DailySpaceSungei Bagan Rubber Company (Malaya) Berhad
2569 · Main Market主板（Main Market） · annual reports 2023 to 2025, 1018 entries read2023 至 2025 年报，共读出 1018 条
The company这家公司
Sungei Bagan Rubber Company (Malaya) Berhad is an oil palm plantation producer and a long-term portfolio investor in securities.Sungei Bagan Rubber Company (Malaya) Berhad 是一家油棕种植生产商，也是长期的证券组合投资者。
Source: annual report 2025, page 93.出处：2025 年年报第 93 页。
The group operates Sungei Bagan Estate with 2,353 planted acres and Kuala Pergau Estate with 2,284 planted acres, giving a total planted area of 4,637 acres as of 30 June 2025.截至 2025 年 6 月 30 日，集团经营拥有 2,353 种植英亩的 Sungei Bagan 园丘和拥有 2,284 种植英亩的 Kuala Pergau 园丘，总种植面积为 4,637 英亩。
Source: annual report 2025, page 22.出处：2025 年年报第 22 页。
In 2025, revenue from plantation operations was RM 23.90 million and investment revenue was RM 18,869,766 out of total revenue of RM 42.77 million. By country, Malaysia contributed RM 25,300,879, Singapore RM 16,105,878 and the United Kingdom RM 1,366,584.2025 年，在 RM 42.77 million 的总营业额中，种植业务营业额为 RM 23.90 million，投资业务营业额为 RM 18,869,766。按国家划分，马来西亚贡献 RM 25,300,879，新加坡贡献 RM 16,105,878，英国贡献 RM 1,366,584。
Source: annual report 2025, pages 20, 22, 156, 158.出处：2025 年年报第 20、22、156、158 页。
The group has a concentration of credit risk, with 100% of its trade receivables due from a single debtor in 2023, 2024 and 2025.集团存在信用集中风险，在 2023、2024 和 2025 年，其贸易应收账款的 100% 均来自单一债务人。
Source: annual report 2023, page 148; annual report 2024, page 144; annual report 2025, page 152.出处：2023 年年报第 148 页；2024 年年报第 144 页；2025 年年报第 152 页。
The immediate holding company is Kluang Rubber Company (Malaya) Berhad, holding 43.13% of shares (40,078,114 shares) in 2025. The intermediate and ultimate holding companies are The Nyalas Rubber Estates Limited and Mixed Holdings (Private) Limited. Pledged accounts in 2025 included TA Nominees (Tempatan) Sdn Bhd pledged for Tan Enk Purn (485,000 shares, 0.52%) and RHB Capital Nominees (Tempatan) Sdn Bhd pledged for Loh Kah Wai (479,951 shares, 0.52%).直接控股公司为 Kluang Rubber Company (Malaya) Berhad，在 2025 年持有 43.13% 股份（40,078,114 股）。中介与最终控股公司分别为 The Nyalas Rubber Estates Limited 与 Mixed Holdings (Private) Limited。2025 年的抵押账户包括 TA Nominees (Tempatan) Sdn Bhd 抵押给 Tan Enk Purn（485,000 股，0.52%）以及 RHB Capital Nominees (Tempatan) Sdn Bhd 抵押给 Loh Kah Wai（479,951 股，0.52%）。
Source: annual report 2025, pages 95, 161, 162.出处：2025 年年报第 95、161、162 页。
Executive Deputy Chairman Lee Chung-Shih Justin retired at the annual general meeting on 28 November 2024 after three decades of service. Colflesh Khoon Liat Robert was appointed Managing Director on 30 September 2025. Board Chairman Chew Khat Khiam Albert was redesignated to Non-Independent Non-Executive Chairman on 30 June 2025.执行副主席 Lee Chung-Shih Justin 在服务三十年后于 2024 年 11 月 28 日的股东周年大会上退任。Colflesh Khoon Liat Robert 于 2025 年 9 月 30 日获委任为董事经理。董事会主席 Chew Khat Khiam Albert 于 2025 年 6 月 30 日调任为非独立非执行主席。
Source: annual report 2024, page 21; annual report 2025, pages 33, 35, 72, 94.出处：2024 年年报第 21 页；2025 年年报第 33、35、72、94 页。
Revenue by country, 20252025 年按国家划分的营业额
Source: annual report 2025, page 158.出处：2025 年年报第 158 页。
Major events大事记
Source: annual report 2023, page 124.出处：2023 年年报第 124 页。
Source: annual report 2023, page 82.出处：2023 年年报第 82 页。
Source: annual report 2024, page 20.出处：2024 年年报第 20 页。
Source: annual report 2024, page 141.出处：2024 年年报第 141 页。
Source: annual report 2024, page 97; annual report 2025, page 126.出处：2024 年年报第 97 页；2025 年年报第 126 页。
Source: annual report 2025, pages 20, 158.出处：2025 年年报第 20、158 页。
Source: annual report 2025, pages 72, 94.出处：2025 年年报第 72、94 页。
Source: annual report 2025, page 126.出处：2025 年年报第 126 页。
Source: annual report 2025, pages 21, 35.出处：2025 年年报第 21、35 页。
Revenue and profit before taxation营业额与税前盈利
Total assets and total equity总资产与总权益
Cash balances现金结余
20232023 年
In FY2023, net cash flows used in investing activities was RM36,164,851, which included placement of short-term deposits of RM23,583,670, investment in bonds of RM28,701,633, bearer plants additions of RM1,221,150, and property, plant and equipment purchases of RM877,150, offset by compulsory land acquisition proceeds of RM5,800,000 and bond redemptions of RM2,546,127. Net cash flows used in financing activities was RM5,398,431, including dividends paid of RM4,639,309, share buy-backs of RM509,122 for 151,100 shares, and lease liability repayments of RM115,262.2023 财年，投资活动所用现金净额为 RM36,164,851，其中包括存入短期存款 RM23,583,670、投资债券 RM28,701,633、增加生产性植物 RM1,221,150 以及购置物业、厂房及设备 RM877,150，部分被政府征用土地所得款项 RM5,800,000 和债券赎回 RM2,546,127 所抵销。融资活动所用现金净额为 RM5,398,431，其中包括已付股息 RM4,639,309、回购 151,100 股股份花费 RM509,122 以及偿还租赁负债 RM115,262。
Source: annual report 2023, pages 82, 98.出处：2023 年年报第 82、98 页。
20242024 年
In FY2024, net cash flows generated from operating activities was RM3,972,869. Investing activities generated net cash of RM17,185,550, with bond and treasury bill redemptions of RM32,638,041 and interest income received of RM5,910,053, while purchases of bonds and treasury bills took RM19,338,677, short-term deposits took RM8,224,915, and professional fees for the proposed acquisition took RM3,053,964. Financing outflows were RM4,882,707, including dividends paid of RM4,632,708 and lease repayments of RM121,038.2024 财年，营运活动产生的现金净额为 RM3,972,869。投资活动产生现金净额 RM17,185,550，其中赎回债券与国库券获得 RM32,638,041，收到利息收入 RM5,910,053，而购买债券与国库券用去 RM19,338,677，存入短期存款用去 RM8,224,915，拟议收购的专业费用支出 RM3,053,964。融资现金流出为 RM4,882,707，其中包括已付股息 RM4,632,708 和偿还租赁负债 RM121,038。
Source: annual report 2024, pages 105, 106.出处：2024 年年报第 105、106 页。
20252025 年
In FY2025, net cash flows generated from operating activities was RM6,771,316. Investing cash outflows were RM7,281,993, including short-term deposits of RM19,175,429, bond and treasury bill purchases of RM16,026,263, and gold bullion investment of RM5,025,589, offset by dividends received from quoted shares of RM9,684,516, net cash inflow on acquisition of assets and liabilities of RM9,474,688, and bond redemptions of RM6,405,280. The company completed the acquisition of substantially all assets and liabilities of Kuchai Development Berhad for RM267,781,974 via 26,751,446 new shares, recording a Day 1 profit of RM141,817,901. Financing outflows were RM7,684,640, primarily dividends paid of RM7,434,639.2025 财年，营运活动产生的现金净额为 RM6,771,316。投资活动现金流出为 RM7,281,993，其中包括存入短期存款 RM19,175,429、购买债券与国库券 RM16,026,263 以及投资金条 RM5,025,589，被收到的上市公司股息 RM9,684,516、收购资产与负债所得现金净流入 RM9,474,688 和赎回债券 RM6,405,280 所抵销。公司通过发行 26,751,446 股新股，以 RM267,781,974 完成收购 Kuchai Development Berhad 的绝大部分资产与负债，确认首日收益 RM141,817,901。融资现金流出为 RM7,684,640，主要是已付股息 RM7,434,639。
Source: annual report 2025, pages 112, 113, 158.出处：2025 年年报第 112、113、158 页。
Across the three years三年合看
Each of the three reports states the group had no bank borrowings. Cash and bank balances were RM 145.9 million in 2023, RM 171.0 million in 2024 and RM 173.1 million in 2025, with foreign currency balances of RM40,792,969 in 2023, RM54,813,554 in 2024 and RM38,067,409 in 2025. Dividends paid were 7 sen per share in 2023, 7 sen in 2024 and 8 sen in 2025, while 13 sen was proposed for 2025. Total investments measured at fair value or amortised cost grew from approximately RM218,303,000 in 2023 to RM552,314,000 in 2025, when they represented approximately 51% of group total assets.三份年报均表示集团没有银行借款。现金与银行结余在 2023 年为 RM 145.9 million、2024 年为 RM 171.0 million、2025 年为 RM 173.1 million，其中外币结余在 2023 年为 RM40,792,969、2024 年为 RM54,813,554、2025 年为 RM38,067,409。已付股息在 2023 年为每股 7 仙、2024 年为 7 仙、2025 年为 8 仙，2025 年建议派发 13 仙。按公允价值或摊余成本计量的投资总额从 2023 年的约 RM218,303,000 增长至 2025 年的 RM552,314,000，占集团总资产的约 51%。
Source: annual report 2023, pages 25, 85, 149; annual report 2024, pages 20, 26, 137, 146; annual report 2025, pages 21, 27, 93, 99, 154.出处：2023 年年报第 25、85、149 页；2024 年年报第 20、26、137、146 页；2025 年年报第 21、27、93、99、154 页。
Still to be spent尚未支出的承诺
Total minimum lease payments were RM3,250,000 at 30 June 2025 (RM3,500,000 in 2024), of which RM250,000 was payable within one year, RM1,000,000 between two and five years, and RM2,000,000 after five years. For 2026, no replanting exercises are expected, and no major capital expenditures are expected for Kuala Pergau Estate in the coming years.截至 2025 年 6 月 30 日，最低租赁付款总额为 RM3,250,000（2024 年为 RM3,500,000），其中一年内应付 RM250,000，两至五年内应付 RM1,000,000，五年后应付 RM2,000,000。2026 年预计不进行重植，Kuala Pergau 园丘未来数年预计也没有重大资本支出。
Source: annual report 2024, pages 24, 145; annual report 2025, pages 24, 147, 153.出处：2024 年年报第 24、145 页；2025 年年报第 24、147、153 页。
Four years of figures四年数字
Group figures, in RM, as printed in the statements.集团数字，单位令吉，照财务报表所印。
| Group集团 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 35,774,753 | 32,079,748 | 39,950,587 | 42,773,341 |
| Profit before taxation税前盈利 | (11,023,706) | 15,652,019 | 28,055,785 | 182,084,728 |
| Total assets总资产 | 631,586,335 | 663,346,572 | 744,903,713 | 1,073,636,750 |
| Total liabilities总负债 | 16,801,852 | 15,580,754 | 17,389,709 | 17,389,344 |
| Total equity总权益 | 614,784,483 | 647,765,818 | 727,514,004 | 1,056,247,406 |
| Cash and bank balances现金与银行结余 | 151,692,749 | 145,935,150 | 171,008,219 | 173,070,091 |
| Cash and cash equivalents现金与现金等价物 | 78,156,792 | 48,815,523 | 65,663,677 | 48,550,120 |
| Dividends paid已付股息 | (4,643,285) | (4,639,309) | (4,632,708) | (7,434,639) |
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 |
|---|---|---|
| Higher FFB production and yield expected at Kuala Pergau Estate for 2024 as palms mature随着油棕树成熟，预计 Kuala Pergau 园丘 2024 年将取得更高的新鲜油棕果串产量和产出率 | Kuala Pergau Estate achieved an FFB yield of 22 MT/ha in 2024, compared to 17 MT/ha in 2023.Kuala Pergau 园丘在 2024 年取得了 22 MT/ha 的新鲜油棕果串产出率，而 2023 年为 17 MT/ha。 Source: annual report 2023, page 24; annual report 2024, page 24.出处：2023 年年报第 24 页；2024 年年报第 24 页。 | Higher yield achieved取得更高产出率 |
| No replanting expected for the coming year based on management assessment (2023 report)根据管理层评估，预计来年不进行重植（2023 年报） | No replanting exercises were expected for 2025, and addition of bearer plants was RM583,930 compared to RM1,221,150 in 2023.2025 年未预计进行重植，生产性植物添置金额为 RM583,930，而 2023 年为 RM1,221,150。 Source: annual report 2023, page 23; annual report 2024, pages 23, 106.出处：2023 年年报第 23 页；2024 年年报第 23、106 页。 | Whether replanting took place not stated未说明是否进行重植 |
| Acquisition of substantially all assets and liabilities of Kuchai Development Berhad for up to RM275,470,203 via up to 27,519,500 new shares (2024 report)以最多 RM275,470,203 通过发行最多 27,519,500 股新股收购 Kuchai Development Berhad 的绝大部分资产与负债（2024 年报） | Completed on 10 October 2024 at revised terms of RM267,781,974 via 26,751,446 shares, after Semenyih land was excluded.在剔除 Semenyih 土地后，于 2024 年 10 月 10 日以修订条款 RM267,781,974 通过发行 26,751,446 股完成。 Source: annual report 2024, page 150; annual report 2025, pages 20, 158.出处：2024 年年报第 150 页；2025 年年报第 20、158 页。 | Completed at revised terms按修订条款完成 |
| Improvement works on one London flat expected to be completed by the end of 2024 (2024 report)一处伦敦套房的改善工程预计将于 2024 年底完工（2024 年报） | The 2025 report states London rental revenue was RM 1.4 million, consistent with 2024, but does not state the completion of works.2025 年报说明伦敦租金收入为 RM 1.4 million，与 2024 年一致，但未提及工程是否完工。 Source: annual report 2024, page 25; annual report 2025, page 25.出处：2024 年年报第 25 页；2025 年年报第 25 页。 | Not mentioned again未再提及 |
| Plans to embark on harvesting rainwater for domestic use at the estates (2024 report)计划在园丘开展收集雨水以供生活使用的措施（2024 年报） | The 2025 report states the company is looking towards harvesting rainwater, while total water withdrawal reached 49,148 m³.2025 年报表示公司正寻求收集雨水，而总取水量达到 49,148 m³。 Source: annual report 2024, page 59; annual report 2025, page 66.出处：2024 年年报第 59 页；2025 年年报第 66 页。 | Still in progress仍在进行中 |
What the reports leave open年报留下待看的事
- Full-year revenue contribution in 2026 from the newly acquired Singapore shophouse property on Emerald Hill Road, which contributed RM 2.1 million to group rental income for a partial year in 2025.新收购的位于 Emerald Hill Road 的新加坡店屋在 2026 年的全年营业额贡献，该物业在 2025 年贡献了部分年份，使集团租金收入达到 RM 2.1 million。
Source: annual report 2025, page 26.出处：2025 年年报第 26 页。
- Recovery of palm oil crop production and yield, after adverse weather and biological stress reduced group FFB production to 26,615 MT and yield to 15 MT/ha at both estates in 2025.棕榈油产量和产出率的恢复情况，2025 年因恶劣天气和生理压力导致集团新鲜油棕果串总产量降至 26,615 MT，两个园丘的产出率均降至 15 MT/ha。
Source: annual report 2025, pages 23, 24, 160.出处：2025 年年报第 23、24、160 页。
- Utilization of the proposed share buy-back authority to purchase up to 9,308,409 shares (10% of issued shares), after no buy-backs were made in FY2025.建议回购最多 9,308,409 股股份（已发行股份的 10%）的股份回购授权的使用情况，公司在 2025 财年未进行回购。
Source: annual report 2025, pages 11, 14, 49.出处：2025 年年报第 11、14、49 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-30.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 2026-10-30。