Pansar Berhad

Revenue and profit营业额与盈利

Assets, equity and borrowings资产、权益与借款

20242024 年

Net operating cash inflows stood at RM12.0 million, compared to outflows of RM52.9 million in the previous year. Financing activities brought net cash of RM13,597,457, with net drawdowns of RM23,928,597 in invoice financing and RM12,064,000 in bankers' acceptances, while revolving credits were repaid by RM3,650,000 and term loans by RM6,000,000. Dividends paid were RM6,491,538, including RM1,629,827 on ordinary shares (0.35 sen per share) and RM4,861,711 on RCPS (2.12 sen per share) paid on 29 September 2023. Proceeds from the exercise of warrants yielded RM1,387,793 from 2,434,725 new shares at RM0.57 per warrant before 223,311,835 unexercised warrants lapsed on 6 June 2023. Disposal of a 51.22% equity interest in Terminal Aman Sdn Bhd brought RM1,050,000 consideration and RM1,477,540 net cash. The review states that bank borrowings increased to support capital expenditure and higher working capital requirements, while the cash flow statement prints purchase of property, plant and equipment of RM3,667,314 compared to RM11,006,090 in the prior year, a 67% fall (RM3.7 million against RM11.0 million).营运活动所得现金净流入为 RM12.0 million，上一年度则为净流出 RM52.9 million。融资活动产生现金净流入 RM13,597,457，其中发票融资净提取 RM23,928,597、银行承兑汇票净提取 RM12,064,000，而循环信贷偿还 RM3,650,000、定期贷款偿还 RM6,000,000。已付股息为 RM6,491,538，包括 2023 年 9 月 29 日派发的普通股股息 RM1,629,827（每股 0.35 仙）与 RCPS 股息 RM4,861,711（每股 2.12 仙）。凭单行权以每份 RM0.57 发行 2,434,725 股新股筹得 RM1,387,793，其余 223,311,835 份未行权凭单于 2023 年 6 月 6 日失效。脱售 Terminal Aman Sdn Bhd 的 51.22% 股权取得代价 RM1,050,000 及现金净额 RM1,477,540。业务回顾称增加银行借款系为支持资本支出及营运资金需求，但现金流量表所印购置物业、厂房及设备为 RM3,667,314，低于上一年的 RM11,006,090，下降了 67%（RM3.7 million 对 RM11.0 million）。

Source: annual report 2024, pages 12, 13, 71, 72, 73, 99, 100, 157.出处：2024 年年报第 12、13、71、72、73、99、100、157 页。

20252025 年

Net cash from operating activities rose to RM22,007,987. Cash purchase of property, plant and equipment took RM6,450,752, while total investing cash outflow was RM3,984,524. Financing activities used net cash of RM462,529: net drawdowns included bankers' acceptances of RM10,248,000, invoice financing of RM5,173,928, and revolving credits of RM3,500,000, while repayments included term loans of RM6,000,000, lease liabilities of RM3,295,135, hire purchase of RM2,602,232, and long-term borrowing interest of RM1,762,864. Dividends paid were RM6,006,143, including an ordinary interim dividend of 0.40 sen per share (RM2,029,690) paid on 27 September 2024. Total borrowings reached RM297,134,237. The review states that net impairment losses of RM4.3 million (FY2024: net gain of RM2.7 million) were mainly due to higher expected credit loss following an increase in trade receivables driven by higher revenue; the statements show current (not past due) receivables at RM118,290,897, with not-past-due receivables falling from RM152.5 million to RM118.3 million while 1 to 270 days overdue receivables rose from RM60.4 million to RM110.9 million. In the five-year financial highlights, FY2025 revenue is printed as RM1,130.5 million, while the income statement prints RM1,103,505,081 (RM1,103.5 million), a difference of RM27.0 million from transposed digits.营运活动所得现金净额增至 RM22,007,987。购置物业、厂房及设备动用现金 RM6,450,752，投资活动现金净流出为 RM3,984,524。融资活动动用现金净额 RM462,529：净提取包括银行承兑汇票 RM10,248,000、发票融资 RM5,173,928 及循环信贷 RM3,500,000；偿还包括定期贷款 RM6,000,000、租赁负债 RM3,295,135、租购负债 RM2,602,232 以及长期借款利息 RM1,762,864。已付股息为 RM6,006,143，包含 2024 年 9 月 27 日支付的每股 0.40 仙普通股中期股息（RM2,029,690）。总借款达到 RM297,134,237。业务回顾称减值损失净额 RM4.3 million（2024 财年为收益净额 RM2.7 million）主要系由于营业额增加带动贸易应收款项上升以及审慎信用评估导致预期信用损失增加；但报表附注显示未逾期应收款项为 RM118,290,897，未逾期账款自 RM152.5 million 降至 RM118.3 million，而逾期 1 至 270 天的账款自 RM60.4 million 升至 RM110.9 million。在五年财务概要中，2025 财年营业额印为 RM1,130.5 million，而损益表印为 RM1,103,505,081（RM1,103.5 million），因数字颠倒相差 RM27.0 million。

Source: annual report 2025, pages 13, 15, 90, 108, 116, 117, 118, 160, 207.出处：2025 年年报第 13、15、90、108、116、117、118、160、207 页。

20262026 年

Financing activities used net cash of RM110,370,171 as total borrowings were reduced by RM115.4 million (38.8%) to RM181,705,379. Repayments included RM40,300,000 of revolving credits, RM31,063,000 of bankers' acceptances, RM18,537,394 of invoice financing, RM6,000,000 of term loans, RM4,183,986 of lease liabilities, and RM2,378,390 of hire purchase liabilities. Dividends paid took RM6,417,354, while cash purchase of property, plant and equipment took RM3,682,253. A total of 183,481,275 RCPS were converted into ordinary shares, including 181,619,675 RCPS mandatorily converted upon maturity on 27 March 2026, enlarging total issued shares to 699,014,150 (including 4,023,150 treasury shares). The report states that other operating expenses increased by RM1.6 million to RM9.4 million primarily due to higher non-cash impairments; the statements note prints an impairment loss on construction contracts of RM2,639,811 compared to RM4,015,944 in 2025 (a fall from RM4.02 million to RM2.64 million), while the rise in expenses came from a RM1.76 million write-off and a RM1.89 million onerous provision.融资活动动用现金净额 RM110,370,171，总借款减少 RM115.4 million（38.8%）至 RM181,705,379。偿还款项包括循环信贷 RM40,300,000、银行承兑汇票 RM31,063,000、发票融资 RM18,537,394、定期贷款 RM6,000,000、租赁负债 RM4,183,986 以及租购负债 RM2,378,390。已付股息动用 RM6,417,354，购置物业、厂房及设备动用现金 RM3,682,253。年内共有 183,481,275 股 RCPS 转换为普通股，其中包括 2026 年 3 月 27 日到期时强制转换的 181,619,675 股 RCPS，使已发行股份总数增至 699,014,150 股（含 4,023,150 股库存股）。报告称其他营运开支增加 RM1.6 million 至 RM9.4 million 主要系由于非现金减值增加；但报表附注显示建筑合同减值损失为 RM2,639,811，低于 2025 年的 RM4,015,944（自 RM4.02 million 降至 RM2.64 million），开支增加实际源于 RM1.76 million 的冲销与 RM1.89 million 的不利合同拨备。

Source: annual report 2026, pages 13, 40, 41, 71, 83, 91, 151, 157.出处：2026 年年报第 13、40、41、71、83、91、151、157 页。

Across the three years三年合看

Revenue expanded each year from RM824.9 million in FY2023 to RM1,036.0 million in FY2024, RM1,103.5 million in FY2025, and RM1,262.3 million in FY2026. Profit after taxation increased from RM8.9 million in FY2023 to RM21.7 million in FY2024 and RM26.1 million in FY2025, before recording RM23.3 million in FY2026. Total borrowings rose from RM252.9 million in 2023 to RM259.9 million in 2024 and RM297.1 million in 2025, then fell to RM181.7 million in 2026. Outstanding corporate guarantees provided by the Company to subsidiaries were RM235,230,109 in 2024, RM272,139,568 in 2025, and RM163,562,757 in 2026. Performance and other guarantees extended to third parties rose from RM130,069,115 in 2024 to RM161,599,629 in 2025 and RM188,890,784 in 2026.营业额逐年增长，从 2023 财年的 RM824.9 million 增至 2024 财年的 RM1,036.0 million、2025 财年的 RM1,103.5 million 以及 2026 财年的 RM1,262.3 million。税后盈利从 2023 财年的 RM8.9 million 增至 2024 财年的 RM21.7 million 与 2025 财年的 RM26.1 million，随后在 2026 财年录得 RM23.3 million。总借款从 2023 年的 RM252.9 million 升至 2024 年的 RM259.9 million 和 2025 年的 RM297.1 million，随后在 2026 年降至 RM181.7 million。公司向子公司提供的未偿银行授信公司担保在 2024 年为 RM235,230,109，2025 年为 RM272,139,568，2026 年为 RM163,562,757。向第三方提供的履约及其他担保从 2024 年的 RM130,069,115 增至 2025 年的 RM161,599,629 和 2026 年的 RM188,890,784。

Source: annual report 2024, pages 176, 187; annual report 2025, pages 192, 204; annual report 2026, pages 113, 124.出处：2024 年年报第 176、187 页；2025 年年报第 192、204 页；2026 年年报第 113、124 页。

Still to be spent尚未支出的承诺与未完成订单

At 31 March 2026, the group had an outstanding order book of approximately RM2.0 billion, including approximately RM1.9 billion in Construction & Infrastructure with most projects extending through to 2029, and RM139.0 million in Mechanical & Electrical with visibility through FY2028. In May 2026, a water treatment plant project in Betong was secured with a contract value of approximately RM234.9 million. No proceeds were raised from corporate proposals during FY2026.截至 2026 年 3 月 31 日，集团未完成订单约为 RM2.0 billion，其中包括建筑与基础设施部门约 RM1.9 billion（多数项目延伸至 2029 年），以及机电工程部门 RM139.0 million（订单可见度至 2028 财年）。2026 年 5 月，集团获得木中（Betong）水处理厂项目，合同金额约为 RM234.9 million。2026 财年内未通过企业提案募集任何资金。

Source: annual report 2026, pages 151, 156, 232.出处：2026 年年报第 151、156、232 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

• As at 31 March 2026, gross trade receivables and contract assets stood at RM438.3 million, with an impairment allowance of RM20.6 million (gross RM442.6 million and allowance RM17.5 million at end FY2025).截至 2026 年 3 月 31 日，应收贸易账款与合同资产总额为 RM438.3 million，减值拨备为 RM20.6 million（2025 财年末总额 RM442.6 million，拨备 RM17.5 million）。

  Source: annual report 2025, page 102; annual report 2026, pages 25, 127.出处：2025 年年报第 102 页；2026 年年报第 25、127 页。

• In FY2026, a single customer contributed RM431,907,294 (FY2025: RM319,045,846), accounting for more than 10% of total group revenue, while contract projects accounted for more than 60% of total revenue (RM806.2 million).2026 财年，单个客户贡献营业额 RM431,907,294（2025 财年为 RM319,045,846），占集团总营业额超过 10%，而合同项目占总营业额超过 60%（RM806.2 million）。

  Source: annual report 2026, pages 23, 112.出处：2026 年年报第 23、112 页。

• The group noted operating conditions characterised by rising cost pressures and ongoing supply chain constraints, with focus on containing costs for pre-pandemic projects and provisions for onerous contracts.集团指出面临成本压力上升与持续供应链受限的营运环境，重点在于控制疫情前项目的成本及不利合同拨备。

  Source: annual report 2026, pages 87, 156.出处：2026 年年报第 87、156 页。

• In PESB CRM JV Sdn Bhd, although the group holds a 51% equity interest, it determined that it does not have sole control over the investee; strategic and financial decisions of the relevant activities require unanimous consent. Cash purchase of investment in the jointly-controlled entity was RM969,000 in FY2026 (RM51,000 in FY2025).在 PESB CRM JV Sdn Bhd 中，尽管集团持有 51% 股权，但集团认定对该被投资公司没有单独控制权；相关活动的战略与财务决策需全体一致同意。2026 财年对该共同控制实体的投资现金支出为 RM969,000（2025 财年为 RM51,000）。

  Source: annual report 2025, pages 12, 117; annual report 2026, pages 40, 57.出处：2025 年年报第 12、117 页；2026 年年报第 40、57 页。