Financial Performance - For the fiscal year ending October 31, 2024, the company reported total revenue of MYR 289,184,000, a decrease of 43.3% compared to MYR 510,437,000 for the fiscal year ending October 31, 2023[6] - The gross profit for the fiscal year 2024 was MYR 4,049,000, down from MYR 33,705,000 in 2023, indicating a significant decline in profitability[6] - The company recorded a net loss of MYR 1,552,000 for the fiscal year 2024, compared to a profit of MYR 20,007,000 in the previous year, reflecting a negative shift in financial performance[6] - The company's pre-tax loss amounted to 1,552,000 MYR for the year ending October 31, 2024, compared to a profit of 20,007,000 MYR in 2023, indicating a significant decline in performance[32] - The company reported a loss attributable to owners of approximately 1.6 million Ringgit in 2024, a decrease of about 21.6 million Ringgit (or 108.0%) compared to a profit of 20.0 million Ringgit in 2023[66] - The gross profit for the fiscal year 2024 was approximately 4.0 million Ringgit, down from 33.7 million Ringgit in 2023, resulting in a gross margin decrease from 6.6% to 1.4%[60] Assets and Liabilities - Total assets as of October 31, 2024, amounted to MYR 260,842,000, a decrease from MYR 325,548,000 in 2023, indicating a reduction in asset base[8] - Current liabilities decreased to MYR 139,750,000 in 2024 from MYR 193,329,000 in 2023, showing improved management of short-term obligations[8] - The company's non-current assets increased to MYR 31,638,000 in 2024 from MYR 22,622,000 in 2023, suggesting investment in long-term assets[8] - The company's trade receivables net amount was 85,675,000 MYR as of October 31, 2024, down from 92,461,000 MYR in 2023, representing a decrease of about 7.4%[35] - The total amount of trade and other receivables decreased from 110,156,000 MYR in 2023 to 99,691,000 MYR in 2024, a decline of approximately 9.4%[35] - Contract assets related to construction contracts decreased from 143,363,000 MYR in 2023 to 82,228,000 MYR in 2024, a reduction of about 42.7%[38] - The company's trade payables and notes payable decreased from 102,788,000 MYR in 2023 to 90,822,000 MYR in 2024, indicating a decline of approximately 11.6%[40] - The company's net current assets decreased by approximately 11.1 million Ringgit (or 8.4%) to about 121.1 million Ringgit as of October 31, 2024[77] Revenue Breakdown - Revenue from factory projects was 155,152 thousand MYR, down 50.7% from 314,513 thousand MYR in the previous year[22] - Revenue from infrastructure projects increased to 84,170 thousand MYR, up 49.8% from 56,203 thousand MYR in 2023[22] - Other income for the year was 4,364 thousand MYR, a decline of 25.6% compared to 5,885 thousand MYR in 2023[24] - Bank interest income was 2,113 thousand MYR, slightly down from 2,238 thousand MYR in the previous year[24] - The financing cost for lease liabilities increased to 21 thousand MYR from 3 thousand MYR in 2023[25] Future Outlook and Strategy - The company plans to continue focusing on its core contracting services in Malaysia, aiming for market expansion and potential new projects[13] - The company anticipates continued challenges in 2025 due to a competitive construction industry and rising material costs, necessitating careful planning and innovative solutions[67] - The group plans significant capital expenditures of approximately 9.7 million MYR for FY2024, including 0.4 million MYR for an excavator and 7.3 million MYR for a D3 support system[78] Corporate Governance and Compliance - The company has adopted new International Financial Reporting Standards, which may impact future financial reporting and disclosures[14] - The group has not early adopted any new international financial reporting standards that have been issued but are not yet effective[19] - The application of the revised international accounting standards did not have a significant impact on the group's financial position and performance[20] - The group expects that the application of new international financial reporting standards will not have a significant impact on its performance and financial position[20] - The audit committee has reviewed the consolidated financial statements for the fiscal year ending October 31, 2024, confirming compliance with applicable accounting standards and regulations[111] - The financial figures for the group, as audited by the external auditor, are consistent with the consolidated financial statements for the fiscal year ending October 31, 2024[112] - The company has adhered to all corporate governance codes as outlined in the listing rules for the 2024 fiscal year, emphasizing the importance of accountability and shareholder value[108] Employee and Operational Metrics - Total employee costs decreased from 16,478,000 MYR in 2023 to 14,739,000 MYR in 2024, reflecting a reduction of approximately 10.6%[28] - Employee costs decreased from approximately 13.5 million MYR in FY2023 to about 11.8 million MYR in FY2024, primarily due to a reduction in workforce[90] - The average credit period granted to customers is not exceeding 60 days, with specific customers potentially receiving longer terms based on circumstances[35] Projects and Bids - The group completed 7 construction projects in the fiscal year 2024, with a total contract value of approximately 903.2 million MYR, including 6 factory projects and 1 commercial and residential project[47] - As of October 31, 2024, the group has 3 ongoing construction projects with a total contract value of approximately 451.5 million MYR, including 1 factory project, 1 institutional project, and 1 infrastructure project[53] - The group has submitted 13 bids for factory projects, 2 bids for commercial projects, and 6 bids for institutional projects in the fiscal year 2024[54] Cash and Investments - The company’s cash and cash equivalents increased to MYR 62,794,000 in 2024 from MYR 57,448,000 in 2023, indicating a stronger liquidity position[8] - As of October 31, 2024, the company's cash balance was approximately 62.8 million Ringgit, an increase from 57.4 million Ringgit in 2023[70] - Restricted cash deposits as of October 31, 2024, are earning interest at rates between 2.3% and 3.65%, compared to 2.5% to 3.0% in 2023[39] - As of October 31, 2024, restricted cash deposits amount to approximately 11.4 million MYR, down from 13.8 million MYR in the previous year[85] - The group has no significant investments outside of its subsidiaries[82] Dividends and Taxation - The company did not declare or propose any dividends for the year ending October 31, 2024, compared to an interim dividend of 22,930,000 MYR in 2023[33] - The estimated corporate income tax for Malaysia for the year ending October 31, 2024, is 798,000 MYR, a significant decrease from 7,102,000 MYR in 2023[29] - The company has received a notice from the Inland Revenue Board Malaysia regarding a tax audit scheduled for November 5, 2024, to assess reported taxable income compliance[99] Miscellaneous - There are no significant events reported for FY2024[81] - The company has maintained its commitment to a non-competition agreement with its major shareholders, confirming compliance as of the report date[103] - No significant post-fiscal year events have been reported by the company up to the announcement date[100] - The unutilized net proceeds from the IPO amount to approximately 3.3 million HKD, with 1.4 million HKD already utilized for machinery and equipment purchases[93] - The group has no major acquisitions or sales planned for FY2024[79] - The group has no capital commitments as of October 31, 2024[87] - The group does not face significant foreign exchange risks as its operations are primarily in MYR[88]
RIMBACO(01953) - 2024 - 年度业绩