Revenue Performance - Revenue decreased by approximately 134.6 million MYR or 53.1% to about 118.9 million MYR for the six months ended December 31, 2022, compared to approximately 253.5 million MYR for the same period in 2021[16]. - Revenue from marine construction services accounted for approximately 81.8% of total revenue, decreasing by about 137.0 million MYR or 58.5% to approximately 97.3 million MYR[17]. - Revenue from marine transportation represented about 92.1% of marine construction services revenue, dropping by approximately 142.2 million MYR or 61.3% to about 89.6 million MYR[18]. - Revenue from building and infrastructure services increased by approximately 6.4 million MYR or 142.2% to about 10.9 million MYR, compared to approximately 4.5 million MYR for the same period in 2021[18]. - Revenue from the sale of marine fuel accounted for about 9.0% of total revenue, decreasing by approximately 4.0 million MYR or 27.2% to about 10.7 million MYR[20]. - The decrease in revenue was primarily due to a significant reduction in sand transportation volume from Singapore marine transportation contracts[16]. - The revenue from reclamation and related works increased by approximately 5.2 million MYR or 208.0% to about 7.7 million MYR for the six months ended December 31, 2022[39]. - The group reported revenue from external customers of 253,541 thousand for the six months ended December 31, 2022, compared to 231,794 thousand in the previous year, representing an increase of approximately 9.3%[190]. - The group’s total revenue for the six months ended December 31, 2022, was 253,541 thousand, compared to 231,794 thousand in the same period last year, marking an overall increase of about 9.3%[190]. Profitability - Gross profit decreased by approximately 1.6 million MYR or 15.1% to about 9.0 million MYR for the six months ended December 31, 2022, compared to approximately 10.6 million MYR for the same period in 2021[21]. - Gross margin increased from approximately 4.2% for the six months ended December 31, 2021, to about 7.6% for the same period in 2022[21]. - The company reported a profit attributable to owners of approximately 3.5 million MYR for the six months ended December 31, 2022, up from about 0.4 million MYR for the same period in 2021[48]. - Operating profit for the period was RM 5,453,000, significantly up from RM 1,661,000 in the previous year, indicating a year-over-year increase of approximately 228.5%[163]. - Profit before tax rose to RM 4,731,000, compared to RM 1,294,000 in the prior year, reflecting an increase of about 265.5%[163]. - Net profit for the period was RM 3,622,000, a turnaround from a loss of RM 186,000 in the same period last year[163]. - The company reported a total comprehensive income of RM 4,701,000 for the period, compared to a loss of RM 114,000 in the previous year[163]. - The total segment profit for the offshore construction services was 5,705 thousand, compared to a loss in the previous period, indicating improved operational efficiency[190]. Expenses and Costs - General and administrative expenses increased by approximately 2.5 million MYR or 46.3% to about 7.9 million MYR for the six months ended December 31, 2022[46]. - Financial costs increased from approximately 0.3 million MYR to about 0.6 million MYR, primarily due to rising interest rates[47]. - Other income net amount increased from approximately 0.5 million MYR to about 1.4 million MYR, mainly due to increased interest income from bank deposits[42]. - Other income increased to RM 1,373,000 from RM 514,000, showing a growth of approximately 167.5%[163]. Financial Position - The group had unutilized bank financing of approximately 47.0 million MYR as of December 31, 2022[29]. - As of December 31, 2022, the group had cash and cash equivalents of approximately 84.5 million Ringgit, a decrease from 85.9 million Ringgit as of June 30, 2022[49]. - The current ratio increased from approximately 1.9 times on June 30, 2022, to about 2.4 times on December 31, 2022, primarily due to a reduction in trade receivables and contract assets[74]. - The total amount of bank loans and lease liabilities increased from approximately 14.2 million Ringgit on June 30, 2022, to about 16.5 million Ringgit on December 31, 2022[74]. - The asset-to-liability ratio increased from approximately 10.2% on June 30, 2022, to about 11.6% on December 31, 2022[74]. - The company’s total assets amounted to 159,430 thousand MYR, a decrease from 272,899 thousand MYR as of June 30, 2021[143]. - The total liabilities decreased to 12,475 thousand MYR as of December 31, 2022, from 10,559 thousand MYR as of June 30, 2021[143]. - The company’s non-current assets were valued at 60,877 thousand MYR as of December 31, 2022, compared to 21,895 thousand MYR as of June 30, 2021[143]. - The group’s total reserves as of December 31, 2022, were approximately RM 131,869,000, up from RM 111,889,000 a year earlier[167]. Risks and Challenges - The group faces cash flow interest rate risk primarily from bank cash and loans, with exposure concentrated on fluctuations in the Malaysian base lending rate[61]. - The group has not implemented a foreign exchange hedging policy but closely monitors foreign exchange risks[62]. - The group remains cautious about future business and financial performance due to competitive pressures and recent government changes in Malaysia[67]. - Inflationary pressures and rising interest rates are increasing the cost of capital, impacting the group's profitability[68]. - The group has faced operational, credit, and liquidity risks due to the COVID-19 pandemic, impacting financial performance[93]. Future Outlook and Plans - Management plans to optimize the business model and actively participate in various tenders to strengthen market competitiveness[95]. - The company anticipates that a project related to land reclamation and marine transportation will commence in Q2 2023, benefiting future business operations[118]. - The company is committed to strict cost control measures and capital commitments to maintain a robust liquidity position[118]. - The company aims to minimize unnecessary costs associated with expansion plans by cautiously utilizing remaining net proceeds based on future market developments[122]. Shareholder Information - JBB Builders International Limited holds approximately 36.36% of its issued share capital through JBB Jade Investment Limited, which is fully owned by the executive director[110]. - The company maintained a public float of at least 25% of its issued shares as required by listing rules[160]. Employee Information - As of December 31, 2022, the group had approximately 55 full-time employees[91].
JBB Builders(01903) - 2023 - 中期财报