Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased by approximately 4.8% to RM 200.9 million from RM 211.0 million in 2023[10] - Gross profit for the same period was RM 62.6 million, a slight decrease of about 0.4% compared to RM 62.8 million in the previous year, resulting in a gross margin of 31.2%[10] - The company's profit before tax increased to RM 32.7 million, up from RM 30.8 million in 2023, reflecting a growth of approximately 5.6%[10] - The earnings attributable to shareholders rose to RM 22.4 million, compared to RM 20.6 million in 2023, marking an increase of about 8.6%[10] - Revenue from printable apparel decreased by RM 12.3 million or 7.1% to RM 160.3 million, primarily due to a 5.6% drop in sales volume attributed to weak consumer spending[17] - Revenue from gift products increased by RM 2.2 million or 5.7% to RM 40.6 million, driven by a 3.2% increase in sales volume due to an expanded product range[18] - Selling and distribution expenses decreased by RM 0.9 million or 8.5% to RM 9.7 million, consistent with the decline in sales[19] - Administrative and other operating expenses increased by RM 2.7 million or 11.9% to RM 25.3 million, mainly due to higher director remuneration and employee-related costs[20] - Income tax expenses decreased by approximately 0.3 million MYR or 3.4% to about 8.4 million MYR due to a reduction in pre-tax profits in Malaysia and Singapore[22] Cash Flow and Assets - As of December 31, 2024, cash and cash equivalents increased to approximately 116.5 million MYR from about 93.2 million MYR, primarily due to a net cash inflow from operating activities of 29.6 million MYR[23] - The current assets and current liabilities as of December 31, 2024, were approximately 169.8 million MYR and 37.6 million MYR, respectively, resulting in a net current asset value of about 132.2 million MYR[27] - The debt-to-equity ratio as of December 31, 2024, was approximately 2.9%, down from 3.3% the previous year, mainly due to the repayment of interest-bearing loans and an increase in equity base[29] - The total employee costs for the year ended December 31, 2024, were approximately 30.7 million MYR, compared to 30.2 million MYR in 2023[30] Strategic Initiatives - The company acquired a 40% stake in Lordan Group Ltd. in November 2023, enhancing its retail sales channels in China and integrating AI into production and sales processes[11] - The company plans to utilize approximately 33.0 million HKD of unutilized proceeds for the acquisition of 20,000 shares of Lordan Group Ltd. by March 2025[37] - The company will continue to expand its market share by increasing and enhancing warehouse capacity and improving logistics processes[25] - The company aims to maintain a prudent approach and healthy cash flow to seize revenue opportunities amid an uncertain economic outlook for 2025[13] Governance and Management - The company has adopted the corporate governance code as per the Listing Rules Appendix C1, ensuring compliance for the fiscal year ending December 31, 2024[57] - The board consists of eight members, including five executive directors and three independent non-executive directors, ensuring a balanced governance structure[67] - The company emphasizes environmental, social, and governance (ESG) reporting, with its ESG report published on both the company and stock exchange websites[59] - The company has established a mechanism to ensure the board receives independent opinions and information, which is reviewed annually[64] - The company has a strong management team with diverse backgrounds in finance, operations, and industry experience[51] Risk Management - The company has established a risk management policy and formal risk assessment system, with identified risks analyzed and prioritized based on their likelihood and impact[127] - The board confirmed the effectiveness and adequacy of the risk management and internal control systems, with no significant issues affecting financial, operational, compliance controls, and risk management functions identified[131] - The audit committee is responsible for reviewing reports from the internal control consultant and ensuring the effectiveness of compliance procedures[125] - The company has implemented a policy for managing insider information to ensure timely and consistent disclosure to stakeholders[131] Shareholder Relations - The board will consider various factors, including actual and expected financial performance, when deciding on dividend declarations[116] - There is no predetermined dividend payout ratio, and the declaration and payment of dividends are at the board's discretion[118] - Shareholders have the right to propose resolutions at the annual general meeting, subject to verification by the company's share registrar[114] - The board regularly reviews the dividend policy to ensure alignment with the company's financial status[120] Employee and Stakeholder Engagement - The company emphasizes the importance of good relationships with employees, suppliers, customers, and other stakeholders to achieve medium to long-term goals[157] - The company made charitable donations of approximately 606,000.00 MYR during the year[190] - The company provides formal and tailored induction training for new directors to ensure understanding of the business and regulatory responsibilities[102] Compliance and Legal Matters - The company has established multiple management systems and measures to ensure compliance with relevant laws and regulations, with no significant violations reported during the year[156] - The company confirmed compliance with a non-competition agreement established on March 21, 2020[196] - The company has no directors with interests in businesses that directly or indirectly compete with its operations[195]
大人国际(01957) - 2024 - 年度财报