DailySpaceBertam Alliance Berhad
9814 · Main Market主板（Main Market） · annual reports 2023 to 2025, 944 entries read2023 至 2025 年报，共读出 944 条
The company这家公司
Bertam Alliance Berhad was incorporated on 27 June 1994 under the name UH Dove Holdings Berhad, and was listed on the Second Board of the Kuala Lumpur Stock Exchange (now the Main Market of Bursa Securities) on 30 May 1995. It adopted the name Bertam Alliance Berhad on 21 January 2003.Bertam Alliance Berhad 于 1994 年 6 月 27 日成立，原名 UH Dove Holdings Berhad，并于 1995 年 5 月 30 日在吉隆坡证券交易所第二板（现为大马交易所主板）上市。公司于 2003 年 1 月 21 日更名为 Bertam Alliance Berhad。
Source: annual report 2023, page 11.出处：2023 年年报第 11 页。
The group is involved in construction contracts and property development activities. In 2025, revenue from construction contracts of RM24,217,905 contributed approximately 96% of total revenue, with service revenue contributing RM980,000.该集团从事建筑合约及房地产开发活动。2025 年，来自建筑合约的营业额 RM24,217,905 占总营业额约 96%，服务收入贡献 RM980,000。
Source: annual report 2023, page 11; annual report 2025, pages 106, 128.出处：2023 年年报第 11 页；2025 年年报第 106、128 页。
Revenue depends on a small number of customers: 5 major customers brought 99% of total revenue (RM22,667,783) in 2023, 5 major customers accounted for 100% (RM32,825,996) in 2024, and 3 major customers accounted for 89% (RM22,399,635) in 2025. Related party contracts contributed RM17,841,676 in 2023, RM13,586,270 in 2024, and RM22,239,738 in 2025.营业额依赖少数客户：2023 年 5 家主要客户贡献了总营业额的 99%（RM22,667,783），2024 年 5 家主要客户占 100%（RM32,825,996），2025 年 3 家主要客户占 89%（RM22,399,635）。关连方合约在 2023 年贡献 RM17,841,676，2024 年贡献 RM13,586,270，2025 年贡献 RM22,239,738。
Source: annual report 2023, pages 121, 122; annual report 2024, page 120; annual report 2025, pages 128, 156.出处：2023 年年报第 121、122 页；2024 年年报第 120 页；2025 年年报第 128、156 页。
In the 2025 report's shareholder lists, a pledged securities account for Law Ngia Meng under Kenanga Nominees (Tempatan) Sdn Bhd shows 55,823,250 shares (11.54%); Kenanga Nominees (Asing) Sdn Bhd shows 28,920,000 shares (5.98%) for Liu, Shenghui; pledged accounts for Richard Ling Do Nyean show 24,573,750 shares (5.08%) with Kenanga Nominees (Tempatan) Sdn Bhd and 20,000,000 shares (4.13%) with Alliance Group Nominees (Tempatan) Sdn Bhd; and Pang Kee Chau's row shows no direct holding and 40,643,450 shares (8.40%) in the second column.在 2025 年报股东名单中，Kenanga Nominees (Tempatan) Sdn Bhd 名下 Law Ngia Meng 的抵押证券账户列有 55,823,250 股（11.54%）；Kenanga Nominees (Asing) Sdn Bhd 为 Liu, Shenghui 列有 28,920,000 股（5.98%）；Richard Ling Do Nyean 的抵押账户在 Kenanga Nominees (Tempatan) Sdn Bhd 列有 24,573,750 股（5.08%），在 Alliance Group Nominees (Tempatan) Sdn Bhd 列有 20,000,000 股（4.13%）；Pang Kee Chau 一行无直接持股，第二栏列出 40,643,450 股（8.40%）。
Source: annual report 2025, page 161.出处：2025 年年报第 161 页。
The company has not had a Chairman since 31 October 2021. Lee Kian Bin @ Tommy joined as Independent Non-Executive Director on 1 March 2024, Chan Pek Ee @ Erna was appointed Executive Director on 26 April 2024, and Datuk Law Ngia Meng was appointed Executive Director on 18 November 2024 when Liew Chee Keong resigned. Koo Jenn Man was re-designated as Independent Non-Executive Director on 2 January 2026.自 2021 年 10 月 31 日起，公司尚未任命新主席。Lee Kian Bin @ Tommy 于 2024 年 3 月 1 日出任独立非执行董事，Chan Pek Ee @ Erna 于 2024 年 4 月 26 日出任执行董事，Datuk Law Ngia Meng 于 2024 年 11 月 18 日出任执行董事，同日 Liew Chee Keong 辞任。Koo Jenn Man 于 2026 年 1 月 2 日调任为独立非执行董事。
Source: annual report 2024, page 40; annual report 2025, pages 6, 7, 8, 10, 58.出处：2024 年年报第 40 页；2025 年年报第 6、7、8、10、58 页。
Outstanding order book by project, end 2025 (RM million)2025 年底各项目未完成订单（RM million）
Source: annual report 2025, page 17.出处：2025 年年报第 17 页。
Major events大事记
Source: annual report 2023, page 15; annual report 2025, page 19.出处：2023 年年报第 15 页；2025 年年报第 19 页。
Source: annual report 2023, page 11; annual report 2024, page 11.出处：2023 年年报第 11 页；2024 年年报第 11 页。
Source: annual report 2023, page 15; annual report 2024, page 18.出处：2023 年年报第 15 页；2024 年年报第 18 页。
Source: annual report 2023, page 15.出处：2023 年年报第 15 页。
Source: annual report 2023, page 15; annual report 2024, pages 19, 65.出处：2023 年年报第 15 页；2024 年年报第 19、65 页。
Source: annual report 2025, page 20.出处：2025 年年报第 20 页。
Revenue, profit and operating cash flow营业额、盈利与营运现金流
Assets, equity and borrowings资产、权益与借款
20232023 年
In FY2023, revenue rose by RM1.1 million to RM22.7 million, and profit before taxation was RM567,367. RMCD cancelled a RM3,594,340 GST liability on appeal, which was written back; the earlier reversal of RM14,061,441 of tax payable, after the IRB cut the amount from RM17,665,014 to RM793,000, belongs to FY2022. Cash used in operations was RM1,190,026, and borrowings stood at RM3,500,793, consisting of bank overdraft.2023 财年，营业额增加 RM1.1 million 至 RM22.7 million，税前盈利为 RM567,367。关税局接纳上诉，撤销 RM3,594,340 消费税负债并予以拨回；而内陆税收局将应付税款由 RM17,665,014 减至 RM793,000、拨回 RM14,061,441 应付税款一事属于 2022 财年。营运所用现金为 RM1,190,026，借款为 RM3,500,793，全部为银行透支。
Source: annual report 2023, pages 16, 78, 83, 98, 100, 111.出处：2023 年年报第 16、78、83、98、100、111 页。
20242024 年
In FY2024, revenue was RM32.8 million and profit after tax was RM1.8 million. The group completed a regularisation plan including a share issuance of 74,431,000 shares raising RM5,582,325, a share capital reduction of RM90.00 million, and a rights issue with 161,268,741 warrants. Proceeds from the share issuance and rights issue were RM17,468,469. Cash used in operations was RM10,166,103, and RM7,048,333 of fixed deposits was placed with licensed banks to secure bank overdraft facilities, with bank overdraft rising to RM6,055,484.2024 财年，营业额为 RM32.8 million，税后盈利为 RM1.8 million。集团完成了重组计划，包括发行 74,431,000 股股份筹集 RM5,582,325、削减股本 RM90.00 million 以及发行附带 161,268,741 份凭单的附加股。股份发行及附加股所得款项为 RM17,468,469。营运所用现金为 RM10,166,103，存入持牌银行 RM7,048,333 定期存款以作为银行透支便利的抵押，银行透支增至 RM6,055,484。
Source: annual report 2024, pages 18, 19, 65, 77, 80, 81; annual report 2025, page 18.出处：2024 年年报第 18、19、65、77、80、81 页；2025 年年报第 18 页。
20252025 年
In FY2025, revenue fell by RM7.6 million to RM25.2 million, and profit after tax was RM1.2 million. Operating cash outflow was RM1,928,895. Net cash used in investing activities was RM2,795,465, which included RM2,761,947 of fixed deposits placed with a licensed bank. Bank overdraft increased to RM9,523,130, secured by RM9,810,280 of pledged fixed deposits.2025 财年，营业额减少 RM7.6 million 至 RM25.2 million，税后盈利为 RM1.2 million。营运现金流出为 RM1,928,895。投资活动所用现金净额为 RM2,795,465，其中包括存入持牌银行的 RM2,761,947 定期存款。银行透支增至 RM9,523,130，由 RM9,810,280 的抵押定期存款提供担保。
Source: annual report 2025, pages 18, 112, 115, 143.出处：2025 年年报第 18、112、115、143 页。
Across the three years三年合看
Over the three years, operating cash flow was negative each year (negative RM1.2 million, negative RM10.2 million, and negative RM1.9 million). Borrowings grew from RM3.5 million in 2023 to RM6.1 million in 2024 and RM9.5 million in 2025. Pledged fixed deposits rose from RM3,500,000 to RM7,048,333 and RM9,810,280. No dividends were paid, declared or proposed in any of the three years.三年间，营运现金流每年均为负数（负 RM1.2 million、负 RM10.2 million 及负 RM1.9 million）。借款从 2023 年的 RM3.5 million 增至 2024 年的 RM6.1 million 和 2025 年的 RM9.5 million。抵押定期存款相应由 RM3,500,000 升至 RM7,048,333 和 RM9,810,280。三年间均未派发、宣告或建议任何股息。
Source: annual report 2023, pages 16, 68; annual report 2024, pages 63, 108; annual report 2025, pages 98, 143.出处：2023 年年报第 16、68 页；2024 年年报第 63、108 页；2025 年年报第 98、143 页。
Still to be spent尚未支出的承诺
Proceeds of RM17.7 million raised from the regularisation plan were fully utilised by the fourth quarter of 2025. Outstanding performance obligations on construction contracts stood at RM53.4 million at 31 December 2025, compared with RM50.6 million in 2024 and RM107.7 million in 2023.重组计划筹集的 RM17.7 million 资金已于 2025 年第四季度前全额动用。截至 2025 年 12 月 31 日，建筑合约未完成履约义务为 RM53.4 million，2024 年为 RM50.6 million，2023 年为 RM107.7 million。
Source: annual report 2024, page 93; annual report 2025, pages 17, 97, 128.出处：2024 年年报第 93 页；2025 年年报第 17、97、128 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 | 21,606,380 | 22,739,620 | 32,825,996 | 25,197,905 |
| Profit before taxation税前盈利 | 860,976 | 567,367 | 1,842,367 | 1,342,812 |
| Profit for the financial year年度盈利 | 15,308,661 | 567,367 | 1,814,367 | 1,217,666 |
| Net cash used in operating activities营运活动所用现金净额 | (1,465,574) | (1,190,026) | (10,166,103) | (1,928,895) |
| Net cash used in investing activities投资活动所用现金净额 | (259,185) | (134,300) | (7,070,742) | (2,795,465) |
| Net cash from financing activities融资活动所得现金净额 | (105,375) | 0 | 17,468,469 | 0 |
| Cash and bank balances现金与银行结余 | 1,230,668 | 196,915 | 10,031,563 | 11,536,796 |
| Borrowings借款 | 3,210,220 | 3,500,793 | 6,055,484 | 9,523,130 |
| Total assets总资产 | 157,053,356 | 161,184,288 | 179,693,264 | 179,890,844 |
| Total equity总权益 | 131,278,763 | 131,846,130 | 151,128,966 | 152,346,632 |
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 |
|---|---|---|
| The implementation of the Regularisation Plan shall be completed within one year after the letter of approval by Bursa Securities, due on 1 November 2024.重组计划的实施须在大马交易所批准函后一年内完成，截止日期为 2024 年 11 月 1 日。 | The share issuance was completed on 15 January 2024, the High Court granted an order for the share capital reduction on 4 July 2024, and the rights issue with warrants was listed on 1 October 2024.股份发行于 2024 年 1 月 15 日完成，高等法院于 2024 年 7 月 4 日批准削减股本令，附带凭单的附加股于 2024 年 10 月 1 日上市。 Source: annual report 2023, page 123; annual report 2024, pages 19, 65.出处：2023 年年报第 123 页；2024 年年报第 19、65 页。 | Carried out已执行 |
| Upliftment of PN17 status is subject to the group recording a net profit in two consecutive quarterly results immediately after completion of the regularisation plan.脱离 PN17 状态取决于集团在重组计划完成后立即连续两个季度录得净利润。 | Bursa Securities approved the application and Bertam was officially uplifted from its PN17 status with effect from 12 June 2025.大马交易所批准了申请，Bertam 自 2025 年 6 月 12 日起正式脱离 PN17 状态。 Source: annual report 2024, page 121; annual report 2025, page 20.出处：2024 年年报第 121 页；2025 年年报第 20 页。 | Carried out已执行 |
| Planned to develop Idaman Residence, a residential development of 228 condominium units on 4.22 acres in Kepayan with an estimated GDV of approximately RM150.0 million.计划在 Kepayan 4.22 英亩土地上开发 Idaman Residence，包含 228 个公寓单位，预估总开发价值约 RM150.0 million。 | In the 2025 report, the project remained a proposed development of 228 condominium units with estimated GDV of approximately RM150.0 million, with commencement subject to finding a joint venture partner with property expertise in Sabah and sufficient financial resources.在 2025 年报中，该项目仍为 228 个公寓单位的拟议开发项目，预估总开发价值约 RM150.0 million，动工须视乎能否找到在沙巴具产业开发经验及充足资金的合资伙伴。 Source: annual report 2023, pages 12, 13; annual report 2025, pages 15, 136.出处：2023 年年报第 12、13 页；2025 年年报第 15、136 页。 | Still in progress仍在进行中 |
| The Sabah Water Project sub-contract of RM15.7 million commenced in November 2021 with expected completion date of May 2024.价值 RM15.7 million 的沙巴水务项目分包合约于 2021 年 11 月开工，预计完工日期为 2024 年 5 月。 | The project was listed with expected completion in August 2024 in the 2024 report, and was completed in July 2025 according to the 2025 report.2024 年报中预计完工日期为 2024 年 8 月，2025 年报确认该项目于 2025 年 7 月完工。 Source: annual report 2023, page 14; annual report 2024, page 17; annual report 2025, page 14.出处：2023 年年报第 14 页；2024 年年报第 17 页；2025 年年报第 14 页。 | Completed later than said较预期延迟完成 |
| Main intake system cleaning at Tenom Pangi Hydroelectric Powerstation Project for RM4.2 million commenced in January 2023 with completion expected in April 2024.Tenom Pangi 水力发电站主进水系统清理工程合约价值 RM4.2 million，于 2023 年 1 月开工，预计 2024 年 4 月完工。 | With variation orders bringing the contract to RM4.9 million, the project was completed in June 2024.经变更指令使合约总额达到 RM4.9 million，该项目于 2024 年 6 月完工。 Source: annual report 2023, pages 12, 14; annual report 2025, page 14.出处：2023 年年报第 12、14 页；2025 年年报第 14 页。 | Completed later than said较预期延迟完成 |
What the reports leave open年报留下待看的事
- Whether the proposed property developments on landbanks in Sabah (Telipok mixed development with estimated GDV of RM866.0 million, Luyang apartments with GDV of RM343.0 million, and Idaman Residence with GDV of RM150.0 million) obtain required authority approvals and begin construction.沙巴土地储备的拟议房地产开发项目（预估 GDV 为 RM866.0 million 的 Telipok 综合开发项目、GDV 为 RM343.0 million 的 Luyang 公寓以及 GDV 为 RM150.0 million 的 Idaman Residence）能否获得所需当局批准并动工。
Source: annual report 2025, pages 15, 135, 136.出处：2025 年年报第 15、135、136 页。
- Execution of the RM53.4 million outstanding construction order book, including the Water Tank BS & TR project of RM23.3 million and Sandakan Commercial project of RM19.8 million.RM53.4 million 未完成建筑订单的执行情况，包括 RM23.3 million 的 Water Tank BS & TR 项目及 RM19.8 million 的山打根商业项目。
Source: annual report 2025, page 17.出处：2025 年年报第 17 页。
- Outcome of ongoing appeals regarding legal suits by companies controlled by a former Director, claiming debts of RM398,360 (LSH Manufacturing Sdn Bhd) and RM254,325 (Hui Yang China Malaysia Sdn Bhd).前董事控制的公司就声索债务 RM398,360（LSH Manufacturing Sdn Bhd）及 RM254,325（Hui Yang China Malaysia Sdn Bhd）所提起的诉讼之上诉结果。
Source: annual report 2025, pages 143, 157.出处：2025 年年报第 143、157 页。
- 161,268,741 warrants remain outstanding at an exercise price of RM0.45 expiring on 25 September 2029, with no warrants exercised through 2025.截至 2025 年底，行使价为 RM0.45、将于 2029 年 9 月 25 日到期的 161,268,741 份凭单仍未行使，且在 2025 年内无凭单被行使。
Source: annual report 2025, pages 100, 101, 132.出处：2025 年年报第 100、101、132 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。