Azam Jaya

Revenue, profit and operating cash营业额、盈利与营运现金

Assets, equity and interest bearing debts资产、权益与计息债务

20242024 年

Operations used RM4.0 million. Plant and equipment purchases used RM4.8 million, right-of-use asset purchases RM1.4 million and equipment deposits RM1.7 million. The IPO raised RM61.5 million; share issuance costs were RM1.7 million. Revolving-credit drawings were RM25.0 million. Trade-financing drawings were RM123.8 million and repayments RM142.2 million; lease repayments were RM12.2 million and term-loan repayments RM4.7 million. Dividends paid were RM8.6 million, although no dividend was declared in respect of the financial year. The review describes continued growth, reporting revenue of RM274.88 million and PAT of RM12.61 million; revenue fell 2.1% from RM280.77 million and net profit fell 51% from RM25.98 million. The review reports an order book of RM1.45 billion; note 4.2 prints RM1,356,412,405, about RM94 million or 6.5% less. The review gives EPS of 2.52 sen using the post-IPO share count; audited EPS using weighted-average shares is 2.85 sen. The corresponding 2023 figures are 5.20 sen and 6.17 sen. The review calls RM113.43 million cash and cash equivalents; that amount includes RM60.33 million of pledged deposits and does not deduct the RM36.83 million overdraft. Statement cash and cash equivalents are RM14.85 million. The report states a debt-reduction aim; revolving credits rose from RM35,000,000 to RM59,980,687, and the current Borrowings row rose from RM103,820,849 to RM121,131,537. The PAJ acquisition agreement summary gives consideration of RM49,805,340; note 15.1 gives RM49,705,340. The latter amount, together with the other two acquisitions, reconciles to 71,669,803 shares issued.营运使用 RM4.0 million。购置厂房与设备使用 RM4.8 million，购置使用权资产使用 RM1.4 million，设备订金使用 RM1.7 million。首次公开募股筹得 RM61.5 million；股份发行费用为 RM1.7 million。循环信贷提款为 RM25.0 million。贸易融资提款为 RM123.8 million，偿还 RM142.2 million；租赁还款为 RM12.2 million，定期贷款还款为 RM4.7 million。已付股息为 RM8.6 million，但并未就该财政年度宣派股息。业务回顾描述集团继续增长，列出营业额 RM274.88 million、税后盈利 RM12.61 million；营业额较 RM280.77 million 下跌 2.1%，净利较 RM25.98 million 下跌 51%。业务回顾列出的订单额为 RM1.45 billion；附注 4.2 列出 RM1,356,412,405，少约 RM94 million，即 6.5%。业务回顾以首次公开募股后的股数计算，每股盈利为 2.52 仙；经审计报表以加权平均股数计算，为 2.85 仙。2023 年对应数字为 5.20 仙及 6.17 仙。业务回顾把 RM113.43 million 称为现金与现金等价物；该数额包括 RM60.33 million 已质押存款，亦未扣除 RM36.83 million 银行透支。报表的现金与现金等价物为 RM14.85 million。年报提出减债目标；循环信贷由 RM35,000,000 升至 RM59,980,687，流动借款项目由 RM103,820,849 升至 RM121,131,537。PAJ 收购协议摘要列出的代价为 RM49,805,340；附注 15.1 列出 RM49,705,340。后者加上另外两项收购的金额，与已发行的 71,669,803 股相符。

Source: annual report 2024, pages 14, 49, 50, 52, 95, 115, 119, 120, 125, 128, 134, 143.出处：2024 年年报第 14、49、50、52、95、115、119、120、125、128、134、143 页。

20252025 年

Operations generated RM8.7 million. Plant and equipment purchases used RM3.8 million, right-of-use asset purchases RM2.5 million and equipment deposits RM814,677. Trade-financing drawings were RM148.3 million and repayments RM125.9 million. The group repaid RM20.0 million of revolving credits, RM16.7 million of lease liabilities and RM4.5 million of term loans. Interest paid was RM15.0 million, dividends paid RM2.5 million and the increase in pledged deposits RM16.8 million. Year-end cash and cash equivalents were negative RM33.0 million; total borrowings were RM176.4 million. The review describes order-book expansion and reports RM1.38 billion; note 4.2 prints RM1,279,718,344, about RM100 million or 7.8% less. The note's balance fell 5.7% from RM1,356,412,405. The review describes stable profitability. The prior year included RM7,364,922 of compensation costs and RM3.25 million of damages interest; excluding these, 2024 PBT was about RM30.3 million, compared with RM20.0 million in 2025, about 34% lower. The review also describes improving margins. Excluding the prior-year compensation cost, gross margin was 27.1% in 2024 versus 28.2% in 2025; most of the reported 3.8-percentage-point rise comes from the absence of that cost. Management also cites favourable cost adjustments on completed projects. The review links net assets per share of RM0.34 versus RM0.32 to balance-sheet improvement. Note 34 shows net gearing rising from 0.28 to 0.53 times, net debt from RM45.9 million to RM91.6 million, and gross gearing from 0.99 to 1.03 times.营运产生 RM8.7 million。购置厂房与设备使用 RM3.8 million，购置使用权资产使用 RM2.5 million，设备订金使用 RM814,677。贸易融资提款为 RM148.3 million，偿还 RM125.9 million。集团偿还循环信贷 RM20.0 million、租赁负债 RM16.7 million 及定期贷款 RM4.5 million。已付利息为 RM15.0 million，已付股息为 RM2.5 million，已质押存款增加 RM16.8 million。年末现金与现金等价物为负 RM33.0 million；总借款为 RM176.4 million。业务回顾描述订单扩张，并列出 RM1.38 billion；附注 4.2 列出 RM1,279,718,344，少约 RM100 million，即 7.8%。该附注结余较 RM1,356,412,405 下跌 5.7%。业务回顾描述盈利保持稳定。上年度包括 RM7,364,922 赔偿成本及 RM3.25 million 损害赔偿利息；剔除这两项后，2024 年税前盈利约为 RM30.3 million，2025 年则为 RM20.0 million，低约 34%。业务回顾也描述利润率改善。剔除上年度赔偿成本后，2024 年毛利率为 27.1%，2025 年为 28.2%；所报告的 3.8 个百分点升幅，大部分来自本年度没有该项成本。管理层也提到已完工项目的有利成本调整。业务回顾把每股净资产由 RM0.32 升至 RM0.34，与资产负债状况改善联系起来。附注 34 列出净负债比率由 0.28 倍升至 0.53 倍，净债务由 RM45.9 million 升至 RM91.6 million，总负债比率由 0.99 倍升至 1.03 倍。

Source: annual report 2024, page 49; annual report 2025, pages 5, 47, 135, 136, 140, 141, 165.出处：2024 年年报第 49 页；2025 年年报第 5、47、135、136、140、141、165 页。

Across the years历年合看

Revenue moved from RM280.8 million in 2023 to RM274.9 million in 2024 and RM208.6 million in 2025. Operating cash moved from an inflow of RM39.8 million to an outflow of RM4.0 million, then an inflow of RM8.7 million. Financing activities brought in RM18.4 million in 2024 and used RM53.0 million in 2025. The IPO proceeds table records full use of the RM28.4 million allocated to project working capital and the RM20.0 million allocated to bank repayments by the 2025 report.营业额由 2023 年 RM280.8 million，降至 2024 年 RM274.9 million，再降至 2025 年 RM208.6 million。营运现金由流入 RM39.8 million，转为流出 RM4.0 million，再转为流入 RM8.7 million。融资活动在 2024 年带来 RM18.4 million，2025 年则使用 RM53.0 million。首次公开募股所得款项表记载，截至 2025 年报，分配给项目营运资金的 RM28.4 million，以及分配给银行还款的 RM20.0 million，均已用完。

Source: annual report 2024, page 120; annual report 2025, pages 111, 136.出处：2024 年年报第 120 页；2025 年年报第 111、136 页。

Still to be spent尚待支出

Authorised and contracted capital commitments were RM1.0 million at the end of 2025, compared with RM8.2 million in 2024. Of the RM61.5 million IPO proceeds, RM60.6 million had been used and RM817,000 remained. The remainder was allocated to construction capabilities, under an intended utilisation period of 36 months.2025 年末已批准并签约的资本承诺为 RM1.0 million，2024 年为 RM8.2 million。首次公开募股所得 RM61.5 million 中，已使用 RM60.6 million，余下 RM817,000。余款用于提升施工能力，原定使用期限为 36 个月。

Source: annual report 2025, pages 111, 160.出处：2025 年年报第 111、160 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

• The latest expected completion dates are July 2027 for the Kota Belud road project, October 2027 for WP12 and February 2028 for WP13. The report describes land ownership, resettlement and stakeholder coordination issues affecting site access, and identifies possible liquidated damages from project delays.最新预计完工时间为：Kota Belud 道路项目 2027 年 7 月、WP12 于 2027 年 10 月、WP13 于 2028 年 2 月。年报说明，土地所有权、安置及持份者协调问题影响工地进场，并列出项目延误可能产生约定损害赔偿的风险。

  Source: annual report 2025, pages 12, 13, 49, 118.出处：2025 年年报第 12、13、49、118 页。

• Contract assets were RM137.7 million and trade receivables RM16.7 million in the financial-instrument disclosure. Construction revenue recognition is a key audit matter. Measuring progress involves significant estimates and compares actual costs incurred to date with estimated total costs.金融工具披露列出的合约资产为 RM137.7 million，应收贸易账款为 RM16.7 million。建筑收入确认是一项关键审计事项。计量工程进度涉及重大估计，并比较截至当时实际已发生的成本与估计总成本。

  Source: annual report 2025, pages 128, 161.出处：2025 年年报第 128、161 页。

• After PAJ's appeal award of RM4.3 million, Maybank applied for leave to appeal and for a stay of execution. The report schedules the stay hearing for 24 April 2026. The award includes 2% annual interest from 6 April 2020 until settlement and RM30,000 costs.PAJ 上诉获判 RM4.3 million 后，Maybank 申请上诉许可及暂缓执行。年报列出的暂缓执行聆讯日期为 2026 年 4 月 24 日。判决包括从 2020 年 4 月 6 日起至清偿日按年利率 2% 计算的利息，以及 RM30,000 讼费。

  Source: annual report 2025, page 167.出处：2025 年年报第 167 页。

• Expansion into Sarawak and neighbouring regions, including Kalimantan, Indonesia, remains under evaluation in the 2025 report.2025 年报仍在评估拓展至 Sarawak 及邻近地区的机会，包括 Indonesia 的 Kalimantan。

  Source: annual report 2025, page 5.出处：2025 年年报第 5 页。