SYGROUP 5173 Share Price

For the current quarter ended 30 June 2024, the Group recorded revenue and PBT of RM251.6 million and RM37.5 million as compared to Revenue and PBT of RM227.6 million and RM 48.7 million in the previous corresponding quarter respectively. The decrease in profit before tax was mainly due to the decrease of freight margin and shipment volume in the shipping segments. Moving Forward,the Group aims to optimize its ship’s load factor to improve fleet efficiency and plans to have more effective route planning to run the container ships by taking into the consideration comprehensive routes accounting for profitability, distance, transit time, reposition costs and mode of transports.

The Group’s current quarter’s revenue has decreased by 14.5% to RM247.3 million from RM289.4 million recorded in the immediate preceding quarter. The decrease in revenue was mainly lesser shipbuilding work for external parties and some softening of the container shipment volume in the current quarter. The decrease in profit before tax by 45.1% in shipbuilding and ship repair segment were due to low and weak margin on shipbuilding’s work in progress under construction and ship repair segments

The Group’s current quarter’s revenue has increased by 37.7% to RM289.4 million from RM210.2 million recorded in the immediate preceding quarter. The increase in revenue was mainly due to vessel’s work in progress for external parties had been delivered in the current quarter as well as the improvement in freight rates and utilization rates in shipping segment

The Group achieved a net profit after tax of RM17.7million for financial year ended 30 June 2021 (“FYE2021”) as compared to a net loss after tax of RM 145.9million for financial year ended 30 June 2020 (“FYE2020”). The increase was in line with the higher charter activities and freight rates from the shipping segments with an increase of 13.4% compared to previous year. The Group remains prudent to further improve its efficiency and productivity in both the fleets efficiency and shipbuilding
consolidation activities and cost control coupled with the expected increase in freight rates

In Financial Year End 2020, the directors’ remuneration was 3.01 million. It was fair compared to average in listed companies, considering the employees’ remuneration of 108.5 million and auditor’s remuneration of 218 thousands

The Group’s current quarter’s revenue has decreased by 0.4% to RM155.2 million from RM155.9 million in the preceding quarter. The Group’s LBT was RM83.2 million as compared to LBT of RM22.8 million in the preceding quarter. The loss before tax increased significantly were due to the impairment loss on property, plant and equipment, impairment loss on receivables and the decrease in margin in shipping segments on bulk carriers sector and barges & tugboats for preparation and docking costs incurred.