DailySpaceTCS Group Holdings Berhad
0221 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 395 entries read2023 至 2025 年报，共读出 395 条
The company这家公司
TCS is a building construction contractor operating predominantly in Malaysia. Its subsidiaries TCSC, TCSI and TCSA are registered with the Construction Industry Development Board of Malaysia as Grade G7 contractors, which allows them to tender for construction projects of unlimited value. Construction contracts were 100% of group revenue in 2023 and in 2025.TCS 是一家主要在马来西亚开展业务的建筑工程承包商。其子公司 TCSC、TCSI 与 TCSA 均在马来西亚建筑工业发展局注册为 G7 级承包商，可投标无限金额的建筑项目。2023 年与 2025 年，建筑合同均占集团营业额的 100%。
Source: annual report 2023, page 68; annual report 2024, pages 2, 123; annual report 2025, pages 73, 127.出处：2023 年年报第 68 页；2024 年年报第 2、123 页；2025 年年报第 73、127 页。
A few customers provide most of the revenue. In 2024, three customers together provided 79% of revenue (RM314,698,071), with Customer A providing 51% (RM202,052,806). In 2025, four customers together provided 79% of revenue (RM279,534,878), including Customer A at 32% (RM113,567,333) and Customer B at 25% (RM88,567,853).营业额大部分来自少数客户。2024 年，三名客户合计占营业额的 79%（RM314,698,071），其中客户 A 占 51%（RM202,052,806）。2025 年，四名客户合计占营业额的 79%（RM279,534,878），其中客户 A 占 32%（RM113,567,333），客户 B 占 25%（RM88,567,853）。
Source: annual report 2024, page 123; annual report 2025, page 127.出处：2024 年年报第 123 页；2025 年年报第 127 页。
In 2023, Managing Director Dato’ Ir Tee Chai Seng held 206,838,377 shares (48.214%) directly and had a deemed interest of 36,324,419 shares (8.467%). His spouse is Datin Koh Ah Nee. In the 2025 report his direct holding fell from 289,573,727 to 148,073,727 shares after a disposal of 141,500,000 shares, and his deemed interest of 50,854,186 shares fell to nil. The 2025 list of substantial holders shows Dato’ Ng Kwang Hua with 116,124,366 shares (17.5770%), Dato’ Ong King Seng with 74,470,867 shares (11.2722%) and James Liew Vun Tak with 71,500,000 shares (10.8225%); the top holder in the list of largest holders is CIMSEC Nominees (Tempatan) Sdn Bhd with 148,073,727 shares (22.4129%).2023 年，董事经理 Dato’ Ir Tee Chai Seng 直接持有 206,838,377 股（48.214%），并视同持有 36,324,419 股（8.467%）。他的配偶是 Datin Koh Ah Nee。2025 年报显示，他出售 141,500,000 股后，直接持股由 289,573,727 股降至 148,073,727 股，其 50,854,186 股视同权益降至零。2025 年主要股东名单显示 Dato’ Ng Kwang Hua 持有 116,124,366 股（17.5770%），Dato’ Ong King Seng 持有 74,470,867 股（11.2722%），James Liew Vun Tak 持有 71,500,000 股（10.8225%）；最大股东名单中居首的是 CIMSEC Nominees (Tempatan) Sdn Bhd，持有 148,073,727 股（22.4129%）。
Source: annual report 2023, page 126; annual report 2025, pages 8, 66, 138, 139.出处：2023 年年报第 126 页；2025 年年报第 8、66、138、139 页。
Part of Dato’ Ong King Seng's holdings stand in pledged securities accounts: CGS International Nominees Malaysia (Tempatan) Sdn Bhd 25,000,000 shares (3.7841%), Affin Hwang Nominees (Tempatan) Sdn Bhd 18,094,500 shares (2.7388%), and Kenanga Nominees (Tempatan) Sdn Bhd 16,376,367 shares (2.4788%) and 15,000,000 shares (2.2705%). Board member Sharon Chew Mun Hoong is the niece of Managing Director Dato’ Ir Tee Chai Seng.Dato’ Ong King Seng 的部分持股存放于质押证券账户：CGS International Nominees Malaysia (Tempatan) Sdn Bhd 25,000,000 股（3.7841%）、Affin Hwang Nominees (Tempatan) Sdn Bhd 18,094,500 股（2.7388%），以及 Kenanga Nominees (Tempatan) Sdn Bhd 16,376,367 股（2.4788%）和 15,000,000 股（2.2705%）。董事会成员 Sharon Chew Mun Hoong 是董事经理 Dato’ Ir Tee Chai Seng 的侄女。
Source: annual report 2024, page 18; annual report 2025, page 139.出处：2024 年年报第 18 页；2025 年年报第 139 页。
Tan Sri Dato’ Sri Izzuddin Bin Dali retired as Independent Non-Executive Chairman on 12 June 2025, leaving the chairman position vacant, and Dato’ Seri Ir. Mohamad Othman Bin Zainal Azim resigned on 30 September 2025. In April 2025, Dato’ Ng Kwang Hua and Mr Ng Tiat Seng were appointed Executive Directors, and in July 2025 Mr James Liew Vun Tak was appointed Non-Independent Non-Executive Director.Tan Sri Dato’ Sri Izzuddin Bin Dali 于 2025 年 6 月 12 日退任独立非执行主席，使主席职位出缺；Dato’ Seri Ir. Mohamad Othman Bin Zainal Azim 于 2025 年 9 月 30 日辞职。2025 年 4 月，Dato’ Ng Kwang Hua 与 Mr Ng Tiat Seng 获任执行董事，2025 年 7 月 Mr James Liew Vun Tak 获任非独立非执行董事。
Source: annual report 2025, pages 9, 11, 16, 42, 65.出处：2025 年年报第 9、11、16、42、65 页。
Major events大事记
Source: annual report 2023, page 101.出处：2023 年年报第 101 页。
Source: annual report 2023, page 93.出处：2023 年年报第 93 页。
Source: annual report 2023, pages 55, 62.出处：2023 年年报第 55、62 页。
Source: annual report 2024, pages 58, 64.出处：2024 年年报第 58、64 页。
Source: annual report 2024, pages 20, 23.出处：2024 年年报第 20、23 页。
Source: annual report 2025, page 21.出处：2025 年年报第 21 页。
Source: annual report 2025, page 61.出处：2025 年年报第 61 页。
Source: annual report 2025, page 134.出处：2025 年年报第 134 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, equity and borrowings总资产、总权益与借款
Cash and bank balances and fixed deposits现金、银行结余与定期存款
20232023 年
Operating activities used net cash of RM16,287,347. Net cash from investing activities was RM436,405, where purchase of property, plant and equipment took RM1,215,657 while proceeds from disposal of asset held for sales brought RM1,700,000. Financing activities generated RM6,254,349, including RM7,688,302 net proceeds from share issuance across two tranches of private placement, drawdown of domestic bill of exchange purchased-i of RM8,255,714, and an advance from a Director of RM2,000,000, while repayment of lease liabilities used RM6,244,056 and repayment of term loans used RM2,153,653.营运活动净使用现金 RM16,287,347。投资活动现金净额为 RM436,405，其中购买物业、厂房及设备支出 RM1,215,657，而脱售持有待售资产带来 RM1,700,000。融资活动产生 RM6,254,349，包括两批私募发行股份扣除发行费用后的所得净额 RM7,688,302、提取购买国内汇票-i RM8,255,714 以及董事垫款 RM2,000,000，而偿还租赁负债使用 RM6,244,056，偿还定期贷款使用 RM2,153,653。
Source: annual report 2023, pages 55, 78.出处：2023 年年报第 55、78 页。
20242024 年
Operating activities brought net cash of RM9,101,325. Investing activities brought RM3,618,075, including proceeds from disposal of investment properties of RM4,150,000, while purchase of property, plant and equipment took RM590,313. Financing activities brought RM4,142,783, including RM20,592,513 of net proceeds from issuing shares; the year's rights issue raised RM20,592,057, while repayment of lease liabilities took RM8,874,483, repayment of multi-currency trade financing-i took RM5,897,020, repayment of term loans took RM3,874,089, interest paid took RM3,298,686, and RM2,000,000 was repaid to a Director.营运活动带来现金净额 RM9,101,325。投资活动带来 RM3,618,075，包括脱售投资产业所得 RM4,150,000，而购买物业、厂房及设备支出 RM590,313。融资活动带来 RM4,142,783，包括发行股份所得净额 RM20,592,513；当年附加股筹得 RM20,592,057，而偿还租赁负债支出 RM8,874,483，偿还多币种贸易融资-i 支出 RM5,897,020，偿还定期贷款支出 RM3,874,089，支付利息支出 RM3,298,686，并向董事偿还 RM2,000,000。
Source: annual report 2024, pages 64, 80.出处：2024 年年报第 64、80 页。
20252025 年
Operating activities used net cash of RM6,902,816. Investing activities used RM3,167,383, including purchase of property, plant and equipment of RM2,280,558 and purchase of investment properties of RM1,021,090. Financing activities generated RM193,617, with share issuance proceeds of RM6,258,269 from a private placement, an advance from a Director of RM3,700,000, and term loan drawings of RM2,500,000, while repayment of lease liabilities took RM8,035,322, repayment of term loans took RM3,548,519, and interest paid took RM1,840,841.营运活动净使用现金 RM6,902,816。投资活动使用 RM3,167,383，包括购买物业、厂房及设备 RM2,280,558 以及购买投资产业 RM1,021,090。融资活动产生 RM193,617，其中来自私募发行的股份所得为 RM6,258,269、董事垫款 RM3,700,000 以及提取定期贷款 RM2,500,000，而偿还租赁负债支出 RM8,035,322，偿还定期贷款支出 RM3,548,519，支付利息支出 RM1,840,841。
Source: annual report 2025, page 83.出处：2025 年年报第 83 页。
Across the three years三年合看
The company raised funds by issuing shares in each of the three years: RM7.78 million in 2023 from a private placement, RM20,592,057 in 2024 from a rights issue, and RM6.26 million in 2025 from another private placement. Borrowings stood at RM37,394,837 in 2023, RM24,230,714 in 2024, and RM31,140,401 in 2025. No dividends were proposed, declared or paid in any of the three years.三年中公司每年都发行股份筹集资金：2023 年通过私募筹集 RM7.78 million，2024 年通过附加股筹集 RM20,592,057，2025 年通过另一次私募筹集 RM6.26 million。借款在 2023 年为 RM37,394,837，2024 年为 RM24,230,714，2025 年为 RM31,140,401。三年均未建议、宣布或派发股息。
Source: annual report 2023, pages 20, 59; annual report 2024, pages 61, 64; annual report 2025, pages 61, 64.出处：2023 年年报第 20、59 页；2024 年年报第 61、64 页；2025 年年报第 61、64 页。
Still to be spent尚未支出的承诺
At 31 December 2025, capital commitments contracted for investment property were RM1,145,910. Subsequent to year end, the group entered into agreements to acquire a property for RM2,167,000 and to acquire a 35% equity interest in TCS SS Precast Construction Sdn. Bhd. for RM242,065.截至 2025 年 12 月 31 日，已签约的投资产业资本承诺为 RM1,145,910。年结日后，集团订立协议以 RM2,167,000 收购一项物业，并以 RM242,065 收购 TCS SS Precast Construction Sdn. Bhd. 35% 股权。
Source: annual report 2025, page 134.出处：2025 年年报第 134 页。
Four years of figures四年数字
Group figures, in RM, as printed in the statements.集团数字，单位令吉，照财务报表所印。
| Group集团 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 261,590,810 | 374,481,100 | 392,873,805 | 355,780,042 |
| Profit/(Loss) before tax税前盈利/（亏损） | (2,066,694) | (31,744,880) | 1,493,204 | 2,330,555 |
| Profit/(Loss) for the financial year财政年度盈利/（亏损） | (3,396,581) | (32,884,742) | 1,484,229 | 2,315,584 |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | (27,906,344) | (16,287,347) | 9,101,325 | (6,902,816) |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (1,344,082) | (1,215,657) | (590,313) | (2,280,558) |
| Borrowings借款 | 33,556,855 | 37,394,837 | 24,230,714 | 31,140,401 |
| Fixed deposits with licensed banks持牌银行定期存款 | 15,056,704 | 11,088,317 | 8,757,535 | 10,094,471 |
| Cash and bank balances现金与银行结余 | 10,739,384 | 4,130,733 | 13,244,305 | 9,399,635 |
| Total assets总资产 | 226,187,840 | 246,389,922 | 242,538,373 | 284,161,076 |
| Total equity总权益 | 83,300,787 | 57,650,385 | 80,327,127 | 88,900,980 |
On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。
Said and done说过的与做到的
| What the reports said年报说要做的 | What later reports show之后年报显示的 | Status状态 |
|---|---|---|
| Proposed renounceable rights issue of up to 243.60 million new shares expected to be completed in the second quarter of 2024 (2023 report)建议发行至多 243.60 million 股新股的可放弃附加股，预计于 2024 年第二季度完成（2023 年报） | Completed on 26 June 2024, issuing 171,600,476 new shares and 102,960,285 free detachable Warrants B, raising RM20,592,057.于 2024 年 6 月 26 日完成，发行 171,600,476 股新股及 102,960,285 张免费可分离凭单 B，筹集 RM20,592,057。 Source: annual report 2023, page 20; annual report 2024, pages 58, 64.出处：2023 年年报第 20 页；2024 年年报第 58、64 页。 | Completed in the second quarter of 2024, with 171,600,476 of up to 243.60 million shares于 2024 年第二季度完成，发行 171,600,476 股（原定至多 243.60 million 股） |
| The group expected to recognise RM962,096,076 of revenue from unsatisfied performance obligations over the next 18 to 24 months (2023 report)集团预计在未来 18 至 24 个月内确认未履约义务营业额 RM962,096,076（2023 年报） | The 2024 report gives RM1,674,340,101 of unsatisfied performance obligations, expected within the next 42 months. It does not say how much of the 2023 balance was recognised.2024 年报列出未履约义务 RM1,674,340,101，预计在未来 42 个月内确认。年报没有说明 2023 年的余额已确认多少。 Source: annual report 2023, page 107; annual report 2024, page 108.出处：2023 年年报第 107 页；2024 年年报第 108 页。 | Not reported separately未单独报告 |
| Energy consumption intensity reduction target of 8% from FY2022 to FY2025 set across project sites and head office (2023 report)设定各项目工地及总部从 2022 财政年到 2025 财政年能耗强度降低 8% 的目标（2023 年报） | The 2024 report records diesel consumption of 369,963 litres in 2024 and 973,519 litres in 2023, and the 2025 report says the group is pursuing MyCREST and GREENRE green building certifications per project. Neither says whether the 8% intensity reduction was met.2024 年报记录柴油消耗量 2024 年为 369,963 公升，2023 年为 973,519 公升；2025 年报说集团按项目申请 MyCREST 与 GREENRE 绿色建筑认证。两者都未说明是否达到降低 8% 强度的目标。 Source: annual report 2023, page 27; annual report 2024, page 40; annual report 2025, page 31.出处：2023 年年报第 27 页；2024 年年报第 40 页；2025 年年报第 31 页。 | Outcome not reported未报告结果 |
What the reports leave open年报留下待看的事
- The outcome of the RM10,009,395 suit, in which the defendant MPM was allowed on 17 December 2025 to file a defence and counterclaim, which includes RM213,000,000 of liquidated ascertained damages as one alternative; continued trial dates are fixed in July and September 2026, and no provision was made at the reporting date.涉及 RM10,009,395 的诉讼结果：法院于 2025 年 12 月 17 日准许被告 MPM 提交答辩及反诉，反诉的其中一项选择为 RM213,000,000 的违约预定赔偿金；续审日期定于 2026 年 7 月和 9 月，集团在报告日未作拨备。
Source: annual report 2025, pages 128, 129, 133.出处：2025 年年报第 128、129、133 页。
- Delivery of the outstanding order book of RM1.23 billion as of 31 December 2025, with unsatisfied performance obligation revenue of RM1,165,095,201 expected within 30 months.截至 2025 年 12 月 31 日未完成订单 RM1.23 billion 的交付情况，其中未履约义务营业额 RM1,165,095,201 预计在 30 个月内完成。
Source: annual report 2025, pages 21, 112.出处：2025 年年报第 21、112 页。
- The appointment of a new Board Chairman following the retirement of Tan Sri Dato’ Sri Izzuddin Bin Dali on 12 June 2025.Tan Sri Dato’ Sri Izzuddin Bin Dali 于 2025 年 6 月 12 日退任后新任董事会主席的委任情况。
Source: annual report 2025, pages 42, 65.出处：2025 年年报第 42、65 页。
- Banking credit exposure, with bank overdraft at RM8,153,466 at end 2025 and maximum exposure to credit risk on banking facilities of subsidiaries at RM68,829,129.银行信贷风险敞口：截至 2025 年底银行透支为 RM8,153,466，子公司银行便利的最高信用风险敞口为 RM68,829,129。
Source: annual report 2025, pages 84, 121.出处：2025 年年报第 84、121 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-24.内容为公司年报所印的事实，并注明页码；不评级，不构成投资建议。生成日期 2026-10-24。