| FYE2022 (RM’000) | FYE2023 (RM’000) | FYE2024 (RM’000) | |
|---|---|---|---|
| Revenue | 106,644 | 150,347 | 183,216 |
| Cost of sales | (76,875) | (109,317) | (137,740) |
| Gross Profit | 29,769 | 41,030 | 45,476 |
| Other income | 236 | 456 | 590 |
| Selling and distribution expenses | (2,085) | (6,126) | (5,172) |
| Administrative expenses | (7,984) | (10,442) | (12,693) |
| Other expenses | (187) | (246) | (345) |
| Finance costs | (1,019) | (1,082) | (494) |
| Net (impairment losses)/Reversal of impairment losses on financial assets and contract assets | (1,549) | 2,107 | (319) |
| PBT | 17,179 | 25,697 | 27,043 |
| Taxation | -4,115 | -4,953 | -6,647 |
| PAT | 13,065 | 20,744 | 20,392 |
| PAT attributable to: | |||
| – owners of our Company | 13,065 | 20,744 | 20,399 |
| – non-controlling interests | 0 | 0 | -3 |
| 13,065 | 20,744 | 20,396 | |
| Basic and diluted EPS(3)(sen) | 3.3 | 5.2 | 5.1 |
Computed as PAT attributable to owners divided by the enlarged total number of 400,000,000 Shares
| FYE2022 (RM’000) | FYE2023 (RM’000) | FYE2024 (RM’000) | |
|---|---|---|---|
| Property, plant and equipment | 560 | 1,234 | 1,416 |
| Right-of-use assets | 41 | 130 | 48 |
| Deferred tax assets | 1,626 | 2,128 | 2,659 |
| Non-current assets | 2,228 | 3,491 | 4,122 |
| Inventories | 10,840 | 21,608 | 20,798 |
| Trade receivables | 50,115 | 66,420 | 35,706 |
| Other receivables, deposits and prepayments | 6,925 | 6,327 | 18,368 |
| Contract assets | 842 | 2,311 | 3,035 |
| Amount owing by directors | 49 | 0 | 140 |
| Amount owing by related parties | 5 | 0 | 0 |
| Fixed deposits with licensed banks | 8,421 | 9,003 | 30,097 |
| Cash and bank balances | 23,828 | 30,454 | 15,844 |
| Current assets | 101,024 | 136,123 | 123,986 |
| Total assets | 103,252 | 139,614 | 128,108 |
| Lease liabilities | 0 | 53 | 0 |
| Hire purchase payables | 227 | 157 | 100 |
| Borrowings | 2,881 | 2,064 | 1,297 |
| Non-current liabilities | 3,108 | 2,274 | 1,397 |
| Trade payables | 19,257 | 36,530 | 28,744 |
| Other payables and accruals | 5,405 | 12,353 | 14,980 |
| Contract liabilities | 12,215 | 16,355 | 13,963 |
| Amount owing to related parties | 22 | 1,001 | 3 |
| Lease liabilities | 42 | 80 | 53 |
| Hire purchase payables | 74 | 70 | 57 |
| Borrowings | 32,018 | 23,248 | 18,917 |
| Dividend payable | 4,000 | 6,000 | 0 |
| Current tax liabilities | 1,988 | 1,836 | 2,096 |
| Current liabilities | 75,021 | 97,473 | 78,813 |
| Total liabilities | 78,129 | 99,747 | 80,210 |
| Share capital | 2,000 | 2,000 | 2,000 |
| Foreign exchange translation reserve | 0 | 0 | (4) |
| Retained profits | 23,123 | 37,867 | 45,762 |
| Equity attributable to owners | 25,123 | 39,867 | 47,762 |
| Non-controlling interests | 0 | 0 | 136 |
| Total equity | 25,123 | 39,867 | 47,898 |
| Total equity and liabilities | 103,252 | 139,614 | 128,108 |
Notes
(1) Other receivables, deposits and prepayments increased by RM12.1 million to RM18.4 million as at 31 December 2024 (31 December 2023: RM6.3 million) mainly due to the increase in deposits recoverable from suppliers. These were advance payments made to suppliers for the purchase of medical equipment that had not yet been delivered as at the end of the financial year. These deposits are part of our Group’s procurement process and will be offset against the invoiced amounts upon delivery of goods.
(2) Contract assets increased from RM0.8 million as at 31 December 2022 to RM2.3 million as at 31 December 2023 and RM3.0 million as at 31 December 2024 mainly due to timing differences where revenue was recognised based on the stages of completion for ongoing projects, while the corresponding billings to customers had not yet been issued as at the respective financial year ends. This is in line with the increase in our revenue in the supply and integration of medical devices segment as well as higher number of contracts undertaken during the past 3 FYE 2022 to FYE 2024.
(3) Other payables and accruals increased from RM5.4 million as at 31 December 2022 to RM12.4 million as at 31 December 2023 and RM15.0 million as at 31 December 2024 mainly due to higher provisions for warranties for the medical devices sold, which are in line with the increase in our revenue and volume of medical devices sold to our customers.
(4) Contract liabilities increased by RM4.2 million to RM16.4 million as at 31 December 2023 (31 December 2022: RM12.2 million) mainly due to higher upfront payments received from customers upon securing new projects involving the supply and integration of medical devices to private hospitals towards the end of the financial year. As revenue for these projects had not been recognised during the FYE 2023, the corresponding amounts were recorded as contract liabilities. Subsequently, contract liabilities decreased to RM14.0 million as at 31 December 2024 (31 December 2023: RM16.4 million) primarily due to the increase in revenue recognition during the FYE 2024 for work completed on projects for which upfront payments had been received in the previous financial year.
| FYE2022 | FYE2023 | FYE2024 | |
|---|---|---|---|
| EBITDA (RM’000) | 18,379 | 27,067 | 27,927 |
| Gross Profit Margin (%) | 27.9% | 27.3% | 24.8% |
| Profit Before Tax Margin (%) | 16.1% | 17.1% | 14.8% |
| Net Profit Margin (%) | 12.3% | 13.8% | 11.1% |
| Inventory Turnover (days) | 51 | 72 | 55 |
| Trade Receivables Turnover (days) | 172 | 161 | 71 |
| Trade Payables Turnover (days) | 91 | 122 | 76 |
| Cash Conversion Cycle (days) | 132 | 111 | 50 |
| Current Ratio (times) | 1.3 | 1.4 | 1.6 |
| Gross Gearing (times) | 1.4 | 0.6 | 0.4 |
| Net Gearing (times) | 0.4 | -0.1 | 0.1 |