DailySpaceGadang Holdings Berhad
9261 · Main Market主板 · annual reports 2023 to 2025, 2038 entries read2023 至 2025 年报，共读出 2038 条
The company这家公司
Gadang Holdings Berhad operates across three main sectors: Construction, Property, and Utilities. The Utilities division operates water concessions and a 9MW mini-hydro power plant in Lintau, Indonesia, and has developed a 5.9MWa.c. solar photovoltaic facility in Tawau, Sabah.Gadang Holdings Berhad 拥有三大主要业务板块：建筑、房产以及公用事业。公用事业部门在印尼经营水务特许经营权及位于 Lintau 的 9MW 小型水力发电厂，并在沙巴斗湖开发了一座 5.9MWa.c. 太阳能光伏设施。
Source: annual report 2023, pages 33, 35; annual report 2025, page 25.出处：2023 年年报第 33、35 页；2025 年年报第 25 页。
In the financial year ended 31 May 2025, the Construction Division recorded revenue of RM444.0 million, its main revenue contributor. A single customer, Customer A, accounted for RM273.8 million of revenue in 2025, compared to RM177.3 million in 2024.截至 2025 年 5 月 31 日止财政年度，建筑部门录得营业额 RM444.0 million，是集团的主要营业额来源。单一客户 Customer A 在 2025 年占营业额 RM273.8 million，2024 年则为 RM177.3 million。
Source: annual report 2025, pages 21, 214, 221.出处：2025 年年报第 21、214、221 页。
Tan Sri Dato' Kok Onn serves as Group Managing Director. He is the spouse of Puan Sri Datin Chan Ngan Thai, a major shareholder, and the father of Kok Pei Ling, who serves as Executive Director and Chief Financial Officer. Liew Swee Kong is the nephew of Tan Sri Dato' Kok Onn and cousin of Kok Pei Ling.Tan Sri Dato’ Kok Onn 担任集团董事经理。他是主要股东 Puan Sri Datin Chan Ngan Thai 的配偶，也是担任执行董事兼首席财务官的 Kok Pei Ling 的父亲。Liew Swee Kong 是 Tan Sri Dato’ Kok Onn 的侄子，也是 Kok Pei Ling 的表亲。
Source: annual report 2024, pages 17, 20; annual report 2025, page 18.出处：2024 年年报第 17、20 页；2025 年年报第 18 页。
In the 2025 report's directors' interests table, Tan Sri Dato' Kok Onn's row reads 178,439,953, 1,390,000 and 179,829,953 shares. The 2024 report says he is deemed interested through Sumber Raswira Sdn Bhd and Meloria Sdn Bhd, and lists Sumber Raswira Sdn Bhd with 81,525,402 shares (11.20%). In the thirty largest shareholders list in the 2025 report, RHB Nominees (Tempatan) Sdn Bhd held 96,914,551 shares (12.10%) in a pledged securities account for Meloria Sdn Bhd, and Alliancegroup Nominees (Tempatan) Sdn Bhd held 15,377,300 shares (1.92%) in a pledged securities account for Kok Onn.在 2025 年报董事权益表中，Tan Sri Dato’ Kok Onn 一行列出 178,439,953 股、1,390,000 股及 179,829,953 股。2024 年报指他通过 Sumber Raswira Sdn Bhd 及 Meloria Sdn Bhd 被视为拥有权益，并列出 Sumber Raswira Sdn Bhd 持有 81,525,402 股（11.20%）。在 2025 年报前三十大股东名单中，RHB Nominees (Tempatan) Sdn Bhd 在抵押证券账户中代 Meloria Sdn Bhd 持有 96,914,551 股（12.10%），Alliancegroup Nominees (Tempatan) Sdn Bhd 在抵押证券账户中代 Kok Onn 持有 15,377,300 股（1.92%）。
Source: annual report 2024, page 234; annual report 2025, pages 107, 254.出处：2024 年年报第 234 页；2025 年年报第 107、254 页。
Related party transactions include subcontract works provided by Boon Builder, a sole proprietorship owned by Tan Sri Dato' Kok Onn's brother Kok Khim Boon. Subcontract works amounted to RM6,637,783 in 2023, RM10,124,584 in 2024, and RM7,273,310 in 2025.关联方交易包括由 Tan Sri Dato’ Kok Onn 的兄弟 Kok Khim Boon 拥有的独资企业 Boon Builder 提供的分包工程。工程金额在 2023 年为 RM6,637,783，2024 年为 RM10,124,584，2025 年为 RM7,273,310。
Source: annual report 2023, page 63; annual report 2024, page 53; annual report 2025, page 57.出处：2023 年年报第 63 页；2024 年年报第 53 页；2025 年年报第 57 页。
In leadership changes, a profiled officer who joined Gadang Engineering (M) Sdn Bhd as a Director in 2021 was promoted to Deputy Managing Director in June 2024 and redesignated as Managing Director in June 2025. At Regional Utilities Sdn Bhd, Gary Pui was redesignated as Chief Operating Officer on 1 March 2024.在领导层变动方面，一名于 2021 年以董事身份加入 Gadang Engineering (M) Sdn Bhd 的管理人员于 2024 年 6 月获升任为副董事经理，并于 2025 年 6 月调任为董事经理。在 Regional Utilities Sdn Bhd，Gary Pui 于 2024 年 3 月 1 日调任为首席营运官。
Source: annual report 2025, pages 18, 19.出处：2025 年年报第 18、19 页。
Revenue by division, 20252025 年各部门营业额
Source: annual report 2025, page 214.出处：2025 年年报第 214 页。
Major events大事记
Source: annual report 2023, pages 27, 121.出处：2023 年年报第 27、121 页。
Source: annual report 2023, page 12; annual report 2024, page 25.出处：2023 年年报第 12 页；2024 年年报第 25 页。
Source: annual report 2024, page 104.出处：2024 年年报第 104 页。
Source: annual report 2024, pages 24, 105.出处：2024 年年报第 24、105 页。
Source: annual report 2025, pages 25, 112.出处：2025 年年报第 25、112 页。
Source: annual report 2025, page 57.出处：2025 年年报第 57 页。
Source: annual report 2025, page 112.出处：2025 年年报第 112 页。
Source: annual report 2025, pages 23, 113.出处：2025 年年报第 23、113 页。
Revenue and profit营业额与盈利
Assets and equity资产与总权益
20232023 年
In 2023, capital expenditure was RM23.3 million, including RM16.3 million for the construction of the mini-hydro power plant in Indonesia and RM6.8 million for property, plant and equipment and motor vehicles. The group drew RM26,986,000 in bank borrowings and RM7,894,000 in hire purchase facilities, while repaying RM100,528,000 of bank borrowings. A dividend of RM5,097,000 (0.7 sen per share for 2022) was paid. Net cash generated from operating activities was RM33.7 million. Total borrowings decreased to RM226.8 million.2023 年，资本开支为 RM23.3 million，包括用于印尼小型水力发电厂建设的 RM16.3 million 以及用于物业、厂房与设备和机动车辆的 RM6.8 million。集团提取了 RM26,986,000 的银行借款及 RM7,894,000 的租购融资，同时偿还了 RM100,528,000 的银行借款。公司支付了 RM5,097,000 的股息（2022 年度的每股 0.7 仙）。营运活动所得现金净额为 RM33.7 million。总借款降至 RM226.8 million。
Source: annual report 2023, pages 30, 31, 113, 144, 222.出处：2023 年年报第 30、31、113、144、222 页。
20242024 年
In 2024, capital expenditure was RM32.2 million, comprising RM24.9 million for the mini-hydro power plant in Indonesia and RM5.8 million for the 5.9MWa.c. solar facility in Tawau. Drawdowns of bank borrowings were RM81,278,000, while repayments of bank borrowings were RM112,397,000 and hire purchase repayments were RM3,784,000. Net cash generated from operating activities was RM34.2 million. Total borrowings fell to RM187.2 million. Achwell Property Sdn Bhd received the full settlement sum of RM40 million. No dividend was recommended for the financial year.2024 年，资本开支为 RM32.2 million，包括印尼小型水力发电厂的 RM24.9 million 以及斗湖 5.9MWa.c. 太阳能设施的 RM5.8 million。银行借款提取额为 RM81,278,000，偿还银行借款 RM112,397,000，偿还租购款项 RM3,784,000。营运活动所得现金净额为 RM34.2 million。总借款降至 RM187.2 million。Achwell Property Sdn Bhd 收到了 RM40 million 全部和解金。董事会未建议派发该财政年度股息。
Source: annual report 2024, pages 23, 97, 104, 127.出处：2024 年年报第 23、97、104、127 页。
20252025 年
In 2025, capital expenditure was RM14.9 million, including RM12.6 million for the solar photovoltaic facility in Tawau. The company raised RM22,570,000 from the private placement of 72,806,100 shares at RM0.31 each. Bank borrowings drawn were RM244,891,000, while repayments were RM223,630,000 and hire purchase repayments were RM5,921,000. Total borrowings rose to RM200.3 million. Net cash generated from operating activities rose to RM76.9 million. A first and final dividend of 0.27 sen per share was recommended, amounting to approximately RM2.2 million.2025 年，资本开支为 RM14.9 million，包括斗湖太阳能光伏设施的 RM12.6 million。公司通过以每股 RM0.31 私下配售 72,806,100 股募集了 RM22,570,000。提取银行借款 RM244,891,000，偿还借款 RM223,630,000，偿还租购款项 RM5,921,000。总借款升至 RM200.3 million。营运活动所得现金净额增至 RM76.9 million。董事会建议派发每股 0.27 仙的第一次兼终期股息，总额约 RM2.2 million。
Source: annual report 2025, pages 22, 23, 57, 134.出处：2025 年年报第 22、23、57、134 页。
Across the three years三年合看
Across the three years, operating cash flow was positive each year, generating RM33.7 million in 2023, RM34.2 million in 2024, and RM76.9 million in 2025. Total borrowings went from RM226.8 million in 2023 to RM187.2 million in 2024 and RM200.3 million in 2025. The group invested in renewable energy assets, completing the 9MW mini-hydro plant in Lintau, Indonesia, which reached commercial operation in September 2023, and advancing the 5.9MWa.c. solar facility in Tawau to testing and commissioning.三年间，营运现金流每年均为正数，2023 年产生 RM33.7 million，2024 年产生 RM34.2 million，2025 年产生 RM76.9 million。总借款从 2023 年的 RM226.8 million 变动至 2024 年的 RM187.2 million 及 2025 年的 RM200.3 million。集团持续投资于可再生能源资产，完成了印尼 Lintau 的 9MW 小型水电站并于 2023 年 9 月投入商业运营，并将斗湖 5.9MWa.c. 太阳能设施推进至测试与调试阶段。
Source: annual report 2023, pages 30, 31, 141; annual report 2024, pages 23, 25; annual report 2025, pages 22, 25.出处：2023 年年报第 30、31、141 页；2024 年年报第 23、25 页；2025 年年报第 22、25 页。
Still to be spent尚未支出的承诺
From the private placement proceeds raised in 2025, RM15,148,000 remained unutilised for construction projects expenditure at year end, with the expected timeframe for utilisation within 24 months. In addition, the Construction division held an outstanding order book of approximately RM839.0 million, and the Property division held unbilled sales of RM297.2 million.在 2025 年私下配售所筹集的款项中，截至年末尚有 RM15,148,000 未动用并拟用于建筑工程支出，预计将在 24 个月内使用完毕。此外，建筑部门拥有约 RM839.0 million 的未完成订单，房产部门持有 RM297.2 million 的未入账销售额。
Source: annual report 2025, pages 23, 24, 57.出处：2025 年年报第 23、24、57 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 | 651,993 | 496,073 | 583,589 | 779,812 |
| Profit before taxation税前盈利 | 70,148 | (27,897) | 14,465 | 18,027 |
| Profit after taxation税后盈利 | 43,168 | (41,196) | 495 | 6,998 |
| Total assets总资产 | 1,562,707 | 1,389,173 | 1,388,284 | 1,350,398 |
| Total equity总权益 | 832,093 | 787,014 | 783,227 | 804,758 |
| Total liabilities总负债 | – | 602,159 | 605,057 | 545,640 |
| Cash and cash equivalents现金与现金等价物 | 269,359 | 194,379 | 148,970 | 224,082 |
| Cash and bank balances现金与银行结余 | 149,803 | 128,120 | 84,205 | 135,915 |
| Short-term funds短期基金 | 111,997 | 67,845 | 41,217 | 67,652 |
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 |
|---|---|---|
| Commissioning of the second turbine unit for the 9MW mini-hydro power plant in Lintau, Indonesia by the third quarter of 2023.于 2023 年第三季度前为印尼 Lintau 9MW 小型水力发电厂的第二台水轮机进行调试。 | Two turbines were commissioned during financial year 2024, achieving Commercial Operation Date on 27 September 2023.2024 财政年度内完成了两台水轮机的调试，于 2023 年 9 月 27 日达到商业营运日。 Source: annual report 2023, page 33; annual report 2024, pages 5, 25.出处：2023 年年报第 33 页；2024 年年报第 5、25 页。 | Carried out已执行 |
| Commissioning of the 5.9MWa.c. solar photovoltaic energy generating facility in Tawau, Sabah in the second half of 2024.于 2024 年下半年为沙巴斗湖 5.9MWa.c. 太阳能光伏发电设施进行调试。 | Progress reached 80% in 2024; by 2025 the facility was in testing and commissioning with commercial operation expected by the second quarter of financial year 2026.2024 年工程进度达 80%；截至 2025 年该设施进入测试与调试阶段，预计于 2026 财政年度第二季度投入商业营运。 Source: annual report 2023, page 33; annual report 2024, page 25; annual report 2025, page 25.出处：2023 年年报第 33 页；2024 年年报第 25 页；2025 年年报第 25 页。 | Delayed延期 |
| Maintaining a 5-star CIDB SCORE rating.维持 CIDB SCORE 5 星评级。 | The 2024 report shows a 4-star rating against the 5-star target, and in the latest assessment in the 2025 report GESB received a 3-star rating.2024 年报显示评级为 4 星（目标 5 星），2025 年报所载最新评估中 GESB 获 3 星评级。 Source: annual report 2023, page 80; annual report 2024, page 62; annual report 2025, page 69.出处：2023 年年报第 80 页；2024 年年报第 62 页；2025 年年报第 69 页。 | Rating lowered评级下调 |
| Completing the proposed private placement of up to 10% of issued shares before the 31st AGM.在第 31 届股东周年大会前完成最多 10% 已发行股份的私下配售。 | Completed in financial year 2025, raising RM22,570,000 from the issuance of 72,806,100 shares at RM0.31 each.于 2025 财政年度完成，以每股 RM0.31 发行 72,806,100 股，募集资金 RM22,570,000。 Source: annual report 2024, page 241; annual report 2025, pages 57, 105.出处：2024 年年报第 241 页；2025 年年报第 57、105 页。 | Carried out已执行 |
| Commencing the tracking of waste and Scope 1 and Scope 2 emissions from operations.开始追踪营运中的废弃物以及范围 1 和范围 2 排放。 | Inaugural greenhouse gas reporting was published in the 2024 report, covering Scope 1, Scope 2, and Scope 3 employee commuting emissions.2024 年报中公布了首次温室气体报告，涵盖范围 1、范围 2 以及范围 3 员工通勤排放。 Source: annual report 2023, page 26; annual report 2024, pages 26, 76.出处：2023 年年报第 26 页；2024 年年报第 26、76 页。 | Carried out已执行 |
What the reports leave open年报留下待看的事
- Commercial operation of the 5.9MWa.c. solar photovoltaic plant in Tawau, Sabah, which entered testing and commissioning with commercial operation expected by the second quarter of financial year ending 2026.沙巴斗湖 5.9MWa.c. 太阳能光伏电厂的商业营运情况，该电厂已进入测试与调试阶段，预计将于 2026 财政年度第二季度投入商业营运。
Source: annual report 2025, page 25.出处：2025 年年报第 25 页。
- The claim of RM9.77 million against Gadang Engineering (M) Sdn Bhd and Usaha Pesona Sdn Bhd, where an application for summary judgment and a striking out application were rescheduled to 25 September 2025.针对 Gadang Engineering (M) Sdn Bhd 及 Usaha Pesona Sdn Bhd 涉资 RM9.77 million 的索赔案，原告的简易判决申请和公司的撤销诉讼申请已重新排期至 2025 年 9 月 25 日。
Source: annual report 2025, page 112.出处：2025 年年报第 112 页。
- Development and construction of the 15MWa.c. large-scale solar plant in Tawau, Sabah, following the formation of joint venture Tenaga Aspirasi Sdn Bhd and pending submission and execution of project documents.在成立合资公司 Tenaga Aspirasi Sdn Bhd 并在等待提交和签署项目文件后，沙巴斗湖 15MWa.c. 大型地面太阳能电厂的开发与建设进展。
Source: annual report 2025, pages 25, 112.出处：2025 年年报第 25、112 页。
- Finalisation of the mutual termination of the Joint Development Agreement with Cyberview Sdn Bhd, for which a provision of RM19.0 million was recorded in 2025.与 Cyberview Sdn Bhd 相互终止联合开发协议的最终敲定，该事项已于 2025 年计提 RM19.0 million 拨备。
Source: annual report 2025, pages 21, 113.出处：2025 年年报第 21、113 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。