Exhibit 99.1
PRIMEGA GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
| For the period ended 30 Sept | ||||||||
2023 (unaudited) | 2024 (unaudited) | |||||||
| USD | USD | |||||||
Revenue | 5,871,375 | 9,573,479 | ||||||
| Revenue - related company | - | - | ||||||
| 5,871,375 | 9,573,479 | |||||||
| Cost of sales | (3,965,734 | ) | (7,714,821 | ) | ||||
| Cost of sales - related company | (527,237 | ) | (450,340 | ) | ||||
| (4,492,971 | ) | (8,165,161 | ) | |||||
| Gross profit | 1,378,404 | 1,408,318 | ||||||
| Operating expenses: | ||||||||
| General and administrative expenses | (668,635 | ) | (784,754 | ) | ||||
| Total operating expenses | (668,635 | ) | (784,754 | ) | ||||
Income from operations | 709,769 | 623,564 | ||||||
| Other income/(expense) | 64,971 | (125,426 | ) | |||||
| Interest expense | (98,227 | ) | (93,880 | ) | ||||
| Income before tax expense | 676,513 | 404,258 | ||||||
| Income tax expense | (90,249 | ) | (77,792 | ) | ||||
| Net income | 586,264 | 326,466 | ||||||
PRIMEGA GROUP HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
| As of March 31, | As of Sept 30, | |||||||
| 2024 | 2024 | |||||||
| (unaudited) | ||||||||
| USD | USD | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 489,435 | 855,466 | ||||||
| Accounts receivable, net | 4,911,202 | 6,461,772 | ||||||
| Accounts receivable, net - related company | 392,686 | 179,818 | ||||||
| Prepayment, deposits and other receivable | 873,819 | 2,551,617 | ||||||
| Deferred costs | 1,102,393 | - | ||||||
| Total current assets | 7,769,535 | 10,048,673 | ||||||
Property, plant and equipment | 315,895 | 239,021 | ||||||
| Right-of-use assets – Finance lease | 4,764,246 | 3,968,190 | ||||||
| Right-of-use assets – Operating lease | 85,634 | 76,433 | ||||||
| Retention receivable (Non-current) | 432,629 | 484,183 | ||||||
| Total non-current assets | 5,598,404 | 4,767,827 | ||||||
| TOTAL ASSETS | 13,367,939 | 14,816,500 | ||||||
Liabilities | ||||||||
| Current liabilities: | ||||||||
| Borrowings | 94,435 | 95,169 | ||||||
| Finance lease liabilities – current | 775,042 | 748,135 | ||||||
| Finance lease liabilities – current - related company | 437,982 | 378,262 | ||||||
| Operating lease liabilities – current | 79,958 | 65,354 | ||||||
| Contract liabilities | 836,911 | 1,221,526 | ||||||
| Accounts payable, accruals, and other current | ||||||||
| liabilities | 2,292,108 | 969,297 | ||||||
| Accounts payable - related company | 279,498 | 356,363 | ||||||
| Amount due to a related company | 156,248 | 156,248 | ||||||
| Amount due to a director | 196,906 | 327,675 | ||||||
| Income tax payable | 369,667 | 424,065 | ||||||
| Total current liabilities | 5,518,755 | 4,742,094 | ||||||
Non-current liabilities | ||||||||
| Borrowings | 949,684 | 903,135 | ||||||
| Finance lease liabilities - non-current | 1,492,062 | 1,091,061 | ||||||
| Finance lease liabilities - non-current - related company | 679,369 | 582,912 | ||||||
| Operating lease – non-current | 27,099 | 14,115 | ||||||
| Deferred tax liabilities | 411,174 | 419,231 | ||||||
| Total non-current liabilities | 3,559,388 | 3,010,454 | ||||||
TOTAL LIABILITIES | 9,078,143 | 7,752,548 | ||||||
Shareholders’ equity | ||||||||
| Ordinary shares | 1,125 | 1,200 | ||||||
| Additional paid in capital | 1,282 | 2,448,897 | ||||||
| Retained earnings | 4,287,389 | 4,613,855 | ||||||
| Total shareholders’ equity | 4,289,796 | 7,063,952 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 13,367,939 | 14,816,500 | ||||||
