Contracts and Projects - The group completed 3 offshore construction contracts with a total original contract value of approximately MYR 53.4 million and 1 building and infrastructure contract valued at approximately MYR 18.3 million for the six months ended December 31, 2024[10]. - As of December 31, 2024, the group has 3 ongoing offshore construction contracts with a total original contract value of approximately MYR 1,312.1 million and 2 ongoing building and infrastructure contracts valued at approximately MYR 146.7 million[10]. - The group submitted 3 tenders and 2 quotations with an expected total contract value of approximately MYR 176.9 million as of June 30, 2024, with additional tenders and quotations submitted for building and infrastructure contracts totaling approximately MYR 234.2 million[11]. - The group is focused on executing existing contracts, including a reclamation project in Johor and a new courthouse building in Malaysia, with a total contract value of approximately 0.6 million MYR[63]. Financial Performance - Revenue increased by approximately 97.5 million MYR or 77.2% to about 223.8 million MYR for the six months ended December 31, 2024, compared to approximately 126.3 million MYR for the same period in 2023[19]. - Revenue from offshore construction services accounted for approximately 90.8% of total revenue, increasing by about 87.2 million MYR or 75.1% to approximately 203.3 million MYR[20]. - Revenue from land reclamation and related works increased by approximately 63.2 million MYR or 3,950.0% to approximately 64.8 million MYR, primarily due to new contracts awarded in 2024[20]. - Revenue from offshore transportation increased by approximately 24.0 million MYR or 21.0% to approximately 138.5 million MYR, driven by increased sand transportation volume from new contracts in Singapore[21]. - The group reported a profit attributable to the 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, indicating a significant turnaround in performance[34]. - The company reported a net profit for the period of RM 1,541,000, compared to a net loss of RM 3,240,000 in the same period last year, marking a significant recovery[91]. Expenses and Costs - Gross profit increased by approximately 5.5 million MYR or 220.0% to approximately 8.0 million MYR, with gross margin rising from about 2.0% to approximately 3.6%[25]. - General and administrative expenses increased by approximately 1.6 million MYR or 23.9% to about 8.3 million MYR, mainly due to increased employee costs[31]. - Financial costs decreased from approximately 0.5 million MYR to about 0.4 million MYR, primarily due to reduced bank loan balances[32]. - Total employee costs increased to RM 4,995,000 for the six months ended December 31, 2024, from RM 4,218,000 in the same period of 2023, reflecting a rise of 18.4%[130]. - Interest expenses on bank loans decreased to RM 343,000 in the six months ended December 31, 2024, down from RM 470,000 in the same period of 2023, a reduction of 27.0%[129]. Assets and Liabilities - As of December 31, 2024, the group had cash and cash equivalents of approximately 83.1 million Ringgit, down from 94.1 million Ringgit as of June 30, 2024, primarily due to cash outflows from operating, financing, and investing activities[37]. - The total amount of bank loans and lease liabilities decreased from approximately 11.2 million Ringgit as of June 30, 2024, to approximately 9.1 million Ringgit as of December 31, 2024, contributing to a decline in the debt-to-equity ratio from about 8.2% to 6.8%[38]. - Trade and other receivables increased to RM 115,888,000 from RM 92,419,000, reflecting improved collection and sales performance[93]. - The total non-current assets as of December 31, 2024, were MYR 47,748,000, slightly up from MYR 47,528,000 as of June 30, 2024[124]. Shareholder and Governance - The group did not recommend the payment of an interim dividend for the six months ended December 31, 2024, consistent with the previous period[36]. - The company has adopted and complied with all applicable corporate governance code provisions during the reporting period[73]. - Major shareholders include JBB Jade Investment Limited and JBB Berlian Investment Limited, holding approximately 36.36% and 32.25% of the issued share capital, respectively[85]. - The company established an audit committee to oversee financial reporting and internal controls, enhancing corporate governance practices[88]. Investments and Financing - The group entered into a sale agreement to sell a 50% stake in a non-wholly owned subsidiary for MYR 1.0 million, with the net assets of the subsidiary prior to the sale being approximately MYR 0.9 million[13]. - The group sold a 35% stake in a joint venture for MYR 150,000, with the net assets of the joint venture prior to the sale being approximately MYR 397,000[15]. - The net proceeds from the global offering of ordinary shares amount to approximately HKD 125.2 million (about MYR 62.6 million), after deducting underwriting fees and related listing expenses[69]. - The allocation of net proceeds includes 57.9% (MYR 36.2 million) for purchasing a modified sand transport vessel and 7.3% (MYR 4.6 million) for acquiring new land-based machinery[69]. Market Conditions and Challenges - The group faces challenges in the construction industry, including labor shortages, inflationary pressures, and rising interest rates impacting profitability[66]. - The group maintains a strong liquidity position, monitoring uncertainties while exploring new opportunities and optimizing its business model[67]. Trade Receivables and Payables - Approximately 40% of the total trade receivables and contract assets as of December 31, 2024, were derived from the group's largest customer, down from 61% as of June 30, 2024, indicating a reduction in credit concentration risk[48]. - Trade receivables increased to MYR 109,228,000 as of December 31, 2024, compared to MYR 88,571,000 as of June 30, 2024, reflecting a growth of approximately 23.4%[145]. - The aging analysis of trade receivables shows MYR 35,254,000 overdue by more than 90 days as of December 31, 2024, compared to MYR 2,163,000 as of June 30, 2024[147]. - As of December 31, 2024, trade payables increased to 135,903 thousand Ringgit from 118,979 thousand Ringgit as of June 30, 2024, representing a growth of approximately 14.2%[150]. Future Outlook - The expected timeline for utilizing the remaining proceeds is by June 30, 2028, depending on market and economic conditions[72]. - The company plans to upgrade IT and project management systems with an allocation of 0.6% (MYR 0.4 million) of the net proceeds[69].
JBB Builders(01903) - 2025 - 中期财报