Financial Performance - Revenue for the six months ended June 30, 2020, was RM 103,269,000, an increase from RM 98,714,000 in the same period last year, representing a growth of 4.9%[19] - Gross profit for the same period was RM 24,717,000, compared to RM 23,628,000 in 2019, maintaining a gross margin of 23.9%[19] - Net profit for the six months was RM 13,218,000, up from RM 8,531,000 in the previous year, resulting in a net profit margin of 12.8%[19] - The comprehensive income for the period totaled RM 14,868,000, compared to RM 8,245,000 in the previous year[19] - Profit before tax increased to RM 14,376,000, compared to RM 10,834,000 in the previous year, representing a growth of 32.5%[75] - Net profit for the period was RM 13,218,000, a significant increase of 55.5% from RM 8,531,000 in 2019[75] - Total comprehensive income for the period was RM 14,868,000, compared to RM 8,245,000 in the previous year, indicating a strong performance[77] - Basic and diluted earnings per share increased to 0.68 sen, up from 0.57 sen in the previous year[77] Revenue Segmentation - The logistics center segment recorded a revenue increase of 29.2% compared to the same period last year[15] - Revenue from integrated freight forwarding services increased by approximately 3.6% to about 35,875,000 MYR, while gross profit decreased by about 6.9% to approximately 6,889,000 MYR due to price competition[25] - Revenue from logistics center and related services rose by approximately 29.2% to about 30,420,000 MYR, with gross profit increasing by approximately 77.6% to about 6,001,000 MYR due to the completion of a second warehouse in the Port Klang Free Trade Zone[25] - The revenue from logistics center and related services was 27,311 thousand MYR for the six months ended June 30, 2020, up from 22,805 thousand MYR in 2019, indicating a growth of about 19%[121] - The revenue from freight forwarding services was 35,875 thousand MYR for the six months ended June 30, 2020, compared to 34,617 thousand MYR in 2019, reflecting a slight increase of approximately 3.6%[121] - The group’s revenue from external customers in Malaysia was 59,952 thousand MYR for the six months ended June 30, 2020, compared to 51,020 thousand MYR in 2019, marking an increase of approximately 17%[118] - The group’s revenue from Indonesia was 8,424 thousand MYR for the six months ended June 30, 2020, down from 11,016 thousand MYR in 2019, representing a decline of about 23.6%[118] Asset Management - Non-current assets as of June 30, 2020, amounted to RM 159,157,000, an increase from RM 144,694,000 at the end of 2019[22] - Current assets increased significantly to RM 138,403,000 from RM 73,414,000 at the end of 2019[22] - Total assets less current liabilities increased to 243,671 thousand MYR from 153,928 thousand MYR, reflecting a growth of about 58.5%[81] - Total equity increased to 170,758 thousand MYR as of June 30, 2020, up from 83,297 thousand MYR at the end of 2019, representing a growth of about 104.5%[81] - Cash and cash equivalents surged to 81,444 thousand MYR from 17,180 thousand MYR, indicating a significant increase of approximately 373%[79] - The company’s interest-bearing loans decreased to 48,270 thousand MYR from 50,778 thousand MYR, showing a reduction of about 4.9%[81] Cost Management - Operating costs totaled approximately 78,552,000 MYR, an increase of about 4.6% or 3,466,000 MYR compared to the previous year[26] - Administrative and other operating expenses decreased to RM 8,084,000 from RM 8,754,000, showing improved cost management[75] - Financial expenses rose to RM 2,401,000 from RM 1,648,000, indicating increased borrowing costs[75] - Total employee costs amounted to 11,065 thousand MYR, up from 10,402 thousand MYR, indicating an increase of 6.4%[127] Strategic Initiatives - The company has implemented digital transformation initiatives, allowing employees to work remotely without increasing headcount while maintaining business and revenue growth[14] - The company has made strategic decisions to optimize resources and reduce costs during the pandemic, including reallocating employees to meet increased demand in certain segments[11] - The company anticipates a rebound in the Malaysian economy, projecting a growth of 6.9% in 2021 as the world recovers from the pandemic[16] Capital and Financing - The company raised approximately MYR 62.7 million from the issuance of 500,000,000 shares at a final sale price of MYR 0.31 per share[43] - As of the mid-term report date, MYR 50.4 million of the net proceeds remains unutilized and is deposited in a licensed bank in Malaysia[45] - The company has utilized approximately MYR 12.3 million of the net proceeds, which is lower than the planned usage[45] - The company plans to utilize the remaining net proceeds starting from Q3 2020[45] - MYR 46 million of the net proceeds is allocated for the Westport Free Trade Zone project, with MYR 45.7 million still available for use[43] Dividend and Shareholder Returns - The board declared an interim dividend of 0.0007 USD per share for the six months ended June 30, 2020, expected to be paid around September 30, 2020[40] - The company declared an interim dividend of approximately 6,000,000 MYR, compared to 17,271 thousand MYR in the previous year, which was not declared in 2020[134] Governance and Compliance - The company has complied with corporate governance best practices, with only one regular board meeting held during the reporting period[47] - The mid-term financial statements were approved by the board of directors on August 19, 2020[184]
鹰辉物流(01442) - 2020 - 中期财报