ANNUAL REPORT 2025 023 MANAGEMENT DISCUSSION AND ANALYSIS Financial Position Shareholders’ equity increased from RM761.60 million as at 31 December 2024 to RM911.84 million as at 31 December 2025, mainly contributed by total comprehensive income attributable to owners of the Company of RM104.47 million, and proceeds from issuance of shares of RM42.05 million. Non-current assets increased from RM651.06 million as at 31 December 2024 to RM760.121 million as at 31 December 2025, mainly due to the acquisition of properties, plant and equipment (“PPE”) to meet the requirements of higher scale of operation, and increase in land bank for future property development. Current assets increased from RM1.41 billion as at 31 December 2024 to RM1.75 billion as at 31 December 2025, mainly due to the increase in trade and other receivables and contract assets, in line with higher scale of operation. Current liabilities increased from RM996.52 million as at 31 December 2024 to RM1.26 billion as at 31 December 2025, mainly due to higher trade and other payables, and loans and borrowings, in line with higher scale of operation. Non-current liabilities increased from RM280.14 million as at 31 December 2024 to RM305.94 million as at 31 December 2025 mainly due to higher loans and borrowings. Net gearing ratio as at 31 December 2025 was at 0.41 times. Cash Flow For FY2025, net cash generated from operating activities amounted to RM133.83 million, reflecting higher profit achieved during the year. Net cash used in investing activities totalled RM83.22 million, primarily attributable to acquisitions of PPE and advances to associate. Net cash used in financing activities stood at RM2.06 million.
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