30 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M) FINANCIAL POSITION AND LIQUIDITY REVIEW (CONT’D) Statement of Financial Position (Cont’d) As at 31 December 2024, our total assets reached RM1,137.6 million, representing an increase of RM446.4 million or 64.6% from RM691.2 million as at 31 December 2023. Our total assets increased across both noncurrent and current assets, as follows: - (i) Increase of RM133.8 million in non-current assets, mainly contributed by an increase of RM117.0 million in our property, plant and equipment which was primarily driven by the addition of 3 vessels to our fleet in FYE 2024, namely Keyfield Amanah (formerly known as IMS Aman), Keyfield Itqan (formerly known as Belait Barakah) and Keyfield Aulia (formerly known as MV Aulia), as well as progressive payment made towards our newbuilt DP2 AWB, which we expect to take delivery in financial year ending 31 December 2026 (“FYE 2026”); and (ii) Increase of RM312.6 million in current assets, mainly contributed by increases of RM253.1 million in cash and bank balances and RM58.6 million in trade receivables. The increase in cash and cash equivalents is attributed to net proceeds of RM196.7 million from our maiden Sukuk Wakalah issuance which remained as cash balances as at the year end and the balance from increases in cash from our operations. Meanwhile, trade receivables increased by RM58.6 million or 62.6% in FYE 2024, proportionately in tandem with the increase in revenue for FYE 2024 of 59.6%. Our total liabilities increased by RM25.8 million or 6.5% from RM396.8 million as at 31 December 2023 to RM422.6 million as at 31 December 2024. We had completed the issuance of our maiden Sukuk Wakalah of RM200.0 million nominal value during FYE 2024, which was carried at the fair value of RM196.7 million in our borrowings as at 31 December 2024. This was offset by full repayment of other bank borrowings during the financial year. Further, through our IPO exercise, we had fully redeemed all Keyfield CRNCPS of RM142.5 million and repaid the vendors of Keyfield Wisdom and Keyfield Helms 1 of RM100.0 million. In tandem with the increase in our operations, our trade payables increased by RM31.9 million while our deferred and income tax liabilities cumulatively increased by RM43.1 million. Overall, our Group closed the financial year with a stronger financial footing compared with FYE 2023. As at 31 December 2024, we have cash and cash equivalents of RM321.6 million and were in zero net gearing position after taking into account for our Sukuk Wakalah issuance. Furthermore, our NA position improved to RM714.9 million, translating to NA per share of 89.0 sen and current ratio improved to 4.0 times from 1.9 times. Statement of Cash Flows FYE 2024 FYE 2023 Change RM’000 RM’000 RM’000 % Net cash generated from operating activities 301,370 185,130 116,240 62.8 Net cash used in investing activities (148,397) (29,573) (118,824) 401.8 Net cash generated from/ (used in) financing activities 100,283 (104,080) 204,363 (196.4) Net increase in cash and cash equivalents 253,256 51,477 201,779 392.0 Effects of foreign exchange translation (206) 39 Cash and cash equivalents at the beginning of financial year 68,540 17,024 Cash and cash equivalents at the end of financial year 321,590 68,540 253,050 369.2 As at end of FYE 2024, our cash and cash equivalents stood at RM321.6 million, which was a net increase of RM253.1 million from previous year. Our operating activities generated net cash of RM301.4 million, which was a marked increase of RM116.2 million or 62.8% compared to the RM185.1 million in FYE 2023. This growth was primarily driven by the significant increase in our PBT. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d)
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