Financial Performance - The group reported revenue of 78,867 thousand MYR for the six months ended June 30, 2021, representing a 77.3% increase from 44,433 thousand MYR in the same period of 2020[3] - Gross profit for the same period was 34,714 thousand MYR, up 157.5% from 13,510 thousand MYR year-on-year[3] - The net profit for the period was 23,385 thousand MYR, compared to 1,964 thousand MYR in the previous year, marking a significant increase of 1,087.5%[5] - Basic and diluted earnings per share increased to 2.87 cents from 0.35 cents, reflecting strong profitability growth[5] - Total comprehensive income for the period was 26,006 thousand MYR, compared to 4,194 thousand MYR in the same period last year, an increase of 520.5%[5] - Operating profit for the same period was 25,068 thousand MYR, compared to 7,891 thousand MYR in 2020, indicating a substantial increase of 216.5%[34] - The company reported a net profit of 23,385 thousand MYR for the six months ended June 30, 2021, compared to a profit of 7,225 thousand MYR in 2020, reflecting an increase of 224.5%[39] - Profit for the period was MYR 23.4 million, a significant increase of MYR 21.4 million compared to MYR 2.0 million in the same period of 2020[104] Assets and Liabilities - Non-current assets as of June 30, 2021, amounted to 47,378 thousand MYR, a decrease from 50,614 thousand MYR as of December 31, 2020[7] - Current assets increased to 101,978 thousand MYR from 122,460 thousand MYR at the end of the previous year[7] - The total equity of the company increased to 114,364 thousand MYR from 95,650 thousand MYR, indicating a strong financial position[10] - Trade receivables amounted to 22,867 thousand MYR, with a provision for impairment losses of 283 thousand MYR, resulting in net trade receivables of 22,584 thousand MYR[65] - Total trade and other payables were reported at 16,566 thousand MYR, a decrease from 42,360 thousand MYR as of December 31, 2020[67] - The company’s bank borrowings decreased to 9,463 thousand MYR as of June 30, 2021, down from 11,026 thousand MYR at the end of 2020[71] - The group's net current assets were approximately MYR 80.4 million as of June 30, 2021, up from MYR 69.5 million as of December 31, 2020[105] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2021, was RM 5,645,000, compared to RM 3,794,000 for the same period in 2020, representing an increase of approximately 49%[19] - The net cash used in investing activities for the six months ended June 30, 2021, was RM (2,828,000), a decrease from RM 1,553,000 in 2020, indicating a shift towards cash outflow[19] - The net cash used in financing activities for the six months ended June 30, 2021, was RM (3,282,000), compared to RM (2,084,000) in 2020, reflecting an increase in cash outflow[19] - The cash and cash equivalents at the end of the period were RM 19,533,000, compared to RM 18,789,000 at the end of the same period in 2020, showing a slight increase[19] - The cash and bank balances stood at 20,029 thousand MYR, slightly up from 19,877 thousand MYR at the end of 2020[7] Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new product development to sustain growth[3] - The company has plans for market expansion and new product development, focusing on enhancing its manufacturing capabilities and retail offerings[24] - The company plans to continue expanding its market presence in the Asia-Pacific region, leveraging the significant revenue growth observed[38] - The group aims to increase its market share in the elastic textile and webbing industry while enhancing its competitive advantages[130] Investments and Acquisitions - The company invested 3.4 million MYR in property, plant, and equipment during the period, a significant increase from 0.2 million MYR in the same period of 2020[59] - The company plans to allocate approximately HKD 13.5 million (equivalent to about MYR 7.3 million) for the acquisition of West Cow and provide a loan of up to HKD 5.0 million (approximately MYR 2.8 million) to West Cow[140] - The company has completed the acquisition of West Cow on October 15, 2020, and on March 23, 2021, the board approved the sale of Rich Day Global Limited for a total consideration of HKD 8.5 million (approximately MYR 4.5 million)[144] Corporate Governance and Compliance - The company emphasizes the importance of good corporate governance practices to ensure accountability and protect shareholder interests[152] - The company has adhered to the corporate governance code during the reporting period, ensuring compliance with relevant regulations[153] - The independent non-executive directors confirmed no breaches of the non-competition agreement by the controlling shareholders during the reporting period[161] - The audit committee has reviewed the unaudited consolidated results for the period and found them compliant with applicable accounting standards and regulations[186] - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[184] Risks and Challenges - The company faces challenges due to the resurgence of COVID-19, trade wars, currency fluctuations, and increased regional competition, impacting its operational environment[145] - The group faces foreign exchange risk primarily from USD revenues linked to international companies, with potential impacts on profitability due to currency fluctuations[123] - The company has established a risk management committee to oversee compliance with international sanctions and assess potential risks associated with business activities in sanctioned countries[148] - The company has not engaged in any transactions with sanctioned countries or individuals during the reporting period[148] Employee and Management - Employee costs for the period were approximately MYR 14.4 million, an increase from approximately MYR 12.9 million in 2020[120] - The group employed 536 employees as of June 30, 2021, a slight decrease from 544 employees in 2020[120] - The total remuneration for key management personnel was 1,661 thousand MYR for the six months ended June 30, 2021, compared to 1,569 thousand MYR in the same period of 2020[78]
飞霓控股(08480) - 2021 - 中期财报