29 ANNUAL REPORT 2024 FINANCIAL PERFORMANCE REVIEW (CONT’D) The breakdown of our revenue contributions by category of vessels is illustrated as follows: - Revenue by Category of Vessels Third-party vessels, RM207.6 mil, 30.2% Own vessels, RM479.6 mil, 69.8% Third-party vessels, RM140.7 mil, 32.7% Own vessels, RM289.8 mil, 67.3% FYE 2024 FYE 2023 Revenue generated from our own vessels continued to be the main driver of our earnings in FYE 2024, contributing RM479.6 million or 69.8% of our total revenue. This is an increase of RM189.8 million or 65.5% as compared to FYE 2023. Such increase was driven by higher chartering revenue from an improved average daily charter rate (“DCR”) in line with the continued robust market conditions for our vessel chartering business. The increase in chartering revenue was also attributed to higher number of own vessels in FYE 2024 and the higher utilisation rate of our vessels, which rose from 78.8% in FYE 2023 to 80.4% in FYE 2024, arising from the increase in the number of chartered days for our own vessels from 2,624 days in FYE 2023 to 3,381 days in FYE 2024. The higher number of chartered days also led to an increase in our catering revenue as more passengers were on board on our vessels throughout FYE 2024. Meanwhile, revenue generated from third-party vessels increased by RM66.9 million or 47.5% from RM140.7 million in FYE 2023 to RM207.6 million in FYE 2024, mainly due to higher chartering revenue arising from the increase in the number of chartered days for third-party vessels from 1,772 days in FYE 2023 to 2,374 days in FYE 2024. Additionally, the higher chartering revenue was supported by the increase in overall average DCR as we secured higher value chartering projects during FYE 2024. With more passengers being served alongside the rise in chartered days, we also saw a boost in catering revenue from thirdparty vessels in FYE 2024. In line with the increase in total revenue, our GP increased by RM156.5 million or 84.3% from RM185.5 million in FYE 2023 to RM342.0 million in FYE 2024. Our GP margin also increased from 43.1% in FYE 2023 to 49.8% in FYE 2024, mainly attributable to higher average DCR, improved utilisation rates for our own vessels as well as a higher proportion of revenue generated from our own vessels for which the GP margin is higher compared to third-party vessels. With the significant increase in our revenue and GP, we recorded an impressive growth in our PBT and PAT, which increased by RM157.7 million or 107.6% and RM120.7 million or 112.7% respectively in FYE 2024, as compared to FYE 2023. In line with the increase in our overall GP margin, our PBT margin and PAT margin also improved, reaching 44.3% and 33.1%, respectively in FYE 2024. FINANCIAL POSITION AND LIQUIDITY REVIEW Statement of Financial Position 31.12.2024 31.12.2023 Change RM’000 RM’000 RM’000 % Non-current assets 651,329 517,556 133,773 25.8 Current assets 486,263 173,642 312,621 180.0 Total assets 1,137,592 691,198 446,394 64.6 Non-current liabilities 299,770 303,736 (3,966) (1.3) Current liabilities 122,877 93,070 29,807 32.0 Total liabilities 422,647 396,806 25,841 6.5 NA 714,945 294,392 420,553 142.9 NA per share (RM) 0.89 0.59 0.30 50.8 Current ratio (times) 4.0 1.9 2.1 110.5 Gross gearing ratio (times) 0.3 0.9 (0.6) (66.7) Net gearing ratio (times) Nil 0.7 (0.7) (100.0) MANAGEMENT DISCUSSION AND ANALYSIS (cont’d)
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