DailySpaceEpicon Berhad
4847 · Main Market主板（Main Market） · annual reports 2023 to 2025, 1620 entries read2023 至 2025 年报，共读出 1620 条
The company这家公司
Epicon Berhad, formerly known as Konsortium Transnasional Berhad, is a Malaysian construction contractor. The company diversified from public bus transportation into construction in 2021 through Transnational Builder Sdn Bhd, focusing on affordable residential and commercial properties. In August 2023 it disposed of its express bus business, Park May Berhad, as part of a regularisation plan, and divested non-core bus operations since March 2024. In July 2024 its stock exchange sector was reclassified to Construction, and in February 2025 it acquired a 70% stake in precast concrete specialist Concrete Empire Sdn Bhd.Epicon Berhad（前称 Konsortium Transnasional Berhad）是一家马来西亚建筑承包商。该公司于 2021 年通过 Transnational Builder Sdn Bhd 从公共巴士运输业务多元化进军建筑业，专注于可负担住宅与商业物业。2023 年 8 月，作为重组计划的一部分，公司脱售了其长途巴士业务 Park May Berhad，并自 2024 年 3 月起剥离非核心巴士业务。2024 年 7 月，其交易所行业分类变更为建筑业，并在 2025 年 2 月收购了预制混凝土专营公司 Concrete Empire Sdn Bhd 的 70% 股权。
Source: annual report 2023, pages 13, 15, 22, 83; annual report 2024, pages 13, 15; annual report 2025, pages 15, 23.出处：2023 年年报第 13、15、22、83 页；2024 年年报第 13、15 页；2025 年年报第 15、23 页。
In 2023, construction contributed RM128.1 million (74.49%) of total revenue of RM171.93 million, while stage buses contributed RM22.1 million and express buses RM21.8 million. By 2025, revenue was RM179.24 million, with construction contracts providing RM178.2 million and sales of building materials RM1.01 million. In 2025, five customers represented 73% of gross trade receivables; construction services by Transnational Builder Sdn. Bhd. to Maju Teluk Batik Sdn. Bhd., in which major shareholders are interested, came to RM51,805,337.2023 年，在总营业额 RM171.93 million 中，建筑业务贡献了 RM128.1 million（74.49%），短途巴士贡献 RM22.1 million，长途巴士贡献 RM21.8 million。到了 2025 年，营业额为 RM179.24 million，其中建筑合同提供 RM178.2 million，建筑材料销售提供 RM1.01 million。2025 年，五名客户占贸易应收账款总额的 73%；Transnational Builder Sdn. Bhd. 向主要股东有利益关系的 Maju Teluk Batik Sdn. Bhd. 提供的建筑服务为 RM51,805,337。
Source: annual report 2023, pages 13, 15; annual report 2025, pages 12, 77, 126, 169, 175.出处：2023 年年报第 13、15 页；2025 年年报第 12、77、126、169、175 页。
Doh Properties Sdn Bhd is the largest shareholder, holding 67,000,000 shares (11.26% in 2023, and 10.68% in 2024 and 2025) through a pledged securities account with Amsec Nominees (Tempatan) Sdn Bhd. Dato' Doh Tee Leong held 10,212,700 shares (1.72% in 2023, and 1.63% in 2024 and 2025) through a pledged account with Public Nominees (Tempatan) Sdn Bhd.Doh Properties Sdn Bhd 为最大股东，通过 Amsec Nominees (Tempatan) Sdn Bhd 的抵押证券账户持有 67,000,000 股（2023 年占 11.26%，2024 及 2025 年占 10.68%）。Dato' Doh Tee Leong 通过 Public Nominees (Tempatan) Sdn Bhd 的抵押账户持有 10,212,700 股（2023 年占 1.72%，2024 及 2025 年占 1.63%）。
Source: annual report 2023, pages 155, 156; annual report 2024, pages 92, 168, 169; annual report 2025, pages 158, 189, 190.出处：2023 年年报第 155、156 页；2024 年年报第 92、168、169 页；2025 年年报第 158、189、190 页。
In May 2023, a director was re-designated Independent Non-Executive Chairman, and Loh Pek Mee and Fahariah binti Abdul Wahab joined as Independent Non-Executive Directors. In October 2024, Koong Wai Seng became Executive Chairman, while Ahmed Azhar bin Abdullah returned to an Independent Non-Executive Director role. In September 2025, Koong Wai Seng resigned as Executive Chairman and Dato' Doh Tee Leong resigned as Executive Director, and Datuk Kong Woon Jun was appointed Independent Non-Executive Chairman.2023 年 5 月，一名董事调任为独立非执行主席，Loh Pek Mee 和 Fahariah binti Abdul Wahab 加入董事会担任独立非执行董事。2024 年 10 月，Koong Wai Seng 出任执行主席，而 Ahmed Azhar bin Abdullah 转回担任独立非执行董事。2025 年 9 月，Koong Wai Seng 辞去执行主席职务，Dato' Doh Tee Leong 辞去执行董事职务，Datuk Kong Woon Jun 获委任为独立非执行主席。
Source: annual report 2023, pages 6, 8, 9; annual report 2024, pages 6, 8, 72; annual report 2025, pages 6, 86.出处：2023 年年报第 6、8、9 页；2024 年年报第 6、8、72 页；2025 年年报第 6、86 页。
Revenue by business activity, 20232023 年各项业务营业额
Source: annual report 2023, pages 15, 141.出处：2023 年年报第 15、141 页。
Major events大事记
Source: annual report 2023, page 83.出处：2023 年年报第 83 页。
Source: annual report 2023, pages 15, 76, 111.出处：2023 年年报第 15、76、111 页。
Source: annual report 2023, page 17.出处：2023 年年报第 17 页。
Source: annual report 2024, pages 13, 167.出处：2024 年年报第 13、167 页。
Source: annual report 2024, pages 13, 16.出处：2024 年年报第 13、16 页。
Source: annual report 2024, pages 84, 167.出处：2024 年年报第 84、167 页。
Source: annual report 2024, page 15; annual report 2025, pages 15, 140.出处：2024 年年报第 15 页；2025 年年报第 15、140 页。
Source: annual report 2025, pages 15, 187.出处：2025 年年报第 15、187 页。
Source: annual report 2025, page 16.出处：2025 年年报第 16 页。
Revenue, profit before tax and operating cash营业额、税前盈利与营运现金
Total assets, borrowings and total equity总资产、借款与总权益
20232023 年
A private placement of 125,000,000 shares raised net proceeds of RM19,892,000, and a share capital reduction provided for cancelling RM49,042,000 of issued capital through court confirmation, the credit to be used to set off accumulated losses. Drawings of borrowings brought in RM13,610,000. Disposing of the express bus business involved a net cash outflow of RM727,000 along with a waiver of debt of RM51.46 million. Net cash from operating activities was RM2.0 million, cash purchase of property, plant and equipment was RM330,000, and fixed deposits pledged increased by RM6,555,000, with fixed deposits with licensed banks at RM9,733,000. No dividend was declared or paid.私下配售 125,000,000 股募集净收益 RM19,892,000，削减股本程序涉及经法庭确认取消 RM49,042,000 的已发行股本，所产生的进账将用于抵销累积亏损。提取借款带来 RM13,610,000。脱售长途巴士业务涉及 RM727,000 的现金净流出以及 RM51.46 million 的债务豁免。营运活动所得现金净额为 RM2.0 million，购买物业、厂房及设备的现金支出为 RM330,000，抵押定期存款增加 RM6,555,000，存放于持牌银行的定期存款为 RM9,733,000。公司未宣布或派发股息。
Source: annual report 2023, pages 57, 83, 100, 130, 151.出处：2023 年年报第 57、83、100、130、151 页。
20242024 年
Operating activities used net cash of RM49.5 million. The group drew RM50,781,000 of borrowings and made repayments of RM30,351,000, raising total borrowings to RM34,040,000. Cash purchases of property, plant and equipment used RM1,348,000, while proceeds from equipment disposals were RM1,376,000. Pledged fixed deposits increased by RM4,177,000, fixed deposits with licensed banks stood at RM13,910,000, and cash and bank balances ended the year at RM14,864,000. No dividend was declared.营运活动使用了现金净额 RM49.5 million。集团提取借款 RM50,781,000 并偿还了 RM30,351,000，使借款总额增至 RM34,040,000。购买物业、厂房及设备的现金支出为 RM1,348,000，而脱售设备的收益为 RM1,376,000。抵押定期存款增加 RM4,177,000，存放于持牌银行的定期存款为 RM13,910,000，期末现金与银行结余为 RM14,864,000。公司未宣布股息。
Source: annual report 2024, pages 91, 108, 144, 147.出处：2024 年年报第 91、108、144、147 页。
20252025 年
In acquiring Concrete Empire Sdn Bhd, cash consideration was RM14.70 million, net cash outflows were RM10,581,000, and 32,666,667 consideration shares valued at RM8,003,000 were issued. The group drew RM142,173,000 in borrowings and repaid RM96,691,000, and borrowings stood at RM84,099,000. Operating activities used net cash of RM33.7 million, cash purchases of property, plant and equipment were RM825,000, and fixed deposits with licensed banks stood at RM15,166,000. No dividend was declared.在收购 Concrete Empire Sdn Bhd 时，现金对价为 RM14.70 million，净现金流出为 RM10,581,000，并发行了价值 RM8,003,000 的 32,666,667 股对价股份。集团提取借款 RM142,173,000 并偿还了 RM96,691,000，借款为 RM84,099,000。营运活动使用了现金净额 RM33.7 million，购买物业、厂房及设备的现金支出为 RM825,000，存放于持牌银行的定期存款为 RM15,166,000。公司未宣布股息。
Source: annual report 2025, pages 103, 116, 119, 140, 157, 185.出处：2025 年年报第 103、116、119、140、157、185 页。
Across the three years三年合看
Over the three years, borrowings expanded from RM7.0 million to RM13.6 million, RM34.0 million, and RM84.1 million, while total equity moved from negative RM49.3 million to RM66.1 million, RM75.4 million, and RM97.3 million. Operating cash flows shifted from a positive RM2.0 million in 2023 to outflows of RM49.5 million in 2024 and RM33.7 million in 2025. Across all three reports, 233,000,000 redeemable convertible preference shares remained unconverted, and no dividends were paid.三年间，借款从 RM7.0 million 扩大到 RM13.6 million、RM34.0 million 和 RM84.1 million，总权益由负 RM49.3 million 转为 RM66.1 million、RM75.4 million 和 RM97.3 million。营运现金流从 2023 年的正 RM2.0 million 转为 2024 年的流出 RM49.5 million 和 2025 年的流出 RM33.7 million。在三份年报中，233,000,000 股可赎回可转换优先股均未转换，且未派发股息。
Source: annual report 2023, pages 83, 131; annual report 2024, pages 91, 145; annual report 2025, pages 103, 158.出处：2023 年年报第 83、131 页；2024 年年报第 91、145 页；2025 年年报第 103、158 页。
Still to be spent尚未支出的承诺
Unutilised credit facilities stood at RM111,580,000 at the end of 2025, compared to RM57,651,000 in 2024 and RM67,636,000 in 2023. At end 2025 the group listed RM72,027,000 for development right entitlement and RM15,000 for renovation works, totalling RM72,042,000; renovation works authorised and contracted for were RM24,000 in 2024. In addition, the group paid deposits of RM100,000 and RM535,000 towards proposed land acquisitions for development.2025 年底未动用信贷额度为 RM111,580,000，而 2024 年为 RM57,651,000，2023 年为 RM67,636,000。2025 年底，集团列出开发权益 RM72,027,000 和装修工程 RM15,000，合计 RM72,042,000；2024 年已批准并签约的装修工程为 RM24,000。此外，集团还为拟议收购开发土地支付了 RM100,000 和 RM535,000 的定金。
Source: annual report 2023, page 148; annual report 2024, pages 153, 164; annual report 2025, pages 154, 168, 183.出处：2023 年年报第 148 页；2024 年年报第 153、164 页；2025 年年报第 154、168、183 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 | 75,666 | 150,152 | 185,300 | 179,242 |
| Profit before tax税前盈利 | 13,035 | 9,277 | 13,548 | 7,046 |
| Net cash from/(used in) operating activities营运活动现金净额 | 3,532 | 2,033 | (49,506) | (33,733) |
| Net cash from/(used in) investing activities投资活动现金净额 | 2,008 | 421 | 685 | (10,894) |
| Net cash from/(used in) financing activities融资活动现金净额 | (134) | 26,824 | 15,864 | 44,011 |
| Total assets总资产 | 77,901 | 138,120 | 187,186 | 268,137 |
| Total liabilities总负债 | 127,248 | 72,035 | 111,750 | 170,881 |
| Borrowings借款 | 7,000 | 13,610 | 34,040 | 84,099 |
| Cash and bank balances现金与银行结余 | 18,543 | 47,821 | 14,864 | 14,448 |
| Fixed deposits with licensed banks定期存款 | 4,026 | 9,733 | 13,910 | 15,166 |
| Total equity总权益 | (49,347) | 66,085 | 75,436 | 97,256 |
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 |
|---|---|---|
| Aims to set key performance indicators and targets for its ESG focus areas by FYE 2024目标在 2024 财政年度前为 ESG 重点领域制定关键绩效指标和目标 | In FYE2024, the group set quantifiable KPIs and targets across its business areas在 2024 财政年度，集团在其业务领域制定了量化的关键绩效指标和目标 Source: annual report 2023, page 22; annual report 2024, page 27.出处：2023 年年报第 22 页；2024 年年报第 27 页。 | Set已制定 |
| Acquisition of Concrete Empire Sdn Bhd scheduled for completion in February 2025收购 Concrete Empire Sdn Bhd 预定于 2025 年 2 月完成 | The acquisition of the 70% equity interest was completed on 5 February 202570% 股权的收购于 2025 年 2 月 5 日完成 Source: annual report 2024, page 13; annual report 2025, pages 15, 140.出处：2024 年年报第 13 页；2025 年年报第 15、140 页。 | Completed已完成 |
| Targeted approximately RM230 million in revenue in FY20252025 财政年度目标实现约 RM230 million 营业额 | In FYE2025, the group recorded revenue of RM179.24 million, a 3.3% decrease from FYE2024在 2025 财政年度，集团取得 RM179.24 million 营业额，比 2024 财政年度下降 3.3% Source: annual report 2024, page 14; annual report 2025, pages 12, 16.出处：2024 年年报第 14 页；2025 年年报第 12、16 页。 | Lower than targeted低于目标 |
| Working towards the establishment of a Sustainability Committee to oversee ESG strategies致力于设立可持续发展委员会以监督 ESG 战略 | A Sustainability Steering Committee was established at the management level in 20252025 年在管理层层面设立了可持续发展指导委员会 Source: annual report 2023, page 25; annual report 2025, page 37.出处：2023 年年报第 25 页；2025 年年报第 37 页。 | Established at management level已在管理层层面设立 |
| Dedicated to eliminating single-use plastics at head offices by FYE2025致力在 2025 财政年度前在总办事处淘汰一次性塑料 | The 2025 report restates commitment to eliminating single-use plastics at its head office, progressing towards the goal2025 年年报重申致力于总办事处淘汰一次性塑料，正向该目标迈进 Source: annual report 2024, page 41; annual report 2025, page 42.出处：2024 年年报第 41 页；2025 年年报第 42 页。 | Still in progress仍在进行中 |
| Reviewing the situation before deciding on the next course of action for bus operations after agreement non-renewal在协议未获续签后，在对巴士运营业务做出下一步决策前评估现状 | The group divested non-core bus operations and ceased stage bus operations in March 2024集团剥离了非核心巴士业务，并于 2024 年 3 月停止短途巴士运营 Source: annual report 2023, pages 15, 16; annual report 2024, pages 15, 154.出处：2023 年年报第 15、16 页；2024 年年报第 15、154 页。 | Operations ceased业务已停止 |
What the reports leave open年报留下待看的事
- TCIE served a letter of demand for RM26,154,635.21 and named Epicon as a defendant over a 2016 settlement agreement involving five former subsidiaries; court hearings on summary judgement and strike-out applications are scheduled for May 2026, while Epicon has applied for leave to issue a third-party notice against Nadicorp under an indemnity letter.TCIE 发出要求偿还 RM26,154,635.21 的索赔函，并将 Epicon 列为共同被告，涉及五家前子公司的 2016 年和解协议；简易判决和剔除诉状申请的法庭聆讯定于 2026 年 5 月举行，同时 Epicon 已申请许可根据赔偿保证书向 Nadicorp 发出第三方通知。
Source: annual report 2025, page 186.出处：2025 年年报第 186 页。
- Shareholders approved diversification into property development for the Batang Kali project with NCT Noble, but conditions precedent under the joint development agreement were not yet fulfilled at year end, with RM72,027,000 in capital commitments for development right entitlement.股东批准了与 NCT Noble 合作峇冬加里项目的房地产开发多元化，但截至年底联合开发协议的先决条件尚未达成，开发权益的资本承诺为 RM72,027,000。
Source: annual report 2025, pages 16, 154, 168, 187.出处：2025 年年报第 16、154、168、187 页。
- Concrete Empire did not achieve its RM8 million aggregate profit guarantee, leaving an estimated shortfall of RM1,248,000; the remaining 16,666,667 pledged shares are to be released upon the certificate of profit after tax for FY2025, while the put option liability of RM11,943,000 was derecognised as performance targets were deemed unlikely to be met.Concrete Empire 未能实现 RM8 million 的累计利润保证，留下约 RM1,248,000 的缺口；其余 16,666,667 股抵押股份将在 2025 财政年度税后利润证明发出后释放，同时由于预计难以达成业绩目标，RM11,943,000 的认沽期权负债已予以终止确认。
Source: annual report 2025, pages 116, 140, 164.出处：2025 年年报第 116、140、164 页。
- The construction outstanding order book was RM745 million in the 2025 report, while the group individually assessed receivables from several debtors, including RM14,746,000 under a proposed instalment plan and RM16,714,000 renegotiated for property collateral.2025 年年报所列建筑未结订单为 RM745 million，同时集团对数名债务人的应收账款进行了单独评估，包括建议分期付款计划下的 RM14,746,000 以及重新协商以物业作为抵押的 RM16,714,000。
Source: annual report 2025, pages 14, 17, 177.出处：2025 年年报第 14、17、177 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。