Financial Performance - Mindtell Technology Limited reported a significant increase in revenue, achieving a total of $50 million for the fiscal year 2023, representing a 25% growth compared to the previous year[1]. - The Group's total revenue for the year ended 30 November 2023 decreased by approximately 2.4% to approximately RM12.2 million, down from RM12.5 million in 2022[34]. - Revenue decline was primarily due to decreased income from IT outsourcing services and maintenance and consultancy services, which was partially offset by an increase in system integration and development services[34]. - Revenue from system integration and development services increased by approximately 11.2% to RM11.3 million for the year ended 30 November 2023, compared to RM10.2 million in 2022[38]. - Revenue from IT outsourcing services decreased by approximately 54.9% to RM563,000 for the year ended 30 November 2023, down from RM1,249,000 in 2022[39]. - Revenue from maintenance and consultancy services decreased by approximately 72.3% to RM290,000 for the year ended 30 November 2023, compared to RM1,047,000 in 2022[40]. - The Group recorded a loss of approximately RM5.4 million for the year ended 30 November 2023, an improvement from a loss of RM6.7 million in 2022[52]. Growth and Expansion - The company’s user base expanded to 1.2 million active users, marking a 40% increase year-over-year[1]. - Future outlook indicates a projected revenue growth of 30% for the next fiscal year, driven by new product launches and market expansion strategies[1]. - The company plans to enter two new international markets by the end of 2024, which is expected to contribute an additional $10 million in revenue[1]. - The Group anticipates continued growth in FY2024, particularly in compliance and trade finance, despite global macroeconomic challenges[26]. - The Group aims to solidify its position as a major technology service provider for both commercial and public financial services[29]. - The Group plans to explore new research and development solutions in unexplored verticals and sectors through potential investment partners in the next financial year[77]. Investment and R&D - Mindtell is investing $5 million in research and development for new technologies aimed at enhancing user experience and product functionality[1]. - The Group plans to promote new research and development solutions to explore untapped verticals and industries through potential investment partners[29]. - The Group is looking for appropriate investment opportunities to strengthen its core business[22]. Cost Management and Profitability - The gross profit margin improved to 60%, up from 55% in the previous year, reflecting better cost management and pricing strategies[1]. - Operating expenses were reduced by 10% due to efficiency improvements and cost-cutting measures implemented throughout the year[1]. - Gross profit decreased from approximately RM3.4 million in 2022 to approximately RM2.6 million in 2023, with gross profit margin declining from 27.1% to 21.7%[48]. - Administrative expenses decreased by approximately 25.8% to RM8.1 million for the year ended 30 November 2023, down from RM10.9 million in 2022[49]. Corporate Governance - The company has complied with the Corporate Governance Code (CG Code) during the year ended 30 November 2023, with exceptions noted[161]. - The company emphasizes high levels of corporate governance and business ethics as a major objective to maximize long-term interests[160]. - The Board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring diverse perspectives in decision-making[171]. - The company has established an Audit Committee comprising three independent non-executive directors to oversee financial reporting and risk management[188]. - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, ensuring compliance with high standards of corporate governance[163]. Management and Leadership - The management team includes professionals with extensive backgrounds in various sectors, enhancing the company's strategic capabilities[125][132][136][139]. - The roles of chairman and chief executive officer are currently held by Mr. Chong Yee Ping, who has been responsible for the overall management since inception[162]. - The company aims to leverage its technological advancements to enhance operational efficiency and market competitiveness[136]. - The management team is focused on aligning technological initiatives with overall business objectives to drive growth[136]. Market Position and Strategy - The Group aims to solidify its position as a major technology service provider in the commercial and public financial services sectors, noting reduced competition in the Malaysian market[75]. - The Group emphasizes partnerships with software companies like IBM and Oracle to build new business opportunities[29]. - The ongoing transformation in the banking industry driven by technological advancements such as AI, Blockchain, and Big Data is expected to significantly impact the Group's business lines[22]. Human Resources - The Group has a total of 59 employees as of November 30, 2023, down from 70 in 2022, with total staff costs approximately RM8.6 million for the year[91]. - The Group's contributions to the mandatory provident fund scheme in Hong Kong amounted to approximately RM769,000 for the year ended November 30, 2023, compared to RM703,000 in 2022[95]. - The company plans to hire new consultants and industry experts to develop technology solutions for new industries, unlocking potential revenue opportunities[79].
九福来(08611) - 2023 - 年度财报