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TBK & Sons Holdings Limited
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1960)
ANNUAL RESULTS ANNOUNCEMENT
FOR THE YEAR ENDED 30 JUNE 2020
The board (the "Board") of directors (the "Directors") of TBK & Sons Holdings Limited (the "Company") announces the audited consolidated financial results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 30 June 2020 (the "Financial Year") together with the comparative figures for the year ended 30 June 2019.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2020
2020 | 2019 | ||||
Notes | RM'000 | RM'000 | |||
Revenue | 5 | 151,147 | 194,017 | ||
Cost of sales | (117,115) | (152,664) | |||
Gross profit | 34,032 | 41,353 | |||
Other income, net | 5,273 | 408 | |||
Administrative expenses | (16,808) | (7,638) | |||
Finance costs | 6 | (822) | (1,022) | ||
Listing expenses | (3,838) | (8,226) | |||
Profit before income tax expense | 7 | 17,837 | 24,875 | ||
Income tax expense | 8 | (5,692) | (8,545) | ||
Profit for the year | 12,145 | 16,330 |
Other comprehensive income that may be reclassified
- subsequently to profit or loss, net of tax: Exchange differences on translation of
foreign operations | 2,509 | - | ||
Total comprehensive income for the year | 14,654 | 16,330 | ||
Earnings per share | ||||
1.29 sen | ||||
- Basic and diluted (RM) | 9 | 2.18 sen | ||
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2020
2020 | 2019 | ||||
Notes | RM'000 | RM'000 | |||
Non-current assets | |||||
Property, plant and equipment | 23,200 | 24,066 | |||
Deferred tax assets | 301 | - | |||
23,501 | 24,066 | ||||
Current assets | |||||
Trade receivables, other receivables, deposits and | |||||
prepayments | 11 | 16,718 | 40,892 | ||
Assets held for distribution to | |||||
Controlling Shareholders | - | 2,101 | |||
Contract assets | 12 | 49,656 | 61,258 | ||
Financial assets at fair value through profit or loss | 5,665 | - | |||
Pledged time deposits and bank balances | 39,625 | 7,629 | |||
Cash and cash equivalents | 47,315 | 12,612 | |||
Tax recoverable | 711 | - | |||
159,690 | 124,492 | ||||
Current liabilities | |||||
Trade and other payables | 13 | 34,348 | 60,156 | ||
Obligations under finance leases | - | 2,774 | |||
Lease liabilities | 3,095 | - | |||
Bank borrowings | 493 | 3,566 | |||
Dividend payable | - | 5,600 | |||
Tax payable | - | 732 | |||
37,936 | 72,828 | ||||
Net current assets | 121,754 | 51,664 | |||
Total assets less current liabilities | 145,255 | 75,730 | |||
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2020 | 2019 | |||
Notes | RM'000 | RM'000 | ||
Non-current liabilities | ||||
Amounts due to directors | - | 91 | ||
Obligations under finance leases | - | 4,084 | ||
Lease liabilities | 3,140 | - | ||
Bank borrowings | 2,520 | 3,014 | ||
Deferred tax liabilities | - | 693 | ||
5,660 | 7,882 | |||
NET ASSETS | 139,595 | 67,848 | ||
Equity | ||||
Share capital | 14 | 5,300 | - | |
Reserves | 134,295 | 67,848 | ||
TOTAL EQUITY | 139,595 | 67,848 | ||
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2020
1. GENERAL INFORMATION, REORGANISATION AND SIGNIFICANT EVENTS
-
General information
The Company was incorporated in the Cayman Islands as an exempted company with limited liability on 8 November 2018 under the Companies law of the Cayman Islands. The address of the Company's registered office is at the office of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. Its address of principal place of business in Hong Kong and Malaysia are located at Unit 1903, 19/F., West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong and Lot 333, Kampung Paya, Batu 2 Jalan Seremban, Port Dickson, Negeri Sembilan, Malaysia, respectively. On 30 September 2019 (the "Listing Date"), the Company's shares were listed on the Main Board of the Stock Exchange by way of share offer (the "Share Offer").
The Company is an investment holding company and its subsidiaries are principally engaged in the provision of civil and structural works (the "Listing Business"). The ultimate holding company of the Company is TBK & Sons International Limited ("TBKS International") which is incorporated in the British Virgin Islands. - Reorganisation
Pursuant to a group reorganisation (the "Reorganisation") in preparation for the listing of the Company's shares on the Stock Exchange ("Listing") as set out in the section headed "History, Development and Reorganisation - Corporate Structure of the Group" in the prospectus (the "Prospectus") of the Company dated 16 September 2019, the Company became the holding company of the subsidiaries now comprising the Group on 5 September 2019. - Significant events
Sudden change of Malaysian Government
On 24 February 2020, Tun Mahathir the 7th Prime Minister of Malaysia suddenly tendered his resignation. His political party also pulled out of the ruling coalition causing the then ruling Government to collapse. Instead of a General Election been called to elect a new Government, the King exercised his power and appointed Muhyiddin Yasin as the 8th Prime Minister on 29 February 2020. Subsequently, a new cabinet was formed whereby all the earlier Ministers were replaced by the new Prime Minister.
COVID-19
The World Health Organisation ("WHO") declared the outbreak of COVID-19 first as a Public Health Emergency of International Concern on 30 January 2020 and as a pandemic on 11 March 2020. On 16 March 2020, the newly appointed Prime Minister of Malaysia announced that a Movement Control Order ("MCO") would be implemented from 18 March 2020 for two weeks. The MCO was extended several times until 10 June 2020 where it was replaced by a Recovery Movement Control Order ("RMCO") until 31 August 2020. The RMCO was subsequently extended until 31 December 2020.
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TBK & Sons Holdings Ltd. published this content on 24 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2020 12:34:02 UTC