OUR STRATEGIC CONTEXT 38 Wholesale Wholesale Revenue RM17.4 million 5.8% of Total Group Revenue Wholesale revenue for the year under review was RM17.4 million, compared to RM29.6 million in FY2024. This contraction was primarily driven by softened dealer demand and a deliberate strategic shift toward direct retail operations in key markets. Notably, in Indonesia, the Group has prioritized expanding its proprietary retail footprint to capture higher margins. We remain committed to optimizing the wholesale segment and are refining our distribution strategies to drive sustainable growth in the coming periods. Golf-Related Services Golf-Related Services Revenue RM8.1 million 2.7% of Total Group Revenue Revenue from golf-related services decreased to RM8.1 million from RM14.5 million in FY2024. The decline was mainly due to discontinuation of the Toyota Tour Events resulting from the nonrenewal of sponsorship for the said event. Despite the decline, golf-related services remain an important component of the Group’s ecosystem as they support customer engagement and strengthen the overall golf experience. The Group operates a total of ten (10) academy locations, comprising two (2) facilities located at driving ranges in Kuala Lumpur Golf & Country Club and Royal Selangor Golf Club, as well as eight (8) indoor facilities, of which three (3) are in Malaysia, two (2) in Singapore and three (3) in Indonesia. As of 31 December 2025, the Group have more than thirty (30) proinstructors and fitters across its regional network. Through MST Golf Academy and MST Golf Lab, the Group continues to provide professional coaching and customised club fitting services, further strengthening its value proposition to golfers of all skill levels. Nevertheless, the Group’s strong brand reputation, extensive retail network and loyal customer base continue to support the resilience of its retail operations. The Group’s E-commerce demonstrated significant growth momentum during the financial year, with total revenue rising to RM6.0 million, representing a 41.6% increase from RM4.2 million in FY2024. This performance underscores the Group’s successful efforts in enhancing its digital presence and capturing the growing trend of online sporting goods procurement. Our E-commerce operations in Singapore were the primary growth driver, recording a remarkable 154.6% increase in revenue. This surge reflects our improved digital marketing efficiency and stronger brand resonance in the Singaporean market. Similarly, Malaysia maintained a steady upward trajectory with a 15.5% growth in online sales. While Indonesia has yet to record E-commerce revenue, the Group is actively laying the groundwork for a localized digital strategy to complement our physical retail expansion in the region. The growth in this business segment validates our omni-channel approach, where our digital storefronts serve as a vital touchpoint for customer engagement. Our E-commerce platforms also have been integrated with our its loyalty programs and physical retail outlets to deliver a seamless and premium shopping experience. The loyalty program is part of a new 365 Customer Relation Management (CRM) platform we have implemented to better manage our members. Moving forward, the Group intends to further enhance capability of the E-commerce to provide online technical service including order of custom fitted clubs and expand the golf ecosystem. By leveraging data analytics to better understand consumer behaviour, the Group aims to continue expanding its digital footprint and drive higher-margin growth across its active markets. ilovegolf Membership > 178,000 MANAGEMENT DISCUSSION & ANALYSIS
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