PERFORMANCE Zetrix AI’s proactive remediation, regulatory engagement and deep technical collaboration with stakeholders in the past financial year have also enabled the Group to overcome its obstacles and emerge stronger in governance and operational resilience, which is especially crucial as it scales its AI and blockchain growth trajectory. For example, while some uncertainties arose during the year pertaining to the status of concessions, quick action was taken by the Group to provide the requisite clarifications to stakeholders to allay concerns. Zetrix AI also continues to diligently engage authorities to ensure services deployed are fully in compliance with prevailing regulations. More details on Zetrix AI’s FY2025 business and operational highlights can be found in the Highlights and Achievements section of this Management Discussion and Analysis. FINANCIAL PERFORMANCE In FY2025, Zetrix AI recorded total revenue of RM1.34 billion compared with RM1.02 billion in the previous financial year, marking a new all-time high, while profit after tax (“PAT”) reached RM869.23 million, a 23% increase from the previous year (FY2024: RM708.05 million). This growth was largely attributable to contribution from service fees from Web3 applications on the Zetrix blockchain platforms, such as the MBI, ZTrade, ZCert, global voting applications and Digital ID registrations and transactions, along with proceeds from the sale of Zetrix tokens and Layer 1 nodes. As in the previous year, existing concession and commercial services also contributed to Revenue and PAT. Since the launch of the Zetrix blockchain platform in mid-2022, the business has grown from strength to strength with each passing year. FY2025 marked a continuation of this upward trend as existing applications gained momentum while a number of new services/applications were brought to market. With the mainstream adoption of blockchain and AI technologies gathering pace, transactions on the Zetrix platform remained on an upward trajectory in FY2025, with daily transaction counts on the blockchain even hitting several million transactions on some days. Overall, the blockchain + AI ecosystem was the key earnings growth driver for the Group in FY2025 and emerges as the single biggest vertical in terms of revenue contribution. This further cements its potential to drive the Group’s next phase of growth, with its solid momentum complementing the continued contributions from the Group’s established e-Government services, reinforcing a balanced and sustainable growth trajectory. SUKUK WAKALAH PROGRAMME The Sukuk Wakalah Programme provides flexibility for Zetrix AI to issue Sukuk Wakalah in compliance with, amongst others, Green/Social/Sustainability/Sustainable and Responsible Investment (“SRI”) Sukuk guidelines, frameworks, standards or principles issued by the SC, the ASEAN Capital Markets Forum and the International Capital Market Association. In July 2025, the Sukuk Wakalah Programme underwent an upsizing of up to RM1.0 billion in nominal value to RM2.0 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar. Proceeds from the upsizing will be mainly used for the ongoing expansion of the Zetrix AI group of companies’ blockchain and AI initiatives. In FY2025, Zetrix AI raised an additional RM487.50 million, bringing the total raised through the Sukuk Wakalah programme to around RM1.49 billion. MARC Ratings has affirmed its long-term rating of AA-IS with a stable outlook for the Islamic Medium-Term Notes (“IMTN”) Programme. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) PEORFVOERVMIAEWNCE 21
RkJQdWJsaXNoZXIy NDgzMzc=