DailySpaceEconframe Berhad
0227 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 318 entries read2023 至 2025 年报，共读出 318 条
The company这家公司
Econframe provides fire resistant door sets, doors, frames, ironmongery, and through its subsidiaries, aluminium glazing, glass products, and timber doors. In-house brands include Econframe® and Duroe®.Econframe 生产防火门门套、门扇、门框与铁配件，并通过旗下子公司涉足铝合金玻璃装配、玻璃加工及木门业务。旗下自有品牌包括 Econframe® 与 Duroe®。
Sources (4)出处（4）
The Group’s fire resistant door sets are required to undergo rigorous testing and to be certified by SIRIM QAS International Sdn Bhd, alongside with approval from the Fire and Rescue Department of Malaysia.
Furthermore, we also have our in-house brands – Econframe® and Duroe®.
Glass processing, trading, installation of glass products and related activities 65%
Ivory Pearl Sdn. Bhd. Malaysia 100% – Manufacture and sale of timber doors and frames
In FYE 2023, manufacturing contributed RM65.3 million (86.1% of total revenue) and trading RM10.6 million (13.9%). In FYE 2024, external revenue reached RM103,539,942, comprising manufacturing of RM86,428,739 and trading of RM17,111,203. In FYE 2025, manufacturing contributed RM101.2 million (91.2% of total revenue) and trading RM9,716,599, with total external revenue of RM110,896,972. The group operates predominantly in Malaysia.2023 财政年，制造业务贡献 RM65.3 million（占总营业额 86.1%），贸易业务贡献 RM10.6 million（13.9%）。2024 财政年，外部营业额达 RM103,539,942，其中制造业务 RM86,428,739，贸易业务 RM17,111,203。2025 财政年，制造业务贡献 RM101.2 million（占总营业额 91.2%），贸易业务贡献 RM9,716,599，外部总营业额为 RM110,896,972。集团业务主要在马来西亚。
Sources (6)出处（6）
The manufacturing segment remained our largest revenue contributor, accounting for RM65.3 million or 86.1% of total revenue in the FYE 2023.
The remaining RM10.6 million or 13.9% of total revenue in the FYE 2023 was contributed from the trading segment.
Revenue from external customers 86,428,739 17,111,203 – – 103,539,942
The manufacturing segment remained the primary revenue generator, contributing RM101.2 million or 91.2% of total revenue, compared to RM86.4 million in the prior year.
Revenue from external customers 101,180,373 9,716,599 – – 110,896,972
The Group operates predominantly in Malaysia and hence, no geographical segment is presented.
In the 2024 report, the group stated revenue growth was primarily due to sustained demand from the manufacturing segment, while audited sales of goods fell from RM75,908,860 to RM71,900,633, with the new fabrication and installation revenue contributing RM30,745,370 from acquired subsidiary LYASB.在 2024 年报中，集团表示营业额增长主要是制造业务需求带动，但经审计的货物销售额从 RM75,908,860 降至 RM71,900,633，新收购的子公司 LYASB 则带来了 RM30,745,370 的制造与安装收入。
Sources (2)出处（2）
This growth was primarily due to sustained demand from the manufacturing segment.
Sales of goods 71,900,633 75,908,860 – –
Fabrication and installation revenue 30,745,370 – – –
Ivory Pearl relies on two key customers in the United Kingdom and Australia, with foreign currency raw material purchases representing approximately 44% of its cost of sales. While the 2025 review anticipated incremental revenue from timber door exports, the group recorded a full goodwill impairment of RM5,955,836 due to a decline in sales orders from key foreign markets, and Ivory Pearl recorded a loss of RM472,882 for the financial period.Ivory Pearl 依赖英国和澳大利亚的两大关键客户，以外币结算的原材料采购约占其销售成本的 44%。尽管 2025 年业务回顾预期木门出口将带来增量收入，但由于关键海外市场销售订单下滑，集团全额计提了 RM5,955,836 的商誉减值，Ivory Pearl 在该财政期间录得 RM472,882 的亏损。
Sources (5)出处（5）
Ivory Pearl currently relies on two key customers, based in the United Kingdom (“UK”) and Australia, which exposes the Company to significant business and financial risks.
Conversely, the Group sources a significant portion of its raw materials from overseas suppliers, with transactions conducted in USD and Euro, representing approximately 44% of Ivory Pearl’s cost of sales.
Meanwhile, Ivory Pearl’s timber door export operations are anticipated to generate incremental revenue, tapping into regional demand and expanding the Group’s international footprint.
The assessment indicated that the recoverable amount was lower than the carrying amount of goodwill, primarily due to a decline in sales orders from key foreign markets, which adversely impacted future revenue projections.
Loss for the financial period 472,882
Consequently, the entire goodwill amounting to RM5,955,836 was fully impaired during the year and recognised in profit or loss.
Managing Director Lim Chin Horng and Non-Independent Non-Executive Director Lim Saw Nee are siblings. As of 31 August 2025, Lim Chin Horng held 45,544,647 shares and Lim Saw Nee held 826,388 shares. Perintis Amanah Berhad held 27,000,000 shares (7.06%) and Dato' Hooi Jia Hao held 26,289,800 shares (6.87%) directly and 2,090,100 shares (0.55%) indirectly. In 2023, pledged securities accounts held 8,000,000 shares (2.25%), 6,000,000 shares (1.69%), 6,000,000 shares (1.69%), and 4,500,000 shares (1.27%) for Lim Chin Horng, 7,239,000 shares (2.04%) for Hooi Jia Hao, and 8,147,000 shares (2.29%) for Ng Wei Yee.董事总经理 Lim Chin Horng 与非独立非执行董事 Lim Saw Nee 为姐弟/兄妹关系。截至 2025 年 8 月 31 日，Lim Chin Horng 持有 45,544,647 股，Lim Saw Nee 持有 826,388 股。Perintis Amanah Berhad 持有 27,000,000 股（7.06%），Dato' Hooi Jia Hao 直接持有 26,289,800 股（6.87%）并间接持有 2,090,100 股（0.55%）。在 2023 年，Lim Chin Horng 的抵押证券账户分别持有 8,000,000 股（2.25%）、6,000,000 股（1.69%）、6,000,000 股（1.69%）与 4,500,000 股（1.27%），Hooi Jia Hao 抵押账户持有 7,239,000 股（2.04%），Ng Wei Yee 抵押账户持有 8,147,000 股（2.29%）。
Sources (12)出处（12）
He is the brother of Lim Saw Nee (the Non-Independent Non-Executive Director and major shareholder) and he does not hold any other directorship in any other public companies or public listed companies in Malaysia.
6 RHB CAPITAL NOMINEES (TEMPATAN) SDN BHD 8,000,000 2.25 (PLEDGED SECURITIES ACCOUNT FOR LIM CHIN HORNG)
11 CGS-CIMB NOMINEES (TEMPATAN) SDN BHD 6,000,000 1.69 (PLEDGED SECURITIES ACCOUNT FOR LIM CHIN HORNG)
12 RHB CAPITAL NOMINEES (TEMPATAN) SDN BHD 6,000,000 1.69 (PLEDGED SECURITIES ACCOUNT FOR LIM CHIN HORNG)
18 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 4,500,000 1.27 (PLEDGED SECURITIES ACCOUNT FOR LIM CHIN HORNG)
7 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 7,239,000 2.04 (PLEDGED SECURITIES ACCOUNT FOR HOOI JIA HAO)
5 AMSEC NOMINEES (TEMPATAN) SDN BHD 8,147,000 2.29 (PLEDGED SECURITIES ACCOUNT - AMBANK (M) BERHAD FOR NG WEI YEE)
He is the brother of Lim Saw Nee (Non-Independent Non-Executive Director) and he does not hold any other directorship in any other public companies or public listed companies in Malaysia.
Lim Chin Horng 51,389,647 – (5,845,000) 45,544,647
Lim Saw Nee 12,649,388 – (11,823,000) 826,388
Dato’ Hooi Jia Hao 26,289,800 6.87 2,090,100 0.55
Perintis Amanah Berhad 27,000,000 7.06 – –
In FYE 2023, Teoh Keng Chang relinquished his role as an Executive Director. Khoo Soon Beng resigned as a Director on 19 July 2024. In FYE 2025, no structured training hours were recorded for either executive or non-executive staff.2023 财政年，Teoh Keng Chang 辞去执行董事职务。Khoo Soon Beng 于 2024 年 7 月 19 日辞任董事。2025 财政年，执行与非执行人员均无记录的系统培训时数。
Sources (3)出处（3）
Next, I would like to express my appreciation to Mr. Teoh Keng Chang, who relinquished his role as an Executive Director, for his contributions and invaluable advice.
Khoo Soon Beng * (Resigned on 19 July 2024)
In FYE 2025, no structured training hours were recorded for either executive or non-executive staff.
Revenue by segment, 20232023 年各部门营业额占比
Sources (2)出处（2）
The manufacturing segment remained our largest revenue contributor, accounting for RM65.3 million or 86.1% of total revenue in the FYE 2023.
The remaining RM10.6 million or 13.9% of total revenue in the FYE 2023 was contributed from the trading segment.
Major events大事记
Sources (1)出处（1）
Lastly, Econframe also completed the bonus issue of 162,499,998 warrants (“Warrants”) on the basis of 1 warrant for every 2 existing shares (“Bonus Issue of Warrants”) in December 2022.
Sources (1)出处（1）
Separately, the Group had in January 2023, completed the acquisition of a parcel of industrial property in Sungai Rasau, Klang, for a cash consideration of RM8.13 million.
Sources (3)出处（3）
Econframe successfully acquired a 65% equity interest in Lee & Yong Aluminium Sdn. Bhd. (“LYASB”) from Mr. Yong Kuen Hwan (“Vendor”) on 8 September 2023 for RM17.2 million, of which RM8.1 million was satisfied in cash with the remaining via issuance of 10,459,770 new ordinary shares
Together with the above Acquisition, Econframe also acquired a 100% equity interest in Trans United Sdn. Bhd. (“TUSB”) for a cash consideration of RM1.0 million.
The Acquisition 1 and Acquisition 2 were completed on 8 September 2023.
Sources (1)出处（1）
Separately, the Group had in July 2024 mutually terminated the Share Sale Agreement (“SSA”) with ETA Industries Sdn. Bhd. for the proposed acquisition of a 70%-stake in ETA World Sdn. Bhd. for a purchase consideration of RM56.0 million
Sources (2)出处（2）
The Proposed Acquisition of Assets has been completed on 20 September 2024.
In September 2024, the Group, through its newly incorporated subsidiary Duroe Glass, completed the acquisition of machineries and motor vehicles from Suria Kaca Sdn. Bhd. for a total purchase consideration of RM3,000,000.
Sources (1)出处（1）
On 8 July 2025, the Company completed the Acquisition of IPSB for purchase consideration of RM44,038,812 as follows:
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, liabilities and equity资产、负债与权益
20232023 年
Net cash flows from operating activities generated RM9,375,610. The group spent RM10,277,709 on property, plant and equipment, including RM8.13 million in cash for an industrial property in Sungai Rasau, Klang, and paid a RM1,820,000 deposit for proposed acquisitions. Financing brought RM7,293,867 from warrants conversion, while repayments of term loans, lease liabilities and hire purchase were RM160,601, RM76,202, and RM54,231. Management reported cash and cash equivalents of RM31.7 million, while the cash flow statement printed RM28,483,449 as the MD&A included RM3,183,458 of pledged deposits.营运活动现金流净额为 RM9,375,610。集团在物业、厂房与设备上支出 RM10,277,709，其中包括以 RM8.13 million 现金收购巴生双溪拉骚的一处工业产业，并就拟议收购支付了 RM1,820,000 定金。融资活动方面，凭单行权带来现金 RM7,293,867，定期贷款、租赁负债与租购偿还额分别为 RM160,601、RM76,202 及 RM54,231。管理层报告现金及现金等价物为 RM31.7 million，而现金流量表列报为 RM28,483,449，原因是管理层讨论与分析包含了 RM3,183,458 的抵押存款。
Sources (9)出处（9）
Separately, the Group had in January 2023, completed the acquisition of a parcel of industrial property in Sungai Rasau, Klang, for a cash consideration of RM8.13 million.
Total cash and cash equivalents stood at RM31.7 million as at 31 August 2023 vis-à-vis RM26.8 million in the previous year.
Cash and cash equivalents at the end of the financial year 10 28,483,449 23,754,458 22,321,058 13,547,870
Purchase of property, plant and equipment (a) (10,277,709) (578,600) – –
Repayments of term loans (160,601) (239,074) – –
Repayments of lease liabilities (76,202) (58,619) – –
Repayment of hire purchase (54,231) (28,926) – –
Proceeds from warrants conversion 7,293,867 – 7,293,867 –
Included in deposits of the Group and of the Company at the end of the financial year is an amount of RM1,820,000 representing 10% of the purchase consideration paid by the Company for the proposed acquisitions as disclosed in Note 29.
Less: Pledged deposits (3,183,458) (3,006,254) – –
20242024 年
Net cash flows from operating activities were RM12,138,759. Purchase of property, plant and equipment took RM3,808,309. The group completed the acquisitions of LYASB and TUSB for purchase consideration of RM17,670,690 and RM1,000,000, paying net cash of RM11,219,347 and issuing 10,459,770 consideration shares. Financing cash inflows included RM4,931,766 from warrants conversion and RM3,507,000 net change in bankers' acceptances, with total borrowings rising to RM9,150,404. Management stated its gross profit margin was consistently above 30%, whereas the reported gross profit margin was 27.0% (gross profit of 27,980,068 over revenue of 103,539,942), and stated a net cash position of 10.9 sen per share based on gross cash of 39,706,273 rather than 8.4 sen net of RM9,150,404 debts.营运活动现金流净额为 RM12,138,759。物业、厂房与设备资本支出为 RM3,808,309。集团完成收购 LYASB 与 TUSB，收购对价分别为 RM17,670,690 与 RM1,000,000，支付现金净额 RM11,219,347 并发行 10,459,770 股对价股。融资现金流入包括凭单行权所得 RM4,931,766 及银行承兑汇票净增加 RM3,507,000，总借款增至 RM9,150,404。管理层表示毛利率持续保持在 30% 以上，而报告的毛利率为 27.0%（营业额 103,539,942 对应的毛利为 27,980,068）；管理层按 39,706,273 的总现金声称每股净现金为 10.9 仙，而扣除 RM9,150,404 债务后的每股净现金为 8.4 仙。
Sources (9)出处（9）
Notably, Econframe’s GP margin has been consistently above 30%.
Gross profit 27,980,068 24,960,548 2,000,000 1,000,000
As at 31 August 2024, Econframe remains in a net cash position with a net cash per share of 10.9 sen.
Total debts 9,150,404 359,036 – –
(ii) issued 10,459,770 new ordinary shares as consideration shares for the acquisition of 65% equity interest in Lee & Yong Aluminium Sdn. Bhd. at an issue price of RM0.87 per consideration share.
Purchase of property, plant and equipment (a) (3,808,309) (10,277,709) – –
Net cash outflows for the acquisitions of subsidiaries 8(a) (11,219,347) – (7,280,000) –
Net changes in bankers’ acceptances (c) 3,507,000 – – –
Proceeds from warrants conversion 4,931,766 7,293,867 4,931,766 7,293,867
On 8 September 2023, the Company completed the Acquisition of LYASB and Acquisition of TUSB for purchase consideration of RM17,670,690 and RM1,000,000 respectively, as follows:
Bankers’ acceptances (e) 4,775,000 – 9,150,404 359,036
20252025 年
Net cash flows from operating activities were RM5,633,479. Econframe completed the acquisition of Ivory Pearl for an accounting purchase consideration of RM44,038,812 (headline RM56.0 million), with net cash outflows of RM32,090,018; term loan drawdowns were RM21,353,396, which management linked to the acquisition. Management said RM46,672,545 of the price was satisfied in cash and RM9,327,455 through 16,500,000 new shares; the company's cash flow shows RM36,672,545 paid for the acquisition, while deferred contingent consideration is carried at RM766,267 and the shares were recorded at RM0.40 each. Duroe Glass acquired machinery and motor vehicles for RM3,000,000. Other financing cash flows included RM3,135,846 from warrants conversion, an interim dividend paid of RM7,359,604, and share repurchases of RM2,981,681. Management stated a net cash position of 4.63 sen per share, while cash was RM17.72 million against borrowings of RM30.98 million, resulting in net debt of RM13.25 million and a gearing ratio of 25.2%.营运活动现金流净额为 RM5,633,479。Econframe 完成收购 Ivory Pearl，会计收购对价为 RM44,038,812（名义对价 RM56.0 million），现金流出净额 RM32,090,018；定期贷款提取 RM21,353,396，管理层将其与该收购挂钩。管理层称对价中 RM46,672,545 以现金支付，RM9,327,455 以 16,500,000 股新股支付；公司现金流量表显示为该收购支付 RM36,672,545，而或有递延对价的账面值为 RM766,267，对价股按每股 RM0.40 入账。Duroe Glass 以 RM3,000,000 收购机械与汽车。其他融资现金流包括凭单行权所得 RM3,135,846、派发中期股息 RM7,359,604 以及股份回购支出 RM2,981,681。管理层声称每股净现金为 4.63 仙，而账面现金为 RM17.72 million，借款达 RM30.98 million，实际净负债为 RM13.25 million，负债比率为 25.2%。
Sources (13)出处（13）
In September 2024, the Group, through its newly incorporated subsidiary Duroe Glass, completed the acquisition of machineries and motor vehicles from Suria Kaca Sdn. Bhd. for a total purchase consideration of RM3,000,000.
for a total purchase consideration of RM56,000.000, of which RM46,672,545 was satisfied in cash and the remaining RM9,327,455 was settled through the issuance and allotment of 16,500,000 new ordinary shares in Econframe.
Deferred consideration payable by the Group and the Company amounting to RM766,267 represents the purchase consideration for acquisition of Ivory Pearl Sdn. Bhd. which is contingent on certain criteria being met.
As at 31 August 2025, Econframe remains in a net cash position with a net cash per share of 4.63 sen.
Gearing ratio 25.2% 7.7% N/A N/A
On 8 July 2025, the Company completed the Acquisition of IPSB for purchase consideration of RM44,038,812 as follows:
Net cash outflows on acquisition 32,090,018
Gearing ratio 25.2% 7.7% N/A N/A
Drawdown of term loans (b) 21,353,396 – – –
Proceeds from warrants conversion 13 3,135,846 4,931,766 3,135,846 4,931,766
Repurchased of shares 14 (2,981,681) – (2,981,681) –
Dividend paid 26 (7,359,604) – (7,359,604) –
The increase was largely due to higher borrowings, which grew to RM31.0 million from RM9.2 million, reflecting financing obtained for the acquisition of Ivory Pearl.
For the purpose of accounting for the shares consideration, the fair value of RM0.40 per consideration share upon the date of completion of the acquisition was recorded.
Net cash outflows for the acquisitions of subsidiaries 8 (32,090,018) (11,219,347) (36,672,545) (7,280,000)
Across the three years三年合看
Over the three financial years, revenue rose from RM59.4 million in 2022 to RM110.9 million in 2025, while profit before tax fell from RM17.8 million in 2023 to RM8.9 million in 2025, affected by a RM3.7 million amortisation charge on intangible assets in 2024 and an impairment loss on goodwill of RM5.9 million on Ivory Pearl in 2025. Warrants conversions raised RM7,293,867 in 2023, RM4,931,766 in 2024, and RM3,135,846 in 2025. No dividend was declared for FYE 2023; an interim dividend of 2.0 sen a share for FYE 2024, RM7,359,604, was paid on 11 December 2024, and no final dividend is recommended for FYE 2025.三个财政年间，营业额由 2022 年的 RM59.4 million 增至 2025 年的 RM110.9 million，而税前盈利由 2023 年的 RM17.8 million 降至 2025 年的 RM8.9 million，受到 2024 年无形资产摊销 RM3.7 million 以及 2025 年 Ivory Pearl 商誉减值 RM5.9 million 的影响。凭单转换在 2023 年募集 RM7,293,867，2024 年募集 RM4,931,766，2025 年募集 RM3,135,846。2023 财政年未宣布股息；2024 财政年每股 2.0 仙的中期股息共 RM7,359,604，于 2024 年 12 月 11 日派发；2025 财政年未建议派发终期股息。
Sources (9)出处（9）
No dividends were declared for the FYE 2023, aligning with our decision to conserve cash for our ongoing expansions.
Proceeds from warrants conversion 7,293,867 – 7,293,867 –
This included a RM3.7 million amortisation of intangible assets, arising from the purchase price allocation exercise in accordance with Malaysian Financial Reporting Standards (“MFRS”) 3: Business Combinations, in relation to the acquisition of LYASB.
Proceeds from warrants conversion 4,931,766 7,293,867 4,931,766 7,293,867
The decline was primarily due to an impairment loss on goodwill of RM5.9 million arising from the acquisition of Ivory Pearl.
The Directors do not recommend the payment of a final dividend in respect of the financial year ended 31 August 2025.
Proceeds from warrants conversion 13 3,135,846 4,931,766 3,135,846 4,931,766
Dividend paid 26 (7,359,604) – (7,359,604) –
On 30 October 2024, a single-tier interim dividend of 2.0 sen per ordinary share amounting to RM7,359,604 has been declared and the payment was paid by the Company on 11 December 2024.
Still to be spent尚未支出的承诺
Capital commitments contracted for property, plant and equipment were RM828,302 at end 2023, RM2,309,708 at end 2024, and RM2,198,212 at end 2025. Unexercised warrants stood at 142,750,248 at end 2023, 129,979,548 at end 2024, and 125,925,048 at end 2025, with an expiry date of 19 December 2027.物业、厂房与设备的已签约资本承诺在 2023 年底为 RM828,302，2024 年底为 RM2,309,708，2025 年底为 RM2,198,212。未行权凭单在 2023 年底为 142,750,248 份，2024 年底为 129,979,548 份，2025 年底为 125,925,048 份，到期日为 2027 年 12 月 19 日。
Sources (7)出处（7）
- Contracted 828,302 854,732
No. of warrants unexercised : 142,750,248
- Contracted 2,309,708 828,302
No. of warrants unexercised : 129,979,548
Warrants 2022/2027 133,391,348 (7,466,300) – 125,925,048
- Contracted 2,198,212 2,309,708
Expiry date : 19 December 2027
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 | 59,394,512 | 75,908,860 | 103,539,942 | 110,896,972 |
| Profit before tax税前盈利 | 15,015,668 | 17,776,081 | 15,884,102 | 8,865,908 |
| Profit for the financial year财政年度净盈利 | 11,237,348 | 13,063,874 | 11,678,936 | 4,296,202 |
| Net cash flows from operating activities营运活动所得现金净额 | 4,434,112 | 9,375,610 | 12,138,759 | 5,633,479 |
| Purchase of property, plant and equipment购买物业、厂房与设备 | (578,600) | (10,277,709) | (3,808,309) | (7,928,687) |
| Total assets总资产 | 74,543,156 | 95,475,756 | 148,145,113 | 196,160,381 |
| Total liabilities总负债 | 11,032,252 | 10,043,230 | 29,120,356 | 73,306,361 |
| Total equity总权益 | 63,510,904 | 85,432,526 | 119,024,757 | 122,854,020 |
| Cash and cash equivalents at the end of the financial year财政年度末现金及现金等价物 | 23,754,458 | 28,483,449 | 34,611,287 | 16,029,292 |
| Loans and borrowings (non-current)非流动贷款与借款 | 245,026 | 164,417 | 1,862,955 | 21,614,032 |
| Loans and borrowings (current)流动贷款与借款 | 272,267 | 194,619 | 7,287,449 | 9,363,140 |
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 |
|---|---|---|
| LYASB vendor profit guarantee of audited profit after tax not less than RM4.0 million each year for 3 consecutive yearsLYASB 卖方提供连续 3 年每年经审计税后盈利不低于 RM4.0 million 的利润保证 | LYASB achieved profit after tax of at least RM4.0 million in FYE 2024 and met the guarantee for two consecutive financial years in FYE 2025.LYASB 在 2024 财政年实现至少 RM4.0 million 税后盈利，并在 2025 财政年连续第二年达成利润保证。Sources (3)出处（3）Notably, the investment risk for the Acquisition is mitigated with a profit guarantee provided by the Vendor that LYASB shall achieve an audited profit after tax (“PAT”) of not less than RM4.0 million each year for 3 consecutive years LYASB has successfully delivered the profit guarantee for the first year and achieved a PAT of at least RM4.0 million for the FYE 2024. LYASB successfully met the profit guarantee of achieving a Profit After Tax (“PAT”) of at least RM4.0 million for two consecutive financial years, reflecting the soundness of the acquisition strategy and the effectiveness of the integration plan. | Met for two years已达标两年 |
| Implementing automation solutions at new factory在新工厂落实自动化方案 | In the 2024 and 2025 reports, the group stated it was moving forward to introduce advanced automation solutions at the new factory.在 2024 与 2025 年报中，集团表示将继续推进在新工厂引入先进自动化方案。Sources (3)出处（3）Moving ahead, we will be implementing automation solutions at our new factory. Moving forward, we are excited to introduce advanced automation solutions at our new factory, which will further enhance operational efficiency and lessen our dependence on physical labour. Moving forward, we are excited to introduce advanced automation solutions at our new factory, which will further enhance operational efficiency and lessen our dependence on physical labour. | Restated; not shown done重申计划，未见完成 |
| Exploring potential export markets to expand beyond Malaysia探索潜在出口市场以拓展至马来西亚境外 | Ivory Pearl was acquired to enter the timber door export market, but sales orders from key foreign markets declined and goodwill was fully impaired by RM5,955,836.收购 Ivory Pearl 以进入木门出口市场，但关键海外市场的销售订单下滑，商誉全额减值 RM5,955,836。Sources (4)出处（4）Besides, the Group is also exploring potential export markets to expand our geographical reach beyond the borders of Malaysia. Finally, Ivory Pearl, recently acquired, provided the Group with a platform to enter the timber door export market, diversifying revenue streams and tapping into regional demand. Meanwhile, Ivory Pearl’s timber door export operations are anticipated to generate incremental revenue, tapping into regional demand and expanding the Group’s international footprint. The assessment indicated that the recoverable amount was lower than the carrying amount of goodwill, primarily due to a decline in sales orders from key foreign markets, which adversely impacted future revenue projections. Consequently, the entire goodwill amounting to RM5,955,836 was fully impaired during the year and recognised in profit or loss. | Export market entered; goodwill fully impaired已进入出口市场；商誉全额减值 |
| Establishing an in-house glass processing unit to reduce reliance on third-party vendors and improve cost control建立内部玻璃加工部门以减少对第三方供应商的依赖并改善成本控制 | Duroe Glass completed the RM3,000,000 asset acquisition in September 2024 and commenced full-scale glass processing operations.Duroe Glass 于 2024 年 9 月完成 RM3,000,000 的资产收购，并展开全面玻璃加工业务。Sources (4)出处（4）Hence, by establishing an in-house glass processing unit, we aim to reduce reliance on third-party vendors and giving us better control over the production cost while streamlining the cost structure. The incorporation of Duroe Glass Sdn. Bhd. (“Duroe Glass”) and the completion of its asset acquisition in September 2024 marked a significant milestone in the Group’s strategy to move further up the value chain and expand its footprint in glass processing solutions. In September 2024, the Group, through its newly incorporated subsidiary Duroe Glass, completed the acquisition of machineries and motor vehicles from Suria Kaca Sdn. Bhd. for a total purchase consideration of RM3,000,000. Duroe Glass commenced full-scale glass processing operations, reducing reliance on external suppliers and improving cost control for aluminium and façade projects. | Carried out已落实 |
What the reports leave open年报留下待看的事
- Ivory Pearl's profit guarantee of audited profit after tax not less than RM5.0 million for FYE 2025 and FYE 2026, after recording a loss of RM472,882 and full goodwill impairment of RM5,955,836 in FYE 2025.Ivory Pearl 在 2025 与 2026 财政年每年税后盈利不低于 RM5.0 million 的利润保证，此前其在 2025 财政年录得 RM472,882 亏损且商誉全额减值 RM5,955,836。
Sources (3)出处（3）
To mitigate investment risk, the Vendors provided a profit guarantee stipulating that Ivory Pearl shall achieve an audited pat of not less than RM5.0 million for each of the two consecutive financial years ending 31 August 2025 and 31 August 2026
Loss for the financial period 472,882
Consequently, the entire goodwill amounting to RM5,955,836 was fully impaired during the year and recognised in profit or loss.
- Total borrowings rose to RM31.0 million, including term loans of RM24,073,672, lifting the gearing ratio to 25.2% and creating a net debt position of RM13.25 million.总借款增至 RM31.0 million（包括 RM24,073,672 的定期贷款），负债比率升至 25.2%，形成 RM13.25 million 的净负债。
Sources (4)出处（4）
As at 31 August 2025, Econframe remains in a net cash position with a net cash per share of 4.63 sen.
Gearing ratio 25.2% 7.7% N/A N/A
The increase was largely due to higher borrowings, which grew to RM31.0 million from RM9.2 million, reflecting financing obtained for the acquisition of Ivory Pearl.
Term loans 24,073,672 4,533,864 16,803,665 7,793,857 29,131,386
Gearing ratio 25.2% 7.7% N/A N/A
- The third and final year of LYASB's profit guarantee of audited profit after tax not less than RM4.0 million.LYASB 每年税后盈利不低于 RM4.0 million 利润保证的第三个也是最后一个年度。
Sources (2)出处（2）
Notably, the investment risk for the Acquisition is mitigated with a profit guarantee provided by the Vendor that LYASB shall achieve an audited profit after tax (“PAT”) of not less than RM4.0 million each year for 3 consecutive years
LYASB successfully met the profit guarantee of achieving a Profit After Tax (“PAT”) of at least RM4.0 million for two consecutive financial years, reflecting the soundness of the acquisition strategy and the effectiveness of the integration plan.
- 125,925,048 unexercised warrants outstanding at an exercise price of RM0.42 until expiry on 19 December 2027.125,925,048 份行权价为 RM0.42 的未行权凭单，有效期至 2027 年 12 月 19 日。
Sources (3)出处（3）
During the financial year, the Company issued 17,366,350 new ordinary shares arising from the exercise of warrants at the exercise price of RM0.42 for cash of RM7,293,867.
Warrants 2022/2027 133,391,348 (7,466,300) – 125,925,048
Expiry date : 19 December 2027
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。