Financial Performance - For the six months ended June 30, 2023, the company recorded revenue of approximately MYR 181,905,000, representing a year-on-year increase of about 1.2% from MYR 179,709,000 in the same period of 2022[26]. - Gross profit for the same period was approximately MYR 37,249,000, a decrease of about 17.6% compared to MYR 45,225,000 in the previous year, resulting in a gross margin decline from 25.2% to 20.5%[26]. - The company reported a net profit of approximately MYR 16,628,000 for the six months ended June 30, 2023, down from MYR 21,810,000 in the prior year, reflecting a net profit margin decrease from 12.2% to 9.1%[26]. - The company's total comprehensive income for the period was 22,146 thousand MYR, down from 27,774 thousand MYR in 2022, a decline of about 20.2%[103]. - Basic and diluted earnings per share were 0.81 sen, down from 1.06 sen in the previous year, a decrease of approximately 23.6%[106]. - The pre-tax profit for the six months ended June 30, 2023, was RM 18,697 thousand, down from RM 24,208 thousand in the previous year, indicating a decrease of approximately 22.9%[163]. Revenue Breakdown - Revenue from land transportation services increased by approximately 33.2% to about MYR 37,001,000, driven by higher demand for bridge and land feeder services[29]. - Revenue from container liquid bag solutions and related services rose by approximately 21.8% to about MYR 54,840,000, although gross profit from this segment decreased by about 8.7% to approximately MYR 11,229,000 due to rising operational costs[30]. - For the six months ended June 30, 2023, the revenue from logistics center and related services increased by approximately 15.5% to about 42,453,000 MYR, driven by increased demand for yard services[48]. - The revenue from integrated freight forwarding services decreased significantly by approximately 26.7% to about 41,387,000 MYR, primarily due to reduced earnings from freight forwarding activities impacted by declining freight rates[50]. - The revenue from fourth-party logistics services saw a substantial decline of approximately 54.5% to about 6,224,000 MYR, attributed to a decrease in customer freight handling[51]. - Revenue from external customers for Malaysia increased to 105,668 thousand MYR in 2023 from 102,953 thousand MYR in 2022, representing a growth of 2.2%[176]. - Revenue from warehousing and container yard services rose to 39,733 thousand MYR in 2023 from 32,824 thousand MYR in 2022, marking an increase of 20.9%[187]. Costs and Expenses - The total cost of goods sold for the six months ended June 30, 2023, was approximately MYR 144,656,000, an increase of about 7.6% compared to the previous year, primarily due to higher depreciation and employee expenses[31]. - The employee cost for the six months ended June 30, 2023, was approximately 25,305,000 MYR, compared to 19,678,000 MYR for the same period in 2022, reflecting an increase of about 28%[79]. - The group’s total employee costs increased to 22,709 thousand MYR in 2023 from 17,543 thousand MYR in 2022, an increase of 29.5%[192]. - The company incurred financial expenses of RM 5,640 thousand for the six months ended June 30, 2023[157]. - The group’s interest expenses rose to 5,640 thousand MYR in 2023 from 3,914 thousand MYR in 2022, an increase of 44.1%[193]. Assets and Liabilities - As of June 30, 2023, the group held cash and bank balances of approximately 38,661,000 MYR, compared to 39,572,000 MYR as of December 31, 2022[56]. - The group’s total borrowings amounted to approximately 130,703,000 MYR as of June 30, 2023, up from 83,120,000 MYR as of December 31, 2022, with a weighted average effective interest rate of about 3.66%[56]. - The asset-to-equity ratio as of June 30, 2023, was 0.76, compared to 0.66 as of December 31, 2022[56]. - Current liabilities rose to 117,986 thousand MYR from 94,476 thousand MYR, indicating an increase of approximately 24.9%[107]. - The company's total assets less current liabilities stood at 521,822 thousand MYR, up from 468,438 thousand MYR, reflecting an increase of about 11.4%[124]. - The total equity attributable to the company's shareholders was 330,550 thousand MYR, compared to 308,191 thousand MYR at the end of 2022, an increase of approximately 7.2%[124]. Strategic Initiatives - The company has initiated the launch of a new warehouse named "Freight Village 5" and a new concept for multimodal terminals, which are expected to provide stable revenue sources[17]. - The company is collaborating with renowned universities to develop proprietary internal software using artificial intelligence and is adopting automation in its manufacturing processes[32]. - The company aims to achieve sustainable development in a greener and more environmentally friendly manner while maintaining resilience during economic slowdowns[32]. - The company continues to explore new opportunities aligned with its core strengths and principles despite the current economic downturn and declining global freight rates[17]. - The company plans to continue expanding its logistics services and exploring new market opportunities in the upcoming quarters[134]. - The company is focused on enhancing its operational efficiency through the development of new technologies and services in the logistics sector[134]. - The management remains optimistic about future growth prospects, driven by increased demand for logistics services and strategic investments[134]. Shareholder Information - As of June 30, 2023, Dato' Seri Chan Kong Yew and Dato' Kwan Siew Deeg each hold 1,343,686,000 shares, representing approximately 65.10% of the company's total shares[67]. - Tan Sri Datuk Tan holds 146,310,000 shares, which accounts for 7.09% of the company's total shares[69]. - 2926 Holdings Limited, a major shareholder, holds 40.88% of the company's issued shares, with Dato' Seri Chan and Dato' Kwan owning 63.9% and 36.1% of 2926 Holdings, respectively[68]. - No other individuals or entities, apart from those disclosed, hold 5% or more of the company's shares as of June 30, 2023[75]. Cash Flow and Investments - The company reported a net cash decrease of 5,712 thousand MYR for the six months ended June 30, 2023, compared to a decrease of 29,544 thousand MYR in the same period of the previous year[145]. - Cash and cash equivalents at the end of the reporting period were 24,101 thousand MYR, an increase from 17,699 thousand MYR at the end of June 30, 2022[145]. - The company incurred a net cash outflow from investing activities of 65,453 thousand MYR for the six months ended June 30, 2023[144]. - The financing activities generated a net cash inflow of 32,551 thousand MYR during the reporting period, compared to an outflow of 5,507 thousand MYR in the previous year[145]. - The total cash outflow for the acquisition of subsidiaries was RM 66,079 thousand during the investment activities[163]. - The company reported a total of RM 11,775 thousand in capital expenditures for property, plant, and equipment for the six months ended June 30, 2023[157].
鹰辉物流(01442) - 2023 - 中期财报