Financial Performance - The company recorded a revenue of approximately 289.2 million MYR for the fiscal year 2024, a decrease of about 43.3% from 510.4 million MYR in fiscal year 2023[10]. - The gross profit margin fell from approximately 6.6% in fiscal year 2023 to about 1.4% in fiscal year 2024[10]. - The company reported a loss attributable to owners of approximately 1.6 million MYR in fiscal year 2024, compared to a profit of about 20.0 million MYR in fiscal year 2023, representing a decrease of approximately 21.6 million MYR[10]. - The group's revenue decreased from approximately RM 510.4 million in FY2023 to about RM 289.2 million in FY2024, a reduction of RM 221.2 million or 43.3%[22]. - The group's gross profit fell from approximately RM 33.7 million in FY2023 to RM 4.0 million in FY2024, with a gross margin decline from 6.6% to 1.4%[25]. - The total employee cost decreased from approximately 13.5 million MYR in 2023 to about 11.8 million MYR in 2024, primarily due to a reduction in workforce[55]. - The group reported a loss attributable to owners of approximately RM 1.6 million in FY2024, a decrease of RM 21.6 million (or 108.0%) compared to a profit of RM 20.0 million in FY2023[32]. - The group's cash balance as of October 31, 2024, was approximately RM 62.8 million, compared to RM 57.4 million in the previous year[35]. Construction Projects - The company completed 7 construction projects in fiscal year 2024, with a total contract value of approximately 903.2 million MYR[15]. - As of October 31, 2024, the company has 3 ongoing construction projects with a total contract value of approximately 451.5 million MYR[19]. - The company submitted 13 bids for factory projects, 2 bids for commercial projects, and 6 bids for institutional projects in fiscal year 2024[19]. - The company won contracts for 3 factory projects and 1 institutional project, with total contract values of approximately 84.9 million MYR and 115.7 million MYR respectively[19]. - As of October 31, 2024, the group's uncompleted engineering order book amounted to approximately RM 278.9 million, down from RM 382.7 million in the previous year[24]. Economic Environment - The company anticipates a challenging operating environment for the next fiscal year due to global uncertainties and emerging market challenges[11]. - The average inflation rate in Malaysia year-to-date is 1.8%, with expectations for inflation to remain manageable in 2025[11]. Cost Management and Future Plans - The company plans to continue cost-reduction policies and actively bid for new projects to supplement its order book[11]. - The group made significant capital expenditures of approximately RM 9.7 million in FY2024, including RM 0.4 million for an excavator and RM 7.3 million for a D3 support system[43]. - The company plans to utilize approximately 0.5 million HKD for land acquisition and warehouse construction by October 31, 2025[57]. - The company aims to hire additional staff to support business expansion, with an allocation of HKD 3,892,000 (5.3%)[60]. Governance and Compliance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and has complied with all provisions in the fiscal year 2024[89]. - The roles of Chairman and CEO have been clearly separated, with Low Seah Sun and Low Wui Linn fulfilling these positions respectively in the fiscal year 2024[90]. - The company has a code of conduct for securities trading by directors, which complies with the standards set out in the Listing Rules, with no violations reported in the fiscal year 2024[91]. - The board of directors for the fiscal year 2024 includes 5 executive directors and 3 independent non-executive directors, ensuring a diverse governance structure[92]. - The company has established a risk register to document identified risks, risk ratings, mitigation plans, and key responsible persons[150]. - The company has engaged an independent professional advisor to perform internal audit functions, ensuring an independent assessment of risk management and internal control systems[151]. - The company has complied with relevant laws and regulations, with no serious violations reported for the fiscal year 2024[196]. Shareholder Relations - The company maintains a shareholder communication policy to ensure timely access to comprehensive and understandable information regarding its financial performance and strategic objectives[170]. - Shareholders are encouraged to participate in annual general meetings, where board members and appropriate management personnel will be present to address questions[174]. - The company prioritizes the protection of shareholder privacy and will not disclose shareholder information without consent, except as required by law[175]. - The company does not recommend the payment of a final dividend for the fiscal year 2024, consistent with the previous fiscal year where no dividend was declared[199]. - The board will continue to review the dividend policy and retains the discretion to update or modify it at any time[187]. Risk Management - The company emphasizes the importance of business risk management to identify internal and external factors that may impact its objectives, focusing on fluctuations in key material prices, labor markets, and other economic factors[156]. - Prior to any acquisition investments, the company ensures appropriate due diligence is conducted and reviewed[157]. - The company has implemented succession planning processes to address human resource risks, particularly the reliance on key personnel[158]. Audit and Financial Reporting - The Audit Committee held 3 meetings during the fiscal year 2024 and reviewed the audited consolidated financial statements for the year ended October 31, 2023[139]. - The external auditor's fees for audit services amounted to 828 thousand MYR in 2024, an increase from 556 thousand MYR in 2023, reflecting a 48.9% rise[144]. - The Audit Committee recommended the reappointment of the external auditor, ShineWing (HK) CPA Limited, for the fiscal year 2024[140]. - The company reported no significant uncertainties affecting its ability to continue as a going concern[147]. - The board of directors confirms their responsibility to maintain proper accounting records and prepare financial statements that fairly reflect the company's financial position and performance for each fiscal year[161]. - The company believes that clear, fair, and timely financial reporting is crucial for maintaining stakeholder confidence, with annual and interim results published within three and two months after the relevant fiscal periods end, respectively[161].
RIMBACO(01953) - 2024 - 年度财报