Financial Performance - For the six months ending June 30, 2024, the total revenue of Worldgate Global Logistics Ltd was approximately 36.2 million MYR, a decrease of about 29.0% compared to the same period in 2023[4] - The gross profit for the same period was approximately 2.2 million MYR, representing a decline of 47.8% year-over-year[4] - The company recorded a net loss of approximately 6.6 million MYR for the six months ending June 30, 2024[4] - The total comprehensive loss for the six months ended June 30, 2024, was 6,744 thousand MYR, compared to a loss of 6,922 thousand MYR in the same period of 2023, showing a slight improvement[11] - The company reported a loss attributable to owners of the company of 6,404 thousand MYR for the six months ended June 30, 2024, compared to a loss of 6,369 thousand MYR in 2023, indicating a slight increase in losses[22] Revenue Breakdown - For the six months ended June 30, 2024, the total revenue from freight forwarding and related services was 16,072 thousand MYR, an increase from 12,811 thousand MYR in the same period of 2023, representing a growth of approximately 25.5%[15] - The revenue from the manufacturing and trading of plastic products reached 12,578 thousand MYR, up from 8,946 thousand MYR in the previous year, indicating a growth of about 40.5%[15] - The trading of second-hand mobile phones generated revenue of 7,552 thousand MYR, a decrease from 29,232 thousand MYR in the same period last year, reflecting a decline of approximately 74.1%[15] - Revenue from sea freight agency and related services for the six months ended June 30, 2024, was 4,240 thousand MYR, compared to 3,844 thousand MYR in 2023, representing an increase of 10.3%[11] - Revenue from the sale of second-hand mobile phones decreased to 7,552 thousand MYR in 2024 from 29,232 thousand MYR in 2023, a decline of 74.1%[11] - The manufacturing and trading of plastic products segment generated revenue of 23,624 thousand MYR in 2024, down from 42,043 thousand MYR in 2023, a decrease of 43.8%[11] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled 12,433 thousand MYR, an increase from 11,598 thousand MYR as of December 31, 2023[7] - Current assets, including inventory, were reported at 3,060 thousand MYR, down from 4,920 thousand MYR as of December 31, 2023[7] - Cash and bank balances decreased to 13,768 thousand MYR from 21,681 thousand MYR as of December 31, 2023[7] - Current liabilities were reported at 36,028 thousand MYR, a decrease from 46,877 thousand MYR as of December 31, 2023[7] - The total assets less current liabilities amounted to 31,081 thousand MYR, down from 38,496 thousand MYR[7] Cash Flow and Financing - Net cash used in operating activities for the six months was (4,997) thousand MYR, compared to (771) thousand MYR in the same period last year, indicating a significant increase in cash outflow[12] - The net cash used in investing activities was (1,369) thousand MYR, a decrease from a cash inflow of 163 thousand MYR in the previous year, highlighting a shift in investment strategy[12] - The net cash used in financing activities was (1,601) thousand MYR, compared to (1,917) thousand MYR in the same period last year, indicating a reduction in financing outflows[12] Equity and Share Capital - The total equity as of June 30, 2024, was 29,547 thousand MYR, down from 36,469 thousand MYR at the end of 2023, reflecting a decrease of approximately 19%[9] - The total issued and paid-up capital as of June 30, 2024, was RM 33,712,000, with 633,600,000 shares issued[29] - Win All Management Limited and Mr. Ng hold 188.36 million shares, representing 29.73% of the company's issued share capital[65] - The company has a stock option plan in place, with 8 million shares (1.26% of issued shares) available for issuance under the plan as of June 30, 2024[67] Operational Highlights - The company operates in three segments: freight forwarding and related services, manufacturing and trading of plastic products, and trading of second-hand mobile phones, with total revenues of 36,202 thousand MYR for the six months ended June 30, 2024, compared to 50,989 thousand MYR in the same period of 2023, reflecting a decline of approximately 29.2%[15] - The company aims to strengthen its position as a comprehensive logistics solution provider in Hong Kong and Malaysia, focusing on sustainable development and operational excellence[38] - Management has indicated a focus on strengthening market position in Hong Kong amidst competitive pressures in the logistics sector[32] Employee and Administrative Costs - Employee costs, including directors' remuneration, increased to 6,680 thousand MYR in 2024 from 6,165 thousand MYR in 2023, an increase of 8.3%[18] - Administrative expenses for the six months ended June 30, 2024, were approximately MYR 9.2 million, a decrease from MYR 10.4 million in 2023[47] Corporate Governance - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM Listing Rules[70] - The company has adhered to the corporate governance code as per GEM Listing Rules during the six months ending June 30, 2024[71] - The audit committee, composed of independent non-executive directors, has reviewed the interim financial statements, which comply with applicable accounting standards[72] Future Plans and Investments - The company is exploring investment and business collaboration opportunities to create long-term value for shareholders[63] - The company is in discussions to establish a joint venture with Suining International, with a proposed ownership structure of 51:49, focusing on green energy investments[61] - A strategic cooperation agreement was signed with Zhongwei Supply Chain on January 5, 2023, to collaborate on supply chain business, although no final agreements have been established yet[62]
VSING(08292) - 2024 - 中期业绩