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Corporate Overview

The Group had successfully ventured into solar renewable energy business with the divestment of the Group's warehousing and logistics operations over the past few years. The Group is currently operating a total capacity of 11MWac of solar plants in Malaysia and will pursue and commit to increase its investment in the solar renewable energy business with the objective to increase its market share in the industry.

Financial Performance

For the current financial year ended 31 December 2020 (“FYE 2020”), the Group posted revenue of RM8.3 million which was 14.4% lower than the revenue of RM9.7 million for the corresponding period in the preceding year (“FYE 2019”) for continuing operations. The lower revenue from the solar energy & related business segment of the Group's operations in Malaysia was mainly due to a temporary selective shutdown arising from faulty inverters at the 10MWac solar farm for a short period to allow rectification works to be carried out.

Group’s net profit for FYE 2020 was RM50.2 million as compared to RM13.7 million recorded in FYE 2019. The net increase of RM36.5 million was mainly due to the following:-

Gain on disposal of the entire 65% equity interest in Integrated Etern Logistics (Suzhou) Co. Limited (“Wujiang investment”) by Integrated Logistics (H.K.) Limited, an indirect subsidiary of ILB 61.4
Exclusion of prior year (2019 ) gain arising from disposal of the jointly controlled entity, Integrated National Logistics DWC-LLC (25.4)
Others 0.5
Net increase in net profit 36.5

The Group net profit attributable to shareholders for FYE 2020 was RM34.5 million compared to its preceding year profit of RM15.3 million. In tandem, earnings per share improved from 8.1sen in FYE 2019 to 18.2 sen in FYE 2020.

Review of Operations
  1. Solar Renewable Energy Projects

    The Management team who took part in the large scale solar tender bids have gained enormous experience from the bidding process. With this invaluable experience gained which had helped to enhanced their skills and expertise, the Group will continue to participate in future large scale solar tender bids.

    The Group is also actively approaching medium to large private entities to secure solar energy projects through the Supply Agreement with Renewable Energy to ramp up its revenue levels under the newly set up solar renewable energy business segment. The Group expects to achieve future higher growth in revenue and net profit in solar renewable energy business with this new business segment.

  2. Warehousing in Wujiang, PRC

    On 19 December 2019, Integrated Logistics (H.K.) Limited, an indirect 70%-owned subsidiary of ILB, had entered into a conditional Share Sale Agreement with SWJ CN Logiport Pte. Ltd. to dispose off the entire 65% equity interest in Integrated Etern Logistics (Suzhou) Co. Limited for a net cash consideration of RM126.3 million. The closing of the Agreement was completed on 1 April 2020.

    The proceeds from the disposal has provided more capital to the Group for the funding of the Group’s working capital and expansion plans which may include (but not limited to) additional solar renewable energy projects where the Group sees growing contribution for the Group’s revenue and profit from the solar energy sector in the years to come.


    2020 has been an unprecedented year globally and the pandemic Covid-19 has totally changed our lives in the way we live and work. We have to adapt to the new norm of wearing masks, social distancing, complying with strict SOPs and better hygiene practices to protect ourselves from being infected. We will strive to ensure that all the directors, management team and staff are safe and healthy to ensure that they can perform their duties and responsibilities as usual with the objective of ensuring business continuity including working from home, wherever and whenever possible to minimize the risks of getting infected.
Moving Forward

With the Malaysian Government encouragement through positive measures and incentives, the solar photovoltaics industry in Malaysia is on the rise as a result of strengthening government support, growing investor confidence and reducing costs. Solar photovoltaics industry in Malaysia is well poised for more growth given the favourable conditions that are developing.

The Group will continue to put in effort to reap the business opportunities in the solar photovoltaics industry in Malaysia to achieve growth in revenue and net profit.

The management would like to express their gratitude to the Board of Directors, shareholders, clients, business partners, contractors and financiers for their support.