Maybulk Bhd · MYX:MAYBULK
Maybulk Bhd — Shareholder Meeting (June 2024)
22 slides from Maybulk Bhd's shareholder meeting presentation, Jun 26, 2024
Slide 1: MAYBULK BERHAD 35th Annual General Meeting
MAYBULK BERHAD (Formerly known as Malaysian Bulk Carriers Berhad) Registration No. 198801008597 (175953-W) Incorporated in Malaysia 35th Annual General Meeting 26 June 2024 1
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is for information purposes only, and does not constitute or form part of any offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for, or any offer to underwrite or otherwise acquire any securiti
Slide 3: Key Financial Highlights FY2023
Key Financial Highlights FY2023 Financial Results (RM’Million） FY2023 FY2022 Change Revenue 128.2 154.8 (17.2%) Operating Profit 27.2 47.7 (43.0%) Profit before exceptional items 17.5 41.4 (57.7%) Exceptional Items 35.3 51.9 (32.0%) • Gain on disposal of property, plant and 25.3 49.9 equipment • Gai
Slide 4: Segment Profit - FY2023
Key Financial Highlights FY2023 – Cont’d Segment Profit - FY2023 0% 13% 87% Shipping Bulkers Shelving & Storage Solution Investment Holdings & Others 4 CONFIDENTIAL
Slide 5: Key Financial Highlights FY2023 – Cont'd
Key Financial Highlights FY2023 – Cont’d Shipping Bulkers Business contributed lower revenue of RM71.350 million (FY2022: RM154.465 million) and lower gross profit of RM17.309 million (FY2022: RM48.627 million). Lower revenue is attributable to lower hire days in FY2023 due to a smaller fleet size a
Slide 6: Our Fleet
Key Financial Highlights FY2023 – Cont’d Our Fleet As at 31 March 2023 As at 31 March 2024 Remarks Owned vessels Alam Kuasa Alam Kuasa Chartered out till 2031 Alam Kekal Sold in October 2023 Chartered-in vessels Alam Sayang Redelivered on 5/5/2023 6 CONFIDENTIAL
Slide 7: Key Financial Highlights FY2023 – Cont'd
Key Financial Highlights FY2023 – Cont’d In January 2023, the Group expanded its operations into the shelving and storage solutions industry through the acquisition of a new subsidiary, EMT Systems Sdn. Bhd. (“EMTS”) for RM70 million. EMTS is engaged in supply, design, consult and installation work
Slide 8: Consolidated Financial Position @31/12/2023
Consolidated Financial Position @31/12/2023 Financial Captions (RM’Million） FY2023 FY2022* Change Total Assets 536.9 639.3 (16.0%) • Intangible assets 60.3 0.0 NA • Property, plant & equipment 119.7 230.8 (48.1%) • Investment properties 5.5 0.0 NA • Receivables and other current assets 31.6 7.4 327.
Slide 9: Consolidated Financial Position @31/12/2023 – cont'd
Consolidated Financial Position @31/12/2023 – cont’d Financial Captions (RM’Million） FY2023 FY2022* Change Shareholders’ equity 522.3 487.1 7.2% • Share capital 63.8 338.8 (81.2%) • Retained earnings 398.6 80.8 393.3% • Forex reserves 60.0 67.5 (11.1%) *Comparative figures have been restated to refl
Slide 10: Consolidated Financial Position @31/12/2023 – Cont'd
Consolidated Financial Position @31/12/2023 – Cont’d Intangible assets increased by RM60 million. This represents goodwill on acquisition of EMT System Sdn Bhd (“EMTS”) in FY2023. Reduction in property, plant and equipment is mainly due to disposal of Alam Kekal in FY2023. Receivable balances increa
Slide 11: Consolidated Financial Position @31/12/2023 – Cont'd
Consolidated Financial Position @31/12/2023 – Cont’d Reduction in share capital is caused by the Capital Reduction Exercise carried out in FY2023 whereby RM275 million share capital was set off against accumulated losses. The Group adopted a new accounting policy in FY2023 which allow the Group to r
Slide 12: Dividends
Dividends In FY2023, the Group paid the following dividends: 1. A single-tier special dividend of 6.5 sen per share declared in FY2022, totalling RM65 million 2. A single-tier special dividend of 3.5 sen per share declared in FY2022, totalling RM35 million 3. A single-tier special dividend of 1.5 se
Slide 13: Key Events – Acquisition of EMTS
Key Events – Acquisition of EMTS On 18 January 2023, the Group entered into Share Sale Agreement to acquire 100% equity interest in EMT Systems Sdn Bhd (“EMTS”) for a cash consideration of RM70 million. The acquisition was completed on 30 January 2023. A goodwill on consolidation of RM60.2 million w
Slide 14: Key Events – Capital Reduction Exercise
Key Events – Capital Reduction Exercise On 16 May 2023, the Group proposed to undertake a Capital Reduction Exercise. This was approved by shareholders on 15 June 2023 and completed on 18 August 2023. Pursuant to the Capital Reduction Exercise, the share capital of the Company was reduced from RM338
Slide 15: Key Events – Prior Year Adjustments
Key Events – Prior Year Adjustments The functional currency of Maybulk is in USD whilst the reporting currency is in Ringgit. In FY2023, the group adopted an accounting policy to reverse cumulative foreign currency translation reserve: - associated with non-current assets when such assets is dispose
Slide 16: Key Events – Disposal of Alam Kekal
Key Events – Disposal of Alam Kekal On 31 July 2023, Shareholders mandated the Group to dispose of Alam Kekal to non-related party for cash consideration at a price not lower 90% of market value as determined independent valuer. On 5 September 2023, the Group entered into a Memorandum of Acquisition
Slide 17: Key Events – Development Project in Kapar
Key Events – Development Project in Kapar On 29 August 2023, the Group announced multiple proposals, including: 1. Proposed acquisition of an industrial land in Kapar by MBC Logistic Hub Sdn Bhd (“MBCLH”) for a total consideration of RM165 million; 2. Proposed joint venture with Golden Valley Ventur
Slide 18: Key Events – Change of Name
Key Events – Change of Name On 29 August 2023, the Group announced proposal to change the name of the Company from Malaysian Bulk Carriers Berhad to Maybulk Berhad. Shareholders approved the proposal on 6 December 2023. The name of the Company was officially changed on 13 December 2023. 18 CONFIDENT
Slide 19: Key Subsequent Events – Proposed Share Buy Back
Key Subsequent Events – Proposed Share Buy Back On 27 March 2024, the Group announced its proposal to undertake: 1. To seek shareholders’ mandate to purchase its own shares for an aggregate amount of up to 10% of its issued share capital 2. To seek shareholders’ approval to exempt Dato’ Goh Cheng Hu
Slide 20: Outlook for FY2024
Outlook for FY2024 Shipping Operations Lower revenue anticipated as the Group has only 1 vessel left. In 1H2024, Alam Kuasa is due for dry docking and scheduled maintenance. Shelving and Storage Solutions The Group anticipate demand for industrial shelving and storage solution to remain strong. The
Slide 21: Challenges for FY2024
Challenges for FY2024 Fluctuations in USD exchange rate ✓ The functional currency of the Group is USD whereas the reporting currency is in RM. Fluctuations in exchange rate between USD and RM will have an impact on the net assets of the Group Credit risks ✓ Arising from selling of products in credit
Slide 22: MAYBULK BERHAD 35th Annual General Meeting
MAYBULK BERHAD (Formerly known as Malaysian Bulk Carriers Berhad) Registration No. 198801008597 (175953-W) Incorporated in Malaysia 35th Annual General Meeting 26 June 2024 END OF PRESENTATION