Financial Performance - For the six months ended June 30, 2023, the company reported revenue of 106,912 thousand MYR, a 84.6% increase from 57,857 thousand MYR in the same period of 2022[2] - Gross profit for the same period was 24,291 thousand MYR, up 58.3% from 15,361 thousand MYR year-on-year[2] - The net profit for the period was 2,492 thousand MYR, a decrease of 50.9% compared to 5,074 thousand MYR in the previous year[2] - Total revenue for the six months ended June 30, 2023, was RM 106,912,000, representing a 84.6% increase from RM 57,857,000 in the same period of 2022[24] - The company reported a net profit of RM 2,492,000 for the six months ended June 30, 2023, compared to a profit of RM 5,074,000 in the same period of 2022[19][20] - The company’s basic and diluted earnings per share for the period were 0.41 sen, down from 0.91 sen in the same period of 2022[2] - Profit for the period was approximately MYR 2.5 million, a decrease of about MYR 2.6 million or 51.0% from MYR 5.1 million in the same period of 2022, primarily due to reduced revenue and one-time impairment losses totaling MYR 6.0 million[68] Assets and Liabilities - The company's total assets as of June 30, 2023, were 207,853 thousand MYR, down from 218,594 thousand MYR at the end of 2022[3][4] - The company’s total borrowings decreased to 19,421,000 MYR as of June 30, 2023, from 29,588,000 MYR as of December 31, 2022, a reduction of 34.4%[44] - Trade receivables decreased to 29,874,000 MYR as of June 30, 2023, down from 38,524,000 MYR as of December 31, 2022, a decline of 22.6%[40] - The group’s current assets net value was approximately MYR 93.9 million as of June 30, 2023, down from MYR 105.7 million as of December 31, 2022[70] - The group had cash and cash equivalents of approximately MYR 43.2 million as of June 30, 2023, compared to MYR 48.2 million as of December 31, 2022[70] Cash Flow - Cash and cash equivalents at the end of the period were 43,206 thousand MYR, compared to 19,888 thousand MYR at the end of June 2022[9] - Operating cash flow for the six months was 16,847 thousand MYR, a significant improvement from a cash outflow of 2,585 thousand MYR in the same period last year[9] Revenue Segmentation - Revenue from the production segment was RM 49,979,000, while the energy efficiency segment generated RM 56,848,000, with the latter showing a significant operational profit of RM 7,948,000[19] - The Asia-Pacific region contributed RM 92,079,000 to total revenue, a substantial increase from RM 40,606,000 in the previous year[24] - The company recognized contract revenue of RM 49,615,000 for the first half of 2023, which was not present in the previous year's figures[28] - The energy efficiency segment's performance was highlighted by a pre-tax profit of RM 7,793,000, indicating strong operational efficiency[19] - The production segment's revenue was about 50.0 million MYR, a decrease of 7.7 million MYR or 13.3% from 57.7 million MYR in 2022, primarily due to global demand slowdown and inflation[53] Expenses - The company incurred financing costs of RM 494,000, with interest income totaling RM 678,000 for the period[19] - Depreciation and amortization expenses amounted to RM 2,029,000 for the six months ended June 30, 2023[19] - Sales costs increased to approximately 82.6 million MYR, an increase of 40.1 million MYR or 94.4% compared to 42.5 million MYR in 2022[62] - Administrative expenses for the period amounted to approximately MYR 19.2 million, an increase of about MYR 9.2 million or 92.0% compared to MYR 10.0 million in the same period of 2022[67] - The company’s employee costs for cost of sales increased to 12,777,000 MYR in 2023 from 6,967,000 MYR in 2022, an increase of 83.5%[6] Corporate Governance and Compliance - The company emphasizes the importance of good corporate governance practices in achieving effective accountability[90] - The company has established a risk management committee to monitor and assess international sanctions risks, ensuring compliance with relevant regulations[88] - The company confirmed compliance with corporate governance codes during the reporting period[91] - All directors have confirmed compliance with the trading code and there are no non-compliance issues during the reporting period[117] Shareholder Information - The company proposed to increase its authorized share capital from HKD 100,000,000 (1,000,000,000 shares) to HKD 200,000,000 (2,000,000,000 shares) to provide greater flexibility for future expansion[100] - As of June 30, 2023, the company had 601,565,600 shares issued, with director Lua Choon Hann holding 260,000 shares, representing 0.04% of the total[110][111] - PRG Holdings holds a beneficial ownership of 303,468,000 shares, representing 50.45% of the issued share capital as of June 30, 2023[116] Market Conditions - Global economic conditions are tightening due to higher-than-expected inflation and interest rates in the US and major European economies, alongside ongoing impacts from the Ukraine war and slow recovery in China[86] - The company faces significant challenges including supply chain disruptions, rising material costs, and slowing demand, prompting a reassessment of market demand and pricing strategies[86] - Global energy consumption is expected to continue rising in 2023, with energy prices remaining high, creating growth opportunities in the company's energy efficiency business[86]
飞霓控股(08480) - 2023 - 中期财报