DailySpaceACO Group Berhad
0218 · ACE Market创业板（ACE Market） · annual reports 2024 to 2026, 409 entries read2024 至 2026 年报，共读出 409 条
The company这家公司
ACO Group Berhad is an investment holding company and operates principally in the distribution of electrical products and accessories. The 2024 report says the group operates from its headquarters in Johor Bahru, with 2 distribution centres and 6 sales outlets across Johor, Melaka and Selangor. It distributes own brands as well as third-party brands, and was the authorised distributor for eight brands in the 2025 report and seven brands in the 2026 report.ACO Group Berhad 是一家投资控股公司，主要从事各类电气产品及配件的分销。2024 年报说，集团在柔佛新山设有总部，并在柔佛、马六甲和雪兰莪设有 2 个分销中心和 6 个销售网点。集团分销自有品牌和第三方品牌产品，2025 年报所载授权分销品牌为 8 个，2026 年报为 7 个。
Source: annual report 2024, page 23; annual report 2025, pages 3, 23; annual report 2026, page 5.出处：2024 年年报第 23 页；2025 年年报第 3、23 页；2026 年年报第 5 页。
External revenue is divided between two segments: industrial users and resellers. In FYE2026, the industrial users segment contributed 71.20% of external revenue, while resellers contributed the remaining external revenue. The group operates predominantly in Malaysia, and its reports present no geographical segment information. On 3 April 2024 a subsidiary changed its name from Maylec Sdn. Bhd. to Quasa Power Sdn. Bhd., and its activities now include the wholesale of household appliances. The 2025 report calls Quasa Power the group's first foray into power tools, machinery and generators, under the QUASA, Q3 and GloPower brands.外部营业额分为两个部门：工业用户与转售商。在 2026 财政年，工业用户部门占外部营业额的 71.20%，其余外部营业额由转售商贡献。集团主要在马来西亚运营，年报未提供地区分部资料。2024 年 4 月 3 日，一家子公司由 Maylec Sdn. Bhd. 更名为 Quasa Power Sdn. Bhd.，其业务现包括家用电器批发。2025 年报称 Quasa Power 是集团首次进入电动工具、机械及发电机领域，旗下品牌为 QUASA、Q3 和 GloPower。
Source: annual report 2024, pages 97, 113; annual report 2025, pages 25, 104, 119; annual report 2026, pages 23, 119.出处：2024 年年报第 97、113 页；2025 年年报第 25、104、119 页；2026 年年报第 23、119 页。
The group holds a 49% stake in associate company Focus Electrical Malaysia Sdn. Bhd., which operates in Selangor, Pahang and Terengganu. It also holds an equity stake in EV Connection Sdn Bhd, which is involved in electric vehicle charging infrastructure.集团持有联营公司 Focus Electrical Malaysia Sdn. Bhd. 49% 股权，该联营公司在雪兰莪、彭亨和登嘉楼开展业务。集团还持有 EV Connection Sdn Bhd 的股权，该公司从事电动汽车充电基础设施业务。
Source: annual report 2024, pages 3, 25; annual report 2025, pages 3, 30; annual report 2026, pages 9, 19.出处：2024 年年报第 3、25 页；2025 年年报第 3、30 页；2026 年年报第 9、19 页。
Immediate and ultimate holding company Kompas Realty Sdn. Bhd. holds 210,470,000 shares (60.589%). Executive Deputy Chairman Tang Pee Tee @ Tan Chang Kim is deemed interested in 212,534,500 shares (61.184%) through Kompas Realty Sdn. Bhd. and shares held by his son, Group Managing Director Tan Yushan. Tan Yushan directly holds 2,064,500 shares (0.594%). Tang Pee Tee is the father of Tan Yushan and spouse of Jin Siew Yen. Pledged securities accounts are listed for Bu Yaw Seng, Tay Hock Soon, and Lee Kim Teck.直接兼最终控股公司 Kompas Realty Sdn. Bhd. 持有 210,470,000 股（60.589%）。执行副主席 Tang Pee Tee @ Tan Chang Kim 通过 Kompas Realty Sdn. Bhd. 及其子集团董事经理 Tan Yushan 持有的股份，被视作拥有 212,534,500 股（61.184%）权益。Tan Yushan 直接持有 2,064,500 股（0.594%）。Tang Pee Tee 是 Tan Yushan 的父亲及 Jin Siew Yen 的配偶。股东名册列有 Bu Yaw Seng、Tay Hock Soon 与 Lee Kim Teck 的抵押证券账户。
Source: annual report 2024, page 11; annual report 2026, pages 12, 72, 74, 144, 145.出处：2024 年年报第 11 页；2026 年年报第 12、72、74、144、145 页。
In February 2024, Tan Yushan became Group Managing Director, taking over from his father Tang Pee Tee @ Tan Chang Kim, who was redesignated as Executive Deputy Chairman. Tan Yushan also serves as the Acting Chief Financial Officer. A director the reports name as Mr. Tan, who is also a director and shareholder of the associate FEMSB, joined the group as General Manager in May 2024 and was appointed Executive Director on 6 September 2024.2024 年 2 月，Tan Yushan 接替其父亲 Tang Pee Tee @ Tan Chang Kim 出任集团董事经理，后者转任执行副主席。Tan Yushan 还兼任代首席财务官。年报称为 Mr. Tan 的一位董事，也是联营公司 FEMSB 的董事兼股东，于 2024 年 5 月加入集团任总经理，并于 2024 年 9 月 6 日获委任为执行董事。
Source: annual report 2024, pages 11, 12, 41; annual report 2025, pages 12, 13, 14; annual report 2026, pages 13, 14.出处：2024 年年报第 11、12、41 页；2025 年年报第 12、13、14 页；2026 年年报第 13、14 页。
Revenue by customer segment, FYE2026 (RM'000)2026 财政年各客户部门外部营业额（千令吉）
Source: annual report 2026, page 23.出处：2026 年年报第 23 页。
Major events大事记
Source: annual report 2024, page 53.出处：2024 年年报第 53 页。
Source: annual report 2024, page 41.出处：2024 年年报第 41 页。
Source: annual report 2024, page 97; annual report 2025, page 104.出处：2024 年年报第 97 页；2025 年年报第 104 页。
Source: annual report 2024, page 53.出处：2024 年年报第 53 页。
Source: annual report 2026, page 14.出处：2026 年年报第 14 页。
Source: annual report 2026, pages 22, 26.出处：2026 年年报第 22、26 页。
Source: annual report 2026, page 116.出处：2026 年年报第 116 页。
Revenue and profit before taxation营业额与税前盈利
Total assets, equity and borrowings总资产、股本与借款
20242024 年
Proceeds from disposal of property, plant and equipment were RM3,367,000, while purchase of property, plant and equipment was RM897,427. The group made a capital injection of RM6,370,000 into associate Focus Electrical Malaysia Sdn. Bhd., paying RM1,000,000 in cash while RM5,370,000 remained payable at year end. Repayment of term loans was RM4,083,257. Term loans 2, 3 and 5 were fully repaid during the year; the report says the early settlement of term loans aimed to optimise finance costs. Net cash used in financing activities was RM5,316,213, and dividends paid to owners were RM694,743.脱售物业、厂房及设备所得款项为 RM3,367,000，而购买物业、厂房及设备支出为 RM897,427。集团向联营公司 Focus Electrical Malaysia Sdn. Bhd. 注资 RM6,370,000，其中以现金支付 RM1,000,000，期末尚有 RM5,370,000 列作应付款项。定期贷款偿还额为 RM4,083,257。定期贷款 2、3 和 5 在年内全数偿还；年报说提早结清定期贷款旨在优化融资成本。融资活动所用现金净额为 RM5,316,213，已付股东股息为 RM694,743。
Source: annual report 2024, pages 24, 72, 98, 102, 103, 106.出处：2024 年年报第 24、72、98、102、103、106 页。
20252025 年
Net cash generated from operating activities was RM3,892,359. Investing activities used RM2,468,808, which included RM2,115,000 of capital injection in an associate. RM3,255,000 of that contribution remained payable at the reporting date. Purchase of property, plant and equipment took RM297,647. Financing activities used RM3,053,411, including term loan repayments of RM563,495, interest paid of RM774,825, and a dividend payment of RM694,743 (0.20 sen per ordinary share). Inventories written off in cost of sales rose to RM956,141 from RM22,813.营运活动所得现金净额为 RM3,892,359。投资活动使用 RM2,468,808，其中包括向联营公司注资 RM2,115,000。报告期末该出资尚有 RM3,255,000 未付。购买物业、厂房及设备耗资 RM297,647。融资活动使用 RM3,053,411，包括偿还定期贷款 RM563,495、支付利息 RM774,825 以及派发股息 RM694,743（每股普通股 0.20 仙）。计入销售成本的存货核销由 RM22,813 增至 RM956,141。
Source: annual report 2025, pages 20, 87, 105, 106, 112.出处：2025 年年报第 20、87、105、106、112 页。
20262026 年
Net cash generated from operating activities was RM9,106,847. In investing activities, net cash used was RM1,212,146, with purchase of property, plant and equipment taking RM1,269,195 and proceeds from disposal of RM96,058. Net cash used in financing activities was RM2,714,902, which included term loan repayments of RM895,611, interest paid of RM511,300, and dividends paid of RM694,743. Term loan 2 was fully settled during the year. Insurance compensation received was RM1,822,521; the report says it was for items damaged in a flood. Inventories written off were RM1,082,894, inventories written down were RM308,000, and impairment losses on trade receivables were RM818,384.营运活动所得现金净额为 RM9,106,847。投资活动所用现金净额为 RM1,212,146，其中购买物业、厂房及设备耗费 RM1,269,195，脱售所得款项为 RM96,058。融资活动所用现金净额为 RM2,714,902，其中包括偿还定期贷款 RM895,611、支付利息 RM511,300 以及支付股息 RM694,743。定期贷款 2 已在年内全数结清。收到保险赔偿 RM1,822,521，年报说这是就水灾损坏的物品所得。存货核销 RM1,082,894，存货减记 RM308,000，贸易应收款项减值损失为 RM818,384。
Source: annual report 2026, pages 82, 83, 107, 111.出处：2026 年年报第 82、83、107、111 页。
Across the three years三年合看
Total loans and borrowings declined from RM25,366,602 in 2023 to RM21,611,855 in 2024, RM20,442,700 in 2025, and RM19,477,878 in 2026. The group moved from a net debt position of RM3.98 million as at 28 February 2025 to a net cash position of RM2.21 million as at 28 February 2026. Bank deposits pledged for credit facilities were RM1,131,000 in 2024, RM1,190,141 in 2025, and RM1,229,150 in 2026. Freehold land and buildings pledged for loans were RM4,500,000 in 2024 and RM8,400,000 in 2025 and 2026, while pledged leasehold land and buildings were RM11,362,350 in 2025 and RM9,670,915 in 2026. A dividend of RM694,743 was paid in each year; the 2025 and 2026 reports give it as 0.20 sen per share, while the 2024 report prints RM0.20 per share.贷款与借款总额由 2023 年的 RM25,366,602 降至 2024 年的 RM21,611,855、2025 年的 RM20,442,700 以及 2026 年的 RM19,477,878。集团由截至 2025 年 2 月 28 日的净负债 RM3.98 million 转为截至 2026 年 2 月 28 日的净现金 RM2.21 million。为获得信贷额度而抵押的银行存款在 2024 年为 RM1,131,000，2025 年为 RM1,190,141，2026 年为 RM1,229,150。为贷款抵押的永久地契土地及建筑物在 2024 年为 RM4,500,000，2025 年和 2026 年均为 RM8,400,000；抵押的租赁地契土地及建筑物在 2025 年为 RM11,362,350，2026 年为 RM9,670,915。每年均派发 RM694,743 股息；2025 与 2026 年报写作每股 0.20 仙，2024 年报则印作每股 RM0.20。
Source: annual report 2024, pages 20, 96, 101; annual report 2025, pages 20, 102, 108; annual report 2026, pages 25, 26, 99, 100, 105.出处：2024 年年报第 20、96、101 页；2025 年年报第 20、102、108 页；2026 年年报第 25、26、99、100、105 页。
Still to be spent尚未支出的承诺
The remaining capital contribution payable for the investment in associate Focus Electrical was RM3,255,000 at both 28 February 2025 and 28 February 2026. Private placement proceeds had been fully utilised as of 19 April 2024.截至 2025 年 2 月 28 日和 2026 年 2 月 28 日，投资联营公司 Focus Electrical 尚余应付资本出资额均为 RM3,255,000。私募配售募集资金已于 2024 年 4 月 19 日全部动用完毕。
Source: annual report 2024, page 53; annual report 2025, pages 105, 112; annual report 2026, pages 84, 109.出处：2024 年年报第 53 页；2025 年年报第 105、112 页；2026 年年报第 84、109 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 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 132,507,599 | 137,409,223 | 151,126,133 | 140,994,042 |
| Profit before taxation税前盈利 | 7,515,580 | 4,860,628 | 6,810,757 | 6,113,634 |
| Net cash from operating activities营运活动所得现金净额 | – | – | 3,892,359 | 9,106,847 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (1,937,681) | (897,427) | (297,647) | (1,269,195) |
| Dividends paid已付股息 | (694,743) | (694,743) | (694,743) | (694,743) |
| Total assets总资产 | 148,538,322 | 157,949,499 | 158,262,129 | 159,418,084 |
| Total liabilities总负债 | 59,074,989 | 65,850,975 | 61,415,385 | 58,345,367 |
| Loans and borrowings贷款与借款 | 25,366,602 | 21,611,855 | 20,442,700 | 19,477,878 |
| Cash and bank balances现金与银行结余 | 19,569,018 | 15,762,490 | 14,869,324 | 18,455,052 |
| Total equity总权益 | 89,463,333 | 92,098,524 | 96,846,744 | 101,072,717 |
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 |
|---|---|---|
| The group is working to enhance its Enterprise Resource Planning system to forecast demand for different product groups (2024 report)集团正努力提升企业资源规划系统，以预测不同产品组别的需求（2024 年报所述） | The 2025 report says the ERP system was upgraded and was expected to go live in the next quarter2025 年报说 ERP 系统已升级，预计于下个季度上线 Source: annual report 2024, page 26; annual report 2025, page 20.出处：2024 年年报第 26 页；2025 年年报第 20 页。 | Upgraded; go-live then still expected已升级；当时仍待上线 |
| The upgraded ERP system is expected to go live in the next quarter (2025 report)升级后的 ERP 系统预计于下个季度上线（2025 年报所述） | The 2026 report tells of working capital, inventory, credit and warehousing improvements, but does not say whether the ERP system went live2026 年报提及营运资金、存货、信贷和仓储方面的改进，但未说明 ERP 系统是否已上线 Source: annual report 2025, page 20; annual report 2026, page 19.出处：2025 年年报第 20 页；2026 年年报第 19 页。 | Go-live not reported未报告上线情况 |
| To place greater emphasis on developing Original Equipment Manufacturer offerings and expanding the power tools segment (2025 report)更加注重开发原厂委托制造（OEM）产品并拓展电动工具业务（2025 年报所述） | The 2026 report says the OEM programme moved from concept to contributor in FYE2026, and that reseller external revenue grew 11.95% to RM40.61 million, reflecting deeper market penetration and early traction of its own OEM products. It gives no separate account of power tools2026 年报说 OEM 计划在 2026 财政年由概念转为有所贡献，并说转售商外部营业额增长 11.95% 至 RM40.61 million，反映市场渗透加深及自有 OEM 产品初见成效。年报没有另行交代电动工具业务 Source: annual report 2025, page 20; annual report 2026, pages 19, 23.出处：2025 年年报第 20 页；2026 年年报第 19、23 页。 | OEM reported as contributing; power tools not reportedOEM 已报告有贡献；电动工具未报告 |
| The group looks forward to an improved performance and positive contribution from FEMSB, its 49%-owned associate (2024 report)集团期待 49% 持股的联营公司 FEMSB 表现改善并带来正面贡献（2024 年报所述） | The 2025 report says FEMSB has provided consistent returns over the past two years; the 2026 report gives a RM0.95 million share of revaluation surplus from the associate. The readings give no figure for its share of results2025 年报说 FEMSB 过去两年提供了稳定回报；2026 年报列出来自联营公司的 RM0.95 million 重估盈余份额。阅读材料中没有其业绩份额的数字 Source: annual report 2024, page 25; annual report 2025, page 30; annual report 2026, page 25.出处：2024 年年报第 25 页；2025 年年报第 30 页；2026 年年报第 25 页。 | No share-of-results figure given未给出业绩份额数字 |
What the reports leave open年报留下待看的事
- Whether and when the remaining capital contribution payable of RM3,255,000 for associate Focus Electrical will be settled.联营公司 Focus Electrical 尚余 RM3,255,000 的应付增资款项何时及如何结清。
Source: annual report 2026, pages 84, 109.出处：2026 年年报第 84、109 页。
- Trade receivables more than 91 days past due stood at RM1,583,030 with impairment losses of RM1,019,251, while annual impairment losses charged rose to RM818,384 in FYE2026.逾期超过 91 天的贸易应收款项为 RM1,583,030，减值亏损为 RM1,019,251，而 2026 财政年计入损益的年度减值损失增至 RM818,384。
Source: annual report 2026, pages 82, 111, 122.出处：2026 年年报第 82、111、122 页。
- The impact of copper price volatility on demand and margins in the industrial users segment, and the effectiveness of flood mitigation measures following RM1.39 million of flood-related inventory losses.铜价波动对工业用户部门需求和利润率的影响，以及在发生约 RM1.39 million 水灾相关存货损失后防洪措施的成效。
Source: annual report 2026, pages 20, 22, 26, 27.出处：2026 年年报第 20、22、26、27 页。
- Future financial contributions from the group's minority stake in EV Connection Sdn Bhd and its 49% interest in associate FEMSB.集团在 EV Connection Sdn Bhd 的少数股权及在联营公司 FEMSB 的 49% 权益未来能带来的财务贡献。
Source: annual report 2026, pages 9, 19, 25, 27.出处：2026 年年报第 9、19、25、27 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。