Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was 1,706.66 million MYR, an increase of approximately 26.7% compared to 1,346.98 million MYR in the fiscal year 2023[2] - The gross profit for the fiscal year 2024 was 125.96 million MYR, representing a 63.4% increase from 77.08 million MYR in the fiscal year 2023[2] - The profit attributable to the owners of the company for fiscal year 2024 was 25.46 million MYR, a significant increase of 198.1% from 8.54 million MYR in fiscal year 2023[2] - The operating profit for fiscal year 2024 was 37.89 million MYR, up from 17.88 million MYR in fiscal year 2023[3] - The basic and diluted earnings per share for the fiscal year 2024 were 2.55 sen, compared to 0.85 sen in fiscal year 2023[3] - The net profit attributable to the company's owners for fiscal year 2024 was 25,464 thousand MYR, a significant increase from 8,540 thousand MYR in fiscal year 2023[24] - The total tax expense for fiscal year 2024 was 11,320 thousand MYR, up from 6,111 thousand MYR in fiscal year 2023[21] - The company achieved a post-tax profit of 21.54 million MYR in fiscal year 2024, a significant increase of approximately 161% from 8.24 million MYR in fiscal year 2023[32] Assets and Liabilities - Total assets as of December 31, 2024, were 380.35 million MYR, slightly down from 382.11 million MYR in 2023[4] - Total liabilities decreased to 145.69 million MYR in 2024 from 169.52 million MYR in 2023[5] - The total borrowings as of December 31, 2024, decreased to 76.93 million MYR from 98.40 million MYR in the previous year, primarily due to loan repayments[45] - The asset-to-equity ratio improved to 0.35 times in fiscal year 2024 from 0.48 times in fiscal year 2023[45] Equity and Dividends - As of December 31, 2024, the equity attributable to the owners of the company was 238.44 million MYR, an increase of 11.8% from 213.30 million MYR in 2023[2] - The company decided not to recommend a final dividend for the fiscal year 2024, compared to zero in 2023[2] - The company did not recommend a final dividend for the fiscal year 2024, consistent with the previous year[58] Revenue Sources and Operations - The company primarily engages in the trading of ferrous scrap metal, used batteries, waste paper, iron ore, and other scrap materials in Malaysia[6] - The group's total revenue for the fiscal year 2024 was 1,706,659 thousand MYR, an increase of 26.6% from 1,346,983 thousand MYR in fiscal year 2023[16] - Major customer 1 contributed 1,129,562 thousand MYR to total revenue in fiscal year 2024, up 56.5% from 722,142 thousand MYR in fiscal year 2023[17] - The group primarily operates in Malaysia, with most of its revenue generated from this market[16] Costs and Expenses - The cost of goods sold for fiscal year 2024 was 1,556,104 thousand MYR, representing an increase of 25.0% from 1,246,843 thousand MYR in fiscal year 2023[19] - The group incurred total administrative expenses of 1,667,113 thousand MYR in fiscal year 2024, compared to 1,330,139 thousand MYR in fiscal year 2023[19] - Distribution and sales expenses increased to 55.31 million MYR in fiscal year 2024, up approximately 74.6% from 31.68 million MYR in fiscal year 2023[39] - Administrative expenses rose to 31.11 million MYR in fiscal year 2024, a 9.0% increase from 28.55 million MYR in fiscal year 2023[40] - Total employee costs and related expenses for the fiscal year 2024 amounted to 32.44 million MYR, a 25.4% increase from 25.87 million MYR in fiscal year 2023[55] Trade Receivables and Payables - Trade receivables decreased from 187.01 million MYR in fiscal year 2023 to 167.88 million MYR in fiscal year 2024, reflecting a reduction of approximately 10.2%[29] - Trade payables decreased from 43.39 million MYR in fiscal year 2023 to 31.38 million MYR in fiscal year 2024, a decline of approximately 27.7%[30] - The expected loss rate for trade receivables increased to 1.7% in fiscal year 2024 from 0.6% in fiscal year 2023, with provisions for trade receivables amounting to 2.92 million MYR[52] Corporate Governance and Compliance - The company maintained public float in compliance with the Hong Kong Stock Exchange listing rules as of the announcement date[60] - The audit and risk management committee reviewed the consolidated financial data for fiscal year 2024, confirming consistency with the audited financial statements[64] - The company has adopted a code of conduct for securities trading by directors and senior management, with all directors confirming compliance during the review year[63] - The company is committed to high standards of corporate governance and will continue to review its governance practices[62] Future Outlook - The company anticipates challenges in fiscal year 2025, particularly regarding overcapacity and environmental pressures[31] - The group expects the adoption of new and revised international financial reporting standards will not have a significant impact on its financial performance[13] Employee Information - Employee count increased to 371 in Malaysia as of December 31, 2024, up from 323 in 2023, representing a growth of 14.8%[55] Other Information - The group reported other income of 1,436 thousand MYR in fiscal year 2024, a decrease from 1,605 thousand MYR in fiscal year 2023[18] - Other income decreased from 1.61 million MYR in fiscal year 2023 to 1.44 million MYR in fiscal year 2024, primarily due to a reduction in rental and miscellaneous income[37] - The group's net other losses for the fiscal year 2024 amounted to 1.21 million MYR, an increase of 0.45 million MYR compared to the fiscal year 2023[38] - The capital commitments for the acquisition of property, plant, and equipment as of December 31, 2024, were 28.56 million MYR, compared to 11.76 million MYR in the previous year[49] - The group had no contingent liabilities as of December 31, 2024, consistent with the previous year[48] - There were no purchases, sales, or redemptions of the company's listed securities during the fiscal year 2024[57] - The company has not disclosed any significant events that occurred after the end of the fiscal year 2024 up to the date of this announcement[54] - The company will hold its annual general meeting on June 14, 2025, with a registration suspension period from June 10 to June 14, 2025[59]
兴合控股(01891) - 2024 - 年度业绩