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TBKS HLDGS(01960) - 2023 - 中期财报
2023-03-22 09:00
Financial Performance - Revenue for the six months ended December 31, 2022, was RM 301,962,000, a decrease of 8.1% from RM 328,682,000 in the same period of 2021[4] - Gross profit for the same period was RM 12,240,000, down 9.6% from RM 13,542,000 year-on-year[4] - Net profit for the period was RM 2,613,000, a decline of 33.1% compared to RM 3,911,000 in the previous year[6] - Total comprehensive income for the period was RM 860,000, significantly lower than RM 4,935,000 in the prior year[6] - Basic and diluted earnings per share were both RM 0.24 cents, down from RM 0.39 cents in the previous year[6] - The company reported a foreign exchange loss of RM 1,727,000 during the period, impacting overall comprehensive income[9] - The income tax expense for the six months ended December 31, 2022, was RM 2,047,000, an increase of 14.2% compared to RM 1,793,000 for the same period in 2021[50] - Profit attributable to owners for the period was approximately 2.4 million MYR, down from 3.9 million MYR in the previous year, with earnings per share at 0.24 sen compared to 0.39 sen[124] Assets and Liabilities - Non-current assets decreased to RM 22,634,000 from RM 25,340,000 as of June 30, 2022[7] - Current assets decreased to RM 169,461,000 from RM 215,824,000 as of June 30, 2022[7] - Total liabilities decreased to RM 36,507,000 from RM 83,922,000 as of June 30, 2022[8] - Total equity increased to RM 153,699,000 from RM 152,839,000 as of June 30, 2022[8] - Trade receivables as of December 31, 2022, amounted to RM 78,341,000, significantly higher than RM 42,895,000 as of June 30, 2022[58] - The company's contract assets decreased to RM 24,697,000 as of December 31, 2022, from RM 30,046,000 as of June 30, 2022, due to a reduction in ongoing construction projects[62] Cash Flow - For the six months ended December 31, 2022, the net cash used in operating activities was (25,785) thousand MYR, compared to a net cash inflow of 6,692 thousand MYR in the same period of 2021[13] - The net cash generated from investing activities was 2,064 thousand MYR, a decrease from 8,095 thousand MYR in the previous year[15] - The net cash used in financing activities was (3,691) thousand MYR, compared to (4,759) thousand MYR in the same period of 2021[13] - The cash and cash equivalents decreased by 27,412 thousand MYR, while the cash and cash equivalents at the end of the period were 45,370 thousand MYR, down from 83,643 thousand MYR in the previous year[15] Segment Performance - The company has four reportable segments as of December 31, 2022, compared to three in the previous year[28] - Contract revenue recognized for the six months ended December 31, 2022, was 39,542 thousand MYR, significantly higher than 24,056 thousand MYR in the same period of 2021, indicating a growth of 64.4%[42] - The company reported a decrease in oil and related product trade revenue to 262,420 thousand MYR for the six months ended December 31, 2022, down from 304,626 thousand MYR in the previous year, a decline of 13.9%[42] - The revenue from civil and structural engineering in Malaysia decreased by approximately 3.3% from RM 24.1 million in the previous year to RM 23.3 million in the current period[84] - The revenue from civil engineering projects fell from RM 21.6 million to RM 21.3 million, a decrease of about 1.6%[86] - The revenue from construction projects decreased significantly by approximately 17.9%, from RM 2.4 million to RM 2.0 million[87] - The revenue from civil and structural engineering in China for the period was approximately 16.3 million MYR, compared to zero in the previous year[92] Expenses - The total employee costs for the six months ended December 31, 2022, were 11,864 thousand MYR, slightly up from 11,313 thousand MYR in the same period of 2021, reflecting an increase of 4.9%[48] - The administrative expenses for the six months ended December 31, 2022, were 8,797 thousand MYR, compared to 7,171 thousand MYR in the same period of 2021, indicating an increase of 22.7%[34] - The group incurred related party transactions amounting to RM 507,000 for subcontracting fees, a significant increase from RM 55,000 in the previous year[18] - Sales and distribution expenses for the period amounted to approximately 0.9 million MYR, an increase from 0.7 million MYR in the previous year[117] - Administrative expenses rose from approximately 7.2 million MYR to about 8.8 million MYR, primarily due to increased employee costs and depreciation[118] - Financing costs recorded were approximately 0.4 million MYR for the current period, compared to 0.2 million MYR in the previous year[119] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has confirmed compliance throughout the period[164] - The audit committee, consisting of three independent non-executive directors, reviewed and approved the interim financial results, ensuring compliance with applicable accounting standards[166] - The board is committed to good corporate governance practices to enhance shareholder value and will regularly review its governance functions[164] Future Outlook - The company expects to face challenges in 2023 due to rising costs, labor supply issues, and intense competition in contract awards[99] - The company plans to explore opportunities in East and West Malaysia and neighboring countries while maintaining a cautious approach to new projects[99] - The company anticipates a gradual recovery in the global market as COVID-19 measures are relaxed, which may positively impact future performance[146] - The management plans to gradually resume the utilization of the remaining net proceeds in response to market changes as COVID-19 restrictions are eased in China and Malaysia[146]
TBKS HLDGS(01960) - 2022 - 年度财报
2022-10-24 08:39
Revenue Performance - The company reported significant revenue from oil and related product trading in China, contributing to operational profits [11]. - The revenue from oil and related products trade in China increased significantly from RM 106.7 million to RM 765.9 million, marking a nearly sixfold increase [22]. - The group reported a profit attributable to owners of approximately RM 10.4 million, compared to RM 0.6 million in the previous year, with earnings per share rising to 1.04 sen from 0.06 sen [22]. - The group's civil and structural engineering revenue decreased by approximately 44.4% from about RM 82.4 million to RM 45.8 million for the fiscal year [16]. - The revenue from civil and structural engineering in China was approximately RM 14.2 million for the fiscal year [20]. - The revenue from civil and structural engineering services decreased by approximately 44.4% from about 82.4 million MYR in the previous fiscal year to about 45.8 million MYR in the current fiscal year [50]. - Revenue from civil engineering projects fell from approximately 63.5 million MYR to about 43.2 million MYR, a decrease of about 31.9% [52]. - Revenue from construction projects decreased from approximately 18.9 million MYR to about 2.6 million MYR, representing a significant decline [57]. - The revenue from oil and related products trade in China for the fiscal year was approximately 765.9 million MYR, a significant increase from 106.7 million MYR in the previous year, reflecting a growth of about 618.7% [65][78]. Operational Challenges - The company has faced challenges such as project delays and labor shortages in Malaysia, affecting its financial performance during the fiscal year [10]. - The company currently has 11 ongoing projects in Malaysia, down from 13 in the previous year [60]. - The company faces risks related to subcontractors, including potential delays and compliance issues, which could lead to additional costs and impact profitability [113]. - The company does not guarantee the continuation of existing business levels or the ability to secure a sufficient number of projects in the future [118]. Strategic Initiatives - The company aims to diversify its revenue streams due to the lack of capital-intensive projects in Malaysia's oil and gas sector, exploring civil and structural engineering opportunities in China [14]. - The company is focusing on expanding its customer base and ensuring higher quality oil products in the northern Chinese market [11]. - The company is actively seeking business opportunities in regions where COVID-19 is under control, indicating a strategic shift in its operational focus [11]. - The group plans to strengthen its operations in the South China market and expand into the Northern market, starting from Shandong [32][33]. - The company aims to establish a construction team for oil engineering projects and develop the oil engineering project market [44]. - The company is focused on acquiring a Malaysian indigenous engineering contractor to enhance its operational capabilities [127]. - The company is seeking future investment opportunities in petrochemicals, mineral resources, natural resources, financial investments, and oil logistics [178]. Financial Health - The current ratio decreased to 2.6 times in 2022 from 6.4 times in 2021, indicating a decline in liquidity [97]. - The debt-to-equity ratio increased to 7.3% in 2022 from 5.8% in 2021, reflecting a rise in leverage [97]. - The return on equity improved to 6.9% in 2022 from 0.4% in 2021, indicating better profitability relative to shareholders' equity [97]. - The group had total cash and cash equivalents of approximately 74.2 million MYR as of June 30, 2022, compared to 72.6 million MYR in the previous year [101]. - The group did not propose any final dividend for the fiscal year, consistent with the previous year [103]. - The group has no significant investments or capital asset plans for the upcoming year [106]. - The group reported a total employee cost of approximately 20.3 million MYR for the fiscal year, a slight decrease from 20.8 million MYR in the previous year [123]. - The company has 298 employees as of June 30, 2022, down from 375 in the previous year, indicating a reduction in workforce [123]. Management and Governance - Mr. Tang was appointed as Executive Director on February 4, 2021, bringing over ten years of experience in the oil trading industry [198]. - Mr. Tang has held various director and general manager positions in companies focused on mining investments and oil trading in West Africa since 2011 [198]. - Several companies associated with Mr. Tang have been dissolved, including Rank Projects Sdn Bhd and Vibrant Returns Sdn Bhd, both dissolved on August 18, 2010, and October 14, 2011, respectively [198]. - The document lists multiple companies where Mr. Tang served as a director, with the majority being dissolved or reaching their status date in 2017 [198]. Future Outlook - The company’s future performance will depend on its ability to secure new projects and control costs, with past performance not necessarily indicative of future results [118]. - A significant portion of the company’s revenue is derived from PIPC projects, and any loss of business relationships or failure to secure new projects related to PIPC could adversely affect operations and financial performance [119]. - The company aims to reserve more funds to meet potential clients' performance bond requirements and expand its workforce [124]. - The company is monitoring foreign currency risks and may consider hedging activities to mitigate the impact of currency fluctuations on financial performance [120].
TBKS HLDGS(01960) - 2022 - 中期财报
2022-03-16 09:34
Financial Performance - For the six months ended December 31, 2021, the company reported revenue of 328,682 thousand MYR, a significant increase from 51,511 thousand MYR in the same period last year, representing a growth of approximately 537%[7] - The gross profit for the same period was 13,542 thousand MYR, up from 9,526 thousand MYR, indicating a year-over-year increase of about 42%[7] - The net profit for the period was 3,911 thousand MYR, compared to 2,074 thousand MYR in the previous year, reflecting an increase of approximately 88%[7] - The total comprehensive income for the period was 4,935 thousand MYR, a substantial rise from 766 thousand MYR in the prior year, marking an increase of around 544%[7] - Basic and diluted earnings per share were both reported at 0.39 sen, up from 0.21 sen in the previous year, which is an increase of approximately 86%[7] - The company's profit before tax for the six months ended December 31, 2021, was 5,019,000 MYR, an increase of 60.8% compared to 3,120,000 MYR in the same period of 2020[119] - The net profit attributable to the owners of the company for the six months ended December 31, 2021, was 3,911,000 MYR, representing an increase of 88.5% from 2,074,000 MYR in the same period of 2020[127] Assets and Liabilities - The company's total assets as of December 31, 2021, were 186,447 thousand MYR, compared to 143,799 thousand MYR as of June 30, 2021, representing a growth of about 30%[18] - Current liabilities increased to 62,619 thousand MYR from 22,570 thousand MYR, indicating a significant rise in obligations[24] - The company's equity as of December 31, 2021, was 143,645 thousand MYR, up from 138,710 thousand MYR, showing a growth of approximately 3%[26] - The total liabilities as of December 31, 2021, amounted to MYR 15,251,000, compared to MYR 14,021,000 as of June 30, 2021, reflecting a slight increase in financial obligations[160] Cash Flow - Net cash generated from operating activities for the six months ended December 31, 2021, was 6,692 thousand MYR, a decrease of 19.4% compared to 8,298 thousand MYR in 2020[43] - Net cash generated from investing activities was 8,095 thousand MYR, down from 36,772 thousand MYR in the previous year, indicating a significant decline of 78.0%[43] - The net increase in cash and cash equivalents for the six months ended December 31, 2021, was 10,028 thousand MYR, a decrease of 76.7% from 42,851 thousand MYR in 2020[48] - Total cash and cash equivalents at the end of the period stood at 83,643 thousand MYR, compared to 88,977 thousand MYR at the end of the previous year, reflecting a decline of 5.0%[48] - The company’s cash flow from financing activities showed a net outflow of 4,759 thousand MYR, compared to 2,219 thousand MYR in the previous year, indicating increased cash outflows[43] Revenue Segmentation - Revenue from external customers in the civil engineering segment was 21,620 thousand MYR, while the oil and related products trading segment generated 304,626 thousand MYR[74] - The geographical breakdown of revenue shows that Malaysia contributed 51,511 thousand MYR, while China accounted for 304,626 thousand MYR[86] - The company has identified four reportable segments: site preparation projects, timber engineering projects, construction projects, and oil and related products trading[68] Operational Challenges - The company’s revenue from civil engineering projects decreased by approximately 53.3% from about 51.5 million MYR to around 24.1 million MYR due to the ongoing COVID-19 pandemic and various movement control orders[196] - The company experienced contract award delays and project postponements due to the pandemic, affecting its operational performance[192] - The new COVID-19 variant, Omicron, has led to a resurgence in cases, impacting the company's operations and market conditions[188] - The company has taken all relevant actions to minimize adverse impacts from the pandemic and is closely monitoring the situation[189] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[7] - Future outlook includes continued focus on civil engineering projects, with contracts expected to be fulfilled by June 30, 2024[114] - The management believes that the funds raised from the IPO will support future development and business strategies[192] - The company anticipates that the challenges posed by COVID-19 will eventually subside, leading to a global economic recovery in the coming years[193] Employee and Administrative Expenses - Employee benefits expenses totaled 11,313,000 MYR, up 15.0% from 9,828,000 MYR in the previous year[119] - The administrative expenses for the period amounted to 7,824 thousand MYR, indicating a focus on cost management[74] - The total employee costs included in cost of sales amounted to 6,294,000 MYR, a decrease of 6.2% from 6,708,000 MYR in the previous year[119] Share Options and Related Party Transactions - The company has a share option plan with 10,000,000 options granted, with an exercise price of HKD 0.35 (equivalent to MYR 0.19), available for exercise until May 11, 2026[177] - The group engaged in related party transactions, incurring subcontracting costs of MYR 22,000 with OME Diversified, a joint venture[185]
TBKS HLDGS(01960) - 2021 - 年度财报
2021-10-27 08:31
Financial Performance - The company's revenue from civil and structural engineering in Malaysia decreased by approximately 45.5% to about MYR 82.4 million for the fiscal year, down from approximately MYR 151.1 million in the previous year due to COVID-19 disruptions[14]. - The company's profit for the fiscal year was MYR 0.6 million, a significant decline from MYR 12.1 million in the previous year, with basic and diluted earnings per share at approximately 0.06 sen compared to 1.29 sen in the prior year[16]. - TBK & Sons Holdings Limited reported a significant revenue decline of approximately 45.5%, from RM 151.1 million in the previous fiscal year to RM 82.4 million[28]. - Revenue from civil engineering projects decreased by 54.2%, from RM 138.6 million to RM 63.5 million, primarily due to project delays and reduced contract awards[30]. - The group's profit for the fiscal year was approximately 0.6 million MYR, a decrease of 95.0% compared to 12.1 million MYR in the previous year[52]. - Basic and diluted earnings per share were approximately 0.06 sen, down from 1.29 sen in the previous year[52]. - The group's total equity attributable to owners was approximately 138.7 million MYR, slightly down from 139.6 million MYR in the previous year[64]. - The group's interest coverage ratio decreased to 5.5 times in 2021 from 22.7 times in 2020, reflecting a decline in profitability[54]. - Revenue from the top five customers accounted for approximately 80.9% of total revenue in 2021, down from 92.8% in 2020, indicating a slight diversification[72]. Market Expansion and Opportunities - The company aims to expand its geographical coverage to China, believing that the oil and related products trade will enhance business connections and create synergies in the oil and gas sector[15]. - The company is committed to exploring business opportunities in regions where COVID-19 is under control, having successfully initiated oil and related products trade in China in March 2021[9]. - The company is actively seeking opportunities in East and West Malaysia and neighboring countries to strengthen its market position[20]. - The company is exploring diversification opportunities in energy-related processing and logistics businesses[24]. - The company is expanding its market presence in West Africa, focusing on non-ferrous metal mining and oil business under Mr. Tang's leadership[102]. COVID-19 Impact and Recovery - The company has taken measures to minimize the adverse impacts of COVID-19 and is closely monitoring the situation, anticipating a global economic recovery in the coming years[10]. - The construction industry is facing challenges due to ongoing COVID-19 restrictions and competitive contract bidding[20]. - The unutilized net proceeds were primarily affected by operational disruptions due to the pandemic, including site closures and the implementation of standard operating procedures[91]. - The company plans to extend the timeline for utilizing unallocated net proceeds to June 30, 2022, due to significant impacts from the COVID-19 pandemic on the construction industry in Malaysia[91]. Corporate Governance and Management - The company has a robust financial management structure, overseen by Mr. Sim Thean Wah, the financial director since May 2018, responsible for financial forecasting and budget preparation[113]. - The company has a strategic focus on corporate governance, with Mr. Huang Sile serving as an independent non-executive director and chair of the nomination committee since February 4, 2021[112]. - The board consists of a balanced mix of executive and non-executive directors, including independent non-executive directors, to maintain high independence and effective judgment[141]. - The company has established a diversity policy for its board members, focusing on gender, age, cultural and educational background, professional qualifications, skills, knowledge, and industry experience[135]. - The board is committed to providing timely and comprehensive information regarding the company's performance, financial condition, and operational results to facilitate informed decision-making[131]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee[173]. Risk Management and Compliance - The company has established a Risk Management and Internal Control system to identify, assess, and mitigate potential risks associated with its operations[194]. - The company is committed to ensuring compliance with applicable laws and regulations, including the listing rules, through various internal control measures[194]. - The company has engaged external consultants to regularly review its internal control systems for effectiveness and improvement recommendations[194]. - The company has implemented a formal arrangement for financial reporting and internal control principles to ensure compliance with relevant laws and regulations[194]. Financial Strategy and Investments - The company believes that the net proceeds from its listing will support its future development and business strategies[8]. - The net proceeds from the share issuance amounted to approximately HKD 85.0 million (equivalent to MYR 45.0 million) as of June 30, 2021[91]. - The company allocated HKD 26.7 million for pre-project expenditures, including initial costs such as subcontractor fees, material costs, and direct labor costs[91]. - The company has not yet identified suitable businesses for acquisition, which was originally planned to be completed by June 30, 2021[91]. - The company has a commitment to maintaining proper financial controls and oversight through regular communication with auditors[113].
TBKS HLDGS(01960) - 2021 - 中期财报
2021-03-17 08:31
[Company Information](index=2&type=section&id=Company%20Information) This section provides detailed information on the company's board, committees, secretary, registered office, principal place of business, share registrar, auditor, and principal bankers - The report provides detailed information on the company's board of directors, committee members, company secretary, registered office, principal place of business, share registrar, auditor, and principal bankers[2](index=2&type=chunk)[3](index=3&type=chunk) [Interim Results and Condensed Consolidated Financial Statements](index=4&type=section&id=Interim%20Results%20and%20Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's interim financial performance, including statements of profit or loss, financial position, changes in equity, and cash flows, highlighting key financial metrics and trends [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended December 31, 2020, the Group's revenue significantly decreased by 52.7% to RM 51.51 million from RM 108.84 million in the prior year, with profit for the period sharply declining by 85.8% to RM 2.07 million primarily due to reduced revenue and gross profit, leading to a drop in basic earnings per share from RM 0.0166 to RM 0.0021 Profit or Loss Key Data (For the six months ended December 31) | Indicator | 2020 (Unaudited) | 2019 (Unaudited) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 51,511 Thousand Ringgit (RM) | 108,837 Thousand Ringgit (RM) | -52.7% | | Gross Profit | 9,526 Thousand Ringgit (RM) | 26,874 Thousand Ringgit (RM) | -64.6% | | Profit Before Tax | 4,123 Thousand Ringgit (RM) | 20,089 Thousand Ringgit (RM) | -79.5% | | Profit for the Period | 2,074 Thousand Ringgit (RM) | 14,650 Thousand Ringgit (RM) | -85.8% | | Basic Earnings Per Share | 0.21 Cents (RM) | 1.66 Cents (RM) | -87.3% | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of December 31, 2020, the Group's total assets were RM 171 million, total liabilities RM 31 million, and total equity RM 140 million, showing a relatively stable asset-liability structure compared to June 30, 2020, with a significant increase in cash and cash equivalents to RM 88.98 million and a decrease in contract assets Balance Sheet Key Items (As of December 31, 2020) | Indicator | As of December 31, 2020 (Unaudited) | As of June 30, 2020 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 22,207 Thousand Ringgit (RM) | 23,501 Thousand Ringgit (RM) | | Current Assets | 149,030 Thousand Ringgit (RM) | 159,690 Thousand Ringgit (RM) | | *Of which: Cash and Cash Equivalents* | 88,977 Thousand Ringgit (RM) | 47,315 Thousand Ringgit (RM) | | *Of which: Contract Assets* | 34,629 Thousand Ringgit (RM) | 49,656 Thousand Ringgit (RM) | | **Liabilities** | | | | Current Liabilities | 26,461 Thousand Ringgit (RM) | 37,936 Thousand Ringgit (RM) | | Non-current Liabilities | 4,415 Thousand Ringgit (RM) | 5,660 Thousand Ringgit (RM) | | **Equity** | | | | Total Equity | 140,361 Thousand Ringgit (RM) | 139,595 Thousand Ringgit (RM) | [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended December 31, 2020, the Group's total equity slightly increased from RM 139.595 million at the beginning of the period to RM 140.361 million at the end, primarily due to profit for the period of RM 2.074 million, partially offset by exchange differences on translation of foreign operations of RM 1.308 million loss - Total equity increased by **766 Thousand Ringgit (RM)** during the period, primarily contributed by profit for the period, but affected by exchange losses[24](index=24&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) During the period, net cash from operating activities was RM 8.298 million, a 44.8% year-on-year decrease, while net cash inflow from investing activities was RM 36.772 million, mainly from disposal of financial assets and changes in pledged deposits, with net cash outflow from financing activities of RM 2.219 million, resulting in a significant increase in cash and cash equivalents to RM 88.977 million at period-end Cash Flow Statement Summary (For the six months ended December 31) | Item | 2020 (Unaudited) | 2019 (Unaudited) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 8,298 Thousand Ringgit (RM) | 15,043 Thousand Ringgit (RM) | | Net Cash from/(used in) Investing Activities | 36,772 Thousand Ringgit (RM) | (6,890) Thousand Ringgit (RM) | | Net Cash (used in)/from Financing Activities | (2,219) Thousand Ringgit (RM) | 56,993 Thousand Ringgit (RM) | | Net Increase in Cash and Cash Equivalents | 42,851 Thousand Ringgit (RM) | 65,146 Thousand Ringgit (RM) | | Cash and Cash Equivalents at End of Period | 88,977 Thousand Ringgit (RM) | 77,758 Thousand Ringgit (RM) | [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides explanatory notes to the condensed consolidated financial statements, detailing accounting policies, segment information, revenue recognition, earnings per share, dividends, and post-reporting period events [Note 1: General Information and Reorganization](index=11&type=section&id=Note%201.%20General%20Information%20and%20Reorganization) The Company is an investment holding company incorporated in the Cayman Islands, with its subsidiaries primarily engaged in civil and structural engineering in Malaysia, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on September 30, 2019 - The Group is principally engaged in the provision of civil and structural engineering services[41](index=41&type=chunk) [Note 4: Segment Reporting](index=15&type=section&id=Note%204.%20Segment%20Reporting) The Group's operations are divided into three reportable segments: site preparation works, civil engineering works, and building construction works, with civil engineering projects being the primary revenue source during the period, contributing RM 31.117 million (60.4% of total revenue), and building construction projects contributing RM 20.394 million (39.6%), with all business and revenue derived from Malaysia Segment Revenue and Gross Profit (For the six months ended December 31, 2020) | Segment | Revenue (Thousand Ringgit (RM)) | Gross Profit (Thousand Ringgit (RM)) | | :--- | :--- | :--- | | Site Preparation Works Projects | - | - | | Civil Engineering Projects | 31,117 | 6,379 | | Building Construction Projects | 20,394 | 3,147 | | **Total** | **51,511** | **9,526** | - All the Group's revenue from external customers and non-current assets are located in Malaysia[77](index=77&type=chunk) [Note 5: Revenue](index=19&type=section&id=Note%205.%20Revenue) All of the Group's revenue is derived from providing civil and structural engineering services to customers and is recognized over time, with the total transaction price allocated to unsatisfied performance obligations amounting to RM 59.182 million as of December 31, 2020, expected to be recognized as revenue in future years - As of December 31, 2020, the total value of the Group's uncompleted contracts (transaction price allocated to remaining performance obligations) was **59,182 Thousand Ringgit (RM)**[85](index=85&type=chunk) [Note 9: Earnings Per Share](index=23&type=section&id=Note%209.%20Earnings%20Per%20Share) For the six months ended December 31, 2020, profit attributable to owners of the Company was RM 2.074 million, resulting in basic earnings per share of RM 0.0021 based on a weighted average of 1 billion ordinary shares, with diluted earnings per share being the same as basic earnings per share due to the absence of potential dilutive ordinary shares Earnings Per Share Calculation | Indicator | For the six months ended December 31, 2020 | For the six months ended December 31, 2019 | | :--- | :--- | :--- | | Profit Attributable to Owners | 2,074 Thousand Ringgit (RM) | 14,650 Thousand Ringgit (RM) | | Weighted Average Number of Ordinary Shares | 1,000,000,000 | 880,434,782 | | Basic Earnings Per Share | 0.21 Cents (RM) | 1.66 Cents (RM) | [Note 10: Dividends](index=23&type=section&id=Note%2010.%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended December 31, 2020 - No interim dividend is recommended for the current period[99](index=99&type=chunk) [Note 18: Events After Reporting Period](index=32&type=section&id=Note%2018.%20Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Malaysian government reimposed the Movement Control Order (MCO 2.0) and declared a state of emergency in January 2021 in response to the third wave of the COVID-19 pandemic, measures that restrict economic activities and are expected to continue to have an uncertain impact on the Group's results and performance, with management closely monitoring the situation and taking steps to minimize adverse effects - The COVID-19 pandemic, which spread globally since early 2020, has significantly impacted the Group's revenue and profitability during the current period[138](index=138&type=chunk) - Due to the ongoing pandemic and government control measures, the potential impact on the Group's future financial results and condition cannot be estimated[139](index=139&type=chunk) [Management Discussion and Analysis](index=33&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's operational and financial performance, including business review, future outlook, project portfolio, detailed financial analysis, and the utilization of IPO proceeds [Business Review](index=34&type=section&id=Business%20Review) Severely disrupted by the COVID-19 pandemic and related control measures, the Group's total revenue significantly decreased by 52.7% year-on-year to RM 51.51 million, with civil engineering project revenue declining by 69.7%, while building construction project revenue grew by 243.7% due to new project commencements, and no revenue from site preparation works projects in this period Revenue Breakdown by Project Type (For the six months ended December 31) | Project Type | 2020 (Thousand Ringgit (RM)) | Share (%) | 2019 (Thousand Ringgit (RM)) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Site Preparation Works Projects | - | 0.0 | 151 | 0.1 | | Civil Engineering Projects | 31,117 | 60.4 | 102,752 | 94.4 | | Building Construction Projects | 20,394 | 39.6 | 5,934 | 5.5 | | **Total** | **51,511** | **100.0** | **108,837** | **100.0** | - The decline in revenue is primarily due to the ongoing COVID-19 pandemic, leading to business disruptions, delays in contract awards, and increased market competition[147](index=147&type=chunk) [Outlook](index=36&type=section&id=Outlook) Management anticipates a challenging FY2021 due to ongoing MCO in Malaysia and challenges in the oil and gas sector, with project delays, lack of new capital projects, and intense competition as key risks; however, management expects a potential recovery in the second half and is actively seeking new opportunities in Malaysia and neighboring countries, confident in navigating challenges with a robust balance sheet - The Malaysian economy contracted by **3.4%** in Q4 2020, with a full-year contraction of **5.6%**; despite initial control measures in early 2021 impacting near-term growth, the effect is expected to be less severe than in 2020, with growth trajectory likely to improve from Q2 onwards[156](index=156&type=chunk)[157](index=157&type=chunk) - The Group anticipates a highly challenging FY2021 but expects a potential recovery in the second half and is actively exploring opportunities in Malaysia and neighboring countries[158](index=158&type=chunk) [Projects on Hand](index=37&type=section&id=Projects%20on%20Hand) As of December 31, 2020, the Group had 10 projects on hand, covering civil and building construction engineering, located in areas including Port Dickson, Pengerang, and East Malaysia, with expected completion dates ranging from March 2021 to August 2023 - As of December 31, 2020, the Group had **10** projects under construction or awaiting commencement[159](index=159&type=chunk) [Financial Review](index=38&type=section&id=Financial%20Review) The financial performance for the period significantly declined, with revenue decreasing by 52.7% year-on-year and cost of sales by 48.8%, leading to a 64.6% reduction in gross profit and a drop in gross profit margin from 24.7% to 18.5%, while administrative expenses decreased, ultimately resulting in profit for the period plummeting from RM 14.7 million in the prior year to RM 2.1 million [Revenue](index=38&type=section&id=Revenue) The Group's revenue decreased by 52.7% from RM 108.8 million in the prior year to RM 51.5 million in the current period, primarily due to the ongoing COVID-19 pandemic and government control measures severely disrupting business, leading to delays in contract awards, new project delays, and intensified market competition - Revenue decreased by **52.7%** year-on-year, primarily attributed to the negative impact of the COVID-19 pandemic and related control measures[164](index=164&type=chunk) [Cost of Sales](index=38&type=section&id=Cost%20of%20Sales) Cost of sales decreased by 48.8% from RM 82 million in the prior year to RM 42 million, consistent with the revenue decline, with subcontracting fees accounting for the largest proportion at 55.4%, followed by direct labor costs (16.0%) and direct materials (15.6%) Cost of Sales Breakdown (For the six months ended December 31) | Item | 2020 (Thousand Ringgit (RM)) | Share (%) | 2019 (Thousand Ringgit (RM)) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Direct Materials | 6,566 | 15.6 | 15,242 | 18.6 | | Subcontracting Fees | 23,249 | 55.4 | 52,797 | 64.4 | | Direct Labor | 6,708 | 16.0 | 8,033 | 9.8 | | Other | 4,462 | 13.0 | 5,891 | 7.2 | | **Total** | **41,985** | **100.0** | **81,963** | **100.0** | [Gross Profit and Gross Profit Margin](index=39&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Due to a greater decline in revenue than in cost of sales, the Group's gross profit decreased by 64.6% from RM 26.9 million in the prior year to RM 9.5 million, with the gross profit margin also falling from 24.7% to 18.5% - Gross profit decreased by **64.6%** year-on-year, and the gross profit margin declined from **24.7%** to **18.5%**[171](index=171&type=chunk) [Profit and Earnings Per Share](index=40&type=section&id=Profit%20and%20Earnings%20Per%20Share) Considering all factors, the Group's profit for the period significantly decreased from RM 14.7 million in the prior year to RM 2.1 million, with earnings per share correspondingly dropping from RM 0.0166 to RM 0.0021 - Profit for the six months ended December 31, 2020, was approximately **2.1 million Ringgit (RM)**, with earnings per share of approximately **0.21 Cents (RM)**[178](index=178&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=41&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of December 31, 2020, the Group's financial position remained robust, with cash and cash equivalents significantly increasing to RM 89 million, a current ratio of 5.6 times, a quick ratio of 5.6 times, a gearing ratio of 6.6%, and total equity of approximately RM 140.4 million Key Financial Ratios | Ratio | As of December 31, 2020 | As of June 30, 2020 | | :--- | :--- | :--- | | Current Ratio (times) | 5.6 | 4.2 | | Quick Ratio (times) | 5.6 | 4.2 | | Gearing Ratio (%) | 6.6 | 5.2 | - As of December 31, 2020, the Group's cash and cash equivalents were approximately **89 million Ringgit (RM)**, a significant increase from **47.3 million Ringgit (RM)** as of June 30[184](index=184&type=chunk) [Use of Proceeds](index=45&type=section&id=Use%20of%20Proceeds) The Group's net proceeds from listing were approximately HKD 85 million, but the utilization of proceeds has slowed due to operational disruptions and negative demand impacts from the COVID-19 pandemic, with HKD 71.7 million remaining unutilized as of December 31, 2020; to address uncertainties and enhance flexibility, the Group plans to extend the expected timeline for utilizing the unutilized proceeds to June 30, 2022 - Due to the impact of the COVID-19 pandemic, the Group plans to extend the expected timeline for utilizing unutilized proceeds to **June 30, 2022**[227](index=227&type=chunk) Summary of Use of Proceeds (As of December 31, 2020) | Purpose | Planned Amount (HKD Million) | Unutilized Amount (HKD Million) | | :--- | :--- | :--- | | Performance Bonds | 8.9 | 8.9 | | Expanding Staff Team | 10.0 | 10.0 | | Purchase of Machinery | 17.8 | 17.8 | | Pre-project Expenses for New Projects | 26.7 | 21.6 | | Business Acquisitions | 13.4 | 13.4 | | **Total (Partial)** | **76.8** | **71.7** | [Other Information](index=47&type=section&id=Other%20Information) This section covers additional corporate information, including directors' and major shareholders' interests, details of the share option scheme, and the company's corporate governance practices [Directors' and Major Shareholders' Interests](index=47&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) As of December 31, 2020, Executive Directors Mr. Tan Hun Tiong and Mr. Tan Han Peng jointly held 60% of the Company's shares through their controlling company TBKS International, which is the direct controlling shareholder holding 600 million shares, while Victory Lead Ventures Limited held 150 million shares, accounting for 15% - Directors Mr. Tan Hun Tiong and Mr. Tan Han Peng are deemed to be jointly interested in **600,000,000** shares (representing **60%**) of the Company[231](index=231&type=chunk)[232](index=232&type=chunk)[234](index=234&type=chunk) - Major shareholders TBKS International and Victory Lead Ventures Limited hold **60%** and **15%** of the Company's shares respectively[238](index=238&type=chunk) [Share Option Scheme](index=49&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on September 5, 2019, with a total of 100 million shares, representing 10% of the issued share capital, available for issue under the scheme as of December 31, 2020, and no share options have been granted, exercised, cancelled, or lapsed since its adoption - No share options have been granted since the adoption of the share option scheme[244](index=244&type=chunk) [Corporate Governance and Audit Committee](index=50&type=section&id=Corporate%20Governance%20and%20Audit%20Committee) The Company is committed to maintaining a high level of corporate governance and has complied with the Corporate Governance Code in Appendix 14 of the Listing Rules, with the Audit Committee, comprising three independent non-executive directors, having reviewed and approved the unaudited interim financial results for the period - The Company has complied with the principles and all relevant code provisions of the Corporate Governance Code throughout the period[250](index=250&type=chunk) - The interim financial results for the period are unaudited but have been reviewed and approved by the Audit Committee[254](index=254&type=chunk)
TBKS HLDGS(01960) - 2020 - 年度财报
2020-10-29 10:20
TBK & SONS HOLDINGS LIMITED (於関曼群島註冊成立的有限公司) 股份代號 : 1960 年報 2020 目錄 2 公司資料 4 主席報告 2 7 管理層討論與分析 4 7 19 董事及高級管理層 19 24 企業管治報告 37 董事會報告 24 47 獨立核數師報告 37 53 綜合損益及其他全面收益表 47 54 綜合財務狀況表 53 56 綜合權益變動表 54 58 綜合現金流量表 56 60 綜合財務報表附註 58 130 五年財務概要 60 五年財務概要 130 公司資料 | --- | --- | --- | |--------------------------------|-------------------------------------------------|----------------------------------------| | | | | | 董事會 | | 馬來西亞總部及主要營業地點 | | 執行董事 | Lot 333, Kampung Paya | | | Tan Hun Tiong先生(主席) | | Batu 2 Jalan Se ...
TBKS HLDGS(01960) - 2020 - 中期财报
2020-03-25 09:23
Financial Performance - Revenue for the six months ended December 31, 2019, was RM 108,837,000, an increase of 6.5% from RM 102,489,000 in the same period of 2018[12] - Gross profit for the same period was RM 26,874,000, up from RM 25,403,000, reflecting a gross margin improvement[12] - Net profit for the period was RM 14,650,000, representing a 20.6% increase compared to RM 12,150,000 in the previous year[12] - Basic and diluted earnings per share increased to 1.66 sen from 1.62 sen[12] - The total comprehensive income for the six months ended December 31 increased from approximately 12.2 million MYR in 2018 to 14.7 million MYR in 2019[177] Assets and Liabilities - Total assets as of December 31, 2019, were RM 191,942,000, compared to RM 124,492,000 as of June 30, 2019[19] - The company reported a net asset value of RM 139,591,000 as of December 31, 2019, significantly up from RM 67,848,000[19] - The group’s total liabilities, including lease liabilities and bank borrowings, were approximately 16.9 million MYR as of December 31, 2019[185] - The company’s total liabilities related to guarantees provided by the controlling shareholder amounted to 31,222,000 MYR as of December 31, 2019, consistent with the previous period[135] Cash Flow - For the six months ended December 31, 2019, the net cash generated from operating activities was RM 15,043,000[32] - The net cash increase for cash and cash equivalents was RM 65,146,000, compared to RM 2,991,000 for the same period in 2018[33] - The total cash and cash equivalents at the end of the period was RM 77,758,000, up from RM 7,664,000 in the previous year[33] - The cash flow from investing activities was RM (6,890,000) for the period[32] Expenses - Administrative expenses increased to RM 6,707,000 from RM 2,688,000, indicating higher operational costs[12] - The total employee costs for the period were 12,256 thousand MYR, an increase from 8,246 thousand MYR in the previous year[89] - Financing costs decreased slightly to RM 461,000 from RM 542,000, reflecting improved financial management[12] Market and Business Strategy - The company is focused on expanding its market presence and exploring new product development opportunities[12] - The group aims to expand its market share by undertaking more large-scale projects in the civil and structural engineering sector in Malaysia[151] - The group is exploring opportunities outside Malaysia to expand its revenue base[157] Segment Information - The group has three reportable segments: site preparation projects, civil engineering projects, and building engineering projects[66] - Revenue from external customers for the civil engineering segment was 85,258 thousand MYR, and for the construction segment was 17,231 thousand MYR, totaling 102,489 thousand MYR[74] Employee Information - The group had 434 employees as of December 31, 2019, a decrease from 462 employees as of June 30, 2019[198] - The total remuneration for key management personnel for the six months ended December 31, 2019, was 3,138,000 MYR, up from 613,000 MYR in the same period of 2018, reflecting a substantial increase[138] Future Outlook - The outlook for the second half of the fiscal year 2020 may see a decrease in revenue due to uncertainties in the oil and gas industry[152] - The group expects to recognize revenue from unfulfilled contracts totaling 62,407 thousand MYR over the next few years[83] Corporate Governance - The financial statements were prepared in accordance with International Accounting Standards and the applicable disclosure requirements[39] - The company was incorporated on November 8, 2018, under the Cayman Islands Companies Law and listed on the Hong Kong Stock Exchange on September 30, 2019[35]
TBKS HLDGS(01960) - 2019 - 年度财报
2019-10-25 14:43
Financial Performance - The company's revenue increased by approximately 32.7% from RM 146.2 million in the fiscal year ending June 30, 2018, to RM 194.0 million in the fiscal year ending June 30, 2019[17]. - Profit attributable to owners decreased from RM 18.3 million in 2018 to RM 16.3 million in 2019, primarily due to listing expenses of approximately RM 8.2 million incurred during the fiscal year[17]. - Revenue from civil engineering projects rose from approximately MYR 107.7 million to approximately MYR 159.6 million, an increase of about 48.2%[28]. - Revenue from construction projects increased from approximately MYR 28.4 million to approximately MYR 33.4 million, reflecting a growth of about 17.6%[33]. - The company's sales costs rose from approximately MYR 114.1 million to approximately MYR 152.7 million, an increase of about 33.8%, consistent with revenue growth[35]. - Gross profit increased from approximately MYR 32.1 million to approximately MYR 41.4 million, a growth of about 29.0%[38]. - The gross profit margin slightly decreased from approximately 21.9% to 21.3%[38]. - Total comprehensive income for the years ended June 30, 2018, and 2019 was approximately MYR 18.3 million and MYR 16.3 million, respectively, with earnings per share of approximately 2.44 sen and 2.18 sen[47]. - Current ratio decreased from 1.8 to 1.7, while debt-to-equity ratio decreased from 12.8% to 1.4%[48]. - Total equity attributable to owners increased to approximately MYR 67.8 million from MYR 46.4 million[52]. Market Opportunities - The company aims to expand its market share by undertaking more large-scale projects in the civil and structural engineering sector in Malaysia[20]. - The Malaysian government has allocated 20,000 acres of land for the Pengerang Integrated Complex (PIPC), expected to be completed by 2035, which will drive demand for civil and structural engineering services[20]. - The RAPID project within PIPC has a capacity of 300,000 barrels per day and is expected to be completed in 2019 or 2020, contributing to significant business opportunities[20]. - The company anticipates continued demand for civil and structural engineering services in the oil and gas sector due to the growth of facilities like PIPC and the maintenance and upgrading of existing facilities[21]. Operational Challenges - Major risks include reliance on key customers and potential issues with subcontractors affecting operational performance[59]. - The majority of the group's revenue comes from a few major clients, with revenue from the top five clients accounting for approximately 97.0% and 92.6% of total revenue for the years ended June 30, 2018, and 2019, respectively, and revenue from the largest client representing about 30.0% and 57.4% of total revenue for the same periods[60]. - The group faces significant risks related to subcontractors, including potential non-performance, delays, or non-compliance, which could adversely affect profitability and financial performance[63]. - The group's ability to secure new projects through the bidding process is uncertain, and failure to obtain new projects could have a significant negative impact on sustainability and financial performance[64]. - A significant portion of the group's revenue is derived from PIPC projects, and any loss of business relationships or failure to secure new projects related to PIPC could adversely affect operations and financial performance[68]. Corporate Governance - The company has adopted a corporate governance code in accordance with the Stock Exchange Listing Rules, ensuring accountability and enhancing shareholder value[113]. - The board of directors is responsible for overseeing the management and overall performance of the group, ensuring necessary financial and human resources are in place to achieve its goals[115]. - A diversity policy for board members was adopted on September 5, 2019, focusing on achieving a balanced representation in relation to the company's growth[122]. - The nomination committee is tasked with ensuring diversity in skills, experience, and suitability for the company's business requirements when selecting board candidates[124]. - The company has established an audit committee, a remuneration committee, and a nomination committee as per the listing rules[115]. - The board has authorized senior management to manage daily operations and implement approved business plans and strategies[118]. - The company has committed to regular reviews of its corporate governance practices to adapt to changing circumstances and standards[113]. - The board members have the right to access group information and seek independent professional advice at the company's expense[119]. Employee and Management Structure - As of June 30, 2019, the group employed 462 staff members, an increase from 367 in 2018, with total employee costs approximately 18.5 million MYR for the fiscal year[72]. - The company's business objectives include reserving more funds for performance guarantees, expanding the workforce, acquiring machinery, and pursuing business acquisitions[73]. - Tan Chade Phang appointed as independent non-executive director on September 5, 2019, with over 15 years of financial and business analysis experience[94]. - Ng Chiou Gee Willy appointed as independent non-executive director on September 5, 2019, with approximately 25 years of experience in auditing, finance, and accounting[99]. - Sim Thean Wah serves as the group's financial director, responsible for overseeing financial management and administration since joining in May 2018[101]. - Low Yik Son has approximately 20 years of experience in the construction industry and has been the head of contracts, tenders, and procurement since 2017[106]. - Tan Yeong Li has 14 years of experience in the construction industry and is currently the head of logistics and fixed assets since October 2018[107]. Risk Management - The company has designed and implemented risk management policies to address various risks, including operational and regulatory risks[164]. - The risk management system includes procedures for identifying, analyzing, assessing, mitigating, and monitoring potential risks[164]. - The board confirmed that there are no significant uncertainties that could severely impact the company's ability to continue as a going concern[161]. - The group has established an audit committee and implemented formal arrangements for financial reporting and internal control principles to ensure compliance with listing rules and relevant laws and regulations[165]. - The internal control measures, policies, and procedures have been updated and revised to enhance the internal control system[168]. - The group has appointed an external internal control consultant to regularly review its internal control system and provide recommendations for improvement[168]. Share Issuance and Financial Planning - The net proceeds from the share issuance amount to approximately HKD 85.0 million, equivalent to MYR 45.0 million[76]. - Approximately HKD 8.9 million (10.5% of net proceeds) will be allocated for obtaining performance bonds for contracts planned for bidding in the next six months[76]. - Around HKD 13.4 million (15.8% of net proceeds) is designated for expanding the workforce to ensure sufficient human resources for new projects[76]. - Approximately HKD 17.8 million (20.9% of net proceeds) will be used for the purchase of machinery and equipment[76]. - An estimated HKD 26.7 million (31.4% of net proceeds) is expected to fund preliminary expenses for new projects[76]. - About HKD 13.4 million (15.8% of net proceeds) is anticipated for acquiring suitable and potential companies and businesses[76]. - Approximately HKD 4.8 million (5.6% of total net proceeds) will be allocated for general working capital and other corporate purposes[76]. Dividend Policy - The company did not recommend any dividend for the current fiscal year, but a mid-term dividend of MYR 5.6 million was declared by a subsidiary[54]. - The group has adopted a general annual dividend policy, declaring and paying dividends of approximately 10% of distributable profits for any specific financial year[178]. - The board does not recommend the payment of a final dividend for the financial year[186].