2022-07-28-港交所-璋利国际_年报_2022_230页_3mb

报告摘要

BGMC International Limited 2022 Annual Report Summary

Core Information

BGMC International Limited (股份代號：1693) is a construction services and solutions provider, operating in Malaysia and registered in the Cayman Islands. The company's headquarters and main business location in Malaysia is located at A-3A-02, Block A, Level 3A, Sky Park One City, Jalan USJ 25/1, Subang Jaya, Selangor. Its main share registrar in Hong Kong is Boardroom Share Registrars (HK) Limited, and the independent auditor is Moore Stephens CPA Limited. The company's website is www.bgmc.asia.

The company's Company Secretary is Mr. Chen Kun, and the Authorised Representatives are Dato' Teh Kok Lee and Mr. Chen Kun.

Board Members and Committees

Board of Directors

Executive Directors:
- Dato' Teh Kok Lee (Chief Executive Officer)
- Dato' Mohd Arifin Bin Mohd Arif (Resigned on 30 August 2021)
- Mr. Ching Hong Seng (Retired on 31 March 2021)
- Tan Sri Dato' Sri Goh Ming Choon (Resigned on 7 October 2020)
Independent Non-Executive Directors:
- Datuk Kamalul Arifin Bin Othman (Chairman, Appointed on 7 October 2020)
- Mr. Kua Choh Leang
- Datuk Kang Hua Keong (Appointed on 24 June 2022)
- Tan Sri Dato' Seri Kong Cho Ha (Resigned on 8 April 2022)
- Ms. Chan May May (Resigned on 7 October 2020)

Committees

Audit Committee:
- Mr. Kua Choh Leang (Chairman)
- Datuk Kamalul Arifin Bin Othman (Appointed on 7 October 2020)
- Datuk Kang Hua Keong (Appointed on 24 June 2022)
- Tan Sri Dato' Seri Kong Cho Ha (Resigned on 8 April 2022)
- Ms. Chan May May (Resigned on 7 October 2020)
Remuneration Committee:
- Datuk Kamalul Arifin Bin Othman (Chairman, Appointed on 7 October 2020)
- Mr. Kua Choh Leang
- Datuk Kang Hua Keong (Appointed on 24 June 2022)
- Tan Sri Dato' Seri Kong Cho Ha (Resigned on 8 April 2022)
- Ms. Chan May May (Resigned on 7 October 2020)
- Tan Sri Dato' Sri Goh Ming Choon (Resigned on 7 October 2020)
Nomination Committee:
- Mr. Kua Choh Leang (Chairman, Appointed on 8 April 2022)
- Dato' Teh Kok Lee
- Datuk Kamalul Arifin Bin Othman (Appointed on 7 October 2020)
- Datuk Kang Hua Keong (Appointed on 24 June 2022)
- Tan Sri Dato' Seri Kong Cho Ha (Resigned on 8 April 2022)
- Ms. Chan May May (Resigned on 7 October 2020)
Risk Committee:
- Dato' Teh Kok Lee
- Mr. Kua Choh Leang
- Datuk Kamalul Arifin Bin Othman (Appointed on 7 October 2020)
- Datuk Kang Hua Keong (Appointed on 24 June 2022)
- Tan Sri Dato' Seri Kong Cho Ha (Resigned on 8 April 2022)
- Dato' Mohd Arifin Bin Mohd Arif (Resigned on 30 August 2021)
- Ms. Chan May May (Resigned on 7 October 2020)

Main Business Sectors

BGMC operates in two main business sectors:

Construction Services Sector
- Segments:
  - Building and Structure
  - Energy Infrastructure
  - Mechanical and Electrical
  - Earthworks and Infrastructure
- Revenue Contribution (FPE2022): RM275.9 million (96.5%)
- Key Projects:
  - Sky Seputeh: Two 37-storey towers with 290 apartments, car parks, and other facilities
  - Bangsar 61: 4-storey basement car park with associated works
  - Setia Spice: 26-storey building with 19-storey hotel, 3-storey car park, and 2-storey basement car park
Concession and Maintenance Sector
- Models:
  - BLMT (Build, Lease, Maintain, and Transfer)
  - BOO (Build, Own, and Operate)
- Revenue Contribution (FPE2022):
  - BLMT: RM35.1 million
  - BOO: RM71.1 million
- Key Projects:
  - BLMT: University campus concession with TNB
  - BOO: 30 MWa.c. large-scale solar photovoltaic (LSSPV) power plant with TNB

Key Financial Highlights (FPE2022 vs. FY2020)

Total Revenue:
- FPE2022: RM285.8 million
- FY2020: RM190.5 million
- Increase mainly due to the extended reporting period and higher project completions.
Construction Services Sector:
- FPE2022: RM275.9 million (96.5%)
- FY2020: RM180.2 million (94.6%)
- Contributed by increased work recognition and reduced LAD impact.
Energy Infrastructure Segment:
- FPE2022: RM12.7 million (4.4%)
- FY2020: RM36.5 million (19.2%)
- Reduction due to changes in revenue focus and prolonged permit procurement.
Mechanical and Electrical Segment:
- FPE2022: RM24.7 million (8.6%)
- FY2020: RM10.6 million (5.6%)
- Growth attributed to increased project work and equipment installation.
Earthworks and Infrastructure Segment:
- FPE2022: Negative RM9.5 million
- FY2020: RM47.2 million
- Revenue reversal due to changes in project scope and reduced activity.
Outstanding Order Book:
- FPE2022: RM319.7 million
- FY2020: RM597.4 million
- Resources from this segment were redeployed to other sectors.

Key Challenges and Strategies

Challenges:
- Ongoing impact of COVID-19 restrictions (MCO, CMCO, RMCO, FMCO) on operations and productivity.
- Labour shortages and rising material costs due to global supply chain disruptions.
- Inflationary pressures affecting project margins and completion timelines.
- Debt restructuring and project delays impacting cash flow and profitability.
Strategies:
- Focus on high-margin projects to replenish order books.
- Revised completion dates for ongoing projects and provision of liquidated damages.
- Efficient use of financial resources to ensure project continuity.
- Redeployment of resources to other segments to optimize operations.
- Debt restructuring and Scheme of Arrangement to improve financial stability.

Conclusion

BGMC International Limited has navigated through a challenging year marked by the ongoing effects of the COVID-19 pandemic, economic uncertainties, and rising operational costs. Despite these challenges, the company has maintained a strong presence in the construction industry, focusing on high-margin projects and strategic resource allocation. The Concession and Maintenance sector remains a key revenue generator, with ongoing projects such as the UiTM University Campus and the Kuala Muda LSSPV Power Plant. The company has also taken steps to restructure debt and improve liquidity through the sale of subsidiaries and project optimization. The management remains committed to sustainable growth, financial resilience, and delivering value to stakeholders.