Financial Performance - For the three months ended March 31, 2022, the total revenue of Worldgate Global Logistics Ltd was approximately RM 38.6 million, an increase of about 120% compared to RM 17.8 million in the same period of 2021[3] - The gross profit for the same period was approximately RM 4.4 million, also reflecting a 120% increase from RM 1.9 million in the previous year[3] - The company recorded a net loss of approximately RM 0.2 million for the three months ended March 31, 2022, a significant improvement compared to a net loss of RM 1.9 million in the same period of 2021[3] - The basic and diluted loss per share for the period was RM 0.05 cents, compared to RM 1.71 cents in the previous year[5] - The company reported other income of RM 0.585 million for the three months ended March 31, 2022, compared to RM 0.231 million in the same period of 2021[4] - Administrative expenses increased to RM 4.48 million from RM 3.90 million year-on-year[4] - The financing costs decreased to RM 0.216 million from RM 0.271 million in the previous year[4] Revenue Segments - The revenue from the freight forwarding and related services segment was 24,051 thousand MYR, up 67% from 14,393 thousand MYR year-on-year[11] - The revenue from the manufacturing and trading of plastic products segment reached 8,424 thousand MYR, increasing from 3,374 thousand MYR, representing a growth of 149%[10] - Revenue from air freight agency services accounted for approximately 49.0% of total logistics revenue in Q1 2022, up from 19.3% in Q1 2021[35] - Total revenue from integrated logistics services increased by 67.1% to approximately 24.1 million MYR for the three months ended March 31, 2022, compared to 14.4 million MYR in the same period of 2021[35] - The company recorded revenue of approximately MYR 6.1 million from the sale of second-hand mobile phones, accounting for about 15.9% of total revenue[33] Dividends and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the three months ended March 31, 2022[3] - The company did not declare an interim dividend for the first quarter of 2022, consistent with the previous year[16] - As of March 31, 2022, Win All Management Limited and Mr. Wu Henghui hold a total of 188,360,000 shares, representing 29.73% of the company's shares[53] Business Strategy and Expansion - The company has a focus on providing international freight forwarding and logistics services, primarily targeting Malaysia and Hong Kong markets[8] - The company plans to expand its logistics business in Malaysia and Hong Kong to attract more international clients, aiming to enhance its revenue base[34] - The company intends to diversify its business by manufacturing and trading plastic products and second-hand mobile phones, which are expected to generate synergies[34] - The company is in discussions to establish a joint venture with Suiyong International Limited to invest in green energy and environmental projects[51] Capital and Financing Activities - The company plans to use the net proceeds of approximately 1,900,000 HKD from the placement for general working capital[22] - The company completed a share consolidation, changing its authorized share capital to HKD 100,000,000, divided into 1,000,000,000 shares with a par value of HKD 0.1 each[23] - The acquisition of 51% of Zhongying Limited was completed for HKD 6,600,000, paid in shares at an issue price of HKD 0.33 per share, resulting in the issuance of 20,000,000 shares[23] - The company raised approximately HKD 51,942,000 through a rights issue, with valid applications received for 175,503,151 shares at a subscription price of HKD 0.11 per share[24] - The company plans to use the net proceeds of approximately HKD 3,800,000 from a placement for general working capital[24] Compliance and Governance - The company has complied with all applicable provisions of the Corporate Governance Code during the three months ending March 31, 2022[59] - The financial statements for the first quarter have not been audited but have been reviewed by the audit committee[61] Other Financial Metrics - The company reported a pre-tax profit of 815 thousand MYR for the first quarter of 2022, compared to a loss of 1,430 thousand MYR in the same period of 2021[11] - The loss attributable to the owners of the company for the first quarter was 333 thousand MYR, a decrease from a loss of 1,982 thousand MYR in the previous year[21] - The total assets depreciation for the first quarter was 787 thousand MYR, down from 1,001 thousand MYR in the same period of 2021[11] - The company’s interest income for the first quarter was 43 thousand MYR, slightly up from 41 thousand MYR year-on-year[11] - The financing costs for the three months ended March 31, 2022, were approximately 216,000 MYR, down from 271,000 MYR in the same period of 2021[45] Stock Options and Securities - The company has a stock option plan that allows for the issuance of 800,000 shares, which is 0.13% of the issued shares, but no options have been granted, exercised, or canceled since the plan's inception[55] - No purchases, sales, or redemptions of the company's securities occurred during the three months ending March 31, 2022[56]
盛良物流(08292) - 2022 Q1 - 季度财报