Revenue and Financial Performance - For the fiscal year ending December 31, 2024, the total revenue from air freight services was approximately MYR 10.9 million, an increase of about 28.2% compared to MYR 8.5 million in 2023[11]. - The revenue from sea freight services was approximately MYR 23.4 million, representing a significant increase of about 40.1% from MYR 16.7 million in 2023, making it the largest source of income for the company[14]. - Revenue from freight and related services was approximately MYR 2.5 million, a substantial increase of about 92.3% compared to MYR 1.3 million in 2023[16]. - The total revenue from integrated logistics services for the fiscal year was approximately 36.7 million MYR, an increase of about 39.0% or 10.3 million MYR compared to the previous year[24]. - Revenue from the manufacturing and trading of plastic products was approximately 19.0 million MYR, down from 22.1 million MYR in the previous year, accounting for about 22.2% of total revenue[18]. - Revenue from the trading of second-hand mobile phones was approximately 29.8 million MYR, a significant decrease from 67.8 million MYR in the previous year, representing about 34.8% of total revenue[19]. - The company recorded a loss of approximately 6.2 million MYR for the fiscal year, compared to a loss of 20.4 million MYR in the previous year[37]. Operational Metrics - The total air freight volume for exports was 1,585,000 kg in 2024, down from 2,057,000 kg in 2023, while imports increased to 1,672,000 kg from 1,063,000 kg[12]. - The sea freight volume for exports increased to 4,764 standard containers in 2024 from 4,362 in 2023, and imports rose to 5,388 standard containers from 4,052[15]. Strategic Focus and Market Position - The company is focused on enhancing its market position in Hong Kong despite the highly competitive logistics industry in Malaysia[9]. - The company aims to expand its logistics services in Hong Kong to improve its market share[9]. - The company provides a comprehensive range of logistics services, including air and sea freight forwarding, warehousing, and supply chain management[8]. - The company is committed to making necessary adjustments to its strategies and operations in response to market conditions[9]. Corporate Governance and Board Structure - The board consists of five directors, including two executive directors and three independent non-executive directors[86]. - The company adheres to the GEM Listing Rules and has complied with all applicable corporate governance codes throughout the fiscal year[79]. - The board has established various committees to delegate responsibilities and ensure effective governance[82]. - The company emphasizes a balanced composition of executive and non-executive directors to facilitate independent judgment[85]. - The company has appointed three independent non-executive directors, constituting over one-third of the board, with at least one possessing appropriate professional qualifications or expertise in accounting or related financial management[87]. Risk Management and Internal Controls - The group faces various risks including operational, market, liquidity, credit, and regulatory risks, and has established risk management policies to address these[46]. - The company has implemented a series of internal control policies to ensure effective operations and compliance with applicable laws and regulations[133]. - The risk management and internal control systems are designed to protect the company's assets and ensure accurate financial reporting[134]. - The board reviews its risk management and internal control systems at least annually to ensure their effectiveness[135]. - An independent internal control consultant was hired to assess the internal control systems, including cash and treasury management functions[141]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the group's initiatives and performance in sustainability for the fiscal year ending December 31, 2024[157]. - The group aims to reduce environmental impact and carbon footprint through strict environmental policies and practices, including fuel and electricity consumption management[175]. - The company is committed to achieving net-zero emissions and is continuously evaluating the environmental impact of its activities[182]. - The company emphasizes the importance of effective resource management and has adopted measures to minimize environmental impact through real-time monitoring[189]. - The company is actively identifying climate change risks and opportunities, incorporating them into its risk management framework[197]. Employee and Compensation - The total employee compensation, including directors' remuneration, reached MYR 17.4 million, an increase from MYR 16.6 million in 2023, with a total of 498 full-time employees compared to 380 in 2023[58]. - The company encourages all directors to participate in relevant training courses, with costs covered by the company, to enhance their understanding of their responsibilities[91]. Financial Management and Investments - Administrative expenses for the fiscal year were 12.8 million MYR, down from 14.5 million MYR in the previous year[34]. - Financing costs remained stable at approximately 0.5 million MYR for both the current and previous fiscal years[35]. - The company completed a placement of 126,720,000 shares at HKD 0.1 per share, raising approximately HKD 12.3 million net after expenses[60]. - The company approved a rights issue to raise up to approximately HKD 51.9 million, with the proceeds initially intended for working capital to expand logistics services in Hong Kong[63]. Shareholder Engagement and Communication - The board encourages shareholder participation in meetings and values the annual general meeting as a key communication channel[148]. - The company has a dividend policy that considers factors such as overall financial condition, working capital, and market conditions before recommending any dividend distribution[151].
盛良物流(08292) - 2024 - 年度财报