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.
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