DailySpaceMega First Corporation Berhad
3069 · Main Market主板（Main Market） · annual reports 2023 to 2025, 2695 entries read2023 至 2025 年报，共读出 2695 条
The company这家公司
The group operates across three core divisions: Renewable Energy, Packaging, and Resources. The Renewable Energy division operates the 325 MW Don Sahong run-of-river hydropower plant in Laos alongside solar installations.该集团经营三大核心业务部门：可再生能源、包装和资源。可再生能源部门在老挝经营 325 MW 的 Don Sahong 径流式水力发电厂以及太阳能发电设备。
Source: annual report 2024, page 22; annual report 2025, pages 4, 22.出处：2024 年年报第 22 页；2025 年年报第 4、22 页。
The Packaging division manufactures flexible packaging and paper bags through Stenta and Hexachase. The Resources division produces lime products from limestone reserves. The group also holds agricultural operations in fruits and vegetables under its Food Security division.包装部门通过 Stenta 和 Hexachase 制造软包装及纸袋。资源部门利用石灰石储量生产石灰产品。该集团还通过食品安全部门经营水果和蔬菜等农业业务。
Source: annual report 2024, pages 4, 8; annual report 2025, page 4.出处：2024 年年报第 4、8 页；2025 年年报第 4 页。
In 2025, the Packaging division recorded revenue of RM432.5 million and profit before tax of RM21.3 million. The Resources division recorded revenue of RM198.0 million and profit before tax of RM28.8 million, while profit from the Renewable Energy division was RM464.5 million.2025 年，包装部门录得营业额 RM432.5 million 及税前盈利 RM21.3 million。资源部门录得营业额 RM198.0 million 及税前盈利 RM28.8 million，而可再生能源部门的盈利为 RM464.5 million。
Source: annual report 2025, pages 22, 24, 26.出处：2025 年年报第 22、24、26 页。
Rubber Thread Industries (M) Sdn Berhad is the largest shareholder with 204,741,000 shares (21.73%), followed by Keen Capital Investments Limited with 77,824,182 shares (8.26%) and the Employees Provident Fund Board with 48,714,853 shares (5.17%).Rubber Thread Industries (M) Sdn Berhad 是最大股东，持有 204,741,000 股（21.73%），其次是 Keen Capital Investments Limited 持有 77,824,182 股（8.26%）以及雇员公积金局（Employees Provident Fund Board）持有 48,714,853 股（5.17%）。
Source: annual report 2025, pages 174, 176.出处：2025 年年报第 174、176 页。
Mr Goh Nan Kioh is the father of Ms Goh Mei Sze and the uncle of Mr Chu Beng Han. Yeow See Yuen holds shares in pledged securities accounts, including 4,250,642 shares (0.45%) under Affin Hwang Nominees (Tempatan) Sdn. Bhd. and 5,532,852 shares (0.59%) under HLIB Nominees (Tempatan) Sdn Bhd.Mr Goh Nan Kioh 是 Ms Goh Mei Sze 的父亲，也是 Mr Chu Beng Han 的叔伯。Yeow See Yuen 在抵押证券账户中持有股份，包括在 Affin Hwang Nominees (Tempatan) Sdn. Bhd. 名下的 4,250,642 股（0.45%）以及在 HLIB Nominees (Tempatan) Sdn Bhd 名下的 5,532,852 股（0.59%）。
Source: annual report 2025, pages 66, 175.出处：2025 年年报第 66、175 页。
Goh Nan Yang resigned on 31 December 2024. Datuk Hj. Pengiran Saifuddin bin Pengiran Tahir, JP resigned on 12 November 2025. Director Tay Kheng Chiong indicated his intention to retire upon the conclusion of the 60th annual general meeting.Goh Nan Yang 于 2024 年 12 月 31 日辞职。Datuk Hj. Pengiran Saifuddin bin Pengiran Tahir, JP 于 2025 年 11 月 12 日辞职。董事 Tay Kheng Chiong 表示有意在第 60 届股东周年大会结束时退休。
Source: annual report 2024, page 103; annual report 2025, pages 73, 180.出处：2024 年年报第 103 页；2025 年年报第 73、180 页。
External revenue by segment, 2025 (RM'000)2025 年各部门外部营业额（千令吉）
Source: annual report 2025, page 154.出处：2025 年年报第 154 页。
Major events大事记
Source: annual report 2023, page 179.出处：2023 年年报第 179 页。
Source: annual report 2023, page 30.出处：2023 年年报第 30 页。
Source: annual report 2024, pages 8, 40.出处：2024 年年报第 8、40 页。
Source: annual report 2024, page 8.出处：2024 年年报第 8 页。
Source: annual report 2025, page 7.出处：2025 年年报第 7 页。
Source: annual report 2025, page 4.出处：2025 年年报第 4 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, borrowings and equity资产、借款与权益
20232023 年
In 2023, the group generated RM585.1 million in after-tax cash from operating activities and RM25.1 million from investments. Funds were deployed towards the acquisition of an additional 20% equity interest in DSPC of RM176.1 million net of RM252.4 million debt, RM124.9 million for development of the fifth turbine, RM113.5 million for net capital expenditure, RM91.0 million net loan repayment, RM81.7 million in dividends paid, and RM8.3 million for share buy-backs.2023 年，集团营运活动产生税后现金 RM585.1 million，投资收益产生 RM25.1 million。资金运用包括：扣除 RM252.4 million 债务后以净额 RM176.1 million 收购 DSPC 额外 20% 股权、RM124.9 million 用于开发第五台水轮机、RM113.5 million 用于净资本支出、RM91.0 million 用于净偿还贷款、RM81.7 million 用于派发股息，以及 RM8.3 million 用于股份回购。
Source: annual report 2023, page 22.出处：2023 年年报第 22 页。
20242024 年
In 2024, the group generated RM479.4 million in after-tax cash from operating activities, and had net loan drawdowns of RM228.7 million. Outlays included RM337.52 million for water rights at Don Sahong, RM105.1 million for the acquisition of two parcels of land, RM73.0 million for associates and joint venture, RM72.8 million in finance costs paid, RM97.5 million for dividends paid, and RM1.0 million for share buy-backs. Insurance claims received were RM27.8 million.2024 年，集团营运活动产生税后现金 RM479.4 million，净提取贷款 RM228.7 million。支出包括支付 RM337.52 million 购买 Don Sahong 水权、RM105.1 million 用于收购两块土地、RM73.0 million 用于联营及合资企业、支付融资成本 RM72.8 million、派发股息 RM97.5 million，以及 RM1.0 million 用于股份回购。收到的保险索赔款为 RM27.8 million。
Source: annual report 2024, pages 29, 136.出处：2024 年年报第 29、136 页。
20252025 年
In 2025, the group generated post-tax operating cash flow of RM753.5 million. Outflows included capital expenditure of RM222.5 million, investments in joint venture and associates of RM87.4 million, dividend distribution of RM115.8 million, and finance costs of RM57.1 million paid. Total borrowings excluding hire purchase liabilities decreased by RM115.6 million to RM1,030.8 million, while net debt decreased from RM878.1 million to RM564.7 million. Proceeds from share subscriptions by non-controlling interests were RM8.5 million.2025 年，集团营运活动产生税后现金流 RM753.5 million。主要支出包括资本支出 RM222.5 million、联营与合资企业投资 RM87.4 million、股息分配 RM115.8 million 以及已付融资成本 RM57.1 million。不含分期付款负债的总借款减少 RM115.6 million 至 RM1,030.8 million，而净负债由 RM878.1 million 降至 RM564.7 million。非控股权益认购股份所得款项为 RM8.5 million。
Source: annual report 2025, pages 7, 27, 28.出处：2025 年年报第 7、27、28 页。
Across the three years三年合看
The Renewable Energy division was the largest earnings contributor across the period. Generation capacity at Don Sahong expanded to 325 MW following the commercial operation of the fifth turbine in July 2024, alongside a concession extension running until 31 December 2049. Concurrently, the group recorded a share of loss from joint venture and associates of RM13.6 million in 2023, RM66.2 million in 2024, and RM74.3 million in 2025. Total dividend payout increased each year, from 8.25 sen per share in 2023 to 9.0 sen in 2024 and 9.75 sen in 2025.可再生能源部门在整个期间均为主要盈利来源。随着第五台水轮机于 2024 年 7 月投入商业营运，Don Sahong 的发电装机容量扩大至 325 MW，特许经营期延长至 2049 年 12 月 31 日。与此同时，集团录得合资及联营企业亏损分摊：2023 年为 RM13.6 million，2024 年为 RM66.2 million，2025 年为 RM74.3 million。每股股息逐年递增，由 2023 年的 8.25 仙增至 2024 年的 9.0 仙，再增至 2025 年的 9.75 仙。
Source: annual report 2023, pages 15, 21; annual report 2024, pages 8, 9, 23, 24; annual report 2025, pages 7, 27.出处：2023 年年报第 15、21 页；2024 年年报第 8、9、23、24 页；2025 年年报第 7、27 页。
Still to be spent尚未支出的承诺
At the end of 2024, contracted capital expenditure requirements amounted to approximately RM190.4 million, including RM131.8 million for solar projects and RM50.3 million for the Packaging division. By the end of 2025, contracted requirements decreased to approximately RM30.6 million, while committed capital expenditure for renewable energy projects was RM12.49 million.截至 2024 年底，已签约的资本支出需求约为 RM190.4 million，包括太阳能项目的 RM131.8 million 及包装部门的 RM50.3 million。到 2025 年底，已签约需求降至约 RM30.6 million，而可再生能源项目的已承诺资本支出为 RM12.49 million。
Source: annual report 2024, page 31; annual report 2025, pages 28, 41.出处：2024 年年报第 31 页；2025 年年报第 28、41 页。
Four years of figures四年数字
Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。
| Group集团 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 1,339,635 | 1,317,635 | 1,741,879 | 1,419,626 |
| Profit before tax税前盈利 | 490,569 | 476,788 | 509,319 | 425,285 |
| Profit after tax税后盈利 | 475,727 | 451,640 | 491,018 | 404,690 |
| Profit after tax attributable to owners of the Company归属于母公司拥有人税后盈利 | 396,804 | 383,708 | 459,178 | 386,973 |
| Net cash from operating activities营运活动所得现金净额 | 592,443 | 585,137 | 479,360 | 753,494 |
| Dividends paid to owners已付股东股息 | (67,117) | (74,105) | (82,485) | (87,172) |
| Total assets总资产 | 4,289,023 | 4,508,411 | 5,121,355 | 4,958,430 |
| Total borrowings总借款 | 712,953 | 901,331 | 1,146,440 | 1,030,813 |
| Cash and bank balances现金与银行结余 | 135,374 | 163,867 | 112,460 | 178,517 |
| Total equity总权益 | 3,191,026 | 3,224,018 | 3,544,454 | 3,554,205 |
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 |
|---|---|---|
| Commercialisation of Don Sahong's 5th turbine in July 2024, increasing capacity to 325 MW from 260 MWDon Sahong 第五台水轮机预计于 2024 年 7 月商业化运作，装机容量由 260 MW 增至 325 MW | The fifth turbine was commissioned in July 2024, bringing generation capacity to 325 MW.第五台水轮机已于 2024 年 7 月投产，发电装机容量达 325 MW。 Source: annual report 2023, page 16; annual report 2024, pages 8, 40.出处：2023 年年报第 16 页；2024 年年报第 8、40 页。 | Completed已完成 |
| Construction of new warehouse and production site for Hexachase Flexipack expected for completion in the first half of 2024Hexachase Flexipack 的新仓库与生产基地建设预计于 2024 年上半年完工 | The new facility was completed in the fourth quarter of 2024 with startup in 2025.该新设施于 2024 年第四季度完工，并于 2025 年启动运作。 Source: annual report 2023, page 30; annual report 2024, page 4.出处：2023 年年报第 30 页；2024 年年报第 4 页。 | Completed later than said晚于预期完成 |
| Stenta scheduled to start production in a new building in May 2024 with machines for LLDPE filmsStenta 原计划于 2024 年 5 月在现有厂区内的新建筑投产，配置 LLDPE 薄膜生产设备 | Stenta completed construction of the new factory in December 2024 under the first phase of its expansion plan.Stenta 于 2024 年 12 月完成第一阶段扩建计划下的新工厂建设。 Source: annual report 2023, page 30; annual report 2024, page 4; annual report 2025, page 4.出处：2023 年年报第 30 页；2024 年年报第 4 页；2025 年年报第 4 页。 | Completed later than said晚于预期完成 |
| Conduct group-wide GHG inventory by 2025在 2025 年前进行集团范围的温室气体盘查 | The group engaged an external consultant and developed a group-wide GHG inventory in 2024.集团于 2024 年聘请外部顾问并制定了集团范围的温室气体盘查。 Source: annual report 2023, page 34; annual report 2024, pages 32, 38.出处：2023 年年报第 34 页；2024 年年报第 32、38 页。 | Completed earlier than said提前完成 |
| Intends to gradually step-up dividend distribution by circa 10% per annum until payout ratio reaches at least 30%计划每年将股息分配逐步提高约 10%，直至派息率达到至少 30% | Total dividend was 9.0 sen per share for 2024 with an 18% payout ratio, and 9.75 sen per share for 2025.2024 年每股总股息为 9.0 仙，派息率为 18%；2025 年每股总股息为 9.75 仙。 Source: annual report 2023, page 23; annual report 2024, pages 9, 16; annual report 2025, page 7.出处：2023 年年报第 23 页；2024 年年报第 9、16 页；2025 年年报第 7 页。 | Dividend increased股息有所提高 |
| 11.4 MWp solar farm project in Maldives expected to be completed in FY2024马尔代夫 11.4 MWp 太阳能发电场项目预计于 2024 财年完工 | The project experienced delays, with five sites totaling 6.0MW to be completed in the second quarter of 2025.该项目遭遇延期，其中五个站点合计 6.0MW 预计于 2025 年第二季度完工。 Source: annual report 2023, page 16; annual report 2024, page 40; annual report 2025, page 24.出处：2023 年年报第 16 页；2024 年年报第 40 页；2025 年年报第 24 页。 | Still in progress仍在进行中 |
What the reports leave open年报留下待看的事
- Commissioning of two large-scale solar plants totaling 62.4 MWp scheduled for the second quarter of 2026.合计 62.4 MWp 的两座大型太阳能电厂计划于 2026 年第二季度投产。
Source: annual report 2025, page 24.出处：2025 年年报第 24 页。
- Plans to overhaul two turbines in 2026 compared to one in 2025, and the tariff increase from 6.00 cents to 6.05 cents effective January 2026.计划在 2026 年大修两台水轮机（2025 年为一台），以及自 2026 年 1 月起生效的电价从 6.00 美分上调至 6.05 美分。
Source: annual report 2025, page 24.出处：2025 年年报第 24 页。
- Performance of the joint venture and associates, whose losses the group shared at RM74.3 million in 2025.合资企业及联营公司的业绩表现，集团于 2025 年分摊其亏损 RM74.3 million。
Source: annual report 2025, page 27.出处：2025 年年报第 27 页。
- The acquisition of an additional 12.50% equity interest in Stenta Films (Malaysia) Sendirian Berhad at RM1.283 per share and the termination of the put option agreement completed on 6 February 2026.以每股 RM1.283 收购 Stenta Films (Malaysia) Sendirian Berhad 额外 12.50% 股权，以及于 2026 年 2 月 6 日完成终止看跌期权协议。
Source: annual report 2025, page 164.出处：2025 年年报第 164 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。