KENANGA INVESTMENT BANK BERHAD 14 INTEGRATED ANNUAL REPORT 2025 GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS Dear Shareholders, Global financial markets experienced heightened volatility in 2025, driven largely by uncertainties surrounding the United States (“US”) trade tariffs and their potential implications for global growth. During the year, Malaysia’s role as ASEAN Chair reinforced its position as a stable and credible financial and investment hub amid elevated global uncertainty. This supported continued interest in Malaysia as a destination for longer-term capital, particularly in areas aligned with regional supply chain diversification and sustainabilitylinked investments. These longer-term structural positives, however, did not immediately translate into higher levels of domestic equity trading. In Malaysia, equity market conditions stayed subdued for much of the year, although indications of stabilisation emerged in the later half. Total trading volumes on Bursa Malaysia declined by approximately 27% year-on-year, with retail investors particularly affected as estimated trading volumes contracted between 30% and 40%. Against this landscape, Kenanga Investment Bank Berhad (“Kenanga” or “KIBB” or “the Company”) and its Group of Companies (“Kenanga Group” or “the Group”) remained focused on delivering resilient performance and navigating the evolving market environment with prudence and strategic focus. DATUK CHAY WAI LEONG Group Managing Director RM865.3 million Revenue RM73.6 million Profit Before Tax RM69.1 million Operating Profit 5.0 sen Dividend Declared Financial Highlights from 2025
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