Financial Performance - The company's revenue for the year ended December 31, 2022, was approximately MYR 198.9 million, a 64.7% increase from MYR 120.8 million in 2021[8]. - Gross profit for the same period was approximately MYR 53.2 million, reflecting a gross margin of 26.7%, slightly down from 26.8% in the previous year[8]. - The pre-tax profit increased to approximately MYR 24.4 million, up from MYR 13.9 million in 2021, marking a significant growth[8]. - Earnings attributable to the owners of the company for the year were approximately MYR 15.1 million, compared to MYR 9.3 million in 2021, resulting in a basic earnings per share of 2.41 sen, up from 1.49 sen[8]. - Revenue from printable apparel increased by approximately MYR 64.2 million or 61.5% to MYR 168.6 million, driven by improved consumer sentiment following the easing of COVID-19 restrictions in Malaysia[17]. - Revenue from gift products rose by approximately MYR 13.9 million or 84.8% to MYR 30.3 million, attributed to a significant increase in sales volume[18]. Expenses and Liabilities - Selling and distribution expenses increased by approximately 70.2% to about MYR 9.7 million, primarily due to the rise in sales[19]. - Administrative and other operating expenses rose by approximately MYR 6.4 million or 40.8% to about MYR 22.1 million, mainly due to increased director remuneration and employee-related costs[20]. - Income tax expenses increased by approximately MYR 3.4 million or 79.1% to about MYR 7.7 million, primarily due to the increase in pre-tax profit[23]. - As of December 31, 2022, the group's cash and cash equivalents were approximately RM 79.2 million, a decrease from RM 81.1 million in 2021, primarily due to additional deposits paid for land acquisition[24]. - The group's current assets and current liabilities were approximately RM 143.4 million and RM 7.3 million, respectively, as of December 31, 2022, compared to RM 130.1 million and RM 6.5 million in 2021[26]. - The group's interest-bearing borrowings were approximately RM 6.3 million as of December 31, 2022, down from RM 7.0 million in 2021, with unutilized bank financing of RM 18.6 million[26]. Capital Expenditures and Investments - The group has committed but unallocated capital expenditures of RM 14.2 million as of December 31, 2022, down from RM 18.9 million in 2021[31]. - The group has paid 40% of the total consideration of RM 23.6 million for a land acquisition in Johor as of December 31, 2022, with the legal ownership registration process ongoing[33]. - The net proceeds from the IPO, amounting to approximately RM 60.3 million, are allocated for enhancing warehouse capacity, strengthening sales and marketing efforts, and developing an e-commerce sales platform[39]. - As of December 31, 2022, approximately HKD 47.7 million (about 79.1% of the net proceeds from the global offering) remains unutilized[40]. - The unutilized proceeds are deposited in the group's bank in Malaysia and are intended to be used in accordance with the proposed allocation in the prospectus[40]. Market Outlook and Strategy - The group plans to expand its market share by enhancing warehouse capacity, including purchasing land in Johor for a new warehouse and improving logistics processes[25]. - The group anticipates a challenging economic outlook for Malaysia and Singapore in 2023 due to rising interest rates and global inflation affecting consumer purchasing power[25]. - The company continues to implement strategies to develop and strengthen market penetration in different regions to reduce reliance on specific markets[151]. Corporate Governance - The board of directors confirmed compliance with corporate governance standards, ensuring transparency and accountability in operations[60]. - The board held a total of 4 regular meetings during the fiscal year ending December 31, 2022, with all directors attending all meetings[75]. - The Audit Committee, consisting of three independent non-executive directors, held 2 meetings during the fiscal year to assess the independence of the auditors and review financial performance[82][85]. - The company has established a governance framework that includes an Audit Committee, a Remuneration Committee, and a Nomination Committee to oversee various aspects of corporate governance[79]. - The company’s governance policies and practices were reviewed to ensure compliance with legal and regulatory requirements[81]. Risk Management - The board confirmed its responsibility to establish and maintain an effective risk management and internal control system[125]. - The group has identified major risks affecting operations using established risk assessment standards, with annual evaluations reported to the audit committee[127]. - The internal control consultant has reported findings and recommendations to the audit committee, ensuring compliance with applicable laws and regulations[126]. - The board reviewed the effectiveness of the risk management and internal control systems for the year ending December 31, 2022, and found them to be effective and sufficient[132]. Shareholder Relations - The company has established multiple communication channels with shareholders to enhance investor relations and welcome suggestions from investors and stakeholders[142]. - The company has reviewed the effectiveness of its shareholder communication policy and found it effective for the year ending December 31, 2022[143]. - Shareholders have the right to request the convening of a special general meeting if they hold at least 10% of the company's paid-up capital[113]. Sustainability and Social Responsibility - The company maintains a focus on sustainable practices and compliance with legal regulations to minimize environmental impact[161]. - The group made charitable donations amounting to approximately 13,000.00 MYR for the year ended December 31, 2022[191]. - Anti-corruption training has been provided to all managers and above, covering topics such as integrity and conflict of interest[136].
大人国际(01957) - 2022 - 年度财报