Quarterly Report For The Financial Period Ended 31 December 2024

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Unaudited Condensed Consolidated Statements Of Comprehensive Income
For The Fourth Quarter Ended 31 December 2024

Unaudited Condensed Consolidated Statements Of Financial Position
For The Fourth Quarter Ended 31 December 2024

Review of Performance

Financial review for fourth quarter ended 31 December 2024 ("Q4 FY2024") versus corresponding quarter ended 31 December 2023 ("Q4 FY2023")

The Group registered revenue at RM62.69 million in Q4 FY2024 against RM25.77 million in Q4 FY2023, an increase of 143.26%. The increase in revenue in Q4 FY 2024 was mainly due to revenue contribution from sustainable products (increase from 17.97% to 32.60%) segment and recycled petroleum products (increase from 18.49% to 45.53%) segment.

However, the gross profit margin dropped from 27.27% to 6.88% in Q4 FY2024. This was mainly due to the increase in sales of sustainable products which has a lower margin.

As a result, the Group closed at RM1.80 million of profit before tax and EBITDA of RM4.06 million in the current quarter compared to RM3.88 million of profit before tax and EBITDA of RM5.87 million in the corresponding quarter.

On year-to-date basis, the Group achieved a revenue of RM139.71 million in YTD FY2024 compared to RM87.18 million in YTD FY2023. The increase in revenue in YTD FY2024 was mainly due to revenue contribution from sustainable products (increase from 13.30% to 36.31%) segment.

The gross profit margin, however was down from 26.38% to 13.91% in YTD FY2024. This was mainly due to the increase in sales of sustainable products which has a lower margin.

For YTD FY2024, the Group posted profit before tax at RM6.35 million against RM11.24 million in YTD FY2023. EBITDA marked to RM16.91 million in YTD FY2024 compared with RM19.78 million in YTD FY2023.

Prospects

The Board of Directors ("the Board") anticipates that the growth momentum of the industry in which our operations operate will moderate in comparison to 2023, largely due to the subdued global economic conditions.

The oil price is expected to remain volatile which may affect the demand for the Group's products and services.

While the Group is mindful of the external environment, the Board is seeking opportunity to expand the business of the Group by exploring new stream of revenue to diversify and complement our existing business. In doing this, the Group would invest in capital expenditure in current financial year. Meanwhile, the Board would continue to focus on efficient production process and prudent financial management to sustain the business.