Net Cash Position million RM225.9 (2023: RM152.6 million) Net Assets per Share RM1.93 (2023: RM1.95) Gross Gearing Ratio 0.27x (2023: 0.30x) Despite cost pressures from inflation, wage adjustments in key markets, and supply chain uncertainties amid geopolitical tensions, we remained focused on cost optimisation to maximise operational efficiency. At the same time, we expanded our revenue base by capturing new opportunities in international markets, technology-driven solutions, and sustainability services. Our balanced approach – combining financial discipline with strategic growth – has strengthened margins and improved our balance sheet. With a net cash position of RM225.9 million and a reduced gearing ratio of 0.27x, we ended FY2024 well-positioned to invest in future growth, advance our strategic priorities, and create long-term value for stakeholders. GROUP FINANCIAL HIGHLIGHTS We achieved a strong increase in profitability during the year, reflecting our commitment to value creation. Profit after tax and zakat (PAT) rose to RM51.8 million, up 72.0% year-on-year (Y-o-Y). On a normalised basis, excluding exceptional items, PAT more than doubled to RM66.8 million (113.2% Y-o-Y). This growth was driven by an expanding revenue base, high-margin projects from our international expansion, and improved operational efficiency. Group revenue reached RM3.0 billion in FY2024 (5.9% Y-o-Y), with international business driving a significant proportion of revenue growth. Our overseas operations delivered 79% of our new contract wins in FY2024, worth RM2.2 billion from a total of RM2.8 billion. These promising results demonstrate the successful execution of our global growth strategy and reflect our growing appeal as a trusted solutions partner in emerging markets. The integration of Kaizen Owner Association Management Services L.L.C. and Kaizen AMS Property Supervision L.LC., our newly acquired property management subsidiaries in UAE has strengthened our order book by contributing a steady pipeline of projects, further enhancing our market presence and supporting our growth trajectory in the region. Singapore and Taiwan continued to be fundamental drivers of revenue growth in the healthcare solutions segment. A notable highlight was securing over RM900 million in healthcare services contract renewals with Singapore’s largest public health provider. Crucially, we are expanding the scope of these contracts while entering adjacent markets such as hospitality and commercial spaces in parallel, exploring new opportunities to add value as an integrated solutions provider. In Malaysia, new work package wins under the Pan Borneo Highway project and the North–South Expressway lane-widening project in Johor ensured steady domestic contributions. These were complemented by new contracts in energy efficiency (EE) projects for Asset Consultancy, driven by increased client uptake of the Zero Capex Programme following its launch in 2023. In the healthcare sector, meanwhile, the Hospital Cyberjaya contract represented a key breakthrough for our business outside our traditional concession territories. Alongside revenue growth, we achieved meaningful improvement in our margins, through strict cost management initiatives to mitigate the impact of escalating costs. Through stringent, Group-wide budgetary control, procurement efficiencies and workforce rationalisation, we realised RM41.1 million in operational cost savings in FY2024. FINANCIAL POSITION AND CASH FLOWS The top-line growth and focus on financial discipline contributed to a strong cash flow position for FY2024. Net operating cash inflows of RM190.8 million were driven by improved customer collections and tighter cost controls, reducing backlog payments compared to FY2023. Net investing cash outflows of RM66.7 million supported our international expansion, notably the settlement of the Kaizen acquisition. Meanwhile, net financing cash outflows of RM89.9 million included RM50.7 million in net loan repayments and RM16.6 million in shareholder dividends, reflecting our commitment to returning value to stakeholders while maintaining financial agility. 37 LEADERSHIP INSIGHTS
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