Financial Performance - For the six months ended June 30, 2023, the total revenue was approximately MYR 51.0 million, a decrease of about 25.2% compared to the same period in 2022[3]. - The gross profit for the same period was approximately MYR 4.3 million, down approximately 46.5% year-on-year[3]. - The company recorded a net loss of approximately MYR 6.3 million for the six months ended June 30, 2023[3]. - For the three months ended June 30, 2023, the revenue was MYR 24.4 million, compared to MYR 29.5 million in the same period of 2022, reflecting a decline of approximately 17.4%[4]. - The company reported a loss attributable to owners of the company of MYR 3.84 million for the three months ended June 30, 2023[5]. - For the six months ended June 30, 2023, the company reported a net loss of 6,369 thousand MYR, compared to a loss of 4,053 thousand MYR for the same period in 2022, representing a 57.2% increase in losses[8]. - The company reported a basic and diluted loss per share of 1.01 sen for the six months ended June 30, 2023[5]. - The company reported a loss attributable to owners for the six months ended June 30, 2023, was 6,369 thousand MYR, an increase of 57.3% from 4,053 thousand MYR in 2022[27]. Revenue Breakdown - The logistics and related services segment generated revenue of 12,811 thousand MYR, a decrease of 63.3% from 34,927 thousand MYR in the same period of 2022[14]. - The manufacturing and trading of plastic products segment reported a revenue of 8,946 thousand MYR, down 41.1% from 15,224 thousand MYR in the same period of 2022[14]. - Air freight service revenue decreased by approximately 79.5% to about 3.8 million MYR for the six months ended June 30, 2023, compared to 18.5 million MYR in the same period last year[37]. - The segment of air freight agency and related services generated 1,903 thousand MYR in revenue for the three months ended June 30, 2023, a decline of 48.5% from 3,695 thousand MYR in 2022[18]. - The segment of sea freight agency and related services reported revenue of 4,076 thousand MYR for the three months ended June 30, 2023, down 37.1% from 6,490 thousand MYR in 2022[18]. - Revenue from the manufacturing and trading of plastic products was approximately RM 8.9 million in 2023, a decline from RM 15.2 million in 2022, representing about 17.5% of total revenue (2022: 22.3%)[42]. - Revenue from the trading of second-hand mobile phones increased to approximately RM 29.2 million in 2023 from RM 18.0 million in 2022, accounting for about 57.3% of total revenue[43]. - Total revenue from integrated logistics services for the six months ended June 30, 2023, was approximately RM 12.8 million, a decrease of RM 22.1 million or 63.3% compared to RM 34.9 million in 2022[45]. Assets and Liabilities - Total assets decreased from MYR 62.7 million as of December 31, 2022, to MYR 53.3 million as of June 30, 2023[6]. - Current liabilities decreased from MYR 25.8 million as of December 31, 2022, to MYR 22.5 million as of June 30, 2023[6]. - The net asset value decreased from MYR 53.7 million as of December 31, 2022, to MYR 48.2 million as of June 30, 2023[7]. - Trade receivables as of June 30, 2023, amounted to 26,207 thousand MYR, an increase from 23,996 thousand MYR as of December 31, 2022, after accounting for credit loss provisions of 7,782 thousand MYR[31]. - Trade and other payables totaled 17,126 thousand MYR as of June 30, 2023, down from 20,574 thousand MYR as of December 31, 2022[33]. Cash Flow and Financing - The company’s cash flow from operating activities showed a net cash outflow of 771 thousand MYR, an improvement from a net outflow of 6,370 thousand MYR in the previous year[9]. - The cash and cash equivalents decreased by 2,525 thousand MYR, compared to a decrease of 8,676 thousand MYR in the previous year[9]. - The group's cash and cash equivalents as of June 30, 2023, were approximately MYR 25.8 million, down from MYR 27.6 million as of December 31, 2022[60]. - Financing costs for the six months ended June 30, 2023, were approximately MYR 241,000, down from MYR 483,000 in 2022[55]. Dividends and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2023[3]. - The company did not recommend any interim dividend for the six months ended June 30, 2023, compared to none in 2022[56]. - The company has a weighted average number of shares of 633,600,000 for the calculation of basic and diluted loss per share[26]. - The company reported a net loss per share for the six months ended June 30, 2023, with a weighted average of 633,600,000 ordinary shares outstanding, consistent with the previous year[29]. - As of June 30, 2023, Win All Management Limited holds 188,360,000 shares, representing 29.73% of the company's equity[76]. Management and Governance - Employee costs, including directors' remuneration, amounted to 3,069 thousand MYR for the three months ended June 30, 2023, a decrease of 50.5% from 6,199 thousand MYR in 2022[19]. - The total employee compensation for the six months ended June 30, 2023, was MYR 6.2 million, down from MYR 9.0 million in 2022[65]. - Management's compensation for the six months ended June 30, 2023, increased to 1,240 thousand MYR from 958 thousand MYR in the previous year[35]. - The company has complied with the GEM Listing Rules regarding directors' securities transactions, confirming adherence to the required standards during the reporting period[81]. - The company has maintained compliance with the Corporate Governance Code throughout the financial year, ensuring effective accountability[82]. Strategic Initiatives - The board believes there are significant business growth opportunities in Malaysia due to strong growth prospects and increased foreign direct investment[44]. - The company plans to expand its logistics and second-hand mobile phone trading businesses in Hong Kong and Malaysia to attract more international customers[44]. - The company is preparing to establish a joint venture with Shuidai Huaxia Group to develop multiple projects, including a solar power plant proposal[69][70]. - The company is in discussions to establish a joint venture with Suining International Limited, with a proposed ownership ratio of 51:49, focusing on investments in green energy and environmental sectors[71]. - A strategic cooperation agreement was signed with Zhongwei Supply Chain Limited on January 5, 2023, to collaborate on supply chain businesses, leveraging the company's logistics services and extensive network[72]. - The board has decided to reallocate approximately HKD 26.1 million originally intended for expanding logistics services in Hong Kong to general working capital and investment purposes[74]. Audit and Compliance - The interim financial statements have not been audited but have been reviewed by the audit committee[84]. - As of June 30, 2023, the group had no significant acquisitions or disposals of subsidiaries[61]. - The group has no major investments or future capital asset plans as of June 30, 2023[63]. - The company has adopted a share option scheme to attract and retain qualified personnel, with 800,000 shares (0.13% of issued shares) available for issuance under the scheme as of June 30, 2023[78].
盛良物流(08292) - 2023 - 中期财报