DailySpaceSinmah Capital Berhad
9776 · Main Market主板（Main Market） · annual reports 2022 to 2025, 1193 entries read2022 至 2025 年报，共读出 1193 条
The company这家公司
Sinmah Capital Berhad is listed on the Main Market of Bursa Malaysia Securities Berhad. The group discontinued its poultry business activities in 2022 to focus on property development and construction of residential and commercial properties, and in 2025 it decided to outsource its construction arm to a third party.Sinmah Capital Berhad 在马来西亚证券交易所主板上市。该集团于 2022 年终止禽肉业务活动，转而专注于住宅与商业产业的房地产开发与建筑；2025 年集团决定将其建筑业务外包给第三方。
Source: annual report 2022, pages 15, 78; annual report 2023, page 25; annual report 2025, pages 24, 40.出处：2022 年年报第 15、78 页；2023 年年报第 25 页；2025 年年报第 24、40 页。
In 2022, sales of goods and services (the poultry operations) contributed RM57.4 million of revenue, alongside property development of RM19.6 million, sales of completed units of RM4.3 million and construction contracts of RM5.5 million. In 2023, revenue of RM25.2 million came from property development (RM24.8 million) and sales of completed units (RM0.4 million). In 2025, revenue of RM32.7 million comprised property development of RM24.0 million, sales of completed units of RM4.6 million, and sales of land of RM4.1 million. The group predominantly operates in Malaysia and sells development properties to individual purchasers.2022 年，商品与服务销售（禽肉业务）带来 RM57.4 million 营业额，另有产业开发 RM19.6 million、已竣工单位销售 RM4.3 million 及建筑合约 RM5.5 million。2023 年，RM25.2 million 的营业额来自产业开发（RM24.8 million）与已竣工单位销售（RM0.4 million）。2025 年，RM32.7 million 的营业额包括产业开发 RM24.0 million、已竣工单位销售 RM4.6 million 及土地销售 RM4.1 million。集团主要在马来西亚运营，并将开发产业销售给个别买家。
Source: annual report 2022, page 122; annual report 2023, page 153; annual report 2025, pages 152, 165.出处：2022 年年报第 122 页；2023 年年报第 153 页；2025 年年报第 152、165 页。
Toh Hong Chye held 30,700,000 shares (7.82%) in the 2022 report, 30,700,000 shares (7.37%) in the 2023 report, and increased his holding to 63,700,000 shares (14.675%) in 2025, held under Alliancegroup Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Toh Hong Chye. Other large pledged holdings in 2025 included 21,440,000 shares (4.939%) for Jasvinder Singh A/L Piara Singh and 18,415,100 shares (4.243%) for Rajinder Kaur A/P Piara Singh.Toh Hong Chye 在 2022 年报中持有 30,700,000 股（7.82%），在 2023 年报中持有 30,700,000 股（7.37%），并在 2025 年增持至 63,700,000 股（14.675%），存放于 Alliancegroup Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Toh Hong Chye。2025 年其他主要抵押账户包括 Jasvinder Singh A/L Piara Singh 的 21,440,000 股（4.939%）以及 Rajinder Kaur A/P Piara Singh 的 18,415,100 股（4.243%）。
Source: annual report 2022, page 145; annual report 2023, page 179; annual report 2025, pages 178, 179.出处：2022 年年报第 145 页；2023 年年报第 179 页；2025 年年报第 178、179 页。
A director profile in the 2022 report reads 'Brother of Dato’ Fong Kok Yong and Fong Ngan Teng'. Datuk Fong Kiah Yeow held 14,302,200 shares in 2023, and disposed of 10,900,000 shares during the period to hold 3,402,200 shares in 2025. Dato’ Fong Kok Yong and Fong Ngan Teng resigned as directors on 16 January 2025.2022 年报一份董事简介写明“Dato’ Fong Kok Yong 与 Fong Ngan Teng 的兄弟”。Datuk Fong Kiah Yeow 于 2023 年持有 14,302,200 股，在期内处置了 10,900,000 股，2025 年持有 3,402,200 股。Dato’ Fong Kok Yong 与 Fong Ngan Teng 于 2025 年 1 月 16 日辞去董事职务。
Source: annual report 2022, page 12; annual report 2023, page 77; annual report 2025, page 75.出处：2022 年年报第 12 页；2023 年年报第 77 页；2025 年年报第 75 页。
A footnote in the 2022 report records a director appointed Executive Chairman with effect from 1 August 2022. The 2025 report notes that the company does not have a Group Managing Director. The financial year end was changed from 31 December to 30 June, and the company relocated its principal place of business to Arcoris Mont' Kiara in Kuala Lumpur on 29 April 2025.2022 年报一则附注记载一名董事自 2022 年 8 月 1 日起获委任为执行主席。2025 年报指出公司没有集团董事经理。财政年结日由 12 月 31 日更改为 6 月 30 日，公司并于 2025 年 4 月 29 日将主要营业地址迁至吉隆坡的 Arcoris Mont' Kiara。
Source: annual report 2022, page 38; annual report 2025, pages 29, 52, 73, 100.出处：2022 年年报第 38 页；2025 年年报第 29、52、73、100 页。
Revenue by activity, 20252025 年各业务营业额
Source: annual report 2025, page 152.出处：2025 年年报第 152 页。
Major events大事记
Source: annual report 2022, page 116.出处：2022 年年报第 116 页。
Source: annual report 2022, page 108.出处：2022 年年报第 108 页。
Source: annual report 2022, page 150.出处：2022 年年报第 150 页。
Source: annual report 2023, pages 76, 146.出处：2023 年年报第 76、146 页。
Source: annual report 2025, page 190.出处：2025 年年报第 190 页。
Source: annual report 2025, pages 26, 176.出处：2025 年年报第 26、176 页。
Source: annual report 2025, page 100.出处：2025 年年报第 100 页。
Revenue and loss before tax营业额与税前亏损
Total assets, borrowings and equity总资产、借款与权益
20222022 年
In FYE 2022, the company completed an RM88 million capital reduction on 20 January 2022. It raised RM6,687,856 by issuing 67,521,100 shares through private placements. The poultry subsidiary SM Broilers Sdn. Bhd. was sold for RM2,900,000; net cash outflow from disposals of subsidiary companies was RM5.0 million and the gain on disposal of subsidiary companies was RM3.84 million. A deposit of RM5,500,000 was paid under a joint-venture agreement with Persatuan Bolasepak Kuala Lumpur, and a consultancy fee of RM5.00 million was incurred. Term loan repayments were RM14.8 million and short-term borrowings were reduced by RM9.6 million.2022 财年，公司于 2022 年 1 月 20 日完成了 RM88 million 的削减股本。通过私募发行 67,521,100 股募集了 RM6,687,856。禽肉子公司 SM Broilers Sdn. Bhd. 以 RM2,900,000 对价脱售；脱售子公司的现金净流出为 RM5.0 million，脱售子公司收益为 RM3.84 million。根据与 Persatuan Bolasepak Kuala Lumpur 的合资协议支付了 RM5,500,000 定金，并产生了 RM5.00 million 的咨询费。偿还定期贷款 RM14.8 million，短期借款减少 RM9.6 million。
Source: annual report 2022, pages 17, 18, 61, 77, 108, 110, 116.出处：2022 年年报第 17、18、61、77、108、110、116 页。
20232023 年
In FYE 2023, term loan repayments were RM8.3 million, and total loans and borrowings stood at RM4.5 million. An impairment loss of RM5.50 million was recognized on the deposit of RM5,500,000 paid to Persatuan Bolasepak Kuala Lumpur due to uncertain recoverability. Warrants C expired on 29 August 2023, and 37,851,000 unexercised warrants lapsed, with RM3.6 million transferred from the warrant reserve. No dividend was proposed or paid.2023 财年，偿还定期贷款为 RM8.3 million，贷款与借款总额为 RM4.5 million。因可收回性不确定，对支付给 Persatuan Bolasepak Kuala Lumpur 的 RM5,500,000 定金计提了 RM5.50 million 的减值亏损。凭单 C 于 2023 年 8 月 29 日到期，37,851,000 份未行使凭单失效，RM3.6 million 自凭单储备转出。未建议或派发任何股息。
Source: annual report 2023, pages 25, 26, 75, 76, 95, 99, 141, 146.出处：2023 年年报第 25、26、75、76、95、99、141、146 页。
20252025 年
In the 18-month FPE 2025, the company raised RM3,341,460 by issuing 41,640,000 new shares through private placement to fund property development and construction of the Laman Lentera project. The joint venture with Persatuan Bolasepak Kuala Lumpur was terminated by mutual consent, and the group received the full settlement sum of RM12,300,000, recording RM9.30 million as other operating income and reversing the previous impairment of RM5,500,000. Provisions were recognized for foreseeable losses of RM7.04 million, liquidated ascertained damages of RM3.5 million payable to housebuyers, and an impairment on land held for development of RM5.25 million. Remaining term loans of RM2.6 million were repaid, and borrowings stood at RM0.1 million.2025 财政期间（18 个月），公司通过私募发行 41,640,000 股新股募集 RM3,341,460，用于资助 Laman Lentera 项目的产业开发与建筑成本。与 Persatuan Bolasepak Kuala Lumpur 的合资协议经双方同意终止，集团全数收到 RM12,300,000 和解款项，将 RM9.30 million 列为其他营业收入，并转回此前计提的 RM5,500,000 减值。计提了 RM7.04 million 的预见亏损拨备、RM3.5 million 应付购屋者的算定损害赔偿拨备，以及 RM5.25 million 的持作开发土地减值。偿还了剩余的 RM2.6 million 定期贷款，借款结余为 RM0.1 million。
Source: annual report 2025, pages 26, 74, 90, 97, 141, 151, 152, 176.出处：2025 年年报第 26、74、90、97、141、151、152、176 页。
Across the years历年合看
Over the years, Sinmah exited poultry farming, carried out an RM88 million capital reduction, and raised cash from private placements in 2022 (RM6,687,856) and 2024 (RM3,341,460). Borrowings fell from RM74.5 million in 2021 to RM0.1 million in 2025. Cash and bank balances stood at RM17.0 million at 30 June 2025. No dividends were declared or paid in any of the three reports.历年来看，Sinmah 退出了禽肉养殖业务，完成了 RM88 million 的削减股本，并通过 2022 年（RM6,687,856）和 2024 年（RM3,341,460）的私募筹集了资金。借款由 2021 年的 RM74.5 million 降至 2025 年的 RM0.1 million。截至 2025 年 6 月 30 日，现金与银行结余为 RM17.0 million。三份年报中均未宣派或支付股息。
Source: annual report 2022, pages 61, 116; annual report 2023, page 75; annual report 2025, page 74.出处：2022 年年报第 61、116 页；2023 年年报第 75 页；2025 年年报第 74 页。
Still to be spent尚未支出的承诺
By 30 June 2025, proceeds from the private placements were fully utilised. Revenue expected to be recognised within the next 3 years relating to unsatisfied performance obligations in property development was RM17,482,000, compared to RM20,861,000 at end 2023.截至 2025 年 6 月 30 日，私募所得款项已全部使用完毕。关于产业开发中未履行的履约义务，预计在未来 3 年内确认的营业额为 RM17,482,000，而 2023 年底为 RM20,861,000。
Source: annual report 2023, page 141; annual report 2025, pages 140, 190.出处：2023 年年报第 141 页；2025 年年报第 140、190 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 | 2021 | 2022 | 2023 | 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 | 131,553 | 86,801 | 25,171 | 32,696 |
| Loss before tax税前亏损 | (7,281) | (13,474) | (13,877) | (43,441) |
| Loss after taxation税后亏损 | (7,845) | (13,389) | (13,687) | (41,769) |
| Total assets总资产 | 194,853 | 125,079 | 103,997 | 77,829 |
| Total liabilities总负债 | 90,769 | 25,858 | 18,463 | 30,722 |
| Total equity总权益 | 104,084 | 99,221 | 85,534 | 47,107 |
| Borrowings借款 | 74,519 | 12,919 | 4,463 | 137 |
| Cash and bank balances现金与银行结余 | 47,559 | 11,524 | 5,161 | 16,972 |
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 |
|---|---|---|
| Construction of ten units at Tanjong Minyak with GDV of RM3.50 million to be completed by end 2023位于 Tanjong Minyak 的 10 个单位（发展总值 RM3.50 million）预计将于 2023 年底完工 | The 2023 report extended the expected completion to end of second quarter 2024; the 2025 report states the units were completed during the financial period ended 30 June 2025.2023 年报将预计完工时间延长至 2024 年第二季度末；2025 年报说明该批单位已在截至 2025 年 6 月 30 日止的财政期间内完工。 Source: annual report 2022, page 15; annual report 2023, page 23; annual report 2025, page 24.出处：2022 年年报第 15 页；2023 年年报第 23 页；2025 年年报第 24 页。 | Completed later than said已延期完工 |
| Launching the remaining twenty-two residential units at Tanjong Minyak in 2023于 2023 年推介 Tanjong Minyak 剩余的 22 间住宅单位 | The 2023 report deferred the expected launch to 2024; in 2025 the plot remained held for future development of 22 units with a total GDV of RM8.64 million.2023 年报将预计推介推迟至 2024 年；2025 年该地块仍持作未来开发 22 间住宅单位，发展总值 RM8.64 million。 Source: annual report 2022, page 15; annual report 2023, page 23; annual report 2025, page 24.出处：2022 年年报第 15 页；2023 年年报第 23 页；2025 年年报第 24 页。 | Not yet launched尚未推介 |
| Arranging anti-bribery and corruption refresher training in 2023计划于 2023 年组织反贿赂与反腐败温习培训 | The 2023 report confirmed that anti-bribery and corruption training was organized for employees during the financial year.2023 年报确认已在财政年度内为员工组织了反贿赂与反腐败培训。 Source: annual report 2022, page 28; annual report 2023, page 38.出处：2022 年年报第 28 页；2023 年年报第 38 页。 | Carried out已执行 |
| Disposal of a leasehold building for RM500,000 expected to be completed in March 2024预计于 2024 年 3 月完成以 RM500,000 脱售一项租赁建筑物 | The 2025 report shows leasehold buildings carrying amount at RMNil and records proceeds from disposal of property, plant and equipment of RM0.3 million.2025 年报显示租赁建筑物的账面值为 RMNil，并记录了处置物业、厂房及设备的所得款项 RM0.3 million。 Source: annual report 2023, page 177; annual report 2025, pages 97, 127.出处：2023 年年报第 177 页；2025 年年报第 97、127 页。 | Completion not stated未说明是否完成 |
| Adopting the International Integrated Reporting Framework in the Annual Report在年报中采纳国际综合报告框架 | The 2023 and 2025 reports repeated the same statement of board intention without adopting the framework.2023 和 2025 年报重复了同样的董事会意向陈述，并未采纳该框架。 Source: annual report 2022, page 35; annual report 2023, page 49; annual report 2025, page 49.出处：2022 年年报第 35 页；2023 年年报第 49 页；2025 年年报第 49 页。 | Still intended仍在计划中 |
What the reports leave open年报留下待看的事
- Provisions recognised in 2025 for foreseeable losses of RM7.04 million and liquidated damages of RM3.5 million due to increased construction material costs and late handover to housebuyers.2025 年因建筑材料成本上升及延迟交房给购屋者，分别计提了 RM7.04 million 的预见亏损拨备及 RM3.5 million 的算定损害赔偿拨备。
Source: annual report 2025, pages 26, 90, 151, 152.出处：2025 年年报第 26、90、151、152 页。
- The impact of outsourcing the group's construction arm to a third party during 2025 while managing active property development projects.在 2025 年将集团建筑业务外包给第三方后，对管理进行中产业开发项目的影响。
Source: annual report 2025, page 40.出处：2025 年年报第 40 页。
- Realisation of undeveloped land banks, including 162 planned residential units at Durian Tunggal (GDV RM41.24 million), not yet earmarked for launch (the Mukim Bukit Baru land was disposed of during FPE 2025), after an impairment of RM5.25 million was taken on land held for development in 2025.在 2025 年对持作开发土地计提 RM5.25 million 减值后，未开发土地储备的变现情况，包括 Durian Tunggal 计划中的 162 间住宅单位（发展总值 RM41.24 million，尚未定推介；Mukim Bukit Baru 地段已于 2025 财政期间脱售）。
Source: annual report 2025, pages 24, 25, 26.出处：2025 年年报第 24、25、26 页。
- 50,140,000 Share Issuance Scheme options outstanding at an exercise price of RM0.0962 per share, extended to 18 September 2028.50,140,000 份行使价为每股 RM0.0962 的股份发行计划期权仍未行使，期限已延长至 2028 年 9 月 18 日。
Source: annual report 2025, pages 147, 190.出处：2025 年年报第 147、190 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。