DailySpaceMulpha International Bhd.
3905 · Main Market主板（Main Market） · annual reports 2023 to 2025, 2233 entries read2023 至 2025 年报，共读出 2233 条
The company这家公司
Mulpha International has a property investment and finance business and a presence in Malaysia, Singapore, Australia, New Zealand and the United Kingdom (recently exited).Mulpha International 经营房地产投资与金融业务，业务遍及马来西亚、新加坡、澳大利亚、新西兰与英国（近期已退出）。
Source: annual report 2023, page 189; annual report 2025, pages 5, 142.出处：2023 年年报第 189 页；2025 年年报第 5、142 页。
Mount Glory Investments Limited holds a deemed interest of 60.39% (184,916,442 shares). Magic Unicorn Limited holds 34.88% (106,792,242 shares) and Nautical Investments Limited holds 24.66% (75,507,000 shares). Executive Chairman Lee Seng Huang holds 20,000,000 shares (6.53%) and has a deemed interest of 199,422,402 shares (65.13%), and is the son of major shareholder Lee Ming Tee. Pledged accounts include Kenanga Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Cheong Chen Yue with 770,300 shares (0.25%) and for Chin Kiam Hsung with 615,750 shares (0.20%).Mount Glory Investments Limited 持有 60.39% 视同权益（184,916,442 股）。Magic Unicorn Limited 持有 34.88%（106,792,242 股），Nautical Investments Limited 持有 24.66%（75,507,000 股）。执行主席 Lee Seng Huang 登记持有 20,000,000 股（6.53%）并拥有 199,422,402 股（65.13%）视同权益，他是主要股东 Lee Ming Tee 的儿子。抵押证券账户包括 Kenanga Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Cheong Chen Yue 持有 770,300 股（0.25%）以及为 Chin Kiam Hsung 抵押的 615,750 股（0.20%）。
Source: annual report 2025, pages 9, 175, 176.出处：2025 年年报第 9、175、176 页。
Loong Caesar retired from the Board on 6 June 2024 and Lee Eng Leong resigned on 12 June 2024. Chief Executive Officer Gregory David Shaw retired on 5 December 2025. Mr Gorridge was appointed Chief Financial Officer on 22 November 2023, and Mr Sutton was appointed Chief Financial Officer on 2 July 2025. In August 2025, the Board approved the proposed change of external auditors from KPMG to Grant Thornton.Loong Caesar 于 2024 年 6 月 6 日从董事会退任，Lee Eng Leong 于 2024 年 6 月 12 日辞职。首席执行员 Gregory David Shaw 于 2025 年 12 月 5 日退休。Mr Gorridge 于 2023 年 11 月 22 日获委任为首席财务员，Mr Sutton 则于 2025 年 7 月 2 日获委任为首席财务员。2025 年 8 月，董事会批准将外部审计师由 KPMG 更换为 Grant Thornton 的建议。
Source: annual report 2023, page 13; annual report 2024, page 38; annual report 2025, pages 10, 25, 31, 38.出处：2023 年年报第 13 页；2024 年年报第 38 页；2025 年年报第 10、25、31、38 页。
Revenue by segment, 20252025 年各分部营业额
Source: annual report 2025, page 148.出处：2025 年年报第 148 页。
Revenue by geographical market, 20252025 年各地区营业额
Source: annual report 2025, page 150.出处：2025 年年报第 150 页。
Major events大事记
Source: annual report 2023, page 20.出处：2023 年年报第 20 页。
Source: annual report 2023, pages 13, 22.出处：2023 年年报第 13、22 页。
Source: annual report 2024, pages 38, 107, 118.出处：2024 年年报第 38、107、118 页。
Source: annual report 2025, pages 108, 125.出处：2025 年年报第 108、125 页。
Source: annual report 2025, pages 17, 31.出处：2025 年年报第 17、31 页。
Total assets, equity and borrowings总资产、总权益与总借款
20232023 年
In 2023, net cash from operating activities was RM89.5 million. Net cash used in investing activities was RM163.98 million, with RM294.8 million spent on acquiring property, plant and equipment, RM11.8 million on capital expenditure for investment properties, and RM8,510,000 on business acquisitions, offset by RM154.5 million in dividends received. Net cash from financing activities was RM129.2 million, with net drawdown of loans and borrowings of RM142.7 million. Dividends of RM3.2 million were paid to non-controlling interests, and no dividend was paid to owners. Total borrowings ended at RM2,190.2 million and cash and cash equivalents stood at RM229.1 million.2023 年，营运活动所得现金净额为 RM89.5 million。投资活动所用现金净额为 RM163.98 million，其中购置物业、厂房及设备支出 RM294.8 million，投资产业资本支出 RM11.8 million，收购业务支出 RM8,510,000，收取股息 RM154.5 million 作出部分抵销。融资活动所得现金净额为 RM129.2 million，净提取贷款及借款 RM142.7 million。向非控股权益支付股息 RM3.2 million，未向股东派发股息。贷款及借款总额为 RM2,190.2 million，现金与现金等价物结余为 RM229.1 million。
Source: annual report 2023, pages 27, 110, 122, 123, 176, 212.出处：2023 年年报第 27、110、122、123、176、212 页。
20242024 年
In 2024, net cash used in operating activities was RM326 million. Cash used in investing activities was RM98 million, with RM60 million spent on property, plant and equipment, while dividends received from investment securities were RM126 million. Cash from financing activities was RM344 million, with net drawdown of loans and borrowings of RM367 million. The company spent RM13 million to repurchase 5,000,000 ordinary shares at an average cost of RM2.51 per share as treasury shares, paid RM5 million in dividends to non-controlling interests, and recommended no dividend to shareholders. Total borrowings ended at RM2,294 million and cash and cash equivalents stood at RM150 million.2024 年，营运活动所用现金净额为 RM326 million。投资活动所用现金为 RM98 million，其中购置物业、厂房及设备支出 RM60 million，收取投资证券股息 RM126 million。融资活动所得现金为 RM344 million，净提取贷款及借款 RM367 million。公司耗资 RM13 million 以平均每股 RM2.51 购回 5,000,000 股普通股作为库存股，向非控股权益支付股息 RM5 million，未向股东建议派发股息。贷款及借款总额增至 RM2,294 million，现金与现金等价物结余为 RM150 million。
Source: annual report 2024, pages 25, 105, 107, 117, 118, 170.出处：2024 年年报第 25、105、107、117、118、170 页。
20252025 年
In 2025, net cash from operating activities was RM86 million. Cash from investing activities was RM688 million, attributed to divestment proceeds from Aveo Group, Capri on Via Roma and New Pegasus. The company paid RM43 million to acquire the remaining 4% non-controlling interest in AOG Limited Partnership, RM68 million for property, plant and equipment, and RM10 million for business acquisitions. Cash used in financing activities was RM529 million, with net repayment of loans and borrowings of RM527 million. No dividend was recommended to shareholders. Total borrowings declined to RM1,717 million.2025 年，营运活动所得现金净额为 RM86 million。投资活动所得现金为 RM688 million，归因于年内脱售 Aveo Group、Capri on Via Roma 以及 New Pegasus 的所得款项。公司支付 RM43 million 收购 AOG Limited Partnership 剩余 4% 的非控股权益，物业、厂房及设备支出 RM68 million，收购业务支出 RM10 million。融资活动所用现金为 RM529 million，净偿还贷款及借款 RM527 million。未向股东建议派发股息。贷款及借款总额降至 RM1,717 million。
Source: annual report 2025, pages 20, 87, 98, 120, 133, 136, 168.出处：2025 年年报第 20、87、98、120、133、136、168 页。
Across the three years三年合看
Across the three years, the company paid no dividends to ordinary shareholders, while paying RM3,164,000 in 2023 and RM5 million in 2024 to non-controlling interests. In 2024 it bought 5,000,000 shares for RM13 million as treasury shares. In 2025 the Group completed the disposal of an investment property for AUD84 million (RM232 million) with a loss on disposal of RM5 million, and the divestment of TopCo for AUD300 million (RM824 million) with a gain on disposal of RM388 million. Total borrowings moved from RM1,951,191,000 at end 2022 to RM2,190,166,000 in 2023 and RM2,294 million in 2024, before falling to RM1,717 million in 2025.三年合看，公司未向普通股股东派发任何股息，而在 2023 年向非控股权益支付 RM3,164,000，2024 年支付 RM5 million。2024 年公司耗资 RM13 million 购回 5,000,000 股作为库存股。集团在 2025 年以 AUD84 million（RM232 million）完成脱售一项投资产业，录得脱售亏损 RM5 million；并以 AUD300 million（RM824 million）完成脱售 TopCo，录得脱售收益 RM388 million。贷款及借款总额由 2022 年底的 RM1,951,191,000 增至 2023 年的 RM2,190,166,000 及 2024 年的 RM2,294 million，随后在 2025 年降至 RM1,717 million。
Source: annual report 2023, pages 110, 123, 176; annual report 2024, pages 105, 107, 118, 170; annual report 2025, pages 87, 108, 125, 136.出处：2023 年年报第 110、123、176 页；2024 年年报第 105、107、118、170 页；2025 年年报第 87、108、125、136 页。
Still to be spent尚未支出的承诺
Capital expenditure commitments for property, plant and equipment contracted but not provided for were RM16,835,000 in 2023 and RM263 million in 2024, and were nil in 2025. In 2023, commitments authorised but not contracted for were RM91,000. At the end of 2025, contingent liabilities included guarantees and letters of credit of RM46 million.已签约但未拨备的物业、厂房及设备资本支出承诺在 2023 年为 RM16,835,000，2024 年为 RM263 million，2025 年为零。2023 年已批准但未签约的承诺为 RM91,000。截至 2025 年底，或有负债包括 RM46 million 的担保及信用证。
Source: annual report 2023, page 209; annual report 2024, page 204; annual report 2025, pages 166, 167.出处：2023 年年报第 209 页；2024 年年报第 204 页；2025 年年报第 166、167 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 | 970,918 | 1,200,994 | 1,033 | 1,591 |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | 42,667 | 89,466 | (326) | 86 |
| Acquisition of property, plant and equipment购置物业、厂房及设备 | (265,966) | (294,762) | (60) | (68) |
| Net cash (used in)/from investing activities投资活动（所用）/所得现金净额 | (559,521) | (163,978) | (98) | 688 |
| Net cash from/(used in) financing activities融资活动所得/（所用）现金净额 | 343,082 | 129,243 | 344 | (529) |
| Total assets总资产 | 5,917,682 | 6,343,172 | 6,201 | 6,077 |
| Total liabilities总负债 | 2,364,255 | 2,717,396 | 2,767 | 2,338 |
| Total equity总权益 | 3,553,427 | 3,625,776 | 3,434 | 3,739 |
| Total borrowings总借款 | 1,951,191 | 2,190,166 | 2,294 | 1,717 |
| Cash and cash equivalents at 31 December于 12 月 31 日的现金与现金等价物 | 164,351 | 229,074 | 150 | 390 |
| Dividends paid to non-controlling interests已付非控股权益股息 | (665) | (3,164) | (5) | 0 |
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 |
|---|---|---|
| Deliver Harbour One and Norwest Quarter projects over 2024 and 2025在 2024 至 2025 年间交付 Harbour One 与 Norwest Quarter 项目 | Harbour One was delayed to FY2025; Harbour One was completed in the third quarter of 2025 and Norwest Quarter Stage 1 in the fourth quarter of 2025.Harbour One 推迟至 2025 财年；Harbour One 于 2025 年第三季度完工，Norwest Quarter 第一期于 2025 年第四季度完工。 Source: annual report 2023, page 20; annual report 2024, page 18; annual report 2025, page 17.出处：2023 年年报第 20 页；2024 年年报第 18 页；2025 年年报第 17 页。 | Harbour One and Norwest Quarter Stage 1 completed in 2025Harbour One 与 Norwest Quarter 第一期于 2025 年完工 |
| Launch the Mulpha Real Estate Debt Fund onto the Netwealth private wealth platform in 2024于 2024 年将 Mulpha Real Estate Debt Fund 投放至 Netwealth 私募财富平台 | The fund launched onto the Netwealth platform in 2024.该基金已于 2024 年投放至 Netwealth 平台。 Source: annual report 2023, page 24; annual report 2024, page 22.出处：2023 年年报第 24 页；2024 年年报第 22 页。 | Carried out已执行 |
| Commence reporting on waste management data in 2024于 2024 年开始报告废物管理数据 | The group commenced tracking waste data in Malaysia in 2024, recording 92.5 tonnes of waste at Leisure Farm.集团于 2024 年开始追踪马来西亚的废物数据，在 Leisure Farm 记录了 92.5 吨废物。 Source: annual report 2023, page 91; annual report 2024, page 85.出处：2023 年年报第 91 页；2024 年年报第 85 页。 | Carried out已执行 |
| Complete the sale of Capri on Via Roma in the second quarter of 2025 for AUD85.5 million于 2025 年第二季度以 AUD85.5 million 完成出售 Capri on Via Roma | The 2025 report records the completed disposal of an investment property for AUD84 million (RM232 million) without naming it.2025 年年报记录以 AUD84 million（RM232 million）完成脱售一项投资产业，但未写明其名称。 Source: annual report 2024, page 21; annual report 2025, page 108.出处：2024 年年报第 21 页；2025 年年报第 108 页。 | Not stated by name未按名称说明 |
| Complete the divestment of the 20% shareholding in Brimbank Shopping Centre in 2025于 2025 年完成脱售 Brimbank Shopping Centre 20% 的股权 | The divestment was completed in 2025 for AUD16 million (RM45 million).该脱售于 2025 年以 AUD16 million（RM45 million）完成。 Source: annual report 2024, page 168; annual report 2025, page 124.出处：2024 年年报第 168 页；2025 年年报第 124 页。 | Carried out已执行 |
What the reports leave open年报留下待看的事
- The appointment of a new Chief Executive Officer following the retirement of Gregory David Shaw on 5 December 2025.Gregory David Shaw 于 2025 年 12 月 5 日退休后新任首席执行员的委任进展。
Source: annual report 2025, page 25.出处：2025 年年报第 25 页。
- Development of the 6.4-hectare site in Castle Hill into 63 residential land lots following its acquisition.在 Castle Hill 收购的 6.4 公顷土地开发为 63 块住宅用地的进展。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
- Total undiscounted lease payments, which fell from RM368 million in 2024 to RM261 million in 2025, with RM54 million due within one year.未折现租赁付款总额由 2024 年的 RM368 million 降至 2025 年的 RM261 million，其中一年内到期的为 RM54 million。
Source: annual report 2025, page 108.出处：2025 年年报第 108 页。
- Total borrowings, which stood at RM1,717 million at the end of 2025 compared to RM2,294 million in 2024.贷款及借款总额，2025 年底为 RM1,717 million，而 2024 年为 RM2,294 million。
Source: annual report 2025, page 136.出处：2025 年年报第 136 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-02.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 2026-11-02。