OUR BUSINESS PERFORMANCE OUTLOOK We have an estimated construction and manufacturing balance order book of approximately RM3.1 billion and RM0.3 billion respectively as at 31 December 2024, from a diversified clientele. The balance order book is expected to keep us busy for the next 2 to 3 years. We believe the construction sector of Malaysia and Singapore will remain robust in 2025 with stronger property market sentiment and the expected roll out of further public sector projects, thus offer order book replenishment prospects. In our home base, Johor, developers are upbeat with the improvement in the property market sentiment given the Johor Bahru-Singapore RTS project is progressing well, and significant foreign direct investment with data centers and the Johor-Singapore Special Economic Zone (JS-SEZ) as key drivers. We will continue to bid for projects and sales orders in order to replenish our order book and contribute positively to our result in 2025 and beyond. Our track record in the industries we operate in, and extensive experience in our businesses, coupled with the support from bankers, are good supporting factors for the Group to bid for and execute future projects. Our revenue increased from RM852.57 million in FY2023 to RM1.21 billion in FY2024, mainly attributable to higher revenue generated by the construction and manufacturing and trading (“M&T”) divisions. Our gross profit (“GP”) increased from RM61.58 million in FY2023 to RM98.47 million in FY2024, on the back of higher revenue and better GP margin of 8.2% against 7.2% of FY2023. Administration expenses increased from RM38.18 million in FY2023 to RM57.13 million in FY2024 mainly due to higher human resources costs and foreign exchange loss. Other operating income increased from RM8.37 million in FY2023 to RM52.06 million in FY2024 due to the full reversal of allowance of impairment on trade receivable and contract asset aggregating RM43.52 million in relation to a construction project, as the amount had been collected. We generated a stronger profit before tax and profit after tax of RM68.40 million and RM50.78 million respectively in FY2024. Please refer to the Financial Review section under the Management Discussion And Analysis for further details on our performance. REWARD TO SHAREHOLDERS – DIVIDEND While we do not adopt a formal dividend policy, our Company has been declaring dividends every year since its listing on the Main Market of Bursa Malaysia Securities Berhad in 2010. In respect of FY2024, the Board recommends a single tier dividend of 2.0 sen per share. The recommended final dividend is subject to the approval of the shareholders at the forthcoming Annual General Meeting. Our Company is always mindful to reward our loyal shareholders who have supported our growth over the years while trying to strike a balance with the funding needs at our different development phases. ACKNOWLEDGEMENT On behalf of the Board, I would like to extend my heartfelt gratitude to our shareholders, bankers, customers, business partners and regulatory authorities for their continued support, guidance and assistance. Your Board would like to express our appreciation to our management team and employees for their hard work and dedication. Pang Tin @ Pang Yon Tin Chairman CHAIRMAN’S STATEMENT 013 ANNUAL REPORT 2024
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