Financial Performance - Revenue for the six months ended December 31, 2024, was RM 223,827 thousand, an increase of 97,522 thousand or 77.2% compared to RM 126,305 thousand in the same period of 2023[2] - Gross profit for the same period was RM 8,045 thousand, up RM 5,527 thousand or 219.5% from RM 2,518 thousand in 2023, resulting in a gross margin of 3.6%[2] - The profit attributable to owners of the company was RM 1,571 thousand, a turnaround from a loss of RM 3,017 thousand in the previous year, representing an increase of RM 4,588 thousand[2] - Basic and diluted earnings per share improved to 0.31 sen from a loss of 0.60 sen in the prior year[2] - The company reported operating profit of RM 2,750 thousand, a significant improvement from an operating loss of RM 1,936 thousand in the previous period[5] - The group reported total revenue of 223,827 thousand ringgit for the six months ended December 31, 2024, a significant increase from 126,305 thousand ringgit in the same period of 2023, representing a growth of approximately 77%[15] - The group reported a total segment profit of 9,983 thousand ringgit for the six months ended December 31, 2024, compared to a profit of 2,002 thousand ringgit in the same period of 2023, marking an increase of approximately 398%[23] - The group reported a pre-tax profit of 2,380 thousand ringgit for the current period, a turnaround from a pre-tax loss of 2,486 thousand ringgit in the previous period[23] - The company reported a profit attributable to owners of approximately 1.6 million Ringgit for the six months ended December 31, 2024, compared to a loss of approximately 3.0 million Ringgit for the same period in 2023[86] Revenue Breakdown - Revenue from reclamation and related works reached 64,832 thousand ringgit, up from 1,606 thousand ringgit, indicating a substantial increase of over 4,000%[23] - The offshore transportation segment generated revenue of 138,474 thousand ringgit, compared to 114,491 thousand ringgit, reflecting an increase of about 21%[23] - Revenue from offshore construction services accounted for approximately 90.8% of total revenue, increasing from approximately 116.1 million MYR to approximately 203.3 million MYR, a 75.1% increase[73] - Revenue from land reclamation and related works increased from approximately 1.6 million MYR to approximately 64.8 million MYR, a significant increase of 3,950.0%[73] - The group’s geographical revenue analysis shows that revenue from Malaysia increased to 85,353 thousand ringgit from 9,502 thousand ringgit, a growth of over 800%[27] - The group’s revenue from Singapore was 138,474 thousand ringgit, up from 116,803 thousand ringgit, representing an increase of about 18%[27] Expenses and Liabilities - Current liabilities rose to RM 149,778 thousand from RM 133,654 thousand, an increase of 12.1%[6] - The group incurred unallocated central administrative expenses of 8,031 thousand ringgit, which is an increase from 5,274 thousand ringgit in the previous period[23] - Employee costs increased to 4,836,000 MYR for the six months ended December 31, 2024, up 29% from 3,758,000 MYR in the same period of 2023[31] - The total income tax expense for the six months ended December 31, 2024, was 839,000 MYR, representing an increase of 11% from 754,000 MYR in the same period of 2023[32] - General and administrative expenses increased by approximately 1.6 million Ringgit or 23.9% to about 8.3 million Ringgit for the six months ended December 31, 2024, primarily due to increased employee costs[83] Assets and Receivables - Trade and other receivables increased to RM 115,888 thousand from RM 92,419 thousand, reflecting a growth of 25.5%[6] - Total assets as of December 31, 2024, were RM 241,249 thousand, compared to RM 229,254 thousand as of June 30, 2024, indicating an increase of 5.2%[6] - Trade receivables as of December 31, 2024, amounted to 109,228,000 MYR, an increase from 88,571,000 MYR as of June 30, 2024[44] - The aging analysis of trade receivables shows that 35,254,000 MYR is overdue by more than 90 days as of December 31, 2024[46] - The group has recognized a provision for bad debts of 8,266,000 MYR as of December 31, 2024, compared to 7,396,000 MYR as of June 30, 2024[44] Investments and Acquisitions - The company acquired property, plant, and equipment for approximately 559,000 MYR in cash during the six months ended December 31, 2024, significantly higher than 122,000 MYR in the same period of 2023[36] - The company entered into a sale agreement to sell a 50% stake in Gabungan Jasapadu Sdn. Bhd. for a total consideration of 1,000 thousand ringgit[59] - The net assets of Gabungan at the time of sale amounted to 428 thousand ringgit, with a sale gain of 572 thousand ringgit recognized in the current year's profit[60] - The company has committed capital expenditures of approximately 12,911 thousand ringgit for the acquisition of investment properties as of December 31, 2024[58] - The group entered into a sale agreement to sell its 50% stake in Gabungan Jasapadu Sdn. Bhd. for 1.0 million MYR, with the net assets of Gabungan prior to the sale being approximately 0.9 million MYR[66] Market Outlook and Strategy - The company continues to focus on expanding its offshore construction services and infrastructure services, with plans for further market penetration in Malaysia and Singapore[7] - The group is optimistic about the construction industry in Malaysia and Singapore, despite facing challenges such as labor shortages and inflationary pressures[113] - The group is actively participating in various tenders to strengthen market competitiveness and is focused on delivering high-quality projects awarded in 2024[114] - The group has received invitations for new projects, including offshore transport expansions in Singapore and government-related projects in Malaysia[113] - The Johor-Singapore Economic Zone agreement was signed in early January 2025, expected to enhance trade and attract new investments, creating job opportunities and supporting talent development[113] Corporate Governance - The Audit Committee was established on April 11, 2019, consisting of three independent non-executive directors, with Tai Lam Shin as the chairman[122] - The interim report for the six months ending December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time[123] - The Board expresses gratitude to shareholders, business partners, and customers for their continued support and contributions[124]
JBB Builders(01903) - 2025 - 中期业绩