Financial Performance - Revenue for the year ended December 31, 2024, was RM 114,497,661, representing an increase of 34.3% compared to RM 85,217,638 in 2023[10] - Profit before taxation for 2024 was RM 13,294,344, a significant recovery from a loss of RM 2,667,003 in 2023[10] - Net profit for the year attributable to equity shareholders was RM 9,367,974, compared to a loss of RM 1,800,969 in the previous year[10] - Total assets as of December 31, 2024, amounted to RM 172,118,669, an increase from RM 163,262,553 in 2023[10] - Total liabilities were RM 45,328,843, slightly up from RM 44,387,056 in 2023[10] - Net assets increased to RM 126,789,826 from RM 118,875,497 in 2023, reflecting a growth of 9.6%[10] - The Group achieved approximately RM114.50 million in revenue for FY2024, representing a 34.36% increase compared to RM85.22 million in FY2023, primarily due to increased sales of coconut powder and coconut milk[36] - The gross profit margin improved to approximately 25.51% in FY2024 from 20.35% in FY2023[36] - The financial performance for FY2024 reflects a healthy position despite challenges in the global coconut industry[28] Market Strategy and Outlook - The company aims to expand its market presence globally, focusing on high-quality coconut food products[4] - Future outlook includes the introduction of new product lines and enhancements in technology to improve production efficiency[4] - The company is committed to achieving superior returns and sharing success with all stakeholders involved[4] - Strategic initiatives may include potential mergers and acquisitions to enhance market share and operational capabilities[4] - The Group anticipates rising coconut prices and operating costs, indicating a competitive business environment ahead[29] - The Group remains optimistic about the growth of the coconut industry and will focus on improving product quality and cost-effectiveness[30] Management and Leadership - The Group's overall management and strategic planning are overseen by experienced executives with extensive industry backgrounds[42] - Tang has over 27 years of experience in the food industry, having held various positions including General Manager and Managing Director at S & P Food Industries[47] - Lee has accumulated over 40 years of experience in the food industry, responsible for sales, marketing, and factory operations at S & P Food Industries[50] - Yap has over 34 years of experience in the food industry, primarily responsible for implementing new projects and providing technical support at S & P Industries[52] - Wong has over 20 years of experience in the food industry, currently serving as General Operations Manager at S & P Industries[60] - Dato' Mohd Ibrahim was appointed as Chairman on August 29, 2024, and has held various senior positions in multiple companies listed on the KLSE[62] - The company has a strong management team with extensive experience across various sectors of the food industry, enhancing its operational capabilities[59] - The management team has a diverse background, contributing to strategic decision-making and operational efficiency[60] - The company aims to leverage its experienced leadership to drive growth and innovation in the food sector[62] Sustainability and ESG Initiatives - The Group is committed to balancing business growth with environmental, social, and governance considerations[30] - The ESG Report outlines sustainability approaches and discloses ESG performances for the period from January 1, 2024, to December 31, 2024[91] - The Group adheres to the ESG Reporting Guide issued by HKEX to disclose sustainability issues during the reporting period[93] - The reporting principles include materiality, quantitative, balance, and consistency, ensuring comprehensive and transparent disclosures[97] - The Group identifies current material sustainability issues through stakeholder engagement and materiality assessment, confirmed by the Board of Directors[98] - Environmental and social key performance indicators (KPIs) are disclosed in a quantitative manner, with historical data provided for comparison[98] - The Group aims to present its ESG achievements and challenges in a fair and transparent manner to all stakeholders[98] - The Board oversees the Group's ESG strategies and risk management related to sustainable development[121] - Monthly meetings are held to monitor ESG-related targets and performance, ensuring timely achievement of relevant goals[124] Quality Control and Compliance - The company emphasizes high food quality and safety as essential for customer satisfaction, supported by an in-house chemical and microbiological testing laboratory[144] - The company has achieved multiple certifications including HACCP, FSSC 22000v5, and ISO 9001:2015, enhancing customer confidence in product quality[145] - During the reporting period, there were no significant non-compliance issues with applicable laws and regulations impacting the company[146] - All incoming raw materials undergo quality assessments, including checks on weight, acidity, and physical appearance, ensuring adherence to quality standards[149] - A comprehensive final test is conducted on finished products, including random sampling checks for various quality parameters and microbiological tests[154] - The Group's commitment to customer satisfaction includes strict quality control and a structured complaint handling process[160] Employee and Workforce Management - As of December 31, 2024, the Group employs a total of 375 employees, an increase from 337 employees as of December 31, 2023[174] - The overall turnover rate for 2024 was approximately 28%, consistent with the turnover rate of 2023[182] - The employee distribution by gender in 2024 was 31% male and 69% female, while in 2023 it was 28% male and 72% female[182] - The Group's workforce is predominantly located in Malaysia, accounting for 74% of total employees in 2024[181] - The age group distribution in 2024 shows that 41% of employees are aged 30 or below, while 31% are aged 31-40[181] - The Group emphasizes a zero-tolerance policy towards discrimination in employment practices, ensuring fairness and equity[187] - Performance appraisals are conducted regularly to assess employee performance and determine promotions and bonuses[188] - The Group is committed to providing a harmonious working environment and professional development opportunities for its employees[185]
椰丰集团(01695) - 2024 - 年度财报