DailySpaceJcbNext Berhad
0058 · Main Market主板（Main Market） · annual reports 2023 to 2025, 535 entries read2023 至 2025 年报，共读出 535 条
The company这家公司
JcbNext Berhad is an investment holding company. In 2014, its job portal business was sold to SEEK Ltd for close to RM2 billion with net proceeds paid as dividends to shareholders. The company holds stakes in associates including 104 Corporation, a job site in Taiwan, and Innity Corporation Berhad, a provider of interactive online marketing platforms and technologies in Malaysia. It also owns an 8-storey office building in Kuala Lumpur and quoted investments.JcbNext Berhad 是一家投资控股公司。2014 年，其招聘门户网站业务以近 RM2 billion 的价格出售给 SEEK Ltd，净收益已作为股息派发给股东。该公司持有联营公司股权，包括台湾招聘网站 104 Corporation 及马来西亚互动在线营销平台与技术提供商 Innity Corporation Berhad，并在吉隆坡拥有一栋 8 层高的办公楼及多项上市公司投资。
Sources (3)出处（3）
Today, the Company has stakes in associates, 104 Corporation, the largest job site in Taiwan and Innity Corporation Berhad, a leading provider of interactive online marketing platforms and technologies in Malaysia.
JcbNext also has quoted investments in Malaysia, Hong Kong/ China, Singapore and Europe and owns an 8-storey office building in Kuala Lumpur.
In 2014, the job portal business was sold to SEEK Ltd for close to RM2 billion with the net proceeds paid as dividends to shareholders.
In 2025, dividends from other equity investments contributed 80% of group revenue or RM16.38 million. Interest income contributed 11%, while rental income and investment distribution income contributed the remaining 9%. In addition, the group received dividends amounting to RM7.30 million from associate 104 Corporation, which are not accounted for as revenue.2025 年，来自其他股票投资的股息占集团营业额的 80%（RM16.38 million）。利息收入占 11%，而租金收入与投资分配收益合共占其余 9%。此外，集团从联营公司 104 Corporation 收到 RM7.30 million 股息，该款项未计入营业额。
Sources (4)出处（4）
As the Group is principally in investment holding, the biggest contributor to group revenue is dividends from equity investments at 80% of revenue or RM16.38 million in 2025.
This is followed by interest income at 11% and together with dividend income, contribute 91% of group revenue.
Rental income and investment distribution income combined to contribute the remaining 9% of group revenue.
During 2025, the Group continued to receive dividends amounting to RM7.30 million from its associate, 104 Corporation (“104 Corp”), although such dividends are not accounted for as revenue.
As at the end of 2025, the new equity portfolio stood at RM200.3 million across 31 companies and 2 ETFs. By strategy, dividend-oriented equities accounted for RM106.3 million (53.1%), deep-value equities accounted for RM52.1 million (26.0%), growth equities accounted for RM29.3 million (14.6%), and ETFs & others accounted for RM12.6 million (6.3%). By geography, China and Hong Kong accounted for RM145.3 million (72.5%), Malaysia accounted for RM43.6 million (21.8%), and others accounted for RM11.4 million (5.7%).截至 2025 年底，新股票投资组合总值为 RM200.3 million，涵盖 31 家公司与 2 只 ETF。按策略划分，高股息股票占 RM106.3 million（53.1%），深度价值股票占 RM52.1 million（26.0%），成长型股票占 RM29.3 million（14.6%），ETF 与其他占 RM12.6 million（6.3%）。按地域划分，中国及香港占 RM145.3 million（72.5%），马来西亚占 RM43.6 million（21.8%），其他地区占 RM11.4 million（5.7%）。
Sources (9)出处（9）
● New Equity Portfolio (31 companies, 2 ETFs) – RM200.3 million;
Dividend-oriented equities RM 106.3 m 53.1% Established, cash-generative businesses
Growth equities RM 29.3 m 14.6% Lower yield, higher reinvestment potential
Deep-value equities RM 52.1 m 26.0% Steep discounts to intrinsic value, often unloved
ETFs & others RM 12.6 m 6.3% Broad market exposure and diversification
Total RM 200.3 m 100.0%
China/ Hong Kong RM 145.3 m 72.5%
Malaysia RM 43.6 m 21.8%
Others RM 11.4 m 5.7%
In the 2025 report, Chang Mun Kee is deemed interested in 77,665,394 shares (59.37%), including 12,000,074 shares held by his spouse, Koo Tun Kit Betty, who holds 12,000,074 shares (9.17%) directly and is deemed interested in 200,626 shares (0.15%). Little Rain Assets Limited holds 39,265,394 shares (30.02%), and HSBC Trustee (Singapore) Limited is deemed interested in 38,400,000 shares (29.36%); the report notes a trust whose beneficiaries are members of Mr. Chang Mun Kee's family and himself. The two largest securities accounts are held by HSBC Nominees (Asing) Sdn Bhd, with 46,701,294 shares (35.70%) and 30,964,100 shares (23.67%). Pledged securities accounts hold 2,080,900 shares (1.59%) for Lim Kuan Gin and 740,000 shares (0.57%) for Ali bin Abdul Kadir.在 2025 年报中，Chang Mun Kee 视同持有 77,665,394 股（59.37%），其中包括其配偶 Koo Tun Kit Betty 持有的 12,000,074 股；Koo Tun Kit Betty 直接持有 12,000,074 股（9.17%），并视同持有 200,626 股（0.15%）。Little Rain Assets Limited 持有 39,265,394 股（30.02%），HSBC Trustee (Singapore) Limited 视同持有 38,400,000 股（29.36%）；年报注明一项信托，其受益人为 Mr. Chang Mun Kee 的家族成员及其本人。前两大证券账户由 HSBC Nominees (Asing) Sdn Bhd 持有，分别为 46,701,294 股（35.70%）及 30,964,100 股（23.67%）。证券抵押账户为 Lim Kuan Gin 持有 2,080,900 股（1.59%），为 Ali bin Abdul Kadir 持有 740,000 股（0.57%）。
Sources (10)出处（10）
Chang Mun Kee - - (1) 77,665,394 59.37
Koo Tun Kit Betty 12,000,074 9.17 (2) 200,626 0.15
Little Rain Assets Limited 39,265,394 30.02 - -
HSBC Trustee (Singapore) Limited - - (5) 38,400,000 29.36
the beneficiaries of which are members of Mr. Chang Mun Kee’s family and himself.
Deemed interested in 12,000,074 Ordinary Shares held by his spouse, Ms Koo Tun Kit Betty pursuant to Section 8 of the Companies Act 2016.
1. HSBC Nominees (Asing) Sdn Bhd 46,701,294 35.70
2. HSBC Nominees (Asing) Sdn Bhd 30,964,100 23.67
8. Kenanga Nominees (Tempatan) Sdn Bhd 2,080,900 1.59 Pledged Securities Account for Lim Kuan Gin
15. AmBank (M) Berhad 740,000 0.57 Pledged Securities Account for Ali bin Abdul Kadir (Smart)
None of the directors have any family relationship with any other director or major shareholder. In May 2025, Lim Chao Li resigned from the board. In February 2026, Teo Koon Hong resigned from the board, and a director was appointed on 27 February 2026. As at 31 December 2025, the group had 11 employees.董事之间以及董事与主要股东之间均无任何亲属关系。2025 年 5 月，Lim Chao Li 辞去董事职务。2026 年 2 月，Teo Koon Hong 辞去董事职务，一名新董事于 2026 年 2 月 27 日获委任。截至 2025 年 12 月 31 日，集团共有 11 名员工。
Sources (5)出处（5）
He was appointed to the Board of Directors on 27 February 2026.
None of the Directors have any family relationship with any other Director and/or major shareholders of the Company.
At the same time, we bid farewell to Mr. Teo Koon Hong, who resigned from the Board in February 2026.
Earlier, in May 2025, Mr. Lim Chao Li also resigned from the Board.
The Group has only 11 employees as at 31 December 2025.
New equity portfolio by strategy, 20252025 年新股票投资组合按策略划分
Sources (4)出处（4）
Dividend-oriented equities RM 106.3 m 53.1% Established, cash-generative businesses
Growth equities RM 29.3 m 14.6% Lower yield, higher reinvestment potential
Deep-value equities RM 52.1 m 26.0% Steep discounts to intrinsic value, often unloved
ETFs & others RM 12.6 m 6.3% Broad market exposure and diversification
New equity portfolio by market, 20252025 年新股票投资组合按市场划分
Sources (3)出处（3）
China/ Hong Kong RM 145.3 m 72.5%
Malaysia RM 43.6 m 21.8%
Others RM 11.4 m 5.7%
Major events大事记
Sources (2)出处（2）
The Group’s 60% stake in this subsidiary was sold in June 2023 for JPY0.88 million (approximately RM28,000).
On 30 June 2023, the Company had disposed 60% equity interest in Greenfield Japan Kabushiki Kaisha (“GJKK”) for a total cash consideration of RM28,384 (JPY881,500).
Sources (1)出处（1）
On 11 December 2023, the Company entered into a sale and purchase agreement for the disposal of a two-storey shop office for a consideration of RM800,000.
Sources (3)出处（3）
On 29 February 2024, the Company completed the disposal of the said shop office by fulfilling condition precedent as stipulated in the sale and purchase agreement.
During the year, the Group sold its other investment property, a 2-storey shoplot office in Johor, for RM800,000.
On 29 February 2024, the Company completed the disposal of the said shop office by fulfilling condition precedent as stipulated in the sale and purchase agreement.
Sources (2)出处（2）
During the financial year, the Company bought back from the open market, 658,500 of its issued ordinary shares (“JcbNext Shares”) listed on the Main Market of Bursa Malaysia Securities Berhad, at an average buy-back price of approximately RM1.62 per ordinary share.
On 18 December 2024, the Company cancelled 658,500 of its treasury shares held pursuant to Section 127 Subsection 4(a) of the Companies Act 2016.
Sources (1)出处（1）
The tenant for 87% of the net lettable area in Wisma JcbNext has moved out on 31 August 2025 and the building is vacant since then, save for the space retained by the Company for its own use.
Sources (2)出处（2）
For the usage of renewable energy, we have completed the installation of solar panels on the roof of Wisma JcbNext.
The solar panels were in full operation starting September 2025.
Sources (2)出处（2）
During the financial year, the Company bought back from the open market, 386,000 of its issued ordinary shares (“JcbNext Shares”) listed on the Main Market of Bursa Malaysia Securities Berhad, at an average buy-back price of approximately RM1.63 per ordinary share.
On 18 December 2025, the Company cancelled 386,000 of its treasury shares held pursuant to Section 127 Subsection 4(a) of the Companies Act 2016.
Sources (2)出处（2）
We fully exited our 9.45% stake in January 2026 following a mandatory takeover offer.
From this investment, we realised approximately RM5.2 million in proceeds, in addition to dividends of about RM1.4 million received over the years.
Revenue and profit营业额与盈利
Investment income and cash receipts投资收益与现金收取
20232023 年
In 2023, the group realised gains of RM18.47 million from selling shares of associate 104 Corporation in the open market. Its equity interest in 104 Corporation was 18.65% at year end, down from 21.74%. Investing activities generated net cash of RM57,779,381, including RM31,142,341 from the disposal of associate shares, RM12,900,420 in dividends from an associate and RM7,863,561 in dividends from other investments, while RM33,821,877 was spent acquiring other investments. The company paid RM7,921,957 in dividends to shareholders and recommended a final dividend of 6.5 sen per share (RM8,581,931).2023 年，集团通过在公开市场脱售联营公司 104 Corporation 股份实现收益 RM18.47 million。年底其在 104 Corporation 的股权为 18.65%，一年前为 21.74%。投资活动产生现金净额 RM57,779,381，包括脱售联营公司股份所得 RM31,142,341、来自联营公司股息 RM12,900,420 及来自其他投资股息 RM7,863,561，同时支出 RM33,821,877 用于购置其他投资。公司向股东支付股息 RM7,921,957，并建议派发每股 6.5 仙的终期股息（RM8,581,931）。
Sources (9)出处（9）
We also continued to sell shares of 104 Corporation in the open market during the year which contributed gains amounting to RM18.47 million to our bottom line.
As at 31 December 2023, the Group has an equity interest of 18.65% in 104 Corporation, down from 21.74% a year ago.
Since the end of the previous financial year, the Company paid a final single tier dividend of 6.0 sen per ordinary share amounting to RM7,921,957 in respect of the financial year ended 31 December 2022 on 25 July 2023.
The Directors recommend the payment of a final single tier dividend of 6.5 sen per ordinary share amounting to RM8,581,931 in respect of the financial year ended 31 December 2023.
Acquisition of other investments (33,821,877) (83,114,590) (32,419,574) (45,098,406)
Dividends received from an associate 16 12,900,420 12,146,281 12,900,420 12,146,281
Dividends received from other investments 16 7,863,561 7,161,770 4,831,504 4,109,596
Proceeds from disposal of investment in an associate 31,142,341 8,669,537 31,142,341 8,669,537
Net cash generated from/(used in) investing activities 57,779,381 (34,156,131) 55,111,433 (35,717,124)
20242024 年
In 2024, the group recorded gains of RM34.03 million from selling shares of 104 Corporation. Its equity interest was 13.45% at year end, down from 18.65%. Investing activities brought RM55,515,383 from associate share sales and RM38,576,055 from other investment disposals, and the group sold a shop office in Johor for RM800,000; RM77,436,829 was spent acquiring other investments. Dividends paid to shareholders totalled RM17,759,129, comprising the 2023 final dividend of RM8,562,995 and an interim 2024 dividend of 7.0 sen per share (RM9,196,134). The company spent RM1,067,530 buying back 658,500 shares which were cancelled, and recorded foreign exchange losses of RM3.27 million.2024 年，集团通过脱售 104 Corporation 股份录得收益 RM34.03 million。年底其股权为 13.45%，一年前为 18.65%。投资活动带来联营公司股份脱售款 RM55,515,383 及其他投资脱售款 RM38,576,055，集团并以 RM800,000 脱售柔佛一间店屋办公室；支出 RM77,436,829 购置其他投资。向股东支付的股息合计 RM17,759,129，包括 2023 财年终期股息 RM8,562,995 及2024 财年中期股息每股 7.0 仙（RM9,196,134）。公司耗资 RM1,067,530 回购并注销 658,500 股，并录得外汇亏损 RM3.27 million。
Sources (13)出处（13）
We also continued to sell shares of 104 Corporation (“104 Corp”) in the open market during the year which contributed gains amounting to RM34.03 million to our bottom line.
During the year, the Group sold its other investment property, a 2-storey shoplot office in Johor, for RM800,000.
The Group recorded foreign exchange losses of RM3.27 million in 2024 in contrast to foreign exchange gains of RM1.18 million recorded in 2023 (which was included in Other Operating Income).
As at 31 December 2024, the Group has an equity interest of 13.45% in 104 Corporation, down from 18.65% a year ago.
Since the end of the previous financial year, the Company paid a final single tier dividend of 6.5 sen per ordinary share amounting to RM8,562,995 in respect of the financial year ended 31 December 2023 on 25 July 2024.
The Company declared and paid an interim single tier dividend of 7.0 sen per ordinary share in respect of the financial year ended 31 December 2024 amounting to RM9,196,134.
During the financial year, the Company bought back from the open market, 658,500 of its issued ordinary shares (“JcbNext Shares”) listed on the Main Market of Bursa Malaysia Securities Berhad, at an average buy-back price of approximately RM1.62 per ordinary share.
On 18 December 2024, the Company cancelled 658,500 of its treasury shares held pursuant to Section 127 Subsection 4(a) of the Companies Act 2016.
Acquisition of other investments (77,436,829) (33,821,877) (31,549,123) (32,419,574)
Acquisition of treasury shares 11 (1,067,530) - (1,067,530) -
Proceeds from disposal of investment in an associate 55,515,383 31,142,341 55,515,383 31,142,341
Proceeds from disposal of other investments 38,576,055 19,199,800 36,386,753 18,010,597
Dividends paid to shareholders of the Company 22 (17,759,129) (7,921,957) (17,759,129) (7,921,957)
20252025 年
In 2025, the group realised gains of RM30.92 million from selling 104 Corporation shares. Its interest was 8.42% at the end of 2025. Investing cash inflows included RM51,899,310 from associate share sales, RM21,647,603 from other investment disposals, RM13,292,980 in dividends from other investments and RM7,296,622 in dividends from an associate, while RM66,985,878 was spent acquiring other investments. The group recognised an impairment loss of RM3.76 million on associate Innity, a fair value decrease of RM500,000 on investment property, and foreign exchange losses of RM5.51 million, which the report says were mainly from USD and SGD bank deposits. The company spent RM627,601 buying back 386,000 shares which were cancelled, and recommended a final dividend of 7.25 sen per share (RM9,496,427).2025 年，集团通过脱售 104 Corporation 股份实现收益 RM30.92 million。2025 年底其股权为 8.42%。投资现金流入包括联营公司股份脱售款 RM51,899,310、其他投资脱售款 RM21,647,603、其他投资股息 RM13,292,980 以及联营公司股息 RM7,296,622，同时支出 RM66,985,878 购置其他投资。集团对联营公司 Innity 计提 RM3.76 million 减值亏损，录得投资产业公允价值下降 RM500,000 以及外汇亏损 RM5.51 million；年报表示外汇亏损主要来自美元与新元银行存款。公司耗资 RM627,601 回购并注销 386,000 股，并建议派发每股 7.25 仙的终期股息（RM9,496,427）。
Sources (15)出处（15）
During the year, the Group realised gains of RM30.92 million from the disposal of 104 Corporation (“104 Corp”) shares, which accounted for a substantial portion of FY2025 net profit.
The Group recorded foreign exchange losses of RM5.51 million in 2025, an increase of 68.3% from RM3.27 million in 2024.
While we have previously reduced our stake to manage concentration risk, bringing our interest to 8.42% as of the end of 2025, we continue to monitor the company’s leadership in the Taiwanese market.
While our other associate, Innity, continued to record losses in 2025, due to persistent losses and a protracted slump in its share price, we have also recognised an impairment loss amounting to RM3.76 million.
Another contributor to the decrease in net profit for 2025 is the decrease in the fair value of investment property amounting to RM500,000 (2024: an increase of RM500,000).
The Directors recommend the payment of a final single tier dividend of 7.25 sen per ordinary share amounting to RM9,496,427 in respect of the financial year ended 31 December 2025.
During the financial year, the Company bought back from the open market, 386,000 of its issued ordinary shares (“JcbNext Shares”) listed on the Main Market of Bursa Malaysia Securities Berhad, at an average buy-back price of approximately RM1.63 per ordinary share.
On 18 December 2025, the Company cancelled 386,000 of its treasury shares held pursuant to Section 127 Subsection 4(a) of the Companies Act 2016.
Acquisition of other investments (66,985,878) (77,436,829) (46,890,164) (31,549,123)
Acquisition of treasury shares 10 (627,601) (1,067,530) (627,601) (1,067,530)
Dividends received from an associate 13 7,296,622 9,861,020 7,296,622 9,861,020
Dividends received from other investments 13,292,980 9,961,111 6,437,519 6,192,364
Proceeds from disposal of investment in an associate 51,899,310 55,515,383 51,899,310 55,515,383
Proceeds from disposal of other investments 21,647,603 38,576,055 16,532,068 36,386,753
The foreign exchange losses were mainly from the Group’s USD and SGD denominated bank deposits.
Across the three years三年合看
Over the three years, disposals of associate shares brought in RM31,142,341, RM55,515,383 and RM51,899,310 in cash, and acquisitions of other investments used RM33,821,877, RM77,436,829 and RM66,985,878. The company held RM109.6 million in cash and money market funds at end-2023. Cash and cash equivalents were about RM107.2 million at end-2024 and RM148.4 million at end-2025. The 2025 report says the group focuses on maintaining zero debt.三年间，脱售联营公司股份分别带来现金 RM31,142,341、RM55,515,383 与 RM51,899,310，购置其他投资分别动用 RM33,821,877、RM77,436,829 与 RM66,985,878。2023 年底公司持有现金及货币市场基金 RM109.6 million。2024 年底现金及现金等价物约为 RM107.2 million，2025 年底为 RM148.4 million。2025 年报表示集团注重保持零负债。
Sources (11)出处（11）
4. As at 31 December 2023, the book value (BV) of our company stood at about RM362.1 million, the biggest component of which is RM243.8 million in marketable securities including stakes in our listed associate companies (104 Corp and Innity), RM109.6 million in cash and money market funds and RM18.0 million in investment properties, with no material debt.
Acquisition of other investments (33,821,877) (83,114,590) (32,419,574) (45,098,406)
Proceeds from disposal of investment in an associate 31,142,341 8,669,537 31,142,341 8,669,537
As of end-2024, we held around RM107.2 million in cash and cash equivalents - about 26.8% of our net book value, or 23.1% based on our NAV of RM456.0 million.
Acquisition of other investments (77,436,829) (33,821,877) (31,549,123) (32,419,574)
Proceeds from disposal of investment in an associate 55,515,383 31,142,341 55,515,383 31,142,341
● Cash & Cash Equivalents – RM 148.4 million
In the face of such uncertainty, we focus on what we can control: i) Ensuring our portfolio consists of resilient businesses, ii) Maintaining zero debt – including avoiding leverage in our investments, and iii) Keeping a sizable war chest so that we can act when opportunities arise.
As at end-2025, we held around RM148.4 million in cash and cash equivalents, representing about 30.1% of our NAV of RM 492.2 million, up from 23.1% last year.
Acquisition of other investments (66,985,878) (77,436,829) (46,890,164) (31,549,123)
Proceeds from disposal of investment in an associate 51,899,310 55,515,383 51,899,310 55,515,383
Still to be spent尚未支出的承诺
Capital commitments contracted but not provided for in the financial statements were RM304,318 at end-2023, RM296,309 at end-2024 and RM268,710 at end-2025. There were no proceeds raised from corporate proposals during any of the three years.财务报表中已签约但未拨备的资本承诺在 2023 年底为 RM304,318，2024 年底为 RM296,309，2025 年底为 RM268,710。三年内均未通过任何企业提案筹集资金。
Sources (6)出处（6）
There were no proceeds raised from any corporate proposal during the financial year ended 31 December 2023.
Contracted but not provided for: 304,318 291,081
There were no proceeds raised from any corporate proposal during the financial year ended 31 December 2024.
Contracted but not provided for: 296,309 304,318
There were no proceeds raised from any corporate proposal during the financial year ended 31 December 2025.
Contracted but not provided for: 268,710 296,309
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 | 9,531,376 | 10,908,260 | 14,617,040 | 20,373,857 |
| Profit before tax税前盈利 | 25,599,440 | 41,316,278 | 51,778,314 | 43,660,309 |
| Profit for the year年度盈利 | 23,574,087 | 35,486,548 | 51,122,505 | 43,126,595 |
| Dividends received from an associate来自联营公司的股息 | 12,146,281 | 12,900,420 | 9,861,020 | 7,296,622 |
| Dividends received from other investments来自其他投资的股息 | 7,161,770 | 7,863,561 | 9,961,111 | 13,292,980 |
| Proceeds from disposal of investment in an associate脱售联营公司投资所得款项 | 8,669,537 | 31,142,341 | 55,515,383 | 51,899,310 |
| Proceeds from disposal of other investments脱售其他投资所得款项 | 21,385,364 | 19,199,800 | 38,576,055 | 21,647,603 |
| Acquisition of other investments购置其他投资 | (83,114,590) | (33,821,877) | (77,436,829) | (66,985,878) |
| Net cash generated from investing activities投资活动所得现金净额 | (34,156,131) | 57,779,381 | 36,287,347 | 27,174,137 |
| Net cash used in financing activities融资活动所用现金净额 | (4,679,659) | (7,983,153) | (17,823,421) | (63,202) |
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 |
|---|---|---|
| Solar panels on the roof of Wisma JcbNext, with the goal of completing in 2024 (2023)在 Wisma JcbNext 屋顶安装太阳能板，目标是在 2024 年完成（2023） | In 2024 a vendor was engaged; approval for the NEM application was obtained from SEDA and other safety approvals were being sought. The 2025 report says installation was completed and the panels were in full operation starting September 2025.2024 年已委聘供应商，已获 SEDA 批准 NEM 申请，并正在申请其他安全审批。2025 年报表示安装已完成，太阳能板自 2025 年 9 月起全面投入运作。Sources (6)出处（6）2. We started looking into renewable energy for Wisma JcbNext by installing solar panels on the roof of Wisma JcbNext. The goal is to complete this in 2024. For the usage of renewable energy, we have also engaged a vendor for the installation of solar panels on the roof of Wisma JcbNext. We have obtained approval for the NEM application from SEDA and are in the process of obtaining other approvals for the safety aspects before the installation. For the usage of renewable energy, we have completed the installation of solar panels on the roof of Wisma JcbNext. The solar panels were in full operation starting September 2025. | Completed later than said晚于预期完成 |
| No further dividend expected in the 2025 calendar year, with the next one anticipated in mid-2026 (2024)预计 2025 年内不再派发股息，下一次股息预计于 2026 年年中派发（2024） | The 2025 report proposes a final dividend of 7.25 sen per share for FY2025, subject to shareholders' approval at the AGM on 16 June 2026.2025 年报建议派发 2025 财年终期股息每股 7.25 仙，须经 2026 年 6 月 16 日股东大会批准。Sources (3)出处（3）As a result, we do not expect to issue another dividend in the 2025 calendar year, with the next one anticipated in mid-2026. The Board is pleased to propose a final single-tier dividend of 7.25 sen per share for FY2025, subject to shareholders’ approval at the forthcoming Annual General Meeting. NOTICE IS ALSO HEREBY GIVEN THAT, subject to the approval of the shareholders at the 22 nd AGM to be held on Tuesday, 16 June 2026, a Final Dividend of 7.25 sen per ordinary share under single-tier system in respect of the financial year ended 31 December 2025 will be paid to shareholders on 21 July 2026. | Proposed for mid-2026; payment not yet shown拟于 2026 年年中派发；尚未显示已支付 |
| Dividends to be paid based on free cash flow, of which about 50% would usually be paid out (2023)根据自由现金流派发股息，通常派发其中约 50%（2023） | An interim dividend of 7.0 sen per share for FY2024 was paid on 31 December 2024, brought forward in anticipation of the Dividend Tax. The 2025 report proposes 7.25 sen per share and says about 50% of free cash flow is expected to be distributed.2024 财年中期股息每股 7.0 仙于 2024 年 12 月 31 日支付，因预期股息税实施而提前派发。2025 年报建议派发每股 7.25 仙，并表示预计将派发约 50% 的自由现金流。Sources (8)出处（8）3. Deducting taxes and making some other minor adjustments, the free cash flow generated by our business is estimated to have increased by about 17.3% from RM14.6 million in 2022 to RM17.0 million in 2023, of which about 50% we would usually pay out as dividends. Although earnings per share amounted to approximately 26.88 sen per share (2022: 17.85 sen), the Company will continue to pay dividends based on its free cash flow (“FCF”). On 9 December 2024, the Board of Directors announced the declaration of an interim single-tier dividend of 7.0 sen per share for the financial year ended 31 December 2024 which was paid on 31 December 2024. Note that we brought forward the FY2024 dividend payment in anticipation of the Dividend Tax introduction in Malaysia for 2025. Although earnings per share amounted to approximately 38.83 sen per share (2023: 26.88 sen), the Company will continue to pay dividends based on its free cash flow (“FCF”). The Board is pleased to propose a final single-tier dividend of 7.25 sen per share for FY2025, subject to shareholders’ approval at the forthcoming Annual General Meeting. As with previous years, about 50% of our FCF is expected to be distributed as dividends, translating to about RM 0.0725 per share, slightly higher than the last dividend of RM 0.07. Although earnings per share amounted to approximately 32.91 sen per share (2024: 38.83 sen), the Company will continue to pay dividends based on its free cash flow (“FCF”). | Dividends continued; the 50% share is stated, not shown持续派息；约 50% 的比例为声明，未见数据证实 |
| Selling down 104 Corporation shares to diversify the portfolio and manage concentration risk (2023)减持 104 Corporation 股份以多元化投资组合并管理集中风险（2023） | The equity interest fell from 18.65% to 13.45% in 2024 and to 8.42% by end-2025. Gains were RM34.03 million in 2024 and RM30.92 million in 2025.股权由 18.65% 降至 2024 年的 13.45%，并在 2025 年底降至 8.42%。2024 年与 2025 年的收益分别为 RM34.03 million 及 RM30.92 million。Sources (8)出处（8）The decision is driven almost entirely by our hope to diversify our portfolio slightly as the carrying value of our 104 shareholding is still about 27.9% of our book value as at the end of 2023. As at 31 December 2023, the Group has an equity interest of 18.65% in 104 Corporation, down from 21.74% a year ago. We also continued to sell shares of 104 Corporation (“104 Corp”) in the open market during the year which contributed gains amounting to RM34.03 million to our bottom line. It is important to reiterate that the reduction of our stake in 104 Corporation is primarily motivated by risk management as the investment in the company represented a concentration risk on the Group’s balance sheet. As at 31 December 2024, the Group has an equity interest of 13.45% in 104 Corporation, down from 18.65% a year ago. During the year, the Group realised gains of RM30.92 million from the disposal of 104 Corporation (“104 Corp”) shares, which accounted for a substantial portion of FY2025 net profit. These disposals were undertaken as part of our on-going effort to manage concentration risk and rebalance the portfolio. While we have previously reduced our stake to manage concentration risk, bringing our interest to 8.42% as of the end of 2025, we continue to monitor the company’s leadership in the Taiwanese market. | Carried out已执行 |
What the reports leave open年报留下待看的事
- The tenant for 87% of the net lettable area in Wisma JcbNext moved out on 31 August 2025, and that space has been vacant since. The company is working with real estate agents to procure new tenants. The remaining tenancy, with a subsidiary, was scheduled to expire in January 2026.租用 Wisma JcbNext 净可出租面积 87% 的租户于 2025 年 8 月 31 日迁出，该空间此后一直空置。公司正与房产中介合作招揽新租户。剩余的一项租约（与一家子公司）定于 2026 年 1 月届满。
Sources (3)出处（3）
The tenant for 87% of the net lettable area in Wisma JcbNext has moved out on 31 August 2025 and the building is vacant since then, save for the space retained by the Company for its own use.
The Company is currently working with real estate agents to procure new tenants.
The tenancy with the third party expired in August 2025, and the corresponding portion of the building is currently vacant and being marketed for new tenancies, while the remaining tenancy with the subsidiary is scheduled to expire in January 2026.
- The group's stake in 104 Corporation was 8.42% at end-2025. The report says the pace and quantum of further sales will depend on the need to reduce concentration risk and the liquidity of the stock. 104 Corporation announced its intention to distribute about 100% of its 2025 earnings as dividends, and its dividend accounted for 31% of total dividends the group received in 2025.2025 年底集团在 104 Corporation 的持股为 8.42%。年报表示，日后减持的速度和数量将取决于降低集中风险的需要及该股的流动性。104 Corporation 宣布拟将 2025 年盈利约 100% 派发为股息；其股息占集团 2025 年所收股息总额的 31%。
Sources (4)出处（4）
The company has once again announced its intention to distribute about 100% of its 2025 earnings as dividends, which we expect to receive later this year.
While we have previously reduced our stake to manage concentration risk, bringing our interest to 8.42% as of the end of 2025, we continue to monitor the company’s leadership in the Taiwanese market.
Going forward, the pace and quantum of selling 104 Corp shares will depend on our need to reduce concentration risk and the liquidity of the stock.
The dividend from 104 Corp alone accounted for 31% of total dividends received by the Group in 2025.
- Foreign exchange losses were RM5.51 million in 2025, against RM3.27 million in 2024, mainly from USD and SGD bank deposits. Foreign currency exposure in the statements of financial position was RM295,380,315 (2024: RM237,587,965), and the group does not hedge its currency risk.2025 年外汇亏损为 RM5.51 million，2024 年为 RM3.27 million，主要来自美元与新元银行存款。财务状况表中的外币风险敞口为 RM295,380,315（2024 年：RM237,587,965），集团未对冲其货币风险。
Sources (4)出处（4）
The Group recorded foreign exchange losses of RM5.51 million in 2025, an increase of 68.3% from RM3.27 million in 2024.
The foreign exchange losses were mainly from the Group’s USD and SGD denominated bank deposits.
Exposure in the statements of financial position 295,380,315 237,587,965 133,529,994 114,516,095
The Group does not hedge its currency risk.
- Associate Innity continued to record losses in 2025. The group recognised an impairment loss of RM3.76 million on it, which the report puts down to persistent losses and a protracted slump in its share price. The group's equity interest in Innity remained at 20.98%.联营公司 Innity 在 2025 年继续录得亏损。集团就其确认 RM3.76 million 减值亏损，年报将其归因于持续亏损及股价长期低迷。集团在 Innity 的股权维持在 20.98%。
Sources (4)出处（4）
While our other associate, Innity, continued to record losses in 2025, due to persistent losses and a protracted slump in its share price, we have also recognised an impairment loss amounting to RM3.76 million.
As at 31 December 2025, the Group’s equity interest in Innity remained at 20.98%.
The Group and the Company recognised an impairment loss on the investment in an associate of RM3,760,000 and RM1,900,000 respectively during the financial year.
The impairment was triggered by a consistent decline in the associate's financial performance and net asset position over the prior and current periods, alongside a significant and prolonged decline in its quoted share price.
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-16.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 2026-10-16。