Financial Performance - For the fiscal year 2021, Rimbaco Group recorded revenue of 282.1 million MYR, an increase of approximately 56.5% from 180.3 million MYR in the fiscal year 2020[9]. - The net profit after tax for the fiscal year 2021 was approximately 12.8 million MYR, up 106.5% from 6.2 million MYR in the fiscal year 2020[9]. - The group's revenue increased from approximately 180.3 million MYR in FY2020 to approximately 282.1 million MYR in FY2021, representing a growth of about 56.5%[21]. - The group's gross profit rose from approximately 22.7 million MYR in FY2020 to approximately 25.3 million MYR in FY2021, an increase of about 11.5%, but the gross profit margin decreased from approximately 12.6% to 9.0%[24]. - The group reported a profit attributable to owners of the company of approximately 12.8 million MYR for FY2021, an increase of about 106.5% compared to approximately 6.2 million MYR in FY2020[31]. - Gross profit for the fiscal year 2021 was 25,284 thousand MYR, compared to 22,743 thousand MYR in 2020, reflecting a growth of approximately 6.7%[166]. - Profit before tax for the fiscal year 2021 was 17,675 thousand MYR, up from 10,948 thousand MYR in 2020, indicating a significant increase of about 61.5%[166]. - Net profit for the fiscal year 2021 reached 12,760 thousand MYR, a substantial rise from 6,198 thousand MYR in 2020, representing an increase of approximately 106.5%[166]. Construction Projects - The company completed five construction projects in the fiscal year 2021, with a total contract value of approximately 27.1 million MYR[14]. - As of October 31, 2021, Rimbaco Group had ten ongoing construction projects with a total contract value of approximately 1,224.8 million MYR[15]. - The revenue from factory projects was approximately 75.5 million MYR, accounting for 26.8% of total revenue, while institutional, commercial, and/or residential projects generated approximately 205.2 million MYR, accounting for 72.7%[22]. - The group submitted 14 tenders for factory projects in FY2021 and was awarded 8 contracts with a total value of approximately 220.7 million MYR[18]. - The group expects ongoing projects to continue smoothly, with nine ongoing projects anticipated to be completed by the end of FY2022[32]. Operational Challenges - The construction industry faced delays due to COVID-19 restrictions, impacting project timelines and resource utilization[8]. - The increase in material costs, such as steel and concrete, has further exacerbated operational challenges during the pandemic[9]. - The company faces challenges in revenue predictability due to Covid-19 impacting construction completion times and revenue recognition, leading to potential fluctuations during reporting periods[137]. - The company may encounter lawsuits due to noise and dust generated by machinery and heavy vehicles during construction periods[137]. - There is a risk of labor shortages if the Malaysian government continues to impose Movement Control Orders (MCO) to curb the spread of Covid-19[137]. Financial Position - As of October 31, 2021, the group's uncompleted engineering order book amounted to approximately 616.2 million MYR, down from approximately 664.4 million MYR a year earlier[23]. - The group maintained a healthy liquidity position with a current ratio of approximately 2.00 times as of October 31, 2021, compared to approximately 2.66 times a year earlier[35]. - The group had no outstanding bank borrowings as of October 31, 2021, with an unused bank overdraft facility of approximately 500,000 MYR[38]. - The group's net current assets increased from approximately RM 133.8 million on October 31, 2020, to approximately RM 146.5 million on October 31, 2021, representing a growth of RM 12.7 million or 9.5%[39]. - Total assets as of October 31, 2021, were 314,676 thousand MYR, while total liabilities were 147,567 thousand MYR, resulting in a net asset position of 167,109 thousand MYR[166]. Corporate Governance - The company has adopted the corporate governance code and has complied with all governance codes during the fiscal year 2021[82]. - The roles of the Chairman and CEO have been clearly separated, with Low Seah Sun serving as Chairman and Low Wui Linn as CEO during the fiscal year 2021[83]. - The board held a total of 4 meetings and 1 annual general meeting during the fiscal year 2021[93]. - All directors have confirmed their compliance with the training requirements as per the corporate governance code[97]. - The company has appointed three independent non-executive directors, ensuring adequate experience and qualifications to protect shareholder interests[89]. - The board is responsible for formulating corporate policies, business strategies, and risk management, among other significant operational and financial matters[87]. - The company has implemented a code of conduct for securities trading, ensuring compliance with the standards set forth in the listing rules[84]. - The company has committed to continuous professional development for all directors to enhance their knowledge and skills[96]. - The independent non-executive directors provide independent and objective opinions to ensure the overall interests of shareholders[89]. - The company has maintained good corporate governance standards to enhance shareholder value[82]. Remuneration and Share Options - The company established a Remuneration Committee on March 31, 2020, to review the remuneration policies for all directors and senior management, holding 2 meetings in the fiscal year 2021[102]. - In the fiscal year 2021, the remuneration range for senior management was reported, with 3 individuals earning between 0 to 1,000,000 MYR[103]. - The company has adopted a share option scheme effective from April 28, 2020, allowing eligible participants to acquire shares in the company[53]. - The company has established a remuneration committee to review and determine the compensation of directors and senior management based on performance and market comparisons[186]. - The share option scheme aims to provide additional incentives to employees, directors, and business partners to drive business performance[197]. Risk Management - The company established a risk register to document identified risks, their ratings, mitigation plans, and responsible parties, ensuring regular reviews to adapt to changing business environments[135]. - The internal control system is reviewed annually to ensure its effectiveness, with an independent consultant conducting evaluations of the risk management and internal control systems[136]. - The Audit Committee confirmed that the financial statements were prepared in accordance with applicable accounting standards and provided adequate disclosures[129]. - The company’s board of directors is responsible for corporate governance and has delegated specific responsibilities to the Audit Committee, including the review of governance policies[133]. - The Audit Committee met twice to review the company's compliance with corporate governance codes and policies during the fiscal year 2021[133]. Shareholder Communication - The company values communication with shareholders and investors, utilizing various channels to provide performance information and encourage inquiries[143]. - The company has established procedures for handling and disclosing insider information, adhering to the standards set out in the listing rules[140]. - The company's dividend policy aims to balance shareholder interests with prudent capital management, considering factors such as actual and expected financial performance and future expansion plans[149]. - The board retains discretion over the declaration and payment of dividends, with no predetermined payout ratio or commitment to distribute specific amounts in the future[150].

Construction Projects - The group completed 2 construction projects in the first half of 2021, with a total contract value of approximately MYR 19.9 million[16] - As of April 30, 2021, the group had 11 ongoing construction projects with a total contract value of approximately MYR 1,117.0 million, including 6 factory projects and 5 commercial/ residential projects[19] - The group submitted 10 tenders for factory projects in the first half of 2021, with an expected total contract value of approximately MYR 207.2 million, and secured 6 contracts worth approximately MYR 106.3 million[19] Financial Performance - The group's revenue increased from approximately 94.0 million MYR in the first half of 2020 to approximately 146.1 million MYR in the first half of 2021, representing a growth of 55.4%[26] - Revenue for the six months ended April 30, 2021, was RM 146,056,000, representing a 55.5% increase from RM 93,955,000 in the same period of 2020[78] - The group reported a profit attributable to owners of the company of approximately 14.8 million MYR in the first half of 2021, an increase of 54.2% compared to approximately 9.6 million MYR in the first half of 2020[35] - Profit before tax increased to RM 19,620,000, up 39.5% from RM 14,077,000 in the previous year[78] - Net profit attributable to owners for the period was RM 14,849,000, a 55.5% increase compared to RM 9,584,000 in the prior year[78] Cost and Profitability - The group's gross profit slightly increased from approximately 21.2 million MYR in the first half of 2020 to approximately 22.1 million MYR in the first half of 2021, but the gross profit margin decreased from 22.5% to 15.1%[30] - Recent surges in raw material prices, including rebar and concrete, have led to increased construction costs, which are typically not included in project costs[21] - Employee costs increased from approximately MYR 6.3 million in the first half of 2020 to approximately MYR 7.2 million in the first half of 2021, primarily due to lower daily labor wages during the MCO in March and April 2020[52] Market Conditions - The COVID-19 pandemic continues to create significant uncertainty for the group's business performance, impacting revenue and profitability[21] - The group maintains a conservative outlook on recent business and financial performance due to market uncertainties and intensified competition[21] - The Malaysian government's national COVID-19 immunization plan aims to vaccinate as many residents as possible in the shortest time, which is hoped to aid economic recovery[25] Assets and Liabilities - Total assets as of April 30, 2021, were RM 233,302,000, an increase from RM 214,380,000 as of October 31, 2020[80] - The group's current ratio was approximately 2.72 times as of April 30, 2021, compared to approximately 2.66 times as of October 31, 2020[38] - The group had no outstanding bank borrowings as of April 30, 2021, with an unused bank overdraft facility of approximately 500,000 MYR[41] - The company's total liabilities decreased to 910 thousand MYR as of April 30, 2021, from 1,144 thousand MYR as of October 31, 2020, indicating a reduction of about 20.4%[82] Capital and Equity - The group's capital structure included equity of approximately 169.0 million MYR as of April 30, 2021, up from approximately 154.8 million MYR as of October 31, 2020[40] - The company issued a total of 315,000,000 shares at a price of HKD 0.40 per share, resulting in net proceeds of approximately HKD 73.5 million (about MYR 38.7 million) after deducting related listing expenses[54] - The total number of issued shares increased to 1,260,000,000 as of April 30, 2021, from 944,999,000 shares previously[119] Cash Flow and Liquidity - The company maintained a strong liquidity position with cash and cash equivalents of RM 52,084,000 as of April 30, 2021, compared to RM 44,132,000 at the end of the previous fiscal year[80] - Operating cash flow for the six months ended April 30, 2021, was 15,181 thousand MYR, up from 8,258 thousand MYR in the previous year, reflecting an increase of approximately 83.5%[90] - The company’s net cash and cash equivalents at the end of the period were 52,084 thousand MYR, compared to 33,959 thousand MYR at the same time last year, marking a growth of about 53.3%[90] Employee and Governance - As of April 30, 2021, the company had 180 employees, an increase from 174 employees as of October 31, 2020, with Malaysian workers comprising 136 and foreign workers 44[52] - The company has adopted an employee stock option plan, effective from the listing date, allowing the board to grant options to eligible participants[52] - The company maintains high standards of corporate governance, adhering to all corporate governance code provisions during the first half of 2021[61]

Financial Performance - The company's revenue for the first half of 2020 decreased by approximately 20.8 million MYR (or 18.1%) to about 94.0 million MYR compared to approximately 114.8 million MYR in the first half of 2019[29]. - For the six months ended April 30, 2020, the company reported revenue of MYR 93,955,000, a decrease of 18.1% compared to MYR 114,804,000 for the same period in 2019[83]. - Gross profit for the same period was MYR 21,173,000, representing an increase of 43.1% from MYR 14,792,000 in the previous year[83]. - The company recorded a pre-tax profit of MYR 14,077,000, up 47.5% from MYR 9,544,000 in the prior year[83]. - The net profit attributable to owners of the company for the period was MYR 6,438,000, compared to MYR 9,584,000 in the previous year, reflecting a decrease of 32.5%[83]. - The company's profit attributable to owners for the first half of the fiscal year 2020 was approximately 9.6 million MYR, an increase of about 3.2 million MYR or 50.0% compared to 6.4 million MYR in the first half of fiscal year 2019[41]. Project Status - For the first half of the fiscal year 2020, Rimbaco Group completed 2 construction projects with a total original contract value of approximately MYR 80.7 million[10]. - As of April 30, 2020, the group had 6 ongoing construction projects with a total original contract value of approximately MYR 979.0 million[11]. - The largest ongoing project is a commercial/residential complex with an original contract value of MYR 517.973 million, estimated to be completed by February 28, 2022[15]. - The group is facing project delays due to the COVID-19 pandemic, with completion dates pushed back for several projects[19]. - The company secured one contract worth 14.6 million MYR as of April 30, 2020, while two bids were unsuccessful and two results remain uncertain[22]. - As of April 30, 2020, the company's uncompleted project order value was approximately 665.6 million MYR, down from about 745.3 million MYR on October 31, 2019[34]. Operational Challenges - The company is actively engaging with clients to discuss project timelines and adjustments due to the ongoing pandemic[19]. - The company anticipates challenges and uncertainties in the second half of the fiscal year ending October 31, 2020, due to potential supply chain disruptions in the construction industry[28]. - The company has implemented preventive measures to mitigate the impact of COVID-19 on operations, including flexible work-from-home arrangements and procurement of health products[24]. - The company is closely monitoring the impact of COVID-19 on its financial condition and performance, although the effects have not yet been quantified[133]. Financial Position - The capital debt ratio decreased from approximately 7.8% on October 31, 2019, to about 3.7% on April 30, 2020, primarily due to a reduction in lease liabilities and the issuance of new shares[42]. - As of April 30, 2020, the current ratio was approximately 2.98 times, up from about 1.56 times on October 31, 2019[43]. - The net current assets increased from approximately 74.0 million MYR on October 31, 2019, to about 140.4 million MYR on April 30, 2020, representing an increase of approximately 66.4 million MYR or 89.7%[48]. - The company had no outstanding bank borrowings as of April 30, 2020, and an unused bank overdraft facility of approximately 500,000 MYR[46]. - The cash balance as of April 30, 2020, was approximately 34.0 million MYR, compared to about 14.3 million MYR on October 31, 2019[42]. - The company's equity as of April 30, 2020, was 160,312 thousand MYR, up from 94,673 thousand MYR as of October 31, 2019, reflecting a growth of approximately 69%[87]. Shareholder Information - Rimbaco Group's stock was listed on the Hong Kong Stock Exchange on April 28, 2020[10]. - As of April 30, 2020, RBC Venture Limited held 75% of the company's shares, with Low Seah Sun owning 40% of RBC Venture Limited[72]. - The company has adopted a share option scheme to attract and retain talent, with no unexercised options as of April 30, 2020[77]. - The company did not recommend any interim dividend for the first half of the 2020 financial year[79]. - The company has not declared or proposed any dividends during the reporting period[129]. Future Outlook - The company plans to seek new business opportunities to offset the negative impacts of COVID-19, supported by the Malaysian government's economic stimulus policies[28]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[96].