Ratio Analysis | 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)
KEY FINANCIALS
Statement of Comprehensive Income (RM'000)
Revenue	69,147	327,775	325,431	300,875	206,519
Gross Profit (GP)	27,115	133,955	142,929	129,195	84,031
Earnings Before Interest, Tax, Depreciation & Amortisation (EBITDA)⁽¹⁾	7,786	45,119	54,853	57,784	39,290
(Loss)/Profit Before Taxation (PBT)	(1,531)	9,438	27,260	38,841	26,486
(Loss)/Profit After Taxation (PAT)	(1,832)	4,815	17,374	29,115	20,318
(Loss)/Profit Attributable to Owners of The Company	(1,105)	5,924	17,631	26,652	18,235

Statement of Financial Position (RM'000)
Share Capital	165,902	165,902	165,902	39,836	100
Total Assets	404,045	397,442	412,717	258,731	177,434
Shareholders' Equity	230,010	231,760	237,520	95,616	36,989
Total Equity	248,458	251,595	255,581	95,616	44,725
Total Borrowings	45,108	45,164	59,137	61,423	37,107
Deposits, Cash & Bank Balances	43,442	56,053	92,638	28,884	36,617

KEY RATIOS
Per Share Data (sen)
Basic Earnings Per Share	(0.13)	0.72	2.15^*	3.25^*	2.22^*

Profitability (%)
GP Margin ⁽²⁾	39.21	40.87	43.92	42.94	40.69
EBITDA Margin ⁽³⁾	11.26	13.77	16.86	19.21	19.02
PBT Margin ⁽⁴⁾	(2.21)	2.88	8.38	12.91	12.82
PAT Margin ⁽⁵⁾	(2.65)	1.47	5.34	9.68	9.84

Efficiency (days)
Average Trade Receivables Turnover ⁽⁶⁾	8	9	11	10	12
Average Trade Payables Turnover ⁽⁷⁾	35	22	30	38	50
Average Inventories Turnover ⁽⁸⁾	368	299	264	199	182

Liquidity (times)
Current Ratio ⁽⁹⁾	3.49	3.92	3.30	1.54	1.26

Gearing (times)
Gearing Ratio ⁽¹⁰⁾	0.18	0.18	0.23	0.64	0.83
Net Gearing Ratio ⁽¹¹⁾	0.01	NA	NA	0.34	0.01

Notes:

(1)	EBITDA represents earnings before finance cost, taxation, depreciation and amortisation.
(2)	Computed as GP divided by revenue.
(3)	Computed as EBITDA divided by revenue.
(4)	Computed as PBT divided by revenue.
(5)	Computed as PAT divided by revenue.
(6)	Computed based on average trade receivables over revenue for the respective financial years/financial period to date multiplied by the number of days in the financial years/financial period to date.
(7)	Computed based on average trade payables over cost of sales for the respective financial years/financial period to date multiplied by the number of days in the financial years/financial period to date.
(8)	Computed based on average inventory over cost of sales for the respective financial years/financial period to date multiplied by the number of days in the financial years/financial period to date.
(9)	Computed based on current assets over current liabilities.
(10)	Computed based on total interest-bearing bank borrowings (including finance lease liabilities under hire purchase contracts owing to financial institutions) over total equity.
(11)	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.