Financial Performance - Revenue for the year ended December 31, 2023, was RM 85,217,638, a decrease of 6.99% compared to RM 91,623,708 in 2022[2] - The company reported an operating loss of RM 609,161 for 2023, compared to an operating profit of RM 1,221,678 in 2022, indicating a significant decline[2] - Net financial costs increased by 62.70% to RM 2,057,842 in 2023 from RM 1,264,808 in 2022[2] - The net loss for the year was RM 1,798,324, more than double the loss of RM 890,365 reported in 2022[2] - The pre-tax loss for 2023 was RM 2,667,003 compared to RM 43,130 in 2022, indicating a significant increase in losses[36] - The basic loss per share for 2023 was RM 0.17, up from RM 0.08 in 2022, reflecting a deterioration in financial performance[39] - Other income for the fiscal year 2023 was 909,577 Malaysian Ringgit, significantly lower than 4,954,240 Malaysian Ringgit in 2022, reflecting a decline of approximately 81.7%[33] - The company's sales cost decreased by approximately 12.31% or 9.53 million Malaysian Ringgit to about 67.88 million Malaysian Ringgit in fiscal year 2023, which was a greater percentage decrease than revenue, due to cost control measures[56] - Gross profit margin increased to 20.35% in fiscal year 2023 from 15.51% in fiscal year 2022, resulting in a gross profit increase of approximately 22.00% or 3.13 million Malaysian Ringgit[56] Assets and Liabilities - Total assets decreased by 5.65% to RM 163,262,553 in 2023 from RM 173,072,500 in 2022[12] - Non-current assets totaled 111,220,868 Malaysian Ringgit in 2023, down from 119,958,516 Malaysian Ringgit in 2022, indicating a decrease of about 7.3%[31] - The company's equity increased slightly by 1.13% to RM 118,875,497 in 2023 from RM 117,552,220 in 2022[12] - Total loans and borrowings rose from RM 38,194,623 in 2022 to RM 28,761,070 in 2023, indicating a decrease of approximately 25%[43] - The debt ratio was approximately 0.272 as of December 31, 2023, compared to 0.321 in 2022[77] - As of December 31, 2023, the total value of assets pledged for bank financing was approximately RM 53.12 million, a decrease from RM 58.53 million in 2022[78] Cash Flow and Liquidity - Cash and cash equivalents rose by 93.16% to RM 8,304,999 in 2023 from RM 4,299,479 in 2022[4] - The current ratio decreased by 20.00% to 1.2 in 2023 from 1.5 in 2022, indicating a decline in short-term liquidity[5] - The company's cash and cash equivalents increased to approximately 8.30 million Malaysian Ringgit as of December 31, 2023, from approximately 4.30 million Malaysian Ringgit as of December 31, 2022, primarily due to increased cash generated from operations[75] Revenue Sources - The total revenue from coconut-related products for the fiscal year 2023 was 78,019,025 Malaysian Ringgit, a decrease of 7.5% from 84,392,486 Malaysian Ringgit in 2022[27] - The total revenue for the group in fiscal year 2023 was 85,217,638 Malaysian Ringgit, down from 91,623,708 Malaysian Ringgit in 2022, representing a decline of approximately 7%[27] - Revenue from coconut-related products was approximately 78.02 million Malaysian Ringgit in fiscal year 2023, a decrease of about 7.55% or 6.37 million Malaysian Ringgit from approximately 84.39 million Malaysian Ringgit in fiscal year 2022[57] - Major customer A contributed 19,405,046 Malaysian Ringgit to the total revenue in 2023, which is a decrease of 31.5% from 28,395,893 Malaysian Ringgit in 2022[32] Operational Highlights - The company continues to focus on manufacturing and distributing coconut-based food products, with plans for future product development and market expansion[15] - The impairment loss recognized for the liquid production plant amounted to 1,750,000 Malaysian Ringgit due to lower than expected utilization rates[25] - Total inventory decreased from RM 30,273,488 in 2022 to RM 23,292,226 in 2023, a reduction of approximately 23%[41] - Trade receivables increased from RM 11,842,599 in 2022 to RM 15,322,963 in 2023, representing a growth of about 29%[42] - Trade payables increased from RM 3,949,057 in 2022 to RM 6,255,199 in 2023, a rise of about 58%[45] - Contract liabilities increased from RM 2,060,323 in 2022 to RM 3,378,515 in 2023, reflecting a growth of approximately 64%[46] Corporate Governance - The company has complied with all applicable provisions of the corporate governance code during the fiscal year 2023[99] - The board consists of three independent non-executive directors, meeting the requirement of at least one-third independence[100] - The audit committee, composed of three independent non-executive directors, is responsible for reviewing the company's governance policies[100] - All independent non-executive directors have confirmed their independence as per the listing rules[102] - The audit committee has reviewed the group's performance for the fiscal year 2023, ensuring compliance with applicable accounting standards[103] - The independent auditor Mazars PLT has agreed to the preliminary announcement data, aligning with the group's consolidated financial statements for the fiscal year 2023[105] Future Outlook - The company remains optimistic about the long-term performance due to favorable coconut demand outlook while being vigilant about global uncertainties[68] - The group plans to hold its annual general meeting on May 24, 2024, to discuss shareholder matters[91]
椰丰集团(01695) - 2023 - 年度业绩