Revenue and Profitability - The group's revenue decreased by approximately RM 42.1 million (or 16.1%) from RM 262.2 million in the first half of 2022 to RM 220.1 million in the first half of 2023[15]. - The company's revenue for the six months ended April 30, 2023, was RM 220,130,000, a decrease of 16.1% compared to RM 262,227,000 in the same period of 2022[89]. - Gross profit increased to RM 13,061,000, up 30.5% from RM 10,020,000 year-on-year[72]. - The net profit attributable to owners for the period was RM 8,247,000, representing a 48.4% increase from RM 5,555,000 in the previous year[72]. - The gross profit margin rose from approximately 3.8% in the first half of 2022 to approximately 5.9% in the first half of 2023, attributed to lower sales costs and higher profit margins on certain factory projects[18]. Construction Projects - The group completed five construction projects in the first half of 2023, with a total contract value of approximately RM 195.4 million, including four factory projects and one residential project[8]. - As of April 30, 2023, the group had eight ongoing construction projects with a total contract value of approximately RM 1.29 billion[12]. - The group submitted four tenders for factory projects and four for institutional projects, securing one factory contract and three institutional contracts with a total contract value of approximately RM 467.0 million and RM 29.6 million, respectively[12]. - The company confirmed contract revenue of approximately 5,492 thousand MYR for the building construction contracts during the first half of the fiscal year 2023[102]. Financial Position - The company's total assets as of April 30, 2023, were RM 313,326,000, an increase from RM 266,160,000 as of October 31, 2022[74]. - The company's total equity as of April 30, 2023, was RM 164,050,000, up from RM 156,217,000 as of October 31, 2022[75]. - The group’s uncompleted engineering order book amounted to approximately RM 689.6 million as of April 30, 2023, compared to RM 416.3 million as of October 31, 2022[17]. - The company maintained a healthy liquidity position with cash and bank balances of approximately MYR 84.2 million as of April 30, 2023, down from approximately MYR 97.8 million as of October 31, 2022[24]. - The current ratio was approximately 1.9 times as of April 30, 2023, compared to approximately 2.1 times as of October 31, 2022[25]. Expenses and Income - Other income increased from approximately MYR 0.4 million in the first half of 2022 to approximately MYR 1.8 million in the first half of 2023, mainly due to higher interest from fixed deposits and administrative fees charged to subcontractors[19]. - Administrative and other expenses rose by approximately MYR 0.9 million (or 33.3%) from approximately MYR 2.7 million in the first half of 2022 to approximately MYR 3.6 million in the first half of 2023, primarily due to legal fees and stamp duty from new financing facilities[20]. - Tax expenses increased by approximately MYR 1.0 million (or 50.0%) from approximately MYR 2.0 million in the first half of 2022 to approximately MYR 3.0 million in the first half of 2023, attributed to an increase in taxable profits[22]. Shareholder Information - The interim dividend declared for the first half of 2023 is RM0.0182 per share, an increase from RM0.0095 per share in the first half of 2022[67]. - The record date for the interim dividend payment is July 11, 2023, with payment scheduled for July 28, 2023[69]. - As of April 30, 2023, Low Seah Sun holds 945,000,000 shares, representing 75% of the total issued shares of the company[54]. - RBC Venture Limited, the holding company, also holds 945,000,000 shares, accounting for 75% of the total issued shares[61]. Employee and Operational Metrics - The total employee cost decreased from approximately 7.7 million MYR in the first half of 2022 to about 5.9 million MYR in the first half of 2023, primarily due to the absence of employee bonuses and a reduction in workforce from 191 to 152 employees[46]. - The company’s total employee costs decreased to RM 6,786,000, down 20.8% from RM 8,575,000 in the previous year[94]. - The average credit period granted to most customers is not more than 60 days, with specific customers potentially receiving longer terms based on circumstances[98]. Future Outlook and Strategy - The group anticipates Malaysia's GDP growth to be between 4.0% and 5.0% in 2023, despite global economic challenges[13]. - The group aims to seek order growth opportunities to ensure sustainable profitability amid economic uncertainties[13]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[72]. - The group will continue to focus on project implementation and execution to ensure timely delivery of quality works, maintaining its reputation in a competitive market[13]. Risk Management - The company does not face significant foreign exchange risk as its functional currency is MYR, and it has not adopted any financial instruments for hedging[44]. - The company has implemented financial risk management measures to ensure all payables are settled within the credit period[105].
RIMBACO(01953) - 2023 - 中期财报