FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
(The figures have not been audited)
Individual Quarter | Cumulative Quarter | ||||||||||
PRECEDING YEAR | |||||||||||
CURRENT YEAR | CORRESPONDING | CURRENT YEAR | PRECEDING YEAR | ||||||||
QUARTER | QUARTER | TO DATE | TO DATE | ||||||||
ENDED | ENDED | ENDED | ENDED | ||||||||
31 December 2024 | 31 December 2023 | Changes | 31 December 2024 | 31 December 2023 | Changes | ||||||
RM'000 | RM'000 | % | RM'000 | RM'000 | % | ||||||
Revenue | 243,051 | 200,089 | 21% | 496,760 | 389,150 | 28% | |||||
Operating expenses | (228,975) | (188,732) | 21% | (472,373) | (370,060) | 28% | |||||
Other operating income | 1,355 | 1,659 | -18% | 4,656 | 6,047 | -23% | |||||
Profit from operations | 15,431 | 13,016 | 19% | 29,043 | 25,137 | 16% | |||||
Finance costs | (2,355) | (1,569) | 50% | (4,760) | (3,156) | 51% | |||||
Share of profit of associates | - | - | 0% | - | 1 | -100% | |||||
Share of profits of joint ventures | 394 | 403 | -2% | 1,051 | 822 | 28% | |||||
Profit before tax | 13,470 | 11,850 | 14% | 25,334 | 22,804 | 11% | |||||
Tax expense | (3,214) | (2,899) | 11% | (6,767) | (5,954) | 14% | |||||
Profit for the period | 10,256 | 8,951 | 15% | 18,567 | 16,850 | 10% | |||||
Profit attributable to : | |||||||||||
Owners of the parent | 8,808 | 8,008 | 10% | 16,065 | 15,211 | 6% | |||||
Non-controlling interests | 1,448 | 943 | 54% | 2,502 | 1,639 | 53% | |||||
10,256 | 8,951 | 15% | 18,567 | 16,850 | 10% | ||||||
Earnings per share (sen) | |||||||||||
- Basic | 1.58 | 1.43 | 10% | 2.88 | 2.72 | 6% | |||||
The Condensed Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying explanatory notes attached and Annual Financial Report for the financial year ended 30 June 2024.
1
FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
(The figures have not been audited)
Individual Quarter | Cumulative Quarter | ||||||||||
PRECEDING YEAR | |||||||||||
CURRENT YEAR | CORRESPONDING | CURRENT YEAR | PRECEDING YEAR | ||||||||
QUARTER | QUARTER | TO DATE | TO DATE | ||||||||
ENDED | ENDED | ENDED | ENDED | ||||||||
31 December 2024 | 31 December 2023 | Changes | 31 December 2024 | 31 December 2023 | Changes | ||||||
RM'000 | RM'000 | % | RM'000 | RM'000 | % | ||||||
Profit for the period | 10,256 | 8,951 | 15% | 18,567 | 16,850 | 10% | |||||
Other comprehensive income, net of tax | |||||||||||
Items that may be reclassified subsequently | |||||||||||
to profit or loss | |||||||||||
Foreign currency translation differences | 1,854 | (280) | 762% | (4,078) | (1,330) | 207% | |||||
for foreign operations | |||||||||||
Total comprehensive income for the period | |||||||||||
12,110 | 8,671 | 40% | 14,489 | 15,520 | -7% | ||||||
Total comprehensive income attributable to : | |||||||||||
Owners of the parent | 10,473 | 7,776 | 35% | 13,173 | 14,286 | -8% | |||||
Non-controlling interests | 1,637 | 895 | 83% | 1,316 | 1,234 | 7% | |||||
12,110 | 8,671 | 40% | 14,489 | 15,520 | -7% | ||||||
The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying explanatory notes attached and Annual Financial Report for the financial year ended 30 June 2024.
2
FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
(The figures have not been audited)
FINANCIAL REVIEW FOR CURRENT QUARTER COMPARED WITH IMMEDIATE PRECEDING QUARTER
IMMEDIATE | |||||
CURRENT YEAR | PRECEDING | ||||
QUARTER | QUARTER | ||||
ENDED | ENDED | ||||
31 December 2024 | 30 September 2024 | Changes | |||
RM'000 | RM'000 | % | |||
Revenue | 243,051 | 253,709 | -4% | ||
Operating expenses | (228,975) | (243,398) | -6% | ||
Other operating income | 1,355 | 3,301 | -59% | ||
Profit from operations | 15,431 | 13,612 | 13% | ||
Finance costs | (2,355) | (2,405) | -2% | ||
Share of profits of joint ventures | 394 | 657 | -40% | ||
Profit before tax | 13,470 | 11,864 | 14% | ||
Tax expense | (3,214) | (3,553) | -10% | ||
Profit for the period | 10,256 | 8,311 | 23% | ||
Profit attributable to : | |||||
Owners of the parent | 8,808 | 7,257 | 21% | ||
Non-controlling interests | 1,448 | 1,054 | 37% | ||
10,256 | 8,311 | 23% | |||
Earnings per share (sen) | |||||
- Basic | 1.58 | 1.30 | 21% | ||
The Condensed Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying explanatory notes attached and Annual Financial Report for the financial year ended 30 June 2024.
3
FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
(The figures have not been audited)
FINANCIAL REVIEW FOR CURRENT QUARTER COMPARED WITH IMMEDIATE PRECEDING QUARTER
IMMEDIATE | |||||
CURRENT YEAR | PRECEDING | ||||
QUARTER | QUARTER | ||||
ENDED | ENDED | ||||
31 December 2024 | 30 September 2024 | Changes | |||
RM'000 | RM'000 | % | |||
Profit for the period | 10,256 | 8,311 | 23% | ||
Other comprehensive income, net of tax | |||||
Items that may be reclassified subsequently | |||||
to profit or loss | |||||
Foreign currency translation differences | 1,854 | (5,932) | 131% | ||
for foreign operations | |||||
Total comprehensive income for the period | |||||
12,110 | 2,379 | 409% | |||
Total comprehensive income attributable to : | |||||
Owners of the parent | 10,473 | 2,700 | 288% | ||
Non-controlling interests | 1,637 | (321) | 610% | ||
12,110 | 2,379 | 409% | |||
The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying explanatory notes attached and Annual Financial Report for the financial year ended 30 June 2024.
4
FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
(This figures have not been audited)
As at End of | As at Preceding | ||
Financial Year End | Financial Year End | ||
31 December 2024 | 30 June 2024 | ||
RM'000 | RM'000 | ||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 272,535 | 258,719 | |
Intangible assets | - | 9 | |
Right-of-use assets | 197,911 | 202,778 | |
Investments in associates | - | 1,770 | |
Investments in joint ventures | 9,636 | 8,585 | |
Other investments | 360 | 360 | |
Goodwill on consolidation | 21,683 | 21,683 | |
Contingent consideration | 4,607 | 4,607 | |
Deferred tax assets | 1,128 | 1,300 | |
507,860 | 499,811 | ||
Current assets | |||
Receivables | 258,415 | 231,749 | |
Other investments | 1,843 | 1,843 | |
Current tax assets | 1,515 | 1,059 | |
Cash and bank balances | 89,488 | 90,361 | |
351,261 | 325,012 | ||
TOTAL ASSETS | 859,121 | 824,823 | |
EQUITY AND LIABILITIES | |||
Equity attributable to owners of the parent | |||
Share capital | 104,290 | 104,290 | |
Reserves | 324,373 | 327,953 | |
428,663 | 432,243 | ||
Non-controlling interests | 20,200 | 20,169 | |
Total equity | 448,863 | 452,412 | |
Non-current liabilities | |||
Long term borrowings | 109,740 | 96,587 | |
Lease liabilities | 27,700 | 32,514 | |
Deferred tax liabilities | 36,469 | 36,494 | |
Post-employment benefits obligation | 3,812 | 3,749 | |
177,721 | 169,344 | ||
Current liabilities | |||
Payables | 119,838 | 98,626 | |
Short term borrowings | 78,828 | 71,756 | |
Lease liabilities | 27,562 | 28,821 | |
Current tax liabilities | 6,309 | 3,864 | |
232,537 | 203,067 | ||
Total liabilities | 410,258 | 372,411 | |
TOTAL EQUITY AND LIABILITIES | 859,121 | 824,823 | |
Net assets per share (RM) | 0.80 | 0.81 | |
Net assets per share attributable to owners | |||
of the parent (RM) | 0.77 | 0.77 |
The Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying explanatory notes attached and Annual Financial Report for the financial year ended 30 June 2024.
5
FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW | ||||
FOR THE 6 MONTHS ENDED 31 DECEMBER 2024 | ||||
(The figures have not been audited) | ||||
Current Year | Preceding Year | |||
6 Months ended | 6 Months ended | |||
31 December 2024 | 31 December 2023 | |||
Note | RM'000 | RM'000 | ||
CASH FLOW FROM OPERATING ACTIVITIES | ||||
Profit before tax | 25,334 | 22,804 | ||
Adjustments for:- | ||||
Depreciation on PPE | 4,863 | 4,937 | ||
Depreciation on right-of-use assets | 13,173 | 9,785 | ||
Amortisation of Intangible asset | 9 | 55 | ||
Other non-cash items | 4,388 | 2,610 | ||
Non-operating items | 472 | 3,301 | ||
Operating profit before working capital changes | 48,239 | 43,492 | ||
Increase in trade and other receivables | (31,158) | (12,927) | ||
Increase/(Decrease) in trade and other payables | 20,303 | (2,612) | ||
Cash generated from operations | 37,384 | 27,953 | ||
Interest paid | (18) | (10) | ||
Tax paid (net) | (4,526) | (4,984) | ||
Net cash generated from operating activities | 32,840 | 22,959 | ||
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Acquisitions of: | ||||
- subsidiaries, net of cash and cash equivalents acquired | (22,310) | |||
Disposal of a subsidiary, net of cash and cash equivalents disposed | - | 30 | ||
Dividend received | 23 | 23 | ||
Dividend received from a joint venture | - | 586 | ||
Interest received | 373 | 546 | ||
Placements of: | ||||
- fixed deposits pledged to licensed banks | (60) | (93) | ||
Proceeds from disposal of: | ||||
- property, plant and equipment | 304 | 389 | ||
- ROU assets | 6 | 222 | ||
- a associate | 1,469 | - | ||
Purchase of: | ||||
- property, plant and equipment | A | (11,604) | (15,749) | |
- right-of-use assets (HP) | B | (895) | (331) | |
Withdrawal of fixed deposits pledged to licensed banks | 536 | - | ||
Net cash used in investing activities | (9,848) | (36,687) | ||
CASH FLOW FROM FINANCING ACTIVITIES | ||||
Dividends paid to ordinary shareholders of the Company | (16,753) | (16,753) | ||
Dividend paid to non-controlling interests in a subsidiary | (1,284) | (1,331) | ||
Drawdowns of borrowings | 35,647 | 24,000 | ||
Interest paid | (4,743) | (3,146) | ||
Repayments of borrowings | (22,522) | (8,801) | ||
Repayments of lease liabilities | (14,656) | (11,984) | ||
Net cash used in financing activities | (24,311) | (18,015) | ||
Net decrease in cash and cash equivalents | (1,319) | (31,743) | ||
Cash and cash equivalents at beginning of financial period | 84,009 | 112,422 | ||
Cash and cash equivalents at end of financial period | ||||
82,690 | 80,679 | |||
CASH AND CASH EQUIVALENTS | ||||
Cash and bank balances | 78,776 | 78,395 | ||
Fixed deposits with licensed banks | 10,712 | 9,028 | ||
Bank overdrafts | (1,055) | (417) | ||
88,433 | 87,006 | |||
Less: Fixed deposits placed with a licensed bank with original | ||||
maturity of more than three (3) months | (566) | (549) | ||
Less: Fixed deposits pledged to licensed banks | (5,177) | (5,778) | ||
82,690 | 80,679 | |||
Note A | ||||
Purchase of property, plant and equipment | 18,139 | 15,808 | ||
Financed by hire purchase and lease | (351) | (59) | ||
Financed by term loan | (6,184) | - | ||
Cash payments on purchase of property, plant and equipment | 11,604 | 15,749 | ||
Note B | ||||
Purchase of right-of-use assets (HP) | 8,503 | 3,663 | ||
Financed by hire purchase and lease | (7,608) | (3,332) | ||
Cash payments on purchase of right-of-use assets (HP) | 895 | 331 |
The Condensed Consolidated Statement of Cash Flow should be read in conjunction with the accompanying explanatory
notes attached and Annual Financial Report for the financial year ended 30 June 2024.
6
FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 31 DECEMBER 2024
(The figures have not been audited)
Share | Exchange translation | Revaluation | Pension | Retained | Total attributable to | Non controlling | Total | |
capital | reserve | reserve | reserve | earnings | owners of the parent | interests | equity | |
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
As at 1 July 2024 | 104,290 | 1,996 | 118,552 | (224) | 207,629 | 432,243 | 20,169 | 452,412 |
Profit for the period | - | - | - | - | 16,065 | 16,065 | 2,502 | 18,567 |
Other comprehensive income | - | (2,892) | - | - | - | (2,892) | (1,186) | (4,078) |
Total comprehensive income for the period | ||||||||
- | (2,892) | - | - | 16,065 | 13,173 | 1,316 | 14,489 | |
Dividends paid | - | - | - | - | (16,753) | (16,753) | - | (16,753) |
Dividend paid to non-controlling interest of a subsidiary | - | - | - | - | - | - | (1,285) | (1,285) |
Transfer due to crystallisation of revaluation reserve | - | - | (832) | - | 832 | - | - | - |
As at 31 December 2024 | ||||||||
104,290 | (896) | 117,720 | (224) | 207,773 | 428,663 | 20,200 | 448,863 | |
Share | Exchange translation | Revaluation | Pension | Retained | Total attributable to | Non-controlling | Total | |
capital | reserve | reserve | reserve | earnings | owners of the parent | interests | equity | |
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
As at 1 July 2023 | 104,290 | 3,608 | 81,911 | (438) | 194,648 | 384,019 | 20,502 | 404,521 |
Profit for the period | - | - | - | - | 15,211 | 15,211 | 1,639 | 16,850 |
Other comprehensive income | - | (925) | - | - | - | (925) | (405) | (1,330) |
Total comprehensive income for the period | ||||||||
- | (925) | - | - | 15,211 | 14,286 | 1,234 | 15,520 | |
Dividend paid | - | - | - | - | (11,169) | (11,169) | - | (11,169) |
Dividend paid to non-controlling interest of a subsidiary | - | - | - | - | (1,331) | (1,331) | ||
Transfer due to crystallisation of revaluation reserve | - | - | (606) | - | 606 | - | - | - |
As at 31 December 2023 | ||||||||
104,290 | 2,683 | 81,305 | (438) | 199,296 | 387,136 | 20,405 | 407,541 | |
The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying explanatory notes attached and Annual Financial Report for the | ||||||||
financial year ended 30 June 2024. | 7 |
FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
Notes on the quarterly report - 31 December 2024
PART A : EXPLANATORY NOTES AS PER MFRS 134
A1. Basis of preparation
The interim financial statements are unaudited and have been prepared in accordance with the Malaysian Financial Reporting Standards ("MFRS") 134: Interim Financial Reporting and paragraph 9.22 and Part A of Appendix 9B of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"). The interim financial statements should be read in conjunction with the Group's annual audited financial statements for the financial year ended 30 June 2024.
The explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the financial year ended 30 June 2024.
The accounting policies and method of computation adopted by the Group in the preparation of the consolidated interim financial statements are consistent with those adopted in the most recent annual audited financial statements for the financial year ended 30 June 2024 except for the adoption of MFRSs, amendments and interpretations that are effective for the financial year beginning on or after 1 July 2024 which are applicable to the Group. The initial adoption of these applicable MFRSs, amendments and interpretations do not have any material impact on the financial statements of the Group.
A2. Qualification of Annual Financial Statements
The audit report of the Group's latest audited financial statements for the financial year ended 30 June 2023 was not qualified.
A3. Seasonality or cyclicality factors
The Group's business operation results were not materially affected by any major seasonal or cyclical factors.
8
FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
Notes on the quarterly report - 31 December 2024
A4. Unusual Items
There were no unusual items affecting the Group's assets, liabilities, equity, net income or cash flows in the financial period under review.
A5. Changes in estimates
There were no changes in estimates of amounts reported in prior financial year that have had material effect in the current quarter.
A6. Changes in debts and equity securities
There were no issuances, cancellations, repurchases, resale or repayments of debt and equity securities during the financial period under review.
A7. Dividend paid
The second interim single tier dividend of 3.0 sen per share amounting to RM16,753,345 in respect of financial year ended 30 June 2024 has been paid on 18 October 2024.
9
FM GLOBAL LOGISTICS HOLDINGS BERHAD (Registration No. 199601008064 (380410-P))
Notes on the quarterly report - 31 December 2024
A8. Segment information
Operating segments for the current financial period ended 31 December 2024:
Logistics
Malaysia | Australia | Indonesia | Thailand | Vietnam | India | USA | Singapore | Others | Elimination | Total | |
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
Revenue | |||||||||||
Total revenue | 337,265 | 50,883 | 41,244 | 17,779 | 10,854 | 22,870 | 26,159 | 8,299 | 1,906 | (20,499) | 496,760 |
Inter-segment revenue | (8,338) | (940) | (1,223) | (1,681) | (1,015) | (1,067) | (4,272) | (57) | (1,906) | 20,499 | - |
Revenue from external customers | 328,927 | 49,943 | 40,021 | 16,098 | 9,839 | 21,803 | 21,887 | 8,242 | - | - | 496,760 |
Results | |||||||||||
Segment results | 20,017 | 4,053 | 3,812 | 310 | 195 | 304 | 1,662 | (140) | (817) | (353) | 29,043 |
Finance costs | (4,263) | (9) | (49) | (65) | (9) | (17) | - | (400) | - | 52 | (4,760) |
Share of loss of associates | - | - | - | - | - | - | - | - | - | - | - |
Share of profit of joint ventures | - | - | - | - | - | - | - | - | 1,051 | - | 1,051 |
Profit before tax | 15,754 | 4,044 | 3,763 | 245 | 186 | 287 | 1,662 | (540) | 234 | (301) | 25,334 |
Tax expense | (6,767) | ||||||||||
Profit for the period | 18,567 | ||||||||||
Assets | |||||||||||
Segment assets | 732,670 | 24,147 | 39,966 | 15,366 | 6,970 | 12,623 | 25,201 | 29,168 | 89,718 | (128,987) | 846,842 |
Investments in associates | - | - | - | - | - | - | - | - | - | - | - |
Investments in joint ventures | - | - | - | - | - | - | - | - | 9,636 | - | 9,636 |
Deferred tax assets | - | - | 1,102 | - | - | 26 | - | - | - | - | 1,128 |
Current tax assets | 26 | - | 814 | 636 | - | - | - | - | 39 | - | 1,515 |
Total assets | 859,121 |
10