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The Group registered revenue of RM25.77 million in Q4 FY2023, representing 48.03% increase compared to RM17.41 million in the previous corresponding quarter. This was mainly due to sales in scheduled waste collection segment and recycled petrochemical segment increased by RM5.55 million and RM4.46 million respectively, while recycled petroleum segment experienced lower sales by RM6.63 million. In addition, biofuel product segment contributed revenue of RM4.63 million in current quarter, marking a new stream of revenue. Geographically, domestic sales increased by 20.65% and overseas sales registered an increase of 164.05%.
For the current quarter under review, gross profit margin has increased from 18.35% to 27.16% mainly due to higher sales recorded and improvement in production efficiency resulting in lower factory overhead incurred. Selling and distribution costs increased by RM0.20 million in line with the increase in revenue. Finance costs increased slightly due to additional drawdown of financing facility.
With the above, the Group recorded a higher profit before tax at RM4.01 million compared to RM0.27 million in previous corresponding quarter. EBITDA increased by RM3.58 million, reaching to a total of RM5.99 million in Q4 FY2023.
On year-to-date, the Group achieved a revenue of RM87.18 million in YTD FY2023, an increase of 8.93% as compared to RM80.04 million in YTD FY2022. The increase was primarily attributable to the increase in sales in scheduled waste collection, recycled petrochemical and biofuel product segments by RM15.91 million, RM6.07 million and RM14.86 million respectively. Conversely, the recycled petroleum segment experienced lower sales by RM26.55 million.
The gross profit margin for YTD FY2023 stood at 26.35%, indicating a slight increase of 0.50% compared to YTD FY2022 at 25.85%. The slight increase in gross profit margin was mainly due to higher sales recorded in higher margin segment namely scheduled waste collection.
The increase in other income by RM0.82 million was mainly due to insurance claims arising from flood incident in 2021, and fixed deposit interest income, as well as gain on disposal of property, plant and equipment.
Overall, the Group recorded a profit before tax of RM11.37 million, representing an increase of 5.01% from previous financial year FY2022. EBITDA for YTD FY2023 increased by 5.89% to RM19.90 million.
Despite volatile and weak economic conditions in 2023, the Group managed to achieve profit after tax ("PAT") of RM8.05 million for the financial year ended 31 December 2023 (FY2022 - PAT RM8.05 million).
Economic conditions remain challenging with inflation continue to exert pressure on consumer and industrial spending. The impact of global economic slowdown resulted from weaker external demand would pare down overall Gross Domestic Product ("GDP") growth. Moreover, the fluctuation of the ringgit against US dollar is on a volatile basis which affects the price of imported goods.
While the group is mindful of the external environment, the Directors are seeking opportunity to expand the business of the Group by exploring new stream of revenue to diversify and complement our existing business model. The Group would invest in capital expenditure in new financial year given its better footing in terms of financial position and contacts with external partner. Meanwhile, the Management would continue to focus on efficient production process and prudent financial management to sustain the business.