DailySpaceJAG Berhad
0024 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 358 entries read2023 至 2025 年报，共读出 358 条
The company这家公司
JAG Berhad operates principally in total waste management focusing on e-waste recycling, lifestyle and services, property investment, and property development.JAG Berhad 主要经营综合废料管理（专注于电子废料回收）、生活方式与服务、产业投资以及产业开发。
Sources (2)出处（2）
The flagship subsidiary, JMI, which operates as a TWM company focuses on the recycling of e-waste, contributed approximately 94% of the Group’s total revenue, followed by the lifestyle services business segment, and property investment business segment.
The Group also began property development activities as a boutique developer, planning a residential project of 51 superlink houses.
In 2025, sale of manufactured goods was RM215,190,750, sale of leasehold land held for development was RM10,005,288, laundry services was RM3,651,043, and rental income was RM1,915,804. JMI contributed approximately 92% of group revenue, with approximately 65% of its sales revenue derived from export markets including China and Japan.2025 年，制成品销售额为 RM215,190,750，持作开发的租赁土地销售额为 RM10,005,288，洗衣服务为 RM3,651,043，租金收入为 RM1,915,804。JMI 贡献了集团约 92% 的营业额，其中约 65% 的销售收入来自中国与日本等出口市场。
Sources (6)出处（6）
JMI remains the cornerstone of the Group’s operations, contributing approximately 92% of the Group consolidated revenue for the FYE 2025.
Meanwhile, JMI’s revenue mix remained predominantly export oriented, with approximately 65% of sales revenue for FYE 2025 derived from international markets such as China, Japan and other key destinations.
Sale of manufactured goods 215,190,750 222,332,013 - -
Sale of leasehold land held for development 10,005,288 - - -
Laundry services 3,651,043 3,707,454 - -
Rental income 1,915,804 786,214 - -
Dato' Ng Aik Kee holds 147,503,521 direct shares (21.165%) and 68,096,688 indirect shares (9.771%), Dato' Ng Meow Giak holds 60,592,297 shares (8.694%), NKK Capital Sdn. Bhd. holds 49,025,742 shares (7.035%), and Ng Yaw Long holds 43,766,592 shares (6.280%). Pledged securities accounts include 67,000,000 shares (9.61%) for Ng Aik Kee (Dato) under TA Nominees (Tempatan) Sdn. Bhd. and 51,776,339 shares (7.43%) under Kenanga Nominees (Tempatan) Sdn. Bhd.Dato' Ng Aik Kee 持有 147,503,521 股直接股份（21.165%）与 68,096,688 股间接股份（9.771%），Dato' Ng Meow Giak 持有 60,592,297 股（8.694%），NKK Capital Sdn. Bhd. 持有 49,025,742 股（7.035%），Ng Yaw Long 持有 43,766,592 股（6.280%）。抵押证券账户包括 TA Nominees (Tempatan) Sdn. Bhd. 旗下为 Ng Aik Kee (Dato) 抵押的 67,000,000 股（9.61%）以及 Kenanga Nominees (Tempatan) Sdn. Bhd. 旗下抵押的 51,776,339 股（7.43%）。
Sources (6)出处（6）
1. Dato’ Ng Aik Kee 147,503,521 21.165 68,096,688 (1) 9.771
2. Dato’ Ng Meow Giak 60,592,297 8.694 - -
3. NKK Capital Sdn. Bhd. 49,025,742 7.035 - -
4. Ng Yaw Long 43,766,592 6.280 - -
1. TA NOMINEES (TEMPATAN) SDN. BHD. 67,000,000 9.61 - PLEDGED SECURITIES ACCOUNT FOR NG AIK KEE (DATO)
2. KENANGA NOMINEES (TEMPATAN) SDN. BHD. 51,776,339 7.43 - PLEDGED SECURITIES ACCOUNT FOR DATO’ NG AIK KEE (001)
Dato' Ng Aik Kee is a brother to Dato' Ng Meow Giak and Ng Yaw Long. Director Mr. Ewe, having exceeded the nine-year tenure limit, expressed his intention not to seek re-election at retirement by rotation.Dato' Ng Aik Kee 是 Dato' Ng Meow Giak 与 Ng Yaw Long 的兄弟。任期已超过九年的董事 Mr. Ewe 表示轮值退休时不寻求连任。
Sources (2)出处（2）
He is a brother to Dato’ Ng Aik Kee and Mr. Ng Yaw Long.
Mr. Ewe, a Director who has exceeded the nine-year tenure limit and retires by rotation in accordance with Clause 21.6 of the Company’s Constitution, has expressed his intention not to seek re-election.
Revenue by geographic market, 20252025 年各地区营业额占比
Sources (4)出处（4）
Malaysia 80,974,716 187,877,928
China 105,212,960 -
Japan 23,265,201 -
Others 24,685,951 - 234,138,828 187,877,928
Major events大事记
Sources (2)出处（2）
During the year under review, the Group acquired Menara TM which has been renamed to Wisma JAG.
On 25 July 2023, JAG Berhad announced its contract with Infineon Technologies (Malaysia) Sdn Bhd (“Infineon”), valued at approximately RM50 million per year, and covering a period of three years.
Sources (1)出处（1）
On 27 July 2023, the Group disposed two (2) adjoining lands in Sungai Buloh, Selangor to TFM Holding Sdn Bhd for RM10 million.
Sources (2)出处（2）
The Free Warrants of 368,903,282 on the basis of three (3) Free Warrant for every five (5) existing shares has been completed on 3 July 2024
JMI, a wholly-owned subsidiary of the Company, has on 10 July 2024, entered into a MOU with Mitsubishi Materials Corporation to develop, construct, finance and operate a household appliance recycling business in Malaysia
Sources (3)出处（3）
Subsequent to the reporting period, the disposal of the leasehold land held for development, as referred to in Note 17, has been completed on 3 March 2025.
Sale of leasehold land held for development 10,005,288 - - -
In the current reporting period, the Company entered into a share sale agreement with the shareholders of the Company to dispose of its entire equity interest in JAG Scoops Sdn Bhd for a cash consideration of RM400,000.
Sources (1)出处（1）
The Parties have mutually agreed to extend the term of the MOU for another one (1) year commencing from 31 December 2025 until 31 December 2026.
Revenue and profit / (loss) before taxation营业额与税前盈利 /（亏损）
Cash and borrowings现金与借款
20232023 年
In 2023, the group acquired Menara TM (renamed Wisma JAG), and bank borrowings rose from RM14.6 million to RM58.7 million to fund the acquisition. Capital expenditure was approximately RM9 million. The group repurchased 13,500,000 ordinary shares for RM4,491,461 using internal funds.2023 年，集团收购了 Menara TM（改名为 Wisma JAG），银行借款由 RM14.6 million 增至 RM58.7 million 以支付收购所需。资本开支约 RM9 million。集团动用内部资金在公开市场回购 13,500,000 股普通股，涉及金额 RM4,491,461。
Sources (5)出处（5）
During the year under review, the Group acquired Menara TM which has been renamed to Wisma JAG.
Additionally, the Group's bank borrowings surged from RM14.6 million to RM58.7 million, attributable to the drawdown of bank borrowings to fund the acquisition of Wisma JAG during the financial year.
The Group’s capital expenditure (“CAPEX”) for FYE 2023 was approximately RM9 million and was financed by internally generated funds as well as bank borrowing if required.
(i) repurchased from the open market 13,500,000 of its ordinary shares at an average price of RM0.333 per share.
The total repurchased price consideration of RM4,491,461 was financed by internally generated funds.
20242024 年
In 2024, the group issued 368,903,282 free warrants under a bonus issue. 1,660,000 warrants were exercised at RM0.29 per share for cash. The company repurchased 7,650,000 ordinary shares at an average price of RM0.263 per share, and term loans increased to RM62,246,941.2024 年，集团在红股计划下发行了 368,903,282 份免费凭购证。1,660,000 份凭购证按每股 RM0.29 行使换取现金。公司按平均每股 RM0.263 回购 7,650,000 股普通股，定期贷款升至 RM62,246,941。
Sources (4)出处（4）
The Free Warrants of 368,903,282 on the basis of three (3) Free Warrant for every five (5) existing shares has been completed on 3 July 2024
(b) Issuance of 1,660,000 new ordinary shares for cash persuant to the exercise of 1,660,000 Warrants 2024/2029 at an exercise price of RM0.29 per ordinary share.
During the financial year, the Company repurchased from the open market 7,650,000 of its ordinary shares at an average price of RM0.263 per share.
Term loans 3,751,215 4,465,097 30,579,438 25,607,480 62,246,941 58,721,080
20252025 年
In 2025, the disposal of land was completed with RM10,005,288 recognized in revenue, and the group disposed of JAG Scoops Sdn Bhd for RM400,000 cash. 451,200 warrants were exercised at RM0.29 per share. The company repurchased 31,400,000 ordinary shares for RM7,979,400, and term loans reached RM69,005,062.2025 年，土地脱售完成并在营业额中确认 RM10,005,288，集团以 RM400,000 现金脱售 JAG Scoops Sdn Bhd。451,200 份凭购证按每股 RM0.29 行使。公司以 RM7,979,400 回购 31,400,000 股普通股，定期贷款达 RM69,005,062。
Sources (7)出处（7）
The growth of revenue was mainly arising from the completion of disposal of land in the property business segment where RM10.0 million of proceeds from disposal of land has been recognised in FYE 2025, the relevant cost of disposal has been recognised as direct cost in the financial statements.
During the financial year, the Company increased its issued and paid up share capital by way of issuance of 451,200 new ordinary shares for cash pursuant to the exercise of 451,200 Warrants 2024/2029 at an exercise price of RM0.29 per ordinary share.
During the financial year, the Company repurchased from the open market 31,400,000 of its ordinary shares at an average price of RM0.254 per share.
The total repurchased price consideration of RM7,979,400 was financed by internally generated funds.
Sale of leasehold land held for development 10,005,288 - - -
In the current reporting period, the Company entered into a share sale agreement with the shareholders of the Company to dispose of its entire equity interest in JAG Scoops Sdn Bhd for a cash consideration of RM400,000.
Term loans 3,679,085 3,751,215 39,198,531 30,579,438 69,005,062 62,246,941
Across the three years三年合看
No dividend was paid or declared by the company in 2024 and 2025. Manufactured inventories increased from RM71,832,911 in 2023 to RM75,380,089 in 2024 and RM114,930,697 in 2025, representing 34% of total assets in 2025.公司在 2024 与 2025 年均未派发或宣布任何股息。制成品存货由 2023 年的 RM71,832,911 增至 2024 年的 RM75,380,089 及 2025 年的 RM114,930,697，在 2025 年占总资产的 34%。
Sources (5)出处（5）
As at 31 December 2023, the Group held manufacturing and trading inventories of RM71,832,911 representing approximately 23% of total assets of the Group.
No dividend has been paid or declared by the Company since the end of the previous financial year.
As at 31 December 2024, the Group held RM75,380,089 of manufactured inventories which represented approximately 24% of total assets of the Group.
No dividend has been paid or declared by the Company since the end of the previous financial year.
As at 31 December 2025, the Group held manufactured inventories amounting to RM114,930,697 representing approximately 34% of the Group’s total assets.
Still to be spent尚未支出的承诺
Capital commitments authorized and contracted for were RM259,079 at end 2023, RM1,864,828 at end 2024, and RM177,960 at end 2025.已授权并签约的资本承诺在 2023 年底为 RM259,079，2024 年底为 RM1,864,828，2025 年底为 RM177,960。
Sources (3)出处（3）
Authorised and contracted for 259,079 28,163,074
Authorised and contracted for 1,864,828 259,079
Authorised and contracted for 177,960 1,864,828
Four years of figures四年数字
Group figures, in RM, as printed in the statements.集团数字，单位令吉，照财务报表所印。
| Group集团 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 254,092,710 | 202,957,795 | 230,641,883 | 234,138,828 |
| Profit / (loss) before taxation税前盈利 /（亏损） | 13,543,268 | 3,057,284 | 9,932,454 | (4,982,394) |
| Cash and bank balances现金与银行结余 | 11,529,915 | 4,260,899 | 5,241,410 | 6,370,137 |
| Fixed deposits with licensed banks持牌银行定期存款 | 1,266,128 | 1,291,806 | 411,064 | 419,156 |
| Term loans定期贷款 | 14,581,814 | 58,721,080 | 62,246,941 | 69,005,062 |
| Total equity总权益 | 212,927,363 | 209,656,375 | 214,020,326 | 202,758,047 |
On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。
Said and done说过的与做到的
| What the reports said年报说要做的 | What later reports show之后年报显示的 | Status状态 |
|---|---|---|
| Sale of land in Sungai Buloh for RM10 million expected to complete in July 2024 (stated in 2023 report)预期于 2024 年 7 月完成以 RM10 million 脱售位于 Sungai Buloh 的土地（2023 年报提及） | The disposal was completed on 3 March 2025, with RM10,005,288 recognized in property revenue in 2025.交易于 2025 年 3 月 3 日完成，并在 2025 年产业营业额中确认 RM10,005,288。Sources (3)出处（3）As at LPD, the transaction is currently pending for fulfillment of condition precedents set out in the Sale and Purchase Agreement and is expected to be completed in July 2024. Subsequent to the reporting period, the disposal of the leasehold land held for development, as referred to in Note 17, has been completed on 3 March 2025. Sale of leasehold land held for development 10,005,288 - - - | Completed later than said较预定时间延迟完成 |
| Proposed a bonus issue of 1 bonus share for every 5 existing shares and 3 warrants for every 5 existing shares (stated in 2023 report)建议按每 5 股现有股派 1 红股及每 5 股现有股派 3 凭购证的红股计划（2023 年报提及） | Bonus shares and 368,903,282 free warrants were listed and quoted in mid-2024.红股及 368,903,282 份免费凭购证于 2024 年年中上市与挂牌。Sources (3)出处（3）On 13 March 2024, the Group has proposed a bonus issue with bonus warrant on the basis 1 bonus share for every 5 existing ordinary shares held and 3 warrants for every 5 existing shares held respectively. On 25 June 2024, the bonus shares were issued and listed and quoted on the ACE Market of Bursa Securities. The Free Warrants of 368,903,282 on the basis of three (3) Free Warrant for every five (5) existing shares has been completed on 3 July 2024 | Carried out已执行 |
| Target to introduce 10 gelato outlets in 2 years (stated in 2023 report)目标在 2 年内开设 10 家冰淇淋分店（2023 年报提及） | Maintained 8 outlets in 2024, and the subsidiary JAG Scoops Sdn Bhd was disposed of in December 2025 for RM400,000.2024 年维持 8 家分店，且子公司 JAG Scoops Sdn Bhd 已于 2025 年 12 月以 RM400,000 脱售。Sources (3)出处（3）As part of the expansion strategy of the business segment, the management has set a target to introduce ten (10) outlets in two (2) years to achieve better economic of scale. As at LPD, JAGS maintained eight (8) outlets as follows:- In the current reporting period, the Company entered into a share sale agreement with the shareholders of the Company to dispose of its entire equity interest in JAG Scoops Sdn Bhd for a cash consideration of RM400,000. | Subsidiary disposed of子公司已被脱售 |
| Plan to convert remaining diesel-based equipment to natural gas in second half of 2025 (stated in 2024 report)计划在 2025 年下半年把剩余的柴油设备转换为天然气设备（2024 年报提及） | Management resolved to maintain conversion ratio at 97% in 2025 to preserve fuel source flexibility.管理层决定在 2025 年将转换率维持在 97%，以保持燃料来源的灵活性。Sources (3)出处（3）The management are in the pipeline to convert the remaining diesel based equipment to natural gas and targeting to complete in second half of FYE 2025. As at the LPD, 97% (FYE 2024: 97%) of JMI’s major manufacturing equipment had been converted from diesel based systems to natural gas based systems. In response, Management resolved to maintain the existing conversion ratio, rather than fully converting 100% of machinery to natural gas, in order to preserve greater operational resilience and fuel source flexibility. | Maintained at 97%维持在 97% |
| MOU with Mitsubishi Materials Corporation signed in July 2024 to develop a household appliance recycling business (stated in 2024 report)2024 年 7 月签署谅解备忘录，与 Mitsubishi Materials Corporation 合作开发家电回收业务（2024 年报提及） | The term of the MOU was extended for another year until 31 December 2026.谅解备忘录期限被延长一年至 2026 年 12 月 31 日。Sources (3)出处（3）JMI, a wholly-owned subsidiary of the Company, has on 10 July 2024, entered into a MOU with Mitsubishi Materials Corporation to develop, construct, finance and operate a household appliance recycling business in Malaysia JMI and MMC (“Parties”) entered into a MOU dated 10 July 2024 to record their mutual intention to establish a household recycling business (“Business”) in Malaysia The Parties have mutually agreed to extend the term of the MOU for another one (1) year commencing from 31 December 2025 until 31 December 2026. | Extended已延长 |
What the reports leave open年报留下待看的事
- Planned residential development project of 51 superlink terrace houses in Kemuning Utama, targeted for launch in 2026 and completion by end 2027.位于 Kemuning Utama 的 51 单元超级排屋住宅开发计划，目标于 2026 年推出并于 2027 年底完工。
Sources (4)出处（4）
Construction is scheduled to begin in the third quarter of 2026, with completion targeted for the end of 2027.
The Group expects the project to contribute to financial performance from 2028 onwards, with projected revenue growth and greater income diversification.
During the financial year, the Group commenced plans for a residential development project comprising 51 units of superlink terrace houses in Kemuning Utama.
Barring unforeseen circumstances, the management expects the project to be launched in the second or third quarter of 2026, with completion anticipated within two years thereafter.
- Impact of the natural gas supply disruption from April to September 2025 on operations, with manufactured inventories reaching RM114,930,697.2025 年 4 月至 9 月天然气供应中断对运营的影响，其中制成品存货达 RM114,930,697。
Sources (3)出处（3）
However, the Group’s production capacity was severely impacted by a natural gas supply disruption following an incident in Putra Heights in April 2025.
This disruption, which lasted until September 2025, significantly reduced output and hampered production efficiency in the five months of the financial year.
As at 31 December 2025, the Group held manufactured inventories amounting to RM114,930,697 representing approximately 34% of the Group’s total assets.
- Progress under the extended memorandum of understanding with Mitsubishi Materials Corporation through 31 December 2026.与 Mitsubishi Materials Corporation 展期至 2026 年 12 月 31 日的谅解备忘录进展。
Sources (1)出处（1）
The Parties have mutually agreed to extend the term of the MOU for another one (1) year commencing from 31 December 2025 until 31 December 2026.
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-12.内容为公司年报所印的事实，并注明页码；不评级，不构成投资建议。生成日期 2026-10-12。