Financial Performance - For the fiscal year ending December 31, 2023, the revenue was 1,346.98 million MYR, a decrease of approximately 4.1% compared to 1,404.58 million MYR in the fiscal year 2022[3] - The gross profit for the fiscal year 2023 was 77.08 million MYR, an increase of approximately 47.3% from 52.33 million MYR in the fiscal year 2022[3] - The profit attributable to owners of the company for fiscal year 2023 was 8.54 million MYR, representing a significant increase of 258.7% compared to 2.38 million MYR in fiscal year 2022[3] - The operating profit for fiscal year 2023 was 17.88 million MYR, compared to 6.47 million MYR in fiscal year 2022[4] - The basic and diluted earnings per share for fiscal year 2023 were 0.85 sen, up from 0.24 sen in fiscal year 2022[4] - The company achieved a post-tax profit of 8.24 million MYR in fiscal year 2023, a significant increase of approximately 459% from 1.48 million MYR in fiscal year 2022[33] Assets and Liabilities - As of December 31, 2023, the equity attributable to owners of the company was 213.30 million MYR, an increase of 4.2% from 204.76 million MYR in 2022[3] - The total assets as of December 31, 2023, amounted to 382.11 million MYR, up from 278.46 million MYR in 2022[5] - The total liabilities increased to 169.52 million MYR in 2023 from 74.68 million MYR in 2022[6] - Total borrowings increased to 98.4 million MYR from 52.3 million MYR year-over-year, primarily for procurement and capital expenditures[48] Revenue Sources - The company generated revenue of 722,142 thousand MYR from its largest customer in 2023, up from 627,551 thousand MYR in 2022, an increase of 15.1%[20] - Total revenue from logistics services was approximately 6.2 million MYR for the fiscal year ended December 31, 2023, as part of the company's regular activities[20] - Black metal sales volume increased to 725,577 tons in fiscal year 2023, up about 7.5% from 675,062 tons in fiscal year 2022, indicating signs of demand recovery[32] Costs and Expenses - The cost of goods sold decreased to 1,246,843 thousand MYR in 2023 from 1,337,299 thousand MYR in 2022, a reduction of 6.8%[22] - The company incurred a net financial expense of 3,528 thousand MYR in 2023, compared to 2,197 thousand MYR in 2022, indicating an increase of 60.6%[22] - The company’s employee benefits expenses rose to 25,868 thousand MYR in 2023 from 20,502 thousand MYR in 2022, an increase of 26.2%[22] - Distribution and selling expenses increased by approximately 23% to 31.68 million MYR in fiscal year 2023, driven by higher domestic transportation costs due to increased sales volume[41] - Administrative expenses rose by approximately 14.4% to 28.55 million MYR in fiscal year 2023, primarily due to increased employee costs and depreciation[42] Dividends - The company decided not to recommend a final dividend for the fiscal year 2023, compared to zero in 2022[3] - The company did not declare any dividends for the fiscal year ended December 31, 2023, compared to 4,467 thousand MYR paid in dividends for the previous year[24] Operational Developments - The company expanded its geographical coverage by establishing a new waste yard in Kedah, enhancing its market position in northern Malaysia[33] - The company entered the steel slag recycling and iron ore trading business through two new subsidiaries in the second half of fiscal year 2023, contributing to higher profit margins[33] - A new waste facility is being established on the east coast of Peninsular Malaysia with an allocation of 4.55 million MYR[59] Financial Ratios - Current ratio decreased to 2.0 from 3.5 year-over-year[46] - Debt-to-equity ratio increased to 0.46 from 0.27 year-over-year[48] - Inventory turnover period increased to 17 days from 14 days year-over-year due to additional inventory purchases[47] - Trade receivables turnover period increased to 40 days from 32 days year-over-year, attributed to increased revenue in the last quarter[47] - Trade payables turnover period increased to 8 days from 4 days year-over-year due to extended payment terms to suppliers[47] Employee Information - The company employed 323 employees in Malaysia as of December 31, 2023, up from 209 employees in 2022[60] - Employee costs and related expenses totaled 25.86 million MYR for the fiscal year 2023, an increase of 26.1% compared to 20.50 million MYR in fiscal year 2022[60] Compliance and Governance - The audit and risk management committee reviewed the consolidated financial information for the fiscal year 2023, confirming consistency with the audited financial statements[71] - The company has adopted a standard code for securities trading by directors and senior management, ensuring compliance throughout the review period[69] - The board of directors includes both executive and independent non-executive members[72] Miscellaneous - No significant events requiring disclosure occurred after the end of the fiscal year 2023[57] - The annual report for the fiscal year 2023 will be printed and sent to shareholders by April 30, 2024, upon request[72] - The announcement is published on the Hong Kong Stock Exchange and the company's website[72]
兴合控股(01891) - 2023 - 年度业绩