Financial Performance - For the fiscal year ended December 31, 2023, the company reported revenue of approximately MYR 211.0 million, an increase of 6.1% from MYR 198.9 million in 2022[10]. - Gross profit for the same period was approximately MYR 62.8 million, reflecting an 18.1% increase from MYR 53.2 million in the previous year, resulting in a gross margin of 29.8% compared to 26.7% in 2022[10][14]. - The company's profit before tax rose to approximately MYR 30.8 million, up from MYR 24.4 million in 2022[10]. - Revenue from printable apparel increased by 2.4% to approximately MYR 172.6 million, driven by improved consumer spending due to economic recovery in Malaysia and Singapore[19]. - Revenue from gift products surged by 26.7% to approximately MYR 38.4 million, attributed to increased consumer spending following the economic reopening[20]. Expenses and Financial Management - Sales and distribution expenses rose by approximately 9.3% to about MYR 10.6 million, consistent with the increase in sales[21]. - Administrative and other operating expenses increased by approximately 0.5 million MYR or 2.3% to about 22.6 million MYR from last year's approximately 22.1 million MYR, primarily due to increases in director remuneration and employee-related expenses[22]. - Income tax expenses rose by approximately 1.0 million MYR or 13.0% to about 8.7 million MYR from last year's approximately 7.7 million MYR, mainly due to an increase in profit before tax[25]. - The company does not recommend any dividend for the fiscal year 2023, maintaining the same stance as in 2022[15]. Cash Flow and Assets - As of December 31, 2023, the group's cash and cash equivalents were approximately 93.2 million MYR, up from approximately 79.2 million MYR as of December 31, 2022, attributed to increased net cash inflow from operating activities[26]. - The group's current assets and current liabilities were approximately 151.9 million MYR and 40.5 million MYR, respectively, as of December 31, 2023, compared to approximately 143.4 million MYR and 7.3 million MYR in the previous year[31]. - The group's interest-bearing borrowings were approximately 5.6 million MYR as of December 31, 2023, down from approximately 6.3 million MYR as of December 31, 2022[31]. - The group's debt-to-equity ratio decreased to approximately 3.3% as of December 31, 2023, from approximately 4.3% the previous year, due to repayment of interest-bearing borrowings and an increase in equity base[33]. Strategic Acquisitions and Market Expansion - The company completed the acquisition of a 40% stake in Lordan Group Ltd., which is expected to enhance retail sales channels and marketing efforts in the Chinese market[13]. - The group acquired 40% of the issued shares of Lordan Group Ltd., which will enhance the group's business scope and provide new revenue sources in the e-commerce sector[27]. - The company plans to adopt the name "China Daren International Limited" to reflect its expansion into the Chinese market[13]. - The company has implemented strategies to enhance market penetration in various regions to reduce reliance on specific markets[168]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance with all applicable provisions for the fiscal year ending December 31, 2023[69]. - The board of directors has confirmed compliance with the standards for securities trading as outlined in the Listing Rules, ensuring adherence to the established code of conduct[72]. - The company has established a whistleblowing policy to encourage employees to report any misconduct, with the audit committee responsible for overseeing this policy[152]. - The company has implemented a policy for insider information management to ensure timely and consistent disclosure to shareholders and investors[150]. Risk Management - The company has established a risk management policy and formal risk assessment system to identify, analyze, evaluate, and address risks[144]. - The board has engaged an independent internal control consulting firm to review the group's key business processes and internal control systems[142]. - The audit committee is responsible for reviewing reports from the internal control consultant to ensure the effectiveness of regulatory compliance procedures[143]. - The company has a commitment to maintaining effective and adequate risk management and internal control systems[142]. Board Structure and Diversity - The board consists of eight members, including five executive directors and three independent non-executive directors[80]. - The board has adopted a diversity policy, effective from June 1, 2019, which emphasizes various factors such as skills, industry experience, and gender diversity, currently comprising eight directors with three women[108]. - The nomination committee will review the board's composition and diversity annually, ensuring a balanced and diverse representation[115]. - The company aims to gradually increase the proportion of female members on the board as suitable candidates are identified[108]. Shareholder Communication and Rights - The company provides multiple communication channels to keep shareholders informed about its latest developments and financial performance[155]. - The company has maintained a commitment to transparency and shareholder rights, as highlighted in its corporate governance practices[69]. - The board will consider various factors, including actual and expected financial performance, economic conditions, and cash flow status when declaring dividends[134].
大人国际(01957) - 2023 - 年度财报