23 ANNUAL REPORT 2023 MST GOLF GROUP BERHAD The financial year ended (“FYE“) 31 December 2023 is the full post-Covid-19 year where we witnessed a golf boom and bumper year in 2022. Coming off at a high base in FYE2022, MST Golf recorded a 8.2% growth in revenue and normalised Profit After Tax and after Minority Interest (“PATAMI“) of RM22.0 million for FYE2023, a 17.4% decrease from the RM26.7 million reported in FYE2022. The decrease in PATAMI was attributed to a lower revenue growth along with an increase in operation cost and capital expenditure for our current and new facilities, as well as equipment upgrades. 2019* RM’000 2020 RM’000 2021 RM’000 2022 RM’000 2023 RM’000 Group Revenue (Total) 177,688 170,260 206,519 300,875 325,431 Y-O-Y - -4.2% 21.3% 45.7% 8.2% CAGR (2019-2023) 16.3% Gross Profit 70,037 69,565 84,031 129,195 142,929 GP% 39.4% 40.9% 40.7% 42.9% 43.9% EBITDA 19,800 30,505 39,118 57,777 58,3101 % of revenue 11.1% 17.9% 18.9% 19.2% 17.9% Y-O-Y - 54.1% 28.2% 47.7% 0.9% Profit Before Tax 14,057 18,336 26,486 38,841 31,6501 % of revenue 7.9% 10.8% 12.8% 12.9% 9.7% Profit After Tax 10,451 13,714 20,318 29,115 21,7641 % of revenue 5.9% 8.1% 9.8% 9.7% 6.7% PATAMI 9,570 12,902 18,235 26,652 22,0211 % of revenue 5.4% 7.6% 8.8% 8.9% 6.8% Y-O-Y - 34.8% 41.3% 46.2% -17.4% CAGR (2019-2023) 23.2% Revenue 2019* RM’000 2020 RM’000 2021 RM’000 2022 RM’000 2023 RM’000 By Business Segments Retail 153,089 145,965 163,649 241,308 263,556 Wholesale 15,716 17,437 37,476 47,374 42,091 Golf-Related Services 8,883 6,858 5,394 8,361 14,008 Indoor Golf - - - 3,832 5,776 By Geographical Operations Malaysia 122,128 127,500 122,110 200,112 209,915 Singapore 55,560 42,760 84,409 100,763 115,363 Indonesia - - - - 153 * The figures presented in FYE 2019 are before transition to Malaysian Financial Reporting Standards (“MFRS“). (1) Normalised EBITDA / Normalised Profit Before Tax / Normalised Profit After Tax / Normalised PATAMI excluding the one-off impact of RM4.4 million related to the share listing expenses. REVIEW OF RESULTS
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