Financial Performance - Revenue for the six months ended June 30, 2022, increased by approximately 79.2 million MYR or 24.7% to approximately 399.9 million MYR compared to 320.7 million MYR in the same period last year[11] - Gross profit rose by approximately 19.5% from approximately 47.6 million MYR to approximately 56.9 million MYR, while the gross margin decreased to about 14.2% from 14.8% due to competitive pricing strategies[18] - Profit before tax increased to approximately 22.6 million MYR from 19.0 million MYR, representing a growth of about 8.7%[11] - Net profit for the period was approximately 16.0 million MYR, up from 13.9 million MYR, marking an increase of about 15.3%[11] - Revenue for the six months ended June 30, 2022, was 399,932 thousand MYR, representing a 24.6% increase from 320,744 thousand MYR in 2021[53] - Gross profit increased to 56,943 thousand MYR, up 19.7% from 47,565 thousand MYR in the previous year[53] - Profit before tax rose to 22,630 thousand MYR, a 19.1% increase compared to 18,976 thousand MYR in 2021[53] - Net profit for the period was 15,999 thousand MYR, reflecting a 15.4% increase from 13,867 thousand MYR in the same period last year[53] Expenses and Costs - Sales and distribution expenses increased by approximately 3.9 million MYR or 21.4% to about 22.1 million MYR, primarily due to increased marketing and advertising costs[20] - Administrative and other operating expenses rose by approximately 0.5 million MYR or 6.3% to about 8.5 million MYR, driven by higher employee costs and public facility expenses[22] - Financing costs decreased by approximately 32,000 MYR or 4.2% to about 726,000 MYR, mainly due to reduced interest on lease liabilities[23] - Employee costs, including directors' remuneration, increased to 17,885 thousand MYR in the first half of 2022 from 16,116 thousand MYR in 2021, representing an increase of about 10.9%[75] Taxation - Income tax expense increased by approximately 1.5 million MYR or 29.4% to about 6.6 million MYR compared to the previous year, primarily due to an increase in profit before tax[24] - The total income tax expense for the six months ended June 30, 2022, was RM 6,631,000, an increase of 29.7% compared to RM 5,109,000 for the same period in 2021[7] Assets and Liabilities - As of June 30, 2022, the group's net current assets were approximately 97.1 million MYR, an increase from approximately 84.5 million MYR as of December 31, 2021[28] - Cash and cash equivalents as of June 30, 2022, were approximately 9.6 million MYR, up from approximately 4.5 million MYR as of December 31, 2021[28] - The group's debt-to-equity ratio as of June 30, 2022, was approximately 39.8%, a decrease from 40.7% as of December 31, 2021, mainly due to an increase in equity[29] - Total assets as of June 30, 2022, were 212,125 thousand MYR, compared to 169,467 thousand MYR at the end of 2021, marking a 25.1% increase[54] - Current liabilities increased to 114,992 thousand MYR from 85,015 thousand MYR, a rise of 35.2%[54] - The group reported a net cash inflow from operating activities of 5,228 thousand MYR, slightly down from 5,760 thousand MYR in the previous year[57] Shareholder Information - The company successfully listed on the Hong Kong Stock Exchange on August 19, 2022, which is expected to significantly benefit future development[14] - As of the report date, Mr. Soon See Beng, Mr. Soon Chiew Ang, and Mr. Soon See Long each hold 686,850,000 shares, representing 71.25% of the company's equity[43] - The company has adopted a share option scheme on July 14, 2022, but has not granted any options under this scheme since its adoption[48] - No interim dividend is recommended for the reporting period[49] - The company issued 241,000,000 new ordinary shares at HKD 0.56 per share on August 19, 2022, with no over-allotment option exercised[50] Operational Overview - The company operates a total of 8 owned warehouses and 4 leased warehouses, with a total designated storage capacity of approximately 25,600 cubic meters[14] - The company has over 140 self-operated logistics vehicles, of which about 100 are refrigerated, enhancing service quality[14] - The company operates primarily in Malaysia, with all revenue derived from external customers located in the country[69] - The company has a single operating and reportable segment focused on food and beverage distribution and sales, along with logistics and warehousing services[69] Future Outlook and Commitments - The net proceeds from the global offering are expected to provide additional funding for future cash needs, with an estimated net amount of approximately 87.0 million HKD from the issuance of 241,000,000 shares[27] - The group has a capital expenditure commitment of RM 10,473,000 as of June 30, 2022, significantly higher than RM 1,023,000 in 2021, indicating a strategic expansion[127] - The group entered into a sale agreement to purchase a factory in Terengganu, Malaysia, for RM 10,500,000, with a 10% deposit already paid[127] Financial Instruments and Fair Value - The fair value of financial assets measured at fair value through profit or loss included a non-listed money market fund valued at RM 234,000 as of June 30, 2022, slightly up from RM 233,000 in 2021[124] - The group reported no transfers between Level 1 and Level 2 fair value measurements during the reporting period[124] - The group has not experienced any transfers into or out of Level 3 fair value measurements during the reporting period[124]
双财庄(02321) - 2022 - 中期财报