Financial Performance - Revenue for the fiscal year ending December 31, 2024, increased by 34.36% to MYR 114,497,661 compared to MYR 85,217,638 in 2023[2] - Operating profit turned positive at MYR 14,670,835, a significant improvement from a loss of MYR 609,161 in the previous year[2] - Net profit for the year reached MYR 9,368,508, compared to a loss of MYR 1,798,324 in 2023, marking a turnaround of over 100%[2] - Total comprehensive income for the year was MYR 7,914,329, up from MYR 1,323,277 in 2023[7] - The pre-tax profit for the fiscal year 2024 is RM 13,294,344, compared to a loss of RM 2,667,003 in fiscal year 2023, indicating a significant turnaround[28] - For the fiscal year 2024, the company recorded a profit after tax of approximately 9.37 million Malaysian Ringgit, compared to a loss of about 1.80 million Malaysian Ringgit in fiscal year 2023, primarily due to increased revenue and gross profit[49] Revenue Breakdown - The company's revenue from coconut-related products for the fiscal year 2024 was 102,611,961 Malaysian Ringgit, an increase of 31.7% from 78,019,025 Malaysian Ringgit in fiscal year 2023[22] - Total revenue for the fiscal year 2024 reached 114,497,661 Malaysian Ringgit, up 34.3% from 85,217,638 Malaysian Ringgit in fiscal year 2023[22] - The company identified a significant customer, Company A, contributing 34,400,525 Malaysian Ringgit, which represents 30.1% of total revenue for fiscal year 2024, compared to 19,405,046 Malaysian Ringgit in fiscal year 2023[25] - Revenue from coconut-related products for fiscal year 2024 was approximately 102.61 million Malaysian Ringgit, an increase of about 31.52% or 24.59 million Malaysian Ringgit from approximately 78.02 million Malaysian Ringgit in fiscal year 2023[50] Profitability Metrics - Gross profit margin improved to 25.5% from 20.3%, reflecting a 5.2 percentage point increase[4] - The gross profit margin for fiscal year 2024 rose to 25.51%, up from 20.35% in fiscal year 2023, with gross profit increasing by approximately 68.46% or 11.87 million Malaysian Ringgit[49] - Basic and diluted earnings per share increased to MYR 0.87 from a loss of MYR 0.17 in the previous year[7] - The basic earnings per share for fiscal year 2024 is RM 0.87, compared to a loss of RM 0.17 per share in fiscal year 2023[31] Financial Position - Cash and cash equivalents increased by 70.56% to MYR 14,164,790 from MYR 8,304,999 in 2023[3] - Total assets less current liabilities rose by 22.61% to MYR 147,781,941 compared to MYR 120,528,270 in the previous year[3] - Current ratio improved significantly to 2.7 from 1.2, indicating better short-term financial health[4] - The company’s non-current assets totaled 105,480,045 Malaysian Ringgit in fiscal year 2024, down from 111,220,868 Malaysian Ringgit in fiscal year 2023[24] - Loans and borrowings decreased to approximately 22.11 million Malaysian Ringgit as of December 31, 2024, down by about 6.65 million Malaysian Ringgit from 28.76 million Malaysian Ringgit on December 31, 2023, primarily due to loan repayments[66] - The debt ratio was approximately 0.26 as of December 31, 2024, compared to 0.27 in 2023[67] Expenses and Costs - Financial costs decreased to 1,506,360 Malaysian Ringgit in fiscal year 2024 from 2,118,818 Malaysian Ringgit in fiscal year 2023, reflecting a reduction of 29%[26] - The income tax expense for fiscal year 2024 was 3,925,836 Malaysian Ringgit, compared to a tax credit of (868,679) Malaysian Ringgit in fiscal year 2023[27] - The company's selling and distribution expenses for fiscal year 2024 were approximately 4.97 million Malaysian Ringgit, an increase of about 69.73% from approximately 2.93 million Malaysian Ringgit in fiscal year 2023[53] - Personnel expenses, including salaries and benefits, increased to RM 14,014,553 in fiscal year 2024 from RM 12,908,027 in fiscal year 2023, reflecting a rise of approximately 8.6%[29] Inventory and Receivables - Total inventory increased to RM 28,969,531 in fiscal year 2024 from RM 23,292,226 in fiscal year 2023, reflecting a growth of approximately 24.5%[34] - Trade receivables rose to RM 19,656,191 in fiscal year 2024, up from RM 15,322,963 in fiscal year 2023, representing an increase of about 28.5%[35] - Trade payables increased to RM 9,528,304 in fiscal year 2024 from RM 6,255,199 in fiscal year 2023, marking an increase of approximately 52.5%[39] - Contract liabilities grew to RM 3,643,882 in fiscal year 2024, compared to RM 3,378,515 in fiscal year 2023, indicating an increase of about 7.8%[42] Future Outlook - The company anticipates a challenging period in the first half of fiscal year 2025 due to supply shortages and rising coconut prices, which are expected to dominate the global coconut market[59] - The company remains cautiously optimistic about the future development of the global coconut industry despite the current challenges[60] Corporate Governance - The audit committee reviewed the group's consolidated performance for the fiscal year 2024 and confirmed compliance with applicable accounting standards and disclosure requirements[85] - Forvis Mazars PLT has agreed to the preliminary announcement data for the group's performance, equivalent to the draft consolidated financial statements for the fiscal year 2024[86] - The board of directors consists of seven members, including four executive directors and three independent non-executive directors[88]
椰丰集团(01695) - 2024 - 年度业绩