ANNUAL REPORT 2024 1 ANNUAL REPORT | 2024
01 ABOUT DATASONIC 2 DATASONIC GROUP BERHAD Powered by Datasonic The Annual Report cover highlight’s Datasonic’s presence in Malaysian people's life within the securityrelated digital world. It embodies the essence of Datasonic’s dedication to technological excellence and innovation. Each element is a testament to our diverse portfolio; from secure identification systems to advanced biometric solutions, all designed to meet the dynamic needs of our clients. This visual narrative encapsulates our journey and milestones, reinforcing Datasonic's role as a leader in driving digital transformation and securing a connected world. Datasonic Group Berhad is one of the most prominent security-based Information and Communication Technology ("ICT") solutions providers in Malaysia with track record in mission-critical national projects. We pledge to continue to strengthen our core competencies and enhance our capabilities in pursuit of maximum value for our customers by providing excellent solutions and services. In this journey without boundaries, we aspire to enrich people’s lives through creative and innovative ICT solutions. WE ARE AND STRATEGIES RATIONALE WHO VISION, MISSION COVER VISION To enrich lives through creative and innovative ICT solutions. MISSION • To focus on our customers’ challenges and needs. • To sustainably provide our customers with excellent solutions and services. • To consistently create, attain and extend maximum value to all our customers and stakeholders. STRATEGIES • To provide advanced, innovative and high-quality products and services to customers to meet or exceed their expectations in the fast-changing Information and Communication Technology market by way of extensive Research and Development activities. • To customise and deliver integrated solutions and services to maximise investment returns to customers. • To continuously conduct in-depth Research and Development for the improvement and innovation and leading-edge technologies to stay ahead of the global competition. • To recognise, develop and retain our most valuable human capital and to nurture a conducive environment for their success. • To develop strong distribution channels and marketing network to increase and widen our market penetration via our resellers and strategic partners in Malaysia and overseas.
ANNUAL REPORT 2024 3 Through our subsidiaries, Datasonic is involved in the provision of ICT solutions including but not limited to: Main Business Segments: • Government (National ID MyKad and ICAO-compliant e-passport) • Financial EMV Credit and Debit Card Solutions: • Identifications and Security Documents • Border Control • Credit and Debit Card Personalisation • Terminal and Kiosks • Perimeter Security and Surveillance Issuance Systems: • Centralised Issuance System • Distributed Issuance System • Biometrics Verifications WE DO MILESTONES WHAT CORPORATE 1999 – Present • MyKad raw cards, chips, consumables and personalisation system for National Registration Department of Malaysia 2021 • Facial Live Capture (FLC) Image System for Immigration Department of Malaysia 2022 • Foreign worker card (i-Kad) for Immigration Department of Malaysia 2018 • Public Key Infrastructure, Public Key Directory and and Electronic Autogates (e-Gates) 2015 • Passport Chips for Immigration Department of Malaysia 2013 • Passport polycarbonate data pages with laser printing system for Immigration Department of Malaysia 2011 • Data Centre and Helpdesk for Immigration Department of Malaysia 2019 • Malaysia Automatic Clearance System (MACS) for Foreigners Electronic Autogates (e-Gates) 2016 • Passport Booklets for Immigration Department of Malaysia 2014 • Integrated Security and Surveillance System for Penang State Government • Telecommunications Network Infrastructure • Data Analytics • Artificial Intelligence • Digital Payments and Fintech • Custom Solutions • Healthcare Technology • Desktop Embossers • Consumables & Supplies
ABOUT DATASONIC Share Price Performance Corporate Highlights Corporate Structure Corporate Information The Year @ a Glance 6 7 8 9 11 05 01 OUR LEADERSHIP 15 02 Profile of Directors Key Senior Management’s Profile 16 25 GOVERNANCE 73 05 Corporate Governance Overview Statement Audit Committee Report Statement on Risk Management & Internal Control Additional Compliance Information Directors’ Responsibilities Statement 74 91 99 106 107 FINANCIAL STATEMENTS 108 06 Directors’ Report Statement by Directors Statutory Declaration Independent Auditors’ Report Statements of Financial Position Statements of Profit or Loss and Other Comprehensive Income Statements of Changes in Equity Statements of Cash Flows Notes to the Financial Statements 110 117 117 118 122 124 125 128 130 OTHER INFORMATION 206 07 List of Properties Statistics of Shareholdings Notice of 16th Annual General Meeting • Form of Proxy 207 210 213 PERSPECTIVE 28 03 Chairman’s Statement Management Discussion & Analysis 29 34 SUSTAINABILITY 41 04 Sustainability Statement Performance Data Table 42 71 INSIDE WHAT’S QR CODE or you can scan to download This Annual Report is available at www.datasonic.com.my 16th ANNUAL GENERAL MEETING Fully Virtual Basis SS E Solutions Sdn Bhd via Securities Services e-Portal’s platform at https://sshsb.net.my Wednesday, 31 July 2024 10:00 a.m.
ABOUT DATASONIC
01 ABOUT DATASONIC 6 DATASONIC GROUP BERHAD PERFORMANCE SHARE PRICE LOWEST PRICE : RM0.415 (13 DECEMBER 2023) HIGHEST PRICE : RM0.550 (20 MAY 2024) HIGHEST VOLUME TRADED : 112,593,800 SHARES (17 MAY 2024) LOWEST VOLUME TRADED : 290,400 SHARES (09 FEBRUARY 2024) DATASONIC SHARE PRICE PERFORMANCE AND VOLUME TRADED FOR THE PERIOD FROM 31 MAY 2023 TO 31 MAY 2024 0.525 0.500 0.475 0.400 0.425 0.450 Share Price 150M 0M 50M 100M MAY 2023 JUL 2023 SEP 2023 NOV 2023 MAY 2024 MAR 2024 JAN 2024 Trade Volume
ANNUAL REPORT 2024 7 RM368.31 Million Revenue REVENUE (RM MILLION) 368.31 2024 136.43 2023 2022 152.43 2024 28.69 146.31 344.71 76.35 2.68 2023 2022 RM152.43 Million Earnings Before Interest, Taxes Depreciation and Amortisation (EBITDA) (RM MILLION) Include Other Income, excluded Interest Income EARNINGS BEFORE INTEREST, TAXES DEPRECIATION AND AMORTISATION (EBITDA) (RM MILLION) 92.23 2024 10.23 2023 2022 RM92.23 Million Profit After Tax (PAT) PROFIT AFTER TAX (PAT) (RM MILLION) 3.28 sen Earnings Per Share (EPS) (SEN) Based on weighted average 2.85 billion of ordinary shares EARNINGS PER SHARE (EPS) (SEN) 3.28 2024 0.36 2023 2022 HIGHLIGHTS CORPORATE
01 ABOUT DATASONIC 8 DATASONIC GROUP BERHAD STRUCTURE CORPORATE (Registration No. 200801008472(809759-X)) Investment holding and provision of management services DATASONIC CORPORATION SDN BHD (Registration No. 198001009852 (63636-X)) Personalisation of smart cards 100% DATASONIC TECHNOLOGIES SDN BHD (Registration No. 199101009313 (219626-X)) Customisation of software and hardware solutions, project management, consultancy, manufacturing and research and development activities 100% DATASONIC SMART SOLUTIONS SDN BHD (Registration No. 200401009261 (647764-K)) Research and development and technical consultancy services 100% DATASONIC MANUFACTURING SDN BHD (Registration No. 199701003312 (418808-K)) Manufacturing of electrical integrated circuit cards or commonly known as smart cards and its related products 100% DATASONIC INTERNATIONAL SDN BHD (RegistrationNo. 201601034314 (1205255-U)) Dormant 100% MEDICLOUD MALAYSIA SDN BHD (Registration No. 201701022145(1236311-W)) Wholesale of pharmaceutical & medical goods 100% DATASONIC GRID SDN BHD (Registration No. 201901043506 (1352836-K)) Dormant 25% DATASONIC NEW ZEALAND LIMITED (Registration No. 5489621) Software development services and computer systems design and related activities 100% DATASONIC DIGITAL SDN BHD (Registration No. 201501031952 (1157276-P)) Dormant 100% DATASONIC DIGENT SDN BHD (Registration No. 201901038405 (1347735-U)) Dormant 60% PT DATASONIC TEKNOLOGI INDONESIA (Registration No. 4017092031103223) Personalisation of smart cards 99% 1% DATASONIC INNOVATION SDN BHD (Registration No. 201401026924 (1103014-X)) Provision of biometrics solution 100% DATASONIC BUSINESS TECHNOLOGIES PHILIPPINES INC. (Registration No. CS201914539) Dormant 39.99% AMALAN FOKUS SDN BHD (Registration No. 201501031947 (1157271-K)) Provision of information technology services, machine learning, artificial intelligence solutions, deep learning, and other information technology solutions 100%
ANNUAL REPORT 2024 9 INFORMATION CORPORATE AUDIT COMMITTEE Chairman Ms Michelle Yong Voon Sze Independent Non-Executive Director Member Dato’ Ibrahim bin Abdullah Independent Non-Executive Director Encik Azrul bin Yahaya Non-Independent Non-Executive Director NOMINATION AND REMUNERATION COMMITTEE Chairman CP(R) Datuk Mohd Khalil bin Kader Mohd Independent Non-Executive Director Member Dato’ Ibrahim bin Abdullah Independent Non-Executive Director Ms Michelle Yong Voon Sze Independent Non-Executive Director BOARD OF DIRECTORS YM TENGKU DATO' SERI ABU BAKAR AHMAD BIN TENGKU TAN SRI ABDULLAH Executive Chairman MR CHIA KOK KHUANG Executive Director CP(R) DATUK MOHD KHALIL BIN KADER MOHD Independent Non-Executive Director ENCIK AHMAD RIDWAN BIN ABDULLAH Independent Non-Executive Director MR CHEW CHI HONG Executive Director DATO’ IBRAHIM BIN ABDULLAH Independent Non-Executive Director ENCIK AZRUL BIN YAHAYA Non-Independent Non-Executive Director MS MICHELLE YONG VOON SZE Independent Non-Executive Director RISK MANAGEMENT COMMITTEE Chairman Encik Ahmad Ridwan bin Abdullah Independent Non-Executive Director Member Dato’ Ibrahim bin Abdullah Independent Non-Executive Director CP(R) Datuk Mohd Khalil bin Kader Mohd Independent Non-Executive Director EMPLOYEES’ SHARE OPTION SCHEME COMMITTEE Chairman Mr Chia Kok Khuang Executive Director Member Mr Chew Chi Hong Executive Director Encik Ahmad Ridwan bin Abdullah Independent Non-Executive Director Datuk Ab.Hamid bin Mohamad Hanipah Managing Director of Datasonic Technologies Sdn Bhd Puan Talya Zholeikha binti Abu Hanifah Director of Human Capital Development
01 ABOUT DATASONIC 10 DATASONIC GROUP BERHAD SHARE REGISTRAR Securities Services (Holdings) Sdn Bhd (Registration No. 197701005827 (36869-T)) Level 7, Menara Milenium Jalan Damanlela Pusat Bandar Damansara Damansara Heights 50490 Kuala Lumpur Tel No.: (603) 2084 9000 Fax No.: (603) 2094 9940/ (603) 2095 0292 STOCK EXCHANGE LISTING Listed on Main Market of Bursa Malaysia Securities Berhad on 3 September 2012 Stock Name/Code: DSONIC/5216 Stock Sector: Technology Stock Sub-Sector: Digital Services INVESTOR RELATIONS Capital Front Sdn Bhd (Registration No. 199601007634 (379980-U)) Email: info@capitalfront.biz PRINCIPAL BANKER AmBank Islamic Berhad (Registration No. 199401009897 (295576-U)) 24th Floor, Bangunan AmBank Group No 55, Jalan Raja Chulan 50200 Kuala Lumpur Tel No.: (603) 2036 2633 Fax No.: (603) 2072 4360 COMPANY SECRETARIES Niu Chew Wei (MAICSA 7022900) (SSM Practising Certificate Registration No. 202008001346) Lee Jin Foong (MAICSA 7077841) (SSM Practising Certificate Registration No.: 202308000123) HEAD OFFICE Level 6, Bangunan Setia 1 No. 15, Lorong Dungun Damansara Heights 50490 Kuala Lumpur Tel No.: (603) 2632 9699 Fax No.: (603) 2632 9600 Website: www.datasonic.com.my REGISTERED OFFICE Level 6, Bangunan Setia 1 No. 15, Lorong Dungun Damansara Heights 50490 Kuala Lumpur Tel No.: (603) 2632 9699 Fax No.: (603) 2011 3560 EXTERNAL AUDITOR Crowe Malaysia PLT 201906000005 (LLP0018817-LCA) & AF 1018 Level 16, Tower C Megan Avenue II 12, Jalan Yap Kwan Seng 2, Jalan Yap Kwan Seng 50450 Kuala Lumpur Tel No.: (603) 2788 9999 INFORMATION CORPORATE
ANNUAL REPORT 2024 11 AT A GLANCE THE YEAR
01 ABOUT DATASONIC 12 DATASONIC GROUP BERHAD AT A GLANCE THE YEAR
ANNUAL REPORT 2024 13 01 04 07 02 05 08 03 06 PASSPORT DEMONSTRATION WITH IMMIGRATION DEPARTMENT OF MALAYSIA LAUNCHING OF CENTRE OF CYBERSECURITY UITM SHAH ALAM SUMBANGAN RAHMAH FOOD DISTRIBUTION IN KLANG VALLEY WITH AL KHADEEM BOWLING TOURNAMENT WITH MEDIA PARTNERS ABAC REFRESHER TRAINING IFTAR RAMADHAN 2023 LAUNCHING OF CYBER DSA CONFERENCE AT A GLANCE THE YEAR
01 ABOUT DATASONIC 14 DATASONIC GROUP BERHAD 09 12 15 10 13 11 14 16 DATASONIC H2O RUN 2024 RIANG RIA AIDILFITRI MOU WITH MMU SUMBANGAN TABUNG AKAUN AMANAH KEMANUSIAAN RAKYAT PALESTIN MEDIA VISIT @ RPS PLANT MOU WITH MUVA IFTAR RAMADHAN DATASONIC CYBER SECURITY AWARDS AND GALA DINNER AT A GLANCE THE YEAR
ANNUAL REPORT 2024 15 OUR LEADERSHIP
02 OUR LEADERSHIP DATASONIC GROUP BERHAD 16 Executive Chairman YM TENGKU DATO' SERI ABU BAKAR AHMAD BIN TENGKU TAN SRI ABDULLAH Date of Appointment : 26 July 2023 Length of Service : <1 year Date of Last Re-election : Not Applicable • None Board Committees Membership(s) MALE 39 YEARS OLD MALAYSIAN YM Tengku Dato’ Seri Abu Bakar Ahmad graduated with a Bachelor of Business (Accounting) degree from Swinburne University of Technology, Melbourne, Australia in December 2009. YM Tengku Dato’ Seri Abu Bakar Ahmad has been the Executive Chairman of FOMEMA Sdn Bhd, which operates a foreign workers medical examination screening system in Peninsular Malaysia since July 2016 where he oversees the operations of the company. He also holds directorship in several private companies. YM Tengku Dato’ Seri Abu Bakar Ahmad is an Executive Director of Bookdoc Holdings Berhad which operates a mobile application connecting patients with medical professionals since March 2019. YM Tengku Dato’ Seri Abu Bakar Ahmad is also an Independent Non-Executive Chairman of Wellspire Holdings Berhad, a public company listed on the ACE Market of Bursa Malaysia Securities Berhad. DIRECTORS PROFILE OF
ANNUAL REPORT 2024 17 Executive Director MR CHEW CHI HONG Date of Appointment : 14 September 2022 Length of Service : >1 year Date of Last Re-election : 2 August 2023 • Employees’ Share Option Scheme Committee (Member) Board Committees Membership(s) MALE 47 YEARS OLD MALAYSIAN Mr Chew holds a Bachelor of Arts, majoring in Marketing from University of Hertfordshire, United Kingdom in 1999. He has more than 20 years of working experience in the Information Communication Technology (ICT) industry in semiconductors and smart card technology. His career spanned a wide portfolio from Sales and Marketing, Corporate Planning, Strategic Development to operations management. He joined Datasonic as Senior Manager in Corporate Planning and Strategic Development in 2006 and was subsequently promoted as Chief Operating Officer in 2007 and assume the position Chief Corporate Officer in 2021. In 2022, he was promoted to the position of Executive Director. His responsibilities include overseeing the Group’s strategic planning, corporate exercises and overall operations of Datasonic Group of Companies. He does not hold any directorship in other public companies and listed companies. DIRECTORS PROFILE OF
02 OUR LEADERSHIP DATASONIC GROUP BERHAD 18 Executive Director MR CHIA KOK KHUANG Date of Appointment : 29 March 2021 Length of Service : 3 years Date of Last Re-election : 15 September 2021 • Employees’ Share Option Scheme Committee (Chairman) Board Committees Membership(s) MALE 46 YEARS OLD MALAYSIAN Mr Chia holds a Bachelor of Science in Microelectronic from Campbell University, North Carolina, United States of America and Advanced Diploma in Science of Microelectronics from Tunku Abdul Rahman College. Mr Chia was appointed as Deputy Managing Director of the Company on 29 March 2021 and was subsequently redesignated to Executive Director on 14 September 2022. Mr Chia has ventured into a broad range of engineering and software realms throughout his 18 years of career development. His extensive experience in design and development covers system, application, board and chip. Mr Chia works alongside the executive team of the most established Identity Document and Solutions Company of this region. He specialises in security and identity technology and is responsible for leading the R&D department on design and development of solutions related to identity management, border control, deep learning, biometric technologies, etc. He does not hold any directorship in other public companies and listed companies. DIRECTORS PROFILE OF
ANNUAL REPORT 2024 19 Non-Independent Non-Executive Director ENCIK AZRUL BIN YAHAYA Date of Appointment : 31 May 2021 Length of Service : 3 years Date of Last Re-election : 15 September 2021 • Audit Committee (Member) Board Committees Membership(s) MALE 36 YEARS OLD MALAYSIAN Encik Azrul is an accomplished financial expert with over a decade of experience in the industry. He graduated with a Diploma in Investment Analysis and a Bachelor of Business Administration (Hons) in Islamic Banking from Universiti Teknologi MARA. He has also completed the Executive Digital Leadership programme with ASB-MIT Sloan, enhancing his skills in digital leadership and strategic management. Currently, he serves as the Head of Operations & Treasury of Urusharta Jamaah Sdn Bhd (UJ) and is part of the pioneer team responsible for managing assets worth over RM10 billion. He also sits on the Management Executive Committee (MEC) of UJ, where he contributes his expertise and leadership skills to guide the company’s growth and development. Throughout his career, Encik Azrul has gained extensive experience in treasury, investment operations, valuation, performance measurement and reporting. He has worked for several foreign and local financial companies in various capacities, honing his skills and expanding his knowledge base. As a technology-savvy professional, Encik Azrul has been instrumental in driving digitalization initiatives such as Robotic Process Automation (RPA), data analytics, and financial systems integration. He has led successful projects that have helped reduce business costs, streamline processes, and improve efficiency. Prior to joining UJ, Encik Azrul was the Head of Client Experience and Investment Operations Manager of Hong Leong Asset Management. He also worked with the Royal Bank of Canada Investor & Treasury Services as the Fund Accounting Manager, serving the Dublin region. He does not hold any directorship in other public companies and listed companies. DIRECTORS PROFILE OF
02 OUR LEADERSHIP DATASONIC GROUP BERHAD 20 Independent Non-Executive Director DATO’ IBRAHIM BIN ABDULLAH Date of Appointment : 5 February 2020 Length of Service : 4 years Date of Last Re-election : 2 August 2023 • Audit Committee (Member) • Nomination and Remuneration Committee (Member) • Risk Management Committee (Member) Board Committees Membership(s) MALE 67 YEARS OLD MALAYSIAN Dato’ Ibrahim graduated from National University of Malaysia (UKM) in 1981 with a Bachelor of Arts (Geography). He had joined the Public Service as an Assistant Secretary at the Ministry of Home Affairs in December 1981 and has since held various positions at the Ministry of Home Affairs, the Prime Minister Department, Jakim, Langkawi District, Immigration Department of Malaysia and the last position was the Deputy Director General of Immigration Department until June 2017. He does not hold any directorship in other public companies and listed companies. DIRECTORS PROFILE OF
ANNUAL REPORT 2024 21 Independent Non-Executive Director CP(R) DATUK MOHD KHALIL BIN KADER MOHD Date of Appointment : 14 September 2022 Length of Service : >1 year Date of Last Re-election : 2 August 2023 • Nomination and Remuneration Committee (Chairman) • Risk Management Committee (Member) Board Committees Membership(s) MALE 64 YEARS OLD MALAYSIAN CP(R) Datuk Mohd Khalil holds a Post-Graduate Diploma in Human Resource Management and a Master of Science in Human Resources Management from the Glasgow Caledonian University, United Kingdom along with a Master of Arts in Security and Policy Analysis Studies from National University of Malaysia (UKM). CP(R) Datuk Mohd Khalil has joined the Royal Malaysian Police (“RMP”) in 1982 and served in the RMP for almost 40 years. CP(R) Datuk Mohd Khalil retired as the Director of Narcotics Crime Investigation Department, Royal Malaysia Police in February 2020. During his tenure with the RMP, he had served in various positions including Johor Police Chief, Chief of Inspector General’s Secretariat and Principal Assistant Director of Serious Crime Special Investigation. Currently, he is the Personal Security Advisor to His Majesty Sultan of Johor, Security and Government Affairs Consultant to Top Glove and Group Security Advisor to JCORP. He does not hold any directorship in other public companies and listed companies. DIRECTORS PROFILE OF
02 OUR LEADERSHIP DATASONIC GROUP BERHAD 22 Independent Non-Executive Director ENCIK AHMAD RIDWAN BIN ABDULLAH Date of Appointment : 26 July 2023 Length of Service : <1 year Date of Last Re-election : Not Applicable • Risk Management Committee (Chairman) Board Committees Membership(s) MALE 36 YEARS OLD MALAYSIAN Encik Ahmad Ridwan currently holds a Bachelor of Business Administration from Business School Lausanne (BSL) and a Master in Business Administration from Columbia University & London Business School. He is a seasoned executive with expertise in strategic planning, corporate governance, and product development. He has held various leadership positions with over 10 years of experience in retail and financial services. With a strong record in venture building, he is committed to advancing sustainability and social responsibility in business. He does not hold any directorship in other public companies and listed companies. DIRECTORS PROFILE OF
ANNUAL REPORT 2024 23 Independent Non-Executive Director MICHELLE YONG VOON SZE Date of Appointment : 2 August 2023 Length of Service : <1 year Date of Last Re-election : Not Applicable • Audit Committee (Chairman) • Nomination and Remuneration Committee (Member) Board Committees Membership(s) FEMALE 46 YEARS OLD MALAYSIAN Ms Michelle Yong graduated with a Bachelor of Science (Honours) in Applied Accounting (United Kingdom). She is a fellow member of the Association of Chartered Certified Accountants (ACCA), member of the Malaysian Institute of Accountants (MIA), the ASEAN CPA and the Chartered Tax Institute of Malaysia. She was a member of the ACCA’s Public Practice Committee since 2015 till 2000. She sits on the Board of Nexia International Asia Pacific region since 2023. She has been in the accountancy profession for more than 20 years. She started her career with Baker Tilly and subsequently with PricewaterhouseCoopers before joining Nexia SSY in 2008. She is experienced in the audit of companies representing a major cross-section of the various industries and sectors and is involved in Initial Public Offerings exercises, Due Diligence reviews as well as Securities Commission - appointed investigative audits. She is an approved auditor with license granted by the Ministry of Finance. She is also registered with the Audit Oversight Board of Malaysia and the Labuan Financial Services Authority, to audit public interest entities and companies incorporated in Labuan, respectively. She does not hold any directorship in other public companies and listed companies. DIRECTORS PROFILE OF
02 OUR LEADERSHIP DATASONIC GROUP BERHAD 24 ADDITIONAL INFORMATION ON THE BOARD OF DIRECTORS Family Relationship with any Director and/or Major Shareholder None of the Directors have family relationship with any other Directors and/or Major Shareholders of the Company. Conflict of Interest None of the Directors have any conflict of interest with the Company. Conviction for Offences (within the past 5 years, other than traffic offences) Save as disclosed below, none of the Directors have any conviction for offences (other than traffic offence, if any) and have not been imposed of any public sanction or penalty by the relevant regulatory bodies during the financial year: - Ms Michelle Yong was issued a letter of reprimand by the Audit Oversight Board of the Securities Commission on 5 February 2024 concerning an audit engagement of a Public Interest Entity for the financial period ended 30 June 2021. The general basis of the reprimand was that insufficient audit procedures was performed to support the issue of a Qualified Opinion on Engineering, Procurement, Construction and Commissioning contracts. There were no other sanctions imposed on her. Number of Board Meetings attended in the financial year ended 31 March 2024 The details of the Directors’ attendance at Board meetings are set out on page 83 of the Annual Report. DIRECTORS PROFILE OF
ANNUAL REPORT 2024 25 Director of subsidiaries of Datasonic Group Director of subsidiaries of Datasonic Group DATUK AB.HAMID BIN MOHAMAD HANIPAH ENCIK MD DIAH BIN RAMLI MALE 70 YEARS OLD MALAYSIAN MALE 63 YEARS OLD MALAYSIAN DATE OF APPOINTED : 1 June 2014 LENGTH OF SERVICE : 10 years Datuk Ab.Hamid began his career as a government security officer in the year 1978 and left the civil service as Deputy Director General of Chief Government Security Office (CGSO), Prime Minister’s Department in April 2014. He attended several management and security courses at Royal Institute of Public Administration (RIPA) in London, INTAN Kuala Lumpur and special branch school. He has contributed vastly in the development of Information Communication Technology (ICT) Security Policy and protective security covering training, directives of ICT Security and formulating manual Malaysian Public Sector Management of Information and Communication Technology Handbook (MyMis). He headed the security team during planning and construction of government complexes in Putrajaya. He sits on the board of several subsidiary companies of the Group. He is also a Director of Safe Shield Security Sdn Bhd. He does not hold any directorship in other public companies and listed companies. DATE OF APPOINTED : 17 January 2008 LENGTH OF SERVICE : 16 years Encik Md Diah graduated from Institut Teknologi MARA in 1983 with a Diploma in Applied Science majoring in Planting Industry and Management. He attended the Cranfield Global CEO Programme at Cranfield University School of Management, Bedfordshire, U.K and is a member of the Cranfield University Alumni. He began his career as a Plantation Assistant Manager at Harrisson Malaysian Plantation Berhad in 1983. Subsequently he joined FELCRA Settlers Cooperatives in 1985 as a Project and Marketing Assistant Manager. In 1992, he joined Dibena Enterprise Sdn Bhd in Sales and Marketing, later promoted to Senior Manager in 2004. He has vast experience after amassing through involvement in various business and management portfolio within the Group. In 2005 he was appointed as Executive Director of Dibena Enterprise Sdn Bhd, the promoter and substantial shareholder of the Datasonic Group. He was a Director of Datasonic Group from 2011 until 2019. He sits on the board of several subsidiary companies of the Group. He does not hold any directorship in other public companies and listed companies. MANAGEMENT'S PROFILE KEY SENIOR
02 OUR LEADERSHIP DATASONIC GROUP BERHAD 26 MANAGEMENT'S PROFILE KEY SENIOR Head of Government Sector 1 /Chief Technical Officer Deputy Managing Director of Datasonic Technologies Sdn Bhd ENCIK HASHIM BIN ABU ENCIK MUHAYUDDIN BIN MUSA MALE 61 YEARS OLD MALAYSIAN MALE 58 YEARS OLD MALAYSIAN DATE OF APPOINTED : 1 November 2011 LENGTH OF SERVICE : 13 years Encik Hashim holds a Bachelor of Science in Electronics Engineering from Saitama University, Japan. He was a member of Asia Pacific Technical Ladder Community since 1995. He has involved in many R&D for electronics industry including few world first microelectronics solutions. He brings with him more than 32 years of experience in the industry from multinational company, government agency and government link company. Prior joining Datasonic, he was a senior management member of Mimos Berhad before seconded to its subsidiary, Malaysia Microelectronics Solutions Sdn. Bhd. as Operations Director. He has involved in few government projects including as technical committee member for MyKad implementation (2002-2008), technical evaluation committee member for MM Chip project under MiGHTS Jabatan Perdana Menteri (2004-2006), technical committee member for Standard Malaysia ISO TC-9 (2004-2010). He was also a JEDEC (Joint Electronics Device Engineering Council) Technical Committee member from 1995 to 2010. In Datasonic, he led the engineering team as Project Director for maintenance of Malaysia passport personalisation (2011-2013), leading the team for Polycarbonate Datapage migration and maintenance of the personalisation system (2013-current), and deployment and maintenance of ICAO compliant chip system and border control for Malaysian citizen autogate system (2016-current). He does not hold any directorship in other public companies and listed companies. DATE OF APPOINTED : 16 January 2023 LENGTH OF SERVICE : >1 year Encik Muhayuddin graduated with a Bachelor of Commerce (Hons) degree from the Carleton University, Ottawa, Canada. He holds a Diploma, Grade 13 from Mack International Academy of Arts & Sciences, Toronto, Canada. He was appointed as Deputy Managing Director of Datasonic Technologies Sdn Bhd on 16 January 2023. He brings with him more than 25 years of senior management experience in various public listed companies in the printing, manufacturing and banking industries. Prior to this appointment, he was the Group Chief Executive Officer of Destini Berhad and Managing Director/Chief Executive Officer of Computer Forms (Malaysia) Berhad. Currently, he is also an Independent Non-Executive Director of Federal International Holdings Berhad.
ANNUAL REPORT 2024 27 DATE OF APPOINTED : 1 October 2022 LENGTH OF SERVICE : >1 year Dato’ Rosli graduated with a Bachelor of Business Administration from Western Illinois University in 1988 with double major in Management and Finance. He was appointed as Director of Business Development of Datasonic Technologies Sdn Bhd on 1 October 2022 and subsequently redesignated to Head of Government Sector 2 on 17 April 2023. Prior to joining the Company, Dato’ Rosli holds key roles within reputable organisations starting as banker in 1988 at BSN Commercial Bank, then in 1996 as Business Development Manager to Director of Gold Bridge Engineering & Construction Berhad. On January 2016, he was the CEO of Destini Berhad’s subsidiary company while his last post was General Manager of Business Strategic Sector & Acquisition for TH Heavy Industries Berhad. He brings with him 25 years of corporate experience in various industries encompassing banking, construction and property development, project management, shipbuilding and ship repair as well as business and marketing. Currently, he is Head of Government Sector 2, Datasonic Corporation Sdn Bhd. He still holds the directorship in Gold Bridge Engineering & Construction Berhad, a public company. MANAGEMENT'S PROFILE KEY SENIOR Head of Government Sector 2, Datasonic Corporation Sdn Bhd DATO’ ROSLI BIN RASHID MALE 59 YEARS OLD MALAYSIAN ADDITIONAL INFORMATION ON THE KEY SENIOR MANAGEMENT Family Relationship with any Director and/or Major Shareholder None of the Key Senior Management have family relationship with any other Directors and/or Major Shareholders of the Company. Conflict of Interest None of the Key Senior Management have any conflict of interest with the Company. Conviction for Offences (within the past 5 years, other than traffic offences) None of the Key Senior Management have any conviction for offences (other than traffic offence, if any) and have not been imposed of any public sanction or penalty by the relevant regulatory bodies during the financial year.
01 ABOUT DATASONIC 28 DATASONIC GROUP BERHAD OUR PERSPECTIVE
ANNUAL REPORT 2024 29 Dear Valued Shareholders, As the Executive Chairman of Datasonic Group Berhad (“Datasonic”), it is my honour to present to you the Annual Report for the financial year ended 31 March 2024 (“FY2024”). Building on the strong momentum attained last year, we delivered another recordbreaking performance in FY2024 despite the uncertainties in the macroeconomic environment persisted throughout the year. In the financial year under review, Datasonic posted successive highest-ever top-line performance with a revenue of RM368.3 million. This exceeded the record of RM344.7 million achieved last year. Our FY2024 profit attributable to owners of the Group (“net profit”) also rose to an all-time high of RM92.2 million, surpassing the previous highest record posted in FY2013. With the outstanding top- and bottom-line performance, we also declared our largest dividend in FY2024 amounting to RM84.0 million or 3.0 sen per share. This works out to a dividend payout ratio of 91.0% based on FY2024 net profit of RM92.2 million. For a comprehensive analysis of our financial performance, please refer to the Management Discussion and Analysis section within this Annual Report. YM TENGKU DATO' SERI ABU BAKAR AHMAD BIN TENGKU TAN SRI ABDULLAH Executive Chairman OUR CHAIRMAN SPEECH FROM
03 OUR PERSPECTIVE DATASONIC GROUP BERHAD 30 OUR CHAIRMAN SPEECH FROM ECONOMIC LANDSCAPE Uncertainties in FY2023 was spilled over to FY2024 where the global economies experienced surging inflation. Aggressive interest rate hikes by central banks, both globally and domestically, were implemented to combat inflation. This led to concerns about recession and increased market uncertainty. However, the end of 2023 saw a slowdown in rate increases, with some central banks pausing their hikes as inflation eased. On the other hand, geopolitical tensions have also further contributed to the market ambiguities, adding further complexities to the taxing operating conditions. Global economic growth moderated to 3.2% in 2023 from 3.5% in the previous year according to statistics from International Monetary Fund (“IMF”). Back in Malaysia, gross domestic product (“GDP”) growth normalised to 3.7% in 2023 versus the high base of 8.7% in the previous year. For the first quarter of 2024, Malaysia’s GDP grew at 4.2% driven by stronger private expenditure and positive turnaround in exports according to Bank Negara Malaysia (“BNM”) and Department of Statistics Malaysia (“DOSM”). BUSINESS OVERVIEW FY2024 was a demanding year for us as we had to ensure the timely delivery of the continued strong demand for e-passports and Malaysia National IDs (“MyKad”). Our utmost priority remains on ensuring a continuous, timely and high-quality delivery to our clients, aimed at meeting the elevated public demand. In the financial year under review, Datasonic clinched a RM135.0 million contract extension for Malaysia Passport solutions as well as a RM28.7 million contract award for the supply of MyKad Solutions. We are proud to continue our role as the entrusted provider of passport solutions to the Immigration Department of Malaysia (“IDM”), a role we have been successfully fulfilling since 2016. Similarly, for MyKad solutions, Datasonic is certainly pleased to continue our services to our client and nation having been the sole provider of MyKad to National Registration Department (“NRD”) for more than 10 years since 2012. These wins reflect our proven track record and delivery. FY 2024 REVENUE RM368.3 MILLION +6.8% YoY FY 2024 DIVIDEND RM84.0 MILLION FY 2024 NET PROFIT RM92.2 MILLION +20.8% YoY FY 2024 DIVIDEND PAYOUT 91.0% OF FY2024 NET PROFIT
ANNUAL REPORT 2024 31 OUR CHAIRMAN SPEECH FROM At the same time, we are delighted to share the deployment of foreign worker card (“i-Kad”) progressed well in the financial year under review. On that note, we are thrilled to once again won the Malaysia Cyber Security Awards 2023 as ‘Cyber Security Company of the Year’. This time, the award recognises our work on the i-Kad project. This was also the Group’s second time in receiving this esteemed recognition and this remarkable achievement is a testament to Datasonic’s unwavering commitment to excellence, exceptional track record and consistent dedication to enhancing global security standards. Datasonic’s first triumph at the Malaysia Cyber Security Awards was in 2018 and this subsequent win underscores our sustained efforts in driving innovation in order to continuously enhancing our competitive advantages. We also extend our congratulations to our client, IDM, on winning the ‘Project of the Year’ for the digital i-Kad project in the Cyber Security Awards 2023. This achievement showcases the transformative power of digitalisation in enhancing public delivery services, strengthening national security, and surveillance of foreign workers. SUSTAINABILITY JOURNEY At Datasonic, Environmental, Social, and Governance (“ESG”) considerations remain at the core of our business, guiding our decisions to ensure a sustainable future. Our motto, Longevity, Impact, Future, and Environment (“LIFE”) has been our guiding principle and we charted good progress on our sustainability journey. Therefore, we are proud to announce that our ESG rating has improved to 3-star from 2-star previously for the FTSE4Good Bursa Malaysia (“F4GBM”) Index and the FTSE4Good Bursa Malaysia Shariah (“F4GBMS”) Index. A 3-star rating represents the top 25-50% ESG ratings amongst public-listed companies in the FBM Emas Index that have been assessed by Financial Times Stock Exchange Group (“FTSE”) Russell.
03 OUR PERSPECTIVE DATASONIC GROUP BERHAD 32 Separately, Datasonic launched our Mega Corporate Social Responsibility (“CSR”) program “Datasonic H2O Run 2024”, a special event that reflects the spirit of community, social responsibility, and environmental sustainability. Held in January 2024 at Padang Merbok, Kuala Lumpur, the event drew over 1,200 participants. The event featured a 5-kilometre run as well as family-friendly activities, which provided a unique opportunity for participants to come together and engage in healthy outdoor activities. The “Datasonic H2O Run 2024” was graced by the presence of the Minister of Youth and Sports, Yang Berhormat Hannah Yeoh. Her presence emphasised the importance of this initiative in promoting a healthier and more united community. OUR CHAIRMAN SPEECH FROM Find more details on our sustainability journey in the Sustainability Statement section of this Annual Report.
ANNUAL REPORT 2024 33 APPRECIATION In closing, I would like to extend my heartfelt thanks to the outstanding team at Datasonic for their exceptional display of grit, adaptability and competency. Thanks to all your efforts, we successfully created history once again with our record-breaking performance in FY2024. And to do so at a time that was filled with various challenges was definitely not an easy feat. To our valued stakeholders, particularly our clients, shareholders, business partners, bankers and suppliers, my deep appreciation for your support, which have been instrumental towards our success and we look to continue strengthening these relationships. Now, I would like to welcome Encik Ahmad Ridwan Bin Abdullah and Madam Michelle Yong Voon Sze, who joined the Board as Independent Non-Executive Directors. Their extensive experience and expertise in their respective fields have certainly enhanced the diversity and strength of the Board. On the same note, I would like to acknowledge the contributions by Dato’ Wan Mohd Safiain Bin Wan Hasan, Dato’ Wan Ibrahim Bin Wan Ahmad, Mr. Yee Kim Shing @ Yew Kim Sing and Dato’ Safian Bin Mohd Yunus, who relinquished their roles from the Board. Additionally, my sincere recognition also goes to Tan Sri Dato' Seri Dr Khalid Bin Abu Bakar, Tan Sri Borhan Bin Dolah, Tan Sri Ahmad Zaki Ansore Bin Mohd Yusof, Dato' Roseleen Binti Buyong, and Datin Normaliza Binti Kairon, who retired from the Board for their immense effort and invaluable advise to the Group. Separately, my profound gratitude to the founder, Deputy Executive Chairman and Chief Executive Officer of Datasonic, Datuk Haji Abu Hanifah Bin Noordin, who has retired from the Board to focus on charitable activities. His visionary stewardship culminated in the Group's listing on the Main Market of Bursa Malaysia Securities Berhad. Datuk Hanifah’s leadership and passion shaped Datasonic’s success, which were instrumental in helping the Group grow to where it is today. His presence and legacy will always be felt at Datasonic. At the same time, I would like to take this opportunity to express my gratefulness to everyone at Datasonic for welcoming me as your new Executive Chairman. To my fellow Board members, your collective wisdom, insightful counsel and guidance have been essential in Datasonic’s success. It has truly been a pleasure to work alongside each of you and I hope we will continue this successful collaboration to bring the Group towards new horizons. YM TENGKU DATO' SERI ABU BAKAR AHMAD BIN TENGKU TAN SRI ABDULLAH Executive Chairman OUR CHAIRMAN SPEECH FROM FORGING AHEAD Market uncertainties are expected to persist in 2024. IMF forecasts 2024 GDP growth to be at 3.2%, similar to the expansion achieved in 2023. This is largely driven by elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing on economic activity and low underlying productivity growth. On the home front, the Ministry of Finance (“MoF”) estimated the 2024 GDP to be between 4.0% to 5.0% versus 3.7% in 2023. This is supported by resilient domestic expenditure and a recovery in exports. For us at Datasonic, we remain laser focused on the delivery of all our projects and delivering exceptional quality to our clients. With sustained healthy demand for passports, MyKad and i-Kad, we are highly committed to meet this demand with timely and uninterrupted delivery, fulfilling our integral role in national security. At the same time, we continue to pursue new programmes and initiatives locally and globally, in line with our strategic goal of diversifying revenue streams. Meanwhile, our commitment to continually invest in research and development (“R&D”) remain steadfast. Our unwavering investment in R&D has positioned us at the forefront of technology in security-related ICT solutions. With a talented in-house team of over 100 R&D and technical experts, we proudly develop the majority of our cutting-edge systems and solutions. Datasonic has been continuously enhancing and upgrading the security features of our national security documents to ultimately delivering exceptional products and services to our clients and to further increase the level of our national security. The Group will continue to leverage on our expertise, capabilities and track record to play a key role in Malaysia’s national security, digitalisation journey as well as in the cybersecurity space. The Group has built a strong foundation and resilience in the past few years and delivered successive record performance. However, we are not resting on our laurels as the road ahead is what excites us the most. The prospects for Datasonic continue to be promising underpinned by our strategic initiatives and business expansion plan, both locally and globally. The Group is forging ahead to ride on this positive momentum to bring Datasonic to the next level.
03 OUR PERSPECTIVE DATASONIC GROUP BERHAD 34 AND ANALYSIS MANAGEMENT DISCUSSION Dear Valued Shareholders, The year under review (financial year ended 31 March 2024, “FY2024”) was a demanding but rewarding one for us at Datasonic. The Group navigated through the market ambiguities and delivered our best-ever top and bottom-line performance. FY2024 revenue rose to an all-time high of RM368.3 million while profit attributable to the owners of the Group (“net profit”) jumped to a record high of RM92.2 million. It is also noteworthy to mention that the Group posted an outstanding performance in the fourth (4th) quarter of FY2024 where we achieved our highest-ever quarterly revenue and net profit of RM115.7 million and RM38.6 million respectively. With successive all-time high performance recorded, it fuelled our largest-ever dividend payout in FY2024 with Datasonic declaring a total of RM84.0 million or 3.0 sen per share. This translates to a dividend payout ratio of 91.0% based on FY2024 net profit of RM92.2 million. FY2024 Revenue: RM368.3 million FY2024 Net Profit: RM92.2 million FY2024 Dividend Payout: 91.0%of FY2024 Net Profit BUSINESS & OPERATIONAL REVIEW The Group started the financial year under review on a firm footing, building on the positive momentum gained in the previous year. We commenced the deployment of foreign worker card (“i-Kad”) in FY2024 with our primary emphasis being on expeditiously resolving the current backlog and seamlessly handling new i-Kad issuance. Datasonic is pleased to share that the demand and issuance of i-Kad continued to gain good traction. Our success for the i-Kad project has led to the Group winning the prestigious Malaysia Cyber Security Awards 2023 as ‘Cyber Security Company of the Year’. This recognition demonstrates our team’s unwavering commitment to innovation and adaptability to the ever-changing technological sphere. The achievement reflects not only our accomplishments but also our dedication to pushing the boundaries of technology in order to deliver exceptional value to our clients and strengthening national security in an increasingly interconnected digital world.
ANNUAL REPORT 2024 35 AND ANALYSIS MANAGEMENT DISCUSSION Moreover, this serves as a testimony to the Group's dedication and efforts in ensuring robust security measures for all our products and solutions, especially for our core activities with regards to Malaysian Passport, Malaysia National ID (“MyKad”), i-Kad and Europay, Mastercard and Visa (“EMV”)-based financial cards. This marks the second time Datasonic has been awarded this esteemed recognition, displaying our ongoing commitment to cybersecurity innovation. Our first win at the Malaysia Cyber Security Awards in 2018 recognised our groundbreaking work on the MyKad project. This win also provides greater motivation for the Group especially our in-house research and development (“R&D”) team, which we will continue to invest on this front. The enforcement application (“app”) developed by our R&D team as part of the i-Kad project has also culminated in our client, Immigration Department of Malaysia (“IDM”), securing the ‘Project of the Year’ award in the Malaysia Cyber Security Awards 2023. On the other hand, Datasonic had in January 2024 secured the RM135.0 million contract extension for the Malaysia Passport solutions to IDM comprising passport chips, passport documents and polycarbonate biodata pages. The Group also clinched RM28.7 million contract award for the supply of MyKad, MyTentera, MyPOCA raw cards and consumables to the National Registration Department (“NRD”). We are honoured to continue our long-standing partnership with IDM as their entrusted passport solutions provider, a position we have proudly held since 2016. Similarly, the Group is certainly pleased to maintain our role as the sole provider of MyKad to NRD, a responsibility that we took on since 2012. These wins reflect our proven track record, delivery and performance. Datasonic has been able to cater to the strong spike in demand for passports since the reopening of our borders as well as for MyKad while navigating through challenges such as supply chain interruptions and elevated input costs. The passport delivery by Datasonic reached another high in the financial year under review. On our financial cards business, we continue to operate as one of the largest regional personalisation services bureaus in Southeast Asia with the highest issuance and personalisation capacity. The Group’s facility is certified by EMV, serving most of the local and foreign banks in Malaysia. We provide a diverse selection of card solutions, including polycarbonate, metal, motion code, picture and eco-friendly recycled cards.
03 OUR PERSPECTIVE DATASONIC GROUP BERHAD 36 At the same time, we ensure premium aesthetics with advanced security features, customisable designs and innovative effects. Our extensive range of practical functionalities further enhances the user experience. Datasonic was the pioneer in credit and debit EMV card personalisation and played a pivotal role in all past national EMV card migration process since 2003. Meanwhile, Datasonic entered into a memorandum of understanding (“MoU”) with Korea Trade Network (“KTNET”) with the aim to successfully secure and jointly execute public procurement system projects in Malaysia. KTNET is the designated National Paperless Trade Platform Operator, Customs Network Service Operator and electronic Bill of Lading Registry and Purchase Certificate Issuing Agency for the government of South Korea. By leveraging on each other’s resources and network, we can deliver high-quality solutions and services that meet the evolving needs of the Malaysian public procurement landscape. FINANCIAL REVIEW Revenue In FY2024, the Group delivered its highest-ever revenue of RM368.3 million, a rise of 6.8% year-on-year (“YoY”). This was a successive best-ever top-line performance after surpassing the record of RM344.7 million achieved in the prior year. The healthy performance was chiefly attributed to higher demand for passports, smart cards and personalisation services. Gross Profit (“GP”) & GP Margin Parallel with the top-line performance, the Group’s FY2024 GP improved to RM220.6 million as compared to RM189.4 million registered in the previous year. This translated to a YoY increase of 16.5% driven by the aforementioned factor. GP margin also improved to 59.9% in the financial year under review from 54.9% in FY2023 on the back of higher revenue as well as increase in operational efficiency. 72.0 76.7 189.4 220.6 138.4 136.4 344.7 368.3 FY 2021 FY 2022 FY 2023 FY 2024 Revenue (RM million) Gross Profit (RM million) AND ANALYSIS MANAGEMENT DISCUSSION
ANNUAL REPORT 2024 37 RM468.3 million 13.1 sen per share 25.1% RM367.3 million 19.7% 3.6 sen Cash per share Total Assets Net Assets FYE2024 Return on Equity Total Equity FYE2024 Return on Assets Net Cash Position with Balance Sheet Highlights as at 31 March 2024 Net Profit (“NP”) & NP Margin The Group registered its all-time high NP of RM92.2 million for FY2024, a rise of 20.8% YoY from the RM76.4 million achieved a year ago. Notably, this surpassed the previous record high of RM81.9 million posted in FY2013. The double-digit growth was predominantly owing to the earlier mentioned stronger demand as well as higher operational efficiency attained. Return On Equity (“ROE”) and Return On Assets (“ROA”) In-line with the record-breaking performance, the Group’s ROA and ROE were boosted and we achieved back-to-back double-digit return figures for FY2024 and FY2023. ROE for the financial year under review rose to 25.1% from 21.2% a year ago while ROA improved to 19.7% from 16.4% in FY2023. Capital Structure and Capital Resources The Group’s strong balance sheet with net cash position has been pivotal for us as we grow our business. Datasonic’s healthy financial position provides us the flexibility and support required as we manoeuvre through the headwinds arising from the macroeconomic environment. Total assets as at end-FY2024 remained relatively stable on a YoY basis at RM468.3 million versus RM465.4 million a year ago. Trade receivables rose RM53.5 million to RM168.1 million as at 31 March 2024 from RM114.6 million last year in tandem with the higher revenue achieved. On the other hand, total cash holdings were lower at RM112.9 million at the close of the financial year under review as compared to RM157.6 million in the previous year. This was largely due to operational expenditure throughout the year for the current and new projects; including the new foreign worker i-Kad project. Meanwhile, our total liabilities were also broadly similar at RM101.0 million versus RM105.0 million as at endFY2023. Total borrowings level remained flat at RM59.8 million as of 31 March 2024 vis-à-vis RM59.3 million in the prior year. Separately, total equity was higher at RM367.3 million at the end of the financial year under review as compared to RM360.4 million last year, chiefly attributed to increase in retained profits and treasury shares. Net Gearing, Cash Per Share & Net Operating Cash Flow (“NOCF”) As at end-FY2024, the Group continued to be in net cash position with cash per share of 3.6 sen. Datasonic has been in a net cash position in the past three (3) financial years. For FY2024, we generated yet another positive NOCF of RM57.7 million. 5.3% 7.5% 22.2% 25.1% 7.3 10.2 76.4 92.2 All-time High Net Profit FY 2021 FY 2022 FY 2023 FY 2024 Net Profit (RM million) Net Profit Margin AND ANALYSIS MANAGEMENT DISCUSSION
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