DailySpaceCabnet Holdings Berhad
0191 · ACE Market创业板（ACE Market） · annual reports 2024 to 2026, 600 entries read2024 至 2026 年报，共读出 600 条
Revenue, 20262026 年营业额RM87.1m8.71千万令吉down 33.9% from比 2025 年减少 33.9%，当年为 RM131.7m1.32亿令吉 in 2025
Profit/(Loss) for the financial year, 20262026 年财政年度盈利／（亏损）–RM16.8m–1.68千万令吉2025:2025 年： RM2.31m231万令吉
Net cash from/(used in) operating activities, 20262026 年营运活动所得／（所用）现金净额RM10.2m1.02千万令吉2025:2025 年： –RM1.42m–142万令吉
Total assets, 20262026 年总资产RM109.3m1.09亿令吉down 12.6% from比 2025 年减少 12.6%，当年为 RM125.1m1.25亿令吉 in 2025
The company这家公司
Cabnet provides Mechanical and Electrical (M&E) engineering services, Extra-Low Voltage (ELV) systems, and Information and Communication Technology (ICT) services, predominantly operating in Malaysia as a CIDB Grade G7 registered contractor.Cabnet 提供机电工程（M&E）服务、特低压（ELV）系统以及信息与通信技术（ICT）服务，作为马来西亚建筑工业发展局（CIDB）G7 级注册承包商，业务主要在马来西亚运营。
Sources (5)出处（5）
Dato’ Jeffrey Lai, through his investment company, owns a diverse portfolio that includes Cabnet Group, a leading provider of M&E Engineering, ELV Solutions and ICT Solutions.
As a registered Grade G7 contractor with the Construction Industry Development Board (“CIDB”), the Group possesses the credentials to tender for and execute large-scale, high-value projects.
1. Building Construction – Provision of Mechanical and Electrical (M&E) engineering services, including Extra-Low Voltage (ELV) systems such as integrated security, building automation and communication systems.
Communication Technology (ICT) services, forming the digital, network and data backbone for modern facilities.
Information aboout operating segments has not been reported separately as the Group’s activities are mainly confined to a single operating segment predominantly operates in Malaysia.
Revenue is generated from construction contracts and sales of goods and services. In FYE 2024, one project contributed RM125.95 million or 63.39% of total revenue. In FYE 2026, construction contracts generated RM62,988,868, sales of goods RM14,971,742, and rendering of services RM9,155,404. In 2026, two customers accounted for 29% of gross trade receivables.营业额来自建筑合约以及商品和服务销售。在 2024 财政年度，单一项目贡献了 RM125.95 million，占总营业额的 63.39%。在 2026 财政年度，建筑合约产生 RM62,988,868，商品销售产生 RM14,971,742，提供服务产生 RM9,155,404。2026 年，两家客户占应收账款总额的 29%。
Sources (3)出处（3）
This mega project has contributed RM125.95 million or 63.39% of the Group total revenue for FYE 2024.
Construction contract income 62,988,868 102,575,470 - - Sales of goods 14,971,742 22,360,449 - - Rendering of services 9,155,404 6,785,639 - -
The Group’s credit exposures are concentrated mainly on 2 (2025: 1) customers, which accounted for 29% (2025: 13%) of gross trade receivables balance at the end of the reporting period.
Kuopacific Strategic Sdn Bhd is the largest shareholder with 55,412,500 shares (31.00%), followed by Dragonbay Global Pte Ltd with 35,750,000 shares (20.00%) held through Maybank Securities Nominees (Asing) Sdn Bhd. Tay Hong Sing held 17,433,850 shares (9.75%), including 13,000,000 shares (7.27%) in a pledged securities account, while Tan Boon Siang held 17,281,600 shares (9.67%).Kuopacific Strategic Sdn Bhd 为最大股东，持有 55,412,500 股（31.00%）；其次是 Dragonbay Global Pte Ltd，通过 Maybank Securities Nominees (Asing) Sdn Bhd 持有 35,750,000 股（20.00%）。Tay Hong Sing 持有 17,433,850 股（9.75%），其中 13,000,000 股（7.27%）存放于抵押证券账户；Tan Boon Siang 则持有 17,281,600 股（9.67%）。
Sources (5)出处（5）
1 KUOPACIFIC STRATEGIC SDN BHD 55,412,500 31.00
MAYBANK SECURITIES PTE LTD FOR DRAGONBAY GLOBAL PTE LTD 35,750,000 20.00
PLEDGED SECURITIES ACCOUNT FOR TAY HONG SING 13,000,000 7.27
1 TAY HONG SING 17,433,850 9.75 - -
2 TAN BOON SIANG 17,281,600 9.67 - -
On 28 April 2025, Independent Non-Executive Chairman Datuk Tan Kok Hong @ Tan Yi and director Tay Hong Sing resigned. Chief Executive Officer Dato' Jeffrey Lai Jiun Jye was appointed interim Chairman while remaining Chief Executive Officer, and Koh Thain Lin was appointed Executive Director. Yong Thiam Yuen stepped down as Deputy Chief Executive Officer and remained an Executive Director.2025 年 4 月 28 日，独立非执行主席 Datuk Tan Kok Hong @ Tan Yi 及董事 Tay Hong Sing 辞职。行政总裁 Dato' Jeffrey Lai Jiun Jye 获委任为临时主席并继续兼任行政总裁，Koh Thain Lin 获委任为执行董事。Yong Thiam Yuen 卸任副行政总裁并留任执行董事。
Sources (6)出处（6）
On 28 April 2025, he was appointed as Chairman of the Board.
Subsequently, Mr Yong has step down as Deputy Chief Executive Officer and remain as an Executive Director of our Group.
Koh Thain Lin is the Executive Director of our Group. He was appointed to the Board on 28 April 2025.
On 28 April 2025, the CEO has been appointed as Chairman of the Board as an interim measure while remaining as CEO following the resignation of Datuk Tan Kok Hong @ Tan Yi, the Independent Non-Executive Chairman.
Datuk Tan Kok Hong@Tan Yi (Resigned on 28 April 2025)
Tay Hong Sing (Resigned on 28 April 2025)
Revenue by activity, FYE 20262026 财政年度各项业务营业额
Construction contract income 72.3%建筑合约收入 72.3%Sales of goods 17.2%商品销售 17.2%Rendering of services 10.5%提供服务 10.5%
Sources (1)出处（1）
Construction contract income 62,988,868 102,575,470 - - Sales of goods 14,971,742 22,360,449 - - Rendering of services 9,155,404 6,785,639 - -
Major events大事记
2023CME entered into a sale and purchase agreement on 10 March 2023 to dispose of a serviced apartment to family members of a director.CME 于 2023 年 3 月 10 日签订买卖协议，向一名董事的家属出售一套服务式公寓。
Sources (1)出处（1）
CME has entered into a Sale and Purchase Agreement on 10 March 2023 with Darshini Naidu A/P Murugesu and Darshen Naidu A/L Murugesu who are children of Mr Murugesu A/L Vindasamy, a Director of CME for the disposal of a unit of serviced apartment
2024Cabnet Systems (M) Sdn. Bhd. entered into a sale and purchase agreement on 30 May 2024 to acquire land with a semi-detached factory for RM8,300,000.Cabnet Systems (M) Sdn. Bhd. 于 2024 年 5 月 30 日签订买卖协议，以 RM8,300,000 收购附有半独立式厂房的土地。
Sources (1)出处（1）
On 30 May 2024, Cabnet Systems (M) Sdn. Bhd., a subsidiary company of the Group entered a Sales and Purchase Agreement to acquire a piece of land together with a unit of three and a half storey semi-detached factory erected thereon at the Purchase Price of RM8,300,000.
2024The group entered into a sale and purchase agreement on 27 May 2024 to dispose of a three-storey shop unit for RM1,350,000.集团于 2024 年 5 月 27 日签订买卖协议，以 RM1,350,000 出售一间三层店屋。
Sources (2)出处（2）
On 27 May 2024, the Group entered into a Sale and Purchase Agreement for the disposal of a three-storey shop unit for a total consideration of RM1,350,000.
On 27 May 2024, the Group entered into a Sale and Purchase Agreement for the disposal of a three-storey shop unit for a total consideration of RM1,350,000.
2025On 28 April 2025, Datuk Tan Kok Hong @ Tan Yi and Tay Hong Sing resigned from the board, Dato' Jeffrey Lai Jiun Jye was appointed Chairman, and Koh Thain Lin was appointed Executive Director.2025 年 4 月 28 日，Datuk Tan Kok Hong @ Tan Yi 与 Tay Hong Sing 辞任董事，Dato' Jeffrey Lai Jiun Jye 获委任为主席，Koh Thain Lin 获委任为执行董事。
Sources (5)出处（5）
On 28 April 2025, he was appointed as Chairman of the Board.
On 28 April 2025, the CEO has been appointed as Chairman of the Board as an interim measure while remaining as CEO following the resignation of Datuk Tan Kok Hong @ Tan Yi, the Independent Non-Executive Chairman.
Koh Thain Lin (Appointed on 28 April 2025)
Datuk Tan Kok Hong@Tan Yi (Resigned on 28 April 2025)
Tay Hong Sing (Resigned on 28 April 2025)
2025The disposal of the three-storey shop unit for RM1,350,000 was completed on 11 April 2025.以 RM1,350,000 出售三层店屋的交易于 2025 年 4 月 11 日完成。
Sources (2)出处（2）
On 27 May 2024, the Group entered into a Sale and Purchase Agreement for the disposal of a three-storey shop unit for a total consideration of RM1,350,000.
The disposal was completed on 11 April 2025.
2026Dormant subsidiary Cabnet Globe Pte. Ltd. was struck off from the register in Singapore in April 2026.休眠子公司 Cabnet Globe Pte. Ltd. 于 2026 年 4 月从新加坡公司登记册除名。
Sources (2)出处（2）
subsequent to the financial year ended (“FYE”) 28 February 2026, the Group successfully completed the striking off of its dormant, wholly-owned subsidiary, Cabnet Globe Pte. Ltd., in April 2026.
Subsequent to the financial year end, the subsidiary has been struck off from the Register of Companies maintained by the Accounting and Corporate Regulatory Authority (“ACRA”), Singapore on 11 April 2026.
Revenue, profit and operating cash营业额、盈利与营运现金
Revenue营业额
2023
RM96.7m9.67千万令吉
2024
RM198.7m1.99亿令吉
2025
RM131.7m1.32亿令吉
2026
RM87.1m8.71千万令吉
Profit/(Loss) for the financial year财政年度盈利／（亏损）
2023
RM0.18m18万令吉
2024
RM3.57m357万令吉
2025
RM2.31m231万令吉
2026
–RM16.8m–1.68千万令吉
Net cash from/(used in) operating activities营运活动所得／（所用）现金净额
2023
RM3.74m374万令吉
2024
RM7.71m771万令吉
2025
–RM1.42m–142万令吉
2026
RM10.2m1.02千万令吉
Assets, equity and liabilities资产、权益与负债
Total assets总资产
2023
RM98.9m9.89千万令吉
2024
RM133.6m1.34亿令吉
2025
RM125.1m1.25亿令吉
2026
RM109.3m1.09亿令吉
Total equity总权益
2023
RM44.8m4.48千万令吉
2024
RM48.4m4.84千万令吉
2025
RM50.7m5.07千万令吉
2026
RM33.9m3.39千万令吉
Total liabilities总负债
2023
RM54.1m5.41千万令吉
2024
RM85.2m8.52千万令吉
2025
RM74.4m7.44千万令吉
2026
RM75.5m7.55千万令吉
20242024 年
Operating cash flow generated RM7,708,435. The group paid RM3,168,042 as the final deferred consideration for acquiring CME, and spent RM868,484 on property, plant and equipment, while receiving RM1,542,330 from property, plant and equipment disposals. Bank borrowings saw drawdowns of short-term borrowings of RM61,491,275 and repayments of RM61,522,802, while net advances from shareholders and director were RM800,000. No dividend was recommended or paid.营运现金流产生 RM7,708,435。集团支付了收购 CME 的最后一笔递延代价 RM3,168,042，在物业、厂房及设备上支出 RM868,484，同时从处置物业、厂房及设备中收回 RM1,542,330。银行借款方面，提取短期借款 RM61,491,275，偿还 RM61,522,802，来自股东和董事的预付款净额为 RM800,000。未建议或派发任何股息。
Sources (8)出处（8）
However, after due consideration, the Board has not recommended the payment of any dividend for FYE 2024 in view of the need to retain adequate cash reserves to meet the working capital requirements for on-going project.
No dividend has been paid or declared by the Company since the end of the previous financial period.
subsidiary (3,168,042) (5,753,000) (3,168,042) (5,753,000)
- Property, plant and equipment (868,484) (366,035) - -
- property, plant and equipment 1,542,330 84,000 - -
Net advances from shareholders and director 800,000 7,550,000 - -
Drawdown of short-term borrowings 61,491,275 39,799,535 - -
Repayment of short-term borrowings (61,522,802) (37,586,798) - -
20252025 年
Operating cash flow was negative RM1,419,574. Investment properties of RM11,221,960 were added, acquired through settlement agreements under which receivables were settled by the transfer of properties; the group spent RM204,951 on property, plant and equipment, while receiving RM2,700,247 from property, plant and equipment disposals. Net advances from shareholder and director were RM8,000,000, drawdowns of term loans were RM3,800,000, and short-term borrowing drawdowns were RM54,364,752 against repayments of RM55,314,323, with term loan repayments of RM1,503,464. No dividend was recommended.营运现金流为负 RM1,419,574。集团新增投资产业 RM11,221,960，是通过以产业转让抵偿应收款项的结算协议取得；集团在物业、厂房及设备上支出 RM204,951，同时从处置物业、厂房及设备中获得 RM2,700,247。来自股东和董事的预付款净额为 RM8,000,000，提取定期贷款 RM3,800,000，短期借款提取 RM54,364,752，偿还 RM55,314,323，偿还定期贷款 RM1,503,464。未建议派发股息。
Sources (12)出处（12）
However, after careful consideration, the Board has decided not to recommend the payment of a dividend for FYE 2025.
- property, plant and equipment (204,951) (868,484) - -
- investment property (11,221,960) - - -
- property, plant and equipment 2,700,247 1,542,330 - -
Net advances from shareholder and director 8,000,000 800,000 - -
Drawdown of short-term borrowings 54,364,752 61,491,275 - -
Drawdown of term loan 3,800,000 - - -
Repayment of short-term borrowings (55,314,323) (61,522,802) - -
Repayment of term loans (1,503,464) (357,672) - -
Additions 6,500,000 - 4,721,960 11,221,960
Non-current assets rose to RM36.10 million from RM27.90 million, primarily due to the acquisition of six investment properties through several settlement agreements during the year.
These property acquisitions were executed as part of debt settlement arrangements, whereby outstanding receivables were settled through the transfer of non-cash assets.
20262026 年
Operating cash flow generated RM10,206,518 following settlement of a terminated project in the Northern region. Gross profit fell from RM14.00 million to RM3.61 million, and impairment losses of RM7.74 million were recognised on financial instruments and contract assets alongside RM0.98 million on investment properties. Earmarked bank balances increased by RM5,610,220, while RM1,350,000 was received from disposing of an asset held for sale. Term loan repayments were RM511,386 and lease repayments were RM666,885. No dividend was paid.在北部地区终止项目达成结算后，营运现金流产生 RM10,206,518。毛利由 RM14.00 million 降至 RM3.61 million，金融工具及合约资产确认减值亏损 RM7.74 million，投资产业确认减值 RM0.98 million。专项银行结余增加 RM5,610,220，同时处置持有待售资产收到 RM1,350,000。偿还定期贷款 RM511,386，偿还租赁负债 RM666,885。未派发股息。
Sources (11)出处（11）
This adjustment resulted from an amicable strategic settlement at a final discounted value following the formal termination of a project in the Northern region.
Total Gross Profit dropped to RM3.61 million from RM14.00 million in FYE 2025.
The Group recognised an impairment loss on financial instruments and contract assets totaling RM7.74 million.
In addition, a non-cash asset impairment charge of RM0.98 million was recognised on our investment property portfolio to accurately realign our non-core real estate positions with current market values.
This liquidity injection was achieved through our proactive settlement of the terminated Northern region project, which allowed the Group to successfully unlock and recover previously tied-up progressive work-done claims and retention sums.
However, after careful consideration, the Board has decided not to recommend the payment of a dividend for the FYE 2026.
There were no dividends proposed, declared or paid by the Company since the end of previous financial year.
(Increase)/Decrease in earmarked bank balance (5,610,220) 849,756 - -
- Assets held for sale 1,350,000 - - -
Payment of lease liabilities (666,885) (698,808) - -
Repayment of term loans (511,386) (1,503,464) - -
Across the three years三年合看
The group paid no dividends across the three reports. Total debts stood at RM17,073,951 in 2025 and RM15,793,509 in 2026. Advances from a shareholder and director were RM10,350,000 in 2024, rising to RM13,350,000 current and RM4,301,019 non-current in 2025, and RM14,437,500 current and RM4,637,359 non-current in 2026. An impairment charge of RM975,000 was recognised on investment properties in 2026.在三份年报涵盖期间，集团均未派发股息。总债务在 2025 年为 RM17,073,951，2026 年为 RM15,793,509。来自股东和董事的预付款在 2024 年为 RM10,350,000，2025 年升至流动部分 RM13,350,000 及非流动部分 RM4,301,019，2026 年为流动部分 RM14,437,500 及非流动部分 RM4,637,359。2026 年对投资产业确认了 RM975,000 的减值准备。
Sources (11)出处（11）
No dividend has been paid or declared by the Company since the end of the previous financial period.
Sundry payables of the Group consist of advances from shareholders and director amounting to RM10,350,000 (2023: RM4,800,000) which are unsecured, interest-free and repayable within 12 months, and RM Nil (2023: RM4,750,000) which is unsecured, interest-free and repayable after 12 months.
No dividend has been paid or declared by the Company since the end of the previous financial year. The Directors do not recommend any dividend in respect of the current financial year.
Current sundry payables of the Group consist of advances from shareholder and director amounting to RM13,350,000 (2024: RM10,350,000) which are unsecured, interest-free and repayable within 12 months.
Non-Current sundry payables consist of advances from shareholder amounting to RM4,301,019 (2024: Nil) which are unsecured, interest-free and repayable within 36 months.
There were no dividends proposed, declared or paid by the Company since the end of previous financial year.
- Investment properties 975,000 - - -
Charge for the financial year - - 975,000 975,000
Included in current other payables of the Group are advances from a shareholder amounting to RM14,437,500 (2025: RM12,050,000), which are unsecured, interest-free and repayable within twelve
Included in non-current other payables are advances from a shareholder amounting to RM4,637,359 (2025: RM4,301,019), which are unsecured, interest-free and repayable more than twelve (12) months but within thirty-six (36) months.
Total debts 15,793,509 17,073,951 - -
Still to be spent尚未支出的承诺
Capital commitments for investment properties stood at RM4,687,672 in 2024, and RM2,626,054 in 2025 and 2026. No proceeds were raised from corporate proposals during FYE 2024, FYE 2025, or FYE 2026.投资产业资本承诺在 2024 年为 RM4,687,672，在 2025 年和 2026 年均为 RM2,626,054。在 2024、2025 及 2026 财政年度均未通过企业提案筹集资金。
Sources (6)出处（6）
There were no proceeds raised from any corporate proposals during the FYE 2024.
Investment properties 4,687,672 -
There were no proceeds raised from any corporate proposals during the FYE 2025.
Investment properties 2,626,054 4,687,672
There were no proceeds raised from any corporate proposals during the Financial Year Ended 28 February 2026 (“FYE 2026”).
- Investment properties 2,626,054 2,626,054
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 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 96,654,732 | 198,671,188 | 131,721,558 | 87,116,014 |
| Profit/(Loss) before tax税前盈利／（亏损） | 607,324 | 5,734,305 | 3,372,680 | (15,283,533) |
| Profit/(Loss) for the financial year财政年度盈利／（亏损） | 179,967 | 3,574,126 | 2,307,533 | (16,840,448) |
| Net cash from/(used in) operating activities营运活动所得／（所用）现金净额 | 3,735,844 | 7,708,435 | (1,419,574) | 10,206,518 |
| Net cash used in investing activities投资活动所用现金净额 | (8,546,134) | (5,408,062) | (8,361,475) | (3,832,021) |
| Net cash (used in)/from financing activities融资活动（所用）／所得现金净额 | 7,375,317 | (1,555,843) | 7,733,336 | (629,389) |
| Total assets总资产 | 98,937,687 | 133,630,473 | 125,137,489 | 109,343,843 |
| Total equity总权益 | 44,847,723 | 48,421,275 | 50,728,885 | 33,890,721 |
| Total liabilities总负债 | 54,089,964 | 85,209,198 | 74,408,604 | 75,453,122 |
| Cash and bank balances现金与银行结余 | 14,176,701 | 18,633,914 | 16,567,060 | 19,429,194 |
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 |
|---|---|---|
| Acquisition of land with a 3.5-storey semi-detached factory for RM8,300,000 under a sale and purchase agreement dated 30 May 2024根据 2024 年 5 月 30 日的买卖协议，以 RM8,300,000 收购附有 3.5 层半独立式厂房的土地 | The 2025 report lists the property as held by Cabnet Systems (M) Sdn Bhd and leased out, at a carrying amount of RM8,610,019 (RM8,000,453 in the 2026 report).2025 年报列明该产业由 Cabnet Systems (M) Sdn Bhd 持有并已出租，账面值为 RM8,610,019（2026 年报为 RM8,000,453）。Sources (4)出处（4）On 30 May 2024, Cabnet Systems (M) Sdn. Bhd., a subsidiary company of the Group entered a Sales and Purchase Agreement to acquire a piece of land together with a unit of three and a half storey semi-detached factory erected thereon at the Purchase Price of RM8,300,000. The acquisition has not been completed as at the date of authorisation of financial statements. Freehold (9 years) 31/2-storey semi-detached factory 8,724 (Built-up area) Lease out Cabnet Systems (M) Sdn Bhd 8,610,019 30 May 2024 Lease out Cabnet Systems (M) Sdn Bhd 8,000,453 30 May 2024 | Completed已完成 |
| Committed to perform a formal material sustainability assessment by stages and report the outcome in near future (2024)承诺分阶段进行正式的可持续发展实质性评估并在近期报告成果（2024） | The group completed its first formal materiality assessment following the establishment of the sustainability committee in April 2025.随着 2025 年 4 月成立可持续发展委员会后，集团完成了首次正式实质性评估。Sources (2)出处（2）As at the date of this Statement, the Board has yet to undertake a formal material sustainability assessment of sustainability matters for the Group and is committed to perform such assessment by stages and report the outcome in accordance with AMLR and the Guide in near future. Following the establishment of the SRMWC in April 2025, the Group undertook its first formal materiality assessment as part its more structured approach to sustainability governance. | Carried out已执行 |
| Disposal of a three-storey shop unit for RM1,350,000 under an agreement of 27 May 2024 (2025)根据 2024 年 5 月 27 日的协议，以 RM1,350,000 出售一间三层店屋（2025） | The disposal completed on 11 April 2025, with cash proceeds of RM1,350,000 received in FYE 2026.该出售于 2025 年 4 月 11 日完成，2026 财政年度收到现金款项 RM1,350,000。Sources (5)出处（5）On 27 May 2024, the Group entered into a Sale and Purchase Agreement for the disposal of a three-storey shop unit for a total consideration of RM1,350,000. The disposal was deemed completed on 11 April 2025. - Assets held for sale 1,350,000 - - - On 27 May 2024, the Group entered into a Sale and Purchase Agreement for the disposal of a three-storey shop unit for a total consideration of RM1,350,000. The disposal was completed on 11 April 2025. | Completed已完成 |
| Acquisition of three properties valued at approximately RM2.63 million under SPAs expected to complete in FYE 2026根据买卖协议收购总值约 RM2.63 million 的三项产业，预计于 2026 财政年度完成 | Capital commitments for investment properties of RM2,626,054 were still shown at end FYE 2026; the group says the transfers under its property contra-settlement programme have taken longer than initially expected.2026 财政年度末仍列有投资产业资本承诺 RM2,626,054；集团表示其产业抵账结算计划下的过户程序耗时超出原先预期。Sources (3)出处（3）In addition, the Group entered into Sale and Purchase Agreements (SPA) to acquire three more properties, combined valued at approximately RM2.63 million, with completion expected in FYE 2026. Our strategic debt-settlement program through property contra-arrangements remains ongoing, however, the administrative and legal transfer processes have taken longer than initially expected. - Investment properties 2,626,054 2,626,054 | Not completed by FYE 20262026 财政年度末仍未完成 |
| Appointment of CEO as Chairman was an interim measure, with a new Chairman to be appointed once identified (2025)行政总裁兼任主席为过渡举措，待物色合适人选后将委任新主席（2025） | The positions of Chairman and CEO remained combined in the 2026 report.在 2026 年年报中，主席与行政总裁职务仍由同一人兼任。Sources (4)出处（4）On 28 April 2025, the CEO has been appointed as Chairman of the Board as an interim measure while remaining as CEO following the resignation of Datuk Tan Kok Hong @ Tan Yi, the Independent Non-Executive Chairman. Going forward a new Chairman will be appointed as and when a suitable candidate has been identified. At present, the roles of Chairman and CEO are held by the same individual due to interim measure and the need to ensure continuity in leadership and execution of the Group’s strategic plans. going forward a new Chairman will be appointed as and when a suitable candidate has been identified. | Unchanged未变动 |
| Dividend policy to recommend and distribute a dividend of at least 30% of annual profit after tax (2024)建议并派发至少 30% 年度税后盈利的股息政策（2024） | No dividend was recommended in 2024, 2025, or 2026; the policy was amended in 2025 to up to 30%.2024、2025 与 2026 年均未建议派息；该政策于 2025 年修改为最高 30%。Sources (6)出处（6）The Group had adopted a Dividend Policy to recommend and distribute a dividend of at least 30% of the annual profit after tax attributable to shareholders. However, after due consideration, the Board has not recommended the payment of any dividend for FYE 2024 in view of the need to retain adequate cash reserves to meet the working capital requirements for on-going project. The Group has adopted a revised Dividend Policy, which aims to recommend and distribute up to 30% of the annual profit after tax attributable to shareholders, thereby enabling shareholders to participate in the Group’s financial performance. However, after careful consideration, the Board has decided not to recommend the payment of a dividend for FYE 2025. The Group has adopted a Dividend Policy, which aims to recommend and distribute up to 30% of the annual profit after tax attributable to shareholders However, after careful consideration, the Board has decided not to recommend the payment of a dividend for the FYE 2026. | No dividend paid未派发股息 |
What the reports leave open年报留下待看的事
- During FYE 2026, a subsidiary breached two banking covenants: advances to the holding company exceeded the threshold of RM1,566,000, and less than 60% of customer sales proceeds were credited into the designated bank account. The bank granted an indulgence letter for the sales proceeds covenant on 10 April 2026, but no indulgence letter was obtained for the holding company advances covenant.在 2026 财政年度，一家子公司违反了两项银行契约：向控股公司的预付款超过了 RM1,566,000 的契约门槛，且存入指定银行账户的客户销售款项少于 60%。银行于 2026 年 4 月 10 日就销售款项契约发出了宽免函，但截至年报日期尚未取得控股公司预付款契约的宽免函。
Sources (6)出处（6）
During the financial year, a subsidiary of the Company breached certain covenants of its banking facilities as follows:
(1) Advanced to holding company exceeded the covenant threshold of RM1,566,000; and
(2) At least 60% of the customer’s sales proceed from the subsidiary’s annual revenue shall be credited into the designated bank’s account.
Subsequent to the financial year end, the subsidiary obtained an indulgence letter dated 10 April 2026 from the bank in relation to the second (2) covenant breach.
As at the date of this report, no indulgence letter has been obtained in respect of the first (1) covenant breach. However, the bank has not taken any action in respect of these breaches to date.
Consequently, the affected borrowings continue to be classified and presented as current liabilities as at 28 February 2026.
- Administrative and legal transfer processes for property contra-settlements have taken longer than expected, with RM1.62 million impaired during FYE 2026 while management formulates a strategy to monetise non-core property holdings.产业抵账结算的行政及法定过户程序耗时超出预期，2026 财政年度内减值了 RM1.62 million，同时管理层正在制定非核心产业资产的变现策略。
Sources (4)出处（4）
Our strategic debt-settlement program through property contra-arrangements remains ongoing, however, the administrative and legal transfer processes have taken longer than initially expected.
a portion of this pending settlement balance amounting to RM1.62 million has been impaired in the current financial year.
Concurrently, the management team is actively formulating a structured monetisation strategy for these non-core property assets, aiming to unlock liquidity and optimise the Group’s capital structure moving forward.
Management maintains a focused mandate to systematically evaluate and progressively liquidate non-core property holdings, converting them back into active liquid cash reserves to fund project operations.
- Dato' Jeffrey Lai Jiun Jye continues to hold both Chairman and Chief Executive Officer positions as an interim measure, while independent directors do not constitute at least half of the board.作为过渡安排，Dato' Jeffrey Lai Jiun Jye 继续同时兼任主席与行政总裁职务，且独立董事未占董事会成员至少半数。
Sources (3)出处（3）
At present, the roles of Chairman and CEO are held by the same individual due to interim measure and the need to ensure continuity in leadership and execution of the Group’s strategic plans.
going forward a new Chairman will be appointed as and when a suitable candidate has been identified.
The Board acknowledges that currently the Company’s Independent Directors do not constitute at least half of the Board members.
- The total outstanding unbilled order book stood at RM132.00 million as of 28 February 2026, comprising construction contract backlogs of approximately RM117.00 million and sales of goods and services orders of approximately RM15.00 million, after scope variations and a contract termination reduced the order book by an estimated RM12.91 million.截至 2026 年 2 月 28 日，未开单订单总额为 RM132.00 million，包括约 RM117.00 million 的建筑合约未完成订单及约 RM15.00 million 的商品与服务在手订单；此前范围变更及一项合约终止使订单估计减少 RM12.91 million。
Sources (5)出处（5）
Additionally, the segment’s cumulative figure was directly impacted by a one-off contract revenue reversal of RM7.88 million.
This adjustment resulted from an amicable strategic settlement at a final discounted value following the formal termination of a project in the Northern region.
Conversely, the Group’s total order book was impacted by scope variations and a structural contract termination, resulting in an estimated RM12.91 million reduction.
as of 28 February 2026, the Group’s total outstanding unbilled order book stood at a healthy RM132.00 million.
This total consists of construction contract backlogs valued at approximately RM117.00 million and sales of goods and services on-hand orders valued at approximately RM15.00 million.
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-17.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 2026-10-17。