Shin Yang Group Berhad

Revenue and profit after taxation营业额与税后盈利

Total assets and loans and borrowings总资产与贷款及借款

20232023 年

The group acquired Piasau Gas Sdn. Bhd. on 6 July 2022 for RM22,796,500 (RM22.8 million); the group recorded a gain on bargain purchase of RM14,819,789 (RM14.8 million) in the year. Purchases of property and equipment were RM65,653,776, while proceeds from disposals of property and equipment were RM30,788,685 with net gains of RM12,878,121. The company repurchased 12,715,000 ordinary shares for RM8,204,425 at an average price of RM0.65 per share, and paid an interim dividend of 1.25 sen per share (RM14,315,191). Repayments of term loans were RM16,968,582, repayments of hire purchase were RM10,763,892, and deposits with maturity over three months increased by RM102,148,349. The report highlighted profit after tax of RM182.6 million (up 27.8% from RM142.8 million), but profit included the RM14,819,789 bargain-purchase gain, RM12,878,121 disposal gains and a RM12,037,779 tax over-provision write-back; profit before tax excluding the bargain-purchase and disposal gains rose 2% from RM149.6 million to RM152.6 million. Shipbuilding was called a stable recovery path, while shipbuilding revenue fell 94% from RM67,409,897 to RM4,279,820 and the segment swung from RM34,338,490 profit to a RM3,715,844 loss. The chairman proposed a final single-tier dividend of 3.00 sen per share, while the directors' report called it an interim dividend. Management reported a shipbuilding order book of RM175.7 million with five contracts, whereas note 21 showed unsatisfied shipbuilding obligations of RM57,740,257 at 30 June 2023.集团于 2022 年 7 月 6 日以 RM22,796,500（RM22.8 million）收购 Piasau Gas Sdn. Bhd.；集团本年度录得廉价收购收益 RM14,819,789（RM14.8 million）。购买物业及设备支出 RM65,653,776，出售物业及设备所得款项为 RM30,788,685，净收益为 RM12,878,121。公司以平均每股 RM0.65 的价格斥资 RM8,204,425 回购 12,715,000 股普通股，并支付每股 1.25 仙的中期股息（RM14,315,191）。偿还定期贷款 RM16,968,582，偿还租购本金 RM10,763,892，三个月以上定期存款增加 RM102,148,349。年报强调税后盈利 RM182.6 million（较 2022 年 RM142.8 million 增长 27.8%），但盈利包含 RM14,819,789 廉价收购收益、RM12,878,121 出售收益及 RM12,037,779 税项超额拨备回拨；剔除廉价收购与出售收益后的税前盈利由 RM149.6 million 微升 2% 至 RM152.6 million。年报称造船部门呈现稳定复苏路径，但造船营业额由 RM67,409,897 骤降 94% 至 RM4,279,820，该部门由盈利 RM34,338,490 转为亏损 RM3,715,844。主席建议派发每股 3.00 仙的终期单层股息，而董事会报告则称其为中期股息。管理层报告造船手头订单为 RM175.7 million（五项合约），而截至 2023 年 6 月 30 日附注 21 所示未履约造船履约义务为 RM57,740,257。

Source: annual report 2023, pages 3, 4, 15, 26, 28, 29, 63, 78, 79, 84, 87, 89, 93, 104, 106, 141, 142, 148.出处：2023 年年报第 3、4、15、26、28、29、63、78、79、84、87、89、93、104、106、141、142、148 页。

20242024 年

On 15 September 2023, the company acquired 60% of Mewah Exim Sdn. Bhd. for cash of RM8,338,200 and RM1,290,000 of treasury shares; the directors' report stated 2,000,000 treasury shares were transferred at RM0.60 per share (which equals RM1.20 million), while accounts recorded RM1,290,000 (RM0.645 per share). The company subscribed an additional 11,000,000 shares in Shin Yang Shipyard Sdn. Bhd. for RM11,000,000. Purchases of property, plant and equipment were RM32,977,731, while proceeds from disposals of property, plant and equipment were RM24,805,241 (net gain RM13,482,675) and proceeds from vessels held for sale were RM14,233,506 (gain RM3,048,230). The company repurchased 8,085,000 shares for RM5,143,125 at an average price of RM0.64 per share, paid a final dividend of 3.00 sen per share (RM33,953,409), and paid RM1,500,000 to non-controlling interests. Repayments were RM13,062,246 for term loans, RM9,412,133 for hire purchase, and RM56,686,157 for trade financing. The report announced financial improvement with 2.2% revenue growth to RM959.8 million (from RM939.6 million), while gross profit fell from RM208,413,273 to RM135,419,071, reducing gross margin from 22.2% to 14.1%. Management reported order books of RM155.8 million for shipbuilding (four contracts) and RM98.9 million for ship repairs (ten contracts), whereas note 18 showed unsatisfied obligations of RM102,414,148 for shipbuilding and RM34,497,312 for ship repairs at 30 June 2024.2023 年 9 月 15 日，公司以 RM8,338,200 现金和 RM1,290,000 库藏股收购 Mewah Exim Sdn. Bhd. 的 60% 股权；董事会报告称以每股 RM0.60 转让 2,000,000 股库藏股（相等于 RM1.20 million），而账目记录为 RM1,290,000（每股 RM0.645）。公司以 RM11,000,000 额外认购 Shin Yang Shipyard Sdn. Bhd. 的 11,000,000 股。购买物业、厂房及设备支出 RM32,977,731，出售物业、厂房及设备所得款项为 RM24,805,241（净收益 RM13,482,675），出售持作待售船只所得款项为 RM14,233,506（收益 RM3,048,230）。公司以平均每股 RM0.64 的价格斥资 RM5,143,125 回购 8,085,000 股，支付每股 3.00 仙的终期股息（RM33,953,409），并向非控股权益支付 RM1,500,000。偿还定期贷款 RM13,062,246、租购 RM9,412,133 及贸易融资 RM56,686,157。年报宣布营业额增长 2.2% 至 RM959.8 million（2023 年为 RM939.6 million）实现财务改善，但毛利由 RM208,413,273 降至 RM135,419,071，毛利率由 22.2% 降至 14.1%。管理层报告造船手头订单为 RM155.8 million（四项合约）、修船手头订单为 RM98.9 million（十项合约），而截至 2024 年 6 月 30 日附注 18 所示造船未履约义务为 RM102,414,148、修船未履约义务为 RM34,497,312。

Source: annual report 2024, pages 3, 4, 22, 25, 29, 30, 44, 63, 73, 77, 134, 150, 190.出处：2024 年年报第 3、4、22、25、29、30、44、63、73、77、134、150、190 页。

20252025 年

The group completed the acquisition of Boulevard Jaya Sdn Bhd and 60% of Boulevard Motor Group for RM144,500,000; the RM117,000,000 for the three Boulevard Motor companies was paid with cash of RM69,876,000 and treasury shares of RM47,124,000. One passage states 55,000,000 treasury shares were transferred to the vendor at RM0.46 per share, whereas another states they were re-issued at RM0.85 each, at a cost of RM25,154,014. Purchases of property, plant and equipment were RM26,013,915 (RM26.0 million), and deposits paid for purchases were RM35,187,523, while proceeds from disposals of property, plant and equipment were RM17,891,936 with net gains of RM11,519,755. The company repurchased 683,000 shares for RM559,310 at an average price of RM0.82 per share and paid a final dividend of 5.00 sen per share (RM58,828,600). Repayments were RM9,080,485 for term loans and RM8,000,000 for revolving credits, while flexi financing drew net proceeds of RM10,011,493. The report stated a current order book of RM472.0 million anchored by nine contracts and letters of intent, whereas note 17(d) showed unsatisfied shipbuilding performance obligations of RM109,535,641. Profit was attributed to automotive and enhanced performance of shipping, but shipping segment profit was RM50,571,018 for the six-month period (compared to half of FY2025 profit of RM114.0 million, or RM57.0 million) and included net disposal gains of RM10,454,651.集团以 RM144,500,000 完成收购 Boulevard Jaya Sdn Bhd 及 Boulevard Motor 集团 60% 股权；其中三家 Boulevard Motor 公司的 RM117,000,000 以现金 RM69,876,000 及库藏股 RM47,124,000 支付。一处称 55,000,000 股库藏股按每股 RM0.46 转让予卖方，另一处则称按每股 RM0.85 再发行，成本为 RM25,154,014。购买物业、厂房及设备支出 RM26,013,915（RM26.0 million），支付采购定金 RM35,187,523，出售物业、厂房及设备所得款项为 RM17,891,936，净收益为 RM11,519,755。公司以平均每股 RM0.82 的价格斥资 RM559,310 回购 683,000 股，并支付每股 5.00 仙的终期股息（RM58,828,600）。偿还定期贷款 RM9,080,485 及循环信贷 RM8,000,000，灵活融资净提取 RM10,011,493。年报称当前手头订单达 RM472.0 million（九项合约与意向书），而附注 17(d) 显示未履约造船履约义务为 RM109,535,641。盈利归功于汽车业务及航运表现提升，但航运分部六个月盈利为 RM50,571,018（相比 2025 财年全年盈利 RM114.0 million 的半数即 RM57.0 million），且包含 RM10,454,651 的出售净收益。

Source: annual report 2024, pages 79, 131; annual report 2025, pages 20, 24, 25, 27, 104, 109, 110, 137, 139, 140, 181, 182, 193, 207.出处：2024 年年报第 79、131 页；2025 年年报第 20、24、25、27、104、109、110、137、139、140、181、182、193、207 页。

Across the years历年合看

Across the three reports, dividends paid increased from 1.25 sen per share (RM14.3 million) to 3.00 sen (RM34.0 million) and 5.00 sen (RM58.8 million). Total borrowings moved from RM206.2 million in 2022 to RM139.0 million in 2023, RM73.5 million in 2024, and RM131.1 million in 2025. The 2023 and 2024 reports did not present the debt-to-equity ratio, stating that cash exceeded total external borrowings.三份年报合看，已付股息由每股 1.25 仙（RM14.3 million）增至 3.00 仙（RM34.0 million），再增至 5.00 仙（RM58.8 million）。借款总额由 2022 年的 RM206.2 million 变为 2023 年的 RM139.0 million、2024 年的 RM73.5 million 以及 2025 年的 RM131.1 million。2023 及 2024 年报未呈列负债权益比率，并称现金超过外部借款总额。

Source: annual report 2023, pages 3, 122; annual report 2024, pages 3, 110; annual report 2025, page 109.出处：2023 年年报第 3、122 页；2024 年年报第 3、110 页；2025 年年报第 109 页。

Still to be spent尚未支出的承诺

Future commitments for property, plant and equipment were RM94,823,131 (RM94.8 million) at 31 December 2025, which the group states will be financed by internal resources. In addition, the pending Sepanggar Bay land acquisition has a purchase consideration of RM26,600,000, to be settled in cash, with the final payment due on acceptance of the Memorandum of Transfer.2025 年 12 月 31 日物业、厂房及设备的未来承诺为 RM94,823,131（RM94.8 million），集团表示将以内部资金支付。此外，待完成的实邦加湾土地收购代价为 RM26,600,000，以现金支付，最后一笔款项于转让备忘录获接纳时支付。

Source: annual report 2023, page 110; annual report 2024, page 98; annual report 2025, pages 23, 25, 213.出处：2023 年年报第 110 页；2024 年年报第 98 页；2025 年年报第 23、25、213 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。

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 leave open年报留下待看的事

• Completion of the land acquisition off Sepanggar Bay, Sabah for RM26,600,000 in cash, pending acceptance of the Memorandum of Transfer by the Central Land Office.以现金 RM26,600,000 收购沙巴实邦加湾土地的完成情况，尚待中央土地局接纳转让备忘录。

  Source: annual report 2025, pages 22, 23.出处：2025 年年报第 22、23 页。

• Financing and execution of capital commitments for property, plant and equipment of RM94,823,131 (RM94.8 million); separately, the group has commissioned two 614-TEU container deck ships, which it says will add 3,168 TEU of capacity.RM94,823,131（RM94.8 million）的物业、厂房及设备资本承诺的资金落实与执行情况；另外，集团已委托建造两艘 614 标准箱甲板集装箱船，并称将增加 3,168 个标准箱运力。

  Source: annual report 2025, pages 25, 53, 213.出处：2025 年年报第 25、53、213 页。

• Issuance of land titles by authorities for leasehold land with carrying values of RM22,399,821 for the group and RM12,050,000 for the company.当局对集团账面值 RM22,399,821 及公司账面值 RM12,050,000 的租赁土地地契的签发进展。

  Source: annual report 2025, page 173.出处：2025 年年报第 173 页。

• Impact of higher fuel and oil prices on operating costs, noted as a risk factor; separately, fuel consumption per unit of revenue rose in 2024 after two container vessels leased out in 2023 returned to group operation.燃料与油价上涨对营运成本的影响，年报将其列为风险因素；另外，2024 年每单位营业额的燃料消耗上升，原因是 2023 年租出的两艘集装箱船收回由集团自行运营。

  Source: annual report 2024, page 155; annual report 2025, page 227.出处：2024 年年报第 155 页；2025 年年报第 227 页。