MANAGEMENT DISCUSSION AND ANALYSIS THIS REPORT PROVIDES A DISCUSSION AND ANALYSIS OF THE GROUP’S FINANCIAL PERFORMANCE FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2025 (“FY2025”), INCLUDING EXPLANATIONS FOR SUBSTANTIAL FLUCTUATIONS OVER THE PREVIOUS FINANCIAL YEAR. CONNECTING INSIGHTS WITH PROGRESS FY2025 FINANCIAL HIGHLIGHTS The Group’s revenue and profit before tax for the financial year under review and the preceding year are summarised as follows: FY2025 RM’000 FY2024 RM’000 Changes (%) Group Revenue * 953,270 1,060,881 (10.1) SEGMENTS Property Development and Construction 469,181 580,043 (19.1) Plantation 363,190 352,217 3.1 Hotel and Property Investment 35,960 34,092 5.5 Others 84,939 94,529 (10.1) Group Profit Before Tax * 166,771 144,661 15.3 SEGMENTS Property Development and Construction 37,971 40,772 (6.9) Plantation 108,728 81,972 32.6 Hotel and Property Investment 19,638 18,454 6.4 Others 434 3,463 (87.5) * Included discontinued operation The Group’s principal business segments, which remained unchanged from the preceding year, comprise Property Development and Construction; Plantation; Hotel and Property Investment; and Others. The segment “Others” comprises Trading, Manufacturing, Investment Holding and other non-reportable operations. During the financial year, the manufacturing segment from The Peoples’ Republic of China was discontinued, following the proposed disposal of Vast Furniture Manufacturing (Kunshan) Co. Ltd. (“Vast Kunshan”) on 17 September 2025 for a total cash consideration of Chinese Yuan Renminbi (“CNY”) 86.8 million, equivalent to approximately RM51.5 million (based on exchange rate of RM1:CNY1.6852). The decision to divest this business segment is in line with the Group’s objective of disposing off its non-core business and focus on its core businesses in Property Development and Construction, Plantation and Hotel and Property Investment. For the purpose of discussion and analysis of the Group’s financial performance for FY2025, the results of Vast Kunshan have been included to enable full comparison over the previous financial year. Delivering Value That Matters to People 1 4 6 2 5 7 PG | 37 ANNUAL REPORT 2025 MKH BERHAD 3
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