Latest Quarterly Result
Quarterly Report For The Financial Period Ended 30 June 2024
Financials Archive
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Condensed Consolidated Statement Of Profit Or Loss And Other Comprehensive Income For The Quarter And Six Months Ended 30 June 2024
Condensed Consolidated Statement Of Financial Position
As At 30 June 2024
Review of Performance
Comparison between Current Financial Quarter Ended 330 June 2024 and Previous Corresponding Quarter Ended 30 June 2023
A summary of the Group's performance is set out below:-
Surface Treatment & Precision Cleaning Division
Revenue for the current financial quarter increased by 29.78% as compared to the previous corresponding quarter. The increase is across from precision cleaning and surface treatment services. The overall gross profit margin increased from 19.50% to 28.62% in current financial quarter as compared to the previous corresponding quarter.
The Group's other income decreased by RM138,000 mainly due to the absence of gain on foreign exchange in current financial quarter.
The Group's administrative expenses decreased by RM219,000 as compared to the previous corresponding quarter mainly due to the decrease in indirect salaries and related costs.
The Group's other expenses increased by RM120,000 mainly due to the increase in loss on foreign exchange and allowance for impairment loss on property, plant and equipment in current financial quarter.
Overall, the Group reported a profit before tax of RM0.982 million in the current financial quarter as compared to a loss before tax of RM1.123 million in the previous corresponding quarter.
Comparison between Current Period-to-date Ended 30 June 2024 and Previous Corresponding Period-to-date Ended 30 June 2023
A summary of the Group's performance is set out below:-
Surface Treatment & Precision Cleaning Division
Revenue for the current period-to-date increased by 19.34% as compared to the previous corresponding period-to-date. The increase is across from precision cleaning and surface treatment services. The overall gross profit margin increased from 18.79% to 27.90% in current period-to-date as compared to the previous corresponding period-to-date.
The Group's other income was decreased by RM182,000 as compared to the previous corresponding period-to-date mainly due to the decrease of gain on foreign exchange and government grant in current period-to-date.
The Group's administrative expenses was decreased by RM310,000 as compared to the previous corresponding period-to-date mainly due to the decrease in indirect salaries and related costs.
The Group's other expenses increased by RM114,000 mainly due to the increase in allowance for impairment loss on property, plant and equipment in current period-to-date.
Overall, the Group reported a profit before tax of RM1,337 million in the current period-to-date as compared to a loss before tax of RM2.190 million in the previous corresponding period-to-date.
Future Prospects
On 2 July 2024, Accrelist Crowdfunding Pte. Ltd., a wholly owned subsidiary of Accrelist Ltd. ("Accrelist"), successfully acquired a 28.5% stake in the Company. Further details of the acquisition are set out in the Company's announcements dated 2 July 2024 on Bursa's website.
Accrelist, which is listed on the Catalist Board of the Singapore Exchange ("Catalist"), is a diversified group with interests in medical aesthetics, as well as injection moulding services held through its subsidiary, Jubilee Industries Holdings Limited ("Jubilee"), which is also listed on the Catalist.
With the entry of the new shareholder, the Group is exploring various synergistic strategies to increase market, customer and sector expansion opportunities, as well as deepen our cost cutting efforts through economies of scale and enhanced expertise and talent resources utilisation.
For instance, the Group is transforming from selling services to selling products and solutions to its existing and new customers by leveraging on our business partners' capabilities and strength. The Group is also striving to increase revenue via organic growth and growth via M&A. Central procurement centre will be implemented to further optimise the Group's cost-cutting efforts, and cost reduction programmes are being implemented across all our subsidiaries in Singapore, Malaysia and Thailand.
With the above new business model and revenue model, coupled with the Group's ongoing cost reduction programme, the Group aims to build a sustainable business model with various stakeholders' support to bring the Group to a new height.
In terms of market outlook, following from Q1 2024, we continue to be cautiously optimistic on the market outlook for 2024, and the Group aims to achieve stable growth for Q3 2024 results amidst the various initiatives mentioned above.