Gemilang International Limited (“the Group”) has published its annual results for the year ended 31 October 2025, recording revenue of US$25.97 million, up from US$22.96 million in the prior year. The Group’s gross profit reached US$4.51 million, reflecting a margin of 17.4%, slightly below the previous year’s level. The loss attributable to equity owners narrowed to US$0.43 million, compared to US$1.03 million previously, aided by lower net impairment allowance and stronger sales of bus bodies and kits.
Bus manufacturing continued to anchor the Group’s business, with 104 completely built-up units and 159 knocked down kits sold. Electric vehicle (“EV”) deliveries advanced from 101 to 126 units, aligning with industry trends that favor cleaner transportation solutions. The Group reported higher revenues in Malaysia, complemented by growth in New Zealand, while Australia saw no recorded sales during the period under review. To diversify income streams, the Group initiated motor vehicle leasing, generating US$0.28 million in rental income.
In line with its focus on lightweight and energy-efficient vehicle production, the Group emphasized aluminum usage, particularly for its EV range. Moving forward, it plans to broaden manufacturing capabilities to include electric commercial and special-purpose vehicles, with particular attention on expanding presence in the USA, Australia, and New Zealand, alongside existing markets in Asia and the Middle East. Diesel-power vehicle production remains active to maintain a balanced product mix.
The Group’s consolidated financial position strengthened, as inventory climbed to US$28.75 million from US$14.98 million. Trade receivables fell from US$5.04 million to US$3.52 million, and overall net assets increased to US$15.19 million from US$13.96 million. Share capital rose from US$324,000 to US$356,000, accompanied by an increase in share premium. Despite an uptick in current liabilities, net current assets improved to US$7.99 million.
Board leadership consists of three Executive Directors, including the Chairman and Chief Executive Officer, and three Independent Non-Executive Directors. Supporting the Board are the Audit Committee, Nomination Committee, and Remuneration Committee, which oversee financial reporting, board composition, and remuneration policies, respectively. The Audit Committee continues to supervise internal controls, aided by an external consultant’s annual review, and maintains a whistleblowing channel to bolster corporate governance. The external auditor issued an unmodified opinion on the consolidated financial statements, confirming their fair presentation according to Hong Kong reporting standards.
Throughout the period, net cash used in operating activities rose to US$2.14 million, reflecting higher working capital requirements, particularly from increased inventory. Capital expenditures primarily involved property, plant, and equipment. Meanwhile, the Group recorded a net cash inflow from financing activities as it secured additional bank borrowings. Overall, the final cash and cash equivalents balance, though still negative at US$0.41 million, improved compared to the prior year.
By maintaining a balance between diesel-power and electric vehicle segments, enhancing internal oversight, and expanding into new geographic markets, Gemilang International Limited remains committed to sustaining business growth and responding to evolving transportation demands within the global environment.