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 - 年度财报