CONTENTS OVERVIEW About This Report 2 Our Business 4 Destini’s Presence 6 Corporate Diary 7 Subsidiary and Sub-subsidiaries 13 Corporate structure (subsidiary and sub-subsidiaries) 15 Corporate Information 16 LEADERSHIP Board of Directors 18 Key Senior Management 22 PERFORMANCE Chairman's Statement 27 Management Discussion and Analysis 29 SUSTAINABILITY REPORT Commitment to Sustainability 36 Sustainability Governance 38 Stakeholders Engagement 39 Material Sustainability Matters 40 GOVERNANCE Corporate Governance Overview Statement 50 Statement on Risk Management and Internal Control 68 Audit Committee Report 71 Additional Compliance Information 74 Statement of Directors’ Responsibilities 75 FINANCIAL STATEMENTS Financial Report 76 List of Properties Owned 233 Statistics of Shareholding 234 Notice of Twentieth (20) Annual General Meeting 240 Proxy Form 245 1 DESTINI BERHAD ANNUAL REPORT 2024
BASIS OF THIS REPORT We are pleased to present Destini Berhad’s 2024 Annual Report, in which we have adopted the International Framework as issued by the IFRS Foundation in January 2023. This report illustrates our commitment to good governance and transparency and also includes discussions surrounding sustainability and outlook to give our shareholders and stakeholders insights into our short-term and long-term plans. This report provides insights on the Group, its subsidiaries, joint ventures and associates’ activities and performance during the period of 1 January 2023 to 30 June 2024. It also includes any material events that occurred after this date and up to the date of this report’s publication. Enclosed in this report are the messages from Destini’s Non-Executive Chairman as well as Executive Director, Group Chief Operation Officer and Group Chief Financial Officer, which were approved by the Board of Directors (“Board”) on 23 October 2024. The information in this report addresses matters that are most material to our business and stakeholders. ABOUT THIS REPORT 2 DESTINI BERHAD ANNUAL REPORT 2024
REPORTING APPROACH Integrated Report This report aims to provide stakeholders with a comprehensive overview and assessment of Destini’s financial and non-financial performance. Stakeholders will be able to better understand Destini’s business and sustainability strategies, operational performance and our approach to governance. Financial Report This report consists of the Directors’ Report, Audited Financial Statements and Independent Auditors Report. Stakeholders will be able to find detailed financial disclosures to our shareholders, investors and other interested parties. Sustainability Report This report discusses the Group’s performance in Environmental, Social and Governance contexts. It describes our initiatives and their outcomes that are aimed at creating positive and sustainable impacts for our stakeholders. Reporting Framework → Main Market Listing Requirements of Bursa Malaysia Securities Berhad → Corporate Governance Guide by Bursa Malaysia Securities Berhad → Companies Act 2016 → Malaysian Code on Corporate Governance → International/Malaysian Financial Reporting Standards → International Integrated Reporting Framework → Global Reporting Initiative (“GRI”) Standards Assurance → Internal controls and management assurance → Compliance and internal audit reviews → External audit by UHY Malaysia on financial statements, governance and sustainability report This report contains forward-looking statements relating to future performance. These statements and forecasts are based on current assumptions and circumstances which could change. Various factors could cause actual results to differ materially from those expressed or implied by these forward-looking statements. 3 DESTINI BERHAD ANNUAL REPORT 2024
AVIATION & DEFENCE ENERGY ■ Supplies safety and survival- related equipment and provides maintenance, repair and overhaul (“MRO”) services for the Royal Malaysian Airforce’s airbone and non-airbone assets and civil airline aircrafts, both fixed and rotary winged aircraft. ■ Supplies of safety and survival equipments. ■ Cylinder testing and calibration services. ■ Aircraft search, rescue and salvage. Destini Berhad (“Destini” or “the Company”) and its subsidiaries (“the Group”) is an integrated engineering solutions provider with diverse interest in the aviation & defence, energy, mobility and marine. The Group has business presence in Malaysia, Singapore, China, Australia, United Arab Emirates (“UAE”) and United Kingdom. Our services cover worldwide for local and international clients. OUR BUSINESS ■ Engineering, Procurement, Construction, Installation and Commissioning of renewable energy systems. ■ Provides tubular running services for upstream onshore and offshore drilling programmes. ■ Well delivery services which include a comprehensive tubular and drilling programme. ■ Supply of handling and drilling tools. OVERVIEW 4 DESTINI BERHAD ANNUAL REPORT 2024
MOBILITY MARINE ■ Provides Level 1 to Level 4 MRO services for Electric Trains. ■ Assembly, fabrication, refurbishment and MRO of train sets and rail systems. ■ Manufacture and supply of lifeboats, fast rescue boats, outboard and inboard diesel engines, davit systems and hooks for commercial shipping and oil and gas industry. ■ Manufactures proprietary Self-Propelled Hyperbaric Lifeboats used in deep sea diving operations. ■ Provides MRO services relating to lifeboats, davits, load testing equipment, fire safety and other marine assets. OVERVIEW 5 DESTINI BERHAD ANNUAL REPORT 2024
DESTINI’S PRESENCE MALAYSIA SINGAPORE AUSTRALIA CHINA UAE UNITED KINGDOM OVERVIEW 1. UK 2. UAE 3. MALAYSIA 4. CHINA 5. SINGAPORE 6. AUSTRALIA 6 DESTINI BERHAD ANNUAL REPORT 2024
2012 MARCH Destini acquired a 50% stake in automotive supply and service company System Enhancement Resources & Technologies Sdn Bhd (“SERT”). AUGUST The suspension of trading in Destini’s shares was uplifted by Bursa Securities on 13 August after its regularisation plan was approved. DECEMBER Destini acquired a 51% stake in Singapore-based Vanguard Composite Engineering Pte Ltd (currently known as Vanguarde Pte Ltd), a company that manufactures lifeboats, fast rescue boats, davit systems and a host of other safety equipment for the marine and oil and gas industries. 2013 APRIL • Destini acquired the Techno Fibre Group to wholly- owned Techno Fibre Australia Pte Ltd, Techno Fibre Middle East Marine Services FZE, Technofibre International Sdn Bhd and Techno Fibre (S) Pte Ltd. The Techno Fibre Group is in the business of lifeboat and davit maintenance. • After completing its regularisation plan and achieving profits for two consecutive quarters, Destini was uplifted from PN17 status. AUGUST The Group acquired its own building in Glenmarie Industrial Park, Shah Alam, to house its corporate office and workshop facility. 1991 MARCH Satang Jaya Sdn Bhd (“Satang Jaya”) commenced operations as an aviation tools and spare parts supplier. 1998 MAY Satang Jaya was awarded the contract to provide maintenance, repair and overhaul (“MRO”) services on the Royal Malaysian Air Force’s (“RMAF”) safety and survival equipment under the Ministry of Defence Malaysia’s (“MinDef”) RMAF Contractorisation Programme. 2005 MARCH Satang Jaya entered Bursa Malaysia Securities Berhad (“Bursa Securities”), under the name Satang Jaya Holdings Berhad and subsequently changed its name to Satang Holdings Berhad (“Satang Holdings”) in April 2007. 2008 MAY Satang Holdings triggered the prescribed criteria pursuant to Practice Note 17 (“PN17”) of the Main Market Listing Requirements (“Listing Requirements”) of Bursa Securities. 2009 JULY Satang Holdings shares were suspended from trading by Bursa Securities on 13 July. 2011 SEPTEMBER As part of its regularisation plan, Satang Holdings changed its name to Destini Berhad to reflect a synergised and aligned business direction. The name change is also part of a turnaround plan for the Group to strengthen its financial muscles while exploring new business ventures. DESTINI’S CORPORATE DIARY OVERVIEW 7 DESTINI BERHAD ANNUAL REPORT 2024
2014 APRIL Completed the purchase of oil and gas service provider Samudra Oil Services Sdn Bhd, currently known as Destini Oil Services Sdn Bhd (“DOS”). AUGUST Destini acquired a 50% stake in Detrac Sdn Bhd (“Detrac”) to become the research and development arm of the Group. Subsequently, the Group increased its shareholding in Detrac to 70% in November 2014. 2015 APRIL Destini acquired Land Auto Technology Sdn Bhd, which is in the business of motor vehicle, motor accessories and spare part trading and distributorship. JUNE • Destini acquired an 80% stake in Safeair Technical Sdn Bhd (“SAT”), a company that provides Line Maintenance services for commercial airlines in local airports. • Destini Aviation Sdn Bhd (“DASB”) entered into a joint venture agreement with UK-based Avia Technique Limited to establish a new joint venture company called Destini Avia Technique Sdn Bhd (“DAT”), currently known as Avia Technique Asia Sdn Bhd. DAT was incorporated to carry on the provision of inspection, repair and overhaul services for commercial aircraft components NOVEMBER Destini acquired the remaining 49% stake in Vanguard, making the lifeboat maker a wholly-owned subsidiary of the Group. DECEMBER The Group acquired Destini Shipbuilding and Engineering Sdn Bhd (“DSBE”) to enable it to fabricate six 44.25-meter New Generation Patrol Craft (“NGPC”) worth RM381.30 million for the Malaysian Maritime Enforcement Agency (“MMEA”). 2016 MARCH Vanguard receives contract to supply eight Self- Propelled Hyperbaric Lifeboats to UK-based JFD. APRIL Destini Prima Sdn Bhd (“DPSB”) entered into a Memorandum of Understanding with Advanced Military Maintenance, Repair and Overhaul Centre (“AMMROC”) L.L.C. to form a strategic alliance for the provision of MRO on aircraft escape systems. JUNE SERT accepted its first rail-related award from the Ministry of Transport for the design, manufacture, supply, delivery, testing and commissioning of new motor trolley and road rail vehicle for Keretapi Tanah Melayu Berhad (“KTMB”) worth RM62 million. SEPTEMBER TF Corp Pte Ltd subscribed 60% shares in IMES Marine Safety Systems Limited, the company currently known as Destini Marine Safety Solutions Ltd. The company is principally in the business of inspection, testing, repair and maintenance of marine safety systems such as lifeboats and its components. OCTOBER Destini entered into a Joint Venture Agreement with TH Heavy Engineering Berhad (“THHE”) to establish an unincorporated joint venture to procure the award for the supply, delivery, testing and commissioning of three 80-meter Offshore Patrol Vessels (“OPV”) for the MMEA. NOVEMBER DSBE and THHE’s wholly-owned subsidiary THHE Fabricators Sdn Bhd, formed a joint venture company, Gigih Integrasi Sdn Bhd, to undertake the fabrication of the three OPVs. Gigih Integrasi Sdn Bhd is now known as THHE Destini Sdn Bhd. DECEMBER The Group secured a three-year contract extension to provide MRO services and to supply safety and survival related equipment to the RMAF for RM98.20 million. DESTINI’S CORPORATE DIARY OVERVIEW 8 DESTINI BERHAD ANNUAL REPORT 2024
2017 JANUARY THHE Destini Sdn Bhd, a 51:49 joint venture company between THHE and Destini, secured a contract worth RM738.9 million for the supply, delivery, testing and commissioning of three OPVs for the MMEA. FEBRUARY Destini acquired a 70% stake in safety and security equipment company, Halaman Optima Sdn Bhd, for RM5.5 million to enable the Group to supply six multipurpose armed reconnaissance helicopters worth RM321.9 million to Royal Malaysian Army. JUNE DASB entered into a Joint Venture and Shareholders Agreement with Sapura Aero Sdn Bhd to incorporate a joint venture company that is to be in the business of rotary wing and fixed aircraft sale, supply and provision of MRO in relation to aircraft and helicopters and the provision of programmes such as wet leasing and dry leasing of aircraft. NOVEMBER • DOS and Federal International (2000) Ltd, a company listed on the Mainboard of the Singapore Exchange, formed a joint venture to collectively bid for oil and gas projects in the Southeast Asian and South-East Asia Region. • Destini Armada Pte Ltd acquired a 70% stake in AMS Marine Pte. Ltd, a Singapore-based company that is in the business of design, fabrication and servicing of heat exchangers, fabrication, installation and erection of piping and steelworks and non- destructive testing to the marine and oil and gas industry. 2018 APRIL • Destini Engineering Technologies Sdn Bhd (“DET”) inked an MOU with Felcra Berhad to provide MRO services for industrial facilities and equipment for agriculture and related industries within Malaysia and the ASEAN region. • DOS was awarded a two-year umbrella contract by PETRONAS Carigali Sdn Bhd (“PCSB”) for the provision of well abandonment integrated services. • Destini Prima Sdn Bhd (“DPSB”) accepted an award from the MinDef for an additional RM138 million to an existing contract to provide MRO services and the supply of safety and survival equipment for the RMAF. MAY DOS was awarded a US$8 million (RM31.76 million) contract to be Pakistan-based Lyallpur Oil Tool Pvt Ltd’s technical partner for tubular running services in Pakistan. JULY The Group received a conditional work order for the provision of well abandonment integrated services for Pulai B platform, off the coast of Terengganu. This came under the two-year umbrella contract by PCSB for the provision of well abandonment integrated services that Destini received in April. AUGUST DOS received an award from POSCO Daewoo Corporation for the provision of tubular running services in Myanmar for US$5.2 million (RM21.17 million). DECEMBER DOS was awarded the provision of tubular handling, conductor installation and slot recovery equipment and service for the Pan Malaysia Petroleum Arrangement Contractors (“PAC”) Operators Drilling Program by PCSB. OVERVIEW 9 DESTINI BERHAD ANNUAL REPORT 2024
2019 JANUARY • DPSB received a letter of extension from the Ministry of Home Affairs to provide MRO services, technical assistance and supply of spares related to safety and survival equipment, ground support and mechanical equipment, electronic equipment, airborne multisensory system and flight operations system the Royal Malaysia Police Air Wing for a period of three years until November 2021 for RM10 million. • DOS received a letter of award for the provision of tubular running services for exploration and appraisal and infill drilling campaign at the lower part of the Gulf of Thailand near the South China Sea for Carigali-PTTEPI Operating Company Sdn Bhd. The tenure of the contract is two years with one-year extension option. MARCH DOS was awarded the provision for tubular handling, conductor installation and slot recovery equipment and services for PAC Operators’ Drilling Program for Sarawak Shell Berhad. The total value of the contract awarded depends on the work orders to be issued. APRIL • Destini Rail Sdn Bhd incorporated a wholly-owned subsidiary, DLP Rail Sdn Bhd, as part of a plan to expand its future service offerings to include total engineering solutions and services, civil works, rolling stock, project and asset management and maintenance services for rail and track transportation projects in Malaysia. • DAT entered into an aircraft safety equipment maintenance support agreement with Malindo Airways Sdn Bhd and Thai Lion Mentari Co Ltd, to supply, test, repair, and carry out overhaul activities on aircraft safety equipment. The agreement’s tenure is three years with an option to extend for another two years. MAY Destini Rail Sdn Bhd entered into a Joint Venture and Shareholders Agreement with Lion Pacific Sdn Bhd, and SVPR Consulting Services Sdn Bhd in respect of DPL Rail Sdn Bhd to draw upon the skills, expertise, experience and capabilities of each other in undertaking the business of rail-related projects in Malaysia and the region which among others, include engineering solutions and services, civil works, rolling stock, system and track works, asset management and maintenance services for rail projects. JULY DOS received a three-year contract from Petrofac (MalaysiaPM304) Limited for the provision of tubular handling equipment and running services. OCTOBER DOS was awarded the PAN Malaysia Umbrella Contract for the Provision of Integrated Well Services for Intervention, Workover and Abandonment for PACs from PCSB. The contract runs on a call-out basis through the issuance of work orders and would expire in 2024 unless it is extended. DECEMBER DPSB secured RM50.18 million contract from MinDef for the extension of the existing contract to provide MRO services and the supply of safety and survival equipment to the RMAF. The tenure of the contract was one year starting October 2019 to October 2020. 2020 APRIL DOS received a letter of award for the provision of tubular equipment and services for JX Nippon Oil & Gas Exploration (Malaysia) Limited’s drilling campaign. The tenure of the contract is four years with a one-year extension option. JULY • DETSB was awarded a contract from Wira Syukur (M) Sdn Bhd to provide mechanical and electrical systems for the commercial development of GrenePark Village in Semenyih for a sum of RM17.39 million. • DPSB was awarded a contract from MinDef to supply non-propietary aircrafts parts for the RMAF. It allows DPSB and 29 other local companies identified by MinDef to participate in parcels of bidding should RMAF require any non-proprietary aircraft parts. The contract has a combined ceiling of RM121 million. DECEMBER DPSB received a letter of award from MinDef for the extension of the existing contract to provide MRO services and the supply of safety and survival equipment for the RMAF for RM30.37 million. DESTINI’S CORPORATE DIARY OVERVIEW 10 DESTINI BERHAD ANNUAL REPORT 2024
2021 FEBRUARY Destini entered into a 70:30 joint venture and shareholders agreement with KTMB to enable to Group to expand its capabilities to provide heavy maintenance work on rail assets in Malaysia. AUGUST DOS secured an award from Repsol Oil and Gas Malaysia for the provision of Tubular Handling and Conductor Installation Equipment and Services. OCTOBER Destini inked a Memorandum of Understanding with Siemens Mobility Sdn Bhd for the latter to act as Destini’s Technical Assistance Advisor in providing MRO services for electrical trainset components in Malaysia. NOVEMBER • Destini entered into a Heads of Agreement with Indonesia State-Owned PT Industry Kereta Api (“PT INKA”) to identify and pursue opportunities in the railway system business sector and infrastructure projects in Indonesia, Malaysia and the region. • Destini divested its 51% stake in THHE Desitini Sdn Bhd to THHE to concentrate on its other investments. DECEMBER Destini secured its maiden solar project from Indah Water Konsortium Sdn Bhd (“IWK”) for the engineering, procurement, construction and commissioning of solar photovoltaic systems at IWK’s sewerage treatment plants across Malaysia. 2022 JANUARY • DPSB accepted a Letter of Award for the extension of an existing contract to provide MRO services and the supply of safety and survival equipment to RMAF for RM88 million. • DPSB accepted a Letter of Award to provide MRO services and the supply of component and spare parts for safety and survival equipment to the Malaysian Army’s Aviation Wing for RM0.99 million. MARCH DOS bagged a contract from EnQuest Petroleum Production Malaysia Ltd for the provision of tubular handling services off the coast of Terengganu. MAY M Rail Technics Sdn Bhd (“MRail”) accepted a contract worth RM531.39 million from the Ministry of Transport Malaysia for Level 4 MRO on 35 units of Six Car Train Sets operated by KTMB for four and a half years. JUNE Destini hands over six multipurpose armed reconnaissance helicopters model MD530G to the Royal Malaysian Army after the completion of its Final Acceptance Test. These assets are manufactured by MD Helicopter Inc., a company based in the United States of America. SEPTEMBER • MRail accepted a contract worth approximately RM163.61 million from the Ministry of Transport Malaysia for the provision of Level 4 MRO services of 10 Electric Trains Sets operated by KTMB. • Destini ESS Sdn Bhd, a 70% owned subsidiary of Destini Berhad, signed an exclusive distribution agreement with Alpha ESS International Pte Ltd, a Singapore-based company, to locally distribute energy storage systems for residential and commercial application, electric vehicle energy plus storage solution, and new products developed and manufactured by Alpha Ess Group. 2023 JUNE • DPSB accepted a letter of award from MinDef for the procurement of scheduled and unscheduled maintenance, testing, technical services (modification, training, publication and consultation) and supply of spare parts and related components, for the non-airborne equipment to the RMAF. The value of the contract is approximately RM25.44 million. • DPSB accepted a letter of award from the MinDef for the procurement, supply and delivery of 70MM rockets (2.72 inch) to the Malaysian Army. The value of the contract is approximately RM18.75 million. OVERVIEW 11 DESTINI BERHAD ANNUAL REPORT 2024
JULY • DOS accepted the Service Order from Northern Gulf Petroleum Pte Ltd for the Provision of Conductor Hammering and Tubular Running Services to support Rossukon Project, Gulf of Thailand, located at Rossukan field, block G6/48, offshore Gulf of Thailand, Kingdom of Thailand. The value of the contract is approximately USD 488,000.00. • DPSB accepted a contract from the MinDef for the supply of Non-proprietary aircraft spare parts for the RMAF for a contract ceiling. For the contract ceiling of RM403.8 million, to be shared with 29 other contractors. The contract will expire on 30 June 2025. SEPTEMBER • DPSB accepted a letter of award from MinDef for the procurement, supply and delivery of FZ Rocket Motor to the RMAF. The value of the contract is RM19.04 million. • Destini Energy Sdn. Bhd entered into a non-binding Collaboration Agreement with Maxland Energy Sdn. Bhd., a wholly-owned subsidiary of Priceworth International Berhad, currently known as Maxland Berhad. The parties shall collaborate with each other to develop and embark on renewable energy projects, including installation of solar panels at Indah Water Konsortium’s sewerage treatment plants, solar power projects in Sandakan, Malaysia and Victoria, Australia, and any other renewable energy projects to be secured by the Parties. • Destini on 15 September 2023, entered into a Memorandum of Understanding (“MOU”) with National Defence University of Malaysia to collaborate in the areas of Research and Innovation, Training and Industrial Collaboration Programme. 2024 MARCH On 13 March 2024, the company completed the Rights Issue with Warrants following the listing and quotation of 3,327,063,258 Rights Shares and 1,663,531,629 Warrants on the Main Market of Bursa Securities. The Company has used the proceeds from the Rights Issue with Warrants in the following manner:- DESTINI’S CORPORATE DIARY OVERVIEW JUNE • On 12 June 2024, the Company completed the Share Consolidation following the listing of and quotation for 499,059,412 Consolidated Shares and 166,353,160 Consolidated Warrants B on the Main Market of Bursa Malaysia Securities Berhad • As of 30 June 2024, Destini has streamlined its corporate structure by consolidating operations and removing dormant entities. This restructuring has not only reduced administrative complexities and optimising costs but also sharpened the Group’s focus on its core competencies. The following entities have either been struck off or transferred as part of this process: Struck Off: 1. Vanguarde Marine Engine Pte. Ltd. 2. PT Destini Marina Perkasa 3. Satang Environmental Sdn Bhd. 4. Satang-ICS Global Sdn. Bhd. 5. DB Precision Sdn. Bhd. 6. DB Communications Sdn. Bhd. 7. Destini Alpha ESS Sdn. Bhd. 8. Destini Upstream Sdn. Bhd. 9. DLP Rail Sdn. Bhd. 10. Destini Ventures Sdn. Bhd. 11. Land Auto Technology Sdn. Bhd. 12. Destini Aero Teknologi Sdn. Bhd. 13. Destini First Sdn. Bhd. 14. Vanguarde Offshore Pte. Ltd. 15. TF Corp Saudi Arabia Co. Ltd. 16. HS Destini Sdn. Bhd. 17. Destini ESS Sdn. Bhd. 18. Destini Empire Properties Sdn. Bhd. 19. Vanguard Safety Technologies Sdn. Bhd. 20. Destini Australia Pty Ltd Transferred: 1. Safeair Technical Sdn. Bhd. 2. Avia Technique Asia Sdn. Bhd. (Formerly known as Destini Avia Technique Sdn Bhd) 3. Blackstone Dagangan Pte. Ltd. 4. Destini HRTC Sdn. Bhd. 5. Destini Engineering Technologies Sdn. Bhd. 6. System Enhancement Resources & Technologies Sdn. Bhd. 12 DESTINI BERHAD ANNUAL REPORT 2024
OVERVIEW SUBSIDIARY AND SUB-SUBSIDIARIES Destini Prima Sdn. Bhd. [199101013420 (223732-V)] Distribution and supply of safety and survival related equipment for defence and commercial aviation and marine industries. Halaman Optima Sdn. Bhd. [201101004714 (932855-V)] Manufactures, imports and exports safety and security products and defense equipment. Destini Aviation Sdn. Bhd. [199501038645 (367847-D)] Investment holding. Invation Aero Sdn. Bhd. [201701010172 (1224337-K)] • Business of sale rotary wing and fixed wing aircraft. • Supply and provision of maintenance, repair and overhaul services in relation to aircraft and helicopters. • Provision of programs such as wet leasing and dry leasing of aircraft and helicopters. Destini Oil Services Sdn. Bhd. [201001021567 (905337-M)] Provision of Tubular Running Services (TRS), Conductor Installation, Casing While Drilling (CWD up to Level 2), Drill Bits & Hole Enlargement Tools and Trading, Importing, Processing, Blending, Shipping, Transporting, Storage and Distribution of Oil and Gas Products and its Derivatives, including but not limited to Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), Crude Oil, Jet Fuel, Diesel and Gasoline. Emirates Kejuruteraan Samudra Timur Berhad Petroleum Services L.L.C. (Trade License No. CN-1415749) • Provides oil and gas production facilities operation and maintenance services. • Engaged in onshore and offshore oil, gas field and facilities services. Destini Energy Sdn. Bhd. [200001020740 (523347-K)] Business of energy generation, transmission, distribution, power trading based on thermal, hydro, biomass, nuclear and gas including manufacturing, trading, import, export, installation, and operation of solar systems for energy generation including solar photovoltaic, solar thermal, solar chimney and any other solar based devices used in households, industry and commercial establishments. Hijau Baiduri Sdn. Bhd. [202101028241 (1428541-K)] Business of energy generation, transmission, distribution, power trading based on thermal, hydro, biomass, nuclear and gas including manufacturing, trading, import, export, installation and operation of solar systems for energy generation including solar photovoltaic, solar thermal and any other solar based devices used in households, industry and commercial establishments. Destini Armada Sdn. Bhd. [199601006251 (378597-W)] Investment holding. Teknologi Mobiliti Sdn. Bhd. [201401025741 (1101831-X)] Research and development of mechatronic systems including software customization, repair and maintenance of electronic systems, support and consultation on system development. Destini Rail Sdn. Bhd. [201701039771 (1253943-P)] Operation of mass transit and other urban transport. 13 DESTINI BERHAD ANNUAL REPORT 2024
SUBSIDIARY AND SUB-SUBSIDIARIES OVERVIEW M Rail Technics Sdn. Bhd. [202101013065 (1413364-D)] Maintenance, repair and overhaul of electric trains for domestic and regional markets. Destini Global Investment L.L.C (1306314) • Investment in commercial enterprises and management • Investment in oil and natural gas projects Destini Armada Pte. Ltd. (201228769N) Manufacturing, repair, fabricate and supply of marine and safety/lifesaving equipment. Vanguarde Pte. Ltd. (198700526G) Manufacture and offer service and maintenance of lifeboats, fast rescue boats, davit systems and a host of other safety equipment for the marine and oil and gas industries. Vanguarde (Nantong) F.R.P. Co., Ltd (3200775411024) Manufacturing, maintaining and trading of fiber-reinforced plastic (“FRP”) ships, FRP products and life-saving equipment. TF Corp Pte. Ltd. (201310889H) Investment holding. Techno Fibre (Australia) Pty Ltd (ACN 103 625 618) Provides maintenance, repair and testing of lifeboats and davits cruise ships, offshore platforms and general shipping. Techno Fibre (M) Sdn. Bhd. [200001019664 (522271-P)] (Formerly known as Armada Delmar Sdn. Bhd.) Engaged in lifeboat and davit servicing business, trading in other safety equipment catered to the marine and oil and gas industries as well as servicing life raft and firefighting equipment. Techno Fibre (S) Pte. Ltd. (199300541H) • Repairing and service of fibre composite lifeboats and davits. • Building and repairing ships, tankers and other ocean-going vessels. Techno Fibre Middle East Marine Services FZE (06585) Providing installation and maintenance of marine equipment. T F Emirates Marine Services L.L.C. (TN-1794649) Engaged in the business of onshore and offshore oil and gas field and facilities services, marine machines and equipment repairing and maintenance. Destini Marine Safety Solutions Ltd (SC500305) Provides inspection, testing, repair and maintenance of marine safety systems including lifeboats and rescue boats. 14 DESTINI BERHAD ANNUAL REPORT 2024
OVERVIEW CORPORATE STRUCTURE (SUBSIDIARY AND SUB-SUBSIDIARIES) DESTINI PRIMA SDN. BHD. DESTINI AVIATION SDN. BHD. DESTINI OIL SERVICES SDN. BHD. DESTINI ENERGY SDN. BHD. DESTINI ARMADA SDN. BHD. DESTINI RAIL SDN. BHD. TEKNOLOGI MOBILITI SDN. BHD. DESTINI GLOBAL INVESTMENT L.L.C HALAMAN OPTIMA SDN. BHD. INVATION AERO SDN. BHD. EMIRATES KEJUTERAAN SAMUDRA TIMUR BERHAD PETROLEUM SERVICES L.L.C HIJAU BAIDURI SDN. BHD. ARMADA DELMAR SDN. BHD. M RAIL TECHNICS SDN.BHD. DESTINI ARMADA PTE.LTD. TF CORP PTE.LTD. TECHNO FIBRE (AUSTRALIA) PTY LTD TECHNO FIBRE (S) PTE. LTD. VANGUARDE PTE. LTD. VANGUARDE (NANTONG) F.R.P.CO., LTD TECHNO FIBRE MIDDLE EAST MARINE SERVICES (FZE) TF EMIRATES MARINE SEVICES L.L.C. 100% 100% 100% 100% 100% 100% 100% 100% 70% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 49% 49% DESTINI BERHAD CORPORATE STRUCTURE AS AT 30 OCTOBER 2024 15 DESTINI BERHAD ANNUAL REPORT 2024
CORPORATE INFORMATION Audit Committee Dato’ Bahudin bin Mansor Independent & Non-Executive Director (Appointed as Audit Committee Chairman on 19 June 2023 Syed Jabed Islam Independent & Non-Executive Director (Appointed as Audit Committee member on 19 June 2023 Nomination and Remuneration Committee Dato’ Bahudin bin Mansor Independent & Non-Executive Director (Appointed as Nomination and Remuneration Committee Chairman on 19 June 2023) Syed Jabed Islam Independent & Non-Executive Director (Appointed as Nomination and Remuneration Committee member on 19 June 2023) Risk Management Committee Syed Jabed Islam (Chairman) Independent & Non-Executive Director (Appointed as Risk Management Committee member on 10 May 2023) (Redesignated as Risk Management Committee Chairman on 19 June 2023) Dato’ Bahudin bin Mansor Independent & Non-Executive Director (Appointed as Risk Management Committee member on 19 June 2023) Ismail bin Mustaffa Executive Director (Appointed as Risk Management Committee member on 28 August 2023) Company Secretaries Tan Tong Lang (MAICSA 7045482/ SSM PC No. 202208000250) Thien Lee Mee (LS0010621/ SSM PC No. 201908002254) OVERVIEW Dato’ Abd Aziz bin Haji Sheikh Fadzir Non-Independent & Non-Executive Chairman (Redesignated from Independent & Non-Executive Director to Non-Independent & Non-Executive Director on 10 July 2023) (Redesignated from Non-Independent & Non-Executive Director to Non-Independent & Non-Executive Chairman on 11 March 2024) Ismail bin Mustaffa Executive Director (Appointed on 28 August 2023) Dato’ Bahudin bin Mansor Independent & Non-Executive Director (Appointed on 19 June 2023) Syed Jabed Islam Independent & Non-Executive Director (Appointed on 10 May 2023) Board of Directors 16 DESTINI BERHAD ANNUAL REPORT 2024
Auditors Messrs. UHY Malaysia Firm Number: AF 1411 Chartered Accountants Suite 11.05, Level 11 The Gardens South Tower Mid Valley City, Lingkaran Syed Putra 59200, Kuala Lumpur Wilayah Persekutuan Tel : 03-2279 3088 Fax : 03-2279 3099 Principal Banker AmBank Islamic Berhad [199401009897 (295576-U)] Malayan Banking Berhad [196001000142 (0003813-K)] Registered Office No. 10 Jalan Jurunilai U1/20 Hicom Glenmarie Industrial Park 40150 Shah Alam Selangor Darul Ehsan Tel : 03-5567 0333 Fax : 03-5569 1233 Email : info@destinigroup.com Website : www.destinigroup.com Corporate Office No. 10 Jalan Jurunilai U1/20 Hicom Glenmarie Industrial Park 40150 Shah Alam Selangor Darul Ehsan Tel : 03-5567 0333 Fax : 03-5569 1233 Email : info@destinigroup.com Website: www.destinigroup.com Registrar lnsurban Corporate Services Sdn. Bhd. [198101010136 (76260-W)] 149, Jalan Aminuddin Baki Taman Tun Dr Ismail 60000 Kuala Lumpur Wilayah Persekutuan Tel : 03-7729 5529 Fax : 03-7728 5948 Email : insurban@gmail.com Investor Relations Chin Yoon Sean No. 10, Jalan Jurunilai U1/20 Hicom Glenmarie Industrial Park 40150 Shah Alam Selangor Darul Ehsan Email : info@destinigroup.com Tel : 03-5567 0333 Fax : 03-5569 1233 Destini Share Information Company name: Destini Berhad Stock name DESTINI Stock code 7212 Ticker code - DSTN:MK (Bloomberg) - DEST.KL (Reuters) Financial year end 30 June OVERVIEW 17 DESTINI BERHAD ANNUAL REPORT 2024
LEADERSHIP DATO’ ABD AZIZ BIN HAJI SHEIKH FADZIR Non-Independent & Non-Executive Chairman Dato’ Abd Aziz was first appointed to the Board of Destini Berhad as an Independent Non-Executive Director on 5 July 2023 and was redesignated as Non-Independent and Non-Executive Director on 10 July 2023. On 11 March 2024, he was then redesignated as Non-Independent and Non-Executive Chairman of the Company. He had served in several constructions and property development companies prior to joining Gold Bridge Engineering and Construction Berhad as the Executive Director in charge of the overall management and operations since 1989. Formerly, he served as a board member of several public listed companies namely Kretam Holdings Berhad, Safeguard Corporation Berhad, Utusan (Melayu) Malaysia Berhad and TH Heavy Engineering Berhad. He was also an Independent NonExecutive Director of Destini Berhad from 30 August 2017 until 18 May 2018. Dato’ Abd Aziz also served in the Board of Government Investment Companies and Agencies namely Universiti Utara Malaysia, Tourism Malaysia, Rangkaian Hotel Seri Malaysia Sdn Bhd, Kedah State Economic Development Corporation and Suria Strategic Energy Resources Sdn Bhd. He is currently the Non-Independent Non-Executive Chairman of Maxland Berhad. He has no family relationship with any Director and/ or major shareholder of the Company and has no conflict of interest with the Company or its subsidiaries. He does not have any convictions for any offences within the past five (5) years or any public sanction or penalty imposed by regulatory bodies during the financial period ended 30 June 2024. Nationality/ Gender/ Age : Malaysian/ Male/ 61 Date of Appointment as Independent Non-Executive Director : 5 July 2023 Redesignation to Non-Independent and Non-Executive Director : 10 July 2023 Redesignation to Non-Independent and Non-Executive Chairman : 11 March 2024 Areas of Expertise : Property, Construction, Plantation, Tourism Board Committees Membership(s) : Nil Number of Board Meeting Attended : 5/5 Tenure as Director : 1 year 3 months Qualification 1. Bachelor of Science in Accounting, Indiana University – Purdue University ,Indiana, United States of America BOARD OF DIRECTORS 18 DESTINI BERHAD ANNUAL REPORT 2024
LEADERSHIP DATO' BAHUDIN BIN MANSOR Independent & Non-Executive Director Dato’ Bahudin Bin Mansor was appointed to the Board of Destini as an Independent Non-Executive Director on 19 June 2023. Dato’ Bahudin graduated from Drake University Des Monies, Iowa, United States of America with a Bachelor of Science. Majoring in Accounting and Finance and holds an Advance Diploma in Accounting from the Institute of Technology Mara and is a member of the Malaysian Institute of Accountants (MIA) and CPA Australia. He is a sole proprietor of Bahudin & Associates a Chartered Accountant firm, which offer statutory audit, tax consultant and adviser, and accounting service to corporate business and individual. He has held various senior management positions with companies in various institutions with a total of 42 years experiences in Audit, Taxation, Finance and Administration. He does not hold any directorships in any other public listed companies. He has no family relationship with any Director and/ or major shareholder of the Company and has no conflict of interest with the Company or its subsidiaries. He does not have any convictions for any offences within the past five (5) years or any public sanction or penalty imposed by regulatory bodies during the financial period ended 30 June 2024. Nationality/ Gender/ Age : Malaysian/ Male/ 64 Date of Appointment as Independent Non-Executive Director : 19 June 2023 Areas of Expertise : Audit, Taxation, Finance and Administration Board Committees Membership(s) : i. Audit Committee ii. Nomination and Remuneration Committee iii. Risk Management Committee Number of Board Meeting Attended : 5/5 Tenure as Director : 1 year 4 months Qualification 1. Degree in Accounting and Finance, Drake University Des Monies, Iowa, United States of America 2. Advance Diploma in Accounting, Institute Technology Mara, Malaysia 3. Member of Malaysian Institute of Accountants 4. Member of Chartered Tax Institute of Malaysian 5. Member of Australian Chartered Public Accountants 19 DESTINI BERHAD ANNUAL REPORT 2024
LEADERSHIP ENCIK SYED JABED ISLAM Independent & Non-Executive Director Nationality/ Gender/ Age : Malaysian/ Male/ 59 Date of Appointment as Independent Non-Executive Director : 10 May 2023 Areas of Expertise : Accounting, Financial Management Board Committees Membership(s) : i. Audit Committee ii. Nomination and Remuneration Committee iii. Risk Management Committee Number of Board Meeting Attended : 5/6 Tenure as Director : 1 year 5 months Qualification 1. Master of Accountancy, University of Dhaka 2. Bachelor of Commerce, Dhaka College Encik Syed Jabed Islam was appointed to the Board of Destini as an Independent Non-Executive Director on 10 May 2023. Encik Syed Jabed is currently working as a Chief Financial Officer/ Group accountant of Aseania Developement Sdn. Bhd., a subsidiary company of Gold Bridge Engineering & Construction Berhad since 2010. He has more than 32 years of working experience in the field of Accountancy and Financial Management. He does not hold any directorships in any other public listed companies. He has no family relationship with any Director and/ or major shareholder of the Company and has no conflict of interest with the Company or its subsidiaries. He does not have any convictions for any offences within the past five (5) years or any public sanction or penalty imposed by regulatory bodies during the financial period ended 30 June 2024. BOARD OF DIRECTORS 20 DESTINI BERHAD ANNUAL REPORT 2024
LEADERSHIP ENCIK ISMAIL BIN MUSTAFFA Executive Director Encik Ismail Bin Mustaffa was appointed to the Board of Destini Berhad in August 2023. He holds a Bachelor of Science (Hons.) in Finance and Accounting from University of Salford, England. Encik Ismail has over 30 years of experience in the auditing, financial and asset management with his last attachment being the Chief Executive Officer of Destini Armada Group which he managed Destini’s international marine business covering Singapore, Australia, China, UAE and United Kingdom. He does not hold any directorships in any other public listed companies. He has no family relationship with any Director and/ or major shareholder of the Company and has no conflict of interest with the Company or its subsidiaries. He does not have any convictions for any offences within the past five (5) years or any public sanction or penalty imposed by regulatory bodies during the financial period ended 30 June 2024. Nationality/ Gender/ Age : Singaporean/ Male/ 61 Date of Appointment as Executive Director : 28 August 2023 Areas of Expertise : Accounting, Finance Board Committees Membership(s) : Risk Management Committee Number of Board Meeting Attended : 4/4 Tenure as Director : 1 year 2 months Qualification 1. B achelor of Science (Hons) in Finance and Accounting from University of Salford, England 2. D iploma in Business Studies from Ngee Ann Polytechnic, Singapore 3. G eneral Management Programme from National University of Singapore 21 DESTINI BERHAD ANNUAL REPORT 2024
MOHAMED NIZA BIN HJ ABU BAKAR Group Chief Operation Officer Nationality/ Gender/ Age : Malaysian/ Male/ 49 Date of Appointment : February 2024 Areas of Expertise: 1. Strategic and Corporate Planning 2. Transformational Change / Restructuring Exercise 3. Fund Raising Exercise 4. Corporate Finance 5. Mergers and Acquisitions 6. Business Development and Sales Qualifications: • B achelor of Arts in Accountancy Studies (Honours), University of Portsmouth, U.K. Working Experience: • G roup Chief Operation Officer, Destini Berhad (February 2024 – present) • G roup Chief Executive Officer, Raffcomm Group of Companies (2022 – 2024) • E xecutive Director, TH Heavy Engineering Berhad (2020 – 2022) • Corporate Advisory (2018 – 2020) • G roup Chief Financial Officer, Chulia Life Sciences Sdn Bhd (2017 – 2018) • G roup Chief Financial Officer, Biosis Group Berhad (2015 – 2016) • C hief Executive Officer, Federation of Investment Managers Malaysia (2014) • MustaphaRaj Sdn Bhd (2012 – 2013) • Chief Executive Officer, Tracoma Holdings Berhad (2010 – 2012) • Managing Director, Newbina Engineering Sdn Bhd (2009 – 2010) • Chief Finance Officer, Tracoma Holdings Berhad (2007 – 2008) • Senior Manager Finance, Profen Sdn Bhd (2005 – 2007) • S enior Executive, Banking Supervision, Bank Negara Malaysia (2000 – 2005) LEADERSHIP KEY SENIOR MANAGEMENT ARIS KEFLI BIN MOHAMAD YUSOF Group Chief Financial Officer Nationality/ Gender/ Age : Malaysian/ Male/ 55 Date of Appointment : May 2017 Areas of Expertise: 1. Accounting Qualifications: • M ember of the Malaysian Institute of Accountants, Malaysia • C hartered Institute of Management Accountants, United Kingdom • M ember of Chartered Practicing Accountants, Australia • M aster in Business Administration, Leicester, United Kingdom • A dvanced Diploma in Accountancy, UiTM Working Experience: • Head of Accounts and Finance, Destini Berhad (2012 – 2017) • Chief Financial Officer, Imatex Berhad (2000 – 2012) • Accountant, U-Wood Holding Berhad (1996 – 2000) • Senior Accounts Executive, Propel Berhad (1993 – 1996) 22 DESTINI BERHAD ANNUAL REPORT 2024
LEADERSHIP KHAIRUL RIZAL BIN OSMAN Head of Internal Audit Nationality/ Gender/ Age : Malaysian/ Male/ 52 Date of Appointment : 1 April 2022 Areas of Expertise: 1. Accounts and Finance 2. Financial Management 3. Investment Management Qualifications: • B achelor in Business Administration, Universiti Teknologi MARA • D iploma in Banking Studies, Universiti Teknologi MARA • C ertified in Internal Auditing for Financial Institutions (CIAFIN) • Associate Qualification in Islamic Finance (AQIF) Working Experience: • Head of Internal Audit, Destini Berhad (2015 – 2018) • A ssistant Manager, Malaysian Industrial Development Finance (2007 – 2015) • H ead, Fraud & Authorisation Department, Cards Business, Affin Bank Berhad (2005 – 2007) • A ssistant Vice President, Group Internal Audit, Affin Bank Berhad (2000 – 2005) • S enior Executive, Group Internal Audit, Bank Islam (M) Berhad (1997 – 2000) • Credit Officer, Bank Islam (M) Berhad (1993 – 1996) DATUK MAJOR (R) KABOL BIN SURAT Chief Executive Officer of Destini Prima Sdn Bhd Nationality/ Gender/ Age : Malaysian/ Male/ 63 Date of Appointment : March 2013 Areas of Expertise: 1. Business Management 2. Aviation Qualifications: • M aster of Business Admintration, Charles Sturt University, Australia • A dvanced Diploma in Business & Management, Swansea College, UK • D iploma in Strategic & Defense Studies, University Malaya • M alaysian Armed Forces Staff College, Haigate, Kuala Lumpur Working Experience: • C EO, Destini Prima Sdn Bhd (2011 – present) • E xecutive Vice President and CEO, Satang Jaya Sdn Bhd (2008 – 2011) • S enior Vice President, Group Business Development, Satang Holdings Berhad (2007) • G eneral Manager, Executive Chairman’s Office, Satang Holdings Berhad (2006 – 2007) • S enior Manager, Executive Chairman’s Office, Satang Holdings Berhad (2005 – 2006) • Royal Malaysian Air Force (1981 – 2005) 23 DESTINI BERHAD ANNUAL REPORT 2024
LEADERSHIP FAIZAL BIN AHMAD Chief Executive Officer of Destini Oil Services Sdn Bhd Nationality/ Gender/ Age : Malaysian/ Male/ 48 Date of Appointment : November 2021 Areas of Expertise: 1. Operations 2. Contract Management Qualifications: • B Sc in Civil Engineering, University of South Wales, UK (formerly University of Glamorgan) Working Experience: • Project Director III, Telekosang Hydro (2020 – 2021) • O peration Manager, Thailand, Scomi Oiltools (2017 – 2019) • Country Manager, Qatar, Scomi Oiltools (2012 – 2016) • O peration Manager, Turkmenistan, Scomi Oiltools (2007 – 2012) GOH YET LOONG Chief Executive Officer, M Rail Technics Sdn. Bhd. Nationality/ Gender/ Age : Malaysian/ Male/ 46 Date of Appointment : December 2023 Areas of Expertise: 1. Strategy & Operations 2. Mergers & Acquisitions (M&A) Qualifications: • Master of Business Administration, INSEAD, France • B achelor in Electrical Engineering & Computer Science, University of California, Berkeley Working Experience: • C EO, M Rail Technics Sdn. Bhd. (2023 – Present) • B usiness Owner (2013 – 2023) • C onsultant, McKinsey & Company (2008 – 2013) • P rogram Manager, Applied Materials (2002 – 2006) KEY SENIOR MANAGEMENT 24 DESTINI BERHAD ANNUAL REPORT 2024
LEADERSHIP AHSEN HAFEEZ Chief Operating Officer of TechnoFibre Group & Regional Head – Destini Middle East Nationality/ Gender/ Age : Canadian/ Male/ 39 Date of Appointment : November 2023 Areas of Expertise: 1. Business Development / Sales 2. Marine Equipment Manufacturing 3. MRO and Ship Repair 4. Defence, Oil & Gas, and Marine Qualifications: • M aster of Business Administration, Liverpool John Moores University, UK • B achelor of Science in Business Management • Q uality Management Certification Working Experience: • C hief Operating Officer, TechnoFibre Group and Regional Head, Destini (December 2023 – Present) • B usiness Development Head, Current Scientific Corp, BC, Canada (June 2023 – December 2023) • H ead of Business Development, COMNAV, Richmond, Canada (January 2020 – June 2023) • G eneral Manager, Technofibre Middle East Marine Services, UAE (2012 – 2019) NIZATUL ASMAR BT CHEK UMAR Senior Manager - Human Capital & Administration Nationality/ Gender/ Age : Malaysian/ Female/ 52 Date of Appointment : June 2024 Areas of Expertise: 1. Strategic Human Resource Planning 2. Employee Relations 3. Performance Management Qualifications • M aster of Business Administration, International Business from University East London • B ac. Education, TESL from University Putra Malaysia Working Experience • H ead of Business Support, HR & Admin, Sarawak Cable Berhad (2022-2023) • H ead of Human Resource & Admin, Lactalis Groupe - Petaling Jaya Dairy S/B (2021 - 2022) • G eneral Manager, S.E.A Human Resource & Administration, Aliaxis Group - Paling Industries S/B (2019 - 2021) • H ead of Human Resource, Scomi Group Bhd (2003 - 2019) • S enior Executive, Human Resource, Suria Business Solutions S/B (1997 - 2003) 25 DESTINI BERHAD ANNUAL REPORT 2024
MOHAMED ALIFF BIN MOHAMED SAAD Manager, Corporate Affairs Nationality/ Gender/ Age : Malaysian/ Male/ 32 Date of Appointment : February 2024 Areas of Expertise: 1. Corporate Affairs 2. Company Secretarial 3. Strategic Planning 4. Corporate Licensing Qualifications: • B achelor in Office Systems Management, Business Management, Universiti Teknologi MARA (UiTM) Working Experience: • M anager, Corporate Affairs, Destini Berhad (February 2024 – Present) • A ssistant Manager, Corporate & Strategic Planning, Destini Berhad (September 2021 – January 2024) • E xecutive, Corporate Affairs and Secretarial, Destini Berhad (January 2015 – September 2021) KEY SENIOR MANAGEMENT LEADERSHIP ALL MEMBERS OF THE KEY SENIOR MANAGEMENT • D oes not hold any directorships in any public listed companies. • H ave no family relationship with any director or major shareholder of the Company. • H ave no conflict of interest with the Company or its subsidiaries • D oes not have any convictions for any offences within the past five (5) years or any public sanction or penalty imposed by regulatory bodies during the financial period ended 30 June 2024. 26 DESTINI BERHAD ANNUAL REPORT 2024
CHAIRMAN’S STATEMENT PERFORMANCE The challenges The World Health Organization's declaration in May 2023 that COVID-19 was no longer a global health emergency provided a sense of hope and optimism. However, the global economic uncertainties persisted due to factors such as rising inflation, increasing protectionism, slower economic growth in China and the conflicts in Ukraine and the Middle East. Domestically, Malaysia’s GDP growth moderated to 3.7% from a robust 8.7% in 2022, as the country, much like the rest of the world, faced slower external demand. Although we entered 2023 with very much political instability that affected the local business climate, the Madani government managed to manoeuvre the challenges and brought stability and steadily steering the nation towards economic growth backed by both the local and international investors. Overcoming the challenges At Destini, we understand that challenges are inevitable in an interconnected world. Yet, we remain focused on building a resilient and adaptable organization. Despite the adverse business climate as mentioned above, we navigated these obstacles with determination and strategic foresight. In response to the market dynamics, the Group has implemented a comprehensive turnaround strategy that focused on strengthening its core operations while building resilience for sustainable growth. The core of our turnaround plan is anchored in five strategic thrusts: a) Organisational Optimization R eviewing and optimising the Group’s organisational structure. Through careful evaluation of our core business sectors, Destini has streamlined its corporate structure by consolidating operations and removing dormant entities. This restructuring has not only reduced administrative complexities and optimising costs but also sharpened the Group’s focus on its core competencies. b) Stakeholder Engagement Programs D estini has introduced initiatives to strengthen relationships with key stakeholders, including customers in both public and private sectors, financial institutions, shareholders, and employees, ensuring alignment and trust across all fronts. c) Financial Restructuring R e-engineering and rebuilding our financials strength via new fund raising exercises both the debt and equity, strengthening the balance sheet, cost optimisation and revenue generation activities. Although Destini recorded a loss of RM136 million this financial period, these initiatives are expected to strengthen our balance sheet and pave the way for positive financial outcomes in coming years. On behalf of the Board of Directors, it is my privilege to present the Annual Report and Financial Statements of Destini Berhad for the financial period ended 30 June 2024. The past 18 months was marked by significant challenges and shifts in the global and domestic landscapes. It was also a period of adaptation, resilience, and progress for Destini. Dear Valued Shareholders, 27 DESTINI BERHAD ANNUAL REPORT 2024
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