GROUP PERFORMANCE REVIEW In the eighteen months from 1 July 2022 to 31 December 2023 (“FY2023”), the Group recorded a revenue of RM1,913 million, with our Technology division contributing 52 per cent, Energy contributing 33 per cent and our IT segment making up the remaining 15 per cent. These figures underscore our strategic diversification and the strength of our multi-sectoral presence. Despite these commendable achievements, the Group’s profitability faced significant headwinds due to various unfavourable market, regulatory and operational conditions. A notable example was the decline in semiconductor demand, which significantly impacted SilTerra’s performance. The Group’s core profitability remained healthy and sound with normalised PAT and PATANCI of RM88.7 million and RM101.0 million respectively, demonstrating the underlying strength of our operations. These excluded external factors such as the increase in Ping’s tax liabilities following the recent implementation of Energy Profits Levy (“EPL”) by the UK Government, and other assets impairments and deferred tax reversal. The reported loss after tax of RM191 million and loss after tax and controlling interests of RM120 million reflected the adjustments due to the above factors. Notwithstanding these transient challenges, the Group has successfully maintained a positive annual operating cash flow and a strong net cash position, underpinning our ability to pursue strategic growth initiatives. With total cash reserves surpassing our borrowings, we are wellpositioned to leverage opportunities for further expansion, supported by a solid gearing ratio of just 0.2 times. The Group recorded revenue of RM1,913 million, with our Technology division contributing 52 per cent, Energy contributing 33 per cent and our IT segment making up the remaining 15 per cent. Leadership Insights DAGANG NeXCHANGE BERHAD 12 GROUP CHIEF OPERATING OFFICER’S STATEMENT
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