On behalf of the Board of Inch Kenneth Kajang Rubber Public Limited Company, I present herewith the One Hundred and Fourteenth Annual Report and Financial Statements of the Company and the Group for the financial year ended 31 December 2023.
DIVIDENDS
The Board has decided that no dividend is proposed for the financial year ending 31 December 2023.
PERFORMANCE REVIEW
During the financial year under review, the Group recorded a revenue of RM17.327 million compared to a revenue of RM21.018 million for the previous year. The decrease in Group’s turnover by RM3.691 million is mainly due to the lower demand for our rubber blocks during the financial year under review.
Revenue from the Group’s tourism division however has increased to RM11.558 million from RM9.873 million in 2022 as borders have reopened after the pandemic.
In this financial year, the result of the Group’s associate – Concrete Engineering Products Berhad (“CEPCO”), a manufacturer and distributor of prestressed spun concrete piles and poles, was not taken into account as the net book value has been fully written off. Their sales volume has increased as more projects are starting to come in.
Overall, the total loss after taxation for the Group was RM6.053 million as compared to RM10.575 million in 2022.
CORPORATE DEVELOPMENT
As at 31 December 2023, the Company has 42,075,000 ordinary shares held as treasury shares and the issued and paid-up share capital of the Company remained at 420,750,000 ordinary shares of £0.10.
FUTURE OUTLOOK
The Master Plan to develop the land bank in Kajang, totalling approximately 140 hectares has been submitted to the One Stop Centre of Majlis Perbandaran Kajang. It is currently pending clearance before submission to the State level. We are still waiting for the approval. Once approved, we shall prioritise our submission for some of the residential area, to be followed by the commercial centre at a later stage.
Our tourism division has picked up due to high arrival of guests, especially from abroad. If the global environment remains as it is, we believe that in 2024, there will be even more tourist's travelling, both local and overseas. The manufacturing division is expected to perform better in 2024 as demand have started to pick up again.
APPRECIATION
On behalf of the Board, I wish to express my appreciation to all our customers, shareholders, business partners, bankers and government authorities for their continued support and encouragement during the year.
Special thanks also goes to the management and staff. Their invaluable efforts and firm dedication to the Group are truly appreciated. We are confident that success is in the pipeline.
I would also like to take this opportunity to offer my personal gratitude to the Board members for their commitment and guidance.
I would also like to take this opportunity to welcome our newest Board member, Puan Sakinah binti Salleh. Her expertise, experience and vast knowledge in the property, financial, tourism and plantation sectors would be an important assets for the Group’s future undertakings.
DATO’ ADNAN BIN MAARUF
Chairman
17 April 2024