Ocean Vantage Holdings Berhad

Revenue and profit before tax营业额与税前盈利

Assets, liabilities and equity资产、负债与权益

20232023 年

In 2023, revenue rose to RM169.69 million, led by RM84.63 million from EPC & project management, where the BAGSF 2 project experienced material and labour cost escalations and recorded a negative gross profit margin of 4% and a provision for foreseeable losses of RM1,455,640. The report states that the group was able to maintain its overall gross profit margin during FYE 2023, while in the income statement gross profit over revenue fell from 21.6% in 2022 (RM33,547,758 on RM155,104,318) to 10.8% in 2023 (RM18,354,752 on RM169,691,585). The report notes improvements in profitability with profit after tax of RM3.51 million, whereas profit before tax fell from RM4.25 million to RM1.01 million and the statements print an income tax credit of RM2,498,865 compared to a tax expense of RM5,360,797 in 2022. Borrowing cash flows included invoice financing drawdowns of RM9,637,267 and short-term loan drawdowns of RM1,535,493, against term loan repayments of RM1,257,444 and lease liability repayments of RM653,530. The report states gearing improved from 0.59 to 0.55, while Note 27 shows gearing rose from 0.59 to 0.81 when including RM18.04 million of rig-charter payables.2023 年，营业额升至 RM169.69 million，其中 EPC 及项目管理占 RM84.63 million；因 BAGSF 2 项目面临材料与人工成本上涨，该部门毛利率为负 4%，并计提 RM1,455,640 的可预见亏损拨备。年报称集团在 2023 财年维持了整体毛利率，但按损益表计算，毛利占营业额的比率从 2022 年的 21.6%（RM155,104,318 营业额中毛利 RM33,547,758）降至 2023 年的 10.8%（RM169,691,585 营业额中毛利 RM18,354,752）。年报指税后盈利改善至 RM3.51 million，但税前盈利从 RM4.25 million 降至 RM1.01 million，且财报显示当期有 RM2,498,865 的所得税抵免，而 2022 年为 RM5,360,797 的税费支出。借贷现金流方面，发票融资提取 RM9,637,267，短期贷款提取 RM1,535,493，定期贷款偿还 RM1,257,444，租赁负债偿还 RM653,530。年报称负债率从 0.59 改善至 0.55，但附注 27 显示计入 RM18.04 million 钻井平台应付款项后，负债率实从 0.59 升至 0.81。

Source: annual report 2023, pages 7, 9, 10, 11, 68, 72, 73, 120.出处：2023 年年报第 7、9、10、11、68、72、73、120 页。

20242024 年

In 2024, revenue fell to RM123.64 million due to a 57.15% contraction in EPC revenue, while manpower supply contributed RM78.14 million. Purchase of property, plant and equipment took RM2,037,958, including RM1.60 million for solar photovoltaic assets under construction. On 30 December 2024, subsidiary Ocean Vantage Engineering Sdn. Bhd. entered into a Share Sales Agreement to dispose of its 70% equity interest in Stellar Star Engineering & Construction Sdn. Bhd. for RM70 cash, recognising a gain on disposal of RM13,055,885. The highlights state profit after tax of RM6.36 million for 2024 and RM3.51 million for 2023, which reflects profit attributable to owners of the company, while the statements print profit for the financial year of RM883,115 (with non-controlling interests bearing a RM5,473,924 loss). The report states gearing improved from 0.53 to 0.23, while Note 28 shows gearing rose from 0.81 to 1.01 when counting RM55.52 million of rig-charter payables. Cash and bank balances of RM61.91 million included RM42.45 million collected from a customer that is payable to a supplier under a drilling rig charter contract.2024 年，因 EPC 营业额缩减 57.15%，总营业额降至 RM123.64 million，人力供应贡献 RM78.14 million。购买物业、厂房及设备支出 RM2,037,958，其中 RM1.60 million 用于在建太阳能光伏系统。2024 年 12 月 30 日，子公司 Ocean Vantage Engineering Sdn. Bhd. 签署股份买卖协议，以 RM70 现金代价脱售 Stellar Star Engineering & Construction Sdn. Bhd. 70% 股权，录得 RM13,055,885 的脱售收益。财务摘要列示 2024 年税后盈利为 RM6.36 million，2023 年为 RM3.51 million，这属于母公司股东应占利润，而报表列示的本年盈利为 RM883,115（非控股权益承担 RM5,473,924 亏损）。年报称负债率从 0.53 改善至 0.23，但附注 28 显示计入 RM55.52 million 钻井平台应付款项后，负债率实从 0.81 升至 1.01。现金及银行结余 RM61.91 million 中，有 RM42.45 million 是就钻井平台租赁合同代客户收取并应付给供应商的款项。

Source: annual report 2024, pages 7, 9, 11, 25, 63, 69, 72, 76, 77, 128.出处：2024 年年报第 7、9、11、25、63、69、72、76、77、128 页。

20252025 年

In 2025, revenue was RM110,578,523, with manpower supply contributing RM80.68 million (73%) and EPC RM24.43 million (22%), while EPC gross margin turned positive to 21% from negative 39% following BAGSF 2 completion. Net cash used in operating activities was RM27,080,808, and payables fell by RM51,189,025; the drilling rig charter contract was completed during the year. Customer payments collected on behalf of a rig-charter trade creditor dropped from RM42,449,901 to RM4,348,319. Net impairment loss on financial instruments of RM4,425,880 was recognised; the notes show individually assessed impairment additions of RM2,467,375 on trade receivables and RM4,382,090 on other receivables. Financing cash inflows included RM1,280,000 from the issuance of 10,000,000 ordinary shares at RM0.1280 each under the ESOS, while short-term loan repayments took RM1,516,231.2025 年，营业额为 RM110,578,523，其中人力供应贡献 RM80.68 million（73%），EPC 贡献 RM24.43 million（22%）；随着 BAGSF 2 完工，EPC 毛利率由负 39% 转正至 21%。营运现金净流出 RM27,080,808，应付款项减少 RM51,189,025；钻井平台租赁合同于年内完成。就钻井平台代收并应付贸易债权人的款项从 RM42,449,901 降至 RM4,348,319。金融工具净减值损失计提 RM4,425,880，附注显示个别评估减值在应收账款新增 RM2,467,375，在其他应收款新增 RM4,382,090。融资现金流入包括根据 ESOS 以每股 RM0.1280 发行 10,000,000 股普通股所得的 RM1,280,000，短期贷款偿还则支出 RM1,516,231。

Source: annual report 2025, pages 8, 10, 11, 12, 13, 84, 95, 101, 102, 130, 132, 143.出处：2025 年年报第 8、10、11、12、13、84、95、101、102、130、132、143 页。

Across the three years三年合看

Across the three years, the group did not recommend or declare any dividends, and the group has no formal dividend policy. Total assets grew from RM99,347,451 in 2022 to RM144,953,290 in 2024 before contracting to RM93,941,502 in 2025 as the drilling rig charter contract was completed and its back-to-back assets and liabilities unwound. One customer accounted for RM58,727,913 of revenue in 2023, and three customers for RM49,861,323 in 2024 and RM46,473,900 in 2025. Banking facilities were secured by freehold land and building, pledged deposits, and cash in Designated Collection and Escrow accounts.三年合看，集团均未建议或宣派任何股息，且集团没有既定的股息政策。总资产由 2022 年的 RM99,347,451 增至 2024 年的 RM144,953,290，随后因钻井平台租赁合同完成及背对背资产负债结算，在 2025 年回落至 RM93,941,502。2023 年一名客户占 RM58,727,913，2024 年三名客户占 RM49,861,323，2025 年三名客户占 RM46,473,900。银行融资便利一直以永久地契土地及建筑物、抵押定期存款以及指定收款账户和代管账户中的现金作为担保。

Source: annual report 2023, pages 13, 61, 86, 96, 124; annual report 2024, pages 11, 13, 63, 90, 132; annual report 2025, pages 13, 15, 84, 121, 132, 143.出处：2023 年年报第 13、61、86、96、124 页；2024 年年报第 11、13、63、90、132 页；2025 年年报第 13、15、84、121、132、143 页。

Still to be spent尚未支出的承诺

Capital commitments for property, plant and equipment approved and contracted for were RM261,307 at end-2024 and RM819,154 at end-2025, while commitments approved but not contracted for were RM996,899 at end-2024 and RM860,116 at end-2025. Unutilised IPO proceeds stood at RM7.3 million at end-2023, RM6.6 million at end-2024, and RM6.5 million at end-2025; on 19 July 2024, the board approved an extension of 24 months to up to 72 months from the listing date to utilise the remaining funds.已批准并签约的物业、厂房及设备资本承诺在 2024 年底为 RM261,307，2025 年底为 RM819,154；已批准但未签约的承诺在 2024 年底为 RM996,899，2025 年底为 RM860,116。尚未动用的首次公开售股（IPO）募集资金在 2023 年底为 RM7.3 million，2024 年底为 RM6.6 million，2025 年底为 RM6.5 million；董事会于 2024 年 7 月 19 日批准将资金使用期限延长 24 个月，至上市之日起最多 72 个月。

Source: annual report 2023, page 134; annual report 2024, pages 127, 143; annual report 2025, pages 155, 163.出处：2023 年年报第 134 页；2024 年年报第 127、143 页；2025 年年报第 155、163 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。

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 leave open年报留下待看的事

• Outcome of ongoing debt recovery litigation, including the trial directed following dismissal of the summary judgment application on 25 February 2026, and enforcement of the RM5.37 million CIPAA adjudication decision.各项债务追讨诉讼的结果，包括简易判决申请于 2026 年 2 月 25 日被驳回后指示进行的全面审讯，以及执行 RM5.37 million 的 CIPAA 裁决决定。

  Source: annual report 2025, page 156.出处：2025 年年报第 156 页。

• Deployment of RM6.5 million in unutilised IPO proceeds remaining at end-2025, which include RM4.6 million allocated for downstream oil and gas capital expenditure.2025 年底剩余的 RM6.5 million 未动用 IPO 募集资金的使用情况，其中包括拨作下游油气资本支出的 RM4.6 million。

  Source: annual report 2025, page 163.出处：2025 年年报第 163 页。

• Exercise of 209,969,699 Warrants A exercisable at RM0.25 until 11 August 2028, and take-up of the 10,000,000 ESOS options granted on 2 December 2025.行权价为 RM0.25、将于 2028 年 8 月 11 日到期的 209,969,699 份 Warrants A 的行权情况，以及 2025 年 12 月 2 日授予的 10,000,000 份 ESOS 期权的认购进展。

  Source: annual report 2025, pages 85, 161, 164.出处：2025 年年报第 85、161、164 页。

• Collection and impairment of trade receivables, where four customers account for approximately 58% of receivables and RM25,210,780 is past due more than 120 days.应收账款的回收与减值情况，其中四家客户占应收款项约 58%，且有 RM25,210,780 逾期超过 120 天。

  Source: annual report 2025, pages 145, 146.出处：2025 年年报第 145、146 页。