Financial Performance - Revenue for the six months ended May 31, 2024, was RM 9,208,000, representing a 40.5% increase from RM 6,544,000 in the same period of 2023[12] - Gross profit increased to RM 2,450,000, up 112.5% from RM 1,152,000 year-over-year[12] - Profit before income tax for the period was RM 187,000, a significant recovery from a loss of RM 4,233,000 in the previous year[12] - Total comprehensive income for the period was RM 191,000, compared to a loss of RM 4,251,000 in the same period last year[13] - Basic earnings per share improved to RM 0.05, compared to a loss of RM 1.09 per share in the prior year[13] - Total comprehensive income for the period increased to RM 191,000, up from a total comprehensive loss of RM 4,252,000 in the same period last year[18] - For the six months ended May 31, 2024, the profit attributable to the owners of the Company was RM187,000, a significant improvement compared to a loss of RM4,233,000 for the same period in 2023[83] Cash Flow and Assets - The company's net cash generated from operating activities was RM 1,668,000, compared to a net cash used of RM 1,820,000 in the previous year, indicating a positive cash flow trend[20] - The company’s cash and cash equivalents at the end of the reporting period stood at RM 4,699,000, an increase from RM 4,511,000 at the end of the previous year[22] - The company recorded a decrease in accumulated losses to RM 31,605,000 as of May 31, 2024, down from RM 30,595,000 in the same period of 2023[18] - The company’s total reserves increased to RM 3,986,000 as of May 31, 2024, compared to RM 3,795,000 at the beginning of the reporting period[18] - The Group's cash at banks and in hand increased to RM3,105,000 as of May 31, 2024, compared to RM1,616,000 on November 30, 2023, representing an increase of approximately 92.1%[103] Expenses and Cost Management - Administrative expenses decreased significantly to RM 2,314,000 from RM 5,414,000 year-over-year, indicating improved cost management[12] - The amortization expense for the six months ended May 31, 2024, was RM 136,000, a decrease from RM 1,411,000 in 2023[53] - Finance costs decreased to RM 38,000 from RM 43,000, a reduction of 11.6% year-over-year[69] - Amortization of intangible assets included in administrative expenses decreased significantly to RM 136,000 from RM 1,411,000, a decline of 90.4%[71] Revenue Breakdown - Revenue from system integration and development services was RM 8,351,000 for the six months ended May 31, 2024, up from RM 6,024,000 in 2023, reflecting a growth of approximately 38.5%[53] - IT outsourcing services generated revenue of RM 187,000 in 2024, down from RM 340,000 in 2023, showing a decline of about 45%[53] - Maintenance and consultancy services revenue increased to RM 670,000 in 2024 from RM 180,000 in 2023, marking a significant growth of approximately 272.2%[53] - Revenue from external customers for the six months ended May 31, 2024, was RM 9,208,000, an increase of 40.6% compared to RM 6,544,000 for the same period in 2023[61] Assets and Liabilities - Current assets decreased to RM 8,071,000 from RM 9,395,000 as of November 30, 2023[15] - Net current assets increased to RM 2,981,000, up from RM 2,514,000 as of November 30, 2023[16] - Total equity rose to RM 3,986,000, compared to RM 3,795,000 at the end of the previous reporting period[16] - Trade receivables from third parties decreased to RM2,444,000 as of May 31, 2024, compared to RM5,141,000 as of November 30, 2023[94] - The Group's total trade and other payables decreased to RM3,227,000 as of May 31, 2024, from RM4,173,000 on November 30, 2023, a decrease of approximately 22.6%[108] Corporate Governance and Management - The Company has adopted the corporate governance code as per GEM Listing Rules and has complied with it, except for the deviation regarding the roles of Chairman and CEO[187] - Mr. Chong Yee Ping continues to serve as both Chairman and CEO, which the Board believes is in the best interest of the Group for effective management and business development[189] - The Board consists of five other experienced individuals, including two non-executive Directors and three independent non-executive Directors, to ensure diverse perspectives in decision-making[189] Future Strategies - The group plans to strengthen its position as a major technology service provider in the commercial and public financial services sectors, noting reduced competition in the Malaysian market[168][169] - Future strategies include promoting new R&D solutions and exploring partnerships with potential investors to enter unexplored sectors and industries[170] - The group emphasizes partnerships with software companies like IBM and Oracle, recently winning a new contract with Oracle, focusing on compliance software in the anti-money laundering area[175]
九福来(08611) - 2024 - 中期财报