Posted by MZM2511 > 1 month ago | Report Abuse

(b) Trade receivables
The efforts towards the recovery of the awarded sum of RM 252.8 million continue. The Group is actively pursuing recovery action and collaborating with solicitors. Recent developments indicate that diplomatic channels have been engaged to expedite this recovery.

Posted by MZM2511 > 1 month ago | Report Abuse

Base on my BRIEF study on the QR3 2024 of Zelan:

(Note: A comparative figures from QR2 2024 included)

Summary:

The company

A: Revenue, profitability and NTA.

Revenue PBT Net Profit EPS NTA QoQ(%) YoY(%)
13,679K (20,029K) (21,437K) -2.54sen 18sen Down 2413% Down 16648%

B: Sitting on reducing positive reserve of RM 65,986,000.

C: Recorded a big net loss after recorded profit for FIVE quarters of the last SIX latest quarters.

D: Not a cash rich company.

E: Total assets > Total liabilities, Total current assets > Total current liabilities,

F: In the process of settling the PN17 issues.

The Group is actively addressing the ongoing PN17 issues and is currently looking into and developing a proposed regularisation plan to improve its financial conditions and performance. To assist with this, the Group has engaged an advisor to give professional advice and assistance during its restructuring initiatives.

On 25 October 2024, the Group submitted a further extension of time application to Bursa Securities for nine (9) months i.e up to 31 July 2025 to submit the Group’s Regularisation Plan to Bursa Securities. This request is contingent upon the resolution of key legal matters that impact the Group's financial position and ongoing negotiations with potential investors.


THE FINDINGS:

1. NTA 18 sen _ , Q2 2024 @ 19 sen
2. NOSH 844.92 mil _ , Q2 2024 @ 844.92 mil.

3. EQUITY
Share Capital RM 84,495,000 _ , Q2 2024 @ RM 84,495,000
Reserves / accumulated profit RM 65,986,000 _ , Q2 2024 @ RM 76,024,000
Shareholders’s equity RM 150,481,000 _ , Q2 2024 @ RM 160,519,000
Non-Controlling Interest (RM 331,000) _ , Q2 2024 @ (RM 331,000)
TOTAL EQUITY RM 150,150,000 _ , Q2 2024 @ RM 160,188,000

4. Cash and Cash Equivalent:
Cash and bank balances RM 2,810,000 _ , Q2 2024 @ RM 2,923,000

5. Assets:
Non-current Assets RM 405,002,000 _ , Q2 2024 @ RM 421,665,000
Current Assets RM 308,033,000 _ , Q2 2024 @ RM 331,461,000
TOTAL ASSETS RM 713,035,000 _ , Q2 2024 @ RM 753,126,000

6. Liabilities:
Non-current liabilities RM 364,940,000 _ , Q2 2024 @ RM 380,682,000
Current Liabilities RM 197,945,000 _ , Q2 2024 @ RM 212,256,000
TOTAL LIABILITIES RM 562,888,000 _ , Q2 2024 @ RM 592,938,000

7. QR3 2024 results :
- Revenue RM 13,679,000 _ , Q2 2024 @ RM 11,651,000
- Gross profit RM 5,565,000 _ , Q2 2024 @ RM 5,628,000
- Profit before tax (RM 20,029,000) _ , Q2 2024 @ RM 1,698,000
- Net profit / (Net loss) (RM 21,437,000) _ , Q2 2024 @ RM 927,000


Note 1

The Group reported a loss before zakat and taxation (“LBZT”) of RM20.0 million in the current quarter under review compared to a profit before zakat and taxation (“PBZT’) of RM0.3 million in the corresponding quarter of FY2023.

The decrease in PBZT is mainly due to the unrealised foreign exchange translation loss of RM22.2 million as compared to the unrealised foreign exchange translation loss of RM0.2 million in the same quarter of FY2023.

Posted by MZM2511 > 1 month ago | Report Abuse

On behalf of the Company, Kenanga Investment Bank Berhad wishes to announce that Bursa Securities had, via its letter dated 15 November 2024, resolved to grant the Company a further extension of time of 6 months up to 30 April 2025 to submit its regularisation plan to the relevant regulatory authorities for approval.

Posted by LY Hoh > 1 month ago | Report Abuse

The CEO Mohd Ariff Abd Samat has resigned from the post after 3 months his appointed. Any result as just 3 months appointed? or just buta-buta get the salary.....

Posted by MZM2511 > 4 weeks ago | Report Abuse

Unperformed one???

Posted by Noni > 4 weeks ago | Report Abuse

Delist soon

Posted by MZM2511 > 4 weeks ago | Report Abuse

Delist????
Why???
Anyways: Look on it equity aspects, its still quite healthy.
.....3. EQUITY
Share Capital RM 84,495,000 _ , Q2 2024 @ RM 84,495,000
Reserves / accumulated profit RM 65,986,000 _ , Q2 2024 @ RM 76,024,000
Shareholders’s equity RM 150,481,000 _ , Q2 2024 @ RM 160,519,000
Non-Controlling Interest (RM 331,000) _ , Q2 2024 @ (RM 331,000)
TOTAL EQUITY RM 150,150,000 _ , Q2 2024 @ RM 160,188,000

The company's problem: Has a capital deficiency around RM100 mil.

Prospects: The Group is actively addressing the ongoing PN17 issues and is currently looking into and developing a proposed regularisation plan to improve its financial conditions and performance.
I think if the recovery of the awarded sum of RM 252.8 million successfully done, the problem of PN17 will be solved.