DailySpaceFederal International Holdings Berhad
8605 · Main Market主板 · annual reports 2023 to 2025, 497 entries read2023 至 2025 年报，共读出 497 条
The company这家公司
Federal International Holdings Berhad earns revenue from contract works and sales of goods. In 2025, revenue from contract works was RM63,930,425 and sales of goods was RM12,997,355.Federal International Holdings Berhad 的营业额来自工程合约与商品销售。2025 年，来自工程合约的营业额为 RM63,930,425，商品销售额为 RM12,997,355。
Source: annual report 2025, page 113.出处：2025 年年报第 113 页。
The manufacturing division's primary customer is an International Coffee Chain, with sales of RM16.1 million in 2023 and RM14.7 million in 2024, before export orders from the chain dropped by 54% in 2025. Construction and interior fit-out contracts are awarded primarily by related parties under the Masteron Group of Companies. For 2024, the report stated recurring related party transactions of RM96,161,690 with Choy Family companies, while Note 33 recorded RM86,160,852 billed to companies in which directors have substantial interests, which is RM10.0 million less.制造部门的主要客户为一家国际咖啡连锁店（ICC），2023 年销售额为 RM16.1 million，2024 年为 RM14.7 million，2025 年来自该连锁店的出口订单下降 54%。建筑与室内装潢合约主要由 Masteron Group 旗下的关联方颁发。2024 年年报载明与 Choy Family 公司的经常性关联方交易为 RM96,161,690，而财务报表附注 33 记录向董事拥有重大权益的公司开账 RM86,160,852，相差 RM10.0 million。
Source: annual report 2023, page 51; annual report 2024, pages 33, 61, 121; annual report 2025, page 61.出处：2023 年年报第 51 页；2024 年年报第 33、61、121 页；2025 年年报第 61 页。
In the 2024 management review, ongoing secured projects excluding contracts over 90% completed were stated at RM142 million, whereas the notes recorded unsatisfied performance obligations on all contracts of RM122 million. In 2025, the review stated unbilled secured projects of RM116.7 million out of total secured projects of RM205.4 million, while the notes recorded remaining performance obligations of RM96 million, with the unbilled figure being 22% higher.2024 年管理层讨论中，扣除完成进度逾 90% 的合约后，进行中已获项目总值列为 RM142 million，而附注记录的所有合约未履行履约义务为 RM122 million。2025 年，管理层列出在总值 RM205.4 million 的已获项目中，未开账部分为 RM116.7 million，而附注记录的剩余履约义务为 RM96 million，未开账金额高出 22%。
Source: annual report 2024, pages 62, 116; annual report 2025, pages 62, 113.出处：2024 年年报第 62、116 页；2025 年年报第 62、113 页。
Members of the Choy family are among the largest shareholders. At 30 June 2025, Datuk Choy Wai Ceong held 16,857,025 shares (12.46%), Dato’ Choy Wai Hin held 14,934,236 shares (11.04%), Choy Fook On & Sons Realty Sdn. Bhd. held 14,052,968 shares (10.39%), and Dato’ Dr. Choy Fook On held 5,661,065 shares (4.19%). GV Asia Fund Limited held 7,775,460 shares (5.75%), while Voon Sze Lin held 4,956,382 shares (3.66%) directly and 9,275,460 shares (6.86%) deemed interest. Pledged accounts include 1,891,709 shares (1.399%) and 1,159,370 shares (0.857%) for Voon Sze Lin, 1,500,000 shares (1.109%) for Warrants Capital Ltd, and 857,035 shares (0.634%) for GV Asia Fund Limited.Choy 家族成员位列最大股东之中。截至 2025 年 6 月 30 日，Datuk Choy Wai Ceong 持有 16,857,025 股（12.46%），Dato’ Choy Wai Hin 持有 14,934,236 股（11.04%），Choy Fook On & Sons Realty Sdn. Bhd. 持有 14,052,968 股（10.39%），Dato’ Dr. Choy Fook On 持有 5,661,065 股（4.19%）。GV Asia Fund Limited 持有 7,775,460 股（5.75%），而 Voon Sze Lin 直接持有 4,956,382 股（3.66%）并通过视同权益持有 9,275,460 股（6.86%）。抵押账户包括 Voon Sze Lin 的 1,891,709 股（1.399%）与 1,159,370 股（0.857%）、Warrants Capital Ltd 的 1,500,000 股（1.109%），以及 GV Asia Fund Limited 的 857,035 股（0.634%）。
Source: annual report 2025, pages 144, 145, 146.出处：2025 年年报第 144、145、146 页。
Dato’ Dr. Choy Fook On is the spouse of Datin Tan Geok Foong, and the father of Dato’ Choy Wai Hin, Datuk Choy Wai Ceong, and Dr. Choy Sook Kuen. Dato’ Choy Wai Hin is the Managing Director, spouse of Dato’ Yeoh Soo Keng, and father of Executive Director Choy Yuin Yi and Alternate Director Choy Kin Mann. Datuk Choy Wai Ceong is the Managing Director of the Masteron Group and father of Choy Kin Jeune, who was appointed as his Alternate Director on 24 September 2025. Following the resignation of Encik Mohd Arif Bin Mastol on 30 May 2023, Puan Noor Aieda Binti Ahmad was appointed as Independent Non-Executive Director on 23 October 2023.Dato’ Dr. Choy Fook On 是 Datin Tan Geok Foong 的配偶，也是 Dato’ Choy Wai Hin、Datuk Choy Wai Ceong 和 Dr. Choy Sook Kuen 的父亲。Dato’ Choy Wai Hin 担任董事经理，是 Dato’ Yeoh Soo Keng 的配偶，也是执行董事 Choy Yuin Yi 及候补董事 Choy Kin Mann 的父亲。Datuk Choy Wai Ceong 是 Masteron Group 的董事经理，也是 Choy Kin Jeune 的父亲，后者于 2025 年 9 月 24 日获委任为其候补董事。在 Encik Mohd Arif Bin Mastol 于 2023 年 5 月 30 日辞职后，Puan Noor Aieda Binti Ahmad 于 2023 年 10 月 23 日获委任为独立非执行董事。
Source: annual report 2023, page 20; annual report 2024, page 33; annual report 2025, pages 18, 33, 50, 51, 52.出处：2023 年年报第 20 页；2024 年年报第 33 页；2025 年年报第 18、33、50、51、52 页。
Major events大事记
Source: annual report 2023, page 114.出处：2023 年年报第 114 页。
Source: annual report 2023, page 20.出处：2023 年年报第 20 页。
Source: annual report 2024, page 107.出处：2024 年年报第 107 页。
Source: annual report 2025, pages 18, 52.出处：2025 年年报第 18、52 页。
Revenue and profit营业额与盈利
Assets, borrowings and equity资产、借款与权益
Operating cash flow and cash balance营运现金流与现金结余
20232023 年
In the 2023 management discussion, operating profit after amortisation and interest was reported as RM18.5 million compared to RM14.9 million in the prior year, without highlighting that the result included a fair value gain on other investments of RM12,872,156, which represented 70% of profit before tax of RM18,453,349, while the Directors' Report stated results were not substantially affected by any item of a material and unusual nature. Profit attributable to shareholders was stated as decreasing marginally to RM13.4 million from RM13.7 million, whereas the audited income statement shows profit attributable to owners rose from RM13,305,928 to RM13,395,067 (a 0.7% rise). An additional investment of RM2,500,000 was made in a joint venture, and proceeds from disposal of other investments were RM2,090,283. Dividends paid to owners were RM2,665,498, while RM545,794 was used to repurchase 894,100 ordinary shares at an average price of RM0.61.2023 年管理层讨论中，计入摊销与利息后的营业利润列为 RM18.5 million（上年为 RM14.9 million），但未强调该业绩包含其他投资公允价值收益 RM12,872,156，占税前盈利 RM18,453,349 的 70%，而董事会报告则称业绩未受重大及不寻常项目实质影响。归属于股东的净利润被称为由上年的 RM13.7 million 微降至 RM13.4 million，但审计损益表显示归属于母公司业主的利润从 RM13,305,928 增至 RM13,395,067（增长 0.7%）。合营企业追加投资 RM2,500,000，脱售其他投资所得款项为 RM2,090,283。向股东派付股息 RM2,665,498，另动用 RM545,794 以均价 RM0.61 回购 894,100 股普通股。
Source: annual report 2023, pages 52, 56, 64, 65, 70, 71, 114.出处：2023 年年报第 52、56、64、65、70、71、114 页。
20242024 年
In 2024, net cash from operating activities rose to RM17,976,913, and proceeds from disposal of other investments brought RM9,852,181. Other investments recorded a fair value loss of RM2,389,327. The review credited recovery of debts for cushioning profit in CIFO, but the segment note booked the reversal of impairment loss of RM1,616,613 under manufacturing. Financing activities used RM25,037,039, including the full early redemption of 236,779,100 RCPS A units for RM23,677,910 at RM0.10 per unit, and RM3,308,552 spent repurchasing 5,636,600 treasury shares at an average price of RM0.59. Net drawdown of revolving credit was RM5,555,000. Dividends paid to owners were RM2,485,498; the review reported an interim dividend of 0.8 sen per RCPS A, whereas the dividend note stated 0.008 sen per RCPS A for the RM1,894,233 paid.2024 年，营运活动所得现金净额升至 RM17,976,913，脱售其他投资所得款项达 RM9,852,181。其他投资录得公允价值亏损 RM2,389,327。管理层讨论将收回先前计提的坏账归功于缓冲 CIFO 部门盈利，但分部附注将 RM1,616,613 的减值拨回记在制造部门名下。融资活动使用现金 RM25,037,039，其中包括以每单位 RM0.10 提前全额赎回 236,779,100 个 RCPS A 单位（RM23,677,910），以及动用 RM3,308,552 以均价 RM0.59 回购 5,636,600 股库存股。循环贷款净提取 RM5,555,000。向股东派付股息 RM2,485,498；管理层讨论称 RCPS A 中期股息为每股 0.8 仙，而股息附注将已付的 RM1,894,233 印为每股 0.008 仙。
Source: annual report 2024, pages 62, 65, 72, 78, 79, 102, 107, 109, 110, 120, 126.出处：2024 年年报第 62、65、72、78、79、102、107、109、110、120、126 页。
20252025 年
Operating cash flow swung from positive RM15,343,040 in 2024 to negative RM14,968,945 in 2025; receivables rose by RM32,120,134. Total loans and borrowings doubled from RM13,632,868 to RM27,505,209, with revolving credit drawing RM9,503,000 and invoice financing drawing RM3,460,724. The management review reported manufacturing profit before tax of RM0.09 million, whereas the segment note showed manufacturing results of RM1,052,701 and group profit before tax was RM93,178. The group reported net profit of RM0.2 million attributable to shareholders; profit before tax was RM93,178, and a real property gains tax credit of RM999,531 turned tax into a credit. The company repurchased 2,280,500 shares for RM908,607 at an average price of RM0.40, and dividends paid to owners were RM591,268.营运现金流从 2024 年的正 RM15,343,040 转为 2025 年的负 RM14,968,945；应收款项增加了 RM32,120,134。贷款与借款总额由 RM13,632,868 翻倍至 RM27,505,209，其中循环贷款提取 RM9,503,000，发票融资提取 RM3,460,724。管理层讨论称制造部门税前盈利为 RM0.09 million，而分部附注显示制造部门业绩为 RM1,052,701，集团税前盈利实为 RM93,178。集团列报归属于股东的净利润为 RM0.2 million；税前盈利为 RM93,178，一笔 RM999,531 的产业盈利税抵免使税务转为抵免结余。公司动用 RM908,607 以均价 RM0.40 回购 2,280,500 股股份，向股东派付股息 RM591,268。
Source: annual report 2025, pages 61, 65, 78, 79, 109, 116, 121.出处：2025 年年报第 61、65、78、79、109、116、121 页。
Across the three years三年合看
Across the three years, other investments were substantially liquidated, bringing proceeds of RM2,090,283 in 2023, RM9,852,181 in 2024, and RM393,873 in 2025, reducing quoted equity securities to RM238,472 at 30 June 2025. The company repurchased shares in all three years, buying 894,100 shares in 2023, 5,636,600 shares in 2024, and 2,280,500 shares in 2025, and held 8,921,072 treasury shares at 30 June 2025. Cash and bank balances decreased from RM12,358,277 in 2023 to RM8,156,245 in 2024 and RM4,089,649 in 2025. At 30 June 2025, leasehold land and buildings of RM10,268,790 together with freehold and leasehold buildings of RM2,557,886 and RM1,779,857 were pledged to financial institutions.三年合看，其他投资被大幅变现，2023 年套现 RM2,090,283，2024 年套现 RM9,852,181，2025 年套现 RM393,873，截至 2025 年 6 月 30 日上市股票证券账面值降至 RM238,472。公司连续三年回购股份，2023 年回购 894,100 股，2024 年回购 5,636,600 股，2025 年回购 2,280,500 股，截至 2025 年 6 月 30 日持有 8,921,072 股库存股。现金与银行结余由 2023 年的 RM12,358,277 降至 2024 年的 RM8,156,245，再降至 2025 年的 RM4,089,649。截至 2025 年 6 月 30 日，账面值 RM10,268,790 的租赁土地及建筑物，以及 RM2,557,886 的永久地契和 RM1,779,857 的租赁建筑物已抵押给金融机构。
Source: annual report 2023, pages 56, 70; annual report 2024, pages 65, 78; annual report 2025, pages 65, 78, 92, 94, 104.出处：2023 年年报第 56、70 页；2024 年年报第 65、78 页；2025 年年报第 65、78、92、94、104 页。
Still to be spent尚未支出的承诺
The company raised no proceeds from corporate proposals during 2023, 2024, or 2025, and general mandates granted by shareholders were not utilised. At 30 June 2025, 73,908,100 units of RCPS B carried at RM6,208,281 remain outstanding with a conversion price of 50 sen, maturing in April 2028 when unconverted units face mandatory conversion into ordinary shares.公司在 2023、2024 及 2025 年均未通过企业提案筹集任何所得款项，股东授予的一般授权也未动用。截至 2025 年 6 月 30 日，账面值为 RM6,208,281 的 73,908,100 个 RCPS B 单位仍未转换，转换价为 50 仙，将于 2028 年 4 月到期，未转换单位在到期日须强制转换为普通股。
Source: annual report 2023, page 9; annual report 2024, pages 32, 107; annual report 2025, pages 8, 32, 104, 105.出处：2023 年年报第 9 页；2024 年年报第 32、107 页；2025 年年报第 8、32、104、105 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 | 125,934,492 | 114,993,691 | 110,166,205 | 76,936,706 |
| Profit before tax税前盈利 | 14,971,291 | 18,453,349 | 2,011,802 | 93,178 |
| Profit for the financial year财政年度盈利 | 12,877,545 | 15,057,770 | 1,325,251 | 201,324 |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | – | 9,963,576 | 17,976,913 | (14,968,945) |
| Purchase of property, plant and equipment购置物业、厂房及设备 | 417,619 | 2,313,116 | 959,629 | 197,686 |
| Dividends paid to owners已付股东股息 | (3,469,727) | (2,665,498) | (2,485,498) | (591,268) |
| Other investments其他投资 | 5,580,157 | 13,217,420 | 1,285,642 | 243,894 |
| Total assets总资产 | 198,447,632 | 194,175,581 | 184,362,423 | 215,297,307 |
| Loans and borrowings贷款与借款 | 24,617,274 | 16,388,433 | 13,632,868 | 27,505,209 |
| Cash and bank balances现金与银行结余 | 9,182,283 | 12,358,277 | 8,156,245 | 4,089,649 |
| Total equity总权益 | 129,548,930 | 139,272,149 | 111,093,936 | 115,058,265 |
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 |
|---|---|---|
| WREA working with China's State Power Investment Corp Ltd to acquire operating feed-in tariff, net metering and large scale solar farm projectsWREA 与中国国家电力投资集团（SPIC）合作收购营运中的电力收购制度、净电能计量及大型地面太阳能电站项目 | WREA remains a 50% owned joint venture; later reports do not report further acquisitions with SPIC.WREA 仍为持股 50% 的合营企业；后续年报未再提及与 SPIC 合作收购。 Source: annual report 2023, page 53; annual report 2024, page 98; annual report 2025, page 98.出处：2023 年年报第 53 页；2024 年年报第 98 页；2025 年年报第 98 页。 | Not mentioned again未再提及 |
| Seeking shareholders' mandate for recurring related party transactions of a revenue nature to provide visibility of contracts and profit寻求股东批准经常性关联方营收性质交易授权，以确保合约与利润的可预见性 | Billings were RM86,160,852 to companies in which directors have substantial interests in 2024 and RM77,317,814 to related parties in 2025; the cited entries do not say whether the mandate was obtained.2024 年向董事拥有重大权益的公司开账 RM86,160,852，2025 年向关联方开账 RM77,317,814；所引条目未说明是否已取得授权。 Source: annual report 2023, page 53; annual report 2024, page 121; annual report 2025, page 118.出处：2023 年年报第 53 页；2024 年年报第 121 页；2025 年年报第 118 页。 | Related-party billings continued关联方交易持续 |
| Concentrate on projects from other divisions and look into securing more related party contracts while awaiting viable external projects集中承接集团内部其他部门项目，并在等待可行外部项目的同时争取更多关联方合约 | In 2025 the division accepted three letters of award from a related party totaling RM64.9 million for piling and substructure works.2025 年该部门接受了关联方颁发的三份总值 RM64.9 million 的打桩及下部结构工程授标函。 Source: annual report 2023, page 53; annual report 2025, page 61.出处：2023 年年报第 53 页；2025 年年报第 61 页。 | Carried out已执行 |
| Expectations of securing a project to supply and install furniture for a hotel in Japan in the near future (2024)预期在不久的将来取得日本一家酒店的家具供应与安装项目（2024 年） | The 2025 report mentions new non-ICC projects in Malaysia and regional markets for hospitality and commercial developments, but does not specify a hotel project in Japan.2025 年报提及在马来西亚及区域市场新增酒店与商业开发项目的非 ICC 业务，但未具体说明日本酒店项目。 Source: annual report 2024, page 61; annual report 2025, page 61.出处：2024 年年报第 61 页；2025 年年报第 61 页。 | Not specified in later report后续年报未具体说明 |
| Expected to secure further related party contracts during the year (2024)预期年内将获得更多关联方合约（2024 年） | Received and accepted three letters of award from a related party with a total contract sum of RM64.9 million in 2025.2025 年接获并接受了来自关联方的三份授标函，合约总额为 RM64.9 million。 Source: annual report 2024, page 62; annual report 2025, page 61.出处：2024 年年报第 62 页；2025 年年报第 61 页。 | Carried out已执行 |
What the reports leave open年报留下待看的事
- At 30 June 2025, two customers represented 70% of total trade receivables, and trade receivables past due more than 121 days rose to RM83,052,230 compared to RM26,579,404 in 2024.截至 2025 年 6 月 30 日，两家客户占应收账款总额的 70%，逾期超过 121 天的应收账款由 2024 年的 RM26,579,404 增至 RM83,052,230。
Source: annual report 2025, page 128.出处：2025 年年报第 128 页。
- Total loans and borrowings rose to RM27,505,209 at 30 June 2025 with a gearing ratio of 41% compared to 35% in 2024, including revolving credit of RM15,058,000 and invoice financing of RM6,344,220.截至 2025 年 6 月 30 日，贷款与借款总额增至 RM27,505,209，负债比率由 2024 年的 35% 升至 41%，其中包括循环贷款 RM15,058,000 与发票融资 RM6,344,220。
Source: annual report 2025, pages 109, 136.出处：2025 年年报第 109、136 页。
- The construction division accepted RM64.9 million in contracts from a related party during 2025, with further awards anticipated upon completion of these substructure works.建筑部门在 2025 年间接受了来自关联方总值 RM64.9 million 的合约，并预期在该等下部结构工程完工后获得进一步授标。
Source: annual report 2025, page 61.出处：2025 年年报第 61 页。
- 73,908,100 units of RCPS B carried at RM6,208,281 mature in April 2028 with mandatory conversion into ordinary shares if not redeemed or converted.账面值 RM6,208,281 的 73,908,100 个 RCPS B 单位将于 2028 年 4 月到期，若未赎回或转换则须强制转换为普通股。
Source: annual report 2025, pages 104, 105.出处：2025 年年报第 104、105 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-06.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 2026-11-06。