Revenue Performance - Revenue decreased by approximately 34.1 million MYR or 15.2% from about 223.8 million MYR for the six months ended December 31, 2024, to about 189.7 million MYR for the six months ended December 31, 2025[14]. - Revenue from offshore construction services accounted for approximately 78.8% of total revenue, decreasing by about 53.7 million MYR or 26.4% to about 149.6 million MYR for the six months ended December 31, 2025[15]. - Revenue from land reclamation and related works decreased by about 28.2 million MYR or 43.5% to about 36.6 million MYR, primarily due to slowed progress on contracts[15]. - Revenue from marine transportation decreased by about 25.5 million MYR or 18.4% to about 113.0 million MYR, attributed to reduced sand delivery volumes from Singapore contracts[16]. - Revenue from building and infrastructure services increased by approximately 19.6 million MYR or 95.6% to about 40.1 million MYR, driven by increased contract workload[17]. - Revenue for the six months ended December 31, 2025, was MYR 189,704,000, a decrease of 15.2% compared to MYR 223,827,000 for the same period in 2024[77]. - Revenue from construction contracts for the six months ended December 31, 2025, was 76,750 thousand Malaysian Ringgit, a decrease of 10.5% from 85,353 thousand Malaysian Ringgit in 2024[92]. - Revenue from offshore transportation for the same period was 112,954 thousand Malaysian Ringgit, down 18.4% from 138,474 thousand Malaysian Ringgit in 2024[92]. - Revenue from external customers in Malaysia was 76,750 thousand Ringgit, down from 85,353 thousand Ringgit in 2024, reflecting a decline of approximately 8.5%[103]. - Revenue from external customers in Singapore was 112,954 thousand Ringgit, down from 138,474 thousand Ringgit in 2024, a decrease of about 18.4%[103]. Profitability and Financial Performance - Gross profit decreased by approximately MYR 1.6 million or 20.0% to about MYR 6.4 million for the six months ended December 31, 2025, with a gross margin decline from approximately 3.6% to 3.4%[19]. - Operating profit decreased to MYR 835,000, a decline of 69.7% from MYR 2,750,000 in the previous year[77]. - Profit before tax was MYR 634,000, down 73.4% from MYR 2,380,000 in 2024[77]. - Net profit for the period was MYR 74,000, a significant drop of 95.2% compared to MYR 1,541,000 in the same period last year[77]. - Basic and diluted earnings per share were both MYR 0.02, down from MYR 0.31 in the previous year[77]. - The profit attributable to the owners of the company for the six months ended December 31, 2025, was approximately MYR 0.1 million, down from about MYR 1.6 million for the same period last year[27]. Cash Flow and Financial Position - The group had cash and cash equivalents of approximately MYR 62.6 million as of December 31, 2025, down from MYR 71.5 million as of June 30, 2025[30]. - For the six months ended December 31, 2025, the net cash used in operating activities was (18,469) thousand Malaysian Ringgit, compared to (4,924) thousand Malaysian Ringgit for the same period in 2024, indicating a significant increase in cash outflow[82]. - The total cash and cash equivalents decreased by 6,513 thousand Malaysian Ringgit, with an ending balance of 62,617 thousand Malaysian Ringgit as of December 31, 2025, down from 83,102 thousand Malaysian Ringgit in 2024[82]. - The company has bank loans secured by deposits amounting to approximately 16,630,000 Ringgit as of December 31, 2025, compared to 9,179,000 Ringgit as of June 30, 2025[134]. - The total assets as of December 31, 2025, were MYR 250,799,000, a decrease from MYR 266,331,000 as of June 30, 2025[79]. - Current liabilities decreased to MYR 140,808,000 from MYR 162,693,000 in the previous period[79]. - The company's net assets amounted to MYR 129,743,000, slightly down from MYR 131,660,000 as of June 30, 2025[79]. Expenses and Other Income - Other income fell from approximately MYR 3.3 million to about MYR 2.1 million, primarily due to a decrease in revenue from subcontractors and suppliers related to offshore transportation activities[21]. - The company generated other income of 2,073 thousand Ringgit, down from 3,274 thousand Ringgit in 2024, reflecting a decrease of approximately 36.7%[108]. - The company reported a significant gain of 898 thousand Ringgit from the sale of deposits related to investment properties, which was not present in the previous year[108]. - General and administrative expenses increased by approximately MYR 0.9 million or 10.8% to about MYR 9.2 million for the six months ended December 31, 2025[24]. - Financial costs decreased from approximately MYR 0.4 million to about MYR 0.2 million, mainly due to a reduction in bank loan balances[25]. - The total income tax expense for the six months ended December 31, 2025, was 560,000 MYR, a decrease of 33.3% from 839,000 MYR in the previous year[7]. Strategic Initiatives and Future Outlook - The company continues to focus on existing construction contracts while strategically expanding into renewable energy infrastructure[11]. - The company is strategically expanding into renewable energy infrastructure with a joint venture to develop a 99.99MWac solar photovoltaic plant in Johor, Malaysia[53]. - The company plans to upgrade its IT and project management systems, with an allocation of 0.6% of the net proceeds for this purpose[57]. - The company is monitoring its financial situation and uncertainties while optimizing its business model and portfolio[55]. - The company anticipates that the remaining proceeds will be utilized as overall economic activity resumes, subject to market conditions[58]. Shareholder and Corporate Governance - Major shareholders include JBB Jade Investment Limited with 181,816,500 shares, representing approximately 36.36% of the issued share capital, and JBB Berlian Investment Limited with 61,233,500 shares, representing approximately 12.25%[69]. - The company’s directors and senior management hold significant interests in the company, with Datuk Wong Shih Biao holding 36.36% and his spouse holding 12.25%[65]. - The company has adopted and complied with all applicable corporate governance code provisions as of the mid-term report date[60]. - The board has confirmed compliance with the standard code for securities transactions by directors during the reporting period[61]. - The company did not declare an interim dividend for the six months ended December 31, 2025, consistent with the previous year[114]. Employee and Operational Updates - The total number of full-time employees increased from 68 to 71 between June 30, 2025, and December 31, 2025, to expand business activities[51]. - The group has committed significant capital expenditures of 81,000 MYR for equipment as of December 31, 2025[141]. - The group entered into related party transactions, incurring management fees of 34,000 MYR and professional fees of 240,000 MYR with related parties during the reporting period[140].
JBB Builders(01903) - 2026 - 中期财报