Financial Performance - The gross profit increased from approximately RM1,152,000 for the six months ended 31 May 2023 to approximately RM2,450,000 for the six months ended 31 May 2024, representing an increase of about 112.5%[17]. - The gross profit margin increased from approximately 17.6% for the six months ended 31 May 2023 to approximately 26.6% for the six months ended 31 May 2024[17]. - The Group recorded a profit of approximately RM187,000 for the six months ended 31 May 2024, compared to a loss of approximately RM4,233,000 in 2023[19]. - Total comprehensive income for the period was RM191,000, a significant improvement from a total comprehensive loss of RM4,251,000 in the previous year[88]. - Earnings per share improved to 0.05 RM cents, compared to a loss of 1.09 RM cents per share in the same period last year[88]. - The financial results indicate a recovery trend, with a notable turnaround from previous losses to profitability[88]. - For the six months ended May 31, 2024, the profit attributable to the owners of the Company was RM187, compared to a loss of RM4,233 for the same period in 2023, indicating a significant turnaround[159]. Revenue Growth - For the six months ended 31 May 2024, the Group recorded a total revenue increase of approximately 40.7% to approximately RM9,208,000 compared to RM6,544,000 in 2023[30]. - Revenue from system integration and development services increased by approximately 38.6% to approximately RM8,351,000, primarily due to a new project involving the sales of externally purchased software and hardware, contributing approximately RM3.9 million[32]. - Revenue from maintenance and consultancy services surged by approximately 272.1% to approximately RM670,000, attributed to the commencement of new projects during the period[37]. - IT outsourcing services revenue decreased by approximately 45.0% to approximately RM187,000, due to staff reallocation to internal projects[32]. - Revenue for the six months ended May 31, 2024, increased to RM9,208,000, representing a 40.5% growth compared to RM6,544,000 in the same period of 2023[105]. - The segment revenue for system integration and development services was RM8,351,000, while IT outsourcing services generated RM187,000, and maintenance and consultancy services contributed RM670,000[141]. Cost Management - Administrative expenses decreased by approximately 57.3% to approximately RM2,314,000 for the six months ended 31 May 2024, down from approximately RM5,414,000 in 2023[17]. - The cost of materials sold surged to RM3,618 in 2024 from RM620 in 2023, indicating a substantial increase of approximately 484.8%[154]. - Depreciation of property, plant, and equipment decreased to RM78 in 2024 from RM181 in 2023, a reduction of about 56.9%[154]. - The Group's cash at banks and in hand increased to RM3,105,000 as of 31 May 2024, up 92.06% from RM1,616,000 on 30 November 2023[185]. Borrowings and Financial Ratios - At 31 May 2024, the total borrowings of the Group amounted to approximately RM1.5 million, down from approximately RM1.6 million on 30 November 2023[19]. - The gearing ratio of the Group was 36.5% at 31 May 2024, compared to 42.1% on 30 November 2023[19]. - The current ratio of the Group was approximately 1.6 times at 31 May 2024, compared to approximately 1.5 times on 30 November 2023[21]. - The Group's net current assets amounted to approximately RM2,981,000 at 31 May 2024, up from approximately RM2,514,000 on 30 November 2023[21]. Operational Efficiency - Cash flows generated from operations before movements in working capital were RM516,000, compared to a cash outflow of RM2,504,000 in the previous year, indicating a turnaround in operational efficiency[112]. - The net cash generated from operating activities was RM1,668,000, a recovery from a net cash outflow of RM1,820,000 in the prior year[112]. - The total cash generated from operations was RM1,782,000, compared to a cash outflow of RM1,665,000 in the previous year, indicating improved operational performance[112]. Future Outlook and Strategy - The Group aims to continue being a major technology service provider in the commercial and public financial services sectors[29]. - The Group plans to promote new research and development solutions to explore unexplored verticals and industries through potential investment partners[29]. - The Group emphasizes partnerships with software companies like IBM and Oracle to build new business operations[29]. - Future outlook remains positive, with expectations of continued growth in segment revenues driven by increased demand for IT services[141]. Compliance and Reporting - The interim report is compliant with the GEM Listing Rules and will be made available to shareholders and the public[53]. - The company has not early adopted new/revised IFRSs that are not yet effective, with no anticipated material impact on future consolidated financial statements[120]. - The company has maintained consistent accounting policies, with no significant effects from the adoption of new IFRSs on the financial results for the current and prior periods[136].
九福来(08611) - 2024 - 中期业绩