Revenue Performance - Total revenue from contracts with customers for the year ended December 31, 2023, was RM 93,763,000, a decrease of 11.3% from RM 105,680,000 in 2022[7] - Revenue from Malaysia was RM 76,727,000, down 4.7% from RM 80,621,000 in the previous year[3] - The revenue from outsourced document management services was RM 73,682,000, a decrease from RM 77,574,000 in 2022[7] - Total revenue for the year ended December 31, 2023, was approximately 93.8 million MYR, a decrease from 105.7 million MYR in 2022, primarily due to a decline in outsourcing document management services[50] - Revenue from outsourcing document management services accounted for approximately 78.6% of total revenue in 2023, down from 73.4% in 2022, with a decrease of about 3.9 million MYR or 5.0%[51] - Revenue from outsourcing insurance risk analysis and marketing services was approximately 14.3% of total revenue in 2023, down from 20.7% in 2022, totaling about 13.4 million MYR[52] Financial Performance - The company reported a pre-tax loss of 4,249 thousand MYR for the year ending December 31, 2023, compared to a loss of 807 thousand MYR in 2022, reflecting an increase in losses[32] - The pre-tax loss for the year ending December 31, 2023, was approximately 1.5 million MYR, compared to a pre-tax profit of about 2.7 million MYR in 2022, primarily due to decreased gross profit and increased administrative expenses[66] - The company's net loss for the year ending December 31, 2023, was approximately 3.4 million MYR, compared to a net profit of about 0.3 million MYR in 2022[68] - The loss attributable to equity holders of the company for the year ended December 31, 2023, was approximately MYR 4.2 million, an increase in loss of MYR 3.4 million compared to approximately MYR 0.8 million in the previous year[123] - The total comprehensive loss for the year was approximately MYR 2.021 million, compared to MYR 15 thousand in the previous year[124] Assets and Liabilities - The company’s trade receivables net amount was 19,675 thousand MYR as of December 31, 2023, slightly down from 19,774 thousand MYR in 2022[35] - Total loans and borrowings decreased by approximately 6.5 million MYR or 48.5% to about 6.9 million MYR as of December 31, 2023[73] - Cash and bank balances amounted to approximately 42.7 million MYR as of December 31, 2023, down from about 53.9 million MYR in 2022[74] - Current liabilities as of December 31, 2023, were approximately MYR 12.887 million, a decrease from MYR 16.898 million in the previous year[129] - Total assets as of December 31, 2023, were approximately MYR 103.620 million, down from MYR 111.760 million in the previous year[131] - The total equity attributable to equity holders of the company as of December 31, 2023, was approximately MYR 81.222 million, a decrease from MYR 84.561 million in the previous year[132] Expenses and Costs - The company's cost of sales decreased by approximately 11.3 million MYR or 13.8% to about 70.9 million MYR in 2023, primarily due to reduced postal costs from decreased document delivery services[60] - The company's gross profit slightly decreased by approximately 0.5 million MYR or 2.3% to about 22.9 million MYR for the year ending December 31, 2023, while the gross margin increased by about 2.2 percentage points to approximately 24.4%[62] - Administrative expenses increased by approximately 3.6 million MYR or 16.8% to about 25.0 million MYR for the year ending December 31, 2023, primarily due to increased employee costs and higher provisions for expected credit losses[63] - The company incurred total finance costs of RM 459,000 for the year ended December 31, 2023, compared to RM 446,000 in 2022[21] Customer and Market Insights - The top five customer groups contributed 60.39% of total revenue, with Bank Group A accounting for 23.09% (RM 21,653,000) and Bank Group B for 16.15% (RM 15,147,000)[4] - The company aims to increase its market share in local markets, focusing on acquiring new customers primarily in Malaysia, Singapore, Vietnam, and China[46] - The company’s Streamline Suite software application suite has seen increased demand, particularly from financial institutions in Malaysia, highlighting growth in SaaS solutions[43] Strategic Initiatives - The company is upgrading its IT infrastructure and expanding its data center capabilities, expected to be operational by the end of 2025, to enhance document management services[43] - The company plans to enhance its data processing and technology capabilities by engaging external software developers to create new applications within the Streamline Suite[46] - The company has invested approximately 6.2 million MYR (about 12.0 million HKD) in data center design and project management since 2020, with plans to complete the data center by the end of 2025[47] - The company plans to enhance its marketing and sales strategies to expand its customer base in Singapore and Vietnam, with a focus on hiring suitable external service providers for marketing and customer support[97] Compliance and Governance - The audit committee, composed of three independent non-executive directors, reviewed the financial statements for the year ended December 31, 2023, and found them compliant with relevant accounting standards[108] - The company has adopted the standard code for securities trading by directors and confirmed compliance for the year ended December 31, 2023[100] - The company has maintained compliance with the corporate governance code, with some deviations disclosed[101] - The company did not recommend the payment of a final dividend for the year ended December 31, 2023[123] Employee and Compensation - As of December 31, 2023, the total employee count was 165, a decrease from 168 in 2022, with total compensation costs amounting to approximately 16.9 million MYR, up from 13.5 million MYR in 2022[89]
C-LINK SQ-NEW(01463) - 2023 - 年度业绩