INSIDE THIS REPORT Basis of This Report 2 ABOUT MST GOLF Who We Are 4 Highlights of 2024 6 Our Sustainability Pillars 10 Financial Highlights 2024 12 Our Retail Presence 14 Corporate Information 15 Corporate Structure 16 Board of Directors' Profile 17 Key Senior Management's Profile 20 Section 1 OUR STRATEGIC CONTEXT Chairman's Statement 22 CEO's Message 25 Management Discussion & Analysis 29 Sustainability Statement 34 • Introduction • Sustainability Governance • Stakeholder Engagement • Material Matters • Caring and Responsible Employer • Accountable and Ethical Operations • Resilient Environmental Stewardship • Empowering Community Engagement • Sustainable Supply Chain Bursa Malaysia Sustainability 104 Indicators Section 2 OUR GOVERNANCE Corporate Governance 107 Overview Statement Directors’ Responsibility Statement 119 Report Audit Committee Report 120 Statement on Risk Management 123 and Internal Control Additional Compliance Information 126 Section 3 FINANCIAL PERFORMANCE Financial Statements 129 Section 4 35 YEARS OF GROWING TOGETHER Since our humble beginnings, MST Golf has grown alongside the region’s vibrant golf community — from general trading to a leading name in golf retail and services across Southeast Asia. As we celebrate 35 Years of Growing Together, our journey is a testament to the trust and partnerships built with our employees, brand partners, and customers. Our cover design reflects this collective growth and deep-rooted connection within the golf industry. It symbolises the trajectory of progress we’ve made, guided by our purpose to elevate the game while creating value for our stakeholders. Driven by our people-first culture, customer service excellence, and integrating sustainability in all that we do, we remain focused on shaping the future of golf — responsibly, innovatively, and inclusively. Together, we look forward to continuing our journey as a trusted golf partner in the region and beyond.
OTHER INFORMATION List of Properties 212 Analysis of Shareholdings 213 Global Reporting Initiative (“GRI”) 216 Content Index Notice of the 32nd Annual 224 General Meeting Statement Accompanying Notice 229 of Annual General Meeting Notice of AGM Administrative Notes 230 • Proxy Form Section 5 32nd Annual General Meeting VENUE Ballroom I, Main Wing, Level 1, Tropicana Golf & Country Resort, Jalan Kelab Tropicana, 47410 Petaling Jaya, Selangor, Malaysia. DATE & TIME Monday, 26 May 2025 at 10:00 a.m. OUR VISION To serve the best in everything golf. OUR MISSION To provide world-class golf shopping, learning, and playing experience. To support and promote the golf industry by connecting people, places, and ideas. To build a more sustainable golf culture and community together. OUR CORE VALUES 01 Be Proud 02 Be Strong 03 Walk Together 04 Be Sustainable 05 Be Happy For more information, visit our corporate website at mstgolfgroup.com
SECTION 1: ABOUT MST GOLF 2 BASIS OF THIS REPORT MST Golf’s 2nd Annual Report seeks to provide insights on the Group's performance for the financial year ended 31 December 2024.
3 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD The aim of this Report is to transparently deliver transparent, relevant and comprehensive information to our stakeholders on the Group’s achievements and challenges, supporting an informed assessment of our performance in both the short and long term. MST Golf’s AR 2024 also includes forward-looking insights into our business priorities and strategies, highlighting how we create sustainable value for our stakeholders, including customers, employees, suppliers, shareholders, and communities. SCOPE AND BOUNDARY The scope of this Report covers all primary aspects of MST Golf’s operations, including our retail, wholesales, and other golf-related business segments across our geographical footprint. It presents financial highlights, operational progress, strategic developments, and sustainability efforts, reflecting our ongoing commitment to responsible and ethical business practices. REPORTING SUITE For a comprehensive understanding of MST Golf’s ESG performance, stakeholders are encouraged to refer to the accompanying Sustainability Statement on pages 34 to 103 of this Report. The statement expands on our sustainability framework, strategy, initiatives and impact across the Group. APPLIED FRAMEWORKS In preparing this Report, the Group adheres to the following reporting/governance frameworks and guidelines (applied in part or full) in the development of this Report: • Malaysian Code on Corporate Governance (“MCCG“) • Main Market Listing Requirements (“MMLR“) issued by Bursa Malaysia Securities • Companies Act 2016 (“CA 2016“) • International Financial Reporting Standards (“IFRS“) • Malaysian Financial Reporting Standards (“MFRS“) • Corporate Governance Guide – 4th Edition issued by Bursa Malaysia Securities FORWARD-LOOKING STATEMENTS This Report includes forward-looking statements relating to the Group’s future outlook and business direction. Keywords or words such as “might,“ “forecast,“ “anticipate,“ “project,“ “may,“ “believe,“ “predict,“ “expect,“ “continue,“ “will,“ “estimate,“ “target“ and similar expressions are utilised. These statements are based on various assumptions and are subject to numerous risks, uncertainties and contingencies beyond MST Golf’s control. More importantly, they are not to be construed as a guarantee to our operating performance or financial outcomes. Unexpected events and actual results may significantly differ from current expectations, impacted by factors such as emerging business opportunities, changes in Group priorities, global and national economic conditions, government policies and other considerations. FEEDBACK We welcome feedback, enquiries or suggestions regarding this Report or any aspect of our business. Please reach out to us at investor.relations@mstgolf.com MST Golf Group Berhad (“MST Golf“ or “the Group“) presents its Annual Report 2024 (“Report“ or “AR 2024“) for the financial year ended 31 December 2024 (“FYE2024“ or “FY2024“). This Report outlines the Group’s financial and operational performance, strategic initiatives, and Environmental, Social and Governance (ESG) commitments.
SECTION 1: ABOUT MST GOLF 4 WHO WE ARE About MST Golf Group Established in 1989, MST Golf has grown into Southeast Asia’s leading and most trusted golf retailer and service provider, with over 50 stores across Malaysia, Singapore and Indonesia. With more than three decades of industry experience in golf and retail, we offer the region’s most comprehensive selection of golf brands across equipment, apparel, footwear and accessories – supported by strong brand partnerships, innovative retail concepts and a commitment to delivering exceptional customer service. Beyond retail, our integrated business spans wholesale and distribution, golf academy and club fitting, indoor golf with F&B, corporate merchandise and event management, as well as golf media. Driven by our passion for the game and strong industry relationships, we are committed to championing accessibility, innovation and sustainability in golf. Promoting the play of better golf MST Golf Lab provides personalised golf lessons and custom club fitting services, backed by professional coaching methods and fitting principles developed in collaboration with the world-renowned Golf Lab in the US. We operate both in indoor facilities and on-course environments. Golf Learning & Club Fitting Providing the latest and best in golf product selection, service and value We offer Southeast Asia’s widest selection of golf brands, products, and services, delivering a seamless retail experience that provides selection, service and value to meet every golfer’s needs. Our retail formats include MST Golf SuperStore, Pro Shop, and MST Golf Premium. Golf Retail & Wholesale Building the largest golf community in Malaysia and Singapore As the largest golf community in Malaysia and Singapore, our ilovegolf loyalty programme rewards members with exclusive perks, curated experiences, and engaging events—both instore and across indoor and outdoor venues. Loyalty Programme
5 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD Scan the QR code to find out more about Our Services on our website. Elevating the game of golf through corporate and professional tournaments We deliver comprehensive and customised golf event management services designed to elevate the game through corporate and professional tournaments. By combining tailored event solutions with branded merchandise offerings, we help clients create meaningful and lasting connections with their stakeholders. Corporate Merchandise & Event Management Providing news and insights to everything golf Our digital media platform connects and inspires golf enthusiasts with the latest updates on gear, tournaments, golf professionals, and more. Through our industry connections and knowledge expertise, we aim to champion existing players and support beginners in their journey into the game. Golf Media Lowering the barrier to golf MST Golf Arena makes golf more accessible and convenient for golfers and non-golfers alike. Our modern, tech-driven indoor facility offers a one-stop destination to Shop, Play, Learn & Improve, Fit, Eat and Drink— all under one roof—encouraging more people to discover and enjoy the game. Indoor Golf
SECTION 1: ABOUT MST GOLF 6 HIGHLIGHTS OF 2024
7 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD
SECTION 1: ABOUT MST GOLF 8
9 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD
SECTION 1: ABOUT MST GOLF 10 We are more than just about the game. We are committed to driving sustainability to the fore. DRIVING SUSTAINABILITY AT MST GOLF As a leading name in the golf retail industry, MST Golf is committed to embedding sustainability into our business ethos. Guided by the triple bottom line approach, we strive to operate as a sustainable golf business that balances people, planet, and profit. Sustainability is not just an initiative. It is a core principle that shapes how we grow, operate, and contribute to the environment and communities we serve. At the heart of our sustainability strategy is MST Golf C.A.R.E.S., which represents five key pillars namely Caring and Responsible Employer, fostering Accountable and Ethical Operations, championing Resilient Environmental Stewardship, Empowering Community Engagement, and Sustainable Supply Chain. These pillars reflect our ongoing transformation towards a low-carbon, socially responsible, and inclusive future. Through purposeful leadership, innovation, and accountability, we are committed to making a lasting, positive impact—on the golf industry and beyond. Caring and Responsible Employer At MST Golf, we take pride in building a motivated and dedicated workforce that thrives both professionally and personally. Resilient Environmental Stewardship We believe in protecting and preserving the natural environment through sustainable practices and initiatives. Accountable and Ethical Operations We are committed to foster a culture of ethical behavior and operational excellence, we strive to uphold our reputation as a leader in the industry. Related UNSDGs Related UNSDGs Related UNSDGs OUR SUSTAINABILITY PILLARS
11 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD Empowering Community Engagement We actively support and collaborate with local communities to foster growth, education, and well-being. Sustainable Supply Chain From eco-conscious product sourcing to resource-efficient facilities management, we strive to minimise our environmental impact while promoting the enjoyment and preservation of the game of golf. Related UNSDGs Related UNSDGs For more information on our Sustainability efforts, visit our website at mstgolfgroup.com/sustainability.
SECTION 1: ABOUT MST GOLF 12 FINANCIAL HIGHLIGHTS 69.6 84.2 129.2 142.9 134.0 Gross Profit (RM Mil) FYE’20 - ‘24 CAGR* 2020 2024 2021 2022 2023 170.3 206.5 300.9 325.4 327.8 Revenue (RM Mil) FYE’20 - ‘24 CAGR* Profit Before Tax (RM Mil) FYE’20 - ‘24 CAGR* 18.3 26.5 38.9 27.3 9.4 Profit After Tax (RM Mil) 13.7 FYE’20 - ‘24 CAGR* 20.3 29.1 17.4 4.8 * Compound Annual Growth Rate ("CAGR") 2020 2024 2021 2022 2023 2020 2024 2021 2022 2023 2020 2024 2021 2022 2023 17.8% 23.0% 15.3% 17.8%
13 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD Profit after Tax and Minority Interest (“PATAMI“)(RM Mil) 12.9 FYE’20 - ‘24 CAGR* 18.2 26.7 17.6 Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA“) (RM Mil) FYE’20 - ‘24 CAGR* 30.6 39.2 57.8 59.2 45.1 5.9 REVENUE RM327.8 million (FYE2023: RM325.4 Million) GROSS PROFIT RM134.0 million (FYE2023: RM142.9 Million) PATAMI RM5.9 million (FYE2023: RM17.6 Million) 2020 2024 2021 2022 2023 2020 2024 2021 2022 2023 10.2% 17.7%
SECTION 1: ABOUT MST GOLF 14 OUR RETAIL PRESENCE Total No. of Stores: 54 STORES (as of March 2025) GEOGRAPHICAL PRESENCE 41 stores in 5 stores in 8 stores in Perak 1 store Johor Bahru 5 stores Melaka 1 store Negeri Sembilan 1 store Pahang 2 stores Selangor 11 stores Kuala Lumpur 10 stores Putrajaya 2 stores Penang 4 stores Singapore 8 stores Jakarta 5 stores Sarawak 3 stores Sabah 1 store
15 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD CORPORATE INFORMATION Low Kok Poh Executive Chairman Ng Yap Sio Executive Director, Group Chief Executive Officer Ng Lian Chun Executive Director Poh Ying Loo Independent Non-Executive Director Datin Suryani Binti Ahmad Sarji Independent Non-Executive Director Alice Lee Chia Yee Independent Non-Executive Director BOARD OF DIRECTORS AUDIT COMMITTEE Chairperson Poh Ying Loo Members Datin Suryani Binti Ahmad Sarji Alice Lee Chia Yee GOVERNANCE, RISK AND SUSTAINABILITY COMMITTEE Chairperson Poh Ying Loo Members Datin Suryani Binti Ahmad Sarji Alice Lee Chia Yee Ng Lian Chun NOMINATION COMMITTEE Chairperson Datin Suryani Binti Ahmad Sarji Members Poh Ying Loo Alice Lee Chia Yee REMUNERATION COMMITTEE Chairperson Alice Lee Chia Yee Members Poh Ying Loo Datin Suryani Binti Ahmad Sarji COMPANY SECRETARIES Tai Yuen Ling (LS0008513) (SSM PC No. 202008001075) Queck Wai Fong (MAICSA 7023051) (SSM PC No. 202208000287) STOCK EXCHANGE LISTING Main Market of Bursa Malaysia Securities Berhad Stock Name : MSTGOLF Stock Code : 5316 Sector : Consumer Products & Services HEAD/ MANAGEMENT OFFICE MST Golf Plaza No.8, Jalan SS 13/5, 47500 Subang Jaya, Selangor Darul Ehsan, Malaysia. Tel. No. : +603 - 5566 8666 Website : mstgolfgroup.com Email : investor.relations@mstgolf.com AUDITORS Grant Thornton Malaysia PLT Level 11, Sheraton Imperial Court, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. Tel. No. : +603 - 2692 4022 SHARE REGISTRAR Boardroom Share Registrars Sdn Bhd 11th Floor, Menara Symphony, No.5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia. Tel. No. : +603 - 7890 4700 Fax No. : +603 - 7890 4670 Email : bsr.helpdesk@boardroomlimited.com REGISTERED OFFICE 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia. Tel. No. : +603 - 7890 4800 Fax No. : +603 - 7890 4650 Email : boardroom-kl@boardroomlimited.com
17 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD BOARD OF DIRECTORS’ PROFILE Mr. Low Kok Poh serves as our Non-Independent Executive Chairman, bringing over 35 years of experience in the golf industry. He holds a Bachelor of Science in Engineering (Mechanical Engineering) from The University of Iowa (1986). Mr. Low began his career as a Mechanical Engineer with a Japanese engineering company in Malaysia, serving from 1986 to 1989. His journey in the golf retail industry started in 1989 with the incorporation of Masinthai Marketing Sdn Bhd (now known as MST Golf). As a cofounder, he was among the first shareholders and directors, establishing the company alongside Mr. Ng Yap Sio, the Group CEO of MST Golf. He was appointed to the Board of MST Golf on 26 May 1999 and in 2000, assumed the role of Managing Director, playing a pivotal role in shaping MST Golf’s retail business. Under his leadership, the Company built a strong foundation in customer service excellence and brand distributorships. On 1 October 2022, Mr. Low was appointed as Executive Chairman of the Group. In this capacity, he oversees the Group’s external relations, maintaining key business relationships with brands, golf clubs, landlords, dealers, corporate clients and industry stakeholders. Mr. Low is a director and shareholder of All Sportz Sdn Bhd, a major shareholder of the Company. He does not hold any directorship in other public companies and listed entities. Mr. Low has no family ties with any Director or major shareholder of the Company, nor any conflicts of interest, including interest in competing businesses with the Company or its subsidiaries. He attended all the seven (7) Board of Directors’ meetings held during the year. Mr. Ng Yap Sio serves as our Executive Director and Group Chief Executive Officer, bringing over 35 years of experience in the golf industry. He holds a Bachelor of Science in Engineering (Civil Engineering) (1985) and a Master of Science (Civil and Environmental Engineering) (1987), both from The University of Iowa, USA. Mr. Ng began his career in 1987 as a Civil Engineer in New York, USA, for five years before returning to Malaysia. In November 1989, MST Golf (formerly Masinthai Marketing Sdn Bhd) was incorporated and involved in general trading. While still based in the USA, Mr. Ng played an active role in identifying potential products and suppliers for MST Golf. In March 1991, he formally became a director and shareholder of the Company. Mr. Ng was appointed to the Board of MST Golf on 8 June 1993. In January 2000, he assumed the role of Chief Executive Officer and was later redesignated as Group Chief Executive Officer in January 2014, a position he holds to date. In 2011, Mr. Ng brought in Sports Direct, a multi-brand sports retail brand from the United Kingdom into Malaysia as a licensee, which subsequently formed a joint venture company with Sports Direct Retail Limited PLC. He assumed the role as CEO, overseeing the growth of the sport retail business for six years before stepping down to focus entirely on MST Golf. He remained a Director of Sports Direct Malaysia until April 2022 and a shareholder until December 2024. As Group Chief Executive Officer, Mr. Ng is responsible for the overall performance, management, business strategies and growth of the Group. He leads the Group’s regional expansion and Sustainability Working Committee and plays a key role in business development, retail innovation, and brand partnerships. Mr. Ng is a director and holds a significant shareholder of All Sportz Sdn Bhd, a major shareholder of the Company. He is the brother of Mr. Ng Lian Chun, the Executive Director of the Company. Mr. Ng does not hold any directorships in other public companies or listed entities. He has no conflicts of interest with the Company or its subsidiaries, including no interest in any competing business. He attended all the seven (7) Board of Directors’ meetings held during the year. LOW KOK POH Executive Chairman Age Gender Nationality 63 Male Malaysian Date of Appointment 26 May 1999 NG YAP SIO Executive Director / Group Chief Executive Officer Age Gender Nationality 63 Male Malaysian Date of Appointment 8 June 1993
SECTION 1: ABOUT MST GOLF 18 Mr. Ng Lian Chun serves as our Executive Director, bringing over 45 years of experience in management and finance across diverse industries including auditing, property, manufacturing, private education and retail, with the last 11 years dedicated to MST Golf Group. He is a member of the Governance, Risk and Sustainability Committee. Mr. Ng holds a Bachelor of Commerce from the University of Otago, New Zealand (1980), and has been a member of the Malaysian Institute of Accountants (MIA) since 1984. He started his career as an auditor at Lim Ali & Co in 1980. He then joined MBf Holdings Berhad in 1984 as Management Accountant, later serving in senior roles until 1991. From 1991 to 1994, he was Chief Internal Auditor at United Nigeria Textiles PLC, a company then listed on the Nigerian Stock Exchange. Returning to Malaysia in 1994, he served as Head of Finance at Taylor’s Education Group for a period of 20 years until December 2013. He joined MST Golf Sdn Bhd as a non-executive director in 1996, transitioning to Executive Director of MST Golf Group in January 2014. In his current capacity, Mr. Ng oversees the group human resources, general administration, projects and corporate finance functions. He also provides mentorship to managers and subordinate line management, especially those who are new to the Group. Mr. Ng is a director and also a shareholder of All Sportz Sdn Bhd, a major shareholder of the Company. He is the brother of Mr. Ng Yap Sio, the Executive Director and the Group Chief Executive Officer of the Company. Mr. Ng has no conflicts of interest with the Company or its subsidiaries and holds no directorships in other public companies or listed entities. He attended all the seven (7) Board of Directors’ meetings held during the year. NG LIAN CHUN Executive Director Age Gender Nationality 68 Male Malaysian Date of Appointment 1 October 2022 Poh Ying Loo serves as our Independent Non-Executive Director, bringing over 35 years of experience in various industries including auditing, manufacturing and trading, before joining the retail industry. He is Chairman of both the Governance, Risk and Sustainability Committee and Audit Committee and a member of the Nomination Committee and Remuneration Committee. Mr. Poh holds a Global MBA in Digital Business from Zigurat Innovation & Technology Business School, Barcelona, Spain, and a University Extension Diploma in Global MBA in Digital Business from the University of Barcelona. He is a Fellow Chartered Management Accountant (FCMA) and Chartered Global Management Accountant (CGMA) with the Chartered Institute of Management Accountants (CIMA), a member of the Malaysian Institute of Accountants (MIA), and a Fellow of the Institute of Corporate Directors Malaysia (ICDM). Additionally, he is a Qualified Risk Director and member with the Institute of Enterprise Risk Practitioners (IERP), a Certified Expert in ESG and Impact Investing (Frankfurt School of Finance and Management, March 2023), and a Sustainability Risk Manager (IERP, January 2024). In May 2024, he obtained his professional Sustainability and Climate Risk Certificate (“SCR Certificate”) from GARP (“Global Association of Risk Professionals”), the world’s leading professional association of risk managers. His career began as an auditor at Ong Boon Bah & Co in 1986, followed by roles at Dreamland Holdings Berhad (1988) and CPC/AJI (M) Sdn Bhd (1988–1996), where he rose to Senior Accountant. From July 1996 to June 2020, he served AEON CO. (M) Bhd in various finance roles, including Senior General Manager of Corporate Finance and Investor Relations, and was Executive Director from May 2011 to June 2020. Since June 2021, Mr. Poh has been an Independent Non-Executive Director of Sports Toto Berhad, listed on Bursa Malaysia’s Main Market. He also served on the board of the Malaysian Investor Relations Association Berhad from October 2021 to February 2023, and UEM Sunrise Berhad from November 2020 June 2024. Mr Poh has no family ties with any Director or major shareholder of the Company, nor any conflicts of interest, including interests in competing businesses, with the Company or its subsidiaries. He attended all the seven (7) Board of Directors’ meetings held during the year. POH YING LOO Independent Non-Executive Director Age Gender Nationality 63 Male Malaysian Date of Appointment 1 October 2022 BOARD OF DIRECTORS’ PROFILE
19 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD Datin Suryani Binti Ahmad Sarji serves as our Independent NonExecutive Director, bringing over 30 years of experience in accounting, finance, and management. She is the Chairperson of Nomination Committee and a member of the Remuneration Committee, Governance, Risk and Sustainability Committee and Audit Committee. Datin Suryani obtained a Bachelor of Science (Honours) in Accounting from the University of Hull, UK, and is a corporate member of the Institute of Corporate Directors Malaysia. She commenced her career in Finance with Petronas Carigali Sdn Bhd, Finance Department and later joined Seacorp-Schroder Capital Management Berhad (now MIDF Amanah Asset Management Berhad) as an Investment Analyst. Thereafter, she founded and led Digiray (M) Sdn Bhd, a retail partner to Caltex as Managing Director, overseeing operations, sales, branding and financial management. She further ventured into luxury retail with Chopard (Malaysia) Sdn Bhd, later specialising in Customer Relationship Management (CRM). Datin Suryani over the years had served as a director of several boards namely Unilever Holdings (Malaysia) Sdn Bhd, Malaysia Airports (Niaga) Sdn Bhd (ERAMAN) and as an Independent Non-Executive Director of Globetronics Technology Berhad, a Bursa Malaysia Main Market listed company. Currently, she sits on the Board of Project Lintasan Kota Holdings Sdn Bhd and several of its subsidiaries and is an Independent NonExecutive Director of DKSH Holdings (Malaysia) Berhad. Datin Suryani has no family ties with any Director or major shareholder of the Company, nor any conflicts of interest, including interest in competing businesses with the Company or its subsidiaries. She attended all the seven (7) Board of Directors’ meetings held during the year. DATIN SURYANI BINTI AHMAD SARJI Independent Non-Executive Director Age Gender Nationality 57 Female Malaysian Date of Appointment 1 October 2022 Ms. Alice Lee Chia Yee serves as our Independent Non-Executive Director, with over 30 years of experience in the legal profession. She is the Chairperson of the Remuneration Committee and a member of the Nomination Committee, Governance, Risk and Sustainability Committee and Audit Committee. Ms. Lee holds a Bachelor of Laws (Honours) from the University of Malaya and was admitted to the Malaysian Bar as an Advocate and Solicitor in 1994. Ms. Lee commenced her legal career in February 1994 as a Legal Assistant with Heng & Mogan, progressing to Junior Partner in January 2001. Following the dissolution of the partnership in June 2002, she cofounded Heng & Co. in July 2002 and continues to serve as a Partner. Throughout her career, she has been involved in various areas of legal practice, including conveyancing (housing project developments, real estate, conventional, Islamic and corporate financing), as well as tenancies, leases and trust and succession matters. She was appointed as a Notary Public by the Attorney General’s Chambers of Malaysia since 7 September 2022. She has also been appointed by the Federal Court of Malaysia as a Commissioner for Oaths, with her term commencing from 7 April 2025 to 31 December 2027. Ms. Lee is also an affiliate member of the Institute of Corporate Directors Malaysia since 2022. Ms. Lee is also an affiliate member of the Institute of Corporate Directors Malaysia since 2022. Ms. Lee does not have any familial ties with any Director or major shareholder of the Company, nor does she have any conflict of interest or potential conflict of interest, including interest in any competing business with the Company and its subsidiaries. Ms. Lee does not hold any directorship in public companies and listed entities. She attended all the seven (7) Board of Directors’ meetings held during the year. ALICE LEE CHIA YEE Independent Non-Executive Director Age Gender Nationality 55 Female Malaysian Date of Appointment 1 October 2022 Note: Conviction for Offences None of the Directors has any conviction for offences within the past 5 years other than traffic offences (if any) nor public sanctions or penalty imposed by the relevant regulatory bodies during the financial year.
SECTION 1: ABOUT MST GOLF 20 KEY SENIOR MANAGEMENT’S PROFILE Ms. Yong Wai Chien serves as our Chief Operating Officer, bringing over 30 years of experience in the golf retail industry. She holds a Bachelor of Science (Honours) in Biochemistry from Universiti Kebangsaan Malaysia (1991) and a Diploma in Business Administration from the Association of Business Executives (UK) (1993). Ms. Yong began her career in retail before joining Pan West Sdn Bhd, a golf retailer, where she held key operational roles. She later joined MST Golf in 2001 as International Operations Manager, managing overseas outlets in Singapore and exploring regional expansion opportunities. In 2003, she took on additional responsibilities as Head of the Control Division, overseeing central operations. In 2004, she joined Nike (Thailand) Ltd as Golf Sales & Marketing Director for Southeast Asia before returning to MST Golf in 2006. In 2022, she was appointed Chief Operating Officer, a role she holds to date. Ms. Yong oversees the Group’s business operations across Malaysia, Singapore, and Indonesia, including retail operations, inventory management, logistics, warehousing, buying, merchandising, e-commerce, wholesale, and corporate sales. Mr. Soo Zin Chuen serves as our Group Chief Financial Officer, bringing over 23 years of experience in auditing, tax, finance, and accounting across various industries, including manufacturing, healthcare, plantation, retail, food and beverage, services, and trading. He graduated with a Bachelor of Accounting from University Malaysia Sabah and has completed his professional exam with ACCA. He is also a member of the Malaysia Institute of Accountants. As Group Chief Financial Officer, Soo is responsible for overseeing the Group’s financial, accounting, and compliance functions, including finance and accounts, operational finance and investor relations. YONG WAI CHIEN Chief Operating Officer Age Gender Nationality 57 Female Malaysian Date of Appointment 1 July 2022 SOO ZIN CHUEN Group Chief Financial Officer Age Gender Nationality 45 Male Malaysian Date of Appointment 11 September 2024
21 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD Notes: Family Relationship with Director and / or Major Shareholder None of the Key Senior Management has any family relationship with any director and / or major shareholder of MST Golf Group. Conflict of Interest None of the Key Senior Management has any conflict of interest with MST Golf Group. Conviction for Offences None of the Key Senior Management has any conviction for offences (other than traffic offences, if any) within the past 5 years nor public sanctions or penalties imposed by the regulatory bodies during the financial year. Directorship in Public Companies and Listed Issuers None of the Key Senior Management has any directorship in public companies and listed issuers. Mr. Tan Chia Loon serves as our Country Manager for Indonesia, bringing over 23 years of experience in the golf industry. He holds a Diploma in Hotel & Catering Management from Kolej Damansara Utama (1997). Mr. Tan began his career in 1997 at Hotel Armada Petaling Jaya, where he held roles overseeing front desk operations and income audits. In 2001, he joined Pulai Springs Resort Berhad as Assistant Golf Manager, focusing on golf management and business development. He joined MST Golf in 2002 as Sales Executive and progressed through various leadership roles, including Golf Consultant, Shop Manager, and Area Manager, where he was responsible for outlet staff management and business development. He has also obtained various certifications in club fitting and training. In 2022, he was appointed Senior Manager of Marketing, overseeing brand marketing, golf media, loyalty programme, customer service, and design and creative. As Country Manager of the Group’s operations in Indonesia, Mr. Tan is responsible for day-to-day operations, sales performance, retail management, business development, finance and administration, logistics, and warehousing. Mr. Tang Poh Lu serves as our Country Manager for Singapore, bringing over 14 years of experience in retail and financial management. He holds a Bachelor of Accountancy (Honors) (2010) from Nanyang Technological University, Singapore. Poh Lu began his career in auditing and financial analysis, with roles at Ernst & Young and Micron Semiconductor. He later joined Decathlon, where he held senior leadership roles in both finance and retail operations, including CFO and Director of Decathlon Singapore, City Leader in Nanjing, China, and Digital Commercial & Marketing Leader in Singapore. During his tenure, he was instrumental in driving market expansion, omnichannel strategies, and business transformation. As Country Manager of the Group’s operations in Singapore, he oversees the day-to-day business operations, including sales, retail management, business development, finance, administration, human resources, logistics, and wholesale and corporate sales. TAN CHIA LOON Country Manager, PT MST Golf Indonesia Age Gender Nationality 50 Male Malaysian Date of Appointment 9 October 2023 TANG POH LU Country Manager, MST Golf Singapore Pte Ltd Age Gender Nationality 39 Male Singaporean Date of Appointment 2 September 2024
SECTION 2: OUR STRATEGIC CONTEXT 22 CHAIRMAN’S STATEMENT LOW KOK POH Executive Chairman Dear Shareholders, The year 2024 marked another meaningful chapter for MST Golf as we celebrated 35 Years of Growing Together. This milestone serves as a reminder of the relationships, partnerships, and trust that have shaped our journey. From humble beginnings as a second-hand golf retailer, we have evolved into a trusted name in golf retail and services, with a portfolio that spans retail, indoor golf, golf academies, event management, corporate merchandise, wholesale, brand distributorship and golf media. To mark this occasion, we are rolling out a series of initiatives throughout 2025 to engage both internal and external stakeholders. These include consumer activations, strategic brand collaborations, and industry partnerships aimed at reinforcing our leadership in the industry and deepening our connection within the wider golf community.
23 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD Themed ‘35 Years of Growing Together’, we engaged employees across Malaysia, Singapore, and Indonesia to celebrate the Group’s 35th anniversary. POSITIONING FOR SUSTAINABLE GROWTH Despite a challenging retail environment, particularly in Singapore where consumer sentiment was dampened by broader market headwinds, MST Golf remained resilient and sustained its market position. In 2024, we continued to expand our retail footprint, accelerating our entry into new markets and laying the foundation for long-term growth. As we look ahead, our focus will shift toward strengthening the Group’s fundamentals, with emphasis on improving profitability and operational efficiency. We have initiated the implementation of a new ERP system to enhance integration across our regional operations, alongside continued digitalisation efforts to build a more agile, data-driven organisation. These efforts, combined with our regional expansion and commitment to sustainability, form the key pillars of the Group’s long-term strategy. We remain confident in our ability to build a future-ready business that is both resilient and responsive to the evolving needs of the markets we serve. Please refer to the CEO’s Message on page 25 and Management Discussion & Analysis on page 29. EMBRACING DIVERSITY, EQUITY, AND INCLUSION (DEI) As MST Golf expands our retail presence across Southeast Asia, we recognise that our strength lies in the diversity of our people. Much like golf’s handicap system, which levels the playing field, we are committed to providing every employee with equal opportunity to succeed. This is guided by our Equal Opportunity Policy, and a culture grounded in fairness, respect, and merit. In 2024, we made meaningful progress in promoting DEI across the Group. We continued to strengthen gender diversity across the organisation, with steady progress seen at both the leadership and workforce levels. Female representation on our Board and within senior management remains strong, while women continue to make up a significant portion of our overall workforce. These improvements reflect our ongoing commitment to fostering an inclusive and balanced workplace. In July, we launched the ‘My Game My Style’ on-ground consumer activation at Starhill KL, featuring four new golf apparel brands. For a detailed review of our financial and operational performance, as well as our outlook for 2025, I invite you to refer to the CEO’s Message and the Management Discussion & Analysis in this Annual Report.
SECTION 2: OUR STRATEGIC CONTEXT 24 In August, we launched ‘Beauty in Diversity’, a Group-wide internal campaign to foster cultural inclusion. 2024 Workforce Composition Board Diversity: 33% female representation on the Board Diversity by Gender: • 44% of the Group’s total workforce are women • 67% of senior management positions are held by women We also launched “Beauty in Diversity,” an internal campaign celebrating the national days of Malaysia, Singapore and Indonesia, which helped foster stronger cultural appreciation and team connection, particularly following our expansion into Indonesia in late 2023. As the game of golf continues to evolve and attract more women and juniors, we are seeing these trends reflected in our business. Insights from our ilovegolf loyalty programme and retail data have revealed emerging opportunities, which we will continue to explore through strategic brand collaborations and consumer engagement activities. Diversity, equity, and inclusion will remain a key focus as we grow, ensuring that MST Golf reflects the communities and customers we serve. ACKNOWLEDGEMENTS As Chairman of MST Golf Group Berhad and on behalf of the Board of Directors, I extend my sincere appreciation to our shareholders, employees, customers, brand partners and stakeholders for their continued trust and support. We remain committed to elevating MST Golf’s brand presence while strengthening our operational capabilities and sustainability efforts. As we enter the next phase of our journey, I look forward to an exciting year ahead, filled with opportunities to further solidify our position as a trusted and respected name in the golf industry. Lastly, I would like to thank my esteemed colleagues on the Board for the invaluable insights and contributions during the year. CHAIRMAN’S STATEMENT
25 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD CEO’S MESSAGE Dear Valued Shareholders, On behalf of the Board of Directors, I am pleased to present MST Golf’s Annual Report for the financial year ended 31 December 2024 (“FY2024”). The year also marked a significant milestone for the Group as we proudly celebrated our 35th anniversary. It was a reflection of our deep roots in the golf industry and the strong connections we have built with our local and global stakeholders over the years. With a renewed vision for the next chapter of the Group's journey, we are committed to fostering deeper relationships with our partners and golfers at every level to grow the game of golf together. Our Economic Performance Despite operating in a challenging retail golf environment across Malaysia, Singapore, and Indonesia, MST Golf recorded top-line revenue growth of 0.7%, achieving the Group's highest revenue of RM327.78 million in FY2024. This performance was supported by the strong execution of our expansion strategy, a testament to the dedication of our management and team members, and the established recognition of the MST Golf brand in the golf retail sector. NG YAP SIO Executive Director/ Group Chief Executive Officer The Group's profitability saw a significant decline, with Profit After Tax (“PAT”) decreasing from RM17.37 million in FY2023 to RM4.82 million in FY2024. This was mainly due to lower revenue from Singapore, lower gross margins from increased marketing and promotional activities, and start-up costs associated with our new outlets in Indonesia. Amid the earnings pressure, the Board remains committed to rewarding our shareholders with a consistent dividend payout. In FY2024, we declared a total net dividend per share of 0.25 sen, representing a payout ratio of 44% and a dividend yield of 0.70% based on the average share price in 2024.
SECTION 2: OUR STRATEGIC CONTEXT 26 Over the last three years, we have created value for our stakeholders, as shown in the table below: 2022 RM’000 2023 RM’000 2024 RM’000 Economic value generated • Revenue 300,875 325,431 327,775 Economic value distributed: • Employee wages and benefits (42,204) (54,537) (62,881) • Payment of dividend to shareholders (12,500) (8,209) (2,053) • Interest paid to financial institutions (2,078) (3,227) (2,926) • Payment of tax (9,993) (13,515) (7,826) • Community investment - (46) (52) Total Profit After Taxation 29,115 17,374 4,815 Note: The financial results presented in the table are derived from the audited financial statement and the Management Discussion and Analysis of this Annual Report on pages 29 to 33. 2024 KEY HIGHLIGHTS • Recorded highest-ever Group Revenue with RM327.78 million • Expanded e-commerce to Singapore, recording a 26.2% growth • [FTSE4GOOD LOGO] Scored 3 out of 5.0 rating • Invested RM 52,484 in community enrichment programmes • [trophy] Second consecutive win in the Putra Aria Brand Awards Expanding Regional Growth and Strengthening Operational Foundations A key strategic focus in 2024 was accelerating our retail footprint in Indonesia following our entry in December 2023. In FY2024, we opened four new outlets, bringing the Group’s total store count to 54 across Malaysia, Singapore and Indonesia. Our Indonesia operations have laid a solid foundation for our long-term retail growth, contributing RM32.37 million in revenue in its first full year of operations. In parallel, we expanded our digital reach with the launch of our Singapore e-commerce store in January 2024. For FY2024, our e-commerce platform recorded a 26.2% growth, extending our online retail presence across Malaysia and Singapore. Customers can now enjoy a seamless one-stop shopping experience at their fingertips from a wide range of golf equipment, accessories, apparel and footwear. Internally, we also kickstarted the implementation of a new ERP system and continued to take cost optimisation measures. These efforts reflect the Group’s commitment to strengthening our scalability and readiness for future growth. 2024 KEY HIGHLIGHTS • Recorded highest-ever Group Revenue with RM327.78 million • Expanded e-commerce to Singapore, recording a 26.2% growth • Scored 3.0 out of 5.0 in FTSE4Good • Invested RM 52,484 in community enrichment programmes • Clinched second consecutive win in the Entertainment category at the Putra Aria Brand Awards Refer to the Management Discussion & Analysis on pages 29 to 33 for the Group’s Business Review CEO’S MESSAGE
27 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD Advancing Sustainability and Community Impact Sustainability is central to our long-term vision. In 2024, MST Golf attained a 3-star rating on the FTSE4Good Bursa Malaysia Index in our inaugural year as a public-listed company. We remain committed to sustainability and will continue to strengthen the depth and quality of our reporting and disclosures. We have also further enhanced our sustainability framework, MST Golf C.A.R.E.S., which integrates environmental, social, and governance (ESG) principles into our operations. Sustainability is progressively being embedded across the Group, championed by the Board and our dedicated sustainability team, to drive the continued adoption of sustainable and responsible practices. Notably, our #GolfForGood initiative saw meaningful progress through our partnership with Special Olympics Malaysia, where MST Golf provided coaching lessons to support athletes with disabilities in their journey towards the 2027 Special Olympics World Games. This collaboration reflects our belief in golf as a platform for inclusivity, empowerment, and community engagement. Committed to driving sustainable growth by leveraging the strength of the MST Golf brand, the Group is in the planning stages of a brand uplift exercise. This initiative is aimed at aligning more closely with evolving customer expectations, strengthening consumer connection and reinforcing our leadership position. We extend our sincere thanks to our ilovegolf customers, shareholders, brand partners, media, golf industry peers, suppliers and employees for their participation in the recent brand perception survey.
SECTION 2: OUR STRATEGIC CONTEXT 28 Brand Recognition Early this year, we were honoured to receive the Bronze award in the Entertainment category at the prestigious Putra Aria Brand Awards 2024. The awards are determined through consumer research, making this win a significant endorsement by the public of MST Golf’s brand recognition and service excellence in the industry. Macroeconomic Outlook and Regional Focus In 2024, our operations in Malaysia, Singapore and Indonesia navigated an economic environment characterised by a mix of opportunities and challenges. The global golf industry outlook remains cautious amid geopolitical tensions and softer retail sentiment. However, the golf industry’s largest trade show "2025 PGA Golf Merchandise Show" held from 21st to 24th January 2025 in Orlando, recorded its highest attendance since 2009, with an increase in new exhibitors and attendees. This reflects the sustained global interest in golf. Looking ahead, while Bank Negara Malaysia forecasts Malaysia's GDP growth in 2025 to be in the range of 4.5% to 5.5% , this projection is anticipated to be impacted by the recent imposition of tariff hikes by the US, a development that presents challenges for our export-oriented economy. The weakening of Malaysian Ringgit, coupled with elevated domestic inflation, exerts further pressure on our business, especially on import costs and consumer demand for golf equipment and accessories. Singapore’s strong currency has affected discretionary spending, notably on luxury and high-end products such as golf equipment and branded apparel. The Ministry of Trade and Industry of Singapore (“MTI”) forecasts a slowdown in GDP growth in 2025, compared to 4.4% growth recorded in 2024. Domestic retail sentiment remains challenging due to weaker domestic spending and shrinking market demand, further affected by the closure of several golf facilities repurposed by the government for other uses. Nevertheless, Singapore has emerged as Southeast Asia’s premier destination for international golf tournaments, which is expected to sustain golfing interest. In Indonesia, Bank Indonesia projects GDP growth of 4.8% to 5.6% in 2025. However, weakening fiscal conditions, political developments, and global economic uncertainty are fuelling negative sentiment. Despite this, the Group recognises the growth potential in the golf industry and remains focused on expanding our retail business, particularly in the Indonesian market. The Group's strategic plan will involve more aggressive approach to marketing and promotions aimed at capturing market share, increasing brand awareness, acquiring new customers and driving sales volumes in this key market. As part of our regional expansion plan, we are targeting the commencement of our retail operations in Thailand in 2025. Our entry into Thailand and Vietnam markets has been delayed as we continue the process of identifying the right local partner to support long-term strategic growth. Beyond the above, the Group is also closely monitoring the implications of the US tariff hikes, which took effect in April 2025. These trade tensions are expected to dampen global consumer sentiment. A further potential impact on the retail industry, including golf, is the risk in stock availability disruptions due to decreased demand in the US, which could result in global margin pressure. Lastly, I would like to express my heartfelt appreciation to our dedicated and resilient employees, as well as our valued stakeholders, for their continued trust and confidence. I firmly believe that by working together, we will continue to deliver sustainable growth and long-term value for our shareholders. CEO’S MESSAGE
29 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD MANAGEMENT DISCUSSION & ANALYSIS OVERVIEW In 2024, MST Golf navigated a challenging year with many adversities such as inflationary and rising cost of living, weak retail activity, and foreign currency fluctuations. Across all markets, heightened pressure on consumer demand created difficult retail conditions, especially in Singapore, requiring increased promotional and marketing efforts to sustain sales momentum. The Group reported a total revenue of RM327.78 million for the financial year ended 31 December 2024, a marginal increase of 0.7% compared to the previous financial year. Recognising the weak retail environment and lower consumer spending in 2024, the Group focused on increasing the products’ average selling price in retail. In tandem, efforts were made to reduce stock levels, successfully balancing inventory to RM165.75 million, which reduced by 5% (excluding inventory for our new operations in Indonesia amounting to RM32.16 million [2023: RM9.66 million]). While the inventory reduction in 2024 was beneficial, it impacted gross profit margins. The overall gross profit margin decreased by 3.1%, mainly due to promotional and marketing activities and provision for slow-moving inventories. Operating expenses, including administrative, selling and distribution costs, increased by 7.22%. The increase is mainly attributed to RM12.93 million in operating expenses from Indonesian operations. Excluding Indonesia, operating expenses remained stable at RM108.70 million compared to the normalised RM108.74 million in FY2023, reflecting the Group’s continued cost-optimisation efforts. The Group reported a profit after tax of RM4.82 million, a 72.3% decline from FY2023. The decline was primarily due to lower sales, reduced margins, and start-up costs in Indonesia. Revenue RM327.78 mil Group Revenue (RM'000) 2024 0 100,000 200,000 300,000 400,000 327,775 325,431 300,875 206,519 170,260 2023 2022 2021 2020 2020 2021 2022 2023 2024 200,000 45.00% 43.90% 42.90% 40.70% 40.80% 40.87% 44.00% 43.00% 42.00% 41.00% 40.00% 39.00% Gross Profit GP% 150,000 100,000 50,000 0
SECTION 2: OUR STRATEGIC CONTEXT 30 BUSINESS REVIEW a) Retail The retail segment remains the Group’s core business. In 2024, revenue grew by 5.4%, largely driven by our expansion into Indonesia. We opened our first store on 26 December 2023, followed by four (4) additional stores in 2024. As of 31 December 2024, the Group operated a total of 54 stores, comprising 41 stores in Malaysia, 8 in Singapore, and 5 in Indonesia. Overall, the retail segment witnessed a three-year Compound Annual Growth Rate (“CAGR”) of 7.3%. Revenue from Indonesia amounted to RM32.27 million, a strong performance considering the Group's inaugural year in this market. However, revenue contribution from Indonesia was offset by sales declines in Malaysia and Singapore, driven by weak retail sentiment and stagnant retail footfall to our stores. The decline was most apparent in the Equipment category, which had peaked post-COVID in 2022. As golfers typically replace their equipment every 3 to 5 years, the demand softened in 2024. Although average selling prices for all product categories including Equipment, Accessories and Apparel increased in 2024, however, the reduced sales of Equipment which have higher average selling price than Accessories and Apparel resulted an overall lower average bill size across the Group (excluding Indonesia). Our e-commerce revenue experienced a strong growth of 26.2%, driven in part by the commencement of our Singapore e-commerce operations in January 2024. We continued to invest in our e-commerce platform to provide golf enthusiasts with a comprehensive and seamless online shopping experience, expanding our e-commerce platform to Malaysia and now Singapore. We believe that our regional retail expansion strategy into new and potential markets such as Indonesia, Thailand and Vietnam will support the continued positive trend of revenue growth. Retail revenue RM277.66mil No. of Retail Stores 54 stores MANAGEMENT DISCUSSION & ANALYSIS Group Revenue by Country (RM'000) 200,000 150,000 100,000 50,000 0 Malaysia Singapore Indonesia 209,915 202,178 115,366 93,230 153 32,367 2023 2024
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