Financial Performance - Revenue for the year ended December 31, 2023, increased by approximately 11.5% to approximately 931.9 million MYR, compared to 835.9 million MYR for the year ended December 31, 2022[2]. - Profit attributable to owners of the company for the reporting period was approximately 27.1 million MYR, slightly up from 26.8 million MYR in the previous year[2]. - Basic earnings per share for the reporting period was 2.71 sen, down from 3.25 sen in the previous year[2]. - Total comprehensive income for the year was 28.3 million MYR, compared to 25.98 million MYR in the previous year[13]. - The company reported a decrease in gross profit to 110.34 million MYR from 111.62 million MYR in the previous year[13]. - The company's net profit margin decreased from 3.2% in the previous year to 2.9% during the reporting period, with net profit recorded at approximately 27.1 million MYR compared to 26.8 million MYR in the prior year[49]. - Other income for the year was 6.66 million MYR, significantly higher than 3.32 million MYR in the previous year[13]. - Financing costs increased to 2.28 million MYR in 2023 from 1.55 million MYR in 2022[13]. - The group reported a decrease in income tax expenses from approximately 12.8 million MYR in the previous year to about 9.6 million MYR, a reduction of 25.0%[115]. Equity and Liabilities - Total equity as of December 31, 2023, was 227.53 million MYR, up from 212.93 million MYR in 2022[5]. - Non-current liabilities increased to 27.16 million MYR in 2023 from 16.41 million MYR in 2022, primarily due to an increase in interest-bearing loans[5]. - As of December 31, 2023, bank borrowings amounted to approximately 4.97 million MYR, with a weighted average effective interest rate of about 4.00%[58]. - The group's debt-to-equity ratio as of December 31, 2023, was approximately 24.1%, a decrease from 35.0% as of December 31, 2022, mainly due to an increase in equity[137]. Dividends - The company did not recommend any final dividend payment to shareholders for the reporting period[2]. - The company declared a special dividend of HKD 0.023 per ordinary share for 2023, totaling 13,702 thousand HKD, compared to zero in 2022[62]. - The company does not recommend the distribution of any final dividend for the year ending December 31, 2023[168]. Trade Receivables and Payables - The total trade receivables as of December 31, 2023, were 52,337 thousand MYR, down from 60,462 thousand MYR in the previous year[46]. - Trade receivables from third parties amounted to 120,617 thousand MYR in 2023, slightly up from 120,100 thousand MYR in 2022[94]. - Trade payables to third parties decreased from 60,462 thousand MYR in 2022 to 52,337 thousand MYR in 2023[82]. - The company recorded a loss provision of 4,892 thousand MYR for trade receivables in 2023, compared to 3,807 thousand MYR in 2022[94]. Business Operations - The group operates a single reportable segment focused on food and beverage distribution and sales, as well as logistics and warehousing services in Malaysia[26]. - All revenue for the fiscal year ending December 31, 2023, and 2022, was generated from external customers in Malaysia, with no single external customer accounting for 10% or more of total revenue[27]. - The company reported a revenue of 922,215 thousand MYR for the food and beverage distribution and sales segment, with additional logistics and warehousing services contributing 9,705 thousand MYR, totaling 931,920 thousand MYR[41]. - Revenue from third-party brand distribution increased by approximately 92.6 million MYR, primarily due to growth in dairy products, sauces, oils, and frozen foods, which contributed approximately 113.4 million MYR[91]. - The company has strategic distribution rights for dairy products and sauces in various regions of Malaysia, impacting revenue positively for 2023[91]. Future Plans and Investments - The company plans to continuously evaluate and explore new business opportunities to achieve sustainable growth and long-term benefits for shareholders[50]. - The company plans to enhance distribution and sales capabilities with a budget of HKD 50.3 million, with an expected completion date of December 2024[183]. - The company aims to develop its proprietary product business with a budget of HKD 19.0 million, also expected to be completed by December 2024[183]. - The company is investing HKD 7.3 million in the development of an e-commerce mobile platform, with a completion target of December 2024[183]. - Strategic acquisitions and investments are budgeted at HKD 18.1 million, with an expected completion date of December 2024[183]. Governance and Compliance - The board of directors consists of three executive directors and four independent non-executive directors, ensuring a balance of power and authority[151]. - The company has adhered to the corporate governance code, with no deviations reported during the reporting period[150]. - The audit committee is responsible for overseeing the company's financial reporting system and ensuring compliance with legal and regulatory requirements[160]. - The company confirmed that all directors complied with the standard code of conduct for securities trading during the reporting period[152]. Miscellaneous - The company has not engaged in any purchases, sales, or redemptions of its listed securities during the reporting period[157]. - There were no significant subsequent events reported after December 31, 2023, until the date of this announcement[153]. - The company has no taxable profits in Hong Kong for the years ended December 31, 2023, and 2022, thus no provision for Hong Kong profits tax was made[170]. - The group has not encountered any significant difficulties or liquidity issues due to foreign exchange fluctuations during the reporting period[122].
双财庄(02321) - 2023 - 年度业绩