR or 8.7% to about 16.2 million MYR for the year ended June 30, 2024, primarily due to increased employee costs[19]. - Financial costs decreased from approximately 1.4 million MYR for the year ended June 30, 2023, to about 1.0 million MYR for the year ended June 30, 2024, mainly due to a reduction in bank loan balances[20]. Employee and Management - The total number of full-time employees increased from 55 on June 30, 2023, to 64 on June 30, 2024, to expand business activities[40]. - The company emphasizes the importance of employee welfare and has policies in place to ensure a safe and healthy working environment[65]. - The executive team has a combined experience of over 97 years in the construction and project management sectors, enhancing operational efficiency and strategic decision-making[48]. - The company regularly evaluates employee performance to ensure accountability and reward excellence[124]. - The company aims to maintain at least 35% female employees by the fiscal year ending June 30, 2025, and 40% by June 30, 2028[158]. Environmental, Social, and Governance (ESG) - The company recognizes the importance of sustainable development and integrates it into its business decision-making processes[8]. - The group is committed to environmental compliance and has established an environmental management system to mitigate pollution and promote sustainability[63]. - The company aims to integrate ESG considerations into its decision-making processes through a top-down approach[185]. - The company has identified several significant environmental, social, and governance (ESG) risks, including board structure risk and corporate monitoring risk, which could impact governance performance[189]. - The company is committed to enhancing its ESG performance and transparency as part of its long-term sustainability strategy[183]. Shareholder Communication and Dividends - The company did not recommend any final dividend for the year ended June 30, 2024, consistent with the previous year[23]. - The board will continue to review the dividend policy and retains the right to update or modify it at any time[67]. - The company has adopted a shareholder communication policy to ensure timely distribution of financial performance and strategic goals to shareholders[176]. - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a special general meeting to address specified matters[171]. Risk Management - The board is responsible for maintaining effective risk management and internal control systems, with annual audits conducted[161]. - The audit committee is responsible for reviewing the effectiveness of the risk management and internal control systems at least annually, covering all significant controls[163]. - The company has implemented a whistleblowing policy allowing stakeholders to report concerns confidentially and anonymously, with no misconduct cases reported for the year ended June 30, 2024[163]. - The company is actively exploring climate transition risk mitigation measures, including the feasibility of an internal carbon pricing system to address the impact of transition risks on operations[190].

Revenue Performance - Revenue for the year ended June 30, 2024, was MYR 329,330 thousand, an increase of MYR 111,554 thousand compared to MYR 217,776 thousand in 2023, representing a growth of approximately 51.1%[1] - Revenue from construction contracts for the year 2024 is MYR 45,136,000, up from MYR 26,710,000 in 2023, representing a growth of 68.6%[13] - Revenue from offshore transportation for 2024 is MYR 281,882,000, compared to MYR 173,611,000 in 2023, indicating a growth of 62.5%[13] - The total revenue from the group for the year ending June 30, 2024, is MYR 329,330,000, an increase from MYR 217,776,000 in 2023, reflecting a growth of 51.1%[13] - Revenue from external customers in Singapore rose to 284,194 thousand Ringgit in 2024, up from 184,488 thousand Ringgit in 2023, representing a growth of 54%[22] Profitability - The company reported a profit attributable to owners of MYR 2,994 thousand, a significant recovery from a loss of MYR 8,226 thousand in the previous year, an improvement of MYR 11,220 thousand[1] - Basic and diluted earnings per share improved to 0.60 sen from a loss of 1.65 sen, marking a turnaround of 2.25 sen[1] - The group reported a total segment profit of MYR 14,691,000 for the year ending June 30, 2024, compared to a loss in the infrastructure segment of MYR 980,000[18] - The company reported a pre-tax loss of 6,922 thousand Ringgit, which includes financial costs and losses from joint ventures[20] - The company reported a profit attributable to owners of approximately 3.0 million MYR for the year ending June 30, 2024, compared to a loss of about 8.2 million MYR for the previous year[67] Expenses and Costs - Gross profit decreased to MYR 8,332 thousand from MYR 12,285 thousand, resulting in a gross margin of 2.5%, down from 5.6%, a decline of 3.1 percentage points[1] - The company incurred a total employee cost of 10,527 thousand Ringgit in 2024, compared to 9,171 thousand Ringgit in 2023, reflecting an increase of 14.8%[26] - The group’s administrative and corporate expenses not allocated amounted to MYR 12,882,000 for the reporting period[17] - The group’s financial costs for the period were MYR 963,000, with a share of losses from an associate amounting to MYR 21,000[17] - General and administrative expenses increased by approximately 1.3 million MYR or 8.7% to about 16.2 million MYR for the year ending June 30, 2024[64] Assets and Liabilities - Trade and other receivables increased significantly to MYR 92,419 thousand from MYR 50,742 thousand, reflecting a growth of 82.5%[4] - Current liabilities rose to MYR 133,654 thousand from MYR 74,989 thousand, indicating an increase of 78.1%[4] - Total equity attributable to owners of the company increased to MYR 129,149 thousand from MYR 125,526 thousand, a rise of MYR 3,623 thousand[4] - The company recorded a net cash position of MYR 8,109 thousand in cash and cash equivalents, down from MYR 9,769 thousand[4] - The company’s total assets decreased slightly to MYR 143,154 thousand from MYR 143,878 thousand, a decline of 0.5%[4] Future Outlook and Strategy - The company plans to continue expanding its offshore construction services and infrastructure services, focusing on enhancing operational efficiency and exploring new market opportunities[5] - The group anticipates future expected revenue to be recognized from construction contracts and offshore transportation contracts between June 30, 2025, and June 30, 2028[12] - The group is focused on executing new construction contracts obtained in 2024 to ensure timely delivery of high-quality projects[87] - The group plans to optimize its business model and actively participate in various tenders to strengthen market competitiveness[87] - The group aims to utilize its financial position and management's extensive network to implement suitable business strategies to mitigate potential adverse impacts on operations[87] Compliance and Governance - The group has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance for the fiscal year ending June 30, 2024[92] - An audit committee was established on April 11, 2019, consisting of three independent non-executive directors, to review financial reports and accounting policies[94] - The independent auditor Crowe Malaysia PLT confirmed that the preliminary performance announcement figures align with the audited consolidated financial statements for the fiscal year ending June 30, 2024[95] - The annual report for the fiscal year ending June 30, 2024, will be published on the stock exchange and the company's website, containing all required information[96] Market Conditions - The construction industry remains competitive, facing inflationary pressures and labor shortages, while the group continues to receive invitations for new projects, including government-related initiatives in Malaysia[86] - The group has maintained a close monitoring of foreign exchange risks and will consider hedging significant foreign exchange risks as needed[79] - The group faces interest rate risk primarily from bank cash and loans, with cash flow interest rate risk concentrated on fluctuations in the Malaysian base lending rate[78]

Revenue Performance - Revenue increased by approximately 7.4 million Ringgit or 6.2% to about 126.3 million Ringgit for the six months ended December 31, 2023, compared to approximately 118.9 million Ringgit for the same period in 2022[1]. - Revenue from offshore construction services accounted for approximately 91.9% of total revenue, increasing by about 18.8 million Ringgit or 19.3% to approximately 116.1 million Ringgit[2]. - Revenue from offshore transportation increased by approximately 24.9 million Ringgit or 27.8% to about 114.5 million Ringgit, primarily due to a significant increase in sand transportation volume from Singapore[3]. - Revenue from building and infrastructure services decreased by approximately 3.0 million Ringgit or 27.5% to about 7.9 million Ringgit, mainly due to reduced workload after the completion of several contracts[4]. Profitability and Loss - Gross profit decreased by approximately 6.5 million Ringgit or 72.2% to about 2.5 million Ringgit, with gross margin dropping from approximately 7.6% to about 2.0%[8]. - The company reported a loss attributable to owners of approximately 3.0 million Ringgit for the six months ended December 31, 2023, compared to a profit of approximately 3.5 million Ringgit for the same period in 2022[16]. - The group incurred a pre-tax loss of 2.486 million MYR for the six months ended December 31, 2023[127]. - The net loss for the period was MYR 3,240 thousand, a significant decrease from a profit of MYR 3,622 thousand in the same period last year[182]. - The total comprehensive loss for the period was MYR 3,752 thousand, compared to a total comprehensive income of MYR 4,701 thousand in the previous year[182]. Financial Position - As of December 31, 2023, the company had cash and cash equivalents of approximately 75.0 million MYR, a decrease from 77.5 million MYR as of June 30, 2023[20]. - The company's bank loans amounted to approximately 12.4 million MYR as of December 31, 2023, down from 14.2 million MYR as of June 30, 2023, with an interest rate of 7.2%[21]. - The current ratio decreased from approximately 2.1 times as of June 30, 2023, to approximately 1.8 times as of December 31, 2023, primarily due to increased subcontracting costs and reduced gross profit margin[21]. - The debt-to-equity ratio improved from approximately 10.9% as of June 30, 2023, to approximately 10.0% as of December 31, 2023, due to a reduction in total bank loans and lease liabilities[21]. - The group’s total liabilities, including trade and other payables, are expected to be settled within one year, except for retention sums of approximately 1,002 thousand Ringgit, which are expected to be settled after one year[151]. Cash Flow and Financing - The net cash used in operating activities for the six months ended December 31, 2023, was MYR (6,851) thousand, compared to MYR (3,608) thousand in the same period last year[186]. - The cash and cash equivalents at the end of the period were MYR 74,958 thousand, a decrease from MYR 84,482 thousand at the end of the previous year[186]. - The board assessed that the funding and capital requirements for two recently awarded contracts over the next twelve months would be approximately 22.5 million Ringgit, indicating a need for new bank financing to meet these requirements[68]. - The company anticipates that new bank financing may be required to meet funding and capital needs for new contracts, subject to bank approval and collateral requirements[67]. Contracts and Business Development - The company secured a contract for land reclamation and mixed development projects in Mukim, with a total contract value exceeding 300 million MYR[32]. - The group has secured new contracts since July 2023, including a modern 5-story courthouse and related infrastructure contracts in Johor, with a total contract value of approximately 512.4 million Malaysian Ringgit[52]. - The company has secured building and infrastructure contracts worth approximately 145.9 million MYR and reclamation-related contracts worth about 366.5 million MYR, with work expected to commence in March 2024[64]. - The company has submitted four tenders and one engineering proposal, with a total expected contract value of approximately 1,130.4 million MYR, but results are still pending[64]. Corporate Governance and Shareholding - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange's listing rules during the reporting period[71]. - As of December 31, 2023, the board members and senior executives held significant stakes in the company, with the largest shareholder controlling approximately 71.10% of the issued share capital[78]. - The largest shareholder, Datuk Wong Shih Biao, holds 181,816,500 shares, representing about 36.36% of the total issued share capital[78]. - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[90]. Employee and Operational Insights - The group has a total of 59 full-time employees as of December 31, 2023, an increase from 55 employees as of June 30, 2023[50]. - The group maintains a conservative outlook on its recent business and financial performance due to competitive pressures, inflation, labor shortages, and rising interest rates impacting capital costs[52]. - The group continues to monitor uncertainties and market developments while optimizing its business model and actively participating in various tenders to strengthen market competitiveness[54]. Risk Management - The group continues to monitor credit risk associated with trade and other receivables, implementing credit policies to mitigate potential losses[29]. - The group believes that the credit risk of other receivables and deposits has not significantly increased since initial recognition[39]. - The group does not currently have a foreign exchange hedging policy but closely monitors foreign exchange risks and maintains them at acceptable levels[43].

智通财经APP讯，JBB BUILDERS(01903)公布截至2023年12月31日止6个月中期业绩，收益约1.26亿林吉特，同比增长6.25%;公司拥有人应占亏损301.7万林吉特，去年同期应占溢利349.1万林吉特;每股基本及摊薄亏损0.6林吉特仙。 公告称，收益轻微增加主要是由于新加坡海上运输工程的运砂量增加;期内获得的新合约所产生的工程量有所增加，惟部分被船用油需求减少;及完成若干合约，为截至2022年12月31日止六个月贡献部分收益所抵销。 ...

Revenue and Profitability - Revenue for the six months ended December 31, 2023, was 126,305 thousand Ringgit, an increase of 7,433 thousand Ringgit or 6.3% compared to 118,872 thousand Ringgit for the same period in 2022[25] - The company reported a loss attributable to owners of the company of 3,017 thousand Ringgit, compared to a profit of 3,491 thousand Ringgit in the same period last year, a decrease of 6,508 thousand Ringgit[25] - Basic and diluted loss per share was (0.60) cents, compared to earnings of 0.70 cents per share in the prior year, a decline of 1.30 cents[25] - The total comprehensive loss for the period was MYR 3,752,000, compared to a comprehensive income of MYR 4,701,000 in the prior year[39] - The company achieved a profit before tax of 4,731 thousand ringgit for the six months ended December 31, 2023, compared to a loss of 2,486 thousand ringgit in the previous period[79] Expenses and Costs - Gross profit decreased to 2,518 thousand Ringgit, resulting in a gross margin of 2.0%, down from 7.6% in the previous year, a decline of 5.6 percentage points[25] - The direct costs for the same period were MYR 123,787,000, compared to MYR 109,869,000, resulting in an operating loss of MYR 1,936,000, down from an operating profit of MYR 5,453,000 in the previous year[38] - General and administrative expenses decreased to (6,717) thousand Ringgit from (7,894) thousand Ringgit in the previous year[27] - The company’s depreciation expenses amounted to 123 thousand ringgit, reflecting a slight increase from the previous period[81] - The company reported a net financial cost of 617 thousand ringgit for the period, compared to 634 thousand ringgit in the previous year[81] Assets and Liabilities - The total assets less current liabilities amounted to MYR 138,279,000 as of December 31, 2023, down from MYR 143,878,000 as of June 30, 2023[38] - The net current assets were reported at MYR 89,669,000, an increase from MYR 82,950,000 in the previous period[38] - The company’s total liabilities decreased to MYR 8,412,000 in bank loans and MYR 255,000 in lease liabilities as of December 31, 2023, compared to MYR 10,412,000 and MYR 138,000 respectively as of June 30, 2023[38] - The equity attributable to the owners of the company was MYR 121,997,000, a decrease from MYR 125,526,000 in the previous period[38] Income and Other Revenue - Other income for the period was 3,016 thousand Ringgit, an increase from 1,373 thousand Ringgit in the previous year[27] - The company generated other income of 3,016 thousand ringgit, significantly up from 1,373 thousand ringgit in the prior year, indicating a growth of approximately 119%[83] - The company’s interest income from financial assets measured at amortized cost increased to 1,374 thousand ringgit from 852 thousand ringgit year-over-year, representing a growth of approximately 61.5%[83] Trade Receivables and Contract Assets - As of December 31, 2023, trade receivables amounted to 98,039,000 MYR, with an allowance for doubtful accounts of 14,595,000 MYR[124] - Approximately 71% of the total trade receivables and contract assets as of December 31, 2023, came from the group's largest customer, up from 50% as of June 30, 2023[135] - The company reported that all trade receivables are expected to be collected within one year[179] - The company’s contract assets as of December 31, 2023, totaled approximately 10.580 million Ringgit, a decrease from 13.474 million Ringgit as of June 30, 2023[198] Business Operations and Strategy - The company is primarily engaged in offshore construction services, building and infrastructure services, and marine fuel trading, indicating a focus on these sectors for future growth[49] - The group will continue to monitor uncertainties and market developments to seize business opportunities in operating countries while optimizing its business model and actively participating in various tenders[147] - The group plans to implement appropriate business strategies to mitigate potential adverse impacts on operations, ensuring returns for shareholders[147] - The board believes that the current economic environment is not suitable for capital investments such as acquiring a modified transport vessel and purchasing new land-based machinery[156] Contracts and Future Prospects - The group has secured new contracts, including a modern 5-story courthouse complex in Johor with a total contract value of approximately 512.4 million Malaysian Ringgit, expected to enhance revenue and profitability[146] - The company has recently secured contracts worth approximately 145.9 million Ringgit for building and infrastructure projects and 366.5 million Ringgit for land reclamation and related engineering and marine transportation contracts, with work expected to commence in March 2024[168] - The board has decided to reallocate approximately 40.8 million Ringgit of unutilized net proceeds originally intended for the acquisition of a modified sand transport vessel and new land-based machinery to better align with the funding needs of the recently awarded contracts[169] Financial Governance and Compliance - The company has adopted and complied with all applicable provisions of the corporate governance code as of December 31, 2023[170] - The company’s financial strength is crucial for maintaining its competitive edge, as potential clients often assess the company's financial status when evaluating its ability to execute and complete contracts[169]

Financial Performance - The group's revenue for the year ended June 30, 2023, was approximately MYR 217.8 million, a decrease of about MYR 294.5 million or 57.5% compared to MYR 512.3 million for the year ended June 30, 2022[11]. - The group recorded a loss attributable to owners of the company of approximately MYR 8.2 million for the year ended June 30, 2023, compared to a profit of approximately MYR 12.5 million for the year ended June 30, 2022[11]. - Revenue decreased by approximately 294.5 million Ringgit or 57.5% from about 512.3 million Ringgit for the year ended June 30, 2022, to about 217.8 million Ringgit for the year ended June 30, 2023[19]. - Revenue from offshore construction services accounted for approximately 84.3% of total revenue, decreasing by about 277.8 million Ringgit or 60.2% from approximately 461.4 million Ringgit to about 183.6 million Ringgit[20]. - Revenue from land reclamation and related works accounted for about 5.5% of total offshore construction services revenue, decreasing by approximately 39.5 million Ringgit or 79.8% from about 49.5 million Ringgit to about 10.0 million Ringgit[20]. - Revenue from marine transportation accounted for approximately 94.5% of total offshore construction services revenue, decreasing by about 238.3 million Ringgit or 57.9% from approximately 411.9 million Ringgit to about 173.6 million Ringgit[21]. - Revenue from building and infrastructure services increased by approximately 9.2 million Ringgit or 122.7% from about 7.5 million Ringgit to about 16.7 million Ringgit, accounting for about 7.7% of total revenue[22]. - Revenue from the marine fuel trading business decreased by approximately 25.9 million Ringgit or 59.7% from about 43.4 million Ringgit to about 17.5 million Ringgit, accounting for about 8.0% of total revenue[25]. - Gross profit decreased by approximately 16.9 million Ringgit or 57.9% from about 29.2 million Ringgit to about 12.3 million Ringgit, with a slight decrease in gross profit margin from about 5.7% to about 5.6%[26]. - Other income increased from about 1.2 million Ringgit to about 3.3 million Ringgit, mainly due to increased interest income from bank deposits[27]. Contracts and Projects - The group completed a total of 7 offshore construction contracts during the year, with original contract amounts totaling approximately MYR 52.2 million for 5 reclamation and related works contracts and MYR 80.0 million for 1 building and infrastructure contract[16]. - As of June 30, 2023, the group had 4 ongoing offshore construction contracts with an original contract total of approximately MYR 947.4 million and 4 ongoing building and infrastructure contracts totaling approximately MYR 201.6 million[16]. - The group is currently negotiating with a client regarding a terminated offshore construction contract originally valued at approximately MYR 323.9 million, with plans to commence new work in 2024[16]. - The total expected contract amount for submitted tenders as of June 30, 2023, is approximately 2,483.6 million Ringgit, with 5 tenders and 2 quotations submitted[17]. Market Conditions and Challenges - The group anticipates that recent announcements of large projects by the Malaysian government will act as a catalyst for market improvement[12]. - The group is facing challenges such as intense industry competition, inflationary pressures, and labor shortages, which may impact profitability[12]. - The group maintains a conservative outlook on recent business and financial performance due to industry competition and inflationary pressures[62]. - The overall performance of the company is influenced by the economic conditions of the markets in which it operates, as the construction industry is cyclical[108]. Governance and Compliance - The group is committed to adhering to high standards of corporate governance as outlined by the Hong Kong Stock Exchange[12]. - The group has adopted internal controls to ensure compliance with relevant laws and regulations, with no significant violations reported for the year ending June 30, 2023[115]. - The leadership team is committed to maintaining high standards of corporate governance and financial oversight[86]. Financial Position and Liquidity - As of June 30, 2023, the group had cash and cash equivalents of approximately 77.5 million MYR, down from 85.9 million MYR, primarily due to net cash outflows from operating and financing activities[37]. - The current ratio increased from approximately 1.9 times to about 2.1 times, mainly due to improved collection of trade receivables[38]. - The debt-to-equity ratio increased from approximately 10.2% to about 10.9%, attributed to an increase in total bank loans and lease liabilities from about 14.2 million MYR to approximately 14.6 million MYR[38]. - The group had unutilized bank financing of approximately 47.0 million MYR as of June 30, 2023, down from 50.7 million MYR[38]. - The group believes its liquidity position remains strong, supported by cash and cash equivalents, available bank financing, and strict cost control measures[62]. Employee and Management - The group has 55 employees as of June 30, 2023, a decrease from 57 in 2022, highlighting the importance of employee retention for future success[117]. - The company has a diversified management team with extensive experience in the construction and engineering sectors[95]. - The company emphasizes the importance of a safe and healthy work environment for employees and subcontractors[119]. - The company is focused on maintaining a strong relationship with employees, recognizing them as key assets for business growth[117]. Shareholder Matters - The board did not recommend any final dividend for the year ended June 30, 2023, consistent with the previous year[36]. - The company has approximately 130.5 million Ringgit available for distribution to shareholders as of June 30, 2023[152]. - The board will consider various factors, including financial performance and operational needs, when proposing any future dividends[123]. Risk Management - The group faces interest rate risk primarily from bank cash and loans, with cash flow interest rate risk concentrated on fluctuations in the Malaysian base lending rate[53]. - The group currently has no foreign exchange hedging policy but monitors foreign exchange risks closely[54]. - The company faces risks related to the approval timelines for offshore construction projects, which can impact project commencement and profitability[103]. Corporate Social Responsibility - The group made charitable donations totaling approximately 1.5 million Ringgit for the year ending June 30, 2023, compared to 1.1 million Ringgit in 2022[156]. - The group is committed to environmental compliance and has implemented measures such as sediment curtains and water quality monitoring[113]. - The group faces potential adverse impacts from climate change, including increased operational costs and risks to project timelines due to extreme weather events[110].

香港交易及結算所有限公司及香港聯合交易所有限公司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份內容 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。 JBB BUILDERS INTERNATIONAL LIMITED （於開曼群島註冊成立之有限公司） （股份編號：1903） 截至二零二三年六月三十日止年度之年度業績公告 業績摘要 截至六月三十日止年度 二零二三年 二零二二年 （減少） 千林吉特 千林吉特 千林吉特 收益 217,776 512,303 (294,527) 毛利 12,285 29,159 (16,874) 毛利率 5.6% 5.7% (0.1%) ...

Revenue Performance - Revenue decreased by approximately 134.6 million MYR or 53.1% to about 118.9 million MYR for the six months ended December 31, 2022, compared to approximately 253.5 million MYR for the same period in 2021[16]. - Revenue from marine construction services accounted for approximately 81.8% of total revenue, decreasing by about 137.0 million MYR or 58.5% to approximately 97.3 million MYR[17]. - Revenue from marine transportation represented about 92.1% of marine construction services revenue, dropping by approximately 142.2 million MYR or 61.3% to about 89.6 million MYR[18]. - Revenue from building and infrastructure services increased by approximately 6.4 million MYR or 142.2% to about 10.9 million MYR, compared to approximately 4.5 million MYR for the same period in 2021[18]. - Revenue from the sale of marine fuel accounted for about 9.0% of total revenue, decreasing by approximately 4.0 million MYR or 27.2% to about 10.7 million MYR[20]. - The decrease in revenue was primarily due to a significant reduction in sand transportation volume from Singapore marine transportation contracts[16]. - The revenue from reclamation and related works increased by approximately 5.2 million MYR or 208.0% to about 7.7 million MYR for the six months ended December 31, 2022[39]. - The group reported revenue from external customers of 253,541 thousand for the six months ended December 31, 2022, compared to 231,794 thousand in the previous year, representing an increase of approximately 9.3%[190]. - The group’s total revenue for the six months ended December 31, 2022, was 253,541 thousand, compared to 231,794 thousand in the same period last year, marking an overall increase of about 9.3%[190]. Profitability - Gross profit decreased by approximately 1.6 million MYR or 15.1% to about 9.0 million MYR for the six months ended December 31, 2022, compared to approximately 10.6 million MYR for the same period in 2021[21]. - Gross margin increased from approximately 4.2% for the six months ended December 31, 2021, to about 7.6% for the same period in 2022[21]. - The company reported a profit attributable to owners of approximately 3.5 million MYR for the six months ended December 31, 2022, up from about 0.4 million MYR for the same period in 2021[48]. - Operating profit for the period was RM 5,453,000, significantly up from RM 1,661,000 in the previous year, indicating a year-over-year increase of approximately 228.5%[163]. - Profit before tax rose to RM 4,731,000, compared to RM 1,294,000 in the prior year, reflecting an increase of about 265.5%[163]. - Net profit for the period was RM 3,622,000, a turnaround from a loss of RM 186,000 in the same period last year[163]. - The company reported a total comprehensive income of RM 4,701,000 for the period, compared to a loss of RM 114,000 in the previous year[163]. - The total segment profit for the offshore construction services was 5,705 thousand, compared to a loss in the previous period, indicating improved operational efficiency[190]. Expenses and Costs - General and administrative expenses increased by approximately 2.5 million MYR or 46.3% to about 7.9 million MYR for the six months ended December 31, 2022[46]. - Financial costs increased from approximately 0.3 million MYR to about 0.6 million MYR, primarily due to rising interest rates[47]. - Other income net amount increased from approximately 0.5 million MYR to about 1.4 million MYR, mainly due to increased interest income from bank deposits[42]. - Other income increased to RM 1,373,000 from RM 514,000, showing a growth of approximately 167.5%[163]. Financial Position - The group had unutilized bank financing of approximately 47.0 million MYR as of December 31, 2022[29]. - As of December 31, 2022, the group had cash and cash equivalents of approximately 84.5 million Ringgit, a decrease from 85.9 million Ringgit as of June 30, 2022[49]. - The current ratio increased from approximately 1.9 times on June 30, 2022, to about 2.4 times on December 31, 2022, primarily due to a reduction in trade receivables and contract assets[74]. - The total amount of bank loans and lease liabilities increased from approximately 14.2 million Ringgit on June 30, 2022, to about 16.5 million Ringgit on December 31, 2022[74]. - The asset-to-liability ratio increased from approximately 10.2% on June 30, 2022, to about 11.6% on December 31, 2022[74]. - The company’s total assets amounted to 159,430 thousand MYR, a decrease from 272,899 thousand MYR as of June 30, 2021[143]. - The total liabilities decreased to 12,475 thousand MYR as of December 31, 2022, from 10,559 thousand MYR as of June 30, 2021[143]. - The company’s non-current assets were valued at 60,877 thousand MYR as of December 31, 2022, compared to 21,895 thousand MYR as of June 30, 2021[143]. - The group’s total reserves as of December 31, 2022, were approximately RM 131,869,000, up from RM 111,889,000 a year earlier[167]. Risks and Challenges - The group faces cash flow interest rate risk primarily from bank cash and loans, with exposure concentrated on fluctuations in the Malaysian base lending rate[61]. - The group has not implemented a foreign exchange hedging policy but closely monitors foreign exchange risks[62]. - The group remains cautious about future business and financial performance due to competitive pressures and recent government changes in Malaysia[67]. - Inflationary pressures and rising interest rates are increasing the cost of capital, impacting the group's profitability[68]. - The group has faced operational, credit, and liquidity risks due to the COVID-19 pandemic, impacting financial performance[93]. Future Outlook and Plans - Management plans to optimize the business model and actively participate in various tenders to strengthen market competitiveness[95]. - The company anticipates that a project related to land reclamation and marine transportation will commence in Q2 2023, benefiting future business operations[118]. - The company is committed to strict cost control measures and capital commitments to maintain a robust liquidity position[118]. - The company aims to minimize unnecessary costs associated with expansion plans by cautiously utilizing remaining net proceeds based on future market developments[122]. Shareholder Information - JBB Builders International Limited holds approximately 36.36% of its issued share capital through JBB Jade Investment Limited, which is fully owned by the executive director[110]. - The company maintained a public float of at least 25% of its issued shares as required by listing rules[160]. Employee Information - As of December 31, 2022, the group had approximately 55 full-time employees[91].