OUR DIGITAL JOURNEY

Rakuten Joint Venture

Kenanga entered into a joint venture with Japanese internet giant Rakuten Securities, Inc.

2016

Launch of Rakuten Trade

Kenanga and Rakuten Securities, Inc. jointly launched Rakuten Trade, Malaysia’s first fully digital equity broker.

Back Office Digitalisation

Kenanga completed back office digitalisation to enhance efficiencies.

2017

Launch of Remisier Portal

Kenanga launched a new portal to enable remisiers to work remotely.

2019

e-Wallet Launch with Merchantrade Asia Sdn Bhd (“Merchantrade”)

Kenanga launched Kenanga Money, Malaysia’s first stockbroker e-wallet, with Merchantrade and later acquired a stake in the company.

2020

Partnership with Bay Group Holdings Sdn Bhd (“CapBay”)

Kenanga entered into a partnership with CapBay to digitalise first-in-Malaysia factoring solution, unifying both, private and public sector’s receivables under one (1) platform.

2020

A Stake in Tokenize Technology (M) Sdn Bhd

Kenanga received approval from the Securities Commission Malaysia to acquire a stake in Digital Asset Exchange Platform, Tokenize Xchange.

2021

Launch of a Robo-Advisory Platform

Kenanga launched a fully AI-driven robo-advisory platform, Kenanga Digital Investing.

2022

Signed Memorandum of Understanding with Ant Group

Kenanga entered into a collaboration with Ant Group to develop Malaysia’s first Wealth SuperApp, geared to revolutionise wealth generation and management.

2023

Launch of KDi GO

Kenanga launched KDi GO, an all-in-one Malaysia’s first Wealth SuperApp, aimed at redefining how individuals manage their finances.

2024

CHAIRMAN'S MESSAGE

DEAR SHAREHOLDERS,

2024 has been a notable year for Kenanga Investment Bank Berhad (“Kenanga” or “KIBB” or “the Company”) and its Group of Companies (“Kenanga Group” or “the Group”).

TAN SRI DATO’ SERI SYED ANWAR JAMALULLAIL

Chairman

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GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS

DEAR SHAREHOLDERS,

The year 2024 was a testament to the resilience, adaptability, and forward momentum of Kenanga Investment Bank Berhad (“Kenanga” or “KIBB” or “the Company”) and its Group of Companies (“Kenanga Group” or “the Group”).

DATUK CHAY WAI LEONG

Group Managing Director

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Revenue

RM 1.0 billion

Operating Profit

RM 155.5 million

Profit Before Tax

RM 117.2 million

Dividen Declared

8.0 sen

OUR PERFORMANCE REVIEW

Stockbroking

The Group’s Stockbroking division demonstrated strength in 2024, navigating periods of heightened market volatility, including the January market sell-off and the sharp fluctuations in Hong Kong equities in October. Despite these challenges, the division performed commendably, supported by strong recovery efforts and disciplined cost management, enabling it to adapt and maintain stability throughout the year.
Investment Banking

Kenanga Group’s Investment Banking division delivered a solid performance in 2024, with PBT rising to RM6.2 million from RM5.7 million in the previous year. Despite impact of provisions, the division demonstrated its ability to navigate complex market conditions, capitalising on strategic advisory mandates and well-structured transactions.
Asset and Wealth Management

The Group’s Asset and Wealth Management (“GAWM”) arm comprises Kenanga Investors Group (“KIG”), which includes Kenanga Investors Berhad (“KIB”), Eq8 Capital Sdn Bhd (“Eq8 Capital”), and the newly established Kenanga Trustees Berhad (“KTB”). Complementing KIG is the KIBB Digital Investment Management arm, and together they form the GAWM division. In 2024, GAWM reported a PBT of RM47.0 million, compared to RM58.7 million in the previous year. The results reflect provisions incurred during the year, as well as the company capitalising on shifts in market sentiment, implementing strategic initiatives to support future growth and strengthen business resilience.
Listed Derivatives Business

The Group’s Listed Derivatives arm, Kenanga Futures Sdn Bhd (“KFSB”), delivered its highest profit in over a decade, with PBT rising to RM7.8 million in FY2024 from RM6.2 million the year before. This exceptional performance was driven by strong execution volumes and strategic initiatives under the THRIVE 2024 – 2026 Business Plan Blueprint (“THRIVE Blueprint”), a strategic roadmap designed to reinforce KFSB’s market leadership.

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FIVE (5)-YEAR GROUP FINANCIAL HIGHLIGHTS

Operating Revenue

(RM’000)

2024

1,003,797

2023

821,056

2022

723,086

2021

891,491

2020

973,762

Shareholders’ Funds

(RM’000)

2024

1,117,842

2023

1,070,975

2022

1,017,280

2021

1,050,329

2020

999,838

Profit Before Taxation

(RM’000)

2024

117,249

2023

88,110

2022

74,150

2021

148,236

2020

134,715

Basic Earnings per Share

(RM’000)

2024

13.18

2023

10.04

2022

7.50

2021

16.29

2020

14.56

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VALUE CREATION MODEL

I

Intellectual Capital

Intellectual Capital refers to intangible organisational assets rooted in knowledge, which may encompass intellectual property like software or licences, as well as proprietary knowledge, systems, or procedures.

F

Financial Capital

Financial Capital refers to the cumulative resources of funds at the disposal of the Group.

M

Manufactured Capital

Manufactured Capital encompasses the Group’s infrastructure, comprising physical branches and digital technology, among other things, which are instrumental in delivering services to customers.

H

Human Capital

Human Capital encompasses the collective skills and expertise held by all Kenanga Group employees. This combined capability empowers the Group to implement its strategies, and create value for its stakeholders.

N

Natural Capital

Natural Capital involves the stewardship of natural resource utilisation and its consequential effects on the environment.

S

Social and Relationship Capital

Social and Relationship Capital encompasses the connections fostered among communities and stakeholders, as well as enhancing financial literacy and inclusion through education.

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OUR SUSTAINABILITY APPROACH

We acknowledge the significant role we play in contributing to the development of a sustainable future. Our commitment is rooted in integrating sustainability into our operations, generating shared value for all stakeholders. We consistently incorporate sustainability into our business practices and decision-making processes, recognising it as both a driver of risks and a source of opportunities.

Good Governance

We remain cognisant of our responsibilities to our stakeholders and continue to raise the bar on good governance by incorporating ethical business practices throughout the organisation.

Alignment with UN SDGs

Material Matters

Good Business Conduct
Regulatory Compliance
Risk Management

Sustainable Economic Growth

Our approach to integrating ESG considerations into our core operations, investing, and decision-making processes is a crucial component of our strategy to deliver innovative sustainable finance and investing products for our clients. We employ a multi-faceted approach to responsible investment, engaging in both product development and active management of the businesses in which we invest in.

Alignment with UN SDGs

Material Matters

Responsible Investing
Digitalisation
Cyber Security
Client Experience

Environmental Stewardship

We strive to foster a culture that prioritises positive climate action while actively working to reduce our greenhouse gas (“GHG”) emissions. Acknowledging the urgency of the climate crisis, we are aware of our responsibility to contribute to the transition to a low-carbon economy. Climate-related risk considerations are embedded across all facets of our business operations as we persistently explore strategies to minimise our environmental impact.

Alignment with UN SDGs

Material Matter

Climate Impact

Empowering People and Communities

We believe that investing in our people, nurturing talent, and uplifting communities are key to fostering inclusive growth, social wellbeing, and long-term prosperity. Through strategic initiatives in employee wellbeing, financial literacy and community outreach, we aim to create meaningful impact, bridge social gaps and drive positive change.

Alignment with UN SDGs

Material Matters

Diversity and Inclusion
Employee Safety, Health and Wellbeing
Talent Attraction, Development and Management
Community Investment
Financial Inclusion

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HOW WE ARE GOVERNED

Corporate Governance Overview Statement

Corporate governance is regarded by the Board of Directors (“Board”) as vital to the success of the business of Kenanga Investment Bank Berhad (“KIBB” or “the Company”). Therefore, the Board is unreservedly committed to applying the principles necessary to ensure that the principles of good governance are practised in all of the Company’s business dealings and operations.

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Ethics And Compliance Statement

At Kenanga Investment Bank Berhad and its subsidiary companies (“Kenanga Group” or “the Group”), integrity and ethical conduct are fundamental to how we do business. We uphold the highest standards of ethics and regulatory compliance, ensuring that transparency, accountability, and responsibility are embedded in every aspect of our operations. This commitment not only safeguards stakeholder interests but also reinforces a culture of trust and sound governance.

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Statement on Risk Management and Internal Controlt

Pursuant to Paragraph 15.26(b) of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Malaysia”), a listed issuer must ensure that its Board of Directors (“Board”) includes in its annual report a statement about the state of its risk management and internal controls as a group. In addition, the Malaysian Code on Corporate Governance (“MCCG”) also stipulates that the Board should maintain a sound system of internal controls and review its effectiveness to safeguard Shareholders’ investments and the Group’s assets.

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