31 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD In 2024, our loyalty programme, ilovegolf membership base continued to grow to 160,000+ golfers, contributing more than 70% of retail revenue in Malaysia and Singapore. Notably, new members are on average 10 years younger than the total member base, and female golfers increased by 5%, indicating a positive demographic shift and growing interest among younger and more diverse golfers. b) Wholesale The wholesale segment which accounted for 9.0% of the total revenue, posted a revenue decline of 29.6% compared to FY2023. This was primarily due to reduced orders from Indonesian dealers, who accounted for 89% of total wholesale revenue decline, following the Group's entry into Indonesia. The Indonesia wholesale business is managed through our Singapore subsidiary. In 2024, we continued to review our wholesale strategy and expanded our product offerings to Malaysian dealers, while continuing to support wholesale operations through our Indonesia subsidiary. c) Golf-Related services The golf-related services segment recorded a higher revenue increase by 4.2% compared to FY2023, contributed by higher sales performance in the golf coaching academy, golf lab and event management. Event management recorded a revenue of RM9.46 million, which increased by 8.59% compared to FY2023. This strong performance was driven by the successful execution of 27 golf events in 2024, notably the Toyota Tour, as well as golf events for banks and major corporations in Malaysia. ilovegolf membership 160,0000 Wholesale Revenue (RM'000) 40,000 30,000 20,000 10,000 0 Malaysia Singapore Indonesia 7,879 2023 2024 34,440 23,104 - 713 5,806 Wholesale revenue RM29.62mil Reseller/Dealers 46 Golf-related services No. of MST Golf Lab locations No. of Golf Events RM14.60mil 11 27
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