APB Announces Resilient Q4 FY2024 Financial Performance admist Market Fluctuations
SHAH ALAM, Malaysia, Nov 30, 2023 – (ACN Newswire) – APB Resources Berhad (“APB” or the “Group”), a leading fabricator of design engineering equipment, today announced the Group’s financial results for the fourth quarter of financial year 2024 (4QFY2024).
The Board of Directors has approved a change in the Company’s financial year end from 30 September 2023 to 31 March 2024. The next financial year will span from 1 October 2022 to 31 March 2024, covering an 18-month period. Subsequent financial year ends will be on 31 March annually, allowing sufficient time for newly appointed Directors in June 2023 to gain a better understanding of business operations.
In the face of dynamic market conditions, APB maintained a solid revenue standing at RM18.9 million for 4QFY2024. While this reflects a slight adjustment of 5.1% year-on-year (YoY) from RM20.0 million, it underscores the Group’s ability to sustain its business operations amidst varying market demands. This period saw a strategic shift in the Group’s product mix, resulting in a gross profit margin of 33.9%, compared to 37.1% in 4QFY2022.
The Group’s profit after tax for the quarter was RM2.3 million. This outcome, while modest compared to RM4.8 million in 4QFY2022, is largely a result of prudent financial adjustments, including the net reversal of impairment losses on trade receivable and liquidated and ascertained damages from the prior year. Notably, APB showcased operational resilience on a quarter-on-quarter (QoQ) basis, achieving an uptick in profit after tax, rising from RM2.0 million in the preceding quarter to RM2.3 million in 4QFY2024. This improvement is attributed to an enhanced gross profit margin, bolstered by a more favourable product mix.
The management team of APB commented: “Our strategic efforts are now more crucial than ever. With the welcome addition of Datuk Koon Poh Tat as a substantial shareholder in June 2023, and the recent appointments of new members to our Board of Directors, we are invigorated and well-prepared to navigate the evolving market landscape. As we see a gradual uptick in demand within our key markets, we are poised to leverage our extensive experience in the fabrication of process equipment to meet this growing demand and drive our next phase of growth. These new developments within our leadership structure reinforce our commitment to strategic advancement and operational excellence.”
To conclude, APB is optimistic about the future, especially in the fabrication sector. With the industry showing signs of revived capital spending, particularly in areas where APB has established its expertise such as oleo-chemical, oil & gas, energy, and petrochemical sectors, the Group is well-positioned to capitalize on these emerging opportunities.
As of 30 November 2023, the share price of APB stands at RM2.41, representing a market capitalisation of RM272.0 million.
Topic: Press release summary
Advancing a Resilient Military Supply Chain at Assured Logistics 2022
The Logistics & Materiel Readiness Strategic Plan released by the DoD in October 2021 laid out a plan for the delivering of sustainable logistics to support DoD mission requirements, as well as offered a strategy towards helping to transform global logistics to deliver readiness and lethality to the Warfighter.
DSI’s 2022 Assured Logistics Summit will foster discussions on current and future joint DoD and industry efforts to modernize U.S. infrastructure and logistical capabilities in order to meet the growing challenges and threats of the times and enhance the resilience and efficiency of the military supply chain.
To this end, the summit will feature senior level-speakers and sessions including:
DCMA Strategic Goal: Providing Logistics Solutions & the Timely Delivery of Quality Products to Help Enhance Warfighter Lethality
– LTG David G. Bassett, USA, Director, Defense Contract Management Agency (DCMA)
Supplying Materiel Readiness to Support the Warfighter Across Global Multi-Domain Operations
– Steven J. Morani, SES, Principal Deputy Assistant Secretary of Defense for Sustainment (Logistics), OUSD A&S
Shaping U.S. Army Logistics Plans & Policies to Sustain Excellence in Warfighting
– LTG Charles R. Hamilton, USA, Deputy Chief of Staff for Logistics, Office of the Chief of Staff, U.S. Army G-4
Providing Sustained Logistics Support to Effectively Defend North America & Protect the Nations’ Critical Infrastructure
– MG Michelle M. Rose, ARNG, Director of Logistics and Engineering, J-4,, HQ NORAD, USNORTHCOM
Generating & Integrating Innovative Sustainment Capabilities, Concepts, & Doctrine to Sustain Large Scale Combat Operations
– MG Mark Simerly, USA, Commanding General, CASCOM
Providing the Enterprise Oversight of Product Support, Supply Chain Management, & Materiel Maintenance Required Throughout the Life Cycle of Weapons Systems
– Angela L. Tymofichuk, SES, Deputy Assistant Secretary, Logistics and Product Support, Office of the Assistant Secretary of the Air Force for Acquisition
DSI is now welcoming Sponsors and Exhibitors for the forum. To learn more please contact Quinn Curtis at qcurtis@dsigroup.org, 201-987-1803.
Current Sponsors & Exhibitors Include: Software AG, Interos and National Air Cargo
In order to allow for actionable discussion and dialogue amongst speaker and attendees, seating will be limited. Register now to reserve your seat. Active military and government and state personnel attend complimentary. Those interested in participating in the Assured Logistics Summit can visit Defense Strategies Institute’s website at https://supplychain.dsigroup.org/.
Anyone interested in learning more or sending questions contact Erica Noreika at enoreika@dsigroup.org, 201-896-7802.
Summit is closed to the press and no recordings will be allowed.
Defense Strategies Institute
Erica Noreika
201-896-7802
supplychain.dsigroup.org/
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“Resilient Heart” is Free on Amazon for One More Day (Until 08/20/2021)
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For More Information:
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Best Seller Publishing is a Los Angeles Publishing Company dedicated to helping business owners and entrepreneurs become the hunted with their best-selling books.
About The Author
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