Financial Highlights | MST Golf Group

Financial Year Ended 31 December	2025	2024	2023	2022	2021
	3 months (Unaudited)	12 months (Audited)	12 months (Audited)	12 months (Audited)	12 months (Audited)
Revenue (RM'000)	69,147	327,775	325,431	300,875	206,519
Earnings Before Interest, Tax, Depreciation & Amortisation (EBITDA) ⁽¹⁾ (RM'000)	7,786	45,119	54,853	57,784	39,290
(Loss)/Profit Before Taxation (PBT) (RM'000)	(1,531)	9,438	27,260	38,841	26,486
(Loss)/Profit After Taxation (PAT) (RM'000)	(1,832)	4,815	17,374	29,115	20,318
PBT Margin ⁽²⁾ (%)	(2.21)	2.88	8.38	12.91	12.82
PAT Margin ⁽³⁾ (%)	(2.65)	1.47	5.34	9.68	9.84
Total Assets (RM'000)	404,045	397,442	412,717	258,731	177,434
Shareholders' Equity (RM'000)	230,010	231,760	237,520	95,616	36,989
Basic Earnings Per Share(sen)	(0.13)	0.72	2.15^*	3.25^*	2.22^*
Net Gearing Ratio⁽⁴⁾ (times)	0.01	NA	NA	0.34	0.01

Notes:

(1)	EBITDA represents earnings before finance cost, taxation, depreciation and amortisation.
(2)	Computed as PBT divided by revenue.
(3)	Computed as PAT divided by revenue.
(4)	Computed based on total interest-bearing bank borrowings (including finance lease liabilities under hire purchase contracts owing to financial institutions), net of deposits, cash and bank balances, over total equity.
*	The historical basic EPS computed would not be reflective of the Company's financial position after the IPO in FY2023. As such, the historical basic EPS from FY2021 to FY2023 are computed as PATAMI divided by the enlarged number of issued Shares of 820,868,600 Shares after the IPO as it provides a better reflection of the Group's current financial position.

^ Please read this section in conjunction with MST Golf Group Berhad's 2024 Annual Report.