DailySpaceOcean Vantage Holdings Berhad
0220 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 400 entries read2023 至 2025 年报，共读出 400 条
The company这家公司
Ocean Vantage Holdings Berhad is an investment holding company providing engineering, procurement and construction (EPC) and project management services, supply of manpower, supply of materials, tools and equipment, and drilling rig charter services for the energy and oil and gas industry.Ocean Vantage Holdings Berhad 是一家投资控股公司，为能源及石油与天然气行业提供工程、采购与施工（EPC）及项目管理、人力供应、材料工具与设备供应以及钻井平台租赁服务。
Sources (5)出处（5）
In FYE 2023, our EPC & project management segment turnout to be our largest revenue contributor of the Group, with total revenue of RM84.63 million, reflecting a notable growth of 36.75%. The bulk of the revenue in EPC & project management segment is derived from the BAGSF 2 project.
Despite the slight drop in revenue in FYE 2023, supply of manpower segment remains a significant contributor, which accounted for 45.53% to our overall revenue stream of the Group.
Revenue from the supply of materials, tools and equipment segment remained relatively stable in FYE 2023, amounting to RM6.50 million, while in 2022 it is stood at RM6.55 million.
It is worth to note that the Group’s revenue stream was broaden with the re-activation of drilling rig charter services segment during the FYE 2023, which generated revenue of RM1.30 million.
The Group continues to explore opportunities across the energy sector, spanning the entire oil and gas value chain, as well as diversifying into renewable energy, power generation and construction. Additionally, the Group is aggressively pursuing EPC project tenders, particularly in East Malaysia
In 2023, EPC and project management was the largest revenue contributor at RM84.63 million (deriving bulk of its revenue from the BAGSF 2 project), while manpower supply contributed RM77.27 million (45.53% of revenue); by 2025, manpower supply contributed RM80.68 million (73% of revenue) and EPC contributed RM24.43 million (22% of revenue).2023 年，EPC 及项目管理是最大的营业额来源，达 RM84.63 million（主要来自 BAGSF 2 项目），人力供应则贡献 RM77.27 million（占营业额 45.53%）；到了 2025 年，人力供应贡献 RM80.68 million（占营业额 73%），EPC 贡献 RM24.43 million（占营业额 22%）。
Sources (6)出处（6）
In FYE 2023, our EPC & project management segment turnout to be our largest revenue contributor of the Group, with total revenue of RM84.63 million, reflecting a notable growth of 36.75%. The bulk of the revenue in EPC & project management segment is derived from the BAGSF 2 project.
Despite the slight drop in revenue in FYE 2023, supply of manpower segment remains a significant contributor, which accounted for 45.53% to our overall revenue stream of the Group.
Despite the overall decline, the supply of manpower segment remained resilient, contributing RM78.14 million, a slight increase from RM77.27 million in FYE 2023. Similarly, the supply of materials, tools, and equipment segment saw a modest rise from RM6.50 million to RM6.56 million.
Notwithstanding the overall decline in revenue, the supply of manpower segment remained resilient, recording revenue of RM80.68 million, an increase from RM78.14 million in preceding financial year, attributed to higher win rates despite the drop in rig count.
RM24,428 22%
RM80,678 73%
Geographically, local revenue was RM140,360,823 in 2023, RM106,694,715 in 2024, and RM94,559,237 in 2025, while overseas revenue was RM29,330,762, RM16,941,029, and RM16,019,286 respectively; one customer contributed RM58,727,913 in 2023, and three customers contributing RM49,861,323 in 2024 and RM46,473,900 in 2025.按地区划分，本地营业额在 2023 年为 RM140,360,823，2024 年为 RM106,694,715，2025 年为 RM94,559,237；海外营业额分别为 RM29,330,762、RM16,941,029 及 RM16,019,286。2023 年一名客户贡献 RM58,727,913，2024 年三名客户贡献 RM49,861,323，2025 年三名客户贡献 RM46,473,900。
Sources (8)出处（8）
Local 140,360,823 11,890,394
Overseas 29,330,762 –
For EPC and project management, supply of manpower, supply of materials, tools and equipment, and drilling rig charter, revenue from one customer (2022: one) represented approximately RM58,727,913 (2022: RM27,974,834) of the Group’s total revenue.
Local 106,694,715 12,120,707 Overseas 16,941,029 –
revenue from three customers (2023: one) represented approximately RM49,861,323 (2023: RM58,727,913) of the Group’s total revenue.
Local 94,559,237 11,936,046
Overseas 16,019,286 – 110,578,523 11,936,046 2024
For EPC and project management, supply of manpower, supply of materials, tools and equipment, and drilling rig charter, revenue from three customers (2024: three) represented approximately RM46,473,900
At end-2023, Martin Philip King Ik Piau held 74,536,600 shares (17.749%), Kenny Ronald Ngalin held 21,021,646 shares (5.005%), and Mary King Siaw Ning held 22,606,700 shares (5.383%) with deemed interest held by her spouse Yau Kah Tak; in September 2024 new investors entered, and by end-2025 Majuco Motor Sdn. Bhd. held 41,993,956 shares (9.767%), Pertanian Teguh Jaya Sdn. Bhd. held 32,542,644 shares (7.569%), Chang Vun Lung held 29,460,754 shares (6.852%), and Resources Hub Logistics Sdn. Bhd. held 23,388,700 shares (5.440%).2023 年底，Martin Philip King Ik Piau 持有 74,536,600 股（17.749%），Kenny Ronald Ngalin 持有 21,021,646 股（5.005%），Mary King Siaw Ning 持有 22,606,700 股（5.383%），其配偶 Yau Kah Tak 拥有间接权益；2024 年 9 月新投资者入驻，截至 2025 年底，Majuco Motor Sdn. Bhd. 持有 41,993,956 股（9.767%），Pertanian Teguh Jaya Sdn. Bhd. 持有 32,542,644 股（7.569%），Chang Vun Lung 持有 29,460,754 股（6.852%），Resources Hub Logistics Sdn. Bhd. 持有 23,388,700 股（5.440%）。
Sources (10)出处（10）
He is the substantial shareholder of the Company and is related to the substantial shareholder of the Company, Ms. Mary King Siaw Ning (sister) and the
He is the substantial shareholder of the Company by virtue of his direct and indirect interests in the shareholdings held by himself and his wife. He is related to the substantial shareholder of the Company, Ms. Mary King Siaw Ning (wife) and Mr. Martin Philip King Ik Piau (brother-in-law).
Martin Philip King Ik Piau 74,536,600 17.749 – –
Mary King Siaw Ning 22,606,700 5.383 – –
Kenny Ronald Ngalin 21,021,646 5.005 – –
A significant milestone in 2024 was the entry of new investors and the appointment of key leadership in September.
1. MAJUCO MOTOR SDN BHD 41,993,956 9.767
2. PERTANIAN TEGUH JAYA SDN BHD 32,542,644 7.569
3. CHANG VUN LUNG 29,460,754 6.852
4. RESOURCES HUB LOGISTICS SDN BHD 23,388,700 5.440
In September 2024, Willie Ho Huat Voon was appointed Executive Director and Chief Executive Officer, while former Executive Directors Martin Philip King Ik Piau and Yau Kah Tak resigned in October and November 2024; external auditors Baker Tilly resigned in October 2025 and JAP was appointed in November 2025, and Fong Choon Yink became Chief Financial Officer on 9 December 2025.2024 年 9 月，Willie Ho Huat Voon 获委任为执行董事兼首席执行员，而前执行董事 Martin Philip King Ik Piau 与 Yau Kah Tak 分别于 2024 年 10 月和 11 月辞职；外聘审计师 Baker Tilly 于 2025 年 10 月辞任，JAP 于 2025 年 11 月获任，Fong Choon Yink 于 2025 年 12 月 9 日出任首席财务员。
Sources (5)出处（5）
MR. WILLIE HO HUAT VOON was appointed to the Board on 20 September 2024 and was subsequently appointed as a member of the Sustainability Committee, effective 26 November 2024. He joined the Group as Chief Executive Officer
Following the resignation of Mr. Martin Philip King Ik Piau and Mr. Yau Kah Tak as Executive Directors of the Company on 1 October 2024 and 1 November 2024 respectively (“former Executive Directors”), Mr. Willie Ho Huat Voon was appointed as Executive Director and Chief Executive Officer
Mr. Fong Choon Yink was appointed as the Chief Financial Officer (“CFO”) of the Group on 9 December 2025.
On 5 November 2025, a Notice in Writing dated 29 October 2025 pursuant to Section 281(1) of the Companies Act 2016 from Baker Tilly on their resignation as Auditors of the Company was received.
Accordingly, JAP was appointed as the External Auditors of the Company for the financial year ending 31 December 2025 on 12 November 2025 and to hold office until the conclusion of the next AGM of the Company.
Revenue by segment, 20232023 年各部门营业额
Sources (1)出处（1）
Revenue from external customers 84,624,593 77,268,432 6,495,833 1,302,727 – 169,691,585
Major events大事记
Sources (1)出处（1）
On 21 July 2022, the Board had decided to extend the timeframe for the utilisation of IPO proceeds for an additional of 24 months from the initial timeframe for the utilisation of the IPO proceeds.
Sources (1)出处（1）
On 7 October 2022, Ocean Vantage Engineering Sdn. Bhd., the wholly-owned subsidiary of the Company acquired 70% controlling interest in the equity shares of Esprat Sdn. Bhd..
Sources (1)出处（1）
On 5 July 2023 and 25 September 2023, OVE obtained default judgements in the High Court against a debtor and its guarantor for the recovery of RM11 million together with interest at 5% per annum and costs.
Sources (1)出处（1）
On 19 July 2024, the Board had further extended the timeframe for the utilisation of IPO proceeds for an additional of 24 months from the First Extension Timeframe of up to 72 months from the date of listing.
Sources (3)出处（3）
A significant milestone in 2024 was the entry of new investors and the appointment of key leadership in September.
MR. WILLIE HO HUAT VOON was appointed to the Board on 20 September 2024 and was subsequently appointed as a member of the Sustainability Committee, effective 26 November 2024. He joined the Group as Chief Executive Officer
Following the resignation of Mr. Martin Philip King Ik Piau and Mr. Yau Kah Tak as Executive Directors of the Company on 1 October 2024 and 1 November 2024 respectively (“former Executive Directors”), Mr. Willie Ho Huat Voon was appointed as Executive Director and Chief Executive Officer
Sources (1)出处（1）
Following the resignation of Mr. Martin Philip King Ik Piau and Mr. Yau Kah Tak as Executive Directors of the Company on 1 October 2024 and 1 November 2024 respectively (“former Executive Directors”), Mr. Willie Ho Huat Voon was appointed as Executive Director and Chief Executive Officer
Sources (1)出处（1）
On 30 December 2024, Ocean Vantage Engineering Sdn. Bhd., a 100% owned subsidiary, has entered into a Share Sales Agreement to dispose off its 70% equity interest in Stellar Star Engineering & Construction Sdn. Bhd. (“SSEC”) for a cash consideration of RM70.
Sources (3)出处（3）
At an Extraordinary General Meeting held on 21 July 2025, the Company’s shareholders approved the establishment of an ESOS for the directors and senior executive of the Company who meet the criteria of eligibility for participation.
The Warrants A are constituted under a Deed Poll to be executed by the Company and involved the issuance of 209,969,699 Warrants A on the basis of one (1) Warrant for every two (2) existing ordinary shares of the Company held by the shareholders of the Company on 5 August 2025.
The exercise price of the Warrant A has been fixed at RM0.25 each.
Sources (2)出处（2）
On 5 November 2025, a Notice in Writing dated 29 October 2025 pursuant to Section 281(1) of the Companies Act 2016 from Baker Tilly on their resignation as Auditors of the Company was received.
Accordingly, JAP was appointed as the External Auditors of the Company for the financial year ending 31 December 2025 on 12 November 2025 and to hold office until the conclusion of the next AGM of the Company.
Sources (1)出处（1）
Date of Class of No. of Issue issue share shares price Consideration Purpose 17.12.2025 Ordinary 10,000,000 RM0.1280 Cash Subscribers’ capital
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。
Sources (14)出处（14）
However, challenges were encountered within this segment, particularly in maintaining profitability, with the Bintulu Additional Gas Sales Facility 2 (“BAGSF 2”) project leading to a negative gross profit margin of 4% in overall EPC segment.
The escalation of materials and labour costs in Bintulu Additional Gas Sales Facility 2 (“BAGSF 2”) project are the key reasons that strain our overall EPC and project management segment.
In FYE 2023, our EPC & project management segment turnout to be our largest revenue contributor of the Group, with total revenue of RM84.63 million, reflecting a notable growth of 36.75%. The bulk of the revenue in EPC & project management segment is derived from the BAGSF 2 project.
Income tax credit/(expense) 23 2,498,865 (5,360,797) – –
Provision for foreseeable losses 1,455,640 – – –
Drawdown of invoice financing (b) 9,637,267 3,713,632 – –
Drawdown of short term loan (b) 1,535,493 – – –
Repayment of term loan (b) (1,257,444) (56,238) – –
Repayment of lease liabilities (b) (653,530) (508,140) – –
Gearing ratio (times) 0.81 0.59 * *
(*) Excluding payables under provision of drilling rig charter services segment of RM18.04 million for FYE 2023.
Despite the challenging global economic environment, the Group is able to maintain its overall gross profit margin during FYE 2023.
Gross profit 18,354,752 33,547,758 3,850,670 3,162,005
notable improvements in profitability in FYE 2023, with a profit after tax of RM3.51 million
Income tax credit/(expense) 23 2,498,865 (5,360,797)
Despite an increase in total liabilities, our gearing ratio improved from 0.59 to 0.55 in FYE 2023
Gearing ratio (times) 0.81 0.59
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。
Sources (13)出处（13）
The Group recorded total revenue of RM123.64 million, a decrease from RM169.69 million in the previous financial year, primarily due to lower contributions from the EPC and Project Management ("EPC") segment.
This reduction was primarily driven by a 57.15% contraction in the EPC & project management segment, largely due to the lower revenue contribution from the Bintulu Additional Gas Facility 2 (“BAGSF 2”) project as it neared completion.
Despite the overall decline, the supply of manpower segment remained resilient, contributing RM78.14 million, a slight increase from RM77.27 million in FYE 2023. Similarly, the supply of materials, tools, and equipment segment saw a modest rise from RM6.50 million to RM6.56 million.
The primary contributor to the increase in assets and liabilities was the drilling rig charter services segment, which added approximately RM55.52 million in FYE 2024 and RM18.04 million in FYE 2023.
Included in cash and bank balances is an amount of RM42.45 million representing payment collected from customer that is payable to supplier in relation to a drilling rig charter contract.
Of the total cash and bank balances amounting to RM61.91 million, approximately RM5.53 million was placed in fixed deposits pledged to licensed banks, while RM5.63 million was maintained in a Designated Collection Account and Escrow Account as security for bank facilities granted to the Group.
During the financial year, the Group incurred total capital expenditure of approximately RM2.04 million, comprising of RM1.60 million for assets under construction related to solar photovoltaic systems as the Group being an investor
Owners of the Company 6,357,039 (1,782,766) Non-controlling interests (5,473,924) –
On 30 December 2024, Ocean Vantage Engineering Sdn. Bhd., a 100% owned subsidiary, has entered into a Share Sales Agreement to dispose off its 70% equity interest in Stellar Star Engineering & Construction Sdn. Bhd. (“SSEC”) for a cash consideration of RM70.
Gain on disposal of a subsidiary 6 (13,055,885) – – –
Purchase of property, plant and equipment (a) (2,037,958) (1,275,150) (20,384) (35,447)
Despite an increase in total liabilities, our gearing ratio improved from 0.53 to 0.23 in FYE 2024
Gearing ratio (times) 1.01 0.81
Profit After Tax (RM’000) 6.36 3.51
Profit/(Loss) for the financial year 883,115 3,511,399
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。
Sources (17)出处（17）
In Quater 4, the completion of the Bintulu Additional Gas Facility 2 ("BAGSF2") project greatly reduced prior year losses as we applied tighter cost discipline and better project management.
Revenue from EPC segment declined by 32.64% to RM24.43 million, mainly due to the recognition of revenue from the Bintulu Additional Gas Facility 2 (“BAGSF 2”) project in the preceding financial year as the project approached completion.
Notwithstanding the overall decline in revenue, the supply of manpower segment remained resilient, recording revenue of RM80.68 million, an increase from RM78.14 million in preceding financial year, attributed to higher win rates despite the drop in rig count.
RM24,428 22%
RM80,678 73%
The EPC segment registered a turnaround to a positive gross profit margin of 21% in FYE 2025, compared to a negative margin of 39% in the preceding financial year.
The decrease was primarily attributable to the major reduction of the back-to-back assets and liabilities arising from the drilling rig charter services segment following the completion of the contract during the financial year.
Date of Class of No. of Issue issue share shares price Consideration Purpose 17.12.2025 Ordinary 10,000,000 RM0.1280 Cash Subscribers’ capital
Net impairment loss on financial instrument (4,425,880) – – –
Payables (51,189,025) 27,134,059 898,393 (1,036,387)
Net cash (used in)/from operating activities (27,080,808) 47,564,147 (1,927,131) (2,662,024)
Proceeds from issuance of ordinary shares 1,280,000 – 1,280,000 –
Repayment of short term loan (1,516,231) (19,262) – –
Addition - individually assessed 2,467,375 –
Addition - individually assessed 4,382,090 –
(a) Included in cash at banks of the Group is an amount of RM4,348,319 (2024: RM42,449,901), being payments collected on behalf of a trade creditor in relation to a contract.
Overseas 16,019,286 – 110,578,523 11,936,046 2024
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。
Sources (16)出处（16）
The Group does not have any formal dividend policy.
The directors do not recommend the payment of any dividends in respect of the financial year ended 31 December 2023.
Freehold land and building have been pledged as security to secure banking facility of the Group as disclosed in Note 13(a), 13(d) and 13(e).
(b) Cash maintain in Designated Collection Account (“DCA”) and Escrow Account have been pledged as security to secure bank facility of the Group as disclosed in Note 13(d), 13(e) and 13(f).
For EPC and project management, supply of manpower, supply of materials, tools and equipment, and drilling rig charter, revenue from one customer (2022: one) represented approximately RM58,727,913 (2022: RM27,974,834) of the Group’s total revenue.
The primary contributor to the increase in assets and liabilities was the drilling rig charter services segment, which added approximately RM55.52 million in FYE 2024 and RM18.04 million in FYE 2023.
The Group does not have a formal dividend policy.
The directors do not recommend the payment of any dividends in respect of the financial year ended 31 December 2024.
Freehold land and building have been pledged as security to secure banking facility of the Group as disclosed in Note 14(c) and 14(d).
revenue from three customers (2023: one) represented approximately RM49,861,323 (2023: RM58,727,913) of the Group’s total revenue.
The decrease was primarily attributable to the major reduction of the back-to-back assets and liabilities arising from the drilling rig charter services segment following the completion of the contract during the financial year.
The Group does not have a formal dividend policy.
No dividend has been paid or declared by the Company since the end of the previous financial year. The Company is not in a position to pay or declare dividends for the current financial year.
Freehold land and building have been pledged as securities to secure banking facility of the Group as disclosed in Note 21(c).
(c) Included in cash and short-term deposits of the Group are cash maintain in Designated Collection Account (“DCA”) and Escrow Account of RM6,207,503 (2024: RM5,626,805) which have been pledged as securities to secure bank facility of the Group as disclosed in Note 21(c).
For EPC and project management, supply of manpower, supply of materials, tools and equipment, and drilling rig charter, revenue from three customers (2024: three) represented approximately RM46,473,900
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。
Sources (8)出处（8）
21,372 14,026 7,346
Property, plant and equipment - Approved and contracted for 261,307 – - Approved but not contracted for 996,899 – 1,258,206 –
On 19 July 2024, the Board had further extended the timeframe for the utilisation of IPO proceeds for an additional of 24 months from the First Extension Timeframe of up to 72 months from the date of listing.
21,372 14,808 6,564
Approved and contracted for 819,154 261,307 669,501 –
Approved but not contracted for 860,116 996,899 – – 1,679,270 1,258,206 669,501 –
On 19 July 2024, the Board had further extended the timeframe for the utilisation of IPO proceeds for an additional of 24 months from the First Extension Timeframe of up to 72 months from the date of listing.
Listing expenses 3,000 3,000 – Immediately 21,372 14,914 6,458
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 | 155,104,318 | 169,691,585 | 123,635,744 | 110,578,523 |
| Profit/(Loss) before tax税前盈利/（亏损） | 4,250,749 | 1,012,534 | 3,463,443 | 4,243,906 |
| Profit/(Loss) for the financial year本年度净利/（净亏） | (1,110,048) | 3,511,399 | 883,115 | 1,403,132 |
| Net cash (used in)/from operating activities营运活动（所用）/所得现金净额 | – | – | 47,564,147 | (27,080,808) |
| Purchase of property, plant and equipment购买物业、厂房及设备 | – | (1,275,150) | (2,037,958) | (816,715) |
| Total assets总资产 | 99,347,451 | 119,494,795 | 144,953,290 | 93,941,502 |
| Total liabilities总负债 | 38,302,406 | 54,937,417 | 73,917,448 | 20,127,468 |
| Loans and borrowings贷款与借款 | 9,455,438 | 5,863,402 | 3,372,126 | 2,752,802 |
| Total equity总权益 | 61,045,045 | 64,557,378 | 71,035,842 | 73,814,034 |
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 |
|---|---|---|
| Corrective actions identified and implemented to enhance profitability in the EPC segment following BAGSF 2 cost escalation (2023)在 BAGSF 2 成本上涨后，已确定并实施整改措施以提升 EPC 部门盈利能力（2023） | The EPC segment recorded negative margins in 2024, but completed BAGSF 2 in late 2025 and achieved a 21% gross margin compared to negative 39% in 2024.EPC 部门在 2024 年仍录得负毛利，但在 2025 年底完成 BAGSF 2，实现 21% 毛利率，相比 2024 年为负 39%。Sources (4)出处（4）Moving forward, corrective actions have been identified and implemented to enhance profitability in the EPC segment, ensuring OVH’s continued growth and resilience in the face of future challenges. Conversely, the EPC and project management segmentremained in a negative gross profit margin in FYE 2024, primarily due to cost overruns and execution challenges as the BAGSF 2 project neared completion. In Quater 4, the completion of the Bintulu Additional Gas Facility 2 ("BAGSF2") project greatly reduced prior year losses as we applied tighter cost discipline and better project management. The EPC segment registered a turnaround to a positive gross profit margin of 21% in FYE 2025, compared to a negative margin of 39% in the preceding financial year. | EPC margin positive in 20252025 年 EPC 毛利率转正 |
| Utilise remaining IPO proceeds within extended timeframe of 48 months (RM7.3 million at end-2023)在 48 个月的延长时限内动用剩余 IPO 募集资金（2023 年底为 RM7.3 million） | The board extended the utilisation timeframe by a further 24 months up to 72 months from listing; unutilised proceeds were RM6.6 million in 2024 and RM6.5 million in 2025.董事会将资金使用期限再延长 24 个月至上市起最多 72 个月；尚未动用资金在 2024 年为 RM6.6 million，2025 年为 RM6.5 million。Sources (6)出处（6）3,236 1,867 1,369 within 48 months 21,372 14,026 7,346 On 19 July 2024, the Board had further extended the timeframe for the utilisation of IPO proceeds for an additional of 24 months from the First Extension Timeframe of up to 72 months from the date of listing. 21,372 14,808 6,564 On 19 July 2024, the Board had further extended the timeframe for the utilisation of IPO proceeds for an additional of 24 months from the First Extension Timeframe of up to 72 months from the date of listing. Listing expenses 3,000 3,000 – Immediately 21,372 14,914 6,458 | Extended again, RM6.5 million unspent再次延期，尚余 RM6.5 million 未支出 |
| Repayment plan for RM12,313,605 owing by former subsidiary SSEC after disposal, with RM2,869,974 due after 12 months (2024)脱售后针对前子公司 SSEC 所欠 RM12,313,605 的还款计划，其中 RM2,869,974 超过 12 个月后到期（2024） | The 2025 report shows no amount owing by a former subsidiary, against RM7,127,484 a year earlier, and does not say how it was settled.2025 年报显示前子公司欠款为零（前一年为 RM7,127,484），但没有说明如何结清。Sources (3)出处（3）Included in the Group’s and the Company’s trade and other receivable are amount owing by a former subsidiary amounting to RM12,313,605 and RM559,447 respectively, which are unsecured and non-interest bearing. The Group has entered into a repayment plan with the former subsidiary, of which an amount of RM2,869,974 is not expected to be settled within 12 months after the reporting date. Amount owing by a former subsidiary (a) – 7,127,484 – – | Nil owing at end 2025; settlement not described2025 年底欠款为零；结清方式未说明 |
| Exploration of opportunities in the renewable energy sector (2023)探索可再生能源领域的机会（2023） | The group invested in solar photovoltaic assets in 2024 and 2025, while continuing to state it is exploring opportunities in adjacent sectors.集团于 2024 年和 2025 年投资了太阳能光伏资产，同时继续表示正探索相关领域的机会。Sources (5)出处（5）We remain committed to exploring opportunities in the Renewable Energy (“RE”) sector, particularly in The Group continues to explore opportunities across the energy sector, spanning the entire oil and gas value chain, as well as diversifying into renewable energy, power generation and construction. Additionally, the Group is aggressively pursuing EPC project tenders, particularly in East Malaysia During the financial year, the Group incurred total capital expenditure of approximately RM2.04 million, comprising of RM1.60 million for assets under construction related to solar photovoltaic systems as the Group being an investor During the financial year, the Group incurred total capital expenditure of approximately RM0.82 million, comprising of RM0.24 million for assets under construction related to solar photovoltaic systems, RM0.29 million for purchase of machineries and tools and equipment used in project execution In parallel, we will continue to position the Group for the evolving energy landscape by exploring opportunities in adjacent sectors including renewable energy, power generation and sustainable infrastructure. | Initial solar projects commenced已启动初步太阳能项目 |
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。
Sources (4)出处（4）
On 23 July 2025, OVIS filed a Writ and Statement of Claim against a debtor for the recovery of debts.
At the decision hearing before the Court on 25 February 2026, the SJ Application was dismissed with no order to costs. The matter has been fixed for a full trial, and the parties have been directed to file their pre-trial documents by 31 March 2026.
On 10 October 2025, an adjudication decision was issued in favour of OVE against a debtor, ordering the debtor to pay OVE an outstanding sum of RM5.37 million, together with 5% interest per annum
On 16 January 2026, OVE filed an Originating Summons in the High Court under Section 28 of CIPAA seeking to enforce the adjudication decision as a judgement or order of the court following non-payment by the debtor.
- 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。
Sources (2)出处（2）
8,592 3,954 4,638 within 72 months
Listing expenses 3,000 3,000 – Immediately 21,372 14,914 6,458
- 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。
Sources (4)出处（4）
The Warrants A are constituted under a Deed Poll to be executed by the Company and involved the issuance of 209,969,699 Warrants A on the basis of one (1) Warrant for every two (2) existing ordinary shares of the Company held by the shareholders of the Company on 5 August 2025.
The exercise price of the Warrant A has been fixed at RM0.25 each.
Exercise Period : 13 August 2025 to 11 August 2028
A total of 10,000,000 ESOS options were granted on 2 December 2025 at an exercise price of RM0.128 per share to eligible Directors and employees of the Group.
- 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。
Sources (2)出处（2）
At the end of the reporting period, the Group has a significant concentration of credit risk in the form of four (2024: four) trade receivables, representing approximately 58% (2024: 55%) of the Group's total trade receivables.
More than 120 days past due 25,210,780 (17,669,743) 7,541,037 38,484,532 (17,679,743) 20,804,789
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-15.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 2026-10-15。