JBB Builders(01903) - 2025 - 年度业绩

Performance Summary Key Financial Indicators For the year ended June 30, 2025, JBB Builders International Limited's revenue significantly increased by 29.7% to 426,980 thousand Ringgit, and gross profit grew by 113.3% year-on-year to 17,671 thousand Ringgit, with gross margin improving by 1.6 percentage points to 4.1%. However, profit attributable to owners of the Company for the year decreased by 55.6% to 1,331 thousand Ringgit, with basic and diluted earnings per share also decreasing accordingly Key Financial Indicators | Indicator | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | Increase/(Decrease) (thousand Ringgit) | | :--- | :--- | :--- | :--- | | Revenue | 426,980 | 329,330 | 97,650 | | Gross profit | 17,671 | 8,332 | 9,339 | | Gross margin | 4.1% | 2.5% | 1.6% | | Impairment losses on trade receivables and contract assets (provision)/reversal | (1,608) | 5,736 | (7,344) | | Profit for the year attributable to owners of the Company | 1,331 | 2,994 | (1,663) | | Total equity attributable to owners of the Company | 124,962 | 129,149 | (4,187) | | Basic and diluted earnings per share (cents) | 0.27 | 0.60 | (0.33) | Annual Results Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended June 30, 2025, the Group's revenue increased to 426,980 thousand Ringgit, with a significant rise in gross profit. However, increased impairment provisions for trade receivables and contract assets, coupled with higher income tax expenses, led to a decrease in profit for the year from 2,394 thousand Ringgit to 1,255 thousand Ringgit, and currency translation differences shifted from income to expense, resulting in a total comprehensive expense for the year Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Revenue | 426,980 | 329,330 | | Direct costs | (409,309) | (320,998) | | Gross profit | 17,671 | 8,332 | | Other income | 5,660 | 5,845 | | Net other income | 1,499 | 474 | | Impairment losses on trade receivables and contract assets (provision)/reversal | (1,608) | 5,736 | | General and administrative expenses | (19,658) | (16,177) | | Operating profit | 3,564 | 4,210 | | Profit before tax | 2,917 | 3,226 | | Income tax expense | (1,662) | (832) | | Profit for the year | 1,255 | 2,394 | | Exchange differences on translation | (5,518) | 629 | | Total comprehensive (expense)/income for the year | (4,263) | 3,023 | | Profit for the year attributable to owners of the Company | 1,331 | 2,994 | | Basic earnings per share (cents) | 0.27 | 0.60 | Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets slightly decreased, with non-current assets declining primarily due to a reduction in deposits for investment properties. Trade and other receivables within current assets significantly increased, while cash and cash equivalents decreased; current liabilities substantially rose, leading to a modest increase in net current assets, while both net assets and total equity attributable to owners of the Company decreased Consolidated Statement of Financial Position | Indicator | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Non-current assets | | | | Property, plant and equipment | 1,667 | 1,337 | | Investment properties | – | 2,200 | | Deposits paid for acquisition of investment properties | 27,637 | 42,710 | | Total non-current assets | 30,487 | 47,554 | | Current assets | | | | Trade and other receivables | 147,986 | 92,419 | | Contract assets | 28,690 | 32,720 | | Cash and cash equivalents | 71,451 | 94,095 | | Total current assets | 266,331 | 229,254 | | Current liabilities | | | | Trade and other payables | 142,775 | 123,355 | | Contract liabilities | 13,793 | 5,113 | | Total current liabilities | 162,693 | 133,654 | | Net current assets | 103,638 | 95,600 | | Net assets | 131,660 | 136,351 | | Total equity attributable to owners of the Company | 124,962 | 129,149 | Notes to the Consolidated Financial Statements General Information JBB Builders International Limited, incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange, primarily engages in marine construction services, building and infrastructure services, and marine fuel trading, ultimately controlled by Dato' Wong Sze Chian and Datin Ngooi Leng Swee - The Company was incorporated in the Cayman Islands on April 30, 2018, and listed on the Main Board of the Hong Kong Stock Exchange on May 10, 2019[6] - Principal activities include marine construction services, building and infrastructure services, and marine fuel trading business[6] - The Company is ultimately controlled by Dato' Wong Sze Chian and Datin Ngooi Leng Swee[6] Basis of Preparation of Consolidated Financial Statements The Group's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and the disclosure requirements of the Hong Kong Companies Ordinance; while the functional currency is Hong Kong Dollars, the consolidated financial statements are presented in Malaysian Ringgit due to primary business activities in Malaysia and Singapore, with a historical cost basis of measurement, except for investment properties presented at fair value - Financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and the disclosure requirements of the Hong Kong Companies Ordinance[7] - The Company's functional currency is Hong Kong Dollars, but the consolidated financial statements are presented in Malaysian Ringgit, as the principal business activities are in Malaysia and Singapore[8] - The measurement basis is historical cost, except for investment properties which are presented at fair value[9] Application of Revised International Financial Reporting Standards Several revised International Financial Reporting Standards, including IFRS 16 (Amendments) and IAS 1 (Amendments), were first applied this year, with no significant impact on the Group's current and prior period financial position and performance - Revised International Financial Reporting Standards, including IFRS 16 (Amendments) and IAS 1 (Amendments), were first applied in the current year[12] - The application of these amendments had no significant impact on the Group's financial position and performance for the current and prior periods[12] Revenue and Segment Reporting The Group's revenue primarily derives from marine construction services, building and infrastructure services, and marine fuel trading; total revenue for FY2025 increased to 426,980 thousand Ringgit, with significant growth in reclamation and related works revenue, a slight decrease in marine transportation revenue, and no revenue from marine fuel trading, while the Group is organized into four reportable segments based on products and services, which the chief operating decision maker uses to assess performance - The Group's principal activities are the provision of marine construction services, building and infrastructure services, and marine fuel trading business[13] Disaggregation of Revenue from Contracts with Customers | Product or service line | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Construction contracts - reclamation and related works | 109,501 | 26,927 | | Construction contracts - building and infrastructure | 46,522 | 18,209 | | Marine transportation | 270,957 | 281,882 | | Marine fuel | – | 2,312 | | Total revenue | 426,980 | 329,330 | - As of June 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations under existing contracts was approximately 610,938 thousand Ringgit, expected to be recognized between 2026 and 2029[14] Disaggregation of Revenue In FY2025, revenue from construction contracts, including reclamation and related works, and building and infrastructure, significantly increased, while marine transportation revenue slightly decreased, and marine fuel trading ceased to generate revenue; construction contract revenue is recognized over time, while marine transportation and marine fuel revenue are recognized at a point in time Disaggregation of Revenue from Contracts with Customers | Product or service line | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Construction contracts - reclamation and related works | 109,501 | 26,927 | | Construction contracts - building and infrastructure | 46,522 | 18,209 | | Marine transportation | 270,957 | 281,882 | | Marine fuel | – | 2,312 | | Total revenue | 426,980 | 329,330 | - Revenue from construction contracts is recognized over time, while revenue from marine transportation and marine fuel is recognized at a point in time[13] Segment Reporting The Group has four reportable segments: marine construction services (reclamation and related works, marine transportation), building and infrastructure services, and marine fuel trading business. In FY2025, profits from marine construction services and building and infrastructure services segments significantly increased, while marine fuel operations ceased. Segment profit excludes central administrative expenses, net other income, finance costs, and share of loss of a joint venture - The Group has four reportable segments: marine construction services (reclamation and related works, marine transportation), building and infrastructure services, and marine fuel trading business[16][17][18][20] Reportable Segment Revenue and Profit (2025) | Segment | Revenue (thousand Ringgit) | Profit/(Loss) (thousand Ringgit) | | :--- | :--- | :--- | | Reclamation and related works | 109,501 | 9,561 | | Marine transportation | 270,957 | 12,462 | | Building and infrastructure | 46,522 | (32) | | Total | 426,980 | 21,991 | Reportable Segment Revenue and Profit (2024) | Segment | Revenue (thousand Ringgit) | Profit/(Loss) (thousand Ringgit) | | :--- | :--- | :--- | | Reclamation and related works | 26,927 | 8,535 | | Marine transportation | 281,882 | 6,943 | | Building and infrastructure | 18,209 | (980) | | Marine fuel | 2,312 | 193 | | Total | 329,330 | 14,691 | Geographical Information The Group's revenue primarily originates from Malaysia and Singapore; in FY2025, revenue from Malaysia significantly increased, while revenue from Singapore slightly decreased Geographical Information of Revenue from External Customers | Region | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Malaysia (country of domicile) | 156,023 | 45,136 | | Singapore | 270,957 | 284,194 | | Total | 426,980 | 329,330 | Other Income and Net Other Income In FY2025, other income slightly decreased, primarily due to reduced processing service fees for marine transportation and interest income from financial assets, partially offset by interest income from trade receivables from a customer; net other income significantly increased, mainly driven by gains from disposal of deposits for investment properties, disposal of a non-wholly owned subsidiary, and foreign exchange gains Other Income | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Processing service fees for marine transportation services | 2,191 | 2,831 | | Interest income from financial assets measured at amortized cost | 1,216 | 2,417 | | Interest income from trade receivables from a customer | 2,074 | – | | Total | 5,660 | 5,845 | Net Other Income | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Gain on disposal of deposits paid for acquisition of investment properties | 1,339 | 314 | | Gain on disposal of a non-wholly owned subsidiary | 572 | – | | Net foreign exchange gain/(loss) | 259 | (51) | | Fair value loss on investment properties | (700) | – | | Total | 1,499 | 474 | Other Income Other income for FY2025 was 5,660 thousand Ringgit, a slight decrease from 5,845 thousand Ringgit in 2024, primarily due to reduced processing service fees for marine transportation and interest income from financial assets, partially offset by interest income from trade receivables from a customer Details of Other Income | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Processing service fees for marine transportation services | 2,191 | 2,831 | | Interest income from financial assets measured at amortized cost | 1,216 | 2,417 | | Interest income from trade receivables from a customer | 2,074 | – | | Estimated interest income on contract assets | – | 516 | | Processing service fees for diesel supply | 10 | 74 | | Others | 169 | 7 | | Total | 5,660 | 5,845 | Net Other Income Net other income for FY2025 significantly increased to 1,499 thousand Ringgit from 474 thousand Ringgit in 2024, primarily contributed by gains from disposal of deposits for investment properties, disposal of a non-wholly owned subsidiary, and foreign exchange gains, partially offset by fair value losses on investment properties Details of Net Other Income | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Gain on disposal of deposits paid for acquisition of investment properties | 1,339 | 314 | | Gain on disposal of a non-wholly owned subsidiary | 572 | – | | Net foreign exchange gain/(loss) | 259 | (51) | | Gain on deposits for life insurance policies | 16 | 16 | | Gain on partial disposal of a joint venture | 11 | – | | Gain on disposal of property, plant and equipment | 2 | 14 | | Fair value loss on investment properties | (700) | – | | Reversal of impairment loss on deposits paid for acquisition of investment properties | – | 181 | | Total | 1,499 | 474 | Components of Profit Before Tax Profit before tax is influenced by several factors: finance costs decreased due to reduced bank loan balances, staff costs increased due to higher headcount and remuneration adjustments, and impairment losses on trade receivables and contract assets shifted from reversal to provision, negatively impacting profit - Finance costs decreased from 963 thousand Ringgit in 2024 to 639 thousand Ringgit in 2025, primarily due to a reduction in interest on bank loans[26] - Staff costs (including directors' emoluments) increased from 10,527 thousand Ringgit in 2024 to 11,805 thousand Ringgit in 2025[27] - Impairment losses on trade receivables and contract assets shifted from a 5,736 thousand Ringgit reversal in 2024 to a 1,608 thousand Ringgit provision in 2025[27] Finance Costs Finance costs for FY2025 were 639 thousand Ringgit, a decrease from 963 thousand Ringgit in 2024, primarily due to reduced interest on bank loans and estimated interest on contract assets Details of Finance Costs | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Interest on bank loans | 604 | 865 | | Estimated interest on contract assets | – | 71 | | Interest on lease liabilities | 35 | 27 | | Total | 639 | 963 | Staff Costs and Other Items Total staff costs for FY2025 increased to 11,805 thousand Ringgit year-on-year; among other items, impairment losses on trade receivables and contract assets shifted from reversal to provision, negatively impacting profit, while gains arose from the disposal of deposits for investment properties and a non-wholly owned subsidiary Details of Staff Costs | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 10,711 | 9,636 | | Contributions to defined contribution retirement plans | 1,094 | 891 | | Total | 11,805 | 10,527 | Details of Other Items | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Depreciation expense | 517 | 491 | | Short-term lease expenses | 170 | 201 | | Impairment losses on trade receivables and contract assets provision/(reversal) | 1,608 | (5,736) | | Auditors' remuneration | 408 | 396 | | Gain on disposal of deposits paid for acquisition of investment properties | (1,339) | (314) | | Gain on disposal of a non-wholly owned subsidiary | (572) | – | | Fair value loss on investment properties | 700 | – | Dividends The Board does not recommend the declaration of any final dividend for the year ended June 30, 2025, consistent with 2024 - The Board does not recommend the declaration of any final dividend for the year ended June 30, 2025 (2024: nil)[28] Income Tax Expense Income tax expense for FY2025 increased to 1,662 thousand Ringgit, primarily due to higher taxable profits from Singaporean and Malaysian subsidiaries; the Group is not subject to income tax in the Cayman Islands and Hong Kong Details of Income Tax Expense | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Malaysian corporate income tax | 163 | 10 | | Singaporean corporate income tax | 1,587 | 954 | | Over-provision in prior years | (130) | (143) | | Deferred tax | 42 | 11 | | Income tax expense for the year | 1,662 | 832 | - The increase in income tax expense was mainly due to higher taxable profits from Singaporean and Malaysian subsidiaries[29] - The Group is not subject to any income tax in the Cayman Islands and British Virgin Islands, and no provision for Hong Kong profits tax has been made[29] Earnings Per Share Basic earnings per share for FY2025 decreased to 0.27 cents from 0.60 cents in 2024; diluted earnings per share remained the same as basic earnings per share due to the absence of dilutive potential ordinary shares Earnings Per Share | Indicator | 2025 (cents) | 2024 (cents) | | :--- | :--- | :--- | | Basic earnings per share | 0.27 | 0.60 | | Diluted earnings per share | 0.27 | 0.60 | - Basic earnings per share is calculated based on the consolidated profit attributable to owners of the Company of approximately 1,331 thousand Ringgit (2024: 2,994 thousand Ringgit) and the weighted average of 500,000,000 ordinary shares in issue[30] - Diluted earnings per share is the same as basic earnings per share as there were no dilutive potential ordinary shares[31] Deposits The Group's deposits primarily comprise deposits paid for the acquisition of investment properties and deposits for life insurance policies; in FY2025, investment property deposits decreased due to partial property sales, while life insurance policy deposits slightly increased due to gain recognition - As of June 30, 2025, deposits paid for the acquisition of investment properties amounted to 27,637 thousand Ringgit, a decrease from 42,710 thousand Ringgit in 2024[35] - As of June 30, 2025, deposits for life insurance policies amounted to 1,054 thousand Ringgit, a slight increase from 1,038 thousand Ringgit in 2024[36] Deposits Paid for Acquisition of Investment Properties In FY2025, the Group disposed of 7 properties in Johor, Malaysia, recognizing a net gain of approximately 1,339 thousand Ringgit and derecognizing deposits of approximately 15,073 thousand Ringgit; agreements for the disposal of 4 other properties are pending foreign approval. As of year-end, total deposits paid for the acquisition of investment properties amounted to 27,637 thousand Ringgit, of which approximately 12,911 thousand Ringgit were pledged to banks - In FY2025, the Group disposed of 7 properties, recognizing a net gain of approximately 1,339 thousand Ringgit and derecognizing deposits of approximately 15,073 thousand Ringgit[32] - As of June 30, 2025, total deposits paid for the acquisition of investment properties amounted to 27,637 thousand Ringgit (2024: 42,710 thousand Ringgit), involving 34 (2024: 41) investment properties[34][35] - Approximately 12,911 thousand Ringgit of investment property deposits were pledged to banks as collateral for bank financing[35] Deposits for Life Insurance Policies The Group holds two life insurance policies (2020 and 2021 policies) to protect an executive director, with the bank as beneficiary for repayment of bank loans; deposits are accounted for at the cash surrender value of the policies and are expected to terminate on the 10th anniversary of the effective date, with no specific surrender charges Deposits for Life Insurance Policies | Date | thousand Ringgit | | :--- | :--- | | As at 1 July 2023 | 1,022 | | Gain on deposits for life insurance policies | 16 | | As at 30 June 2024 | 1,038 | | Gain on deposits for life insurance policies | 16 | | As at 30 June 2025 | 1,054 | - The Group purchased two life insurance policies (2020 and 2021 policies) to protect an executive director, with the bank as beneficiary for repayment of bank loans[36][37] - Policy deposits are accounted for at the cash surrender value of the policies, expected to terminate on the 10th anniversary of the effective date, with no specific surrender charges[37] Trade and Other Receivables As of June 30, 2025, total trade and other receivables significantly increased to 147,986 thousand Ringgit; the aging analysis of trade receivables shows a notable increase in amounts over 90 days, with most receivables expected to be recovered within one year, and some trade receivables and contract assets pledged against properties Trade and Other Receivables | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Trade receivables (net of allowance for doubtful debts) | 134,648 | 81,175 | | Deposits, prepayments and other receivables | 3,950 | 9,917 | | Other receivables from disposal of deposits paid for acquisition of investment properties | 9,388 | 1,327 | | Total | 147,986 | 92,419 | Aging Analysis of Trade Receivables | Aging | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Within 30 days | 39,503 | 31,355 | | 31 to 60 days | 50,128 | 32,293 | | 61 to 90 days | 13,563 | 15,364 | | Over 90 days | 31,454 | 2,163 | | Total | 134,648 | 81,175 | - Trade receivables of approximately 3,305 thousand Ringgit and contract assets of approximately 33 thousand Ringgit from a customer are pledged against 3 properties[41] Construction Contracts As of June 30, 2025, total contract assets amounted to 28,690 thousand Ringgit, largely comprising retention receivables, with a significant increase in amounts expected to be recovered after more than one year; contract liabilities substantially rose to 13,793 thousand Ringgit, primarily due to advances received for performance Contract Assets | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | From performance of construction contracts | 4,455 | 3,496 | | Retention receivables | 24,235 | 29,224 | | Total | 28,690 | 32,720 | - Amounts included in contract assets of approximately 20,162 thousand Ringgit (2024: 2,095 thousand Ringgit) are expected to be recovered after more than one year, all related to retention receivables[43] Contract Liabilities | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Construction contracts - advances received for performance | 13,793 | 5,113 | Contract Assets As of June 30, 2025, total contract assets amounted to 28,690 thousand Ringgit, primarily comprising retention receivables, with amounts expected to be recovered after more than one year significantly increasing to 20,162 thousand Ringgit Details of Contract Assets | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | From performance of construction contracts | 4,455 | 3,496 | | Retention receivables | 24,235 | 29,224 | | Total | 28,690 | 32,720 | - Approximately 20,162 thousand Ringgit (2024: 2,095 thousand Ringgit) of contract assets are expected to be recovered after more than one year, all related to retention receivables[43] Contract Liabilities As of June 30, 2025, contract liabilities significantly increased to 13,793 thousand Ringgit from 5,113 thousand Ringgit in 2024, primarily due to advances received for performance of construction contracts Details of Contract Liabilities | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Construction contracts - advances received for performance | 13,793 | 5,113 | Assets Classified as Held for Sale As of June 30, 2025, the Group reclassified investment properties valued at 1,500 thousand Ringgit as assets held for sale, resulting in a fair value loss of 700 thousand Ringgit; this aligns with the Group's long-term policy to focus on construction business and is expected to be completed within 12 months - The Group entered into sale and purchase agreements to dispose of investment properties of approximately 1,500 thousand Ringgit to 2 independent third parties, classifying them as assets held for sale[44] - The reclassification of investment properties resulted in a fair value loss of 700 thousand Ringgit, representing the difference between the disposal proceeds of 1,500 thousand Ringgit and the carrying amount of the investment properties of 2,200 thousand Ringgit[44] - This disposal aligns with the Group's long-term policy to focus its business on construction and is expected to be completed within 12 months[44] Trade and Other Payables As of June 30, 2025, total trade and other payables increased to 142,775 thousand Ringgit; the aging analysis of trade payables shows an increase in amounts over 90 days, with most payables expected to be settled within one year, but some retention payables expected to be settled after one year Trade and Other Payables | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Trade payables | 129,804 | 118,979 | | Other payables and accrued expenses | 947 | 819 | | Retention payables | 12,024 | 3,557 | | Total | 142,775 | 123,355 | Aging Analysis of Trade Payables | Aging | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Within 30 days | 54,487 | 52,129 | | 31 to 90 days | 64,582 | 63,140 | | Over 90 days | 10,735 | 3,710 | | Total | 129,804 | 118,979 | - Approximately 7,960 thousand Ringgit (2024: 1,145 thousand Ringgit) of retention payables are expected to be settled after one year[45] Bank Borrowings As of June 30, 2025, the Group's total bank borrowings decreased to 6,384 thousand Ringgit from 10,458 thousand Ringgit in 2024; these loans bear interest at 7.2% and are secured by assets classified as held for sale, deposits for investment properties, and pledged bank deposits Bank Borrowings | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Bank borrowings, secured | 6,384 | 10,458 | | Within one year or on demand | 4,410 | 4,118 | | In the second year | 1,974 | 4,363 | | In the third to fifth years | – | 1,977 | | Total | 6,384 | 10,458 | - Bank borrowings bear interest at 7.2% and are secured by assets classified as held for sale, deposits paid for the acquisition of investment properties, and pledged bank deposits[46] Share Capital As of June 30, 2025, the Company's authorized ordinary shares were 2,000,000,000 with a par value of HK$0.01 each, amounting to 10,535 thousand Ringgit; issued and fully paid ordinary shares were 500,000,000, amounting to 2,672 thousand Ringgit, unchanged from the previous year Share Capital | Item | Number of shares | Amount (thousand Ringgit) | | :--- | :--- | :--- | | Authorized ordinary shares (par value HK$0.01 each) | 2,000,000,000 | 10,535 | | Issued and fully paid ordinary shares (par value HK$0.01 each) | 500,000,000 | 2,672 | Capital Commitments As of June 30, 2025, the Group's significant capital expenditure contracted but not recognized as liabilities amounted to 81 thousand Ringgit, consistent with 2024, primarily for equipment Capital Commitments | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Equipment | 81 | 81 | Disposal of a Non-wholly Owned Subsidiary In FY2025, the Group disposed of its 50% interest in the non-wholly owned subsidiary Gabungan Jasapadu Sdn. Bhd. for a total consideration of 1,000 thousand Ringgit, recognizing a gain on disposal of 572 thousand Ringgit, which generated a net cash inflow of 798 thousand Ringgit for the Group - The Group disposed of its 50% interest in the non-wholly owned subsidiary Gabungan Jasapadu Sdn. Bhd.[48] - The total consideration for the disposal was 1,000 thousand Ringgit, with a gain on disposal of 572 thousand Ringgit recognized[49] - The disposal resulted in a net cash inflow of 798 thousand Ringgit[49] Management Discussion and Analysis Business Review As an engineering contractor, the Group primarily engages in marine construction services, building and infrastructure services, and marine fuel trading. In FY2025, the Group completed 3 marine construction contracts and 1 building and infrastructure contract, with 3 marine construction contracts and 3 building and infrastructure contracts ongoing. The Group actively submits new tenders and quotations and has been awarded 2 new contracts - The Group primarily engages in marine construction services (reclamation and related works, marine transportation), building and infrastructure services, and marine fuel trading business[50][51] - In FY2025, the Group completed 3 marine construction contracts and 1 building and infrastructure contract[50] - As of June 30, 2025, the Group had 3 ongoing marine construction contracts (original contract sum of approximately 1,312.1 million Ringgit) and 3 ongoing building and infrastructure contracts (original contract sum of approximately 152.4 million Ringgit)[50] Disposal of Subsidiaries and Joint Ventures In FY2025, the Group undertook two disposals: the sale of non-wholly owned subsidiary Gabungan Jasapadu Sdn. Bhd. to recover investment costs, convert long-term assets into working capital, and focus resources on more promising construction businesses; and the partial disposal of equity in joint venture JBB Kimlun Sdn. Bhd. to introduce Malaysian shareholders, generate more business opportunities, and enhance public perception. Both transactions were deemed de minimis connected transactions, exempt from disclosure and shareholder approval requirements - The consideration for the disposal of non-wholly owned subsidiary Gabungan Jasapadu Sdn. Bhd. was 1.0 million Ringgit, with a gain of approximately 0.6 million Ringgit recognized[53] - The disposal of Gabungan aimed to recover investment costs, realize assets, convert long-term assets into working capital, and concentrate resources on more promising construction areas[54] - The disposal of a 35% equity interest in JBB Kimlun Sdn. Bhd. for a consideration of 150,000 Ringgit, recognizing a gain on disposal of approximately 11,000 Ringgit, aimed to introduce Malaysian shareholders to generate more business opportunities[55][56] Disposal of Non-wholly Owned Subsidiary Gabungan Jasapadu Sdn. Bhd. The Group disposed of its 50% interest in the non-wholly owned subsidiary Gabungan Jasapadu Sdn. Bhd. for a consideration of 1.0 million Ringgit, recognizing a gain of approximately 0.6 million Ringgit; this move aimed to recover investment costs, realize assets, convert long-term assets into working capital, and concentrate resources on more promising construction areas - The consideration for the disposal of Gabungan Jasapadu Sdn. Bhd. was 1.0 million Ringgit, with a gain of approximately 0.6 million Ringgit recognized[53] - The disposal aimed to provide the Group with a one-off opportunity to recover investment costs and realize assets, convert long-term assets into working capital, and concentrate resources on other more promising existing projects[54] Disposal of Partial Equity Interest in JBB Kimlun Sdn. Bhd. The Group disposed of a 35% equity interest in JBB Kimlun Sdn. Bhd. for a consideration of 150,000 Ringgit, recognizing a gain on disposal of approximately 11,000 Ringgit; this move aimed to introduce Malaysian shareholders, generate more business opportunities for the Group, and enhance public perception of the Group's background - The disposal of a 35% equity interest in JBB Kimlun Sdn. Bhd. for a consideration of 150,000 Ringgit resulted in a gain on disposal of approximately 11,000 Ringgit[55] - Restructuring JBB Kimlun's equity and introducing Malaysian shareholders will help generate more business opportunities for the Group and positively impact public perception of the Group's background[56] - As of June 30, 2025, the Group holds a 25% interest in JBB Kimlun, which remains a joint venture[56] Financial Review In FY2025, the Group's revenue grew by 29.7% to 427.0 million Ringgit, driven by increased work volume from new contracts in reclamation and related works, and building and infrastructure services. Gross profit significantly increased by 113.3%, with gross margin improving to 4.1%. However, increased impairment provisions for trade receivables, higher general and administrative expenses, and increased income tax expense led to a decrease in profit attributable to owners of the Company for the year. The Board does not recommend a final dividend - Revenue increased by 29.7% from 329.3 million Ringgit in 2024 to 427.0 million Ringgit in 2025, primarily due to increased work volume from new contracts in reclamation and related works, and building and infrastructure services[57] - Gross profit increased by 113.3% from 8.3 million Ringgit in 2024 to 17.7 million Ringgit in 2025, with the overall gross margin increasing from 2.5% to 4.1%[62] - Profit attributable to owners of the Company for the year decreased from 3.0 million Ringgit in 2024 to 1.3 million Ringgit in 2025[69] Revenue Total revenue for FY2025 increased by 29.7% to 427.0 million Ringgit. Marine construction services revenue grew by 23.2%, with reclamation and related works revenue significantly increasing by 307.1%, while marine transportation revenue decreased by 3.9%. Building and infrastructure services revenue increased by 155.5%. Marine fuel trading business generated no revenue Revenue by Business Segment | Business segment | 2025 (million Ringgit) | 2024 (million Ringgit) | Growth rate | | :--- | :--- | :--- | :--- | | Total revenue | 427.0 | 329.3 | 29.7% | | Marine construction services | 380.5 | 308.8 | 23.2% | | - Reclamation and related works | 109.5 | 26.9 | 307.1% | | - Marine transportation | 271.0 | 281.9 | -3.9% | | Building and infrastructure services | 46.5 | 18.2 | 155.5% | | Marine fuel trading business | – | 2.3 | -100% | - The marine fuel trading business did not generate any revenue, and the Group expects to focus its business on the construction sector in the future[61] Gross Profit Gross profit for FY2025 significantly increased by 113.3% to 17.7 million Ringgit, with the overall gross margin improving to 4.1%; this growth was primarily driven by increased revenue and higher gross margins from newly awarded contracts, partially offset by liquidated damages and additional engineering costs due to delayed completion of building and infrastructure contracts Gross Profit and Gross Margin | Indicator | 2025 (million Ringgit) | 2024 (million Ringgit) | Growth rate | | :--- | :--- | :--- | :--- | | Gross profit | 17.7 | 8.3 | 113.3% | | Gross margin | 4.1% | 2.5% | 1.6 percentage points | - The increase in gross profit was mainly attributable to increased revenue and higher gross margins from certain newly awarded and progressively performed contracts[62] - Part of the increase was offset by liquidated damages and additional engineering costs incurred due to delayed completion of building and infrastructure contracts[62] Other Income and Net Other Income In FY2025, other income slightly decreased, primarily due to reduced processing service fees for marine transportation and interest income from financial assets, partially offset by interest income from trade receivables from a customer; net other income significantly increased, mainly driven by gains from disposal of deposits for investment properties, disposal of a non-wholly owned subsidiary, and foreign exchange gains - Other income decreased from 5.8 million Ringgit in 2024 to 5.7 million Ringgit in 2025, mainly due to reduced income from marine transportation related activities and interest income from bank deposits[63] - Net other income was approximately 1.5 million Ringgit (2024: 0.5 million Ringgit), primarily comprising gains from disposal of deposits for investment properties, disposal of Gabungan, and foreign exchange gains[64] Impairment Losses on Trade Receivables and Contract Assets An impairment loss provision of approximately 1.6 million Ringgit was recognized in FY2025, primarily due to increased balances of trade receivables and contract assets, certain customers' inability to meet repayment plans, and expected loss rate assessments. In contrast, FY2024 saw an impairment loss reversal of approximately 5.7 million Ringgit, driven by improved customer collections and reduced credit risk - An impairment loss provision of approximately 1.6 million Ringgit was recognized in FY2025 due to increased receivable balances, customer repayment difficulties, and expected loss rate assessments[65] - An impairment loss reversal of approximately 5.7 million Ringgit was recognized in FY2024 due to improved customer collections and significantly reduced credit risk[65] General and Administrative Expenses General and administrative expenses for FY2025 increased by 21.6% to 19.7 million Ringgit, primarily due to increased staff headcount, higher remuneration, increased legal and professional fees, and higher stamp duty resulting from the disposal of deposits for investment properties General and Administrative Expenses | Indicator | 2025 (million Ringgit) | 2024 (million Ringgit) | Growth rate | | :--- | :--- | :--- | :--- | | General and administrative expenses | 19.7 | 16.2 | 21.6% | - The increase was mainly due to higher staff costs resulting from increased headcount, higher staff remuneration, increased legal and professional fees, and increased stamp duty arising from the disposal of deposits paid for the acquisition of investment properties[66] Finance Costs Finance costs for FY2025 decreased to 0.6 million Ringgit, primarily due to reduced interest on bank loans resulting from lower bank loan balances, and decreased estimated interest on contract assets Finance Costs | Indicator | 2025 (million Ringgit) | 2024 (million Ringgit) | Change | | :--- | :--- | :--- | :--- | | Finance costs | 0.6 | 1.0 | Decrease 0.4 million Ringgit | - The decrease was mainly due to reduced interest on bank loans resulting from lower bank loan balances, and decreased estimated interest on contract assets[67] Income Tax Expense Income tax expense for FY2025 increased to 1.7 million Ringgit, primarily due to higher taxable profits from Singaporean and Malaysian subsidiaries Income Tax Expense | Indicator | 2025 (million Ringgit) | 2024 (million Ringgit) | Change | | :--- | :--- | :--- | :--- | | Income tax expense | 1.7 | 0.8 | Increase 0.9 million Ringgit | - The increase was mainly due to higher taxable profits from a Singaporean subsidiary and a Malaysian subsidiary for the year ended June 30, 2025, compared to the year ended June 30, 2024[68] Profit for the Year Attributable to Owners of the Company In FY2025, profit attributable to owners of the Company decreased to 1.3 million Ringgit, a significant reduction from 3.0 million Ringgit in 2024, primarily due to the combined impact of the aforementioned financial factors Profit for the Year Attributable to Owners of the Company | Indicator | 2025 (million Ringgit) | 2024 (million Ringgit) | Change | | :--- | :--- | :--- | :--- | | Profit for the year attributable to owners of the Company | 1.3 | 3.0 | Decrease 1.7 million Ringgit | Final Dividend Given the FY2025 financial results, anticipated working capital requirements, and current and future business conditions and strategies, the Board does not recommend the declaration of any final dividend, consistent with 2024 - The Board does not recommend the declaration of any final dividend for the year ended June 30, 2025 (2024: nil)[70] Corporate Finance and Risk Management The Group funds its working capital through cash generated from operations, shareholders' equity, and bank financing, maintaining a sound liquidity position. The current ratio slightly decreased, while the gearing ratio declined due to reduced total bank borrowings and lease liabilities. The Group faces credit risk, interest rate risk, and foreign exchange risk, with corresponding management policies in place - The Group funds its working capital requirements through cash generated from operations, shareholders' equity, and bank financing[71] - The current ratio decreased from approximately 1.7 times in 2024 to approximately 1.6 times in 2025, primarily due to a significant increase in contract liabilities[73] - The gearing ratio decreased from approximately 8.2% in 2024 to approximately 5.4% in 2025, mainly due to a reduction in total bank borrowings and lease liabilities[73] Liquidity and Financial Resources/Capital Structure As of June 30, 2025, the Group's cash and cash equivalents decreased to 71.5 million Ringgit, while pledged bank deposits and fixed deposits increased. The current ratio slightly decreased to 1.6 times, and the gearing ratio declined to 5.4%, indicating reduced leverage. The Group's capital structure remained sound with no significant changes Liquidity Position | Item | 2025 (million Ringgit) | 2024 (million Ringgit) | | :--- | :--- | :--- | | Cash and cash equivalents | 71.5 | 94.1 | | Pledged bank deposits | 9.2 | 8.1 | | Fixed deposits with maturity over three months | 5.7 | – | | Lease liabilities | 0.7 | 0.7 | | Bank borrowings | 6.4 | 10.5 | | Unutilized bank facilities | 122.0 | 47.0 | Liquidity and Gearing Ratios | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Current ratio | 1.6 times | 1.7 times | | Gearing ratio | 5.4% | 8.2% | - There were no significant changes in the Group's capital structure for the year ended June 30, 2025[74] Capital Commitments As of June 30, 2025, the Group had capital commitments of approximately 81 thousand Ringgit, consistent with 2024, primarily for equipment Capital Commitments | Item | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | | :--- | :--- | :--- | | Equipment | 81 | 81 | Pledge of Assets As of June 30, 2025, the Group had pledged bank deposits of approximately 9.2 million Ringgit, deposits paid for the acquisition of investment properties of approximately 12.9 million Ringgit, and assets classified as held for sale of approximately 1.5 million Ringgit, as collateral and guarantees for bank financing. The Group is arranging performance bonds for new contracts - Pledged bank deposits of approximately 9.2 million Ringgit were pledged to banks as security for bank facilities of approximately 6.8 million Ringgit[76] - Deposits paid for the acquisition of investment properties of approximately 12.9 million Ringgit and assets classified as held for sale of approximately 1.5 million Ringgit were pledged to banks as security for bank facilities[76] - The Group is arranging performance bonds related to new contracts awarded in 2024, with additional retention receivables as an alternative[77] Risk Management The Group faces credit risk, interest rate risk, and foreign exchange risk. Credit risk primarily arises from trade and other receivables, managed through credit assessments and a provision matrix. Interest rate risk mainly stems from floating-rate bank borrowings. Foreign exchange risk arises from foreign currency transactions, which management closely monitors and considers hedging - The Group's credit risk primarily arises from trade and other receivables, contract assets, fixed deposits, pledged bank deposits, and bank balances[78] - As of June 30, 2025, approximately 49% of the total trade receivables and contract assets were from the Group's largest customer, and approximately 99% were from the top five customers[79] - The Group's interest rate risk primarily arises from bank balances and bank borrowings bearing interest at floating rates, mainly concentrated on fluctuations in the Malaysian Base Lending Rate[84] - The Group undertakes certain transactions denominated in foreign currencies and is thus exposed to exchange rate fluctuation risk; currently, there is no foreign currency hedging policy, but management closely monitors this risk[85] Significant Investments and Future Plans For the year ended June 30, 2025, the Group held no significant investments other than those disclosed, nor did it have other significant investment and capital asset plans - For the year ended June 30, 2025, the Group held no significant investments[86] - As of June 30, 2025, the Group had no other significant investment and capital asset plans[87] - For the year ended June 30, 2025, the Group had no significant acquisitions and disposals of subsidiaries, associates, or joint ventures (other than those disclosed in this announcement)[88] Events After Reporting Period No other significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement - No other significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement[89] Employees and Remuneration Policy The Group's total number of full-time employees increased from 64 in 2024 to 68 in 2025 to expand business activities. Employee remuneration is determined with reference to market rates and individual performance, encouraging professional development. Directors' remuneration is recommended by the Remuneration Committee, considering various relevant factors, and independent non-executive directors do not receive performance-related equity-based remuneration - The Group's total number of full-time employees increased from 64 as of June 30, 2024, to 68 as of June 30, 2025[90] - Employee remuneration is determined with reference to market rates and individual qualifications, experience, skills, performance, and contribution[90] - Independent non-executive directors are not granted equity-based remuneration with performance-related elements to ensure their objective judgment and independence[90] Prospects The Group is optimistic about the construction industry in Malaysia and Singapore, anticipating favorable development prospects from foreign investment inflows into the Johor-Singapore Special Economic Zone, Johor Bahru-Singapore Rapid Transit System Link project, and data center sector. The Group will continue to focus on executing existing contracts, actively participate in tenders, and optimize its business model. Additionally, the Group has been shortlisted as a tenderer for a large-scale solar photovoltaic power plant development project in Malaysia - The Group is optimistic about the construction industry in Malaysia and Singapore, anticipating favorable development prospects from foreign investment inflows into the Johor-Singapore Special Economic Zone, Johor Bahru-Singapore Rapid Transit System Link project, and data center sector[93] - A consortium comprising the Company's wholly-owned subsidiary JBB Builders (M) Sdn. Bhd. and Samaiden Sdn. Bhd. has been shortlisted as a tenderer for the development of a large-scale solar photovoltaic power plant (99.99 MW) in Segamat, Johor, Malaysia[94] - The Group will continue to optimize its business model and portfolio, actively participate in various tenders (especially in the marine construction services sector), strengthen its market competitiveness, and focus on executing existing construction engineering contracts[95] Use of Proceeds The net proceeds from the Company's global offering amounted to approximately 62.6 million Ringgit. As of June 30, 2025, 51.4 million Ringgit had been utilized, primarily for funding and capital requirements of new contracts, meeting performance bond requirements, expanding the team, and upgrading IT systems. Approximately 11.2 million Ringgit remains unutilized, expected to be fully utilized by June 2028 Details of Use of Net Proceeds | Purpose | Original allocation (million Ringgit) | Revised allocation (million Ringgit) | Utilized (million Ringgit) | Unutilized (million Ringgit) | Expected timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Acquisition of a converted sand carrier from an existing marine transportation service sub-contractor | 36.2 | – | – | – | Not applicable | | Acquisition of new land-based machinery | 4.6 | – | – | – | Not applicable | | To satisfy performance bond requirements for future projects | 14.7 | 14.7 | (4.0) | 10.7 | By June 2028 | | Upgrading of information technology and project management systems | 0.4 | 0.4 | (0.3) | 0.1 | By June 2028 | | Recruitment and expansion of building and infrastructure engineering management team | 2.1 | 2.1 | (1.7) | 0.4 | By June 2028 | | Working capital and general corporate purposes | 4.6 | 4.6 | (4.6) | – | Not applicable | | Funding and capital requirements for new contracts | – | 40.8 | (40.8) | – | By June 2028 | | Total | 62.6 | 62.6 | (51.4) | 11.2 | | - Approximately 11.2 million Ringgit (representing approximately 17.9% of the net proceeds from the Global Offering) remains unutilized, expected to be fully utilized by June 2028[96][99] - On February 23, 2024, the Board resolved to reallocate part of the unutilized net proceeds, approximately 40.8 million Ringgit, to fund and capital requirements for new contracts awarded to the Group[99] Other Information Closure of Register of Members To determine eligibility for attending and voting at the Annual General Meeting, the Company's share transfer registration will be suspended from November 13 to November 18, 2025. Shareholders must submit all share transfer documents by 4:30 p.m. on November 12, 2025 - The register of members will be closed from November 13 to November 18, 2025 (both dates inclusive)[97] - To be eligible to attend and vote at the Annual General Meeting, shareholders should ensure all share transfer documents are lodged by 4:30 p.m. on November 12, 2025[97] Compliance with Corporate Governance Code For the year ended June 30, 2025, and up to the date of this announcement, the Board believes the Company has adopted and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules - The Company has adopted and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules[98] Standard Code for Securities Transactions by Directors The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 to the Listing Rules, as its code of conduct for directors' securities transactions. Following enquiry, all directors confirmed compliance with the Standard Code throughout the reporting period and up to the date of this announcement - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules[100] - All directors confirmed that they have complied with the required standards set out in the Standard Code for the year ended June 30, 2025, and up to the date of this announcement[100] Purchase, Sale or Redemption of the Company's Listed Securities For the year ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the year ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[101] Audit Committee The Company's Audit Committee, established on April 11, 2019, comprises three independent non-executive directors with Mr. Tai Lam Shin as Chairman. The Committee has reviewed the Group's adopted accounting principles and policies, financial reporting matters such as annual results, and the audited consolidated financial statements for FY2025 - The Audit Committee comprises three independent non-executive directors: Mr. Tai Lam Shin (Chairman), Mr. Chan Chun Choi, and Ms. Chan Pui Kwan[102] - The Committee has reviewed the Group's adopted accounting principles and policies, financial reporting matters such as annual results, and the audited consolidated financial statements for FY2025[102] Scope of Work of Independent Auditor The Group's external auditor, Crowe Malaysia PLT, confirmed that the financial figures in the preliminary results announcement are consistent with the audited consolidated financial statements. The work performed by the auditor does not constitute an assurance engagement under International Standards on Auditing, and therefore no assurance has been issued on the preliminary results announcement - The external auditor, Crowe Malaysia PLT, agreed that the financial figures in the preliminary results announcement are consistent with those contained in the audited consolidated financial statements[103] - The work performed by the auditor does not constitute an assurance engagement under International Standards on Auditing, and therefore no assurance has been issued on the preliminary results announcement[103] Publication of Annual Results This announcement has been published on the Stock Exchange website and the Company's website. The FY2025 annual report, containing all information required by the Listing Rules, will be published on the aforementioned websites and dispatched to shareholders in due course - This announcement has been published on the Stock Exchange website (www.hkexnews.hk) and the Company's website (www.jbb.com.my)[104](index=104&type=chunk) - The Company's annual report for the year ended June 30, 2025, containing all information required by the Listing Rules, will be published on the aforementioned websites and dispatched to the Company's shareholders in due course[104] Acknowledgements and Board of Directors The Board expresses gratitude for the support and contributions of shareholders, business partners, clients, management, and staff. As of the announcement date, the Board of Directors includes Executive Directors Dato' Wong Sze Chian (Chairman), Mr. Lam Hong Yin, Mr. Wong Choong Boon; Non-executive Director Datin Ngooi Leng Swee; and Independent Non-executive Directors Mr. Tai Lam Shin, Mr. Chan Chun Choi, and Ms. Chan Pui Kwan - The Board extends its gratitude to the Company's shareholders, the Group's business partners, and clients for their continued support, guidance, and contributions, and sincerely thanks management and staff for their hard work and dedication[105] - The Board of Directors comprises Executive Directors Dato' Wong Sze Chian (Chairman), Mr. Lam Hong Yin, Mr. Wong Choong Boon; Non-executive Director Datin Ngooi Leng Swee; and Independent Non-executive Directors Mr. Tai Lam Shin, Mr. Chan Chun Choi, and Ms. Chan Pui Kwan[107]