Revenue Growth - The group's revenue increased from approximately MYR 146.1 million in the first half of 2021 to approximately MYR 262.2 million in the first half of 2022, representing a growth of 79.5%[19] - In the first half of 2022, the company's total revenue reached approximately 262.2 million MYR, a significant increase from 146.1 million MYR in the same period of 2021, representing a growth of 79.5%[20] - Revenue for the six months ended April 30, 2022, was RM 262.227 million, an increase of 79.7% compared to RM 146.056 million for the same period in 2021[75] - The company reported a significant increase in construction project revenue, particularly from factory projects, which generated 105,149 thousand MYR compared to 32,323 thousand MYR in the previous year[96] Project Completion and Contracts - During the first half of 2022, the group completed four construction projects with a total contract value of approximately MYR 372.1 million, including three factory projects and one institutional project[11] - The group completed a significant institutional project, a 12-story hospital, with a contract value of approximately MYR 322.4 million[12] - As of April 30, 2022, the group had seven ongoing construction projects with a total contract value of approximately MYR 878.2 million, comprising four factory projects and three institutional, commercial, or residential projects[12] - The group submitted three tenders for factory projects and three for institutional and commercial projects during the first half of 2022, securing one factory contract valued at approximately MYR 32.0 million[14] Financial Performance - The gross profit decreased from approximately 22.1 million MYR in the first half of 2021 to about 10.0 million MYR in the first half of 2022, a decline of 54.8%, with the gross margin dropping from 15.1% to 3.8%[24] - The company reported a net profit attributable to owners of approximately 5.6 million MYR for the first half of 2022, down 62.2% from 14.8 million MYR in the same period of 2021[29] - Profit before tax decreased to RM 7.527 million, a decline of 61.6% from RM 19.620 million in the prior year[75] - Net profit attributable to owners for the period was RM 5.555 million, a decrease of 62.6% compared to RM 14.849 million in the previous year[75] Economic Outlook and Challenges - The outlook for Malaysia's economy is expected to improve due to strong domestic demand and the reopening of international borders, although risks remain from global growth and supply chain disruptions[15] - The group faces challenges from intense competition for available contracts and rising costs related to construction materials and labor, which may pressure profit margins on ongoing and completed projects[15] - The group anticipates that timely government actions to resume the recruitment of foreign workers will help mitigate industry challenges[15] Cash Flow and Liquidity - The company's cash and bank balances increased to approximately 101.9 million MYR as of April 30, 2022, compared to 42.6 million MYR as of October 31, 2021[31] - The company maintained a healthy liquidity position, with working capital funded by cash generated from operations[31] - The net cash generated from operating activities for the six months ended April 30, 2022, was 59,769 thousand MYR, significantly higher than 15,181 thousand MYR for the same period in 2021, indicating a year-over-year increase of approximately 294%[86] - The cash and cash equivalents at the end of the reporting period were 101,865 thousand MYR, up from 52,084 thousand MYR at the end of the previous year, representing a growth of approximately 95.5%[88] Employee Costs and Staffing - Employee costs increased from approximately 7.2 million MYR in the first half of 2021 to approximately 7.7 million MYR in the first half of 2022, primarily due to higher labor costs[49] - The total employee costs for the six months ended April 30, 2022, were 8,575 thousand MYR, slightly up from 8,307 thousand MYR in the same period of 2021, reflecting an increase of about 3%[101] - The group employed 191 staff as of April 30, 2022, an increase from 189 staff in the previous year[49] Corporate Governance and Strategy - The board maintains high corporate governance standards, focusing on long-term sustainable prosperity rather than short-term gains[58] - The group aims to leverage its financial strength and management network to explore new business opportunities amid market challenges[18] - The company has established a wholly-owned subsidiary, Senma (Greater Bay Area) Development Co., Ltd., to explore property and construction business opportunities in the Greater Bay Area[114] Share and Capital Management - The company declared an interim dividend of RM 0.0095 per share for the first half of the financial year 2022, compared to no dividend in the same period of 2021[70] - The net proceeds from the issuance of 315,000,000 shares at HKD 0.40 per share amounted to approximately 73.5 million HKD (about 38.7 million MYR) after deducting listing expenses[51] - As of April 30, 2022, approximately 44.1 million HKD of the net proceeds remained unutilized and were deposited in licensed banks[55] - The allocation of net proceeds included 39.3% for strengthening the capital base for potential building projects, amounting to approximately 28.9 million HKD[54]
RIMBACO(01953) - 2022 - 中期财报