MARINE PERFORMANCE ■ Destini’s marine division saw a PATNCI of RM2.04 million in FPE2024, compared to a LATNCI of RM50.18 million in FY2022. There were less impairments provided in this financial period 2024 as compared to the huge impairments of receivables and investments in associate companies FY2022. Revenue recognised between the two periods had reduced to RM56.39 million in FPE2024 from RM63.60 million the year before. ■ Following Destini’s strategic exit from the shipbuilding business, the Group’s marine division now focuses on lifeboat manufacturing and commercial marine services. During the year in review, profit from this division were primarily attributed to lower administrative expenses as the business realigned its operations resulting in better efficiency and impairment was at its minimum. ■ Destini’s lifeboat manufacturing facility in China faced challenges due to the country’s slow economic recovery, limited progress of many businesses, and disrupted supply chains. As a result, the production of lifeboats and davit systems was significantly impacted, contributing to the division’s reduced revenue. ■ Despite these challenges, during the year in review, Destini’s marine division expanded its capabilities in heat exchange services in Dubai. This strategic move strengthens our scope of services in the Middle East, where the marine market is seeing positive growth, and positions us to capitalise on emerging opportunities in the region. 33 DESTINI BERHAD ANNUAL REPORT 2024
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