DailySpaceBinasat Communications Berhad
0195 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 573 entries read2023 至 2025 年报，共读出 573 条
The company这家公司
Binasat Communications Berhad provides supporting services for satellite, mobile and fibre optic telecommunications networks in Malaysia, as well as transmission and distribution network utility construction services and solar facilities EPCC.Binasat Communications Berhad 在马来西亚提供卫星、移动与光纤电信网络配套服务，并从事输配电网络公用设施建设服务以及太阳能设施工程、采购、施工与调试（EPCC）。
Source: annual report 2023, pages 3, 4.出处：2023 年年报第 3、4 页。
In FPE 2023, telecommunications networks contributed RM92.00 million or 69.6% of revenue, and power and network utility construction contributed RM40.21 million or 30.4%. In FYE 2024, telecommunications networks accounted for RM95.40 million or 85.2% of revenue, while infrastructure works accounted for RM16.51 million or 14.8%. Following the disposal of Borderless Connection Sdn Bhd, telecommunications networks and others contributed 100.0% of revenue in FYE 2025.2023 财政期间，电信网络业务贡献了 RM92.00 million 或 69.6% 的营业额，电力与网络公用工程贡献了 RM40.21 million 或 30.4%。2024 财政年，电信网络占营业额的 RM95.40 million 或 85.2%，基础设施工程占 RM16.51 million 或 14.8%。在脱售 Borderless Connection Sdn Bhd 之后，电信网络及其他业务在 2025 财政年贡献了 100.0% 的营业额。
Source: annual report 2023, page 8; annual report 2024, page 8; annual report 2025, page 8.出处：2023 年年报第 8 页；2024 年年报第 8 页；2025 年年报第 8 页。
The group operates predominantly in Malaysia. In FPE 2023, Customer A contributed RM41,717,872, Customer B contributed RM28,143,769. In FYE 2024, Customer A contributed RM30,864,861. In FYE 2025, Customer A contributed RM23,244,643 and Customer B contributed RM22,041,858.该集团主要在马来西亚运营。2023 财政期间，客户 A 贡献了 RM41,717,872，客户 B 贡献了 RM28,143,769。2024 财政年，客户 A 贡献了 RM30,864,861。2025 财政年，客户 A 贡献了 RM23,244,643，客户 B 贡献了 RM22,041,858。
Source: annual report 2023, page 130; annual report 2024, pages 126, 129; annual report 2025, page 134.出处：2023 年年报第 130 页；2024 年年报第 126、129 页；2025 年年报第 134 页。
In the shareholder list of the 2025 report, Opcom VC Sdn Bhd held 180,183,939 shares (29.82%) in a pledged securities account with Malaysia Nominees (Tempatan) Sendirian Berhad, with Dato' Ong Choo Meng and HCB deemed interested. Na Bon Tiam held 37,735,051 shares (6.25%). In earlier reports, Opcom VC Sdn Bhd held 96,222,021 shares (24.78% in 2023 and 22.53% in 2024), and Na Bon Tiam held 38,836,951 shares (10.00% in 2023 and 9.09% in 2024).在 2025 年年报的股东名单中，Opcom VC Sdn Bhd 通过在 Malaysia Nominees (Tempatan) Sendirian Berhad 开设的抵押证券账户持有 180,183,939 股（29.82%），Dato' Ong Choo Meng 与 HCB 被视为拥有权益。Na Bon Tiam 持有 37,735,051 股（6.25%）。在较早年报中，Opcom VC Sdn Bhd 持有 96,222,021 股（2023 年为 24.78%，2024 年为 22.53%），Na Bon Tiam 持有 38,836,951 股（2023 年为 10.00%，2024 年为 9.09%）。
Source: annual report 2023, page 146; annual report 2024, page 145; annual report 2025, pages 154, 155.出处：2023 年年报第 146 页；2024 年年报第 145 页；2025 年年报第 154、155 页。
On 26 January 2024, Na Boon Aik resigned as director, and Ong Soon Lim was appointed Group Managing Director. Dato' Ong Choo Meng, the substantial shareholder of HCB, is the nephew of Ong Soon Lim. On the same day, Teh Li King was appointed Non-Independent Non-Executive Director. Senior Independent Non-Executive Director Dato' Seow Thiam Fatt retired at the conclusion of the Eighth AGM on 20 June 2025.2024 年 1 月 26 日，Na Boon Aik 辞去董事职务，Ong Soon Lim 获委任为集团董事经理。HCB 的主要股东 Dato' Ong Choo Meng 是 Ong Soon Lim 的侄子。同日，Teh Li King 获委任为非独立非执行董事。高级独立非执行董事 Dato' Seow Thiam Fatt 于 2025 年 6 月 20 日举行的第八届股东大会结束后退休。
Source: annual report 2023, page 66; annual report 2024, pages 34, 39; annual report 2025, pages 43, 53.出处：2023 年年报第 66 页；2024 年年报第 34、39 页；2025 年年报第 43、53 页。
Revenue by segment, 20242024 年各部门营业额占比
Source: annual report 2024, page 8.出处：2024 年年报第 8 页。
Major events大事记
Source: annual report 2023, page 143.出处：2023 年年报第 143 页。
Source: annual report 2024, page 19.出处：2024 年年报第 19 页。
Source: annual report 2024, page 19.出处：2024 年年报第 19 页。
Source: annual report 2024, pages 100, 143.出处：2024 年年报第 100、143 页。
Source: annual report 2025, pages 7, 20.出处：2025 年年报第 7、20 页。
Source: annual report 2025, page 20.出处：2025 年年报第 20 页。
Source: annual report 2025, page 149.出处：2025 年年报第 149 页。
Revenue and profit before taxation营业额与税前盈利
Total assets, liabilities and equity总资产、负债与权益
Cash, investments and borrowings现金、投资与借款
FPE 20232023 财政期间
In FPE 2023, the financial period was 18 months. An impairment of goodwill amounting to RM16.10 million was recognised on 51% owned subsidiary Borderless Connection Sdn Bhd. Net cash used in operating activities was RM15.46 million. Investing activities generated RM7.44 million, mainly from the disposal of two investment properties for RM10.50 million, while purchase of property, plant and equipment took RM3.51 million. Net cash used in financing activities was RM4.31 million, including RM7,649,585 in repayment of term loans and RM1,839,201 in repayment of hire purchase payables, offset by borrowings drawdown of RM7,650,447. No dividend was declared or paid.2023 财政期间共 18 个月。对持有 51% 股权的子公司 Borderless Connection Sdn Bhd 计提了 RM16.10 million 的商誉减值。营运活动所用现金净额为 RM15.46 million。投资活动产生 RM7.44 million 现金，主要来自以 RM10.50 million 脱售两项投资产业，而购买物业、厂房及设备使用了 RM3.51 million。融资活动所用现金净额为 RM4.31 million，包括偿还定期贷款 RM7,649,585 与租购应付款项 RM1,839,201，被提取借款 RM7,650,447 所部分抵销。未宣派或支付股息。
Source: annual report 2023, pages 7, 8, 10, 12, 82.出处：2023 年年报第 7、8、10、12、82 页。
FYE 20242024 财政年
In FYE 2024, net cash used in operating activities was RM30.36 million, reflecting an increase in other receivables, deposits and prepayments from the disposal of Borderless Connection Sdn Bhd. The group disposed of its 51% stake in BCSB on 31 December 2024 for a consideration of RM5,915,052, receiving net cash inflow on disposal of RM7,086,364. Financing activities generated net cash of RM4.95 million, driven by borrowings drawdown of RM7.13 million and proceeds from issuance of shares of RM5.57 million, while repayment of term loans took RM5,254,788. No dividend was declared or paid.2024 财政年，营运活动所用现金净额为 RM30.36 million，反映了因脱售 Borderless Connection Sdn Bhd 产生的其他应收款项、定金及预付款项增加。集团于 2024 年 12 月 31 日以 RM5,915,052 代价脱售 BCSB 的 51% 股权，获得脱售现金流入净额 RM7,086,364。融资活动产生现金净额 RM4.95 million，主要受提取借款 RM7.13 million 以及发行股份所得款项 RM5.57 million 带动，而偿还定期贷款使用了 RM5,254,788。未宣派或支付股息。
Source: annual report 2024, pages 10, 12, 86, 100, 121, 143.出处：2024 年年报第 10、12、86、100、121、143 页。
FYE 20252025 财政年
In FYE 2025, receivables and contract assets increased by RM46,971,519, and an impairment of RM8.02 million was recognised on other receivables. Investing activities generated RM2.78 million, mainly from the disposal of an investment property for RM3.00 million, while purchase of property, plant and equipment took RM0.20 million. Financing activities generated RM18.30 million, primarily from share issuance proceeds of RM25.72 million and borrowings drawdown of RM5.00 million, while repayment of term loans and trade bills took RM9,349,371. No dividend was declared or distributed.2025 财政年，应收款项与合同资产增加 RM46,971,519，且对其他应收款项计提了 RM8.02 million 的减值。投资活动产生 RM2.78 million 现金，主要来自以 RM3.00 million 脱售一项投资产业，购买物业、厂房及设备使用了 RM0.20 million。融资活动产生 RM18.30 million 现金，主要来自发行股份所得款项 RM25.72 million 及提取借款 RM5.00 million，而偿还定期贷款与贸易票据使用了 RM9,349,371。未宣派或派发股息。
Source: annual report 2025, pages 8, 10, 13, 92, 93.出处：2025 年年报第 8、10、13、92、93 页。
Across the three reports三份年报合看
Trade receivables and contract assets grew from RM71,168,538 (44% of total assets) at end 2024 to RM98,119,312 (51% of total assets) at end 2025. Total borrowings declined from RM11,177,920 at end 2024 to RM4,419,376 at end 2025. Across the three reports, the company paid no dividend and maintains no formal dividend policy.贸易应收款项与合同资产由 2024 年底的 RM71,168,538（占总资产 44%）增至 2025 年底的 RM98,119,312（占总资产 51%）。总借款由 2024 年底的 RM11,177,920 降至 2025 年底的 RM4,419,376。三份年报中，公司均未派发股息，也未制定正式的股息政策。
Source: annual report 2023, page 12; annual report 2024, pages 12, 75, 115; annual report 2025, pages 13, 82, 117.出处：2023 年年报第 12 页；2024 年年报第 12、75、115 页；2025 年年报第 13、82、117 页。
Still to be spent尚未支出的承诺
Capital commitments approved but not contracted for purchase of property, plant and equipment were RM73,687,750 in 2024, and capital commitments for purchase of investment properties were RM51,371,402 in 2025. In addition, the cash settlement period for the Empire City Properties was extended to 16 May 2026, and the completion period for the SBP SPAs was extended to 23 June 2026.2024 年已批准但未签约购买物业、厂房及设备的资本承诺为 RM73,687,750，2025 年购买投资产业的资本承诺为 RM51,371,402。此外，收购 Empire City Properties 的现金结算期已延长至 2026 年 5 月 16 日，SBP 买卖协议的完成期限已延长至 2026 年 6 月 23 日。
Source: annual report 2024, page 129; annual report 2025, pages 134, 151.出处：2024 年年报第 129 页；2025 年年报第 134、151 页。
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 | 83,507,592 | 132,207,974 | 111,906,843 | 118,202,600 |
| Profit/(Loss) before taxation税前盈利／（亏损） | 6,601,236 | (10,473,389) | 3,372,904 | (9,783,142) |
| Net cash from/(used in) operating activities营运活动所得／（所用）现金净额 | (223,935) | (15,458,432) | (30,362,562) | – |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (3,412,483) | (3,505,056) | (1,587,727) | – |
| Total assets总资产 | 166,809,496 | 170,227,522 | 161,589,596 | 192,421,200 |
| Total liabilities总负债 | 35,169,966 | 51,200,731 | 40,530,491 | 56,894,506 |
| Total equity总权益 | 131,639,530 | 119,026,791 | 121,059,105 | 135,526,694 |
| Borrowings借款 | 8,000,421 | 9,434,082 | 11,177,920 | 4,419,376 |
| Short-term investments短期投资 | 26,872,163 | 22,945,360 | 5,738,259 | 1,000,000 |
| Cash and bank balances现金与银行结余 | 15,657,363 | 7,249,633 | 6,628,676 | 8,248,652 |
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 |
|---|---|---|
| Proposed private placement of up to 58,244,300 new shares submitted on 27 November 20232023 年 11 月 27 日提呈建议私下配售最多 58,244,300 股新股 | Completed in three tranches: 12,000,000 shares in May 2024, 11,000,000 shares in June 2024, and 15,829,500 shares on 28 January 2025, raising gross proceeds of RM8.18 million.分三批完成：2024 年 5 月 12,000,000 股、2024 年 6 月 11,000,000 股，以及 2025 年 1 月 28 日 15,829,500 股，共筹得毛收益 RM8.18 million。 Source: annual report 2023, page 143; annual report 2024, page 67.出处：2023 年年报第 143 页；2024 年年报第 67 页。 | Completed with fewer shares than maximum已完成，发行股数少于上限 |
| Proposed diversification into property investment, management, development and construction, with shareholder approval scheduled in April 2025建议多元化进军产业投资、管理、开发与建筑业务，预定于 2025 年 4 月寻求股东批准 | Shareholders approved the proposals on 23 April 2025, and acquisitions of the SBP properties and Empire City suites proceeded.股东于 2025 年 4 月 23 日批准相关建议，随后推进收购 SBP 产业及 Empire City 套房。 Source: annual report 2024, pages 12, 142; annual report 2025, pages 7, 20.出处：2024 年年报第 12、142 页；2025 年年报第 7、20 页。 | Approved and proceeded已获批准并推进 |
| Proposed private placement of up to 128,137,500 new shares to third party investors (2024)建议向第三方投资者私下配售最多 128,137,500 股新股（2024） | Completed in two tranches of 100,000,000 shares and 28,137,500 shares at RM0.10 each on 29 August and 11 September 2025.于 2025 年 8 月 29 日及 9 月 11 日分两批完成，每股 RM0.10，分别发行 100,000,000 股与 28,137,500 股。 Source: annual report 2024, page 142; annual report 2025, page 72.出处：2024 年年报第 142 页；2025 年年报第 72 页。 | Completed; all 128,137,500 shares issued已完成；128,137,500 股全数发行 |
| RM23.76 million Subang DCA – Ara Damansara cable replacement project scheduled for completion within two financial years价值 RM23.76 million 的 Subang DCA – Ara Damansara 电缆更换项目预计在两个财政年内完成 | The 2025 report states the RM23.76 million project progressed according to plan.2025 年报表示该 RM23.76 million 项目按计划推进。 Source: annual report 2024, page 19; annual report 2025, page 20.出处：2024 年年报第 19 页；2025 年年报第 20 页。 | In progress进行中 |
| RM46.31 million PMU Genting Kelang contract scheduled to contribute over next two financial years价值 RM46.31 million 的云顶吉冷 PMU 合约预计在未来两个财政年贡献业绩 | The 2025 report states the RM46.31 million contract progressed according to plan.2025 年报表示该 RM46.31 million 合约按计划推进。 Source: annual report 2024, page 19; annual report 2025, page 20.出处：2024 年年报第 19 页；2025 年年报第 20 页。 | In progress进行中 |
What the reports leave open年报留下待看的事
- Whether the acquisitions of SBP Properties and Empire City Properties complete within the extended deadlines of 23 June 2026 and 16 May 2026.SBP 产业与 Empire City 产业的收购能否在分别延长至 2026 年 6 月 23 日及 2026 年 5 月 16 日的期限内完成。
Source: annual report 2025, page 151.出处：2025 年年报第 151 页。
- Trade receivables and contract assets reached RM98,119,312 (51% of total assets) at end 2025, with RM13,111,497 past due more than 90 days.截至 2025 年底，贸易应收款项与合同资产达 RM98,119,312（占总资产 51%），其中超过 90 天逾期的金额为 RM13,111,497。
Source: annual report 2025, pages 82, 141.出处：2025 年年报第 82、141 页。
- Migration from Ku-Band GEO to Starlink LEO satellite technology for selected sites, and the board's efforts towards restoring profitability.部分站点从 Ku-Band GEO 转向 Starlink LEO 卫星技术，以及董事会争取恢复盈利的举措。
Source: annual report 2025, pages 12, 13.出处：2025 年年报第 12、13 页。
- Implementation of the RM52.46 million contract from Lembaga Dius Api over 60 months commencing January 2026, alongside remaining performance obligations of RM286,154,452.自 2026 年 1 月起实施的为期 60 个月、价值 RM52.46 million 的 Lembaga Dius Api 合约，以及 RM286,154,452 的未履行履约义务。
Source: annual report 2025, pages 20, 114.出处：2025 年年报第 20、114 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-24.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 2026-10-24。