Financial Performance - For the six months ended February 28, 2022, the total revenue of the group was approximately MYR 133.3 million, an increase of about 4.0% compared to the same period in 2021[4] - The gross profit for the same period was approximately MYR 25.4 million, a decrease of about 0.7% compared to the previous year[4] - The net profit recorded for the six months was approximately MYR 6.5 million, compared to MYR 5.1 million in the same period of 2021, reflecting an increase of about 26.4%[5] - The operating profit for the six months was approximately MYR 11.3 million, an increase of about 13.5% compared to MYR 9.9 million in the previous year[5] - The total comprehensive income for the six months was approximately MYR 7.1 million, compared to MYR 5.7 million in the same period of 2021, representing an increase of about 24.0%[9] - Total revenue for the six months ended February 28, 2022, was approximately 133.3 million MYR, compared to 128.2 million MYR for the same period in 2021, representing a growth of 4.3%[52] - For the three months ended February 28, 2022, the group's revenue from customer contracts was RM 58,267,000, a 4.0% increase from RM 55,057,000 in the same period of 2021[26] - For the six months ended February 28, 2022, the group's revenue from customer contracts was RM 133,345,000, a 4.6% increase from RM 128,167,000 in the same period of 2021[26] Cash Flow and Assets - Cash and cash equivalents at the end of the period were MYR 2.2 million, a decrease from MYR 19.8 million at the end of the previous period[10] - The group reported a decrease in cash flow from operating activities to MYR 13.9 million from MYR 23.4 million in the previous year[10] - The total assets less current liabilities amounted to MYR 140.3 million, slightly up from MYR 139.9 million in the previous year[6] - The net asset value increased to MYR 102.1 million from MYR 94.9 million in the previous year, reflecting a growth of about 7.5%[7] - The company's current assets net value was approximately 3.9 million MYR as of February 28, 2022, compared to 0.2 million MYR on August 31, 2021[73] Revenue Breakdown - Revenue from Malaysia decreased to 79,891 thousand MYR in the six months ended February 28, 2022, down 9.4% from 87,956 thousand MYR in the same period of 2021[24] - Revenue from Singapore increased to 5,279 thousand MYR in the six months ended February 28, 2022, up 68.5% from 3,136 thousand MYR in the same period of 2021[24] - Revenue from the Philippines increased to 48,175 thousand MYR in the six months ended February 28, 2022, up 30.0% from 37,075 thousand MYR in the same period of 2021[24] - Revenue from packaging, the largest business segment, was approximately 93.5 million MYR, accounting for 70.1% of total revenue, compared to 83.2 million MYR and 64.9% in the previous year[53] - Revenue from inserts was approximately 28.9 million MYR, representing 21.7% of total revenue, an increase from 26.2 million MYR and 20.4% in the prior year[54] - Revenue from brochures decreased to approximately 10.7 million MYR, accounting for 8.1% of total revenue, down from 18.8 million MYR and 14.6% in the previous year[56] - Revenue from labels was approximately 0.2 million MYR, maintaining a 0.1% share of total revenue, consistent with the previous year[57] Customer and Market Insights - Major customer A's revenue decreased to 15,697 thousand MYR in the six months ended February 28, 2022, down 51.6% from 32,413 thousand MYR in the same period of 2021[25] - Major customer F's revenue increased to 39,617 thousand MYR in the six months ended February 28, 2022, up 8.5% from 36,472 thousand MYR in the same period of 2021[25] - Malaysian customers accounted for approximately 59.9% of total revenue, down from 68.6% in the previous year, indicating a diversification in customer base[52] - The contribution from the top five customers decreased from approximately 101.3 million MYR for the six months ended February 28, 2021, to 91.4 million MYR for the same period in 2022, representing 79.0% and 68.5% of total revenue, respectively[65] Expenses and Costs - The cost of goods sold for the six months ended February 28, 2022, was RM 107,914,000, compared to RM 102,549,000 for the same period in 2021, reflecting a 5.4% increase[28] - Sales costs increased by approximately 5.2% or 5.4 million MYR for the six months ended February 28, 2022, mainly due to rising material and labor costs[66] - Distribution expenses rose by approximately 21.4% to 7.4 million MYR for the six months ended February 28, 2022, primarily due to increased transportation costs[68] - The total employee costs for the six months ended February 28, 2022, were RM 24,514,000, an increase from RM 22,923,000 in the same period of 2021[28] Corporate Governance and Structure - The company did not recommend the payment of an interim dividend for the six months ended February 28, 2022[4] - The company did not adopt any share option scheme[103] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the six months ended February 28, 2022[104] - The company confirmed that there were no competitive interests held by controlling shareholders during the six months ended February 28, 2022[105] - The company adhered to the corporate governance code during the six months ended February 28, 2022, except for the absence of the chairman at the annual general meeting[108] - The Audit Committee was established in accordance with GEM Listing Rule 5.28, with a focus on reviewing financial information and internal controls[110] - The Audit Committee consists of three members, with Mr. Cai Yongqiang serving as the chairman[111] - The interim financial statements have not yet been audited by the company's auditor but have been reviewed by the Audit Committee[110] Investments and Expansion - The company has acquired new machinery to enhance production efficiency, including an automatic hard box manufacturing machine and an automatic laminating machine[61] - The company plans to strengthen its market position in the printing and packaging industry while expanding its business in Malaysia and the Philippines[58] - The group plans to expand its product line, with 23.3% of the net proceeds allocated for this purpose, amounting to 14.2 million HKD utilized by February 28, 2022[92] - The group has completed the installation of all production facilities for the second production plant in the Philippines[90] - The group has made significant progress in diversifying its customer industries, including hiring a brand manager in Malaysia[85] - The group has completed the renovation and improvement of its factory in Malaysia[87] - The group has expanded its hard box assembly line in Malaysia, which has been completed[87] - The group has acquired a new sewing machine to replace old equipment, enhancing operational efficiency[87] Shareholding Structure - Ong Mr. holds a controlled corporation interest of 408,000,000 shares, representing 51.00% of the company's equity[95] - Tan Woon Chay holds a beneficial interest of 1,500,000 shares, representing 0.19% of the company's equity[95] - Linocraft Investment holds a beneficial interest of 408,000,000 shares, representing 51.00% of the company's equity[99] - Stan Cam Holdings Limited holds a beneficial interest of 120,000,000 shares, representing 15.00% of the company's equity[99] - Ralexi Investment Holdings Limited holds a controlled corporation interest of 120,000,000 shares, representing 15.00% of the company's equity[99] - Gan Ker Wei holds a controlled corporation interest of 120,000,000 shares, representing 15.00% of the company's equity[99]
东骏控股(08383) - 2022 - 中期财报