DailySpaceFlexidynamic Holdings Berhad
0231 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 387 entries read2023 至 2025 年报，共读出 387 条
The company这家公司
Flexidynamic provides engineering solutions primarily for the glove manufacturing industry, including glove chlorination systems, storage and process tanks, replacement parts, and maintenance services, and expanded into mechanical and electrical (M&E) works for water treatment plants and glove former manufacturing.Flexidynamic 主要为手套制造业提供工程解决方案，包括手套氯化系统、储存与处理槽、替换部件以及维护服务，并已拓展至水处理厂的机电工程（M&E）以及手套模具制造。
Sources (6)出处（6）
With recently the Group has been received pivotal Letter of Award (“LOA”) valued at RM12.4 million awarded by Usaha Pammek Sdn Bhd (“Usaha Pammek”), entails the supply and installation of mechanical and electrical works for the water treatment plant and intake at Loji Rawatan Air Bukit Chupak
Glove chlorination system 12,717,096 54,009,631
Trading of replacement parts 13,974,493 16,950,296
Storage and process tanks 4,196,528 8,813,127
During the financial year, the Group was awarded a subcontract for the supply and installation of mechanical and electrical (“M&E”) engineering works for the water treatment plant and water intake at Loji Rawatan Air Chupak, Jajahan Gua Musang, Kelantan.
A key strategic milestone achieved during the year was the completion of the acquisition of Formtech Engineering (M) Sdn. Bhd., a manufacturer of glove formers.
In 2025, revenue was RM68,358,274, led by trading of replacement parts at RM25,839,085 and M&E works at RM17,994,520, followed by other products and services at RM8,701,651, glove chlorination systems at RM6,024,845, storage and process tanks at RM5,966,940, repair, refurbishment and maintenance at RM2,980,700, and glove former manufacturing at RM850,533.2025 年，营业额为 RM68,358,274，主要来自替换部件贸易 RM25,839,085 和机电工程 RM17,994,520，其他产品与服务为 RM8,701,651，手套氯化系统为 RM6,024,845，储存与处理槽为 RM5,966,940，维修、翻新与维护为 RM2,980,700，手套模具制造为 RM850,533。
Sources (7)出处（7）
Glove chlorination system 6,024,845 7,567,097
Repair, refurbishment and maintenance 2,980,700 3,749,055
Trading of replacement parts 25,839,085 15,859,630
Storage and process tanks 5,966,940 9,439,734
Other products and services 8,701,651 6,537,425
M&E works 17,994,520 9,532,144
Manufacturing of glove formers 850,533 - 68,358,274 52,685,085
Revenue was mostly domestic, with Malaysia contributing 92.79% (RM63,432,781) in 2025, while Thailand contributed RM2,963,760, Vietnam RM1,821,929, and Sri Lanka RM139,804. In 2023, the United States of America contributed RM13,779,767 (36.02%) before falling to zero in 2024. In 2025, Customer A contributed RM17,521,509 and Customer B contributed RM9,346,580.营业额主要来自国内，2025 年马来西亚占 92.79%（RM63,432,781），泰国占 RM2,963,760，越南占 RM1,821,929，斯里兰卡占 RM139,804。2023 年美国曾贡献 RM13,779,767（36.02%），随后在 2024 年降至零。2025 年，客户 A 贡献 RM17,521,509，客户 B 贡献 RM9,346,580。
Sources (10)出处（10）
Meanwhile, the balance of RM23.65 million in revenue was contributed by overseas sales, of which RM13.78 million (36.02%) was contributed by United States of America, RM5.68 million (14.84%) was contributed by Thailand, RM4.07 million (10.64%) was contributed by Vietnam, and RM0.12 million (0.31%)
United States of America 13,779,767 11,150,352 38,260,731 88,285,051
United States of America - 13,779,767 - - 52,685,085 38,260,731 8,633,178 9,347,083
For FY2025, the Group recorded RM68.36 million in total revenue, of which RM63.43 million, equivalent to 92.79% was contributed by domestic sales.
Malaysia 63,432,781 49,430,275 11,560,044 8,562,006
Thailand 2,963,760 1,910,177 104,872 71,172
Vietnam 1,821,929 1,100,078 - -
Sri Lanka 139,804 209,711 - - 68,358,274 52,685,085 11,664,916 8,633,178
Customer A 17,521,509 15,917,558
Customer B 9,346,580 6,868,727
The 2025 report states that the domestic increase was primarily driven by system and equipment upgrades, storage and process tanks, M&E works and glove formers; the statements show storage and process tanks fell 36.8% from RM9,439,734 to RM5,966,940 and glove chlorination systems fell 20.4% from RM7,567,097 to RM6,024,845, while revenue from trading of replacement parts rose from RM15,859,630 to RM25,839,085 and M&E works rose from RM9,532,144 to RM17,994,520.2025 年年报称国内营业额增长主要由系统与设备升级、现有客户的储存与处理槽、机电工程及手套模具带动；财务报表显示储存与处理槽收入从 RM9,439,734 下降 36.8% 至 RM5,966,940，手套氯化系统从 RM7,567,097 下降 20.4% 至 RM6,024,845，而替换部件贸易收入从 RM15,859,630 增至 RM25,839,085，机电工程从 RM9,532,144 增至 RM17,994,520。
Sources (5)出处（5）
Significant increase in the domestic market primarily driven by increased demand for system and equipment upgrades, storage and process tanks for existing customers, contributions from the sub-contract for M&E engineering works and new business segment from manufacturing of glove formers.
Storage and process tanks 5,966,940 9,439,734
Glove chlorination system 6,024,845 7,567,097
Trading of replacement parts 25,839,085 15,859,630
Storage and process tanks 5,966,940 9,439,734
M&E works 17,994,520 9,532,144
Managing Director Tan Kong Leong holds 107,892,900 shares (36.00%) directly and a deemed interest of 9,198,100 shares (3.07%) through TECS Properties Sdn. Bhd. Executive Director Liew Heng Wei holds 53,208,300 shares (17.76%). In the thirty largest shareholders list, Tan Kong Leong holds 53,092,900 shares (17.72%) under his name, with 36,100,000 shares (12.05%) held through TA Nominees (Tempatan) Sdn. Bhd., 13,700,000 shares (4.57%) through Public Nominees (Tempatan) Sdn. Bhd., and 5,000,000 shares (1.67%) through CGS International Nominees Malaysia (Tempatan) Sdn. Bhd. in pledged securities accounts. Public Nominees also holds 10,000,000 shares (3.34%) in a pledged account for his brother Tan Kong Kee.董事经理 Tan Kong Leong 直接持有 107,892,900 股（36.00%），并通过 TECS Properties Sdn. Bhd. 视同持有 9,198,100 股（3.07%）。执行董事 Liew Heng Wei 持有 53,208,300 股（17.76%）。在三十大股东名册中，Tan Kong Leong 名下直接持有 53,092,900 股（17.72%），另通过 TA Nominees (Tempatan) Sdn. Bhd. 质押账户持有 36,100,000 股（12.05%），通过 Public Nominees (Tempatan) Sdn. Bhd. 质押账户持有 13,700,000 股（4.57%），通过 CGS International Nominees Malaysia (Tempatan) Sdn. Bhd. 质押账户持有 5,000,000 股（1.67%）。Public Nominees 亦为其胞弟 Tan Kong Kee 的质押账户持有 10,000,000 股（3.34%）。
Sources (10)出处（10）
Tan Kong Leong, our Promoter, substantial shareholder and Managing Director, is the husband of Phitchaya Arsangku
Tan Kong Kee, the Director and shareholder of ZYL, is the brother of Tan Kong Leong
(*) Deemed interests by virtue of the shareholdings in TECS Properties Sdn. Bhd.
Tan Kong Leong 107,892,900 36.00 9,198,100 * 3.07
Liew Heng Wei 53,208,300 17.76 130,000 ** 0.04
2. Tan Kong Leong 53,092,900 17.72
3. TA Nominees (Tempatan) Sdn. Bhd. 36,100,000 12.05 Pledged securities account for Tan Kong Leong
4. Public Nominees (Tempatan) Sdn. Bhd. 13,700,000 4.57 Pledged Securities Account For Tan Kong Leong
5. Public Nominees (Tempatan) Sdn. Bhd. 10,000,000 3.34 Pledged Securities Account For Tan Kong Kee
9. CGS International Nominees Malaysia (Tempatan) Sdn. Bhd. 5,000,000 1.67 Pledged securities account for Tan Kong Leong
Phang Sze Fui retired as Independent Non-Executive Chairperson on 26 June 2024, and Dr. Teh Chee Ghee was appointed Independent Non-Executive Chairman on 1 July 2024. Independent Non-Executive Director Poh Chee Fong resigned on 30 June 2025.Phang Sze Fui 于 2024 年 6 月 26 日卸任独立非执行主席，Dr. Teh Chee Ghee 于 2024 年 7 月 1 日获委任为独立非执行主席。独立非执行董事 Poh Chee Fong 于 2025 年 6 月 30 日辞职。
Sources (4)出处（4）
Ms. Phang Sze Fui who is due for retirement in accordance with Article 92 of the Company’s Constitution and being eligible for re-election, does not wish to seek for re-election.
DR. TEH CHEE GHEE Independent Non-Executive Chairman (Appointed on 1 July 2024)
PHANG SZE FUI Independent Non-Executive Chairperson (Retired on 26 June 2024)
POH CHEE FONG Independent Non-Executive Director (Resigned on 30 June 2025)
Revenue by product and service, 20252025 年各产品与服务营业额占比
Sources (7)出处（7）
Glove chlorination system 6,024,845 7,567,097
Repair, refurbishment and maintenance 2,980,700 3,749,055
Trading of replacement parts 25,839,085 15,859,630
Storage and process tanks 5,966,940 9,439,734
Other products and services 8,701,651 6,537,425
M&E works 17,994,520 9,532,144
Manufacturing of glove formers 850,533 - 68,358,274 52,685,085
Major events大事记
Sources (2)出处（2）
During the financial year, a property has been transferred from property, plant and equipment to investment properties, since the building will not be utilising immediately due to negative market conditions in the short-term by the Group and would be leased to a third party.
Industrial land with a semi-detached factory comprising of 2 storey office 19,676 Freehold 1 1/2 5,026 5 July 2022
Sources (1)出处（1）
Data from the warehouse in Ipoh only comprises information up to June 2023, as operations permanently ceased thereafter.
Sources (2)出处（2）
On 11 March 2024, first tranche of 15,000,000 Placement Shares has been listed on the ACE Market.
7 March 2024 15,000,000 0.1450 2,175,000
Sources (1)出处（1）
(ii) On 11 March 2024, the Company has received a letter of award worth RM12.4mil from Usaha Pammek Sdn Bhd for the supply and installation of mechanical and electrical works for the water treatment plant and intake at Loji Rawatan Air Bukit Chupak, Jajahan Gua Musang, Kelantan.
Sources (1)出处（1）
On 18 July 2024, the Company has subscribed for 1,040,816 new ordinary shares in Gammatech Sdn. Bhd., representing 51% of its enlarged issued share capital for a total cash consideration of RM1,040,816.
Sources (2)出处（2）
DR. TEH CHEE GHEE Independent Non-Executive Chairman (Appointed on 1 July 2024)
PHANG SZE FUI Independent Non-Executive Chairperson (Retired on 26 June 2024)
Sources (1)出处（1）
On 12 August 2025, the Company acquired 100% equity interest in Formtech Engineering (M) Sdn. Bhd. for 8,300,000 ordinary shares for a total cash consideration of RM10,388,000.
Sources (1)出处（1）
POH CHEE FONG Independent Non-Executive Director (Resigned on 30 June 2025)
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
Operating activities used cash of RM186,867, while net cash from investing activities was RM473,574 with RM144,082 spent on property, plant and equipment and RM448,954 received from disposals. Bank borrowings of RM11,580,000 were drawn and RM14,344,480 repaid, with lease repayments of RM658,331. No dividend was declared. The report states profit after tax was mainly due to lower tax expenses from a higher reversal of deferred tax assets; note 26 shows the reversal fell from RM2,761,360 to RM1,574,241, and tax took 80.8% of profit before tax (RM1,587,938 out of RM1,964,753). The report also states cash flow slightly decreased due to higher financing activities via repayments of bank borrowings; the statements show cash and cash equivalents fell 29.0% from RM11.48 million to RM8.15 million, net financing outflow was lower at RM3,662,923 compared to RM6,518,129 in 2022, and operations used cash.营运活动消耗现金 RM186,867，投资活动所得现金净额为 RM473,574，其中物业、厂房及设备支出 RM144,082，脱售所得 RM448,954。提取银行借款 RM11,580,000 并偿还 RM14,344,480，另偿付租赁负债 RM658,331。公司未宣布股息。年报称税后盈利主要是由于递延税项资产冲回增加导致税务开支减少；附注 26 显示冲回额从 RM2,761,360 降至 RM1,574,241，税项仍占税前盈利的 80.8%（RM1,587,938 / RM1,964,753）。年报亦称由于通过偿还银行借款导致融资活动增加，现金流微跌；财务报表显示现金及现金等价物下跌 29.0%（从 RM11.48 million 降至 RM8.15 million），融资净流出从 2022 年的 RM6,518,129 减少至 RM3,662,923，且营运活动消耗了现金。
Sources (11)出处（11）
With the persistently tough situation with impacted the Group revenue during the current financial year, Flexidynamic was not able to declared a dividend to its shareholders for FY2023.
The PAT recorded for FY2023 was mainly due to lower tax expenses for FY2023 as there was higher reversal of deferred tax assets arising from the recognition of contract liabilities in FY2022.
Recognised in profit or loss (Note 26) (1,574,241) (2,761,360)
The Group’s cash flow slightly decreased due to higher of financing activities of the Group via repayments of bank borrowings during the FY2023 although the Group have cash generated in investing activities.
Net cash flows used in financing activities (3,662,923) (6,518,129) - (2,623,188)
Net cash flows used in operating activities (186,867) (10,960,428) (310,777) (89,396)
Purchase of property, plant and equipment A (144,082) (1,927,718) - -
Proceeds from disposal of property, plant and equipment 448,954 103,000 - -
Net cash flows from/(used in) investing activities 473,574 (2,417,324) (281,511) (1,988,358)
Drawdown of bank borrowings 11,580,000 4,912,000 - -
Repayment of bank borrowings (14,344,480) (8,057,028) - -
Repayment of lease liabilities (658,331) (510,640) - -
Net cash flows used in financing activities (3,662,923) (6,518,129) - (2,623,188)
20242024 年
Operating cash outflows widened to RM6,285,103, while investing activities used RM583,059, including RM96,178 for property, plant and equipment and RM845,801 for acquiring subsidiary assets. Financing cash flows brought RM9,131,401, including RM2,175,000 from issuing 15,000,000 placement shares, term loan drawings of RM8,450,000 against repayments of RM1,968,487, and net short-term borrowing drawings of RM1,356,000. No dividend was proposed. The report states the group achieved revenue growth and improvement in profitability; profit before tax fell 29.5% from RM1,964,753 to RM1,385,952 and gross margin fell from 27.4% to 19.1%, while profit after tax rose only because tax expense fell from RM1.59 million to RM0.07 million.营运现金流出扩大至 RM6,285,103，投资活动使用 RM583,059，包括购置物业、厂房及设备 RM96,178 和收购子公司资产 RM845,801。融资现金流带来 RM9,131,401，包括发行 15,000,000 股配售股份所得 RM2,175,000、定期贷款提取 RM8,450,000（偿还 RM1,968,487）以及短期借款净提取 RM1,356,000。公司未建议派发股息。年报称集团实现了营业额增长与盈利能力改善；税前盈利由 RM1,964,753 下降 29.5% 至 RM1,385,952，毛利率由 27.4% 降至 19.1%，税后盈利上升仅因所得税费用由 RM1.59 million 降至 RM0.07 million。
Sources (12)出处（12）
As the Group needs to retain funds for investment and operational requirements for expansion into infrastructure projects, the proposed gamma radiation sterilisation services, no dividends was proposed to be declared to shareholders for FY2024.
Despite the challenging operating environment, the Group has demonstrated resilience and agility, achieving strong revenue growth and improvement in profitability.
Profit/(Loss) before tax 25 1,385,952 1,964,753 (187,692) (152,105)
As at the date of this report, the Company had issued a total of 15,000,000 Placement Shares at RM0.145 per Placement Shares, raising total proceeds of RM2.175 million.
Net cash flows used in operating activities (6,285,103) (186,867) (446,968) (310,777)
Acquisition of property, plant and equipment A (96,178) (144,082) - -
Acquisition of a subsidiary’s assets (845,801) - (1,040,816) -
Net cash flows (used in)/from investing activities (583,059) 473,574 (1,032,166) (281,511)
Proceeds from issuance of shares 2,175,000 - 2,175,000 -
Net drawdown/(repayment) of short-term borrowing 1,356,000 (2,379,000) - -
Drawdown of term loans 8,450,000 10,976,000 - -
Repayment of term loans (1,968,487) (11,361,480) - -
Net cash flows from/(used in) financing activities 9,131,401 (3,662,923) 2,115,958 -
20252025 年
Net cash from operations was RM3,667,236. Investing activities used RM10,322,607, including RM10,363,925 spent on acquiring Formtech net of cash, with RM176,440 spent on property, plant and equipment. Financing activities provided RM3,241,354, with term loan drawings of RM3,830,000 against repayments of RM1,263,805, short-term borrowing drawings of RM2,037,000, and interest paid of RM749,258. No dividend was recommended. The report states liquidity was maintained with current assets exceeding current liabilities; the statements show current ratio fell from 1.80 (RM66.63 million / RM36.96 million) to 1.33 (RM52.87 million / RM39.68 million). The report states borrowings were mainly utilised for operations and capital expenditure with manageable gearing; gearing rose 79% from 0.38 times to 0.68 times while capital expenditure was RM176,440 and RM10,363,925 went to acquiring Formtech. The report states cash flow slightly decreased; cash and cash equivalents fell 31.3% from RM10,228,885 to RM7,028,898. The directors' report states results were not substantially affected by items of a material and unusual nature; inventories written off of RM3,573,452 and expected credit losses of RM3,144,005 equalled 68% of the RM9,824,326 pre-tax loss.营运活动现金净额为 RM3,667,236。投资活动使用 RM10,322,607，包括扣除现金后支付 RM10,363,925 收购 Formtech，另有物业、厂房及设备支出 RM176,440。融资活动提供 RM3,241,354，包括提取定期贷款 RM3,830,000（偿还 RM1,263,805）、短期借款提取 RM2,037,000 以及支付利息 RM749,258。未建议派息。年报称流动性得以维持且流动资产持续超过流动负债；财务报表显示流动比率由 1.80（RM66.63 million / RM36.96 million）降至 1.33（RM52.87 million / RM39.68 million）。年报称借款主要用于营运和资本支出且负债率处于可控水平；负债率上升 79%（从 0.38 倍升至 0.68 倍），资本支出仅为 RM176,440，而 RM10,363,925 用于收购 Formtech。年报称现金流微降；现金及现金等价物下跌 31.3%（从 RM10,228,885 降至 RM7,028,898）。董事报告称业绩未受重大及非寻常性质项目影响；注销存货 RM3,573,452 与应收款项预期信用损失 RM3,144,005 合共占 RM9,824,326 税前亏损的 68%。
Sources (15)出处（15）
Notwithstanding the above, the Group maintained a stable liquidity position with current assets continuing to exceed current liabilities.
Total current liabilities 39,676,807 36,964,677 3,166,615 61,666
In terms of capital structure, the Group maintained a manageable gearing level, with borrowings mainly utilised to support operational requirements and capital expenditure.
At the end of the reporting period, the Group’s and the Company’s gearing ratios are 0.68 times (2024: 0.38 times) and nil (2024: nil), respectively.
The Group’s cash flow slightly decreased due to diversification into new business segment by acquisition of Formtech Engineering (M) Sdn. Bhd. (“Formtech”) in FY2025.
At the end of the financial year C 7,028,898 10,228,885 2,898,738 3,267,784
The Directors do not recommend the payment of any dividend in respect of the current financial year.
(ii) the results of the operations of the Group and of the Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature; and
Inventories written off 3,573,452 - - -
Allowance for expected credit losses on receivables (3,144,005) (368,500) - -
Acquisition of property, plant and equipment A (176,440) (96,178) - -
Acquisition of a subsidiary, net of cash (10,363,925) - (10,388,000) -
Net cash used in investing activities (10,322,607) (583,059) (2,604,851) (1,032,166)
Interests paid (749,258) (358,056) - -
Net drawdown of short-term borrowing 2,037,000 1,356,000 - -
Drawdown of term loans 3,830,000 8,450,000 - -
Repayment of term loans (1,263,805) (1,968,487) - -
Net cash from financing activities 3,241,354 9,131,401 - 2,115,958
Inventories written off 3,573,452 -
Across the three years三年合看
Across the three years, revenue moved from RM88.29 million in 2022 to RM38.26 million in 2023, RM52.69 million in 2024 and RM68.36 million in 2025. Results turned from a pre-tax loss of RM1,302,101 in 2022 to pre-tax profits of RM1,964,753 in 2023 and RM1,385,952 in 2024, followed by a pre-tax loss of RM9,824,326 in 2025. Financial guarantees the Company gave for a subsidiary's bank facilities rose from RM7,197,487 in 2023 to RM15,035,000 in 2024 and RM19,638,195 in 2025, and gearing rose from 0.22 times in 2023 to 0.38 times in 2024 and 0.68 times in 2025. Pledged assets in 2025 include freehold land carrying RM2,386,821 and building carrying RM3,269,512, investment properties carrying RM12,766,449, and fixed deposits of RM944,348. No dividends were paid or proposed across the three years.三年合看，营业额从 2022 年的 RM88.29 million 变为 2023 年的 RM38.26 million、2024 年的 RM52.69 million 及 2025 年的 RM68.36 million。业绩从 2022 年的税前亏损 RM1,302,101 转为 2023 年的税前盈利 RM1,964,753 及 2024 年的 RM1,385,952，随后在 2025 年出现税前亏损 RM9,824,326。公司为子公司银行授信提供的财务担保从 2023 年的 RM7,197,487 升至 2024 年的 RM15,035,000 及 2025 年的 RM19,638,195，负债率从 2023 年的 0.22 倍升至 2024 年的 0.38 倍及 2025 年的 0.68 倍。2025 年的抵押资产包括账面值 RM2,386,821 的永久地契土地与 RM3,269,512 的建筑物、账面值 RM12,766,449 的投资产业以及 RM944,348 的定期存款。三年间均未派发或建议派发股息。
Sources (15)出处（15）
The significant decrease of 56.66% in revenue for the financial year under review compared to RM88.29 million documented for the preceding financial year ended 31 December 2022 (“FY2022”) was mainly attributed to slowdown in expansion by our customers and completion of certain projects.
With the persistently tough situation with impacted the Group revenue during the current financial year, Flexidynamic was not able to declared a dividend to its shareholders for FY2023.
For FY2023, the Group recorded RM38.26 million in total revenue, of which RM14.61 million, equivalent to 38.19% was contributed by local sales.
The Group’s gearing ratio is at 0.22 times.
As the Group needs to retain funds for investment and operational requirements for expansion into infrastructure projects, the proposed gamma radiation sterilisation services, no dividends was proposed to be declared to shareholders for FY2024.
For FY2024, the Group recorded RM52.69 million in total revenue, of which RM49.43 million, equivalent to 93.82% was contributed by domestic sales.
The Company has financial guarantee contracts of RM15,035,000 (2023: RM7,197,487) in respect of financial guarantees given to financial institutions for banking facilities granted to a subsidiary.
At the end of the reporting period, the Group’s and the Company’s gearing ratio are 0.38 times (2023: 0.22 times) and nil (2023: nil) respectively.
For FY2025, the Group recorded RM68.36 million in total revenue, of which RM63.43 million, equivalent to 92.79% was contributed by domestic sales.
In terms of capital structure, the Group maintained a manageable gearing level, with borrowings mainly utilised to support operational requirements and capital expenditure.
At the end of the reporting period, the Group’s and the Company’s gearing ratios are 0.68 times (2024: 0.38 times) and nil (2024: nil), respectively.
The Directors do not recommend the payment of any dividend in respect of the current financial year.
(g) The freehold land and building of the Group with net carrying amount of RM2,386,821 (2024: RM2,386,821) and RM3,269,512 (2024: RM3,349,418) respectively have been pledged to a bank as security
(e) As at 31 December 2025, the investment properties of the Group, with a total carrying amount of RM12,766,449 (2024: RM12,914,743), have been charged to licensed banks for banking facilities
(b) Fixed deposits with licensed banks of the Group amounting to RM944,348 (2024: Nil) are pledged as security for banking facilities.
The Company has financial guarantee contracts of RM19,638,195 (2024: RM15,035,000) in respect of financial guarantees given to financial institutions for banking facilities granted to a subsidiary.
Still to be spent尚未支出的承诺
Of the private placement proposed in January 2024, 15,000,000 shares were issued raising total proceeds of RM2,175,000, which were fully utilised for working capital, and the placement lapsed on 31 July 2024. In the 2025 report, the mandate granted by shareholders had not been utilised and no proceed was raised.在 2024 年 1 月建议的私人配售中，公司发行了 15,000,000 股募集总额 RM2,175,000，已全数用于营运资金，该配售于 2024 年 7 月 31 日失效。在 2025 年年报中，股东授予的授权未被动用，未从中筹集任何资金。
Sources (4)出处（4）
Total proceeds of RM2,175,000 were raised from the Private Placement and has been fully utilised for working capital in accordance with the mandate of this exercise.
As at the date of this report, the Company had issued a total of 15,000,000 Placement Shares at RM0.145 per Placement Shares, raising total proceeds of RM2.175 million.
The Private Placement had lapsed on 31 July 2024 and was deemed completed on even date.
The previous mandate granted by the shareholders had not been utilised and hence no proceed was raised therefrom.
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 | 88,285,051 | 38,260,731 | 52,685,085 | 68,358,274 |
| Profit/(Loss) before tax税前盈利／（亏损） | (1,302,101) | 1,964,753 | 1,385,952 | (9,824,326) |
| Profit/(Loss) for the financial year年度盈利／（亏损） | (4,054,952) | 376,815 | 1,313,219 | (11,672,291) |
| Net cash flows (used in)/from operating activities营运活动（所用）／所得现金净额 | (10,960,428) | (186,867) | (6,285,103) | 3,667,236 |
| Net cash flows (used in)/from investing activities投资活动（所用）／所得现金净额 | (2,417,324) | 473,574 | (583,059) | (10,322,607) |
| Net cash flows (used in)/from financing activities融资活动（所用）／所得现金净额 | (6,518,129) | (3,662,923) | 9,131,401 | 3,241,354 |
| Total assets总资产 | 81,281,893 | 68,883,430 | 91,854,725 | 85,906,680 |
| Total liabilities总负债 | 44,102,336 | 31,020,998 | 49,830,706 | 55,486,566 |
| Total equity总权益 | 37,179,557 | 37,862,432 | 42,024,019 | 30,420,114 |
| Fixed deposits with a licensed financial institution持牌金融机构定期存款 | 2,490,187 | 439,115 | 450,594 | 944,348 |
| Cash and bank balances and short-term investments现金及银行结余与短期投资 | 8,990,037 | 7,709,051 | 9,778,291 | 7,028,898 |
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 28,467,900 new shares representing approximately 10% of issued shares建议私人配售最多 28,467,900 股新股，约占已发行股份的 10% | Issued 15,000,000 shares raising RM2.175 million; the private placement lapsed on 31 July 2024 with the remaining mandate unutilised in 2025.发行 15,000,000 股筹集 RM2.175 million；该私人配售于 2024 年 7 月 31 日失效，剩余授权在 2025 年未被动用。Sources (4)出处（4）Pursuant to the approval obtained from shareholders in the fourth AGM on 23 June 2023, the Company had on 2 January 2024 announced a proposed private placement of up to 28,467,900 new ordinary shares representing approximately 10% of the total number of issued shares of the Company As at the date of this report, the Company had issued a total of 15,000,000 Placement Shares at RM0.145 per Placement Shares, raising total proceeds of RM2.175 million. The Private Placement had lapsed on 31 July 2024 and was deemed completed on even date. The previous mandate granted by the shareholders had not been utilised and hence no proceed was raised therefrom. | Lapsed on 31 July 2024 after 15,000,000 of up to 28,467,900 shares were issued在发行最多 28,467,900 股中的 15,000,000 股后，于 2024 年 7 月 31 日失效 |
| Awarded RM12.4 million contract from Usaha Pammek Sdn Bhd for M&E works at Loji Rawatan Air Bukit Chupak, expected to contribute to earnings获 Usaha Pammek Sdn Bhd 授予价值 RM12.4 million 的 Loji Rawatan Air Bukit Chupak 机电工程合约，预计对盈利作出贡献 | M&E works recognised revenue of RM9,532,144 in 2024 and RM17,994,520 in 2025, with contract fulfilment costs of RM9,436,822 in 2024.机电工程在 2024 年确认收入 RM9,532,144，2025 年确认 RM17,994,520，2024 年合约履行成本为 RM9,436,822。Sources (5)出处（5）With recently the Group has been received pivotal Letter of Award (“LOA”) valued at RM12.4 million awarded by Usaha Pammek Sdn Bhd (“Usaha Pammek”), entails the supply and installation of mechanical and electrical works for the water treatment plant and intake at Loji Rawatan Air Bukit Chupak This project is expected to contribute positively to the Group’s earnings. Contract fulfilment costs for M&E work 9,436,822 - M&E works 9,532,144 - 52,685,085 38,260,731 M&E works 17,994,520 9,532,144 | Revenue recognised in 2024 and 20252024 及 2025 年已确认收入 |
| Expand into other value-added ventures such as manufacturing glove formers within core competencies拓展至其他增值领域，如符合核心能力的手套模具制造 | Acquired 100% of Formtech Engineering (M) Sdn. Bhd. for RM10,388,000 in August 2025; glove former manufacturing revenue was RM850,533 in 2025.于 2025 年 8 月以 RM10,388,000 收购 Formtech Engineering (M) Sdn. Bhd. 100% 股权；2025 年手套模具制造营业额为 RM850,533。Sources (4)出处（4）Looking ahead, the Group will focus on existing core businesses and also expand into other value-added ventures such as manufacturing glove formers that are within our core competencies A key strategic milestone achieved during the year was the completion of the acquisition of Formtech Engineering (M) Sdn. Bhd., a manufacturer of glove formers. On 12 August 2025, the Company acquired 100% equity interest in Formtech Engineering (M) Sdn. Bhd. for 8,300,000 ordinary shares for a total cash consideration of RM10,388,000. Manufacturing of glove formers 850,533 - 68,358,274 52,685,085 | Acquired已收购 |
| Provide sterilisation services using gamma radiation through Gammatech once plant is constructed待厂房建成后，通过 Gammatech 提供伽马射线灭菌服务 | In the 2025 report, diversification into sterilisation services through 51%-owned Gammatech remains in the planning stage.在 2025 年年报中，通过持股 51% 的 Gammatech 拓展灭菌服务仍处于规划阶段。Sources (4)出处（4）The provision of sterilisation services using gamma radiation project is currently in the initial stage and will not be contributing to the revenue of the Group in the foreseeable future until the plant is constructed and ready for commercial operations. The Group aims to leverage its existing glove manufacturing customers it currently serves and seize the opportunity to expand into other industries such as pharmaceuticals, food processing, and packaging industries that require sterilisation services. The Group also plans to diversify into the provision of sterilisation services using gamma radiation through Gammatech Sdn. Bhd., its 51 %-owned subsidiary. The provision of sterilisation services is intended not only for our existing customers in the glove industry but also for sectors such as pharmaceuticals, food processing, and packaging. | Still in planning仍在规划中 |
| Achieve 25% reduction in total energy consumption compared to the baseline year of FY2022 by FY2025目标在 2025 财政年前将总能耗较 2022 财政年基线减少 25% | Recorded a 13% reduction in total energy consumption in FY2025 compared to the baseline year, while greenhouse gas emissions increased 69% from FY2024.2025 财政年总能耗较基线减少 13%，而温室气体排放量较 2024 财政年增加 69%。Sources (3)出处（3）Achieve 25% reduction in total energy consumption as compared to the baseline year of FY2022 by FY2025 13% reduction in total energy consumption due to the additional subsidiary, Formtech as compared to the baseline year In FY2025, total GHG emissions were recorded at 364 tCO2e, representing a 69% increase from FY2024. | 13% reduction reported against a 25% target报告减少 13%，目标为 25% |
What the reports leave open年报留下待看的事
- Gross trade receivables were RM27.3 million with past due debts of RM18.6 million at end 2025, and allowance for expected credit losses reached RM3,144,005 with RM7,362,242 impaired on debts past due over 90 days.截至 2025 年底，贸易应收款项总额为 RM27.3 million，逾期债务达 RM18.6 million，预期信用损失拨备达 RM3,144,005，逾期超过 90 天的债务中有 RM7,362,242 出现减值。
Sources (3)出处（3）
As at 31 December 2025, gross trade receivables of the Group was RM27.3 million with past due debts amounting to RM18.6 million as disclosed in Note 10 to the financial statements.
Allowance for expected credit losses on receivables (3,144,005) (368,500) - -
More than 90 days 12,407,760 (7,362,242) 5,045,518 27,258,599 (7,362,242) 19,896,357
- Formtech contributed revenue of RM850,833 and a loss of RM2,362,790 following its acquisition on 12 August 2025, while goodwill on consolidation stands at RM6.9 million.Formtech 自 2025 年 8 月 12 日被收购后贡献营业额 RM850,833 及亏损 RM2,362,790，而合并商誉账面值为 RM6.9 million。
Sources (3)出处（3）
As at 31 December 2025, the Group holds goodwill on consolidation of RM6.9 million as disclosed in Note 6 to the financial statements.
On 12 August 2025, the Company acquired 100% equity interest in Formtech Engineering (M) Sdn. Bhd. for 8,300,000 ordinary shares for a total cash consideration of RM10,388,000.
From the date of acquisition, Formtech Engineering (M) Sdn. Bhd. has contributed RM850,833 and RM2,362,790 to the Group’s revenue and loss for the year, respectively.
- The 2024 report said gamma radiation sterilisation services through Gammatech were in the initial stage and would not contribute revenue until the plant is constructed and ready; the 2025 report still describes them as a plan.2024 年年报称通过 Gammatech 开展的伽马射线灭菌服务处于初期阶段，在厂房建成并可投入商业运营前不会贡献营业额；2025 年年报仍将其列为计划。
Sources (2)出处（2）
The provision of sterilisation services using gamma radiation project is currently in the initial stage and will not be contributing to the revenue of the Group in the foreseeable future until the plant is constructed and ready for commercial operations.
The Group also plans to diversify into the provision of sterilisation services using gamma radiation through Gammatech Sdn. Bhd., its 51 %-owned subsidiary.
- Total bank borrowings rose to RM19,638,195 and gearing reached 0.68 times at end 2025, with RM12,766,449 of investment properties charged to banks for banking facilities.截至 2025 年底，银行借款总额增至 RM19,638,195，负债率达 0.68 倍，账面值 RM12,766,449 的投资产业已抵押给银行以获取银行授信。
Sources (4)出处（4）
In terms of capital structure, the Group maintained a manageable gearing level, with borrowings mainly utilised to support operational requirements and capital expenditure.
At the end of the reporting period, the Group’s and the Company’s gearing ratios are 0.68 times (2024: 0.38 times) and nil (2024: nil), respectively.
(e) As at 31 December 2025, the investment properties of the Group, with a total carrying amount of RM12,766,449 (2024: RM12,914,743), have been charged to licensed banks for banking facilities
The Company has financial guarantee contracts of RM19,638,195 (2024: RM15,035,000) in respect of financial guarantees given to financial institutions for banking facilities granted to a subsidiary.
Bank borrowings 19,638,195 24,551,955 5,082,576 1,689,576 5,068,728 12,711,075
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。