Financial Performance - The company achieved a revenue of RM 510.4 million for the fiscal year 2023, an increase of RM 34.8 million (or 7.3%) compared to RM 475.6 million in fiscal year 2022[8]. - The net profit after tax for fiscal year 2023 was RM 20.0 million, a significant increase of RM 19.8 million compared to RM 0.2 million in fiscal year 2022[8]. - For the fiscal year 2023, the company's revenue reached approximately 510.4 million MYR, an increase from 475.6 million MYR in 2022, with factory projects contributing 61.6% and institutional, commercial, and/or residential projects contributing 26.9%[19]. - The gross profit increased from approximately 4.9 million MYR in 2022 to about 33.7 million MYR in 2023, with the gross profit margin rising from 1.0% to 6.6%[21]. - Other income, gains, and losses rose from approximately 2.1 million MYR in 2022 to about 5.9 million MYR in 2023, primarily due to increased interest from fixed deposits and gains from the sale of fixed assets[22]. - The company's profit attributable to owners was approximately 20.0 million MYR in 2023, a significant increase from 0.2 million MYR in 2022[28]. - The pre-tax profit for the fiscal year 2023 reached RM 27,109,000, compared to RM 1,080,000 in the previous year, marking a notable increase[200]. - The net profit for the fiscal year 2023 was RM 20,007,000, a significant rise from RM 233,000 in 2022[200]. - Total assets as of October 31, 2023, amounted to RM 348,170,000, an increase from RM 283,719,000 in 2022[200]. - Total liabilities increased to RM 194,907,000 in 2023 from RM 127,502,000 in 2022, reflecting a rise in financial obligations[200]. - The equity attributable to the company's owners was RM 153,263,000, slightly down from RM 156,217,000 in 2022[200]. - The group made charitable contributions of approximately RM 246,000 in the fiscal year 2023, a significant increase from RM 18,000 in 2022[199]. - The board did not recommend a final dividend for the fiscal year 2023, consistent with the previous year[196]. Project and Contract Management - The company completed 9 construction projects in fiscal year 2023, with a total contract value of approximately RM 235.1 million[13]. - As of October 31, 2023, the company has 6 ongoing construction projects with a total contract value of approximately RM 1.23 billion[16]. - The company submitted 9 tenders for factory projects, 1 for commercial projects, and 5 for institutional projects in fiscal year 2023, winning contracts worth approximately RM 473.3 million and RM 30.3 million respectively[16]. - The increase in revenue was primarily driven by the completion of a large factory project in fiscal year 2023[18]. - The company is focused on expanding its order book to supplement its business potential during challenging times[9]. - As of October 31, 2023, the company had an uncompleted engineering order book amounting to approximately 382.7 million MYR, down from 416.3 million MYR in 2022[20]. Economic Outlook and Challenges - The global economic growth is expected to decline from 3.5% in 2022 to 3.0% in 2023 and 2024, impacting the company's outlook[9]. - The company anticipates a challenging outlook for the next fiscal year due to the current economic uncertainties[9]. - The outlook for 2024 remains challenging, with the company focusing on project execution and seeking growth opportunities in its order book[29]. Financial Management and Resources - The company will continue to prudently manage its business operations and financial resources to maximize business potential[9]. - The company's current ratio was approximately 1.7 times as of October 31, 2023, compared to 2.1 times in 2022[33]. - The company maintained a healthy cash balance of approximately 57.4 million MYR as of October 31, 2023, down from 97.8 million MYR in 2022[32]. - The company has no outstanding bank borrowings as of October 31, 2023, with an unused bank overdraft facility of approximately 500,000 MYR[36]. - The total employee cost decreased from MYR 16.0 million in the 2022 fiscal year to MYR 13.5 million in the 2023 fiscal year, primarily due to the absence of project bonuses and a reduction in workforce[57]. - As of October 31, 2023, restricted bank deposits amounted to approximately MYR 13.8 million, serving as collateral for bank financing[53]. - The company faced no significant foreign exchange risk as its operations are primarily denominated in MYR[55]. - The company’s credit risk is concentrated, with approximately 84.2% of trade receivables and contract assets due from its top five customers[50]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and has complied with all governance codes in the fiscal year 2023[89]. - The management team includes individuals with extensive experience in finance, engineering, and project management, contributing to the company's operational efficiency[84][85][86]. - The company is focused on maintaining high corporate governance standards to enhance shareholder value[89]. - The board has decided to change the intended use of the unutilized net proceeds to better allocate financial resources and enhance profitability[59]. - The company has adopted a code of conduct for directors' securities trading, with no violations reported during the fiscal year 2023[91]. - The board is responsible for formulating corporate policies, business strategies, and risk management, among other significant operational and financial matters[93]. - The company ensures compliance with corporate governance codes and provides independent professional advice to directors as needed[93]. - The board consists of seven male directors and two female directors, achieving gender diversity[125]. - The company aims to ensure that the number of independent non-executive directors is no less than three and one-third of the board[119]. - The board has met measurable targets under the board diversity policy as of the report date[122]. Risk Management - The company established a risk register to document identified risks, related risk ratings, mitigation plans, and key responsible persons[148]. - The board concluded that the risk management and internal control systems are effective and adequate for the fiscal year 2023[149]. - The group faces compliance risks, emphasizing the importance of adhering to legal regulations and industry standards[150]. - Financial risk management procedures enable the group to effectively manage its financial resources and obligations[151]. - Business risks are assessed based on the severity of consequences and likelihood of occurrence, focusing on material prices and labor market fluctuations[154]. - Human resource risks, such as reliance on key personnel, are addressed through succession planning processes[156]. Shareholder Communication - The company values communication with shareholders and investors, providing information through financial reports and annual general meetings[162]. - Shareholders are encouraged to participate in meetings and can appoint representatives to vote on their behalf[164]. - The company has adopted a shareholder communication policy effective from March 31, 2020, ensuring shareholders receive comprehensive and understandable information regarding financial performance and strategic goals[168]. - The company emphasizes the importance of maintaining shareholder privacy and will not disclose shareholder information without consent, except as required by law[173]. - The company has established designated contact points for shareholders and investors to facilitate inquiries[169]. - The board has reviewed the shareholder communication policy for its effectiveness in the fiscal year 2023[174].

Financial Performance - For the fiscal year ending October 31, 2023, Rimbaco Group Global Limited reported total revenue of MYR 510,437,000, an increase of 7.5% compared to MYR 475,565,000 in the previous fiscal year[6] - The gross profit for the same period was MYR 33,705,000, significantly up from MYR 4,941,000, reflecting a gross margin improvement[6] - The net profit for the year was MYR 20,007,000, a substantial increase from MYR 233,000, indicating a strong growth trajectory[6] - Earnings per share for the fiscal year was MYR 1.59, a significant rise from MYR 0.02 in the previous year[6] - The company reported a total comprehensive income attributable to owners of MYR 19,976,000, compared to MYR 1,078,000 in the previous year[6] - Pre-tax profit surged to 20,007,000 MYR in 2023, a substantial increase from 233,000 MYR in 2022, indicating a growth of 8,487.1%[32] - The group's net profit attributable to owners was approximately 20.0 million MYR in FY2023, a significant increase of about 19.8 million MYR from 0.2 million MYR in FY2022[67] Revenue Breakdown - Revenue from factory projects amounted to 314,513 thousand MYR in 2023, up from 212,029 thousand MYR in 2022, indicating a significant increase of about 48.4%[22] - Revenue from infrastructure projects rose to 56,203 thousand MYR in 2023, compared to just 4,771 thousand MYR in 2022, reflecting a substantial growth of approximately 1,176%[22] - Revenue from commercial and/or residential projects decreased to 137,229 thousand MYR in 2023 from 257,360 thousand MYR in 2022, showing a decline of about 46.6%[22] - In FY2023, factory projects accounted for approximately 314.5 million MYR (61.6% of total revenue), while infrastructure projects contributed about 56.2 million MYR (11.0% of total revenue)[59] Assets and Liabilities - Total assets as of October 31, 2023, amounted to MYR 325,548,000, compared to MYR 266,160,000 in the previous year, representing a growth of 22.3%[8] - The company’s total liabilities rose to MYR 193,329,000 from MYR 126,427,000, indicating an increase of 53%[8] - The company reported a net trade receivables amounting to 105,680,000 MYR in 2023, compared to 47,783,000 MYR in 2022, an increase of 121.5%[36] - Contract assets increased to 141,651,000 MYR in 2023 from 99,638,000 MYR in 2022, representing a growth of 42.2%[39] - Trade payables and notes payable increased to 102,788 thousand MYR in 2023 from 83,022 thousand MYR in 2022, representing a growth of approximately 23.9%[42] Financial Standards and Compliance - The company has implemented new international financial reporting standards, which may impact future financial disclosures and performance assessments[14] - The application of the revised International Financial Reporting Standards is not expected to have a significant impact on the company's financial position or performance[19] - The company’s financial performance is regularly reviewed by its key management decision-makers, ensuring alignment with International Financial Reporting Standards[21] - The audit committee has reviewed the consolidated financial statements for the fiscal year 2023, confirming compliance with applicable accounting standards and regulations[115] Cash Flow and Capital Structure - The group's cash balance as of October 31, 2023, was approximately 57.4 million MYR, compared to 97.8 million MYR in the previous year[72] - The current ratio as of October 31, 2023, was approximately 1.7 times, down from 2.1 times a year earlier[73] - As of October 31, 2023, the company's capital structure includes approximately MYR 153.3 million in equity, a decrease from MYR 156.2 million as of October 31, 2022[76] - The company has no outstanding bank borrowings as of October 31, 2023, with an unused bank overdraft facility of approximately MYR 500,000, unchanged from the previous year[77] Project and Operational Highlights - The group completed 9 construction projects in the fiscal year 2023, with a total contract value of approximately 235.1 million MYR[49] - As of October 31, 2023, the group has 6 ongoing construction projects with a total contract value of approximately 1.23 billion MYR[53] - The group submitted 9 bids for factory projects, 1 bid for a commercial project, and 5 bids for institutional projects in the fiscal year 2023, winning 2 factory projects and 4 institutional projects with total contract values of approximately 473.3 million MYR and 30.3 million MYR respectively[55] Employee and Operational Costs - Employee costs decreased from 16.0 million MYR in the fiscal year 2022 to 13.5 million MYR in the fiscal year 2023, primarily due to the absence of payment bonuses and a reduction in workforce[97] - Administrative and other expenses rose by 1.4 million MYR (or 18.4%) to approximately 9.0 million MYR in FY2023, mainly due to employee rewards and bank financing stamp duties[64] Future Outlook - The company anticipates that FY2024 will be a challenging year, focusing on project execution and seeking growth opportunities in its order book[71] - The company plans to utilize the unutilized proceeds by the end of 2024 or earlier, depending on market conditions[103] Miscellaneous - The company has no significant subsequent events after the fiscal year 2023 up to the date of the announcement[104] - The company has no significant investments outside of its subsidiaries as of the fiscal year 2023[88] - The company has no capital commitments as of October 31, 2023, maintaining a consistent position from the previous year[93]

Revenue and Profitability - The group's revenue decreased by approximately RM 42.1 million (or 16.1%) from RM 262.2 million in the first half of 2022 to RM 220.1 million in the first half of 2023[15]. - The company's revenue for the six months ended April 30, 2023, was RM 220,130,000, a decrease of 16.1% compared to RM 262,227,000 in the same period of 2022[89]. - Gross profit increased to RM 13,061,000, up 30.5% from RM 10,020,000 year-on-year[72]. - The net profit attributable to owners for the period was RM 8,247,000, representing a 48.4% increase from RM 5,555,000 in the previous year[72]. - The gross profit margin rose from approximately 3.8% in the first half of 2022 to approximately 5.9% in the first half of 2023, attributed to lower sales costs and higher profit margins on certain factory projects[18]. Construction Projects - The group completed five construction projects in the first half of 2023, with a total contract value of approximately RM 195.4 million, including four factory projects and one residential project[8]. - As of April 30, 2023, the group had eight ongoing construction projects with a total contract value of approximately RM 1.29 billion[12]. - The group submitted four tenders for factory projects and four for institutional projects, securing one factory contract and three institutional contracts with a total contract value of approximately RM 467.0 million and RM 29.6 million, respectively[12]. - The company confirmed contract revenue of approximately 5,492 thousand MYR for the building construction contracts during the first half of the fiscal year 2023[102]. Financial Position - The company's total assets as of April 30, 2023, were RM 313,326,000, an increase from RM 266,160,000 as of October 31, 2022[74]. - The company's total equity as of April 30, 2023, was RM 164,050,000, up from RM 156,217,000 as of October 31, 2022[75]. - The group’s uncompleted engineering order book amounted to approximately RM 689.6 million as of April 30, 2023, compared to RM 416.3 million as of October 31, 2022[17]. - The company maintained a healthy liquidity position with cash and bank balances of approximately MYR 84.2 million as of April 30, 2023, down from approximately MYR 97.8 million as of October 31, 2022[24]. - The current ratio was approximately 1.9 times as of April 30, 2023, compared to approximately 2.1 times as of October 31, 2022[25]. Expenses and Income - Other income increased from approximately MYR 0.4 million in the first half of 2022 to approximately MYR 1.8 million in the first half of 2023, mainly due to higher interest from fixed deposits and administrative fees charged to subcontractors[19]. - Administrative and other expenses rose by approximately MYR 0.9 million (or 33.3%) from approximately MYR 2.7 million in the first half of 2022 to approximately MYR 3.6 million in the first half of 2023, primarily due to legal fees and stamp duty from new financing facilities[20]. - Tax expenses increased by approximately MYR 1.0 million (or 50.0%) from approximately MYR 2.0 million in the first half of 2022 to approximately MYR 3.0 million in the first half of 2023, attributed to an increase in taxable profits[22]. Shareholder Information - The interim dividend declared for the first half of 2023 is RM0.0182 per share, an increase from RM0.0095 per share in the first half of 2022[67]. - The record date for the interim dividend payment is July 11, 2023, with payment scheduled for July 28, 2023[69]. - As of April 30, 2023, Low Seah Sun holds 945,000,000 shares, representing 75% of the total issued shares of the company[54]. - RBC Venture Limited, the holding company, also holds 945,000,000 shares, accounting for 75% of the total issued shares[61]. Employee and Operational Metrics - The total employee cost decreased from approximately 7.7 million MYR in the first half of 2022 to about 5.9 million MYR in the first half of 2023, primarily due to the absence of employee bonuses and a reduction in workforce from 191 to 152 employees[46]. - The company’s total employee costs decreased to RM 6,786,000, down 20.8% from RM 8,575,000 in the previous year[94]. - The average credit period granted to most customers is not more than 60 days, with specific customers potentially receiving longer terms based on circumstances[98]. Future Outlook and Strategy - The group anticipates Malaysia's GDP growth to be between 4.0% and 5.0% in 2023, despite global economic challenges[13]. - The group aims to seek order growth opportunities to ensure sustainable profitability amid economic uncertainties[13]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[72]. - The group will continue to focus on project implementation and execution to ensure timely delivery of quality works, maintaining its reputation in a competitive market[13]. Risk Management - The company does not face significant foreign exchange risk as its functional currency is MYR, and it has not adopted any financial instruments for hedging[44]. - The company has implemented financial risk management measures to ensure all payables are settled within the credit period[105].

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。 截 至2023年4月30日 止 六 個 月 的 中 期 業 績 公 告 中期業績 Rimbaco Group Global Limited（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2023年4月30日 止 六 個 月（「2023年 上 半 財 年」）的未經審核綜合中期業績，連同截至2022年4月30日止六個月（「2022年上半 財年」）的未經審核比較數字及截至2022年10月31日止之上個經審核財政年度完 結時的若干比較數字。除另有指明外，本公告載列的所有金額以馬來西亞令吉 （「令吉」）呈列。 ...

Financial Performance - The company reported a revenue of approximately MYR 475.6 million for the fiscal year 2022, an increase of about MYR 193.5 million or 68.6% compared to MYR 282.1 million in the fiscal year 2021[9]. - The net profit after tax for the fiscal year 2022 was approximately MYR 0.2 million, a decrease of about MYR 12.6 million or 98.4% from MYR 12.8 million in the fiscal year 2021 due to increased sales costs[9]. - For the fiscal year 2022, the company's revenue was approximately 475.6 million MYR, a significant increase from 282.1 million MYR in 2021, representing a growth of 68.6%[21]. - The company's gross profit decreased from approximately 25.3 million MYR in 2021 to about 4.9 million MYR in 2022, a decline of 80.6%, with the gross margin dropping from 9.0% to 1.0%[23]. - The company's net profit attributable to shareholders was approximately 0.2 million MYR in 2022, a decrease of 98.4% from 12.8 million MYR in 2021[29]. - The total assets of the group as of October 31, 2022, were 283,719 thousand MYR, down from 314,676 thousand MYR in 2021, representing a decrease of 9.8%[180]. - The total liabilities of the group as of October 31, 2022, were 127,502 thousand MYR, a decrease of 13.6% from 147,567 thousand MYR in 2021[180]. - The group's distributable reserves were approximately 99.8 million MYR, down from 111.6 million MYR in the previous fiscal year[185]. - The group did not recommend a final dividend for the fiscal year 2022, consistent with the previous fiscal year[175]. Construction Projects - The company completed 7 construction projects in the fiscal year 2022 with a total contract value of approximately MYR 503.3 million[15]. - As of October 31, 2022, the company had 9 ongoing construction projects with a total contract value of approximately MYR 984.7 million[18]. - The company submitted 11 tenders for factory projects, 5 for institutional and commercial projects, and 1 for infrastructure projects in the fiscal year 2022, winning 5 factory projects and 1 infrastructure project with a total contract value of approximately MYR 319.1 million[18]. - The company is focused on expanding its project portfolio in the building construction sector, particularly in Malaysia[15]. Economic Conditions - The company is cautious about future economic conditions due to challenges such as rising fuel prices, supply chain disruptions, and labor costs[10]. - The International Monetary Fund and World Bank have downgraded the global economic growth forecast for 2022 to 3.2% and 2.9%, respectively, indicating potential economic headwinds[10]. - The construction industry continues to face challenges such as labor shortages and rising logistics and material costs[9]. - The company aims to prudently manage its business operations and financial resources to maximize business potential during challenging times[11]. Management and Governance - The management team includes experienced executives with over 38 years in the construction industry, overseeing strategic planning and business direction[64]. - The CEO, William Low, has over 17 years of experience in the construction sector, having joined the company in 2006[66]. - Seah Peet Hwah, an executive director, has over 34 years of experience in the construction industry, focusing on financial and administrative matters[70]. - Cheang Wye Keong, another executive director, has over 35 years of experience, managing technical aspects of the group[72]. - Lau Ah Cheng, responsible for logistics and equipment maintenance, has over 35 years of experience in the construction industry[76]. - The company has a strong management team with diverse expertise in various operational areas, enhancing its competitive position in the market[64][70][72][76]. - The company is committed to maintaining strong governance and compliance through its experienced board of directors[80]. - The company has adopted the previous corporate governance code and has complied with all provisions during the 2022 financial year[93]. - The roles of Chairman and CEO have been clearly separated and are held by Low Seah Sun and Low Wui Linn respectively[94]. - The board is responsible for formulating corporate policies, business strategies, and major operational and financial matters[97]. - The company has maintained good corporate governance standards to protect and enhance shareholder value[93]. Risk Management - The company has established a risk management and internal control system, which was reviewed for effectiveness during the fiscal year[139]. - The board believes that the risk management and internal control systems are effective and adequate, although they are designed to manage rather than eliminate risks[146]. - The group faces compliance risks related to potential legal liabilities and must ensure adherence to industry regulations and listing requirements[147]. - Financial risk management procedures enable the group to effectively manage its financial resources and meet liquidity needs[148]. - Business risks are assessed based on the severity of consequences and likelihood of occurrence, focusing on material prices, labor market fluctuations, and other economic factors[149]. Shareholder Communication - The company emphasizes clear, fair, and timely financial reporting to maintain stakeholder confidence[155]. - The company values communication with shareholders and investors, utilizing financial reports and annual general meetings as primary channels[157]. - Shareholders holding at least 10% of the voting shares can request a special general meeting if the board does not convene within 21 days of the request[159]. Charitable Contributions - The group made charitable donations of approximately 18,000 MYR in the fiscal year 2022, compared to about 10,000 MYR in 2021[179].

Revenue Growth - The group's revenue increased from approximately MYR 146.1 million in the first half of 2021 to approximately MYR 262.2 million in the first half of 2022, representing a growth of 79.5%[19] - In the first half of 2022, the company's total revenue reached approximately 262.2 million MYR, a significant increase from 146.1 million MYR in the same period of 2021, representing a growth of 79.5%[20] - Revenue for the six months ended April 30, 2022, was RM 262.227 million, an increase of 79.7% compared to RM 146.056 million for the same period in 2021[75] - The company reported a significant increase in construction project revenue, particularly from factory projects, which generated 105,149 thousand MYR compared to 32,323 thousand MYR in the previous year[96] Project Completion and Contracts - During the first half of 2022, the group completed four construction projects with a total contract value of approximately MYR 372.1 million, including three factory projects and one institutional project[11] - The group completed a significant institutional project, a 12-story hospital, with a contract value of approximately MYR 322.4 million[12] - As of April 30, 2022, the group had seven ongoing construction projects with a total contract value of approximately MYR 878.2 million, comprising four factory projects and three institutional, commercial, or residential projects[12] - The group submitted three tenders for factory projects and three for institutional and commercial projects during the first half of 2022, securing one factory contract valued at approximately MYR 32.0 million[14] Financial Performance - The gross profit decreased from approximately 22.1 million MYR in the first half of 2021 to about 10.0 million MYR in the first half of 2022, a decline of 54.8%, with the gross margin dropping from 15.1% to 3.8%[24] - The company reported a net profit attributable to owners of approximately 5.6 million MYR for the first half of 2022, down 62.2% from 14.8 million MYR in the same period of 2021[29] - Profit before tax decreased to RM 7.527 million, a decline of 61.6% from RM 19.620 million in the prior year[75] - Net profit attributable to owners for the period was RM 5.555 million, a decrease of 62.6% compared to RM 14.849 million in the previous year[75] Economic Outlook and Challenges - The outlook for Malaysia's economy is expected to improve due to strong domestic demand and the reopening of international borders, although risks remain from global growth and supply chain disruptions[15] - The group faces challenges from intense competition for available contracts and rising costs related to construction materials and labor, which may pressure profit margins on ongoing and completed projects[15] - The group anticipates that timely government actions to resume the recruitment of foreign workers will help mitigate industry challenges[15] Cash Flow and Liquidity - The company's cash and bank balances increased to approximately 101.9 million MYR as of April 30, 2022, compared to 42.6 million MYR as of October 31, 2021[31] - The company maintained a healthy liquidity position, with working capital funded by cash generated from operations[31] - The net cash generated from operating activities for the six months ended April 30, 2022, was 59,769 thousand MYR, significantly higher than 15,181 thousand MYR for the same period in 2021, indicating a year-over-year increase of approximately 294%[86] - The cash and cash equivalents at the end of the reporting period were 101,865 thousand MYR, up from 52,084 thousand MYR at the end of the previous year, representing a growth of approximately 95.5%[88] Employee Costs and Staffing - Employee costs increased from approximately 7.2 million MYR in the first half of 2021 to approximately 7.7 million MYR in the first half of 2022, primarily due to higher labor costs[49] - The total employee costs for the six months ended April 30, 2022, were 8,575 thousand MYR, slightly up from 8,307 thousand MYR in the same period of 2021, reflecting an increase of about 3%[101] - The group employed 191 staff as of April 30, 2022, an increase from 189 staff in the previous year[49] Corporate Governance and Strategy - The board maintains high corporate governance standards, focusing on long-term sustainable prosperity rather than short-term gains[58] - The group aims to leverage its financial strength and management network to explore new business opportunities amid market challenges[18] - The company has established a wholly-owned subsidiary, Senma (Greater Bay Area) Development Co., Ltd., to explore property and construction business opportunities in the Greater Bay Area[114] Share and Capital Management - The company declared an interim dividend of RM 0.0095 per share for the first half of the financial year 2022, compared to no dividend in the same period of 2021[70] - The net proceeds from the issuance of 315,000,000 shares at HKD 0.40 per share amounted to approximately 73.5 million HKD (about 38.7 million MYR) after deducting listing expenses[51] - As of April 30, 2022, approximately 44.1 million HKD of the net proceeds remained unutilized and were deposited in licensed banks[55] - The allocation of net proceeds included 39.3% for strengthening the capital base for potential building projects, amounting to approximately 28.9 million HKD[54]

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].