NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 46. CAPITAL MANAGEMENT The primary objective of the Group’s and of the Company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholders’ value. The Group and the Company manage their capital structure and make adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group and the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the financial years ended 31 December 2024 and 31 December 2023. The Group and the Company monitor capital using a gearing ratio, which is net debt divided by total equity. The Group and the Company include within net debt, loans and borrowings less cash and bank balances. Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Borrowings (Note 32) 2,310,803 3,161,026 1,133,512 1,039,731 Less: Cash and bank balances (Note 26) (696,360) (500,502) (103,281) (32,949) Net debt 1,614,443 2,660,524 1,030,231 1,006,782 Total equity 5,381,931 5,806,685 4,064,929 4,258,945 Gearing ratio 0.30 0.46 0.25 0.24 The gearing ratio is not governed by the MFRS Accounting Standards and its definition and calculation may vary from one group/company to another. ANNUAL REPORT 2024 352
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