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Core
Values
Innovative
Organization
Trusted
Brand
Integrated
Technology
Based Solution
New Market for
Existing Portfolio
QUALITY
• Products and services
• Deliver proven
solutions
Research &
Development
Account
Management
Design &
Origination
Product
Upgrades
Solution &
Infrastructure
Logistics Services
Technical
Support
Forensics
Government
EXCELLENCE
• Service level
guarantee, support &
maintenance of end
to end solutions
Product
Development
Strategic
Technical Partners
GLC
TRUSTWORTHY
• Partner you can trust,
reliability, financially
strong
• Ethical
Business
Development
Supply
Chain
Vendor
(International)
Manufacturing Business Model
I
n FYE2019, the division’s
revenue declined by 4.3% to
RM134.78 million from RM140.78
million reported last year due to
a decline in the travel documents
subsegment where the expiry of
a major supply contract in the last
financial year had significantly
weighed in on the division’s topline
performance despite strong
performance in the transport
and confidential documents
subsegments.
PBT, however, was up by 34.0% to
RM30.56 million compared to the
RM22.81 million recorded last year
as a result of sales mix, higher write
back of certain provisions as well as
lower direct costs and depreciation.
The share of results of associate
company Giesecke & Devrient
Malaysia Sdn Bhd (“G&D”)
increased to RM3.73 million from
RM1.70 million last year. G&D
achieved higher revenue and PBT
of RM184.08 million and RM17.67
million, an improvement by 11.9%
and 52.7% respectively.
The division’s trade receivables
decreased 16.0% y-o-y to RM68.17
million. A significant amount of
the trade receivables arise from
customers with whom the division
has had a long-term relationship
and therefore the Board is of
the view there is no significant
concentration of credit risk and
that the receivables are collectable.
The transport and confidential
documents subsegments continued
to show improvement in revenue
growth, albeit modest, cumulatively
generating approximately
RM102.07 million in revenue, an
increase of 0.4% over the prior
year. Certain strategic contracts
within these product subsegments
have been successfully extended
during the year. Transport and
confidential documents are now
the division’s largest revenue
segment groups, albeit all with
different margin structures. We
view these segments groups as
potential long-term growth drivers
and we are investing strategically
to foster this incremental
growth opportunity. Except for
travel documents, results of the
other product segments have
remained relatively stable and are
comparable to last year. Likewise,
we expect their activity and
performance in this current year
will be sustained at FYE2019 levels.
During the year under review,
the Company had announced
that its wholly-owned subsidiary
Percetakan Keselamatan Nasional
Sdn Bhd (“PKN”), had commenced
legal action against Datasonic
Technologies Sdn. Bhd. (“DTSB”)
at the Kuala Lumpur High
Court. The claim is for a sum of
RM24,975,000.00 (excluding
interest and cost) being the
amount due and owing by the
DTSB to PKN for the 1.5 million
Malaysian passport booklets which
Kumpulan Fima Berhad
(11817-V)
Annual Report 2019
38