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
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