DailySpaceSeal Incorporated Berhad
4286 · Main Market主板 · annual reports 2023 to 2025, 1356 entries read2023 至 2025 年报，共读出 1356 条
The company这家公司
Seal Incorporated Berhad is involved in investment holding, property investment, building contractor, project manager for property development and extraction and sale of timber, operating only in Malaysia.Seal Incorporated Berhad 从事投资控股、产业投资、建筑承包、物业开发项目管理以及木材开采与销售，业务仅在马来西亚经营。
Source: annual report 2024, pages 73, 120; annual report 2025, page 129.出处：2024 年年报第 73、120 页；2025 年年报第 129 页。
In 2025, revenue was RM41.53 million, including constructions of RM20,968,320 (50% of total revenue), property development of RM10,765,184 (26% of total revenue), and car park income of RM2,601,552 together with marketing services of RM23,454. Construction revenue from Customer B was RM20,968,320.2025 年，营业额为 RM41.53 million，包括建筑 RM20,968,320（占总营业额 50%）、物业开发 RM10,765,184（占总营业额 26%），以及停车场收入 RM2,601,552 与营销服务 RM23,454。来自客户 B 的建筑营业额为 RM20,968,320。
Source: annual report 2025, pages 5, 74, 115, 125, 129.出处：2025 年年报第 5、74、115、125、129 页。
Chen Khai Voon was the largest shareholder, holding 116,334,160 shares (30.68%) in 2023, 128,706,360 shares (30.66%) in 2024, and 128,706,360 shares (28.64%) in 2025. In the 2025 report, his shares were held through pledged securities accounts with Al Rajhi Banking & Investment Corporation (Malaysia) Bhd (61,078,700 shares, 13.59%), Maybank Nominees (Tempatan) Sdn Bhd (44,630,460 shares, 9.93%), RHB Capital Nominees (Tempatan) Sdn. Bhd. (13,733,900 shares, 3.06%), and AMSEC Nominees (Tempatan) Sdn. Bhd. (9,263,300 shares, 2.06%). Koay Shean Loong held 24,894,200 shares (5.54% in 2025).Chen Khai Voon 为最大股东，于 2023 年持有 116,334,160 股（30.68%），2024 年持有 128,706,360 股（30.66%），2025 年持有 128,706,360 股（28.64%）。在 2025 年报中，其股份通过抵押证券账户持有：Al Rajhi Banking & Investment Corporation (Malaysia) Bhd（61,078,700 股，13.59%）、Maybank Nominees (Tempatan) Sdn Bhd（44,630,460 股，9.93%）、RHB Capital Nominees (Tempatan) Sdn. Bhd.（13,733,900 股，3.06%）以及 AMSEC Nominees (Tempatan) Sdn. Bhd.（9,263,300 股，2.06%）。Koay Shean Loong 持有 24,894,200 股（2025 年为 5.54%）。
Source: annual report 2023, page 136; annual report 2024, page 152; annual report 2025, pages 145, 146.出处：2023 年年报第 136 页；2024 年年报第 152 页；2025 年年报第 145、146 页。
Koay Shean Loong was appointed Executive Director on 21 December 2020 and re-designated Group Chief Executive Officer on 1 September 2023. Mdm. Lee Swee Kheng was appointed Independent Non-Executive Director on 17 October 2023 and appointed Chairman on 24 June 2024 following the resignation of Tuan Haji Abdul Hamid bin Mohd Hassan. Datuk Tan Hiang Joo retired as Senior Independent Non-Executive Director on 19 December 2024, and Datuk Wira Syed Amir Syakib Arsalan bin Syed Ibrahim was appointed Independent Non-Executive Director on 24 June 2024. The reports disclose that Tuan Haji, Mdm. Lee and Mr. Koay have no family relationship with any Director and/or major shareholder.Koay Shean Loong 于 2020 年 12 月 21 日获委任为执行董事，并于 2023 年 9 月 1 日调任为集团首席执行员。Mdm. Lee Swee Kheng 于 2023 年 10 月 17 日获委任为独立非执行董事，并在 Tuan Haji Abdul Hamid bin Mohd Hassan 辞职后于 2024 年 6 月 24 日出任主席。Datuk Tan Hiang Joo 于 2024 年 12 月 19 日卸任高级独立非执行董事，Datuk Wira Syed Amir Syakib Arsalan bin Syed Ibrahim 于 2024 年 6 月 24 日获委任为独立非执行董事。年报披露 Tuan Haji、Mdm. Lee 与 Mr. Koay 与任何董事及/或主要股东均无亲属关系。
Source: annual report 2023, pages 20, 27; annual report 2024, pages 45, 51, 61, 74; annual report 2025, pages 39, 40, 50.出处：2023 年年报第 20、27 页；2024 年年报第 45、51、61、74 页；2025 年年报第 39、40、50 页。
Revenue by segment, 2025 (RM'000)2025 年各分部营业额（千令吉）
Source: annual report 2025, page 5.出处：2025 年年报第 5 页。
Major events大事记
Source: annual report 2023, page 7.出处：2023 年年报第 7 页。
Source: annual report 2023, pages 7, 48.出处：2023 年年报第 7、48 页。
Source: annual report 2023, page 7; annual report 2024, page 9.出处：2023 年年报第 7 页；2024 年年报第 9 页。
Source: annual report 2024, page 9.出处：2024 年年报第 9 页。
Source: annual report 2024, pages 10, 107.出处：2024 年年报第 10、107 页。
Source: annual report 2024, pages 10, 146.出处：2024 年年报第 10、146 页。
Source: annual report 2024, pages 45, 74.出处：2024 年年报第 45、74 页。
Source: annual report 2024, pages 145, 146.出处：2024 年年报第 145、146 页。
Source: annual report 2025, pages 7, 9.出处：2025 年年报第 7、9 页。
Source: annual report 2025, page 7.出处：2025 年年报第 7 页。
Revenue, profit before tax and operating cash营业额、税前盈利与营运现金
Assets, equity and borrowings总资产、总权益与总借款
20232023 年
Revenue rose to RM51.5 million from RM9.5 million, with profit before tax of RM16.1 million compared to RM3.9 million in the preceding year. Revenue included RM39,350,000 from sales of land and RM5,169,000 from sales of completed development properties. Fair value gain on investment properties was RM6,841,100, while impairment loss on timber concessions was RM4,733,124. The company raised RM7,078,154 by issuing 28,312,618 new ordinary shares at RM0.25 each through a private placement, and received RM2,442,989 from the disposal of 5,451,100 treasury shares. Net cash from operating activities was RM9,081,081. Term loans of RM500,000 were drawn down while RM7,856,291 was repaid, and fixed deposits placed with licensed banks took RM9,675,000.营业额由前一年的 RM9.5 million 增至 RM51.5 million，税前盈利由 RM3.9 million 增至 RM16.1 million。营业额包括来自土地出售的 RM39,350,000 与已竣工开发物业出售的 RM5,169,000。投资产业公允价值收益为 RM6,841,100，而木材特许权减值亏损为 RM4,733,124。公司通过私募以每股 RM0.25 发行 28,312,618 股新普通股筹得 RM7,078,154，并出售 5,451,100 股库存股获得 RM2,442,989。营运活动所得现金净额为 RM9,081,081。提取定期贷款 RM500,000，偿还定期贷款 RM7,856,291，并在持牌银行存放定期存款耗用 RM9,675,000。
Source: annual report 2023, pages 6, 7, 48, 51, 52, 63, 66, 105.出处：2023 年年报第 6、7、48、51、52、63、66、105 页。
20242024 年
Revenue fell 70% to RM15.7 million and the group recorded a loss before tax of RM1.84 million. Net cash used in operating activities was RM21,119,331. A private placement raised RM16,194,818 (RM16.2 million) by issuing 62,287,760 new ordinary shares to the Subscriber at RM0.26 each. The group subscribed a 20% equity interest in MSRGE for RM15,000,000, paying RM8,704,220 in cash for ordinary shares and RM6,295,780 for irredeemable convertible preference shares. Drawdown of term loans was RM11,731,519 while term loan repayments were RM4,746,476, and total borrowings were RM74,066,685 at year end. Dividends of RM3,600,000 were paid to non-controlling interests. Reversal of provision of construction completion costs was RM5,473,091. Following termination of the term sheet with HMPP and IGSB, RM2.6 million of the RM5.1 million refundable sum was received.营业额下降 70% 至 RM15.7 million，集团录得税前亏损 RM1.84 million。营运活动所用现金净额为 RM21,119,331。私募以每股 RM0.26 向认购人发行 62,287,760 股新普通股筹得 RM16,194,818（RM16.2 million）。集团以 RM15,000,000 认购 MSRGE 的 20% 股权，其中普通股支付现金 RM8,704,220，不可赎回可转换优先股支付 RM6,295,780。提取定期贷款 RM11,731,519，偿还定期贷款 RM4,746,476，年末总借款为 RM74,066,685。向非控股权益派发股息 RM3,600,000。转回建筑竣工成本拨备 RM5,473,091。在终止与 HMPP 和 IGSB 的条款清单后，RM5.1 million 应退款项中收回了 RM2.6 million。
Source: annual report 2024, pages 7, 9, 10, 73, 85, 88, 89, 107.出处：2024 年年报第 7、9、10、73、85、88、89、107 页。
20252025 年
Revenue increased 164% to RM41.53 million, and profit before tax was RM9.35 million. Cash used in operating activities was RM19,881,189. The company acquired an additional 10% equity interest in MSRGE for RM21 million, satisfied by cash of RM3,000,000 and the issuance of 29,508,197 new ordinary shares valued at RM18,000,000 (RM0.61 per share). Total borrowings rose to RM88,223,776. Term loan drawdowns were RM8,883,973 (repayments of RM6,236,410), net changes in revolving credit were RM8,000,000, and net changes in factoring loans were RM5,554,865. The group recovered the full RM5.1 million from the terminated HMPP investment. Fair value gain on investment properties was RM3,290,000, while impairment loss on timber concessions was RM1,501,509.营业额增长 164% 至 RM41.53 million，税前盈利为 RM9.35 million。营运活动所用现金为 RM19,881,189。公司以 RM21 million 收购 MSRGE 额外 10% 股权，以现金 RM3,000,000 及发行价值 RM18,000,000 的 29,508,197 股新普通股（每股 RM0.61）支付。总借款升至 RM88,223,776。提取定期贷款 RM8,883,973（偿还 RM6,236,410），循环信贷净变动 RM8,000,000，保理贷款净变动 RM5,554,865。集团收回了已终止 HMPP 投资的全部 RM5.1 million 款项。投资产业公允价值收益为 RM3,290,000，木材特许权减值亏损为 RM1,501,509。
Source: annual report 2025, pages 5, 6, 7, 8, 66, 79, 81, 83, 89, 100, 118.出处：2025 年年报第 5、6、7、8、66、79、81、83、89、100、118 页。
Across the three years三年合看
Operating cash flow moved from positive RM9,081,081 in 2023 to negative RM21,119,331 in 2024 and negative RM19,881,189 in 2025. Total borrowings grew from RM68,345,902 in 2023 to RM74,066,685 in 2024 and RM88,223,776 in 2025. Investment properties carried at RM123,342,000 in 2023, RM153,377,000 in 2024, and RM157,012,000 in 2025 were pledged to licensed banks. The group paid no dividends to its own shareholders in any of the three years, while dividends paid to non-controlling interests were RM3,600,000 in 2024.营运现金流由 2023 年的正 RM9,081,081 转为 2024 年的负 RM21,119,331 及 2025 年的负 RM19,881,189。总借款从 2023 年的 RM68,345,902 增至 2024 年的 RM74,066,685 及 2025 年的 RM88,223,776。账面值分别为 RM123,342,000（2023 年）、RM153,377,000（2024 年）及 RM157,012,000（2025 年）的投资产业已抵押给持牌银行。集团三年内均未向自身股东派发股息，而在 2024 年向非控股权益派发了 RM3,600,000 股息。
Source: annual report 2023, pages 51, 90; annual report 2024, pages 73, 85, 89, 99; annual report 2025, pages 66, 93.出处：2023 年年报第 51、90 页；2024 年年报第 73、85、89、99 页；2025 年年报第 66、93 页。
Still to be spent尚未支出的承诺
As at 30 June 2025, corporate guarantees issued to financial institutions for banking facilities granted to subsidiaries had a limit of RM143,500,000 with a maximum exposure of RM83,889,820, alongside a corporate guarantee limit of RM60,600,000 granted to an associate where exposure was RM Nil. Future minimum rental receivable under non-cancellable operating leases was RM11,762,319.截至 2025 年 6 月 30 日，为子公司银行授信向金融机构出具的公司担保额度为 RM143,500,000，最高风险敞口为 RM83,889,820；为联营公司提供的公司担保额度为 RM60,600,000，实际敞口为 RM Nil。不可撤销经营租赁下的未来最低应收租金为 RM11,762,319。
Source: annual report 2025, pages 93, 118, 136.出处：2025 年年报第 93、118、136 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 | 9,537,589 | 51,497,360 | 15,704,786 | 41,533,155 |
| Profit/(Loss) before tax税前盈利/（亏损） | 3,879,308 | 16,158,685 | (1,841,241) | 9,353,673 |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | (6,316,431) | 9,081,081 | (21,119,331) | (19,881,189) |
| Purchase of property, plant and equipment购置物业、厂房及设备 | (116,890) | (682,760) | (644,546) | (88,902) |
| Total assets总资产 | 447,715,799 | 485,180,559 | 505,490,485 | 601,065,154 |
| Total liabilities总负债 | 133,047,700 | 149,032,889 | 148,147,097 | 218,763,014 |
| Total equity总权益 | 314,668,099 | 336,147,670 | 357,343,388 | 382,302,140 |
| Total borrowings总借款 | 75,291,619 | 68,345,902 | 74,066,685 | 88,223,776 |
| Cash and bank balances现金与银行结余 | 6,229,243 | 14,052,606 | 28,716,169 | 19,416,950 |
| Other investments其他投资 | 14,099,477 | 9,997,247 | 450,959 | 759,814 |
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 |
|---|---|---|
| Queensville phase 2 was scheduled to commence in the fourth quarter of 2023Queensville 第二期原定于 2023 年第四季度动工 | The 2024 report recorded commencement of Queensville Phase 2b (Quartz Residenz) with an order book of RM132 million, and by 30 June 2025 it achieved a cumulative completion rate of approximately 20.1%.2024 年报记录 Queensville Phase 2b（Quartz Residenz）动工，建筑订单簿为 RM132 million；截至 2025 年 6 月 30 日，其累计完工率约为 20.1%。 Source: annual report 2023, page 5; annual report 2024, pages 6, 8; annual report 2025, page 7.出处：2023 年年报第 5 页；2024 年年报第 6、8 页；2025 年年报第 7 页。 | Commenced and in progress已动工并在进行中 |
| Commencement of BAYAN SUITE was estimated in the year 2024BAYAN SUITE 预计将于 2024 年动工 | The 2024 report noted a delay in launching Bayan Suite, and it was launched in November 2024, achieving a take-up rate of 41.6% by 30 June 2025.2024 年报提及 Bayan Suite 推迟推介，该项目于 2024 年 11 月推介，截至 2025 年 6 月 30 日取得 41.6% 认购率。 Source: annual report 2023, page 5; annual report 2024, page 8; annual report 2025, pages 5, 7.出处：2023 年年报第 5 页；2024 年年报第 8 页；2025 年年报第 5、7 页。 | Launched later than estimated推介迟于预估 |
| The proposed investments under the binding term sheet with HMPP and IGSB were expected to be completed in the financial year 2024与 HMPP 和 IGSB 签署的具约束力条款清单项下的拟议投资预计于 2024 财政年度完成 | The company terminated the term sheet on 9 April 2024 due to unsatisfactory due diligence, and recovered RM5.1 million in full on 16 July 2025.因尽职调查不满意，公司于 2024 年 4 月 9 日终止该条款清单，并于 2025 年 7 月 16 日全额收回 RM5.1 million。 Source: annual report 2023, page 7; annual report 2024, pages 10, 146; annual report 2025, page 8.出处：2023 年年报第 7 页；2024 年年报第 10、146 页；2025 年年报第 8 页。 | Terminated and deposit refunded已终止并退还定金 |
| The proposed acquisition of an additional 10% ordinary shares in MSRGE for RM21 million was expected to be completed in the financial year 2025以 RM21 million 收购 MSRGE 额外 10% 普通股的拟议收购预计于 2025 财政年度完成 | In March 2025, the group completed the acquisition of the additional 10% equity interest in MSRGE, increasing its shareholding from 20% to 30%.集团于 2025 年 3 月完成收购 MSRGE 额外 10% 股权，持股比例从 20% 增至 30%。 Source: annual report 2024, page 10; annual report 2025, page 7.出处：2024 年年报第 10 页；2025 年年报第 7 页。 | Carried out已执行 |
| Datuk Wira Syed Amir Syakib Arsalan bin Syed Ibrahim will attend and complete the MAP II within eighteen (18) months from his appointment dateDatuk Wira Syed Amir Syakib Arsalan bin Syed Ibrahim 将在委任之日起 18 个月内参加并完成 MAP II | The 2025 report stated that all current Directors of the Company have completed the MAP II as of the date of the report.2025 年报说明截至报告日期公司所有现任董事均已完成 MAP II。 Source: annual report 2024, page 61; annual report 2025, page 54.出处：2024 年年报第 61 页；2025 年年报第 54 页。 | Completed已完成 |
What the reports leave open年报留下待看的事
- Completion of Queensville Phase 2B (Quartz Residence) with 216 serviced apartments and Bayan Suite with 326 serviced apartments and 20 shop lots, both expected to be completed by the first half of 2027.Queensville Phase 2B（Quartz Residence，含 216 套服务式公寓）与 Bayan Suite（含 326 套服务式公寓及 20 间店面）的完工进展，两者预计均于 2027 年上半年完工。
Source: annual report 2025, page 7.出处：2025 年年报第 7 页。
- Commencement of Queensville Phase 2C by phases, comprising 2 blocks of serviced apartments with 756 units and a four-storey shopping mall with an estimated GDV of RM671 million.Queensville Phase 2C 的分阶段动工，包含 2 栋共 756 套服务式公寓及一座四层商场，预计总开发价值为 RM671 million。
Source: annual report 2025, page 8.出处：2025 年年报第 8 页。
- The corporate guarantee limit of RM60,600,000 approved by shareholders for banking facilities granted to an associate company, against zero drawn exposure at year end.股东批准为联营公司银行授信提供 RM60,600,000 公司担保额度，截至年末实际提款敞口为零。
Source: annual report 2025, pages 8, 136.出处：2025 年年报第 8、136 页。
- Completion of the disposal of 3 units of leasehold shoplots reclassified to non-current assets held for sale for cash consideration of RM2,170,000.重分类至持作出售非流动资产的 3 间租赁店面出售的完成情况，现金对价为 RM2,170,000。
Source: annual report 2025, pages 77, 87, 109.出处：2025 年年报第 77、87、109 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。