Financial Performance - Revenue for the year ended December 31, 2023, was RM 85,217,638, a decrease of 6.1% compared to RM 91,623,708 in 2022[7] - Loss before taxation for 2023 was RM 2,667,003, compared to a loss of RM 43,130 in 2022[7] - The company reported a loss for the year of RM 1,798,324, compared to a loss of RM 890,365 in 2022, indicating a significant increase in losses[7] - Equity shareholders of the company attributed a loss of RM 1,800,969 in 2023, compared to RM 888,885 in 2022[7] - The Group achieved approximately RM85.22 million in revenue for FY2023, representing a decrease of approximately 7.00% compared to RM91.62 million in FY2022, primarily due to reduced sales of coconut powder and coconut milk[36] Assets and Liabilities - Total assets as of December 31, 2023, were RM 163,262,553, down from RM 173,072,500 in 2022, representing a decrease of 5.2%[7] - Total liabilities decreased to RM 44,387,056 in 2023 from RM 55,520,280 in 2022, a reduction of 20%[7] - Net assets increased slightly to RM 118,875,497 in 2023 from RM 117,552,220 in 2022, reflecting a growth of 1.1%[7] Management and Governance - The company has a strong management team with extensive experience in various aspects of the food industry, enhancing operational efficiency and strategic direction[52][55][63] - The company has a structured governance framework with independent directors overseeing audit and compliance matters[66] - Mr. Lee Sieng Poon has over 39 years of experience in the food industry, responsible for overall management, sales, marketing, and R&D since the establishment of the Group[52] - Mr. Yap Boon Teong has over 33 years of experience in the food industry, primarily responsible for implementing new projects and providing technical support to factory operations[55] - Ms. Wong Yuen Lee has over 19 years of experience in the food industry, overseeing human resources and IT matters as well as compliance[63] Strategic Focus and Future Plans - The company aims to be the preferred global supplier of coconut food products, focusing on quality and nutritional attributes[3] - Future strategies may include market expansion and new product development to enhance revenue streams[3] - The Group plans to focus on product innovation, quality improvement, and cost-effectiveness while enhancing its marketing and sales structure[30] - A long-term growth strategy will be adopted to build a sustainable business and strengthen in-house brands such as "Santan," "Cosip," and "Rasa Enak"[31] - The Group aims to enhance brand recognition through intensive digital brand building and expanding distribution network channels[31] Market and Industry Outlook - The Group anticipates a volatile future due to rising global costs and supply chain disruptions, but sees opportunities in the growing global coconut products and beverages market[29] - The overall business environment is expected to remain challenging due to inflationary pressures and increased operational costs[28] Environmental, Social, and Governance (ESG) Initiatives - The company adheres to the Environmental, Social and Governance Reporting Guide issued by the Hong Kong Exchanges and Clearing Limited, ensuring compliance with sustainability reporting standards[96] - The Group emphasizes the importance of stakeholder engagement and materiality assessment in determining the reporting scope and identifying significant sustainability issues[102] - The Group's reporting principles include materiality, quantitative disclosure, balance, and consistency, ensuring transparency and fairness in its ESG achievements and challenges[101] - The Group has established effective management policies and internal control systems for ESG issues, complying with the "comply or explain" provisions of the ESG Guide[128] - The Board oversees the Group's risk management related to sustainable development, ensuring compliance with ESG-related laws and regulations[122][126] Employee and Workforce Management - As of December 31, 2023, the Group employs a total of 337 employees, a decrease from 348 employees in 2022[184] - The overall turnover rate for 2023 was approximately 28%, down from approximately 36% in 2022[192] - The company maintains a zero-tolerance approach towards any form of discrimination in employment practices[200] - The employee demographic in Malaysia shows a gender distribution of 69% male and 31% female in 2023[188] - The company is committed to providing a safe working environment and attractive compensation and benefits for its employees[186] Product Quality and Safety - The Group has established an in-house chemical and microbiological testing laboratory to ensure high food quality and safety, critical for customer satisfaction[144] - The Group holds multiple certifications related to quality management and food safety, including HACCP and ISO 9001:2015, enhancing customer confidence in product quality[145] - The Group's quality control includes comprehensive testing of finished products for various parameters, ensuring high standards are met[155] - The production process of coconut milk involves ultra-high-temperature treatment to ensure hygiene and long shelf life while retaining maximum nutrients and natural flavor[114] Customer Satisfaction and Engagement - The Group is committed to enhancing customer satisfaction through continuous improvement in product quality and innovation[166] - The Group has implemented a "Customer Complaint Policy" to standardize the handling of customer complaints and ensure proper documentation[163] - The Group received zero material cases of product and service-related complaints during the reporting period, consistent with 2022[163]
椰丰集团(01695) - 2023 - 年度财报