Padini IAR 2024

PADINI HOLDINGS BERHAD
Registration No: 197901005918 (50202-A)

(Incorporated in Malaysia)
I N T E G R AT ED ANNU AL REPO RT
2 0 2 4
PADINI HOLDINGS BERHAD 197901005918 (50202-A)
1
ABOUT THIS REPORT

We are pleased to present Padini Holdings
Berhad’s (“Padini” or “the Group”) integrated
Annual Report (“IAR”) for the financial year ended
30 June 2024.
This Report addresses stakeholder information

needs by presenting both financial and non-
financial disclosures. It provides insights into
Padini’s sustainability initiatives, responsible
business practices and their impacts on the
environment, society and corporate governance.
The Report aims to promote transparency,
accountability and sustainability in Padini’s
operations and future endeavors.
We will continuously enhance our reporting

disclosures and remain guided by the evolving
reporting requirements towards achieving a more
transparent corporate reporting in tandem with
global reporting standards or frameworks.
REPORTING FRAMEWORKS ASSURANCE

In line with best practices, our report is guided by the Financial statements are aligned towards the Malaysian
following reporting frameworks and principles. Financial Reporting Standards, International Financial
Reporting Standard and requirements of the Companies
• Main Market Listing Requirements (“Listing Act 2016. BDO PLT was engaged to provide an
Requirements”) of Bursa Malaysia Securities Berhad independent limited assurance opinion.
• Malaysian Financial Reporting Standards (“MFRSs”)
• International Financial Reporting Standards Padini Group has not obtained any independent
(“IFRSs”) assurance for our non-financial report. However, our
• Companies Act 2016 in Malaysia (“Act”) non-financial report is underpinned by our robust internal
• Malaysia Code on Corporate Governance 2021 controls and the implementation of good corporate
(“MCCG 2021”) governance practices. Continually, we will work to
• International Integrated Reporting Council (“IIRC”) improve our data collection systems and enhance its
Framework reporting processes to provide more insight of Padini
• Global Reporting Initiative (“GRI”) Standards for to our stakeholders.
Sustainability Reporting
MATERIALITY
SCOPE AND BOUNDARIES
We assessed our material matters in the financial,
The report disclosures encompass all business entities economic, environmental, social and governance
in which the Group has full control in Malaysia as well aspects on a yearly basis though our risk assessment
as Group’s subsidiaries in Hong Kong, Cambodia and framework to ensure that the matters continued to be
Thailand. This report covers information and activities for applicable and relevant. Our strategic response to these
the reporting period from 1 July 2023 to 30 June 2024, material matters is reflected throughout this report and
unless otherwise stated. in our sustainability statement.
2
About This Report

(Cont'd)
FORWARD-LOOKING STATEMENT
NAVIGATION ICONS
This report contains forward-looking statements characterised using
words and phrases such as “might”, “forecast”, “anticipate”, “may”,
“believe”, “predict”, “expect”, “continue”, “will”, “estimate”, “target” and OUR CAPITALS
other similar expressions. As the business environment is constantly
changing, all forward-looking statements are subject to uncertainties that
could cause actual results to differ from those reflected in them. Therefore,
these statements should not be construed as absolute guarantees or
predictions of the Group’s future outcomes. Readers of this integrated Natural Capital Human Capital
report are advised not to place undue reliance on them.
BOARD APPROVAL Social and Financial

Relationship Capital Capital
The Board acknowledges its responsibility and accountability for the

integrity of this Integrated Annual Report and collectively reviewed this
report as guided by the IIRC and approved the Integrated Annual Report
on 18 October 2024.
Intellectual Capital Manufactured Capital
FEEDBACK OUR GROWTH STRATEGY

In serving our stakeholders better, we are committed to continuous
improvements on our disclosures and reporting areas through feedback
and comments from our stakeholders.
Sustainable Product Strengthening
Differentiation Value Chain
Feedback, suggestions or enquiries on this report can be directed to:
Tel: 03-5021 0500
Fax: 03-7805 1066
Email: ir@padini.com
Market Responsive Empowering Talents
43rd ANNUAL GENERAL MEETING
Community Giving
Glenmarie Ballroom OUR STAKEHOLDERS

Date: 27 November 2024
Glenmarie Hotel & Golf Resort Malaysia
No 1, Jalan Usahawan U1/8
Time: 10.00 am
Seksyen U1
40250 Shah Alam Local Communities Shareholders and
and Public Investors
Selangor Darul Ehsan
INTEGRATED ANNUAL REPORT Government and Customers

Regulatory Authorities
Our Integrated Annual Report 2024 is
accessible at corporate.padini.com or
by scanning this QR code.
Employees Suppliers
Shopping Malls
3
WHO WE ARE
INSIDE THIS
REPORT
1 Who We Are 4 Our Value Creation 7 Financial Statements
04 Corporate Profile 44 Our Business Model 112 Directors’ Report
06 Corporate Milestones 48 Our Value Creation 119 Statement by Directors
08 Brands Portfolio Model 119 Statutory Declaration
10 Corporate Information 52 Our Business Risks and 120 Independent Auditors’
11 Corporate Structure Mitigation Report
12 Award and Recognition 54 Our Progress: 125 Statements of Financial
14 Our Presence Sustainability Journey Position
127 Statements of Profit or
Loss and Other
2 FY2024 Highlights 5 Sustainability Comprehensive

Income
Statement
& Leadership 128 Consolidated Statement
15 Five Years Group 57 Sustainability of Changes in Equity
Financial Highlights Approach 129 Statement of Changes
17 Business Highlights 58 Sustainability in Equity
19 Non-Financial Governance 130 Statements of Cash
Highlights 59 Stakeholder Flows
20 Chairman’s Statement Engagement 133 Notes to Financial
22 Message from 61 Sustainable Statements
Managing Director Development Goals
24 Profile of Directors 62 Materiality Assessment
32 Directors’ Responsibility 64 Materiality Matrix
Statement in Respect 65 Economic
Responsibility
8 Other Information
of the Annual Audited
68 Environmental 184 Directors’
Financial Statements
Responsibility Shareholdings and
75 Social Responsibility Interests
185 Analysis of
3 Management Shareholdings
Discussion & 190 List of Group Properties
Analysis 6 Governance 191 Performance Data
90 Corporate Governance Table
33 Overview of the 193 GRI Content Index
Group’s Business and Overview Statement
104 Report of the Audit and 197 Notice of Annual
Operation General Meeting
34 Financial Results and Risk Committee
108 Statement on Risk 199 Statement
Business Review Accompanying the
41 Risks and Uncertainties Management and
Internal Control Notice of the 43rd
42 Dividends Annual General
43 Forward-looking Meeting
Statement 200 Administrative Guide
for Shareholders
Proxy form
4
WHO WE ARE
CORPORATE
PROFILE
Founded in 1971, Padini Holdings Berhad
(“Padini” or “the Group”) initially established
its presence in the apparel industry as a sole
proprietorship, primarily catering to departmental
stores within Malaysia. Progressively, driven by a
vision, we have transformed from manufacturing
and wholesaling to distribution and retailing by
creating our very own brands catering to specific
consumer niches.
We address fashion-conscious consumers of both

genders and all ages through our multi-brand
labels which are under Padini Concept Stores and
Brands Outlet stores. Our products carried are
under brand names as Padini, Padini Authentics,
PDI, Seed, Miki, P&Co, Vincci, Vincci Mini, Vincci
Accessories, BO Accessories, Blitz, Filanto,
Gamesters, Garage Inc., Hotshots, Industrie Co.,
Move, Oceano, Portofino, Ropé and Studio.
Today, we have grown to become one of the

country’s prominent fashion companies. Padini
is listed on the Main Market of Bursa Malaysia
and year-on-year market capitalisation has grown
to RM2.4 billion as of 30 June 2024. In total,
we have over one hundred forty (140) stores in
Malaysia, six (6) stores in Cambodia, seven (7)
stores in Thailand and nineteen (19) franchise
stores in multiple markets around the world such
as Brunei, Bahrain, Oman, Qatar and United Arab
Emirates. Our brands are also available online via
our e-Commerce sites in Malaysia and Singapore.
Despite our growth in size, we have consistently QUICK FACTS ABOUT PADINI
strived and will continue to strive, to focus our
efforts to have the best valued products, whilst
practicing responsibility and sustainability. PUBLIC 153 APPROX
LISTED IN OWN STORES 3,400
BURSA GLOBALLY EMPLOYEES
MALAYSIA GLOBALLY
SINCE 1998
ESTABLISHED >RM147 >RM1.9

COMPANY SINCE MILLION IN BILLION IN
1971 PROFIT SALES
AFTER TAX
5
WHO WE ARE
Corporate Profile
(Cont’d)
OUR VISION OUR MISSION

To Be the Best Fashion Company Ever To Exceed Customers’ Expectations and
Our Brands’ Promise
We have to focus our efforts to have the best valued Our aim is to go beyond merely meeting customer’s
products in the market with the best shopping experience expectations and fulfilling our brands’ promises by
we can offer, whilst practicing responsibility and offering fashionable, affordable and high-quality products,
sustainability. accompanies by outstanding service that delivers
exceptional value.
OUR CORE VALUE

“Caring From the Heart” expressing genuine
care in our practice in our community and
company.
OUR CULTURE
• Accountable, dare to • Simplify everything • Adaptability to change, • Believe in vision, core
face challenges, systematically, set react swiftly to the purpose and values of
responsible and make priority for optimum dynamic environment Padini and consistently
best judgement to fulfill efficiency and delivery quality in practising these
brand promise and work beliefs
exceed customer
satisfaction
Self-
Simplicity Speed Consistency
Confidence
• Respect, energise, • Always enthusiastic to • Always remain positive

entrust, recognise and learn, unlearn, relearn in mind and
appreciate and be open minded languages, practice
contributions among and share all issues open, patient and
team members, across and knowledge respectful
teams and communication with
departments appropriate response
Learning
Teamwork Culture Communication
6
WHO WE ARE
CORPORATE MILESTONES
2024 2023
Comfortable and Sustainability series were
durable series were launched
launched;
More series featuring

popular character
collaborations were
launched
2017 2019 2020 2021

Cambodia Market Thailand Market was Started selling via Padini App was launched
was expanded expanded Lazada, Facebook and expanded
Live and Shopee
Expanded e-Commerce
in Singapore
2012 2011 2010 2009

Entered Myanmar Entered Bahrain, Entered Qatar and Entered Syria
Market Eqypt and Morocco Pakistan Market Market
Market
2004 2005 2006 2007

Entered Main Entered Indonesia, BRANDS OUTLET was Entered Oman
Board of Bursa UAE and launched Market
Malaysia Cambodia Market
7
WHO WE ARE
Corporate Milestones
(Cont’d)
1975 1971
PADINI was founded and entered the Started with Hwayo Garments Manufacturer
retail industry Company as small ladies garment and
wholesaling to deparmental stores
1981 1987 1990

VINCCI was launched MIKI was launched SEED was launched
1998 1993 First SEED store 1992

was opened at
PADINI HOLDINGS PADINI AUTHENTICS Sungei Wang PADINI
BERHAD was listed was launched HOLDINGS
on the Second SDN BHD
Board of Kuala was established
Lumpur Stock
Exchange
1999 2000 2001 2003

P&CO and PDI Entered Brunei Entered Thailand Entered Philippines
were launched Market Market and Saudi Arabia
Market
PADINI CONCEPT
STORE
The first of the Group’s
multi brand shops.
8
WHO WE ARE
OUR BRANDS
PORTFOLIO
Each of these Brands represent a unique fashion

philosophy and encompasses a comprehensive
range of products that fit into our targeted consumer
universe.
Modern and simple work wear essentials Casual wear Comfort and laidback style
campus-wear
Trendy yet comfortable Fashion forward for girls and ladies New-born and toddler wear
Children footwear and bags Ladies footwear and bags Ladies’ accessories
9
WHO WE ARE
Our Brands Portfolio

(Cont’d)
Accessories (Newborn products) (Ladies’ trendy wear)
(Kids Boy) (Kids girl) (Adult polo and Khaki pants)
(Men’s boardshort) (Adult sport and active wear) (Adult casual wear)
(Adult tee shirts and denim bottom) (Ladies’ shoe, lounge wear and undies) (Men’s work wear)
10
WHO WE ARE
CORPORATE
INFORMATION
BOARD OF DIRECTORS
Chairman, Independent Executive Directors: Independent Non-

Non-Executive Director: Mr Andrew Yong Tze How Executive Directors:
Datuk Lee Say Tshin Mr Benjamin Yong Tze Jet Ms Tan Shi Wen
(Redesignated as Chairman on 1 Ms Chew Voon Chyn Ms Tan Poh Ling
January 2024) Ms Sung Fong Fui Mr Timothy Tan Heng Han
Mr Christopher Yong Tze-Yao Mr Ng Chee Hoong
(Appointed on 1 January 2024)
Managing Director, Mr Chia Swee Yuen
Executive Director: (Resigned on 31 December 2023)
Mr Yong Pang Chaun Mr Lee Peng Khoon
(Resigned on 31 December 2023)
COMPANY SECRETARIES SHARE REGISTRAR

Ms Ho Mun Yee Tricor Investor & Issuing House Services
(SSM PC NO. : 201908003292) Sdn. Bhd.
(MAICSA 0877877) Unit 32-01, Level 32, Tower A
Ms Cho Mei Tho Vertical Business Suite
(SSM PC NO. : 201908003284) Avenue 3, Bangsar South
(MAICSA 7036543) No. 8, Jalan Kerinchi
59200 Kuala Lumpur
Tel : 03 – 2783 9299
PRINCIPAL BANKER
Fax : 03 – 2783 9222
OCBC Al–Amin Bank Berhad Email : is.enquiry@vistra.com
REGISTERED OFFICE STOCK EXCHANGE LISTING

3rd Floor Main Market
No. 17, Jalan Ipoh Kecil Bursa Malaysia Securities Berhad
50350 Kuala Lumpur
Tel : 03 – 4044 3235
Fax : 03 – 4041 3959 AUDITORS
Email : esprit@espritms.com.my BDO PLT
Chartered Accountants
PRINCIPAL PLACE OF BUSINESS
No. 19, Jalan Jurunilai U1/20
Hicom Glenmarie Industrial Park
40150 Shah Alam
Selangor Darul Ehsan
Tel : 03 – 5021 0500
Fax : 03 – 7805 1066
11
WHO WE ARE
CORPORATE
STRUCTURE
100% MIKIHOUSE CHILDREN’S WEAR SDN. BHD.

198701005814 (164485-U)
100% PADINI CORPORATION SDN. BHD.

197501000569 (22519-H)
100% SEED CORPORATION SDN. BHD.

199001002825 (194391-K)
PADINI HOLDINGS 100% YEE FONG HUNG (MALAYSIA) SDN. BHD.

BERHAD 197301001498 (15011-U)
197901005918 (50202-A)
100% PADINI DOT COM SDN. BHD.
200001007952 (510558-H)
100% VINCCI LADIES’ SPECIALTIES CENTRE SDN. BHD.

198101007288 (73404-H)
100% VINCCI HOLDINGS SDN. BHD.

198301002408 (97644-K)
100% THE NEW WORLD GARMENT

MANUFACTURERS SDN. BHD.
198201000746 (80490-U)
100% PADINI INTERNATIONAL LTD., HONG KONG

(896012)
100% PADINI (CAMBODIA) CO., LTD

(00026592)
100% PADINI (THAILAND) CO., LTD

(0105561096612)
12
WHO WE ARE
AWARD AND
RECOGNITION
2004 (PADINI) & 2005 (VINCCI) Anugerah Nasional 2019 MRCA Billion Dollar Club Award by Malaysia
Kreativiti & Inovasi by Malaysia Design & Innovation Retail Chain Association
Centre
(For outstanding brand building endeavours that have

helped to build Malaysia’s international image and
reputation for quality)
2016 (Padini Concept Store Sunway Putra Mall) &

2022 (Padini Concept Store Mid Valley) Fair Price
Shop by Kementerian Perdagangan Dalam Negeri,
2007, 2008 & 2009 (PADINI) Malaysia Most Valuable Koperasi dan Kepenggunaan
Brands by Association of Accredited Advertising
Agents Malaysia
(Top 30 of Malaysia’s most valuable brands)
2023 Anugerah Majikan Prihatin (Swasta) by

Kementerian Pembangunan Wanita, Keluarga dan
Masyarakat
2010 (PADINI), 2011 (Vincci and PADINI), 2012 (Vincci)
and 2019 (PADINI) Putra Brand Awards by Association
of Accredited Advertising Agents Malaysia
(2010, 2011, 2012 - Most promising brand of the year)

(2019 – Putra brand personality of the year)
(2023 – Putra brand award – Silver)
2013, 2017 and 2018 The Edge Billion Ringgit Club by

The Edge Malaysia
(Highest returns to shareholders over three years)

13
WHO WE ARE
Award and Recognition

(Cont’d)
2006, 2007, 2013 and 2024 Forbes Asia’s 200 Best Under A Billion
Forbes Asia Top 200 Mid and Small Size Public Listed Company
© 2024, Forbes Media Asia

Pte Ltd. Used with permission
Rewards recognised by Business Partner:
1. 2000 & 2001 Retail Awards of Excellence by Suria KLCC

2. 2007 (Padini Authentics Aeon Cheras Selatan) Retailer of the Year Award by AEON
3. 2008 (Seed) THE CLEO fashion award
4. 2010 (Padini Concept Store) Outstanding Business Partner by Sunway Pyramid
5. 2011 Best Decorated Store by Capital Malls
6. 2013 (Padini Concept Store) Hot Shop Awards by Queensbay Malls
7. 2015 (PDI) Highest Sales Growth Award by AEON
8. 2017 (Vincci) Outstanding Performance Award by 11street
9. 2017 (Padini Concept Store) Highest Sales Growth by Palm Mall
10. 2018 (Brands Outlet) Best Performance by Palm Mall
11. 2022 (PADINI) Green Tenant Awards by IPC Shopping Centre
12. 2023 (Padini Concept Store) Best Performance by Palm Mall
13. 2024 (Padini Holdings Berhad) Most Supportive Business Partner by Sunway
14. 2024 (Padini) Best In-Store Experience by Sunway
14
WHO WE ARE
OUR
PRESENCE
Since its establishment in 1971, Padini has expanded its reach and evolved into a global brand with an international
presence across multiple countries. We now have one hundred forty (140) stores in Malaysia and various overseas
markets including Cambodia, Thailand, Bahrain, Brunei, Oman, Qatar and the United Arab Emirates.
As of 30 June 2024
As our initiative is to build our online presence, we are also available online via our e-Commerce site Padini.com.
In the financial year 2021, we launched Padini mobile application to provide frictionless e-shopping experience to
our customers and continuous improvement on the application is made from time to time. Our own website is not
restricted to only locals, but also expanded to Singapore.
While we may have grown in size, we will continue to strive to offer the best fashion, quality and value to our customers.
15
FY2024 HIGHLIGHTS & LEADERSHIP
FIVE YEARS
GROUP FINANCIAL HIGHLIGHTS
2024 2023 2022 2021 2020
Amounts in RM thousand (RM’000) unless otherwise stated
Revenue 1,918,847 1,822,129 1,319,097 1,029,387 1,354,679

Increase/(Decrease) in revenue 96,718 503,032 289,710 (325,292) (428,343)
Increase/(Decrease) in revenue (%) 5.3% 38.1% 28.1% (24.0%) (24.0%)
Profit before tax 196,738 295,891 205,110 74,146 107,321

(Decrease)/Increase in profit before tax (99,153) 90,781 130,964 (33,175) (111,944)
(Decrease)/Increase in profit before tax
(33.5%) 44.3% 176.6% (30.9%) (51.1%)
(%)
Profit attributable to equity holders of the

146,595 222,691 154,103 54,057 75,174
Company
(Decrease)/Increase in profit attributable
to equity holders (76,096) 68,588 100,046 (21,117) (84,992)
(Decrease)/Increase in profit attributable

(34.2%) 44.5% 185.1% (28.1%) (53.1%)
to equity holders (%)
Net assets 1,111,110 1,040,088 891,050 801,786 765,780

Changes in net assets 71,022 149,038 89,264 36,006 25,436
Changes in net assets (%) 6.8% 16.7% 11.1% 4.7% 3.4%
Deposits, cash and bank balances 791,040 605,315 808,853 523,758 441,474
Interest bearing borrowings 13,495 3,994 379 653 2,546
Net assets per share (sen) 168.9 158.1 135.4 121.9 116.4
Changes in net assets per share (sen) 10.8 22.7 13.5 5.5 3.9
Changes in net assets per share (%) 6.8% 16.7% 11.1% 4.7% 3.4%
Basic earnings per share (sen) 22.28 33.85 23.42 8.22 11.43
Changes in basic earnings per share
(11.6) 10.4 15.2 (3.2) (12.9)
(sen)
Changes in basic earnings per share
(34.2%) 44.5% 185.1% (28.1%) (53.1%)
(%)
Dividend per share (sen) 11.5 11.5 10.0 2.5 7.5

Changes in dividend per share (sen) – 1.5 7.5 (5.0) (4.0)
Changes in dividend per share (%) – 15.0% 300.0% (66.7%) (34.8%)
Gross Profit Margin (%) 36.2% 39.4% 38.5% 37.8% 39.7%

Net Profit Margin (%) 7.6% 12.2% 11.7% 5.3% 5.5%
Dividend payout ratio (%) 51.6% 34.0% 42.7% 30.4% 65.6%
16
Fiver Years Group Financial Highlights

(Cont’d)
REVENUE (RM‘000) Profit before tax (RM‘000)
1,918,847
1,822,129 295,891
1,354,679 1,319,097
205,110
1,029,387 196,738
107,321
74,146
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Net assets (RM‘000) Net assets per share (sen)
1,111,110 168.9
1,040,088 158.1
891,050 135.4
801,786 121.9
765,780 116.4
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
EARNINGS per share (sen) DIVIDEND PER SHARE (sen)
33.85
11.5 11.5
23.42 10.0
22.28
7.5
11.43
8.22
2.5
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
17
BUSINESS
HIGHLIGHTS
2024 2023 2022 2021 2020

(Square (Square (Square (Square (Square
feet) feet) feet) feet) feet)
Floor area operated (Malaysia) *^ 1,412,000 1,362,000 1,387,000 1,350,000 1,477,000
Floor area operated (Thailand) *^ 12,000 12,000 12,000 12,000 11,000
Floor area operated (Cambodia) *^ 65,000 65,000 41,000 41,000 41,000
* As at 30 June
^ Rounded in thousand
AUGUST 2023 SEPTEMBER 2023 OCTOBER 2023
Vincci VNC Portofino

Johor Bahru City Square Bangkapi (Thailand) Queensbay Mall
New Opening New Opening New Opening
Padini Concept Store Vincci

Johor Bahru City Square Ipoh Parade
New Opening New Opening
Padini Concept Store

Aeon Mall Ipoh Klebang
New Opening
18
Business Highlights
(Cont’d)
NOVEMBER 2023 DECEMBER 2023 APRIL 2024
Vincci Brands Outlet Padini Concept Store

Aeon Mall Kota Bharu Johor Bahru City Square Batu Pahat Mall
New Opening New Opening New Opening
Padini Concept Store Padini Concept Store

Aeon Mall Cheras Selatan Sunway Big Box
New Opening New Opening
Padini Concept Store

Plaza The Exchange TRX
New Opening
Vincci
Plaza The Exchange TRX
New Opening
19
NON-FINANCIAL
HIGHLIGHTS
A total of approximately LED lighting solutions offering Nearly 585 hours

648,700 eco-friendly a reduction in energy spent by employees on
footwear and apparel consumption of volunteering
units were procured 49% wattage in lighting of
each store
Approximately RM499,000 100% Employees participated Approximately RM221,000

allocated for training in training focused on The (cash and in kind) has been
programmes encompassing Whistleblowing Policy and donated which included
all employees Anti-Bribery And approximately 1,900
Anti-Corruption Policy cartons of clothing were
given as donations
Employee Wages & Benefits Payment To Governments Total of

approximately amounted to (Direct Tax) more than 19 NGOs Benefited
RM228 million RM65 million
Employee discounts
ranging from 20% to 40% of
Padini products
Biodegradable Plastics Approximately 1,600 of Total 4.2gWh Clean

Bags at All Stores. Covid-19 tests kit donated Energy produced from
Recycled and sustainable Solar Installation
Paper Bags, hand tags and
shoe boxes at Vincci Stores
(The information presented is derived from the period of 1 July 2023 to 30 June 2024)
20
CHAIRMAN'S
STATEMENT
Group Performance Overview
On behalf of the Board The Group maintained commendable performance in the

financial year 2024 despite the challenging business climate
of Directors, it is my caused by rising living costs, higher goods prices and increased
pleasure to present the interest rates.
Integrated Annual Report For the financial year under review, the Group achieved a
and the Audited Financial consolidated revenue of RM1.92 billion, marking a 5.3% growth
Statements of Padini compared to the previous year’s revenue of RM1.82 billion.
Despite facing challenges from a volatile global environment,
Holdings Berhad and its the domestic market continued to progress, supported by strong
subsidiaries (“Padini” or “the household spending. Changes to the Employment Act 1955 in
Malaysia, which included salary adjustments to the staff and
Group”) for the financial other escalating inflationary employment condition, led to an
year ended 30 June 2024. overall increase in employment expenses. As a result, despite
the Group’s revenue growth, profit before tax decreased by
33.5% compared to the previous financial year.
Throughout the past year, most countries worldwide transitioned

towards COVID-19 endemicity, a defining milestone that brought
Revenue an end to the era of highly uncertain and disruptive activities. This
shift towards endemicity paved the way for the gradual reopening
RM1.92 billion of economies, the easing of travel restrictions and the revival of
FY2023: RM1.82 billion social interactions. This shift towards endemicity also brought
about certain challenges. One notable consequence has been
an unprecedented surge in consumer goods demand which
Profit surpasses available supply. Supply chain and logistics issues
before have continued to adversely affect market players. Guided by
tax capable leadership, Padini has been able to mitigate some of
RM196.74 million these effects with the sustained efforts of dedicated staff and
FY2023: RM295.89 million long-term relationships built with customers, suppliers and
other stakeholders. Overall, the Group’s performance reflects its
resilience and ability to thrive amidst challenging circumstances,
showcasing its effective strategies and adaptability in an ever-
Earnings changing economic landscape.
per share
22.28 sen The eruption of the Russian-Ukraine war was a jolt to the then
FY2023: 33.85 sen recovering world economy. Resultant effects with significant
increases in commodity prices, especially crude oil, gas,
metals and food grains and oils, have spurred inflation globally.
Malaysia’s Gross Domestic Product (“GDP”) has benefited
significantly from the increases in commodity exports, but inflationary effects have adversely affected disposable
incomes and consumer sentiment and spending, especially on discretionary goods and services. Padini, to a large
extent, operates in a segment of the consumer market that is less susceptible to the impact of these developments.
Nevertheless, there is an indirect impact on Padini arising from the inflationary cost pressure. Padini will continue
to strategise to adapt to the changing economic conditions and manage potential challenges arising from the global
economic situation to ensure sustained growth and profitability.
During the year, Padini had experienced delay in certain shipments arising from unrest caused by the embattled
government of Bangladesh. Padini was able to manage this supply chain issue by having sufficient inventory level
and buffer lead time.
The following section in the Management Discussion and Analysis provides a more comprehensive view on Padini’s
performance, as well as the risks and challenges the Group is exposed to.
21
Chairman's Statement
(Cont’d)
Future outlook Strengthening the Board
Continuing geopolitical tensions amongst the global As part of the Board renewal process, Padini has brought
powers have significant adverse effects on global in a new Independent Non-Executive Director, Mr Ng
economic growth, trade flows, supply chain disruptions, Chee Hoong, who we are confident, will be able to
inflation, interest rates and currency volatility. The positively contribute his skills, experience and views to
central banks of the major G7 countries have clearly further strengthen the bench strength in dealing with the
demonstrated their resolve to stem inflation with future needs and sustainability of the Group. The Board
significant interest rate increases to curtail demand for of Directors wishes to extend a very warm welcome to
goods and services. Coupled with sustained high energy Mr Ng.
costs, especially in Europe, it is a major concern that
weak, and possibly recessionary, economic conditions We look forward to working collaboratively and achieving
are triggered in many countries. new milestones together.
China, the second largest economy in the world, is

the latest country to be significantly impacted by the Appreciation
geopolitical-economic tensions. The significant slowdown
in their economy will have a far-reaching impact on its On behalf of the Board of Directors, I wish to express my
trading partners, especially Asia. deepest appreciation to all our customers, shareholders,
suppliers, professional service providers, bankers and all
Looking inward, the Group’s domestic operations other business associates for their continuous support
continue to be the main driver of revenue and profits. and trust.
Malaysia continues to demonstrate resilience given the
adverse global environment, inflation and rising prices, I would also like to express my gratitude to my fellow
which affects consumers’ purchasing power and lifestyle. Board members for their invaluable guidance and
Recent accelerated domestic GDP growth and stable unwavering support to the Management. The Board
domestic inflation rate give Malaysia a better competitive extends sincere appreciation and thanks to Mr Chia Swee
edge in the region. Additionally, Malaysia government Yuen and Mr Lee Peng Khoon, who have stepped down
initiated recent salary adjustment in public sector at from their positions on the Board after years of devoted
coming year end should have sustained purchasing service, acknowledging their significant past contributions
power and optimistically benefiting the consumer to the Group.
markets. These initiatives are expected to sustain higher
consumer demand, driving domestic economic growth Last but not least, I also want to acknowledge the hard
and enhancing the overall economic landscape. work, dedication and commitment of employees across
the Group, ranging from stores staff to those working
We are committed to leveraging Malaysia’s stable in our office and overseas operations. Their continued
economic positions and favourable market conditions to contributions are key to our future success.
maximise our performance. The Group will continue to
implement measures to protect the health and safety of The Padini Group looks forward to being able to create
our employees and customers, control cost, optimising more value for all the various stakeholders. May we
working capital, preserving cash and streamlining its continue to work together and forge ahead to achieve
operations to minimise the adverse impact. A good sustainable growth and success.
understanding of consumer needs, ability to deliver value
and speed-to-market will continue to be critical success
factors. These components have been ingrained into all
areas of the marketing, merchandising and supply chain
of the Group.
Datuk Lee Say Tshin
The Group is optimistic in successfully navigating through Chairman
the challenging business environment and delivering 18 October 2024
long-term value to shareholders.
22
MESSAGE FROM
MANAGING DIRECTOR
“We see it as our responsibility to work with integrity, transparency and
honesty. Our journey is not finite. It will continue on as an ever-changing
quest for improvement and reduced impact.”
We are honoured to present the Integrated Annual Report of Padini Holdings Berhad Group for the financial year
2024. As Managing Director and Chairman of Sustainability Committee, I work closely with my team to provide
dedicated focus to manage sustainability strategically, including the integration of sustainability considerations in
the operations of the Group.
We believe that with the continuous sustainable journey ahead, we will sustain through global changes and challenges.
ETHICAL AND RESPONSIBLE BUSINESS ETHICS
We believe that Padini not only upholds responsibility in accomplishment in business activities, but we are also mindful
in focusing on communication with stakeholders in ethical and sustainable ways. With that, we have revisited the fifteen
(15) identified sustainability material matters in the previous year which are vital to our business and stakeholders.
As we move forward, we intend to inculcate our sustainability governance and embed into our day-to-day lives’ good
sustainability practices within the Group. With this, the Board of Directors has endorsed the Group’s sustainability
agenda as one of the key priorities and will strive to promote environmental, social and governance (“ESG”) practices
in our strategies. We ensure that the Group complies with applicable laws and regulations, and we promote open
and transparent discussions, as well as constructive challenges on the Board and across the Group. We continually
strive to ensure best practices are being maintained and that governance is integral to our strategy and decision-
making processes for the benefit of our shareholders and other stakeholders.
CARING FROM THE HEART
Human capital is one of the important resources that Padini has placed high priority on. Being a responsible corporate
who would like to take part in the growth progression of the nation, we placed emphasis on local hiring and helping
vulnerable members of our communities, wherever we can, to make a difference. Salary reduction or retrenchment
are never on our list thus far, regardless how tough conditions that we may have.
I am also pleased to share that we have improved the diversity of our overall company. In the financial year 2020,
‘Live to Contribute’ was launched as our company’s initiative for an Inclusive Society. We continue this meaningful
initiative by working closely with Non-Governmental Organisations and government agency such as National Blood
Bank and Department for the Development of Persons with Disabilities, we have provided employment opportunities
to the Person with Disabilities to demonstrate their full potential, a platform to better display their abilities and thereby
encouraging and inspiring others in the society. This certainly would not work without the support of our internal
team members, and such training was conducted to ensure a smooth transition working with our new members. We
also continue to encourage our employees to volunteer and contribute to our community through our philanthropy
programmes. We have taken a step further by sending some of our staff to learn sign languages to strengthen
communications with our less abled staff.
23
Message from Managing Director

(Cont’d)
During the past year, we have contributed RM221,000 in

cash and in kind and approximates one thousand nine
hundred (1,900) cartons (Equivalent to approximately 5,000
pieces) of clothing to charitable organisations. It is reassuring
to witness the enthusiasm for Padini’s sustainability journey
from employees at all levels. Padini’s success is built from
our own financial performance and long-term profitability is
only possible when we protect it through our actions on the
environment and society.
CARING FOR NATURE
In the financial year 2023, Padini introducted eco-friendly

products as part of our efforts and step towards mitigating
climate change and preserving natural resources. By
integrating these eco-friendly products into our brand’s
portfolio, we strive to inspire and encourage our customers
to join us on the journey towards a more sustainable future.
We believe that every small step matters, and together, we
can make a significant contribution to the preservation of
our planet for future generations. This initiative reflects our
ongoing efforts, and we will continue to explore a wider range
of eco-friendly products in the coming years.
The following section of the sustainability statement provides

a more detailed view of Padini’s initiatives in environmental,
social and governance aspects.
APPRECIATION
On behalf of the Board of Directors, I would like to thank

all of those who form part of the Padini family for their
work and effort. Your involvement and commitment are
essential in keeping our challenges and dreams alive and
in moving forward successfully. We will continue to pursue
the sustainable development of society and our company
through dialogue and proactive information disclosure to
our stakeholders.
The Sustainability Statement section is our invitation to you

to learn more about what we have done and what we are
committing to do going forward, to bring our philosophy to
life. We hope that you will find this Integrated Annual Report
informative, as we aim to provide a better understanding on
how we operate and share information about our long-term
impact on society, and how they are fundamental to the
creation of our long-term business.
Mr Yong Pang Chaun

Managing Director
18 October 2024
24
PROFILE OF
DIRECTORS
Datuk Lee Say Tshin MR YONG PANG CHAUN
71 years of age, Malaysian, Male 73 years of age, Malaysian, Male
• Chairman of the Board • Managing Director

(Appointed as Chairman on 1 January 2024)
• Key Senior Management
• Member of Audit and Risk Committee
(Resigned as member on 1 January 2024)
• Member of Nominating and Remuneration
Committee
(Resigned as member on 1 January 2024)
• Independent Non-Executive Director
Datuk Lee was appointed to the Board on 1 July 2023. Mr Yong was appointed to the Board on 26 March 1992.
Datuk Lee graduated from the University of Malaya with An entrepreneur with extensive hands–on experience in
a Bachelor of Economics (Honours) in 1975. the textiles and apparel industry, he has been and still is
primarily responsible for the achievements of the Group.
He is an accomplished banker with over forty-eight
(48) years of experience in banking industry, having After completing his secondary education, he joined
held various positions in HSBC Bank Malaysia Berhad, a textile merchant in Singapore where he gained
including Managing Director of Strategic Business considerable experience in the textile trade. Returning to
Development prior to his retirement in 2013. He is Malaysia several years later, he set up the Company’s first
currently the Vice Chairman, Strategic Initiatives for HSBC subsidiary in 1971 to manufacture ladies fashion. From
Bank Malaysia Berhad. Datuk Lee also a Council Member there, other businesses were set up and since then he
of the Malaysia-China Business Council. has always set the strategies for the development of the
Group. The recent success of the Group’s brands and
Other than his directorship with Padini Holdings Berhad, the presence that the brands command in the domestic
he is also the Independent Non-Executive Chairman of market today are attestations to his entrepreneurial skills.
CJ Century Logistics Holdings Berhad and Independent His ability to analyse fashion trends and to react quickly
Non-Executive Director of Alpha IVF Group Bhd. and IGB to take advantage of changes in market conditions and
REIT Management Sdn. Bhd. consumers’ preferences, has resulted in the Group being
provided with tremendous opportunities for continued
For the financial year under review, he has attended all growth. Today, he continues to manage the strategies
five (5) meetings of the Board of Directors. and plans for the Group’s future.
Other than his directorship with Padini Holdings Berhad,

he is not serving as a director in any other public
companies.
For the financial year under review, he has attended all

five (5) meetings of the Board of Directors.
25
Profile of Directors
(Cont’d)
Mr Andrew Yong Tze How Mr Benjamin Yong Tze Jet

43 years of age, Malaysian, Male 40 years of age, Malaysian, Male
• Executive Director • Executive Director

• Key Senior Management • Key Senior Management
Mr Andrew Yong was appointed to the Board on 3 Mr Benjamin Yong was appointed to the Board on 15
December 2015. July 2016.
He graduated from the California State University, After graduating with a Bachelor’s Degree in Arts, Media &
Northridge, Los Angeles, California with a Bachelor’s Communication from the University of Melbourne, Victoria,
Degree in Computer Science. From April 2006 to May Australia in 2005, Mr Benjamin Yong started his career
2008, he worked as a AS400 programmer contracted as a Merchandising Assistant with Padini Merchandising
to Patimas PSG and a system operator in Prudential department in September of the same year. He was
services. promoted to the position of Merchandiser in 2007 and
appointed as the Brand Manager for Padini Workwear
He joined Padini in June 2008 as IT manager in Padini in 2009. He is now the Head of Design, Merchandising
Dot Com Sdn. Bhd. managing all IT operations, system and Retail of the Group and is responsible for the overall
implementations and IT assets for the Group. He was management, development and organisation of the
promoted to General Manager – Operations in August design, merchandising, retail and branding activities for
2015 and oversees, manage and direct overall operations the brands assigned to him.
of support departments of the Group.
Other than his directorship with Padini Holdings Berhad,
Other than his directorship with Padini Holdings Berhad, he is not serving as a director in any other public
he is not serving as a director in any other public companies.
companies.
For the financial year under review, he has attended all five (5) meetings of the Board of Directors.
26
(Cont’d)
Ms Chew Voon Chyn Ms Sung Fong Fui

42 years of age, Malaysian, Female 50 years of age, Malaysian, Female
• Executive Director • Executive Director

• Key Senior Management • Key Senior Management
Ms Chew was appointed to the Board on 20 February Ms Sung was appointed to the Board on 23 May 2018.
2017.
She is currently holding the position of Group Chief
She graduated from Parsons School of Design, New York Financial Officer in Padini Holdings Berhad. She is a
with a Bachelor’s Degree in Business Administration, member of the Malaysian Institute of Accountants and
majoring in Design & Management. She worked as a Fellow of Chartered Certified Accountant, UK.
merchandising assistant in Calvin Klein Jeans, New York
in year 2005. She has more than twenty (20) years of experience in
audit and assurance, listing and corporate advisory work.
She joined Vincci in August 2005 as Design & Prior joining Padini in May 2017, she was an audit partner
Merchandising Executive till July 2007. From August 2007 in a large international accounting firm and was also the
till June 2009, she was redesignated as Trend Developer technical partner of the firm. Apart from audit, she has
cum Merchandiser, who managed the Research & wide range of experience covering due diligence review,
Development department. She was promoted to Brand business advisory work and technical support to corporate
Manager for Vincci Accessories & Vincci + in July 2009 exercises engagements varying from reverse takeover,
till December 2013. From January 2014 till present, she initial public offerings and others. Her client portfolio
is the Brand Manager for the entire Vincci group. includes local and international companies covering a
broad spectrum of industries.
Other than her directorship with Padini Holdings Berhad,
she is not serving as a director in any other public She is currently a member of the ACCA Malaysian
companies. Advisory Committee since February 2022.
For the financial year under review, she has attended all Other than her directorship with Padini Holdings Berhad,
five (5) meetings of the Board of Directors. she is not serving as a director in any other public
companies.
For the financial year under review, she has attended all
27
(Cont’d)
Mr Christopher Yong Tze-Yao Ms Tan Shi Wen

38 years of age, Malaysian, Male 37 years of age, Malaysian, Female
• Executive Director • Member of the Audit and Risk Committee

• Key Senior Management • Member of Nominating and Remuneration
Committee
Mr Christopher Yong was appointed to the Board on 1 Ms Tan was appointed to the Board on 21 September
September 2023. 2021.
He graduated from Monash University, Victoria Australia She holds a LL.B. (Hons) from the University of
in 2009, Mr Christopher Yong started his career in Brands Manchester. She also holds a Postgraduate Diploma
Outlet as an Assistant Merchandising Manager. He was in EU Competition Law and LL.M (Master of Laws) in
promoted as a Merchandiser in 2010 and subsequently a International Commercial Law.
Senior Merchandiser in 2011. Mr Christopher Yong took a
Managerial role in 2014 in Brands Outlet as an Assistant She is a practising corporate lawyer at Messrs Skrine,
Merchandising Manager and was then promoted to where she commenced legal practice after her admission
a Brand Manager for Brands Outlet in 2015. His role to both English and Malaysian Bar. She has been a
as a Brand Manager includes merchandise planning, partner of Messrs Skrine since 2018 and has been in
marketing strategies, outlet operations, outlet design, practice for over ten (10) years. Throughout her practice,
stock distribution, leasing, advertising and promotions, she has been involved in advising on numerous exercises
social media and overall strategic planning. for international and local companies ranging from
mergers and acquisitions, to business reorganisations,
Other than his directorship with Padini Holdings Berhad, corporate governance and regulatory compliance. She
he is not serving as a director in any other public is also the Co-Head of Skrine’s Competition Practice
companies. and has in-depth knowledge and experience in this area.
For the financial year under review, he has attended Other than her directorship with Padini Holdings Berhad,
all four (4) meetings of the Board of Directors since his she is also the founder and currently a director of SESO
appointment. Berhad, a public company (a non-profit enterprise which
aims to combat food waste and food poverty).
For the financial year under review, she has attended all
28
(Cont’d)
Ms Tan Poh Ling Mr Timothy Tan Heng Han

54 years of age, Malaysian, Female 43 years of age, Malaysian, Male
• Chairman of Nominating and Remuneration • Member of Audit and Risk Committee

Committee • Member of Nominating and Remuneration
(Redesignated as Chairman on 1 January 2024)
Committee
• Member of Audit and Risk Committee • Independent Non-Executive Director
(Resigned as Chairman and redesignated as member
on 1 January 2024)
Ms Tan was appointed to the Board on 1 July 2022. Mr Timothy Tan was appointed to the Board on 1 July
2023.
She is a member of Malaysian Institute of Certified
Public Accountants, Malaysian Institute of Accountants, He holds a Bachelor of Business from University of
Chartered Tax Institute of Malaysia, ASEAN Federation Technology Sydney, Australia. He also holds Diploma in
of Accountants and Financial Planning Association of Marketing Communication from International Advertising
Malaysia. Association and Diploma in Marketing Research from
Marketing Research Society of Australia.
She joined one of the Big Four accounting firm in Malaysia
in 1990 and obtained her professional qualification there. Mr Timothy Tan started his career as a Worksite Marketing
Executive with Allianz Life Insurance (M) Berhad from
Ms Tan has over thirty (30) years in the area of auditing, 2003 – 2004. In 2004, he Joined Kawan Food Berhad as
corporate advisory, accounting, taxation, financial due the Head of Export and he was promoted to the position
diligence and mergers and acquisitions. She is currently of Director of International Business of Kawan Food
the Managing Partner of Total International Associates, Berhad. In 2015, Mr Timothy was further promoted to
an audit firm based at Kuala Lumpur. the position of the Group Managing Director and he held
this position until 2020. He is currently a consultant for
Other than her directorship with Padini Holdings Berhad, International Business.
she is also a Non-Independent Non-Executive Director
of Euro Holdings Berhad. Other than his directorship with Padini Holdings Berhad,
he is not serving as a director in any other public
For the financial year under review, she has attended all companies.
29
(Cont’d)
Mr Ng Chee Hoong Mr Lee Peng Khoon

(Resigned from Board on 31 December 2023)
57 years of age, Malaysian, Male (Information as at 31 December 2023)
71 years of age, Malaysian, Male
• Chairman of Audit and Risk Committee • Chairman of Nominating and Remuneration

• Member of Nominating and Remuneration Committee
Committee • Member of the Audit and Risk Committee
• Independent Non-Executive Director • Senior Independent Non-Executive Director
Mr Ng was appointed to the Board on 1 January 2024. Mr Lee was appointed to the Board on 6 January 2014.
He is a member of the Association of Chartered Certified He qualified as a Chartered Accountant in 1978 in a

Accountants, the Malaysian Institute of Accountants, London firm of chartered accountants. He is a member
and the Chartered Tax Institute of Malaysia. Mr Ng is a of the Malaysian Institute of Accountants and the Institute
practising accountant and auditor with over thirty (30) of Chartered Accountants in England & Wales.
years of experience in public practice, specialising in audit
and assurance, investigation work, and advisory services. On his return to Malaysia in 1981, he joined a big four
auditing firm as an audit senior and later audit manager.
From June 1990 to April 2020, Mr Ng was a partner in He then held senior management positions in private
various mid-tier accounting firms in Malaysia, with a brief and public companies that were involved in plantation,
period from March 2017 to February 2019 when he served property development, credit financing, manufacturing
as the Chief Financial Officer of an oil palm and rubber & trading, countertrade and trade financing, investment
plantation company. He is currently the sole partner of holding and chartering & engineering in the oil and
an accounting firm which provides audit, taxation and gas sector. He is presently a self-employed general
advisory services. consultant.
Other than his directorship with Padini Holdings Berhad, Other than his directorship with Padini Holdings Berhad,
he is also an Independent Non-Executive Director he is not serving as a director in any other public
of Tan Chong Motor Holdings Berhad. He was also companies.
the Independent Non-Executive Director of Pestech
International Berhad and SSF Home Group Berhad For the financial year under review, he has attended all
and retired on 26 March 2024 and 10 October 2024, three (3) meetings of the Board of Directors prior to his
respectively. retirement from the board.
For the financial year under review, he has attended

all two (2) meetings of the Board of Directors since his
appointment.
30
(Cont’d)
Mr Chia Swee Yuen

(Resigned from Board on 31 December 2023)
(Information as at 31 December 2023)
67 years of age, Malaysian, Male
• Chairman of the Board, Independent Non-Executive Director
Mr Chia was appointed to the Board on 2 May 2014.
He graduated from the University of Malaya with a Bachelor of Accounting (1st Class Hons). He is a member of the
Malaysian Institute of Accountants (“MIA”). He was formerly a member of the Examination Committee of the Certified
Credit Professional (Business) of the Asian Institute of Chartered Bankers (“AICB”) (formerly known as Institut Bank-
Bank Malaysia). In recognition of his contributions and services rendered to AICB and the banking Industry, he was
elected by the Council as an Associate Fellow of AICB.
He started his career in 1980 with SGV-Kassim Chan Sdn Bhd, a management consultancy firm, conducting financial
feasibility and marketing studies, review of operational processes and financial training.
From 1984 to 1987, he was with Malaysian Resources Corporation Berhad, a diversified listed group with businesses
in the manufacturing, trading, credit & leasing, credit card, construction and property development areas, in charge
of the corporate planning, accounting and tax, information technology and general administration areas.
Since 1988 up to his retirement in the financial year 2015, he has been with the banking sector, heading varied areas
of marketing, branch management, credit evaluation, credit operations and risk management with Overseas Union
Bank (M) Bhd and Ambank (M) Bhd. Customer segment handled is mainly in business banking.
Other than his directorship with Padini Holdings Berhad, he is also an independent non-executive director of New
Hoong Fatt Holdings Berhad.
For the financial year under review, he has attended all three (3) meetings of the Board of Directors prior to his
retirement from the board.
31
(Cont’d)
Other Information
i. Family Relationship
Mr Yong Pang Chaun is the spouse of Ms Chong Chin Lin who is the substantial shareholder of the Company.
Mr Andrew Yong Tze How, Mr Benjamin Yong Tze Jet and Mr Christopher Yong Tze-Yao are sons of Mr Yong
Pang Chaun and Ms Chong Chin Lin. Ms Chew Voon Chyn is the niece of Mr Yong Pang Chaun as well as
cousin to Mr Andrew Yong Tze How, Mr Benjamin Yong Tze Jet and Mr Christopher Yong Tze-Yao. None of
the other Directors above have any family relationship with one another. Mr Yong Pang Chaun and Ms Chong
Chin Lin are the major shareholders in the company by virtue of their interest in Yong Pang Chaun Holdings
Sdn Bhd which owns a 43.74% interest in the shares in the Company as at 30 June 2024.
ii. Conflict of Interest

None of the Directors have any conflict of interest or potential conflict of interests with the Group.
iii. Convictions for offences

None of the Directors have been convicted for offences within the past five (5) years other than for traffic
offences, if any.
iv. Material Contracts

No material contracts had been entered into for the financial year under review between the Group and the
Directors and/or Major Shareholders.
v. No. of board meetings held

Five (5) Board meetings were held during the financial year ended 30 June 2024.
vi. Non-audit fee

There was a non-audit fee of RM6,900 were paid to BDO PLT during the financial year.
vii. Key senior management

The key senior management are also the Executive Directors of the Company and their particulars are disclosed
in the Director’s Profile.
viii. Employee Share Option Scheme

On 26 August 2022, the Company proposed to establish an Employees’ Share Option Scheme (“Proposed
ESOS”) involving up to 15% of the total number of Issued Shares of Padini (excluding Treasury Shares, if
any) for eligible Executive Directors and Employees of Padini and its subsidiaries (“Padini Group” or “the
Group”). The Proposed ESOS involves the granting of ESOS options to Executive Directors and Employees
of the Group who meet the criteria of eligibility. The Proposed ESOS, when implemented, shall be in force for
a period of five (5) years from the effective date, with an option to extend another five (5) years.
The Proposed ESOS had been approved at the Annual General Meeting (41st AGM) on 25 November 2022.
However, some of the other resolutions relating to the proposed allocations thereto were not carried.
Pursuant to Paragraph 6.42 of the Main Market Listing Requirements of Bursa Securities, the implementation
of the ESOS is effective from 3 March 2023.
As of the reporting date, no ESOS option has been offered to eligible Executive Directors and employees of
the Company and its subsidiaries.
ix. Acquisition of Land and building

On 19 July 2024, Padini Dot Com Sdn. Bhd., a wholly-owned subsidiary of the Company, entered into a Sale
and Purchase Agreement to acquire a freehold land and building for a total cash consideration of RM5,000,000.
x. Proposed Bonus Issue of Shares

On 27 August 2024, the Company announced to Bursa Securities the proposed issuance of up to 328,954,750
new ordinary shares in Padini (“Padini Shares”) (“Bonus Shares”) on the basis of one (1) Bonus Share for
every two (2) existing Padini Shares held on the Entitlement Date (“Proposed Bonus Issue of Shares”).
The proposed Bonus Issue of Shares will be tabled for the shareholders’ approval at the 43rd Annual General
Meeting.
32
DIRECTORS' RESPONSIBILITY
STATEMENT
IN RESPECT OF THE ANNUAL AUDITED FINANCIAL STATEMENTS
Pursuant to paragraph 15.26 (a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad
and as required by Companies Act 2016 in Malaysia, the Directors are responsible for the preparation of financial
statements which give a true and fair view of the financial position of the Company and its subsidiaries as at the end
of the financial year, and of the financial performance and cash flows for the financial year then ended.
In ensuring the preparation of these financial statements of Padini Holdings Berhad, the Directors have ensured
the following:-
• Adopted suitable accounting policies and apply them consistently;

• Made judgements and estimates that are reasonable and prudent; and
• Making of judgements and estimates that are appropriate, reasonable and prudent.
The Directors are responsible for ensuring that proper accounting and other records are kept which disclose with
reasonable accuracy the financial position of the Company and ensuring that the financial statements comply with
the provisions of the Companies Act 2016.
The Directors are also responsible for taking reasonable steps to safeguard the assets of the Group, and to prevent
and detect fraud and other such irregularities.
33
MANAGEMENT DISCUSSION & ANALYSIS
MANAGEMENT DISCUSSION
& ANALYSIS
The following management discussion & analysis is a review of the business and operation,
discussion of the financial results and condition, performance of operating segments, risk and
uncertainties and future outlook of Padini. This management discussion & analysis should be
read in conjunction with the company’s audited financial statements and the accompanying
notes for the financial year ended 30 June 2024.
1. OVERVIEW OF THE GROUP’S BUSINESS AND OPERATION
Padini’s vision is to be the best fashion company ever in Malaysia and the region. Our mission is to exceed
customers’ expectations and our brands’ promise. Forward planning, creativity, innovation, teamwork, resources
and infrastructure development and consistent execution of strategies are required to achieve the aforesaid
vision and mission. With the key enablers progressively put in place, the Group has continued to forge ahead
notwithstanding the challenging economic environment.
Retail has always been and will continue to be ever changing and evolving. Attaining new customers is a
good way to grow and getting existing customers to return is the lifeblood of any business. Consumers always
have high expectations and have their pick when it comes to buying a product. We need to be ever iridescent
in the eyes of consumers, to attract and retain their interest and increase the traffic to our retail stores and
e-Commerce. As always, a good understanding of consumers’ needs, and speed of delivery are of the utmost
importance. The latest fashion trends need to be made available in store in the shortest time possible, at the
right price, before it loses its appeal. Apart from that, post-purchase customer experience is also important to a
business, how we treat our customers after their purchases determine the customers’ satisfaction completion.
The question lies in who can execute this and execute it well, every time. Padini is learning every day to improve
the lead time in every step by improving the efficiency and processes.
While we are confident on the longer-term outlook, the immediate focus is on adapting to the changes of the
market conditions, including challenges from cost inflationary pressure, volatile market sentiment, shopping
behavior and meeting the customers’ needs; prudent cost management at all operational levels and provide
products that are good in value by increasing the efficiency throughout our value and supply chain.
While the Covid-19 pandemic in previous years undoubtedly brought significant challenges and disruption to
business, it has also created new opportunities on acceleration of the digital transformation. In the post pandemic
era, retailers need to continue to leverage the right technology to offer value-for-money products and services
that can be purchased conveniently through multiple channels. Moving to digital and finding the right model for
the online channel and distribution in the retail industry is a key success factor in digital retailing. However, we
believe our customers appreciate that the touch-n-feel and brick and mortar is an important platform to create
wonderful experiences which would not be replicated in the digital world. We believe in working towards the
direction where the brick and mortar model and online retail model complement each other to provide a richer
shopping experience for our customers.
We have yet to see significant contribution from the sales to Singapore via our own digital retailing platform.
Although the contribution is relatively small during the year, we are still positive to the long-term contribution
from Singapore.
Process automation is another by-product arising from digitalisation. We are taking steps to improve automation
in our warehouse operations. This is one of the key developments in the financial years 2023, 2024 and 2025.
We have invested approximately RM20 million in these improvements during the financial years 2023 and
2024.
34
Management Discussion & Analysis

(Cont’d)
1. OVERVIEW OF THE GROUP’S BUSINESS AND OPERATION (CONT'D)
In addition, Padini is investing in a Radio Frequency Identification (“RFID”) system for inventory tracking and
management. RFID hardware and software have been installed at our warehouse and outlets and are currently
in the testing phase before the official launch, and we are expecting the project to go live in the financial year
2025. We believe this total investment of more than RM10 million will lead to better efficiency in inventory
management, eliminate limitations arising from shortage of workers, reduce human error and inventory losses.
To improve the efficiency of stock movement and logistics in both East Malaysia and Peninsular Malaysia, the
Group plans to establish logistics hubs in East Malaysia, southern region and northern region. A warehouse
which costs RM5 million in the southern region had been purchased subsequent to the financial year end.
This development is anticipated between the financial years 2025 and 2029. The Group believes these hubs
will help shorten lead times for stock transitions, improve top line growth and reduce carbon emissions.
Padini will continue to leverage technology on our business growth and setting business strategy in all aspects.
2. FINANCIAL RESULTS AND BUSINESS REVIEW
The following presents the Group’s financial and business review for the financial year ended 30 June 2024
(“2024”), compared to the financial year ended 30 June 2023 (“2023”).
Revenue and gross profit The other income of the Group increased by RM9.0
million or 33.8%, rising from RM26.6 million to
For the financial year under review, the Group has RM35.6 million as compared to the financial year
performed well, despite the challenging business 2023. This increase is primarily due to the accretion
environment. The Group recorded consolidated of discount from deposits for leases of RM4.3
revenue of RM1.92 billion, representing an increase million and incentive of RM3.7 million received
of 5.3% over the previous financial year’s amount from the landlord to cover specific costs, such
of RM1.82 billion. Despite a revenue increase, as renovation etc. during the financial year under
profit before tax dropped by approximately RM99.2 review.
million or 33.5% from the previous financial year’s
RM295.9 million. The decrease is partially due to Operating expenses
rising staff costs and the decrease in the gross profit
margin. Consequently, the total comprehensive Operating expenses before finance costs for the
income for the financial year attributable to financial year under review amounted to RM508.6
the owners of the Company decreased by million (2023: RM426.7 million) which is increased
approximately 34.2% or RM76.1 million, compared by RM81.8 million or 19.2% as compared to last
to the amount of RM222.7 million achieved in the financial year.
previous financial year.
The increase is primarily a result of a RM45.4 million
The gross profit margin for the financial year rise in salaries and employee incidental expenses
decreased by 3.2%. The margin fluctuates due due to salary increments and adjustments made
to various factors, including sales mix, types of in the second half of the financial year 2023.
promotion, types of product offer for sales, varied Depreciation increased by RM27.6 million due
purchase cost and other related influences. to the opening of thirteen (13) stores during the
financial year under review. In addition, the increase
Other income in depreciation is also due to the renovation of
eleven (11) stores, compared to five (5) stores
The primary factor contributing other income stream in the last financial year. Besides these, we have
from interest income obtained from local financial increased spending on advertising and promotion
institutions, constituting 55.5% of the total other by approximately RM3 million to enhance brand
income during the financial year 2024. visibility. In addition, security expenses have been
increased by approximately RM4 million to ensure
safeguarding of our assets at the outlets.
35

(Cont’d)
2. FINANCIAL RESULTS AND BUSINESS REVIEW (CONT'D)
Finance costs Tax expense
The Group’s finance costs increased to RM25.4 Tax expense of the Group decreased from RM73.2
million from RM21.7 million mainly attributable to million to RM50.1 million which is in line with the
the increase in interest expense on lease liabilities decrease in profit reported in 2024. The Group’s
resulting from total thirteen (13) stores that were effective tax rate in 2024 was 25% (2023: 25%)
opened during the financial year 2024 as compared which approximates to statutory income tax rate
to eight (8) stores in the financial year 2023. In of 24%.
addition, the increase in finance costs was also
due to increased hire purchase borrowing for
warehouse automation which led to a rise in hire
purchase interest expenses by RM0.3 million.
Retailing – Domestic and Abroad
The Group’s domestic operations continued to be the main driver of its revenues and profits, and garments,
shoes and fashion accessories remain the main products of the Group.
In the financial year 2024, the domestic market contributed approximately 96.6% of the Group's consolidated
revenue (2023: 96.8%), while the overseas market contributed 3.4% (2023: 3.2%).
In the domestic market, our products are sold through numerous retail stores, consignment counters, as well
as internal and external online portals.
In the multi-brand Padini Concept Stores and single-brand stores, our products are carried under the following
brand names; Vincci, Vincci Accessories, Vincci Mini, Padini Authentics, PDI, Padini, Seed, Miki, and P&Co, all
of which are owned by the Group. All the aforementioned brands are widely known by Malaysian consumers
and are easily available in the major shopping malls in Malaysia. In addition to those, the Group also utilises a
number of house brands to market the value-for-money merchandise that it offers for sale in its Brands Outlet
stores.
For the financial year under review, the individual performance of the five (5) trading subsidiaries are indicated
in the table below.
Financial Year Ended
30.6.2024 30.6.2023 30.6.2022 30.6.2021 30.6.2020

Company (RM’million) (RM’million) (RM’million) (RM’million) (RM’million)
Vincci Ladies’ Specialties
Centre SB
Revenue 235.5 208.8 120.9 114.0 169.7
Profit/(Loss) before tax 41.5 49.6 19.8 (3.0) 16.1
Padini Corporation SB
Revenue 610.3 608.1 460.2 340.0 440.1
Profit before tax 43.3 96.1 71.9 25.5 41.4
Seed Corporation SB
Revenue 176.4 178.8 117.1 91.1 119.0
Yee Fong Hung (M) SB
Revenue 807.5 740.6 553.0 430.6 558.1
Mikihouse Children’s Wear SB
Revenue 42.6 43.2 28.6 25.9 30.2
All trading subsidiaries in the domestic market were in profitable position for the financial year 2024.
36

(Cont’d)
Retailing – Domestic and Abroad (Cont'd)
The following table provides a summary of the Group’s domestic retail network, analysed according to our
brands, and markets, as at the various dates indicated.
As at As at As at As at As at
Brands – Domestic Market
30.6.2024 30.6.2023 30.6.2022 30.6.2021 30.6.2020
Vincci, Vincci Accessories,

Vincci Mini
Free-standing stores 20 18 13 12 15
Consignment counters 1 1 1 1 1
Seed
Free-standing stores – 1 1 1 1
Padini Authentics
PDI
Padini
Free-standing stores – 1 1 1 1
Miki Kids
P&Co
_ _ _
Consignment counters 1 1
Brands Outlet 52 50 52 49 55
Padini Concept Stores
49 44 45 46 48
(Multi-brands)
Total 140 135 133 130 141
In the domestic sector, the Group had as at 30 June 2024, a total of one hundred forty (140) retail stores
divided into twenty-eight (28) single-brand stores, forty-nine (49) Padini Concept Stores, fifty-two (52) Brands
Outlet stores and eleven (11) consignment counters. Except for six (6) Padini Concept Stores and six (6)
Brands Outlet stores which are located in Sabah and Sarawak, the rest of the stores are located throughout
Peninsular Malaysia.
The Group had in the financial year of 2024 opened six (6) Padini Concept Stores, one (1) Brands Outlet store
and five (5) Free-standing stores. There were one (1) Padini Concept Stores and six (6) Free-standing stores
closed during the financial year as part of the strategy to maximise return on equity and streamline operation.
Of the six (6) free-standing stores that were closed during the financial year, five (5) were in the same shopping
mall and were closed with the intention of converting them into Padini Concept Stores.
37

(Cont’d)
During the financial year under review, eleven (11) stores were temporarily closed for renovation and relocation
for the purpose optimising the store layout and enhance customers’ shopping experience. These eleven (11)
stores have been reopened during the financial year. Additionally, another five (5) stores were temporarily
closed as of year-end for renovation, with plans to reopen them in the first quarter of the financial year 2025.
As at 30 June 2024, the total gross floor area operated by the Group in Malaysia was about 1,412,000 square
feet (2023: 1,362,000 square feet), of which 737,000 square feet (2023: 697,000 square feet) and 619,000
square feet (2023: 610,000 square feet) respectively were for the Padini Concept Stores and Brands Outlet
stores, whilst the balance were for our single-brand stores.
For the overseas market, our presence is established through either managed by our own management (“own-
managed overseas stores”) or licensees (“Franchise stores”) arrangements.
For own-managed overseas stores, products are sold through retail stores and external online portals such as
Shopee and Facebook live. In the financial year 2023, we discontinued our Facebook live sales in Cambodia
to achieve greater cost efficiency. The number of own-managed overseas stores are as follows:-
30.6.2024 30.6.2023 30.6.2022 30.6.2021 30.6.2020
Cambodia
Brands Outlet 3 3 2 2 2
Padini Concept Stores 3 3 2 2 2
Total 6 6 4 4 4
Thailand
VNC 7 7 7 7 7
Revenue generated from own-managed overseas outlets accounted for 2.5% (2023: 2.4%) of the Group’s
consolidated revenue, which increased by RM4.2 million from RM43.0 million to RM47.2 million as compared
to the financial year 2023.
As at 30 June 2024, the total gross floor area operated by the own-managed overseas stores was about 77,000
square feet (2023: 77,000 square feet). During the financial year, no new stores were opened or closed in
Cambodia. In Thailand, one (1) Free-standing store was opened and one (1) was closed during the financial
year under review.
In absolute value terms, sales generated from overseas markets had increased by approximately RM7.0 million
(2023: RM4.9 million) as compared to last financial year, mainly due to the increase in sales of own-managed
oversea business.
38

(Cont’d)
The Group’s consolidated revenue derived from licensees amounted to 0.9% (2023: 0.8%). The following are
retail stores managed by licensees (Franchise stores), all these stores are selling shoes and fashion accessories
carried under the Vincci (or VNC) label.
Locations
30.6.2024 30.6.2023 30.6.2022 30.6.2021 30.6.2020
ASEAN:
Brunei 1 1 1 1 1
Myanmar _ 3 3 3 3
Indonesia _ _ _ _ 8
UAE 12 15 15 14 15
Oman 3 4 4 3 3
Qatar 1 1 1 2 2
Bahrain 2 2 1 1 1
Total 19 26 25 24 33
The decrease in the number of overseas franchisee stores managed by licensees was mainly due to expiry of
contract and management decided not to renew it. Franchisee in Myanmar and Padini have mutually agreed
to terminate the franchise agreement amicably by end of October 2023.
Digital platform
We have embarked on the e-Commerce journey since end of 2015 and building from zero base with the
objective to have a marketing channel ready to meet our customers’ needs at the appropriate time. We initiated
this journey with the development of a user-friendly online shopping website called Padini.com, offering a
convenient platform for customers to browse and purchase fashion products.
Lockdown restriction resulting from the catastrophic pandemic has had a profound impact on how customers
behave which shaped the business platform to a new era. In the financial years 2020 and 2021, the Group
had started selling its products via Facebook live, Lazada and Shopee platforms for both domestic and own-
managed overseas businesses. With the aim of achieving greater cost efficiency, we have made the decision
to discontinue our Shopee and Facebook live sales for Malaysia operation during the financial year 2023
and discontinued selling on Lazada platform in August 2024. Online shopping has experienced a growth, but
technology or digital is more than just shopping online, it is important to find a balance between reaching out
to existing customers and attaining new customers by creating brand awareness. The introduction of Padini
Mobile App helps the Group to continue to deliver better in-person shopping experience while maintaining
social distancing of customers. In addition, the Group had been involved in different social media channels
for brand awareness such as Facebook, TikTok and Instagram. In the financial year 2024, the Group started
to be active on Xiaohongshu.
We will continue to explore more online portals to sell our products. While the sales contribution to the Group
revenue is minimal, this is an essential progression for regional expansion and bringing Padini onto another
level.
39

(Cont’d)
Digital platform (Cont‘d)
Social media followers as at 30 June 2024, unless otherwise stated:
Malaysia Cambodia Thailand
–* –* 66,600
180,445#^ –* –*
1,002,365 50,149 106,217
517,684 –* 8,110
–* –* 5,323
293,690 –* 22,372
18,578 –* –*
878,879 –* –*
# as at 12 July 2024
* Indicates that Padini has not engaged this social media channel in the respective country
^ The group existed LazMall in August 2024 to better align with business strategy
40

(Cont’d)
Financial Position Review
Total assets and liabilities of the Group stood at RM1.8 billion (2023: RM1.7 billion) and RM0.7 billion (2023:
RM0.6 billion) respectively. The increase in total assets is primarily driven by the increase in property, plant
and Equipment as well as the right-of-use assets as a result from the increase in number of stores opened.
Total liabilities showed a marginal increase, primarily because of the increase in lease liabilities which is in
tandem with the increase in the number of stores opened during the financial year under review.
Liquidity Indicators
30.6.2024 30.6.2023 30.6.2022 30.6.2021 30.6.2020
Liquidity ratio 4.38 4.47 3.62 5.40 4.01

Acid test ratio 3.32 2.72 3.13 3.92 2.58
Interest bearing borrowings
13.5 4.0 0.4 0.7 2.5
(RM million)
Total equity (RM million) 1,111 1,040 891 802 766
Gearing ratio (%) 1.21 0.38 0.04 0.08 0.33
The Group’s capital expenditure and working capital are mainly financed by cash generated from its operation.
Liquidity ratio attempts to measure Group’s ability to pay off its short-term debt obligations. This is done by
comparing the Group’s current assets with its short-term liabilities. For a healthy and financially sound company,
its acid test should exceed one (1). It means that the current assets are not highly dependent on inventories
and the Group has the ability to pay its current liabilities as and when they fall due.
The Group has healthy liquidity indicators during the financial years under review. Both liquidity ratios and acid
test ratios indicate a healthy cash reserve position, which has improved over the years. The Group has been
keeping a relatively low level of liabilities for the financial years under review. The gearing ratio has risen from
0.38% to 1.21% primarily attributed to the inclusion of hire purchase borrowings for warehouse automation
during the financial year under review.
Capital Management
There was no change in the share capital of the Company during the financial year. There was no major capital
investment during the financial year, other than disclosed in Note 5 to the financial statements for the capital
expenditure incurred during the financial year.
41

(Cont’d)
3. RISKS AND UNCERTAINTIES
The Group’s business activities, operations, financial results and growth prospects are subject to the risks and
uncertainties in the market place that it operates. There are inherent risks arising from unfavourable changes
in general economic and business conditions and rising costs that could result in different outcomes from the
planned result.
The following risks are not exhaustive and there may be other risks which are not known to the Group. The
risks and uncertainties that could potentially have an impact on the information disclosed are difficult to predict.
Economy uncertainty Competition
The outlook for the domestic economy is projected Other than local economic and social developments,
to be challenging in 2024 and 2025. The impact apparel players in Malaysia are also impacted by
on consumer spending will very much depend on penetration of international players, which is the
the delicate balancing act of the Government in trend of borderless trading that promotes free
supporting the people via financial aids, tax system, trade among countries. International players may
aside to control the budget deficit versus the aim to have greater resources and business models that
put more disposable income into the hands of the provide a better shopping experience. Competition
rakyat in the face of global uncertainties. Market emerges in many ways, such as product quality,
confidence and sentiment and employment are the price comparison, product variety and speed of
important elements in spending level and spending delivery of trendy apparel to market and product
pattern. life cycle and distribution channels. This is the
era that consumers have higher expectations on
Trading conditions are expected to remain uncertain what a company is able to deliver, quality, value
and challenging for retailers for the second half of proposition, convenience, newness and innovation.
2024 and 2025. Downside risks include inflation,
political stability, tighter global financial conditions The fashion industry is also evolving into an
and uncertainty over the government ‘s fiscal important phase of digital adoption by the consumer,
situation. There will be lingering concerns over the continuous growth of e-Commerce leading to
unemployment, recession, rising cost of living and changes in consumer consumption patterns.
its impact on consumer sentiment as consumers Incorporating technology into a brand can be a
remain cautious and selective in their spending. powerful marketing tool in driving consumer habits.
The availability of technology and the myriads
The Group seeks to limit these risks through, among of choices and information at the consumers’
others, prudent management policies, continuous disposal have made it even more challenging for
review and evaluation of the Group’s operation retailers to stay relevant to their customers. With
and strategies, close working relationships with the ease of reaching out information at consumers’
the stakeholders, continuous quality customer fingertips, consumers are becoming less brand
services, human resource development and loyal. Consumers will switch brands when there
technology upgrades. are offers with better prices and better value.
The direction of our business will continue to focus The country’s competitive retail landscape is also
on offering more value for money clothing and witnessing signs of consolidation while at the
accessories to all levels of the income group. We same time, addition of new retail space as well
believe affordable clothing will continue to be a as continuous transformation and modernisation
necessity. of retail formats happen. Shopping landscape
has changed from heavily on traditional business
model, to a complex journey across online
and offline touchpoints. Spending habits and
purchase decisions of consumers have also been
greatly affected by new communication channels,
especially social media, video streaming and peer
reviews.
42

(Cont’d)
3. RISKS AND UNCERTAINTIES (CONT'D)
Supply Chain Capabilities and Performance
It is very important to have a robust supply chain for the Group to ensure good product varieties, good quality
of products and speedy supply. Poor management in this area is a big risk to the survival of the Group.
Besides maintaining a good relationship with existing good suppliers, sourcing new suppliers that can meet
our requirements is also one of the important key performance indicators for our Sourcing department. Basic
factors to consider while sourcing new suppliers include pricing, quality, lead time, quality workmanship,
production capacity and suppliers’ ethical operation. The Group also further evaluates the environment, social
and governance footprint of the supplier, such as ethical labour practices, sustainability of material used and
production line.
Poor supply chain performance can lead to many problems that deteriorate profit and are detrimental to the
reputation of the Group. This includes insufficiency and discontinuity of bestselling products, keeping excessive
inventory, inefficient logistics arrangement and poor sourcing choices. This is a continuous effort and the
performance is reviewed on a regular basis.
4. DIVIDENDS
In respect of the financial year under review, the following dividends were declared and paid:
• a first interim dividend of 2.5 sen per ordinary share (single tier) amounting to RM16,447,736.97 for the
financial year ended 30 June 2024 that was declared on 25 August 2023 and was paid on 29 September
2023.
• a second interim dividend of 2.5 sen per ordinary share (single tier) amounting to RM16,447,736.94 for
the financial year ended 30 June 2024 that was declared on 30 November 2023 and was paid on 29
December 2023.
• a third interim dividend of 2.5 sen per ordinary share (single tier) amounting to RM16,447,736.94 for the
financial year ended 30 June 2024 that was declared on 27 February 2024 and was paid on 29 March
2024.
• a fourth interim dividend of 2.5 sen per ordinary share (single tier) amounting to RM16,447,736.94 for
the financial year ended 30 June 2024 that was declared on 30 May 2024 and was paid on 28 June
2024.
• a special dividend of 1.5 sen per ordinary share (single tier) amounting to RM9,868,641.88 for the
financial year ended 30 June 2024 that was declared on 30 May 2024 and was paid on 28 June 2024.
The Board does not intend to establish a fixed dividend policy at this point of time. The Board strives to provide
consistent dividend streams to shareholders whilst ensuring to retain flexibility of cash flows to meet its business
operation needs as well as its expansion plan.
43

(Cont’d)
5. FORWARD- LOOKING STATEMENT
Due to the difficulties in predicting the financial impacts of the risks and uncertainties on the business, the
Group undertakes no obligation to publicly update any of the forward-looking statements in the event that any
unforeseen circumstances arise which might affect them.
In tandem with the global environment, the year ahead will be an arduous journey riddled with uncertainties
in all aspects, as the direction of global economy is uncertain and unpredictable.
Locally, business in Malaysia is expected to be challenging because of the inflation affecting consumer
purchasing power. The Group remains optimistic on the long-term sustainability of the business and are
focusing our effort to further rationalise the retail business by optimising the working capital and measures to
control the operating costs while extending and exploring various sales channels.
As at the date of report, we plan to have nine (9) stores to be refurbished and four (4) new stores to be opened
and one (1) store to be closed in Malaysia during the financial year 2025. For overseas market, we are planning
to close one (1) store in Thailand. We will actively monitor the market condition and evaluate our business
strategy on a regular basis to maximise the returns.
To maintain, or even improve, our merchandising, pricing and promotional strategies will continue to be focused
on being relevant to our customers; concentration will still be on design, quality and affordability, where we
strive to bring the best value to our customers in the shortest time-to-market possible. The latest fashion trends
need to be made available in store in the shortest time possible, at the right price, before it loses its appeal.
Whilst we are still very much centered on the brick-and-mortar business, a lot of effort has been put in to
grow our online business by increasing the awareness of our products in our online channels and improving
the infrastructure for e-Commerce. Developing new online shopping experiences and enhancing shopping
convenience to our consumers is a continuous effort of the e-Commerce division. We believe digital retailing of
the Group will bring a positive impact to the Group both as a complementary business channel and for future
growth.
While we are not expecting major contributions from the stores and online platforms in Cambodia and Thailand,
online sales to Singapore and our mobile app in the financial year 2025, we envisage the Group will continue
to grow with improving our product quality and enhancing the buying experience of our customers.
44
OUR VALUE CREATION
OUR
BUSINESS MODEL
We operate within the buy and sell business model, wherein we engage in designing and purchase a diverse range of
our own brand products including apparel, accessories, and footwear from our various suppliers or manufacturers. At
present, our third-party manufacturers are based in China, India, Malaysia, Thailand and Bangladesh. Subsequently,
we sell these products through our retail channels, including physical stores and online platforms. Our business
strategically offers our products to cater to diverse customer preferences and market demands, while continuously
monitoring trends to stay relevant in the fashion industry.
As a buy and sell retailer, we take charge of designing and managing inventory, supply chain logistics, as well as
retail operations to ensure a seamless shopping experience for our customers. By sourcing products from different
suppliers, we can maintain a diverse product portfolio, providing customers with ample choices in terms of styles,
designs, ages, gender at affordable price points.
Sourcing Key Activities Key Partner Value Customer Customer

proposition relationship segment
Design and Suppliers Product Social media
Quality Control End customers
Merchandising (3rd party assortment
Planning Manufacturer, Exchange of
Sourcing and warehouse, Fast trend goods
Quality Control logistic products at
partner) ideal location Loyalty
Design and Production Logistics, programme
Merchandising Warehouse, Shopping Shopping
and Inventory malls conveniences Feedback
Management (Landlord)
People
Key Channels
Marketing development
Resources
Sales and Brands Corporate Retail stores
Services Sales Operations social
Human responsibilities Consignment
Logistics, e-Commerce
Sales and
Warehouse, Natural e-Commerce
operations Customer
Inventory resources
Service and Mobile app
Marketing management Relationship
Export
PLANNING
1. Design and Merchandising
Our Design and Merchandising

department play a crucial role in the
success and growth of the Group by
aligning products with market demands,
enhancing customer satisfaction, and
ensuring a competitive edge in the
industry. They are responsible for
researching and designing products.
They conduct market research and
analyse current market and demand
trends for top-selling products. This
helps them understand market
conditions and customer preferences.
45
OUR VALUE CREATION
Our Business Model

(Cont’d)
PLANNING (cont'd)
2. Sourcing
The Sourcing department team sources product and material suppliers, negotiates pricing, and request products
samples. They procure materials from an approved list of vendors, negotiates the best price and terms, and
present recommendations to the Management for new products planning. The Sourcing department is important
because it is responsible for finding reliable suppliers, negotiating favourable terms, and securing cost-effective
materials, which directly impact product quality, availability and overall business profitability.
PRODUCTION
3. Quality Control (“QC”)
QC team works with suppliers to ensure the products meet the quality standards and conducts inspection on
manufactured products before delivering them to the customers.
SALES
4. Logistic and Warehouse Management
Our Logistic department collaborates closely with the Design and Merchandising department, Sales and
Operations department, Sourcing department and third-party logistic companies. They coordinate stock
purchase, stock keeping, returns and collection from stores as well as packing and preparing shipments for
timely delivery to Padini stores. They play a vital role in streamlining operations, reducing costs, meeting
customer demand, and seeks third-party transportation services providers to deliver goods from warehouse
to stores, all of which are essential for the success and growth of Padini.
The warehouse department of Padini Group manages stock movement and oversees third-party warehouses.
They inspect incoming goods to ensure they match the purchase order. Warehouse department efficient
management of stock movement, quality control and collaboration with other departments play an important
role in optimising costs.
5. Marketing
Our Marketing and Advertising & Promotion teams are responsible for executing advertising, promotion and
publicity plans for products and services. This includes organising campaigns, product price promotions,
discounts, and customer engagement programme in shopping malls. Furthermore, the Marketing department
ensures the corporate image of Padini Group is consistent through corporate identity guidelines. This involves
maintaining uniformity in brand logos, signboards, fonts, and displays across all retail outlets to project a
cohesive brand image.
46
OUR VALUE CREATION
Our Business Model

(Cont’d)
sales (cont'd)
6. Sales and Operation
Our Sales and Operations team ensures the efficient operation of Padini stores. They manage staffing, sales,
cost control and order placement. They work to align the Company’s budget to individual stores and region
based on historical sales and market demand. In addition, the Team also collaborates closely with Design and
Merchandising to set sales targets and plan product volumes. Regular store visits are conducted to monitor
efficiency of stores and provide recommendations for improvements. Furthermore, the department conducts
quality checks on garment, footwear and accessories to ensure they meet the required standards. They also
handle customer complaints and provide feedback.
7. e-Commerce
Our e-Commerce started in 2015 and manages the Group’s

online shopping website. They upload website content,
process sales orders and handle customer queries.
The Department collaborates with the Merchandising
department to obtain products sample for online sales and
conduct product photoshoots for display on the webpage.
This department is important to maintain the Group’s online
presence and is one of the business components to thrive
in the digital age. Our sales from e-Commerce contributed
approximately 1% (2023: 1%) of total Group’s revenue in
the financial year 2024.
8. Customer Service and Relationship
Our customer relationship team handles customers complaints and queries to ensure customers’ needs are
addressed. This department plays an important role for building strong customer relationships, enhancing
brand reputation by keeping customers satisfied and engaged.
Furthermore, our loyalty programme membership was established with the goal of enhancing customer
satisfaction and encourage continued engagement with our valued customers.
48
OUR VALUE CREATION
OUR
VALUE CREATION MODEL
VISION: To Be The Best Fashion Company Ever
We have to focus our efforts to have the best valued products in the market with the best shopping experience
we can offer, whilst practising responsibility and sustainability.
INPUTS
FINANCIAL CAPITAL (as of 30 June 2023)
• Market capitalisation: RM2.6 billion

• Shareholder equity: RM1.0 billion
• Cash and bank balances: RM0.6 billion
• Total assets: RM1.7 billion
INTELLECTUAL CAPITAL
• Brands differentiation and values

• Garments industry knowledge and experiences
• Industry best practices such as business market focus strategy
NATURAL CAPITAL
• We use cotton, water, energy for garments production

• Trees for product packaging
• Energy for logistics, warehouse and premises
MANUFACTURED CAPITAL
• Market’s reach of one hundred thirty-five (135) stores in Malaysia and thirteen (13) stores in Thailand
and Cambodia
• We have three (3) inhouse and three (3) outsourced warehouses’ facilities dedicated to storing our
inventory
HUMAN CAPITAL
• Approximately 3,200 of employees worldwide

• Diverse and equivalent team
• Training, development programmes implementation
SOCIAL AND RELATIONSHIP CAPITAL
• Long-term relationship with suppliers

• Collaboration and involvement in community
49
OUR VALUE CREATION
Our Value Creation Model

(Cont’d)
VALUE CREATION PLAN
PLANNING PRODUCTION SALES
Sustainable CORE
Product CULTURES: Market
Responsive
Differentiation
Teamwork Consistency
STRENGHTENING Community
BUSINESS Speed Simplicity Giving
GROWTH
Mission:
To Exceed Customers’
Expectations and Our
Brands’ Promise
Communication Learning culture
Strengthening Empowering
Value Chain Talents
Self-confidence
MATERIAL MATTERS RISKS AND MITIGATION STAKEHOLDER

ENGAGEMENT
1. ECONOMIC (Refer to pages 52 - 53 for
2. ENVIRONMENTAL further detail) (Refer to pages 59 - 60 for
3. SOCIAL further detail)
(Refer to pages 62 - 64 for further GOVERNANCE
detail)
(Refer to pages 90 - 110 for
further detail)
50
OUR VALUE CREATION

(Cont’d)
OUTPUTS
FINANCIAL CAPITAL (for the financial year ended 30 June 2024)
• Revenue: RM1.9 billion

• Net profit: RM0.1 billion
• Earnings per share: 22.28 sen
• Dividend per share: 11.5 sen
• Strong cash flow: RM344 million generated before working capital
• Market capitalisation: RM2.4 billion
INTELLECTUAL CAPITAL
• Developed diverse brands portfolio that cater fashion-conscious consumers of both genders and all
ages including Padini, Seed, Padini Authentics, PDI, P&Co, Miki, Vincci, Vincci Mini, Vincci Accessories
and Brands Outlet.
NATURAL CAPITAL
• 648,700 apparel and footwear units procured to minimise environment impact

• LED lighting installation with energy consumption saving of 49%wattage
• 4.2gWh clean energy produced
MANUFACTURED CAPITAL
• One (1) store newly opened in Thailand

• Twelve (12) stores newly opened in Malaysia
HUMAN CAPITAL
• Well trained employees with high retention rate of 98.0%

• Strong female representation in team and leadership
• Healthy succession pipeline
• Invested RM0.5 million towards training for all employees
• Invested RM2.1 million staff welfare
SOCIAL AND RELATIONSHIP CAPITAL
• Continuous long-term relationship with suppliers

• Fostered community collaboration by engaging with 19 NGOs
51
OUR VALUE CREATION

(Cont’d)
OUTCOMES
SHAREHOLDERS AND INVESTORS
• Business growth and profitability with shareholder returns
LOCAL COMMUNITIES AND PUBLIC
• Mitigated negative environmental impacts through responsible

resource and management
• Accelerated digitalisation
GOVERNMENT AND REGULATORY AUTHORITIES
• Responsible tax payments for country’s development and

economic growth
• Transparency in corporate reporting and government
CUSTOMERS
• Undisrupted supply and after sales service

• Shopping conveniences with different type of payment mode
• Wide range of product choices
EMPLOYEES
• Safe and inclusive working environment which priorities team’s well

being
• Opportunities and development
SUPPLIERS
• Knowledge sharing to enhance sustainability of the value chain
SHOPPING MALLS
• Profitability to help business growth

52
OUR VALUE CREATION
OUR BUSINESS RISKS

AND MITIGATION
The Group’s business activities and operations are susceptible to the risks and uncertainties prevailing in the
marketplace where it operates which may arise from adverse changes in general economic and business conditions,
as well as increasing costs, which could lead to outcomes different from what was originally planned. The Group aims
to mitigate these risks by implementing prudent management policies, conducting ongoing reviews and evaluations of
its operations and strategies, fostering strong relationships with stakeholders, providing continuous quality customer
services, investing in human resources development, and staying up to date with technology upgrades.
Sustainable
Product Market Strengthening Empowering Community
Differentiation Responsive Value Chain Talents Giving
Material Matters Our concerns Our efforts
ECONOMIC
• Business performance • Financial losses resulting • Established a risks management

• Sustainability of the in reduction of consumer committee to review and assess
business strategy spending and overall the risk areas.
• Market presence economic instability. • Resources from various source
• Inflation that impacted on of suppliers to reduce reliance on
price level of materials. specific sources.
• Change in consumer • Brand differentiation offering
preferences and demand through more competitive pricing,
pattern influenced in services, and quality.
business sales. • Prudent capital management.
• Erosion of competitive • Conduct market research and
advantage. survey and implement various
• Political upheavals. marketing strategy to stay relevant
in market.
• Bulk purchase to take advantage
of economies of scale.
ENVIRONMENTAL
• Responsible sourcing • Natural disasters or climate- • We have engaged our suppliers

• Energy consumption related events may affect the to promote responsible sourcing
• Responsible design and business’s ability to operate practices such as using organic
creativity sustainably. cotton and recycled polyesters to
• A negative perception of the minimise environmental impact.
business sustainability can • We have embraced LED lighting in
impact brand reputation and our store operation with the aim to
customer loyalty. have better energy saving.
• We have launched sustainable
series product by using materials
that are environmentally friendly
such as organic cotton, recycled
polyester, recycled cotton.
• Solar installation in office and
warehouse.
53
OUR VALUE CREATION
Our Business Risks and Mitigation

(Cont’d)
Material Matters Our concerns Our efforts
SOCIAL
• Data privacy • Financial impact caused • Introduce implementation of

by leaking of confidential Information Technology security
information or group data. and protection.
• Compliance • Substantial loss due to fraud • Zero tolerance for internal fraud
and bribery. and bribery activities.
• Significant penalties • Practicing transparent reporting
and fines resulting from on sustainability performance and
regulatory violations and progress toward goals.
lawsuits.
• Relationship with supplier • Supply chain disruption and • Regular meetings with suppliers
• Customer satisfaction sub-standard product quality. to have better understanding of
• Customer satisfaction on requirements and needs.
product quality. • Performed Quality control at
factories and visit factories
periodically.
• Closely monitor international
shipping information.
• Local communities • Negative perception on • Collaboration with stakeholders

business activities. including suppliers, NGOs to
collectively address sustainability
challenges.
• Employee development • Inadequate succession • Structure training and

• Attracting and developing planning and high staff development programmes.
talents turnover rate. • Offer competitive compensation
• Diversity and equality • Employees well-being and and benefit package.
safety.
• Responsible marketing • Ineffective messaging and • Conduct market research, monitor

incorrect pricing strategies market trends and customer
lead to confusion and fail to feedback and maintain open
attract customers. communication with customers.
54
OUR VALUE CREATION
OUR PROGRESS:
SUSTAINABILITY JOURNEY
We have to focus our efforts to have the best valued products in the market with the best shopping experience we
can offer, whilst practising responsibility and sustainability. To achieve this, we have developed three (3) strategic
pillars towards sustainability, “Earth Consciousness”, “Caring from the Heart” and “Integrity in action”.
a. Earth Consciousness
Accountable to environmental, contributing to the preservation of natural resources and biodiversity while
fostering a more sustainable and resilient fashion industry.
b. Caring from the Heart

Aims to make a positive difference in the lives of people and the communities we serve.
c. Integrity in action
Responsible for ethical behavior, governance and compliance.
We have embarked on our sustainability journey, with a responsibility to further explore and implement sustainable
practices.
Sustainability Strategic
2030 Target 2024 Performance
Pillar
Earth Consciousness 1. Reduce greenhouse gas Padini has contributed to reduction of GHG
(GHG) emissions emission through few methods as below:
1. Solar System Installation, offsetting the
equivalent of 3,276 tonnes of carbon dioxide
(tCO2e) emissions.
2. Procured eco-friendly products and
packaging.
3. Promoting Recycling Campaign at our
outlets.
4. Outsource logistics to third parties to
maximise effectiveness and efficiency.
In the meantime, Padini is actively looking for

sourcing data collection of GHG emission. Padini is
in the progress of gaining comprehensive insights
in quantifying environmental impact in terms of
carbon emissions and setting realistic targets to
align with our sustainability goals.
55
OUR VALUE CREATION
Our Progress: Sustainability Journey

(Cont’d)
Sustainability Strategic 2030 Target 2024 Performance

Pillar
2. Source garment During the financial year 2024, Padini procured
materials which are approximately 648,700 units of eco-friendly
environment friendly garments and footwear to be sold, representing
1.4% of total purchases, compared to 0.6% total
3. Reduce water purchases in the financial year 2023. This marks a
consumption in the 0.8% increase from the previous year. This usage of
supply chain eco-friendly materials reduces water consumption
in the production process. Padini will launch more
environmentally friendly products in the upcoming
year with dedication to responsible production and
continuous journey towards sustainability.
4. Reduce electricity The installation of solar system in office and

consumption by 20% warehouse has reduced approximately 20%
of electricity consumption since the installation
in the financial year 2018. Achieved and to be
maintained.
5. Achieve zero Achieved and to be maintained.
environmental legal
non-compliance
6. Reduce waste During the financial year 2024, we have recycled
generated approximately 4,600kg of used paper, plastic and
paper products. In progress.
Caring from the Heart 1. Establish sustainability- In progress.

related learning
in employees’
competence
development
(Minimum of two
training hours in
sustainability topic)
2. Achieve zero A total of eighteen (18) minor workplace accidents
workplace accidents during the year. To be monitored.
3. Conduct annual In the financial year 2024, Padini organised a Movie
sustainability-focused Day event with Pusat Jagaan Rumah Juara and
engagements the Lifezone Drug Rehabilitation Centre, bringing
and community together underprivileged children and adults
programmes from the rehabilitation center to enjoy a movie at
the cinema and spend quality bonding time with
Padini volunteers. During festive seasons such
as Chinese New Year, Deepavali and Hari Raya,
Padini volunteers dedicate time to engaging with
orphanages and OKUs home such as Pertubuhan
Rumah Anak Yatim Berkat Kasih, Kanak-Kanak
Yatim dan Cacat Ceria Klang and Rumah Nur
Sakinah. These meaningful gatherings include
shared meals, heartfelt conversations, fun time
activities and the donation of necessities in cash
and kind, fostering a sense of community and
spreading joy to those in need during these special
celebrations.
56
OUR VALUE CREATION
Our Progress: Sustainability Journey

(Cont’d)
Sustainability Strategic 2030 Target 2024 Performance

Pillar
4. Recruit underserved During the financial year 2024, we have hired eight
communities such as (8) employees with disabilities to join our workforce.
other marginalised At the same time, Padini has been engaging with
groups Orang Kurang Upaya (“OKU”) as caterers for
in-house training food and beverages, in hope
to promote inclusivity and provide meaningful
opportunities for individuals with disabilities.
5. To reduce customer Below are the number of complaints on customer
complaints service:
The abbreviation 'FY' refers to the financial year.
FY2024 FY2023 FY2022

Services 160 94 60
Efforts are currently underway to reduce complaints.
Integrity in action 1. Increase locally Approximately 11% of Padini’s products are locally
procured products/ procured. In progress.
services
2. All suppliers completed 99% of suppliers completed, in progress.
supplier environmental
and social risk
assessments
3. No cases of bribery, Achieved and to be maintained
corruption and fraud
4. Whistleblowing; Achieved and to be maintained
Anti-Bribery and Anti-
Corruption training for
all employees annually
57
SUSTAINABILITY STATEMENT
OUR
SUSTAINABILITY APPROACH
To provide products that are good

in value whilst improving on
our sustainability goals
Sustainability is embedded in our culture at Padini. We strive to ensure that the people who make our products work
in safe, fair and legal conditions. We are committed to minimising our environmental footprint and are dedicated to
supporting the communities where we operate. We do this by collaborating throughout our value chain and across
the supply chain, business and civil society to address systemic challenges. We also seek to engage our employees
and customers across all our brands in our effort to build a more sustainable world. Our commitment to sustainable
practices enables us to balance our business opportunities and risks in the economic, environmental and social realms.
This vision is not only necessary from a social and environmental perspective, but it also makes good business
sense. Long-term investments in sustainability provide us with long-term business opportunities that will keep Padini
Group relevant and successful in our rapidly changing world.
We know that achieving our vision will not be easy, but our openness to tackling challenges keeps us alert to
opportunity. We are strongly positioned to make a positive impact, in part because of our continuing partnership with
stakeholders who help set and shape our sustainability work.
58
SUSTAINABILITY
GOVERNANCE
We have implemented a governance structure to ensure that our Global Sustainability programme both meets our
company’s social and environmental goals to support our business.
Our sustainability programme is chaired by the Managing Director along with the support of the Sustainability
Committee members, where committee members are made up of management representatives from various key
functions. While the Sustainability Committee is responsible for the formulation of sustainability policies, it also develops
action plans in relation to these policies. In addition, the Sustainability Committee also monitors the implementation
of sustainability initiatives in Padini and recommending the approach to manage material matters for approval by
the Board of Directors (“BOD”).
SUSTAINABILITY GOVERNANCE STRUCTURE
Good corporate governance means having structures and processes in place to ensure that decisions and actions
are in the best interests of stakeholders. The Board of Directors, supported by the Sustainability Management
Committee, is accountable for all sustainability matters in Padini Group. This committee comprises members of senior
management who oversee the formulation and implementation of sustainability strategy and related matters. The
Board of Directors reviews and assesses the strategic directions required to achieve the Group’s goals for long-term
sustainable growth. The Managing Director with the help of the Sustainability Management Committee oversees
the activities executed by the various divisions of the Group to ensure conformity to the strategies and objectives.
Padini Board of
Directors
Sustainability Managing
Management Director
Committee
Head of General Chief Head of

Head of
Design and Manager, Financial Brands
Vincci
Merchandise Operation Officer Outlet
59
STAKEHOLDER
ENGAGEMENT
We have a long history of stakeholder engagement and are committed to engaging in constructive and meaningful
dialogue with stakeholders. Effective communication helps us build trust, leverage on their expertise and gain insights
into the most pressing issues. Stakeholder engagement helps us reaffirm the most material issues and devise ways
to address them within the Group.
We engage with a diverse group of stakeholders comprising employees, customers, shareholders, NGOs, suppliers,
industry groups and local communities. Positive, bilateral dialogue builds informed relationships that promote
transparency and accountability. Stakeholders’ views on a wide range of topics are useful and have influenced our
sustainability strategy in several key areas. Stakeholders also help us test new ideas while solving industry-wide
challenges. We also share our perspective on key issues, highlight areas of importance and help them understand
the Group’s journey more clearly. The salient issues for each stakeholder group and our engagement with each
during the financial year 2024 are presented below:
Stakeholder Group Key Areas of Interest Addressing Their Interests
Shareholders and Investors • Padini’s business direction • Announcements on Bursa

• Key corporate developments Malaysia
• Corporate governance • Investor updates and result
• Company performance briefings for fund analysts and
shareholders
• Annual general meeting
• Annual reports
• Corporate website
• Media release
• Shariah Compliant
Local Communities and • Transparent and quality • Community programmes
Public products and services • Donations and other philanthropic
• Community development contributions
and enrichment • Employee volunteerism
• Reaching out to the • Local sourcing
community • Engagement with sources for
• Employment opportunities to interested Orang Kurang Upaya
the Person with disabilities (“OKU”) to work with Padini
• Features, promotion and • Sales of our products
launching of our products • Media release, interview
• Latest events products and • Advertisement
news updates • Website and social media
• Company performance
Government and regulatory • Regulatory compliance • Attended dialogue/ seminar
authorities • Public-private interaction organised by Bursa Malaysia
• Annual reporting • Participated in Survey conducted
• Sustainability reporting by authorities
60
Stakeholder Engagement
(Cont’d)
Stakeholder Group Key Areas of Interest Addressing Their Interests

Customers • Service satisfaction • Responsible clothing design
• Quality management • Marketing Campaigns/ Promotions
• Customer appreciation • Customer Satisfaction Survey
• Online shopping • Customer feedback channel
• User convenience • Social Media
• Online purchase and delivery
services
Employees • Career development • Employees Appreciation Awards
• Competitive remuneration • Open communication
• Work-life balance • Teamwork
• Value diversity and equal • Events and functions
opportunity • Provide skills development and
• Ensure occupational health training opportunities
and safety • Internal newsletter
• Appreciation and recognition • Teambuilding activities
• Job satisfaction • Job performance assessment
• New employee induction
programme
Suppliers • Fair procurement • Group procurement policy and
• Transparency procurement system
• Suppliers’ development • Yearly supplier evaluation
• Speedy payment • Inspection to Suppliers Factories/
Plants
• Financial supply chain
management
Shopping Malls • Speedy payment • Cooperation on corporate social
• Long term tenancy responsibilities events or activities
• Sales performance • Marketing Campaigns/Promotions
at the shopping mall
• Business meetings
61
SUPPORT FOR UNTED NATIONS

SUSTAINABLE DEVELOPMENT GOALS
As one of the leading apparel retailers, we recognise that we need to contribute to address systemic social and
environmental challenges. That is why we have aligned our sustainability strategy with the United Nations (“UN”)
Global Sustainable Development Agenda.
The United Nations Sustainable Development Goals (“SDGs”) is an internationally recognised framework that aims
to address the three (3) elements of economic growth, social inclusion, and environmental protection as part of a
broader attempt to eradicate poverty and strengthen peace and freedom.
There are seventeen (17) goals, accompanied by one hundred sixty-nine (169) specific targets. Businesses, alongside
governments, are encouraged to implement actions in support of these goals to achieve the framework’s ambitious
goals by 2030. We kept all seventeen (17) SDGs in mind, whenever practicable when it comes to determining our
approach and strategy so that we could align our activities with the broader global sustainability agenda:
Source: https://www.un.org/sustainabledevelopment/sustainable-development-goals/
62
MATERIALITY
ASSESSMENT
Materiality, in sustainability terms, is not limited to matters that may have a significant financial impact on our
organisation but also includes matters that may impinge on our ability to meet present and future needs. Our
definition of materiality is drawn from the guidelines provided by Bursa Malaysia where material issues are defined
as such if they:
1. reflect an organisation’s significant economic, environment, and social (“EES”) impacts; or

2. substantively influence the assessment and decisions of stakeholders.
We aim to acknowledge the needs and interests of our communities. We have identified six (6) key stakeholder
groups in the past. We have decided to have shopping malls as a separate stakeholder in addition to our employees,
shareholders, business partners, external interest groups and customers. Our goal is to understand and address the
different needs of each group to build a sustainable and successful business. One way which we have done is by
including our stakeholders while conducting our materiality analysis. Through the materiality assessment process,
we have identified fifteen (15) issues material to us. Each of these initiatives has been grouped under the relevant
sustainability prongs that manage our EES impact.
PROCESS OF PREPARING THE PADINI MATERIALITY MATRIX
IDENTIFICATION
PRIORITISATION
Analysis of
overarching VALIDATION
trends and Presentation of
identification of relevant issues REVIEW
relevant issues to internal Matters
at any point in and external prioritised are
stakeholders in validated by Stakeholders’
the value chain
order to validate seeking input conclusions
and prioritise and verification regarding
them with relevant processes
subject matter and results
experts are taken into
consideration
The materiality assessment will be used in the following ways:
1. To identify the most material sustainability issues for Padini in terms of business value, risks and opportunities
for long-term planning.
2. To understand how sustainability and key business issues intersect.
3. To inform future sustainability commitments and resource allocation.
4. To support Padini’s engagement with external stakeholders.
63
Materiality Assessment
(Cont’d)
The identification of material matters is as follows:
MATERIALITY MATTERS DESCRIPTION
Economic
1. Business Performance Financial performance meets the expectation.

2. Sustainability of the Business Strategy Continuous value creation to the stakeholders while
generating healthy returns.
3. Market Presence Maintaining market share in the industry.
Environmental
4. Responsible Sourcing Managing the Group’s supply chain addressing social and
environmental issues.
5. Energy Consumption To optimise energy consumption of the Group.
6. Responsible Design and Creativity Design products with creativity using eco-friendly raw
materials.
Social
7. Data Privacy To ensure data security of customers, employees and

stakeholders.
8. Customer Satisfaction Commitment to customer satisfaction.
9. Compliance Adherence to applicable governing law or standards.
10. Relationship with Supplier Management of supply chain to meet the product’s quality
of the Group.
11. Local Communities Corporate social responsibilities activities or events.
12. Employee Development Supportive on continuous learning progress of employee.
13. Attracting and Developing Talents Providing attractive benefit and remunerations and
organise activities to maintain their loyalty.
14. Diversity and Equality Employee diversity and equality between ethics, races and
gender.
15. Responsible Marketing Building trust between the Group and customers.
64
High Social
100%
Environmental
MATRIX
Economic
MATERIALITY
Diversity & Equality
Market Presence Compliance

Local Communities
Responsible Sourcing
Business Performance
Energy Consumption
Medium Customer Satisfaction
50%
Employee Development
Responsible Design & Creativity
Sustainability of the
Data Privacy Business Strategy
Attracting and Developing Talents
Responsible Marketing
Relationship with Supplier
Influence on Stakeholder Assessments and Decisions

Low
0%
0% 50% 100%
Low Medium High
Significance of Group’s Economic, Environmental and Social Impacts

65
ECONOMIC:
BUSINESS PERFORMANCE AND REGULATORY
At Padini, our economic performance is defined as the generation of sustainable financial and
economic returns, while creating value for stakeholders to ensure sustainability of our business. Our
economic performance is a testament to the effectiveness of our assets and capital management.
It is how we translate our fiduciary accountability to our investors and moral responsibility to our
stakeholders into tangible value. We strive towards long-term profitability, combining a visionary
strategy with prudent asset and capital management.
Group Performance Overview for the past five (5) financial year (“FY”)
1,918,847
Profit before tax (RM'000)

1,822,129
Revenue (RM'000)
1,354,679 1,319,097
1,029,387
205,110 295,891
196,738
107,321 74,146
FY2020 FY2021 FY2022 FY2023 FY2024

Revenue Profit before tax
The performance of the Group in the first half of FY2022 was affected by Covid-19 pandemic, there was approximately
two (2) months where our outlets were not allowed to open for business. However, as relaxing from lockdown and
endemic approaching, the results rebounded from second half of FY2022 onwards.
Padini has demonstrated a continuous upward trend for revenue from FY2021 to FY2024, with an increase of 28.1%
from FY2021 to FY2022, a robust increase of around 38.1% from FY2022 to FY2023 and continue growth with a
slower pace of 5.3% from FY2023 to FY2024.
Profitability had increased in tandem with the increased in revenue and gross profit margin, from RM74.1 million to
RM205.1 million from FY2021 to FY2022, follow up with another increase from RM205.1 million to RM295.9 million,
with a surge of approximately 176.6% and 44.3% respectively. There’s decline of profit before tax from FY2023
to FY2024 despite the increase in revenue comparing year-on-year, this is mainly drop in gross profit margin and
partially caused by the increase of staff cost.
66
ECONOMIC: BUSINESS PERFORMANCE AND REGULATORY

(Cont’d)
In the financial year 2020, dividend declared was at 7.5 sen

Dividend per share per share. In the financial year 2021, the dividend declared
was lowered to 2.5 sen per share as the Company would like
(Sen) to preserve the cash reserve to respond to the unpredictable
impacts from Covid-19 pandemic and to ensure no disruption in
business operation. As the financial performance has improved
11.5 11.5 compared to financial year 2020 and 2021, Padini has declared
10.0 a dividend of 10.0 sen per share in the financial year 2022.
In financial year 2023 and 2024, Padini has experienced a
7.5
rather strong recovery, achieving healthy financial growth, thus
declared dividend of 11.5 sen. Padini always keeps in mind
to enhance the returns to our shareholders at the right time.
2.5
A strong financial position and net cash position allow the Group
FY2020 FY2021 FY2022 FY2023 FY2024 to embrace opportunities and address unforeseen market
challenges, maintaining a good balance between growth and
stability. Padini Group will continue strengthening its business fundamentals, operationally and financially, and deliver
a steady and sustainable performance over the long term. For more information about our financial performance
please refer to Padini Integrated Annual Reports at https://corporate.padini.com
Putra Brands Award 2023
In the financial year 2024, Padini is honoured to receive the

Silver Award of Putra Brand Awards in the category of Apparel
and Accessories. Putra Brand Awards also often referred to as
“People’s Choice Awards” is the award system endorsed by
Association of Accredited Advertising Agents Malaysia (“4As”)
which based entirely on consumer votes. This recognition
underscores the success of our product offerings, sustainable
practice and being market responsive. We are grateful for the
trust and loyalty of our customers, employees and stakeholders
and will remain dedicated to upholding Padini’s value that have
earned us this honour.
Forbes Asia’s 200 Best Under a Billion 2024
Padini is proud to be one (1) of the eleven (11) Malaysian

companies recognised in Forbes Asia’s 2024 “200 Best Under
a Billion” list, a prestigious award that honours top-performing
public listed companies in the Asia-Pacific region with revenue
under USD$1billion. This recognition highlights our strong
financial performance, consistent growth and competitive edge
in the fashion retail industry.
© 2024, Forbes Media Asia Pte Ltd.

Used with permission
67
ECONOMIC: BUSINESS PERFORMANCE AND REGULATORY

(Cont’d)
REGULATORY COMPLIANCE
Our business practices are governed by integrity, honesty and full compliance with applicable laws. Our group stands
for lawful and ethical business practices and zero tolerance for unethical or illegal conduct. To ensure our behaviour
and communications are aligned with our values, we have developed clear compliance policies that are captured in
our Code of Conduct which must be signed by all our employees before they start work at Padini.
Padini has also complied with the new requirements on Corporate Liability Section 17(A) of MACC Amendment Act
2018 which took effect on 1 June 2020. We have communicated Padini’s corporate integrity pledge and our bribery
policy with our vendors and our employees prior to the effective date and it is posted in our corporate website.
WHISTLEBLOWING POLICY
ANTI-BRIBERY POLICY
ANTI-CORRUPTION POLICY
Annually, it is compulsory for all Padini employees to attend training on the Whistleblowing Policy and Anti-Bribery
and Anti-Corruption policy, whereby a quiz will be done at the end of training session.
We encourage employees, suppliers and stakeholders to report any illegal or unacceptable behaviour or
noncompliance. Whistleblowing practice is encouraged and is open to any employee, supplier or third-party, with
the assurance that any report will be properly investigated and treated with confidentiality.
In financial year 2024, Padini has complied with the following:
i. Laws and regulations in the social and economic area

ii. Regulations and voluntary codes on health and safety impacts of products and services
iii. Law concerning product and service information and labelling
iv. Environmental laws and regulations
v. Any reporting requirements
Some non-exhaustive examples of key regulations that were applicable include Listing Requirements, Capital Markets
and Services Act, Companies Act 2016, Malaysian Anti-Corruption Commission (Amendment) Act 2018, Employment
Act 1955, Personal Data Protection Act 2010, and Occupational Safety and Health Act 1994.
Except for the following incident which consists of penalty or fine of RM10,000 or more or equivalent in each incidence
(nearest thousand):
Penalty to Padini Malaysia due to renovation at outlets without permit RM10,000
The above situations have been carefully assessed and analysed to avoid repetitive issues in the future.
In every country, the lowest paid employee category earns at least the minimum wage. In Padini, our salary package
is set with the consideration of the basic living standard in each city apart from meeting the statutorily required
minimum wage. This is so that our employees can afford the basics (food, water, healthcare, clothing, electricity,
and education) for themselves and their dependents. Following by the Amendment in Employment Act on salary
adjustment threshold which took effective from 1 January 2023, Padini has reviewed existing employment contracts
and policies to ensure the compliance of the Employment Act amendments.
68
ENVIRONMENTAL:
CARING FOR NATURE
1. SUSTAINABLE PROCUREMENT
1.1
Supplier Code of Conduct
At Padini, we focus on long-lasting relationships with our external suppliers and working with them
collaboratively and transparently, while setting clear objectives for addressing social and environmental
issues. In each partnership, we take a long-term view, evaluate technological and manufacturing expertise
while committing to a shared vision of making the world a better place through our business. We expect
our partners and their factories to apply best practices in quality control, labour management, worker
safety and environmental impact reduction.
We are gradually improving our supply chain management. Our supplier code of conduct continues to
provide a solid foundation for our work and is an integral part of our company risk and human rights due
diligence framework. The guidelines ensure our requirements are met, drives continuous improvement
and informs our core social sustainability strategy. We believe that by having long-term cooperation with
our business partners, it will also lead to better efficiency when it comes to streamlining our operational
processes and hence shortened production lead time.
1.2
Periodic Visits to Suppliers’ Factories
Padini Group respects human rights at every stage of its supply chain and works to procure materials
responsibly with regard to communities and the environment. Accordingly, the Group is teaming up with
our partner factories to create guidelines for promoting responsible procurement. Our sourcing team vets
and monitors suppliers to ensure that suppliers do not employ child labour or operate under sweatshop
conditions. While we do not conduct official audits to verify these, our team conducts regular visits to
our supply chain periodically to verify quality control systems, manufacturing conditions, environmental
initiatives and other activities.
During the visits, the teams hold meetings to discuss solutions to various issues and work with factory
management to review the volume and schedules of production orders in consideration of available
production capacity to help ensure that certain ethical requirements are maintained. We conveyed our
messages to our suppliers on certain matters, for instance, we do not accept child or forced labour; we
would like to see safe and hygienic condition in the manufacturing floors; we would like our suppliers to
have fair pay and work hours; no discrimination in the employment and some other ethical requirements.
We constantly encourage automation and other innovation to improve workplace conditions and elevate
the productivity of our suppliers.
Each one of our suppliers is at a different stage of their sustainability journey, with some just beginning
the process and a handful at the other end showing real innovation and leadership. We have a set of
code of conduct which most of our core suppliers have acknowledged and signed. For any areas of
non-compliance or areas for improvement, our approach is to work with our suppliers on improving their
processes, and to provide the best outcome for workers and the environment.
We understand that production methods that are more sustainable may cost slightly more, but they can
also spark innovation and protect businesses from supply-chain shocks and reputation risks, resulting
in greater resilience and profitability in the long term. A balance needs to be struck between the cost of
compliances and sustainability practice versus the financial performance of the Group. We believe that
as the new generation gains purchasing power, their high expectations that businesses will operate in
a sustainable manner could have an influence on the future shopping trends.
69
ENVIRONMENTAL: CARING FOR NATURE

(Cont’d)
2. SUSTAINABLE PRODUCT
At Padini, we are aware of the environmental problems caused by the fashion industry. We aim to work
towards sustainable production processes and to reduce negative environmental impact, through continuous
improvement of the supply chain. In the previous year, Padini had successfully launched eco-friendly products
featuring materials like organic cotton, recycled cotton, sustainable cotton, and recycled polyester. In the financial
year 2024, Padini focused on expanding its selection of eco-friendly products, extending beyond apparel and
footwear to include bags. Additionally, Padini is actively seeking new sustainable materials, such as bamboo
and Sorona fabric, to enhance its eco-friendly product line.
2.1 Organic cotton
The usage of conventional cotton being one of the most chemical intensive crops will be reduced as we
will release products using organic cotton. Organic cotton, which is grown without harmful chemicals as
compared to conventional grown cotton reducing the usage of water, energy and toxic chemicals which
help to reduce impact on land, air and water.
2.2 Recycled cotton
Recycled cotton is an eco-friendly alternative than conventional cotton, where it uses post-consumer
or post-industrial cotton waste and reprocessed into new yarns or fabric. This not only helps to divert
textile waste from landfills, at the same time reducing water and electricity usage compared to producing
conventional cotton.
2.3 Sustainable cotton
Sustainable cotton refers to cotton that is produced and sourced in a manner that minimises its
environmental and social impact. It focuses on reducing water consumption, promote ecological balance
Fand conserve biodiversity.
Apparels procured during financial year 2024:
approximately
261,800 units of apparels with 100% organic cotton
58,200 units of apparels with 95% organic cotton
20,000 units of apparels with 33%-60% organic cotton
17,000 units of apparels with 20% recycled cotton
3,200 units of apparels with 70% sustainable cotton
70

(Cont’d)
2. SUSTAINABLE PRODUCT (cont'd)
2.4 Recycle polyester
Compared to virgin polyester, recycled polyester fabric can reduce energy consumption and generates
fewer carbon dioxide (“CO2”) emissions in the manufacturing process. Recycled polyester which is made
from recycled plastic provide a better way to divert the plastic from our landfills as well as reducing the
extraction of crude oil and natural gas if compared to using the virgin plastic.

Apparels: Footwear:
approximately approximately
6,600 units with 93%-100% recycled polyester 27,300 units with 40% recycled polyester
6,400 units with 58%-62% recycled polyester 22,300 units with 58% recycled polyester
29,700 units 40%-49% recycled polyester
53,700 units 30%-36% recycled polyester Bags:
108,200 units 14%-20% recycled polyester approximately
2,700 units with 40% recycled polyester
2.5 Bamboo
Bamboo is a fast growing and renewable resources where it can grow rapidly and self-regenerate without
the need for replanting. Besides, bamboo also requires less water to grow compared to conventional
cotton and its biodegradable itself, thus reduces environmental footprint at the end of its lifecycle.
Apparels:
approximately
12,500 units with 49% bamboo
4,500 units with 40% bamboo
71

(Cont’d)
2. SUSTAINABLE PRODUCT (cont'd)
2.6 Sorona fabric
Sorona fabric is partially plant-based polymer where it’s Apparels:

made with 37% renewable plant-based ingredients. The approximately
production has reduced reliance on fossil fuels which 14,600 units with 100% Sorona
leads to lowering of GHG emissions.
In the financial year 2024, there is a total of approximately 648,700 units of eco-friendly footwears and
garments being procured and launched into the market. This is approximately 1.4% out of total quantity
purchased during the year. We will continue our efforts for sourcing products or materials that conform
to environmental sustainability.
3. SUSTAINABLE OPERATION
A dedication to reducing the impacts of our owned and operated stores, distribution centres and offices means
reducing our operational greenhouse gas emissions and waste production and working with our logistics and
procurement partners to identify practices that are more efficient and have lower environmental impact.
3.1 Logistics
Our logistic is fully outsourced to third party to achieve maximum efficiency and effectiveness in terms
of company resources. Noting that logistics is a significant source of environmental stress, especially in
the form of carbon emissions, we aim to better plan out the routes of our distribution trucks to improve
our transportation efficiency while reducing our carbon emissions in the long run.
3.2 In-Stores
Biodegradable plastics bags at all stores

Recycled and sustainable paper bags, hang tags and shoe boxes at Vincci stores
Packaging plays an important role in protecting our product during transport and reducing product waste
through damage. We recognise that it has a major impact on our environment. We are working hard to
minimise this impact by reducing and reusing packaging where possible and increasing and investing
in using materials that are renewable, recycled, recyclable, compostable and sustainably certified. With
99% of in-store waste coming from product packaging, reusing or recycling pose challenges given that
our stores are located in shopping malls and large buildings. “No plastic bag” campaign for in-store
purchases is implemented in-store to raise awareness among our customers while minimising the use
of plastic bags.
To further provide a sustainable solution to reduce plastic waste pollution, all plastic bags used in-stores
are Oxo-Biodegradable as certified by SIRIM ECO 001. When discarded in the natural environment, the
presence of heat and oxygen will trigger a chemical reaction causing molecular breakdown into lower
molecular mass, drastically shortening the degradation period from centuries to months. While at Vincci
stores, we have already started using recycled and sustainable paper bags and recycled shoe boxes
for our customers. The recycled paper bag and recycled shoe box are made of recycled waste paper
and SGS tested to ensure its environmentally friendly and safe to be used by our customers. We have
initiated the use of recycled paper bag which is responsibly sourced to protect forests and using water-
based ink which is free from harmful additives and chemical toxins.
72

(Cont’d)
3. SUSTAINABLE OPERATION (Cont'd)
3.2 In-Stores (Cont'd)
Recycling campaign
Padini has launched recycling campaign in both Padini Concept Stores and Brands Outlet stores where
there is recycle bin for old apparels and footwears. Customers are encouraged to donate any apparel
and footwear from any brands and all the items will be given second chance. During the financial year
2024, approximately 18,400kg of apparel and footwear has been collected from recycle bin placed
at twenty-five (25) outlets in Malaysia. These items were handed over to Life Line Clothing Malaysia
(“LLCM”) for the purpose of being reused, regenerated, recycled, or upcycled.
73

(Cont’d)
3.2 In-Stores (Cont'd)
Implementation of LED lighting in stores
Since the previous year, Padini made strides in enhancing some of the store’s lighting by transitioning
from Compact Discharge Metal Halide Technology (“CDMT”) to energy-efficient LED technology. This
strategic move aimed to improve energy efficiency, reducing maintenance costs and embrace a more
sustainable and advanced lighting solution for the stores.
LED lighting offers greater energy efficiency and longer lifespan compared to CDMT lighting. This dual
advantage benefits both company and environment, as it leads to lower energy consumption, reduce
electricity costs and decrease maintenance costs.
For every outlet that undergoes renovation and for each new outlet that opens, Padini ensures the
implementation of LED lighting throughout the premises. In the financial year 2024, we upgraded
seven (7) of our existing store’s lighting fixtures with LED lighting solutions, resulting in energy saving
in term of 49% wattage of lighting’s usage for each store. Additionally, all twelve (12) stores opened in
Malaysia during the financial year under review were equipped with LED lighting. As a result, by the end
of financial year 2024, there were seventy-eight (78) or 60.5% of our stores in Malaysia were equipped
with energy-efficient LED lighting. 60.5% is calculated based on our total of one hundred twenty-nine
(129) retail stores, excluding the eleven (11) consignment counters.
3.3 Office and Warehouse
Recycling programmes of the 3R practice of Reduce, Reuse & Recycle has

been embedded and remains strong in the culture of Padini Group. Office
waste recycling programme is implemented at our office whereby bins for the
segregation of wastes (Glass, Plastic and Paper) are provided on every floor
Recycle Bin for easy access. The collected recyclables are then sold to recycling centres,
Setup all generated funds used to support our company’s CSR activities.
in Office
For our office buildings, a ‘Turn off before you take off’ campaign has been
implemented to encourage our employees to turn off their computers, laptops
and monitors if they are going to be away from their desk for a break or a
long period of time. Majority of the office lighting that are not in used will also
be switched off during lunch hours and past business hours. On top of that,
‘Turn off before
regular maintenance is also conducted on all office equipment to keep them
you take off’
running efficiently.
Campaign
74

(Cont’d)
3.3 Office and Warehouse (Cont'd)
To reward our staff who choose eco-friendly cars such as hybrid or electric
vehicles, parking spots that are near the office lift lobbies were set aside to
Hybrid/ provide greater convenience. The electric car parking spaces are also equipped
Electrical with eight (8) units of charging stations.
Vehicle
Charging
Station
Since the installation of solar system, a total of 4.2gWh clean energy has
been produced and it’s estimated to offset three thousand two hundred and
seventy-six (3,276) tonnes equivalent of carbon dioxide (tCO2e) emissions.
Of the 4.2gWh produced, 2.9gWh was used to reduce energy consumption
Solar systems in our daily operations, while the remaining 1.3gWH of clean power was sold.
installations
in Office and The graph below illustrates the net energy consumption of Padini’s office and
Warehouse warehouse in Malaysia, alongside a comparison to the net energy consumption
after sale of clean power (in kWh).
Net Energy Consumption (kWh)

1,200,000 1,071,330
1,045,785 1,042,142
1,000,000 904,316
Consumption (kWh)
783,175 827,778 832,412

768,301
800,000 685,665
600,000 513,706
400,000
200,000
-
FY2020 FY2021 FY2022 FY2023 FY2024
Net Energy consumption Net Energy consumption after sale of clean power
75
SOCIAL:
CARING FROM THE HEART
“ GO O D P E O P L E M A K E G O O D BU S I N E S S.”
People are at the heart of everything we do. From our employees, customers, our
suppliers and manufacturers, we endeavour to have a positive impact on every
person who has contact with Padini.
1. OUR EMPLOYEES
We have cultivated a work environment in which our employees are constantly challenged to do their best. We
have a strong brand identity that we’ve built through a creative approach. In return, we provide our employees
with a unique work culture that is open and friendly and promotes a happy workplace.
Operating openly, respectfully and honestly ensures everyone can be instrumental in helping steer the business
towards future opportunities and growth. We live, create and work in a world surrounded by like-minded people
and by peers that inspire us.
We could not succeed as a company without the

support of our most prized asset – our employees.
In line with the overarching goals set out by
the United Nations as part of its Sustainable
Development Goals, Padini has created stable
and quality jobs in line with its sustained financial
growth in recent years. By having close to
approximately three thousand four hundred
(3,400) full time and part time employees under
our umbrella, Padini has focused its energy on
giving its employees stable and quality jobs that
keep the business running smoothly.
VALUING DIVERSITY AND EQUAL OPPORTUNITY
At Padini, people are the key to our success. We believe that our people play a vital role in our customers’
experience. This year, to make our Core Value – ‘Live to Contribute’ alive, we encourage equal participation
by including a diverse Group of people to be part of our team. Employment opportunities are provided to the
Person with Disabilities to demonstrate their full potential, a platform to better display their abilities and thereby
encouraging and inspiring others in the society.
Apart from that, Human Resources & Training is dedicated in recruiting the disabled to be part of our team. With
the support from the Ministry of Women, Family & Community Development, we have managed to engage with
the Department for the Development of Persons with Disabilities (“DDPWDs”) to work on the hiring programme.
An assessment has also been done to our office compound to ensure that it is disabled-friendly.
To ensure smooth transition, an internal training program called Mesra OKU Training has been organised to
better prepare our internal team members when it comes to working with our new members. We have also
continued our engagement with Malaysia Federation of The Deaf (“MFD”) in providing Sign Language training
with a total of 20 classes, 1.5 - 2 hours per class in 2024 as a medium of communication with the disabled
community. Other than beginner class, we have offered advanced Sign Language training to some of our
internal staff, so as they can communicate better with the needy.
We strongly believe both employees, with and without disabilities benefit equally from a diverse work setting.
As a result, employees are more likely to feel comfortable and happy in an environment where inclusivity is a
priority.
76
SOCIAL: CARING FROM THE HEART

(Cont’d)
1. OUR EMPLOYEES (CONt'd)
The graph below shows the percentage of permanent and temporary employees by region:
PERCENTAGE OF PERMANENT AND TEMPORARY

EMPLOYEES
Permanent Temporary
1%
99% 100% 100%
MALAYSIA CAMBODIA THAILAND
The pie chart below illustrates the age composition of Padini employees by region:
AGE COMPOSITION (%) AGE COMPOSITION (%) AGE COMPOSITION (%)
16 - 18 years,
41 - 50 1% 16 - 18 > 51
> 51
years, years, years,
years
, 41 - 50
3%
7% years 2%
2% 19 - 20 41 - 50
19 - 20 years, 1% , years , years,
5% 31 - 40
years 11% 15%
14% ,
31 - 40
21 - 30
years,
years, 21 - 30
25%
60% years,
31 - 40
21 - 30 years, years , 54%
71% 29%
77

(Cont’d)

Male Female Male Female Male Female
59% 56%
93%
41% 44%
7%
Gender Composition of Padini Employees by region

Male Female Male Female Male Female
54%
61% 67%
46%
39%
33%
Salary Composition of Padini Employees by region

78

(Cont’d)
EMPOWERING LOCAL TALENTS
Approximate to 100% employees locally hired
It is also one of Padini’s priorities to hire and train competent local employees to work in the offices and
facilities that we operate. As a homegrown Malaysian company, recruiting and developing local talent with
local knowledge first has always been our strategy. We seek to develop local resources and content to benefit
the community by increasing the availability of talent, competence and capability of the local workforce going
forward, with approximate to 100% of our total employees being local hires.
EMPLOYEES DEVELOPMENT AND GROWTH
As a responsible organisation, we believe in caring and training our people to be the best that they can be.
We recognise that a comfortable workplace which provides all the necessary opportunities and incentives is
critical for our people to grow professionally and personally so that they can contribute both to the company
and to the society.
To achieve that, we carry out training and internal promotions as a means of developing and maximising our
human capital, strengthening teamwork and building loyalty among our employees. Regular and structured
training is provided to all levels of employees, from incoming recruits to frontline service employees, supervisors,
right up to top management levels.
Annually, we allocate a portion of our budget to employee training and development. In the financial year
2024, Padini has invested a total of approximately RM499,000 for all trainings, including in-house education,
training programmes and external trainings for its employees. Training mostly covered job-specific topics such
as effective communication, coaching skills, leadership, etc.
In addition to in-house training programmes, we provide support to our employees to seek external courses and
certifications to upgrade their skills. For those wishing to upgrade their skills and competencies, grants, loans,
paid study leaves, time off for examinations as well as numerous in-house training programmes are provided.
In the financial year 2024, approximately RM208,000 was spent on external training and certification. Over
the year and across the Group, a total of one hundred and twenty-one (121) internal and external trainings
have been organised.
Employee Internal Training Programmes - throughout the financial year 2024:
Target Group: All Employees
1. Good Etiquettes and Behaviours

2. Effective Performance Management
3. Positive Working Attitude
4. Retail Service in Action
5. Customer Focused Mindset
6. New Staff Orientation
7. Hiring & Interviewing
8. Employment Manual
9. Coaching for Performance
10. Business English Level I (Beginner)
11. Business English Class Level II (Intermediate)
12. Effective Communication Skills Level I
13. Effective Communication Skills Level II
79

(Cont’d)
EMPLOYEES DEVELOPMENT AND GROWTH (Cont'd)
Employee External Training Programmes - throughout the financial year 2024:
1. Basic Ergonomics Risk At The Workplace Training

2. Basic Occupational First Aid, CPR & AED Training
3. Financial Literacy With AKPK (Literasi Kewangan Bersama AKPK)
4. Hazard Identification, Risk Assessment, Risk Control Training
5. Implementation Of E-Invoicing
6. Industrial Relations Act 1967 With Amendment Acts 2020
7. Industry 4.0 & E-Invoicing 2024
8. Malaysian Sign Language Level I
9. Malaysian Sign Language Level II (Intermediate)
10. Mastering The AI Managerial Toolset: A Deep Dive Into ChatGPT Program
11. Mental Health Programme - Understanding Stress & Managing Emotions
12. National Anti-Corruption Summit (NACS) 2024 By HRD Corp And MACC
13. Occupational Safety And Health Conference 2024
14. People Management Skills: Managing Various Personalities With DISC Training
15. Program Pendidikan Buruh
16. Salary Structure, Benefits & Benchmarking Training
17. Talent Management & Succession Planning Training
18. Tax Seminar On Budget 2024
JUNE 2024
Customer Focused Mindset Retail Service in Action Business English Level II
MAY 2024 APRIL 2024
Effective Performance
Management
Basic Ergonomics Risk at The Industrial Relations Act 1967 With

Workplace Training Amendment Acts 2020
Positive Working Attitude
First Aid Training Industry 4.0 & E-Invoicing

80

(Cont’d)
MARCH 2024 JANUARY 2024 NOVEMBER 2023
Business English Level I

New Staff Orientation
Customer Focused Mindset
Positive Working Attitude
Retail Service in Action
Malaysian Sign Language DECEMBER 2023

Level II
Communication Skill
Leadership Skills Training

First Aid Training
Mindset Mastery Retreat
FEBRUARY 2024
First Aid Training Effective Communication Skills

Level II
National Anti-Corruption Summit

(NACS) 2024
Malaysian Sign Language

Level I Financial Literacy With AKPK
Mastering The AI Managerial

Toolset: A Deep Dive into
ChatGPT Program
Malaysian Sign Language Level
Implementation Of E-Invoicing
81

(Cont’d)
OCTOBER 2023
Coaching for Performance

Hiring & Interviewing
Coaching for Performance Customer Focused Mindset
JULY 2023
Effective Communication Skills

Level II
Retail Service in Action

AUGUST 2023
Tax Seminar on Budget 2024
SEPTEMBER 2023
Hazard Identification, Risk

Customer Focused Mindset Assessment, Risk Control
Mindset Mastery Retreat

82

(Cont’d)
REWARDING AND RECOGNISING OUR EMPLOYEES
Our policies relating to recruitment, career prospects and rewards are merit-based.
Events such as festive dinners were conducted to recognise the efforts and hard work of our people, as well
as foster family spirit and a sense of belonging to the company. During the year, awards presented to our
employees included Best Employee Award, Medical Reward, Outstanding Team Award and Perfect Attendance
Award. Apart from certifications, cash and gift vouchers were also rewarded as a token of appreciation to our
employees’ contribution to the company. Each and every contribution from our employees are recognised and
rewarded with career progression opportunities.
Apart from that, all our confirmed employees are also entitled
to generous employee discounts, ranging from 20% to 40%
for the purchase of Padini’s products, or up to RM2,000 per
quarter.
At Padini, other than only supporting professional growth,

we also embrace our employee’s individual aspirations
and accomplishments. In the financial year 2024, our staff
member, Mohd Firdaus Bin Mohamad has participated in
the fifth (5th) World Deaf Ten-Pin Bowling Tournament in
Munich, Germany and won few prizes from the tournament.
At Padini, we celebrate individual successes that contribute.
To our talented Padini employees, we offer daily allowance
for those who join domestic tournaments and international
tournaments, with unrecorded leave granted according to the
tournament dates. Achievement awards range from RM200 to
RM600 for domestic tournaments, and RM1,000 to RM3,000
for international tournaments. Besides, sports equipment
claims for tournaments are capped at RM1,000 per annum,
and participants are eligible for one post-tournament sports
massage session.
EMPLOYEES WELLNESS AND ENGAGEMENT
We firmly believe that a healthy workforce is a motivated and productive one. We always prioritise our employees'
health and continuously implement a range of projects and actions to support and protect their well-being.
This includes addressing health-related issues, promoting manageable workloads and providing comfortable
working environments designed to maximise productivity, creativity and collaboration.
All our full-time employees are provided at the Group’s costs, with Personal Accident, Hospitalisation & Surgery
and Term Life insurance coverage. The purpose of these insurance coverage is to ensure that in the event
of illnesses, injury, disablement, or even death, a reasonably sized financial cushion is made available to the
affected employee or their families to help reduce the trauma of the unforeseen situations.
83

(Cont’d)
EMPLOYEES WELLNESS AND ENGAGEMENT (CONT'D)
During the financial year 2024, the following programmes were conducted for the benefit and bonding of the
employees:
Physical Fitness
• Badminton
• Yoga
• Zumba
• Cardio Boxing
Competitive Sports Event
• Federation of Malaysian Manufacturers (FMM) Bowling Tournament 2023
• Padini Bowling Tournament 2023 @ Ipoh Bowl, Ipoh
• Padini Badminton Tournament 2024 @ TJH Sport Centre, Shah Alam
Health & Wellness
• Mental Health Talk: Understanding Stress & Managing Emotions
• Mental Health Talk: Building A Resilience
• Educational Health Talk: Cancer Awareness with Cancer Research Malaysia
• Hearing Talk: Cakna Pendengaran with Hospital Canselor Tuanku Muhriz
• Hearing Screening by Eartistic Shah Alam
• Physiotherapy Service by Eartistic Shah Alam
• Pathlab Health Screening
• VitaHealth Health Screening
• VitaHealth Health Talk
• Anytime Fitness Corporate Membership
• Hair Scalp Screening by Miracle Hair
• Dental Screening by ST Tiew Dental
• Eye Screening by Vista Eye Specialist
• Basic-to-Complete Eye Check by Season Optical Group
• Spine and Nerve Screening by Aim’s Chiropractic
Diversity & Inclusion
• International Day of Persons with Disabilities Celebration
• International Women’s Day Masterclass Session with Ms. Daphne Robert, Corporate Trainer
• Freshly baked cakes by Huckleberry in aid of Rumah Juara by The Glad Shop
Strategic Financial Management
• Perbadanan Tabung Pendidikan Tinggi Nasional Roadshow
• Financial Literacy with Agensi Kaunseling dan Pengurusan Kredit (AKPK
Food & Beverage Deals
• Bites Food Sale - Yakult, Delfi, Five Senses Enterprise Sdn Bhd, Milky Ways
Beauty & Lifestyle
• Make-up and Grooming Session by Elianto
• Perfume, Layering and Personalities by Avon
• Henna Arts by Qilahennaaa
• Nail salon by Nail Gurau
• Beauty and Health Product Sales by Nurraysa
• Perfume, Home Fragrances and Candle Sales by I-Scent
84

(Cont’d)
EMPLOYEES WELLNESS AND ENGAGEMENT (CONT'D)
Bites Food Sale Bites Food Sale Pokka Day
Eye Screening Hair Scalp Screening PTPTN roadshow
Padini Bowling Tournament FMM Bowling Tournament Padini Badminton Tournament
International Day of Persons with Mental Health Program Cancer Awareness Talk
Disabilities
Cardio boxing Yoga Zumba

85

(Cont’d)
SUPPORTING NEW MUMS AT WORK
Nursing Room
Flexible Lactation Breaks
Maternity Parking
We are proud to have a strong representation of female employees through every level of our company. To
ensure smooth transitions back to work for our new mums, we have furbished a dedicated nursery room. Flexible
lactation breaks are also allocated to allow our new mums to schedule lactations around their work duties. We
believe that by having a supportive work environment, where new mums feel comfortable and encouraged
to breastfeed and express during the workday, can reduce some of the stress inherent to juggling work and
motherhood, and therefore increase productivity at work. We have also provided designated parking locations
for expectant mothers to gain access to the office or warehouse through parking closer to the entrance.
OPEN WORKFORCE COMMUNICATIONS
Practice open communication
At Padini, we value transparency and take our employees’ feedback into consideration to make Padini a
better place to work. We therefore promote and practice open communication across all levels of employees
and departments through various regular interactive sessions between employees and senior management.
All employees are encouraged to bring up their work-related concern directly to the attention of the senior
management. Padini’s Human Resource and Training Department is tasked with ensuring that our labour
practices are in compliance with the latest statutes and legislations. By identifying and understanding our
employees’ needs, we can improve their well-being.
WELFARE PROVISIONS FOR EMPLOYEES IN TIMES OF EMERGENCY AND CRISIS
Charity begins at home
We also believe in the adage, “charity begins at home”. The care that we demonstrate to employees extends
to their families in times of crisis. The management is always sympathetic to employees in their time of need,
and we provide financial aid in the event of passing of staff or a staff’s family member, and those who require
funding for medical treatment. We have provided the above through our Employees Assistance Programme.
OCCUPATIONAL HEALTH AND SAFETY MANAGEMENT
Reduced accident rates
The Safety and Health Committee in Padini functions to assist Padini to formulate safety measures, guidelines,
rules and safety systems of works. In case of any occupational accidents or dangerous occurrence, committee
member will take part in investigating and recommend corrective actions.
In the financial year 2024, we recorded sixteen (16) minor injuries in Malaysia, two (2) in Thailand and no
reported cases in Cambodia. Most of these incidents occurred while employees were organising stock in stores.
To reduce the number of accidents, we have provided more efficient equipment such as trolleys, conducted
instructions training and issued an internal memo to keep staff alert on safety concerns.
Accident Type FY 2024 FY 2023 FY 2022

Workplace 18 13 1
Number of Accident Cases

86

(Cont’d)

RAISING TOMORROW’S LEADERS
Sponsorships for study and training programmes
As a company, we represent a significant fraction of the local apparel industry. Knowing that we can make a
difference in creating positive impact, we aim to utilise our platform to create opportunities for our employees,
for young adults seeking to begin their career, and to nurture our local talents in reaching their goals and fulfil
their greatest potential. Believing that ‘Today’s youth will lead us tomorrow’, education and practical training
become one of our priorities in Padini.
Besides internal training programmes, we also encourage our employees to improve their personal skills
through sponsorships for study and training programmes.
Sponsorships for work related study/ training

Management Level Up to RM10,000 per annum without bond
Executive Level Up to RM5,000 per annum without bond
Non-Executive Level Up to RM2,500 per annum without bond
TRAINING PROGRAMMES FOR GRADUATES
Since financial year 2009, Padini had, on an annual basis conducted training programmes for graduates. The
programmes had initially targeted graduates interested in pursuing management career opportunities in the
retail apparel industry as well as graduates who are keen to obtain some practical working experience by
serving as interns. The programmes were modified later to focus more exclusively on preparing participants
for careers in the apparel retail trade, with details as follows:
National Dual Training System / Sistem Latihan Dual Nasional (“SLDN”)
Introduced in August of 2022, SLDN is an industry-oriented programme that merges workplace and institutional
training. Collaboration with Department of Skills Development (“DSD”) from Human Resource Ministry and
Vision Diagnostic Sdn Bhd. Conducted over approximately one (1) year period, this programme comprised
both classroom and on-the-job training at our stores and learning included retail operation such as stock
arrangement, customer services, cashiering etc. Upon completion of both designated hands-on training and
final test conducted at the end of training programme, DSD will award successful apprentices with national
skills qualification.
FACILITATING CAREER ADVANCEMENT
Encourage transfer of stores or department
As part of our effort to help employees advance their careers, we allow employees to directly inform human
resources about their career ambitions, as well as an internal recruitment system that lets employees apply for
a transfer to another store or head office department. We made it our priority to first look internally for staffing
before opting out for external recruitment as we strongly believe that this results in lifting the morale, induce
motivation and better retention among our employees.
STRENGTHENING EMPLOYEE SATISFACTION
In the view of enhancing the overall well-being, engagement, and satisfaction levels of Padini employees across
various departments, we have conducted annual Employee Engagement Survey. The survey covers several
key areas, including employee’s job satisfaction, their perception to Padini as a whole and other benefits. It
also examines the quality of working relationships with immediate supervisor, team leaders and colleagues,
ensuring a focus on teamwork and communication. The survey results are reviewed in management meetings
to analyse key issues and guide future strategic planning. Padini remains committed to enhance the positive
working environment, address employee need and foster a culture of inclusivity and collaboration.
87

(Cont’d)
2. OUR COMMUNITY
As part of our philosophy to ensure our business

Approximately has a positive social impact, we have partnered
Total of 1,600 units of with some inspirational local and international
19 NGOs Covid-19 test
benefited organisations. The charities we work with support
kits donated to
outsiders women, children, families, communities, and the
environment.
Approximately
Nearly 585 RM221,000 We embrace causes that most affect people’s
hours (cash and in
spent by kind) has been lives every day, such as the environment,
employees donated community development, healthcare, culture,
on sports, and education. These programmes
volunteering
deliver both social and business benefits: our
communities’ benefit from the long-term impact of
our employee volunteer efforts, and our business
is rewarded with more engaged employees who
are passionate about making a difference in the
world.
STRENGTHENING VULNERABLE GROUPS
Donations of both monetary and in kind were made from proceeds derived from a variety of fund-raising activities
conducted by the Kelab Kebajikan Syarikat Padini Holdings Berhad (formerly Caring From The Heart), a group
consisting of employee volunteers from Padini. A total of approximately RM221,000 in cash and in kind were
donated to the vulnerable group. Padini has been engaging with Orang Kurang Upaya (“OKU”) as caterers
for inhouse training food and beverages, in hope to promote inclusivity and provide meaningful opportunities
for individuals with disabilities.
SUPPORTING THE HUMANITARIAN CAUSES
In the financial year 2024, Padini has been active in making positive impacts to the community through a
variety of philanthropic initiatives. Approximately one thousand nine hundred (1,900) cartons or equivalent
to approximately twenty-nine thousand (29,000) pieces of assorted Padini merchandises were donated in
the financial year 2024. A total of nineteen (19) NGOs has benefited from the donation of assorted Padini
Merchandises, and donation in cash and kind. The nineteen (19) NGOs are as follows:
1. Life Line Clothing Malaysia (LLCM)

2. GLAD PJ Shop
3. MBSJ Community Cabin
4. SJKC Lick Hung
5. Persatuan Kebajikan Ci Hang-Chempaka
6. Pusat Jagaan Kanak-Kanak Istimewa Lagenda
7. Pertubuhan Kebajikan Anak-anak Yatim dan OKU Mesra
8. Persatuan Kebajikan Kanak-Kanak Terencat Akal Malaysia
9. House of Joy, Puchong
10. Grace Home, Klang
11. Pusat Jagaan Rumah Juara
12. Pusat Kebajikan Kanak-Kanak Yatim dan Cacat Ceria Klang
13. Pertubuhan Kebajikan Yesuvin Mahligai
14. Pertubuhan Kebajikan Rumah Impian OKU Kuala Lumpur
15. Shan Ai Handicapped Welfare Home
16. Pertubuhan Rumah Anak Yatim Berkat Kasih (House of Love)
17. Rumah Nur Sakinah
18. My Kasih Foundation (SK SG DUA BENTONG and Charity Golf)
19. Lifezone Drug Rehabilitation Centre
88

(Cont’d)
2. OUR COMMUNITY (cont'd)
SUPPORTING THE HUMANITARIAN CAUSES (CONT'D)
Hari Raya Celebration at Rumah Chinese New Year Celebration at Christmas Donation to
Nur Sakinah Pertubuhan Rumah Anak Yatim Pertubuhan Kebajikan Yesuvin
Berkat Kasih (House of Love) Mahligai
Movie Day with Pusat Jagaan Deepavali Celebration at Pusat

Rumah Juara and Lifezone Drug Kebajikan Kanak-Kanak Yatim dan
Rehabilitation Centre Cacat Ceria Klang
COMMUNITY ENVIRONMENTAL PROJECT
During the financial year 2024, we had collected and sold for recycling, a total of approximately 4,600kg of
used paper, plastic and paper products with the proceeds amounting to nearly RM1,800. While negligible, the
sum was utilised in part to fund Padini’s philanthropic activities.
89

(Cont’d)
3. OUR CUSTOMER
CONSUMER PRIVACY MYSTERY SHOPPERS

We aim to respond to evolving consumer
In addition, to improve customer service, on an
expectations, security threats and regulation
annual basis, we will choose minimum fifteen (15)
concerning data privacy. Padini treats personal
outlets to have mystery shopping visits. During
data of our consumers, employees and other
the financial year 2024, there is a total of eighty-
stakeholders with utmost respect and transparency.
three (83) outlets being chosen as part of our
We respect consumers’ right to privacy when they
commitment to improving our customer experience.
use our websites, sign up for our Loyalty Programme
After conducting the mystery shopping visits, the
(Padini Membership Card) and communicate
mystery shoppers will then write a detailed report
electronically with us. Padini complies with the
on a pre-defined and agreed-upon form, and the
Personal Data Protection Act 2010 (“PDPA”). We
result will then be further analysed. Thereafter
have put in place all necessary measures to keep
specific training will be given to those chosen
any personal information provided securely. Further
outlets based on the reports of the mystery shopper
information on our Privacy Policy is available on our
on areas for improvement. Mystery shoppers will
website.
visit for another round to gauge the effectiveness
of the training given and thus used as a benchmark
in employees training and planning our future
business policy.
CONSTANT IMPROVEMENT ON
CUSTOMER SERVICE
To stay on top of consumer needs as they change

with the times, Padini has set up various customer
service platforms as follows:
Customer Service Platforms

1 Official Website Feedback Form
2 Customer Service Hotline
3 Email
4 Social Media Pages
The feedback from customers is relayed to

relevant stores and departments to ensure a
timely response, ensuring that customer feedback
is reflected to improve products and services.
Recognising that complaints are especially
valuable feedback, all personnel involved promptly
share details with relevant stores and departments
so that their root causes and solutions can be
determined to prevent any recurrence.
Reports on product defects and measures for

improvements are compiled every month based
on customers’ opinions and requests collected
by customer service centres and customers’
complaints handled. These reports are made
known to all personnel of the company’s production
offices around the world, where they are useful for
improving quality.
90
GOVERNANCE
CORPORATE GOVERNANCE
OVERVIEW STATEMENT
The Board of Directors (“the Board”) of Padini Holdings Berhad has always been committed to ensure the fulfillment
of the highest standards of Corporate Governance as set out in the Malaysian Code on Corporate Governance (“the
Code” or “MCCG”) and is proactive to ensure Principles and Recommendations are practised throughout the Group.
The Board believes that strong corporate governance is essential in safeguarding and enhancing shareholders'
value and for long-term sustainability and growth.
The Board is pleased to present the Corporate Governance Overview Statement (“this Statement”) which seeks to
provide shareholders and investors vital insights into the corporate governance (“CG”) practices of the Group to the
investors for the financial year of 2024.
The revised Malaysian Code on Corporate Governance issued on 28 April 2021 (“MCCG 2021”) supersedes
the Malaysian Code on Corporate Governance 2017. This statement describes the approaches that the Group
has taken with respect to the principles or practices of the MCCG 2021 and the extent of compliance with the
Recommendations of the MCCG 2021, the Main Market Listing Requirements (“Listing Requirements”) of Bursa
Malaysia Securities Berhad (“Bursa Securities”) and Bursa Malaysia’s Corporate Governance Guide (“CG Guide”).
The detailed application for each practice as set out in the MCCG 2021 is disclosed in the CG report, which is
available in the Group’s website, at https://corporate.padini.com
PRINCIPLE A – BOARD LEADERSHIP AND EFFECTIVENESS
1. BOARD OF DIRECTORS
1.1 Board Charter and Code of Conduct of the Board
The Board has established a Board Charter which clearly sets out the principal roles of the Board, and
responsibilities of the Board, Board Chairman, Managing Director and Board Committees.
The Board Charter is periodically reviewed by the Board and updated taking into consideration the
needs of the Group as well as any development in relevant rules, regulations and laws that may have
an impact on the discharge of the Board’s duties and responsibilities.
The Board is also committed to conducting business in accordance with the highest standards of
business ethics and complying with applicable laws, rules and regulations. The Code of Conduct
and Ethics reinforces the Group’s core value on integrity by providing guidance on moral and ethical
behaviour that is expected from all employees.
The Board has established policies and procedures on whistleblowing which provide an avenue for
employees of the Group to raise concerns or disclose any improper conduct within the Group.
The Board Charter and Code of Conduct of the Board are made available for reference in the Group
website at https://corporate.padini.com
Governance of Sustainability
The Board reviewed the practices under MCCG 2021 and to continuously ensures that there is an
effective governance framework for Group’s sustainability. Group’s sustainability works to address
Group’s material sustainability risks and opportunities are still ongoing. To kept abreast on sustainability
issues which are relevant to the Group’s business operations, several training programmes had been
organised for the Board as well as employees.
91
GOVERNANCE
Corporate Governance Overview Statement

(Cont’d)
PRINCIPLE A – BOARD LEADERSHIP AND EFFECTIVENESS (cONT’D)
1. BOARD OF DIRECTORS (CONT’D)
1.2 Roles and Responsibilities of the Board
The Board is accountable and responsible for the overall performance and affairs of the Group by
overseeing and appraising the Group’s strategies and policies in achieving the objectives and long-term
goals of the Group.
In line with the practice of good corporate governance, the Board has established and implemented
various processes to assist members of the Board in the discharge of their roles and responsibilities.
The Board’s roles and responsibilities include the following: -
1. Establishing and reviewing the Group’s long-term direction through formulation of business
objectives and strategies.
2. Approving the Group’s annual business plans, annual budget and carries out periodic review of
the achievements by the various operating divisions against their respective business target.
3. Promoting a sound corporate governance culture which reinforces ethical, business integrity,
commitment to values, delivering sustainable values and managing shareholders’ and stakeholders’
expectation.
4. Ensuring the Group has appropriate business risk management process.
5. Ensuring that there is in place an appropriate succession plan for members of the Board and
senior management.
6. To be accountable to its shareholders and stakeholders who may be affected by the Group’s
decision.
1.3 Composition, Independence and Diversity of the Board
BOARD COMPOSITION GENDER
Independent Female
Non-Executive 36%
Executive
Directors Directors
Male
55% 45%
64%
There are currently eleven (11) members in the Board, comprising five (5) Independent Non-Executive
Directors and six (6) Non-Independent Executive Directors. The current Board composition complies
with the Listing Requirements but departed from MCCG 2021 in which the Board comprises a majority
non-independent directors. A brief profile of each Board member is as set out in the Integrated Annual
Report 2024 “Profile of Directors”.
92
GOVERNANCE

(Cont’d)
1.3 Composition, Independence and Diversity of the Board (Cont’d)
There is a clear division of responsibility between the Chairman and the Managing Director to ensure
that there is a balance of power and authority, such that no one individual has unfettered powers of
decision-making. The position of Chairman is held by Datuk Lee Say Tshin (appointed from 1 January
2024 onwards) and Mr Chia Swee Yuen (from 1 July 2023 to 31 December 2023), both Independent
Non-Executive Directors, while the position of Managing Director is held by Mr Yong Pang Chaun.
The Chairman is responsible in leading the Board in its collective oversight of Management whilst the
Managing Director is responsible to implement the policies and strategies approved by the Board for the
purposes of running the business and the day-to-day management of the Group.
In promoting diversity, gender and opportunities, the Board, on the recommendation of the Nominating
and Remuneration Committee (“NRC”), has adopted a diversity policy on the Board and workforce
of the Group. The Board, via the NRC conducts regular reviews of its composition with the aim to
ensure it achieves a diverse Board which is able to unearth a breadth of perspectives. The Group
takes into account the benefits of having different facets of diversity including gender, professional
background, skills and experience in sourcing for suitable candidates for its Board. In appointing an
appropriate individual to the Board, the NRC considers and recommends to the Board the suitable
candidate after evaluating the candidate’s skills, knowledge, competencies, expertise and experience,
time commitment, professionalism, integrity and diversity.
In line with the Government’s aspiration to have at least 30% women representation in decision-making
positions of Malaysian public companies, the Company currently has four (4) female members on the
Board, representing more than 33% of the total Board Members. The Group also ensures diversity in
its management level by having strong female representation at the management level which could
potentially be a pipeline for future candidates to be appointed as Directors or Senior Management.
On 31 December 2023, Mr Lee Peng Khoon and Mr Chia Swee Yuen resigned from the Board after
serving as Independent Non-Executive Directors of the Company for a cumulative term of more than
nine (9) years. On 1 January 2024, an additional Independent Non-Executive Director, Mr Ng Chee
Hoong, had been appointed. This is in line with the Board’s refresh practice undertaken upon review of
the current board composition which ensures appropriate representation and robust deliberation and
decision making by the Board.
As of 31 August 2023, Ms. Chong Chin Lin has opted to step down from her role as an Executive
Director of the Group, marking the conclusion of her extensive tenure. Mr. Christopher Yong Tze-Yao
was appointed as the new Executive Director on 1 September 2023.
The Board is further supported by two (2) qualified and competent Group Secretaries. The Group
Secretaries manage all Board meetings, Board Committees and the group subsidiaries meetings and
ensure accurate and proper records of the proceedings and resolutions passed, are maintained in the
statutory records at the registered office of the Group. The Group Secretaries regularly update the Board
on new regulations issued by the regulatory authorities.
93
GOVERNANCE

(Cont’d)
1.4 Board Committees
To ensure the effectiveness in discharging its duties and responsibilities, the Board has delegated
its power to the relevant Board Committees such as the Audit and Risk Committee (“ARC”) and the
Nominating and Remuneration Committee (“NRC”). Each committee operates its functions within their
approved terms of reference by the Board which are reviewed by the Board as and when necessary.
PADINI BOARD OF DIRECTORS
AUDIT AND RISK COMMITTEE NOMINATING AND

(“ARC”) REMUNERATION COMMITTEE
(“NRC”)
1.5 Nominating and Remuneration Committee Report
During the financial year, the Nominating and Remuneration Committee, carried out the following
reviews and discussions in discharging their functions and duties:-
(1) The results of the performance and evaluation of (i) the Directors and the Board and (ii) the Audit
Committee and its members, for the year ended 30 June 2023;
(2) Re-election of Directors retiring at the Annual General Meeting in accordance with Clause 103(1)
and Clause 110 of the Company’s Constitution;
(3) Retention of Independent Directors;
(4) Appointments of an Executive Director and an Independent Director;
(5) Composition of the Board Committees;
(6) Extension of the period of service of the Managing Director;
(7) Directors’ fee for the financial year ended 30 June 2024;
(8) Directors’ Benefits payable for the period from 1 July 2023 to the Annual General Meeting to be
held in 2024;
(9) Revision of the remuneration of an Executive Director;
(10) Revision of the remuneration of the Independent Non-Executive Directors;
(11) The results of the Key Performance Indications (“KPI”) for the year ended 30 June 2023, the
detailed KPI for the financial year 2023/2024 and the Mid Year Report on KPI for the financial year
2023/2024;
(12) Trainings attended by Directors to-date and their further training needs and requirements; and
(13) Establishment of a training program for members of the Audit and Risk Committee.
All the above matters were subsequently brought to the attention of the Board of Directors for discussion
and approval where necessary.
94
GOVERNANCE

(Cont’d)
1.6 Board Meeting
The Board meets regularly, at least once in every quarter, to review the Group’s operations and to
approve the quarterly reports and annual financial statements. Additional meeting would be convened
when urgent and important decision needs the Board’s review and consideration between scheduled
meetings. During the financial year under review, five (5) meetings of the Board were held, and all
Directors have complied with the requirement in respect of Board Meeting attendance as provided in the
Listing Requirements.
Details of the attendance are as follow:-
BOARD
MEETINGS
DIRECTORS POSITION ATTENDED
1 Datuk Lee Say Tshin Chairman, Independent Non-Executive Director 5/5
2 Mr Yong Pang Chaun Managing Director 5/5
3 Mr Andrew Yong Tze How Executive Director 5/5
4 Mr Benjamin Yong Tze Jet Executive Director 5/5
5 Ms Chew Voon Chyn Executive Director 5/5
6 Ms Sung Fong Fui Executive Director 5/5
7 Mr Christopher Yong Tze-Yao Executive Director 4/4#
8 Ms Tan Shi Wen Independent Non-Executive Director 5/5
9 Ms Tan Poh Ling Independent Non-Executive Director 5/5
10 Mr Timothy Tan Heng Han Independent Non-Executive Director 5/5
11 Mr Ng Chee Hoong Independent Non-Executive Director 2/2*
12 Ms Chong Chin Lin Executive Director 1/1^
13 Mr Chia Swee Yuen Chairman, Independent Non-Executive Director 3/3+
14 Mr Lee Peng Khoon Independent Non-Executive Director 3/3+
#
Mr Christopher Yong Tze-Yao was appointed to the Board on 1 September 2023
* Mr Ng Chee Hoong was appointed to the Board on 1 January 2024
^
Ms Chong Chin Lin resigned from the Board on 31 August 2023
+
Mr Chia Swee Yuen and Mr Lee Peng Khoon resigned from the Board on 31 December 2023
1.7 Directors’ Training
The Directors attended courses, seminars, conferences and talks to enhance their skill sets and
knowledge to enable them to carry out their duties and discharge their responsibilities as Directors of
the Company. Additionally, the Directors kept themselves updated with the changes in the business
and regulations through sharing and discussion in official Board meetings and unofficially through small
group discussions among the Directors.
The Board had undertaken an assessment of the trainings attended by the Directors and the training
needs and requirements. The Board will continue to identify training topics that can further enhance its
knowledge in the latest development relevant to the Group.

GOVERNANCE
1.7 Directors’ Training (Cont’d)
The training programmes attended in financial year 2024 are as follows:-
Datuk Mr Mr Mr Ms Ms Mr Mr
Lee Yong Andrew Benjamin Chew Sung Christopher Ms Tan Ms Tan Timothy Mr Ng Mr Chia Mr Lee
TRAINING/ Say Pang Yong Yong Tze Voon Fong Yong Tze- Shi Poh Tan Heng Chee Swee Peng
No. COURSES Tshin Chaun Tze How Jet Chyn Fui Yao Wen Ling Han Hoong Yuen* Khoon*
1 Cloud Audit
Automation for the √
Future
2 Mandatory
Accreditation
Programme Part II: √ √ √ √ √ √ √ √ √ √ √ √
Leading for Impact
(LIP)
3 Implementation of
√ √ √ √ √ √ √ √ √ √
E-Invoicing
4 Mastering The AI
Managerial Toolset:
√ √ √ √ √ √ √ √ √ √
A Deep Dive into
ChatGPT
5 Mandatory
Accreditation √
Programme (MAP)
6 Budget 2024
conducted by Vialto √
Partners
7 Board Oversight of
Climate Risks and √
Opportunities
8
Transfer Pricing
(TP) Rules 2023

√
– Is it Possible to
Comply?
(Cont’d)
95

96

(Cont’d)
The training programmes attended in financial year 2024 are as follows (Cont’d):-
9 Advocacy Sessions
for Directors and
CEOs of Main √ √
Market Listed
Issuers
10 Developments and
Impacts of ESG on √
Corporate Malaysia
11 Financial Reporting
on Impact of Climate √
Change Effects
12 The IFRS S1 and
S2: Reporting,
√
management and
value creation
13 27th Annual
Competition √
Conference
14 SMP Forum 2023 √
15 Perfoming An
ISAudit - Module 2 √
(ISA 300 & ISA 315)
GOVERNANCE

GOVERNANCE
16 Case Studies
in Revenue
Recognition -
Principles and
Requirements
√
for Recognising
Revenue from
Contracts with
Customers including
key considerations
17 Preparing MPERS
Compliant Financial √
Statements
18 Audit Quality and
√
Documentation
19 Sustainability for
Corporate Directors: √
A Prerequisite
20 National Tax
√
Conference 2023
21 Webinar on ISQM
1: Challenges
Faced, Obstacles √
Overcame and
Lessons Learnt
(Cont’d)
97
98

(Cont’d)
22 KPMG ESG
Talk: Addressing
challenges in √
implementing ISSB
Standards
23 Practical Auditing
Methodology for √
SMPs
24 Budget 2024 √
Seminar
25 2024 National √
Budget Briefing
26 Simplifying √
e-Invoicing
27 Conflict of Interest
("COI") & Related
Party Transactions
- Disclosure
Obligations of
Directors & Key √
officers on COI
under the Main
Market Listing
Requirements of
Bursa
GOVERNANCE

GOVERNANCE
28 Audit Quality
Enhancement
√
Programme for
SMPs
29 The Journey to Net
√
Zero
30 Briefing on the
Amendments to the
ACE Market Listing
Requirements of
Bursa Securities
relating to √
Enhanced
Sustainability
Reporting
Framework and
Conflict of Interest
31 Fighting Financial
√
Crimes
32 Connect with Our
√
Value
* Information as at 31 December 2023

(Cont’d)
99
100
GOVERNANCE

(Cont’d)

1.8 Directors’ Remuneration
The Group has in place a remuneration framework and procedures to determine the remuneration of the
Directors which is clear and transparent, designed to attract and retain the right talent in the Board taking
into consideration factors such as their fiduciary obligations and responsibilities, time commitment, and
the Group’s performance and market conditions. Each individual Director abstained from discussion on
his/her own remuneration/fees.
The objective of the Group’s remuneration policies is to provide fair and competitive remuneration to its
Board and senior management personnel in order for the Group to benefit by attracting and retaining a
high-quality team.
A summary remuneration of the Directors for the financial year ended 2024 distinguishing between
Executive and Non-Executive Directors in aggregate, with categorisation into appropriate components
are set out below in Ringgit Malaysia (RM):
Group
Salaries & Statutory Other

Fees Bonuses Contributions Emolumentsα Total
1 Datuk Lee Say Independent Non- 111,500 – – 6,000 117,500
Tshin Executive Director
2 Mr Yong Pang Executive Director – 2,160,684 86,428 24,600 2,271,712
Chaun
3 Mr Andrew Yong Executive Director – 1,180,728 141,688 25,837 1,348,253
Tze How
4 Mr Benjamin Executive Director – 1,180,728 141,688 12,450 1,334,866
Yong Tze Jet
5 Ms Chew Voon Executive Director – 928,728 111,448 21,825 1,062,001
Chyn
6 Ms Sung Fong Executive Director – 1,276,728 153,208 31,150 1,461,086
Fui
7 Mr Christopher Executive Director – 956,728 114,808 22,417 1,093,953
Yong Tze-Yao #
8 Ms Tan Shi Wen Independent Non- 95,000 – – 6,000 101,000
Executive Director
9 Ms Tan Poh Ling Independent Non- 105,000 – – 6,000 111,000
Executive Director
10 Mr Timothy Tan Independent Non- 95,000 – – 6,000 101,000
Heng Han Executive Director
11 Mr Ng Chee Independent Non- 52,500 2,000 54,500
Hoong* Executive Director
12 Ms Chong Chin Executive Director – 52,000 2,080 3,420 57,500
Lin^
13 Mr Chia Swee Independent Non- 64,000 – – 4,000 68,000
Yuen+ Executive Director
14 Mr Lee Peng Independent Non- 50,000 – – 4,000 54,000
Khoon+ Executive Director
#
Mr Christopher Yong Tze-Yao was appointed to the Board on 1 September 2023
* Mr Ng Chee Hoong was appointed to the Board on 1 January 2024
^
Ms Chong Chin Lin resigned from the Board on 31 August 2023
+
α
Included in other emoluments are allowances and benefits-in-kind
101
GOVERNANCE

(Cont’d)
1.8 Directors’ Remuneration (Cont’d)
Company
Salaries & Statutory Other

Fees Bonuses Contributions Emolumentsα Total
1 Datuk Lee Say Independent 111,500 – – 6,000 117,500
Tshin Non-Executive
Director
2 Ms Tan Shi Wen Independent 95,000 – – 6,000 101,000
Non-Executive
Director
3 Ms Tan Poh Ling Independent 105,000 – – 6,000 111,000
Non-Executive
Director
4 Mr Timothy Tan Independent 95,000 – – 6,000 101,000
Heng Han Non-Executive
Director
5 Mr Ng Chee Independent 52,500 – – 2,000 54,500
Hoong* Non-Executive
Director
6 Mr Chia Swee Independent 64,000 – – 4,000 68,000
Yuen+ Non-Executive
Director
7 Mr Lee Peng Independent 50,000 – – 4,000 54,000
Khoon+ Non-Executive
Director
*
Mr Ng Chee Hoong was appointed to the Board on 1 January 2024
+
α
Included in other emoluments are allowances and benefits-in-kind
PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT
1. AUDIT AND RISK COMMITTEE
The Audit and Risk Committee was established by the Board to provide assistance to the Board of Directors
in overseeing the financial reporting process, monitoring the accuracy and integrity of the Group’s annual and
quarterly financial statements. The Audit and Risk Committee also reviews and evaluates the performance of
external audit and internal audit in ensuring efficiency and effectiveness of the Group’s operation, adequacy
of internal control system, compliance with established policies and procedures, transparency in decision-
making process and accountability of financial and management information.
The Group’s current Audit and Risk Committee is made up of four (4) independent Non-Executive Directors.
The Chairman of the Audit and Risk Committee is Mr. Ng Chee Hoong, who was appointed on 1 January
2024. Prior to him, Ms Tan Poh Ling served as the Chairman from 1 February 2023 until 31 December
2023 and was then redesignated as a member from 1 January 2024. Both individuals are Independent Non-
Executive Directors and neither serves as the Chairman of the Board so as not to impair the objectivity of the
Board’s view of the Audit and Risk Committee’s findings and recommendations.
Please refer to the Audit and Risk Committee Report for further details.
102
GOVERNANCE

(Cont’d)
PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (COnt’d)
2. RISK MANAGEMENT AND INTERNAL CONTROL
The Board acknowledges that risk management is an integral part of good management practices. The Board
has in place risk management and internal control systems which enable Management to identify, assess,
prioritise and manage risks on a continuous and systematic basis.
The Group’s risk management and internal control systems are designed to meet the Group’s particular
needs, to efficiently and effectively manage risks that may impede the achievement of the Group’s business
objectives, and to provide information for accurate reporting and ensure compliances with regulatory and
statutory requirements. This system, by its nature, can only provide reasonable but not absolute assurance
against material misstatement, fraud or loss. Any major changes to risks or emerging significant risk of the
business units in the Group together with the appropriate actions and/or strategies to be taken, will be brought
to the attention of the Board by the Management.
PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP

WITH STAKEHOLDERS
1. COMMUNICATION WITH STAKEHOLDERS
The Board strives to maintain an open and transparent channel of communication with its shareholders,
institutional investors and the investing public at large with the objective of providing as clear and complete
picture of the Group’s performance and position as possible. Such information is communicated on a timely
basis through the following channels:
• The various private and group meetings with financial analysts, fund managers, private and institutional
inventors;
• The various disclosures and announcements on Bursa Securities’ website including quarterly and
annual results;
• The annual report;
• The AGM; and
• The Group’s website, https://corporate.padini.com
2. CONDUCT OF GENERAL MEETINGS
The Group’s General Meetings remain the main channel of communication with the Group’s shareholders,
in particular private investors. The Board will ensure the suitability of the venue and timing of meetings and
undertake other measures to encourage shareholders’ participation in the meetings. In view of new normal
practice brought about by the Covid-19 pandemic, Padini had held its virtual General Meeting in the previous
financial years. As the country has entered the endemic phase of Covid-19 pandemic, the Board has decided
to shift back to physical platform which facilitates two-way communication flow during general meeting. At
each General Meeting, shareholders are given the opportunity to seek clarification on any matter pertaining to
the business activities and financial performance of the Group.
Shareholders are entitled to appoint proxy/proxies to vote on their behalf in their absence. This is in line with
the amendments of the Listing Requirements in mandating poll voting for all resolutions set out in the notice
of general meetings. The Group shall ensure, through its Polling Agent, that all valid proxy or corporate
representatives or attorney appointments are properly received and recorded.
The Directors are required by the Companies Act 2016 to prepare the financial statements for each financial
year which give a true and fair view of the state of affairs of the Group and of the Company at the end of the
financial year. In preparing the financial statements, the Directors have ensured that the applicable approved
accounting standards in Malaysia, the provisions of the Companies Act 2016 and the Listing Requirements
of Bursa Securities have been applied. The Directors are responsible for taking such steps to safeguard the
assets of the Group and to prevent and detect fraud and other irregularities.
103
GOVERNANCE

(Cont’d)
PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP

WITH STAKEHOLDERS (Cont’d)
3. SENIOR MANAGEMENT
The Group has disclosed the information regarding the top senior management’s remuneration from an
alternate perspective which is intended to achieve a similar outcome.
A remuneration package of senior management is established to ensure a good balance between attracting,
retaining and motivating staff. The total remuneration package of the top ten (10) senior management has
been disclosed in practice 8.2 of the Corporate Governance Report. Corporate Governance Report is available
via an announcement on the website of Bursa Securities. This has excluded the remuneration of Executive
Directors which has been declared under the Directors’ Remuneration.
Fixed remuneration refers to basic salary and other fixed income which commensurate with the role, position,
experience, qualifications and responsibility of an individual. Variable remuneration refers to discretionary
bonus which is cash based and does not consist of non-cash instruments. The pool of the variable remuneration
is determined by the Group’s financial performance, achievement of key performance indicators and overall
economic outlook.
104
GOVERNANCE
REPORT OF THE
AUDIT AND RISK COMMITTEE
The Board of Directors of Padini Holdings Berhad is pleased to present the Audit and Risk Committee Report of the
Board for the financial year ended 30 June 2024.
Composition of the Audit and Risk Committee
The present members of the Audit and Risk Committee of the Company are:
i. Mr Ng Chee Hoong (Independent Non-Executive Director; Chairman) appointed on 1 January 2024

ii. Ms Tan Poh Ling (Independent Non-Executive Director; Member) resigned as Chairman and re-designated as Member on 1 January 2024
iii. Ms Tan Shi Wen (Independent Non-Executive Director; Member)
iv. Mr Timothy Tan Heng Han (Independent Non-Executive Director; Member)
v. Datuk Lee Say Tshin (Independent Non-Executive Director; Member) resigned as Member on 1 January 2024
vi. Mr Lee Peng Khoon (Independent Non-Executive Director; Member) resigned as Member on 31 December 2023
Terms of Reference
The details of the terms of reference of the Audit and Risk Committee are available for reference at http://corporate.
padini.com.
Attendance of Audit and Risk Committee Meetings
The details of attendance of each Audit and Risk Committee member in the Audit and Risk Committee meetings
held during the financial year ended 30 June 2024 are as follows:-
Meetings attended by the Directors/

Total Number of Meetings held during the
DIRECTORS financial year ended 30 June 2024 % of Attendance
1 Mr Ng Chee Hoong 2/2α 100%α
2 Ms Tan Poh Ling 5/5 100%
3 Ms Tan Shi Wen 5/5 100%
4 Mr Timothy Tan Heng Han 5/5 100%
5 Datuk Lee Say Tshin 3/3* 100%*
6 Mr Lee Peng Khoon 3/3^ 100%^
α
Mr Ng Chee Hoong was appointed as a Chairman of the Audit and Risk Committee on 1 January 2024
* Datuk Lee Say Tshin resigned as a Member of the Audit and Risk Committee on 1 January 2024
^
Mr Lee Peng Khoon resigned as a Member of the Audit and Risk Committee on 31 December 2023
The Group’s Consolidated Financial Statements are prepared by finance personnel with the appropriate level of
qualifications and expertise. The Committee reviews any published financial information including the Integrated
Annual Report and quarterly financial reports. The Committee reports its views to the Board to assist in its approval
of the results announcements and the Integrated Annual Report.
The Committee also reviews reports by the Statutory Auditors on year-end audit procedures which highlight any
issues identified from the work undertaken on the audit. The significant issues that the Committee considered in
relation to the significant financial issue impacting Financial Statements 2024 are discussed by the Committee
during the meeting.
105
GOVERNANCE
Report of the Audit and Risk Committee

(Cont’d)
Summary of the Work of the Audit and Risk Committee
During the financial year, the Audit and Risk Committee carried out the following in discharging their function and
duties:
1. Financial Reporting
• Reviewed the quarterly results and annual audited financial statements of the Group and of the Company
before recommending to the Board for release to Bursa Securities. The review focused primarily on:
i. changes in or implementation of major accounting policy changes;
ii. significant matters highlighted including financial reporting issues, significant judgements made
by management, significant and unusual events or transactions, and how these matters are
addressed; and
iii. compliance with accounting standards and other legal requirements.
• Discussed with Management and the statutory auditors, amongst others, on the quarterly financial
results and annual audited financial statements regarding the accounting principles and standards
that were applied and their judgement exercised on the items that may affect the financial results and
statements; and
• Review of any related party transactions.
2. External Audit
• Reviewed with the statutory auditors, their audit plan for the financial year ended 30 June 2024 to
ensure that their scope of work adequately covers the activities of the Group;
• Reviewed the results and issues arising from their audit of the annual financial statements and their
resolution of such issues as highlighted in their presentation to the Committee;
• Reviewed the statutory auditor’s report;
• The Audit and Risk Committee met with the statutory auditors once during the year, without the presence
of management, to review key issues within their sphere of interest and responsibility. During the private
session with the statutory auditors, it was noted that there were no major concerns from the statutory
auditors;
• Reviewed audit and non-audit fees for services awarded to the statutory auditors. Generally, the Group’s
statutory auditors is prohibited from providing any services that would conflict with their statutory
responsibilities, or which would otherwise compromise their objectivity or independence. During the
financial year, BDO PLT’s audit fee amounted to RM260,100 and BDO PLT’s non-audit fees was
RM6,900; and
• Reviewed and assessed the performance, suitability and independence of the statutory auditors based
on, amongst others, the quality of service, sufficiency of resources, communication and interaction,
as well as independence, objectivity and professional skepticism. The statutory auditors provide
an annual confirmation of their independence in accordance with the terms of all professional and
regulatory requirements. The Audit and Risk Committee was satisfied with the performance and the
audit independence of the statutory auditors. Accordingly, it was recommended to the Board to re-
appoint BDO PLT as auditors of the Company. A resolution for their re-appointment will be tabled for
approval at the forthcoming Annual General Meeting.
106
GOVERNANCE

(Cont’d)
Summary of the Work of the Audit and Risk Committee (Cont’d)
During the financial year, the Audit and Risk Committee carried out the following in discharging their function and
duties (Cont’d):
3. Internal Audit
• Reviewed the reports by internal auditors, representations made, and corrective actions taken by the
management in addressing and resolving issues as well as ensuring that all issues were adequately
addressed on a timely basis. During the financial year, four (4) new reports and four (4) follow-up
reports were presented to the Audit and Risk Committee focusing on the following matters:
 Vincci Sales Operation
 Management and Controls on Goods Return to Vendors for all Brands
 Project Management (including Costing Negotiation and Control) for proposed new outlets
 Finance Management and General Accounting
 Sourcing and Quality Control Management
 Project Development and Implementation for Information Technology Projects
• Reviewed the follow-up reports from the internal audit and to ensure the issues were appropriately
addressed on a timely basis;
• The Audit and Risk Committee meets with the internal auditors once during the year, without the
presence of management, to review key issues within their sphere of interest and responsibility. During
the private session with the internal auditors, it was noted that there were no major concerns from the
internal auditors.
• Reviewed the effectiveness of the audit process and assessed the performance of the overall Internal
Audit function.
• Reviewed the internal audit plan for the financial years ended 30 June 2023 and 2024.
• Reviewed the adequacy, scope, function, competency and resources of Internal Audit function.
4. Risk Assessment
• The Group has implemented an Enterprise Risk Management (“ERM”) framework for the Group. During
this financial year, the Committee continues to review the risk management policy and guidelines, and
the risk appetite of the Group.
• Reviewed the report and updated the Risk Register from the Risk Management Committee. The Risk
Management Committee is responsible for overseeing all risk management activities, reviewing key
risks inherent in the organisation, establishing internal controls necessary to manage these risks and
reporting its findings to the Audit and Risk Committee. For detailed information, please refer to the
Statement on Risk Management and Internal Control in the Integrated Annual Report of the Group.
107
GOVERNANCE

(Cont’d)
Internal Audit Function
The Group has outsourced its internal audit function to an independent external party, Baker Tilly Monteiro Heng
Governance Sdn. Bhd. which reports directly to the Committee. The Committee reviews internal audit and monitors
its relationship with the Internal Auditors, including plans and performance. It reviews and assesses the quarterly
Internal Audit reports together with management’s actions on findings to gain assurance as to the effectiveness of
the internal control framework throughout the Group.
The Group’s annual professional fee for internal audit services charged by the outsourced internal auditors is
RM72,000.
Statutory Auditors
The Committee is responsible to the Board for recommendations on the appointment, re-appointment and removal
of the Statutory Auditors. As part of this process the Committee assesses annually the independence and objectivity
of the Statutory Auditors considering relevant professional and regulatory requirements and the relationship with the
Statutory Auditors as a whole, including the provision of any non-audit services. The Committee also assesses the
Statutory Auditors’ performance and effectiveness during the exercise of their duties.
The Statutory Auditors attended three (3) meetings of the Committee of which the activities are as disclosed under
‘Summary of the Work of the Audit and Risk Committee’.
108
GOVERNANCE
STATEMENT ON RISK MANAGEMENT

AND INTERNAL CONTROL
The main features and the adequacy of Padini Group’s risk management and internal control system, hereinafter
referred to as “the System”, are primarily guided by the objective that the System is meant to accomplish, and that is
to assure that the achievement of the Group’s strategic and operational goals is done within an environment where
losses and liabilities arising from risks, uncertainty and random events can be minimised, protected against and
even avoided altogether.
The Group has implemented an Enterprise Risk Management (‘ERM’) system to manage the risks and opportunities
related to the achievement of strategic objectives. The ERM framework that the Group adopts consists of six (6) elements.
Periodic discussions are held internally with each division and the consolidated risk register and action plans are updated
accordingly. The updated consolidated risk register and major matters are then discussed at the Board meetings.
The six (6) elements are:
Leadership and commitment: Top Management and oversight

bodies (e.g. Risk Management Committee (“RMC”)) should
demonstrate leadership and commitment and ensure that risk
Integration
management is integrated into all organisation activities.
Integration: Risk management should be a part of, and

not separate from, the organisational purpose, governance,
leadership and commitment, strategy, objectives and operations.
Improvement
Design
Design: This comprises understanding the Group and
Leadership and
Commitment
its context, articulating risk management commitment,
assigning organisational roles, authorities, responsibilities
and accountabilities, allocating resources and establishing
communication and consultation.
Evaluation Implementation
Implementation: This comprises developing a plan, identifying
where, when and how different types of decisions are made,
modifying decision-making processes where necessary, and
ensuring the Group’s arrangements for managing risks are
understood and practised.
Evaluation: The Group shall periodically measure risk management framework performance against its purpose,
implementation plans, indicators and expected behaviour, and determine whether it remains suitable to support
achieving the objectives of the Group.
Improvement: The Group shall continually monitor and adapt the risk management framework to address external
and internal changes. As relevant gaps or improvement opportunities are identified, the Group shall develop plans
and tasks and assign them to those accountable for implementation.
Our risk assessment process is as follows:
• Define processes/ activities/ objectives

• Determine risk parameter
• Identify risk
• Determine cause
• Determine consequences
• Determine likelihood
• Determine gross risk rating
• Identify controls
• Determine control effectiveness
• Challenge/ Revise ratings
• Determine current residual risk rating
• Develop risk profile
• Risk treatment
109
GOVERNANCE
Statement on Risk Management and Internal Control

(Cont’d)
A Risk Appetite Statement that articulates the levels question, and that there is sufficient oversight over the
and types of risk the Group is willing to accept in the alternatives used so that risks can be minimised. Where
pursuit of its value or meet its strategic objectives is management agrees to implement the internal auditors’
then developed and adopted. Management reviewed recommendations, the Audit and Risk Committee and
the existence of new risks and evaluated the relevance the Board then seek a timeline for adoption and keep
of the existing risk profile. Any significant risks will be themselves apprised of the progress of the process of
discussed and reported to the Board of Directors on a adoption.
quarterly basis.
On the matter of internal control, especially in relation to
The internal audit forms an integral part of the risk risks of financial loss arising from fraud, collusion and/or
management process and assists the Board to assess negligence, currently the activities of the Group, except
that the system of internal controls is in place and for the payroll function, are controlled and monitored
relevant for the Group’s business. As such, the internal via an enterprise resource planning (“ERP”) solution
audit function is involved in reviewing the adequacy and provided by SAP. Payroll processes are automated and
operating effectiveness of the internal control processes controlled via Bossnet payroll software as a platform to
and risk practices and validating the results of these manage payroll transactions such as salary, allowances,
processes/practices. EPF, Socso and tax filing. All activities involving the
procurement of assets (whether for trade or otherwise),
The internal audit has proposed to the Audit and Risk and contracting for services, are all documented and
Committee an audit plan covering the period from recorded according to the protocols of the said ERP,
2024 to 2026 in August 2024 and involving eight (8) which in most cases involve various duties performed
auditable areas whose risk impact has been assessed separately and in rigid sequence by several persons
as between medium to high. The internal audit plan attached to various departments. The underlying
was subsequently tabled and adopted by the Audit and principle at work here is that the party that initiates an
Risk Committee. The Audit and Risk Committee has order for procurement must not be the one who will
subsequently reviewed the audit plan on an annual receive the items later on directly from the suppliers. A
basis, with changes made where required in line with disinterested third party is tasked to receive such items,
the current developments. acknowledge the receipt and proceed to record the
transaction into the system. In addition to that, where
As a matter of practice, the internal auditors engage practicable, at least one more other party would be
with our managers and executives to find out about the inserted between the one who initiated a procurement
policies and practices already in place for a selected and the one who would receive the items procured.
process, performs tests, determines the adequacy and
effectiveness of existing controls, and then presents a Overall, a review of the system of risk management and
summary of observations requiring remedial measures internal control already in place showed that it is both
together with recommendations for improvement adequate and effective in managing the business risks
to management for their response. Subsequent to faced as well as the risk of fraudulent behaviours. The
management’s response, an audit report is prepared internal audit function has always been properly instituted
and forwarded to the Audit and Risk Committee for and is progressive in keeping with the developments and
consideration and deliberation with the internal auditors changing needs of the Group’s business as it grows. The
in attendance. employees, including management, of the Group are
subject to the activities of the internal audit function and
Acting on the audit report and the responses and opinions are aware of the objectives of risk management and the
given by the internal auditors and management, the Audit need for the various checks and balances put in place
and Risk Committee is then ready to bring the pertinent to achieve effective internal control. The Group also has
risk management or internal control issues to the Board in place a formal code of conduct and whistle-blowing
for further consideration. Where the internal auditors’ policy, both of which have been widely disseminated
recommendations have not been adopted, the Board to the employees. A summary of the code of conduct
then seeks to satisfy itself that the alternative policies and the whistle-blowing policy are posted on Padini’s
or processes adopted are appropriate for strategic or corporate website.
practical reasons specific to the business activity in
110
GOVERNANCE

(Cont’d)
Report from the Internal Auditors Anti-Corruption and Bribery

Practices
Our internal auditors, Baker Tilly Monterio Heng
Governance Sdn Bhd, have carried out and completed The Group has put in place the Anti-Corruption and
the internal audit review based on the Internal Audit Plan Bribery practices to manage the risk elements in relation
approved by the Audit and Risk Committee. The results to bribery and corruption in the Group.
of the internal audit review were satisfactory, having
found no major control weaknesses which may pose The Corporate Integrity Pledge and Bribery Policy are
significant risk exposures to the Group’s operations published on the Group’s website at https://corporate.
during the financial year under review. The internal padini.com
auditors have also carried out subsequent follow up
review on the agreed action plans, which has been
commented and agreed by the management to address Conclusion
the relevant findings highlighted in the internal audit
reports and noted that most of the agreed action plans On 18 October 2024, the Managing Director and Chief
have been/are being implemented. Financial Officer have given the assurance to the Board
that the risk management and internal control system
currently in place is adequate and effective for the
Review of the statement by Group.
Statutory Auditors
As required by paragraph 15.23 of the Main Market Listing

Requirements of Bursa Malaysia Securities Berhad,
the Statutory Auditors have reviewed the Statement on
Risk Management and Internal Control. Their limited
assurance review was performed in accordance with
Malaysia Approved Standard on Assurance Engagement,
ISAE 3000 (Revised) Assurance Engagements Other
than Audits or Reviews of Historical Financial Information
and Audit and Assurance Practice Guide 3 (“AAPG3”)
Guidance for Auditors on Engagements to Report on the
included in the Annual Report issued by the Malaysian
Institute of Accountants (“MIA”).
AAPG 3 does not require the Statutory Auditors to

consider whether this Statement on Risk Management
and Internal Control covers all risk and controls, or to
form an opinion on the adequacy and effectiveness of
the risk management and internal control system of the
Group including the assessment and opinion by the
Board of Directors and management thereon. Based on
their procedures performed, the Statutory Auditors have
reported to the Board of Directors that nothing has come
to their attention that causes them to believe that this
Statement on Risk Management and Internal Control is
not prepared, in all material respects, in accordance with
the disclosures required by paragraphs 41 and 42 of the
Statement on Risk Management and Internal Control:
Guidelines for Directors of Listed Issuers to be set out,
nor is factually inaccurate.
financial
Statements
112 DIRECTORS’ REPORT
119 STATEMENT BY DIRECTORS
119 STATUTORY DECLARATION
120 INDEPENDENT AUDITORS’ REPORT
125 STATEMENTS OF FINANCIAL POSITION
127 STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
128 CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
129 STATEMENT OF CHANGES IN EQUITY
130 STATEMENTS OF CASH FLOWS
133 NOTES TO THE FINANCIAL STATEMENTS
112
FINANCIAL STATEMENTS
DIRECTORS’
REPORT
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the
Company for the financial year ended 30 June 2024.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. The principal activities of the subsidiaries are mainly
dealers in garments, ancillary products, ladies’ shoes and accessories as well as provision of management services
and electronic commerce. The principal activities and the details of the subsidiaries are disclosed in Note 9 to the
financial statements. There have been no significant changes in the nature of the activities of the Company and its
subsidiaries during the financial year.
RESULTS
Group Company
RM’000 RM’000
Profit for the financial year 146,595 76,281
DIVIDENDS
Dividends paid, declared or proposed by the Company since the end of the previous financial year were as follows:
Company
RM’000
In respect of financial year ended 30 June 2024:
First interim single tier dividend of 2.50 sen per ordinary share,
paid on 29 September 2023 16,448
Second interim single tier dividend of 2.50 sen per ordinary share,
paid on 29 December 2023 16,448
Third interim single tier dividend of 2.50 sen per ordinary share,
paid on 29 March 2024 16,448
Fourth interim single tier dividend of 2.50 sen per ordinary share,
paid on 28 June 2024 16,448
Special single tier dividend of 1.50 sen per ordinary share,
paid on 28 June 2024 9,868
75,660
The Directors do not recommend the payment of any final dividend for the financial year ended 30 June 2024.
On 27 August 2024, the Board of Directors declared a first interim single tier dividend of 2.50 sen per ordinary share of
approximately RM16,448,000 in respect of the financial year ending 30 June 2025 and will be paid to the shareholders
on 27 September 2024, whose names appear on the Record of Depositors of the Company at the close of business on
13 September 2024. The financial statements for the current financial year do not reflect this declared dividend. This
dividend will be accounted for in equity as an appropriation of retained earnings in the next financial year.
113
Directors’ Report
(Cont’d)
RESERVES AND PROVISIONS
There were no material transfers to or from reserves or provisions during the financial year.
ISSUE OF SHARES AND DEBENTURES
The Company did not issue any new shares or debentures during the financial year.
EMPLOYEES’ SHARE OPTION SCHEME
On 25 November 2022, the Company established an Employees’ Share Option Scheme (“ESOS”) for the granting of
ESOS to eligible Executive Directors and employees of the Group. The ESOS was implemented on 3 March 2023.
The ESOS is administered by the ESOS Committee and governed by the By-Laws of the ESOS.
The salient features of the ESOS are as follows:
(a) The total number of new ordinary shares in the Company, which may be made available under the ESOS
shall not exceed in aggregate 15% of the total number of issued ordinary shares of the Company (excluding
treasury shares, if any) at any one time during the duration of the ESOS;
(b) The ESOS shall be in force for a duration of five (5) years from the effective date;
(c) Subject to the discretion of the ESOS Committee, an employee or an Executive Director of the Group who fulfils
the relevant conditions of the By-Laws of the ESOS shall be eligible to participate in the ESOS (“Eligible Person”);
(d) The number of the options to be offered to an Eligible Person in accordance with the ESOS shall be determined
based on, inter alia, the Eligible Person’s position, job performance, job grade, seniority, length of service,
fulfilment of the relevant eligibility criteria, and/or such other matters as the ESOS Committee deems fit and the
offer shall be valid for acceptance by an Eligible Person for a period of thirty (30) days from the date of offer;
(e) Subject to any adjustments made under the By-Laws of the ESOS and pursuant to the listing requirements of
Bursa Malaysia Securities Berhad, the exercise price shall be determined by the ESOS Committee and shall
be based on the five-day (“5-day”) volume weighted average market price (“5D-VWAMP”) of ordinary shares
in the Company (“Padini Shares”) immediately preceding the date of offer, with a discount, if any, provided that
the discount shall not be more than 10% of the said 5D-VWAMP of Padini Shares;
(f) Not more than 10% of the total number of ordinary shares in the Company to be issued under the ESOS shall
be allocated to any Eligible Person, who, either singly or collectively through persons connected with the
Eligible Person, holds 20% or more of the total number of issued shares of the Company (excluding treasury
shares, if any); and
(g) Not more than 50% of the total number of ordinary shares in the Company to be issued under the ESOS
shall be allocated, in aggregate, to the Executive Directors and senior management of the Group (excluding
dormant subsidiaries within the Group) who are Eligible Persons.
There was no ESOS offered to eligible Executive Directors and employees of the Group since its implementation.
114
Directors’ Report
(Cont’d)
DIRECTORS
The Directors who have held office during the financial year and up to the date of this report are as follows:
Padini Holdings Berhad
Yong Pang Chaun

Datuk Lee Say Tshin
Andrew Yong Tze How
Benjamin Yong Tze Jet
Christopher Yong Tze-Yao
Chew Voon Chyn
Sung Fong Fui
Tan Shi Wen
Tan Poh Ling
Timothy Tan Heng Han
Ng Chee Hoong (Appointed on 1 January 2024)
Chia Swee Yuen (Resigned on 31 December 2023)
Lee Peng Khoon (Resigned on 31 December 2023)
Subsidiaries of Padini Holdings Berhad
Pursuant to Section 253 of the Companies Act 2016 in Malaysia, the list of Directors of the subsidiaries during the
financial year and up to the date of this report is as follows:
Yong Pang Chaun

Chong Chin Lin
Andrew Yong Tze How
Benjamin Yong Tze Jet
Christopher Yong Tze-Yao
Chew Voon Chyn
In accordance with Article 103(1) of the Company’s Constitution, Benjamin Yong Tze Jet, Sung Fong Fui and Tan Poh
Ling retire by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.
In accordance with Article 110 of the Company’s Constitution, Ng Chee Hoong retires at the forthcoming Annual
General Meeting and being eligible, offers himself for re-election.
115
Directors’ Report
(Cont’d)
DIRECTORS’ INTERESTS
The Directors holding office at the end of the financial year and their beneficial interests in the ordinary shares of the
Company and of its related corporations during the financial year ended 30 June 2024 as recorded in the Register of
Directors’ Shareholdings kept by the Company under Section 59 of the Companies Act 2016 in Malaysia were as follows:
[------------------- Number of ordinary shares ------------------]

Balance
as at Balance
1.7.2023/Date as at
of appointment Bought Sold 30.6.2024
Shares in the Company
Direct interests:
Yong Pang Chaun 9,691,960 – – 9,691,960
Andrew Yong Tze How 32,000 – – 32,000
Benjamin Yong Tze Jet 144,300 – – 144,300
Christopher Yong Tze-Yao^ 51,900 18,100 (10,000) 60,000

Indirect interests:
Yong Pang Chaun 291,211,690 18,100 (10,000) 291,219,790
Chew Voon Chyn 5,000 – – 5,000
Sung Fong Fui 35,000 5,000 – 40,000
^ Appointed on 1 September 2023.
By virtue of Section 8(4) of the Companies Act 2016 in Malaysia, Yong Pang Chaun is also deemed to be interested
in the ordinary shares of all the subsidiaries to the extent that the Company has an interest.
None of the other Directors holding office at the end of the financial year held any interest in the ordinary shares of
the Company and of its related corporations during the financial year.
DIRECTORS’ BENEFITS
Since the end of the previous financial year, none of the Directors have received or become entitled to receive any
benefit (other than those benefits included in the aggregate amount of remuneration received or due and receivable
by the Directors) by reason of a contract made by the Company or a related corporation with the Director or with a
firm of which the Director is a member, or with a company in which the Director has a substantial financial interest
other than the remuneration received by certain Directors from subsidiaries as Directors of the subsidiaries.
There were no arrangements during and at the end of the financial year, to which the Company is a party, which
had the object of enabling the Directors to acquire benefits by means of the acquisition of shares in or debentures
of the Company or any other body corporate.
116
Directors’ Report
(Cont’d)
DIRECTORS’ REMUNERATION
Directors’ remuneration of the Group and of the Company for the financial year ended 30 June 2024 were as follows:
Group Company
RM’000 RM’000
Fees 573 573

Short term employee benefits 7,770 34
Contributions to defined contribution plans 752 –
9,095 607
INDEMNITY AND INSURANCE FOR DIRECTORS, OFFICERS AND AUDITORS
The Group and the Company effected Directors’ liability insurance during the financial year to protect the Directors
and officers of the Group and of the Company against potential costs and liabilities arising from claims brought
against the Directors and officers. The total amount of insurance premium paid by the Group and the Company for
the financial year ended 30 June 2024 was RM14,913.
There were no indemnity given to or insurance effected for the auditors of the Group and of the Company during
the financial year.
OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY
(I) AS AT THE END OF THE FINANCIAL YEAR
(a) Before the financial statements of the Group and of the Company were prepared, the Directors took
reasonable steps:
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the
making of provision for doubtful debts and had satisfied themselves that all known bad debts had
been written off and that provision need not be made for doubtful debts; and
(ii) to ensure that any current assets other than debts, which were unlikely to realise their book values
in the ordinary course of business had been written down to their estimated realisable values.
(b) In the opinion of the Directors, the results of the operations of the Group and of the Company during the
financial year have not been substantially affected by any item, transaction or event of a material and
unusual nature.
(II) FROM THE END OF THE FINANCIAL YEAR TO THE DATE OF THIS REPORT
(c) The Directors are not aware of any circumstances:
(i) which would render the amount written off for bad debts inadequate to any material extent or
necessitate the making of provision for doubtful debts in the financial statements of the Group and
of the Company;
(ii) which would render the values attributed to current assets in the financial statements of the Group
and of the Company misleading; and
(iii) which have arisen which would render adherence to the existing method of valuation of assets or
liabilities of the Group and of the Company misleading or inappropriate.
117
Directors’ Report
(Cont’d)
OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY (Cont’d)
(II) FROM THE END OF THE FINANCIAL YEAR TO THE DATE OF THIS REPORT (Cont’d)
(d) In the opinion of the Directors:
(i) there has not arisen any item, transaction or event of a material and unusual nature likely to affect
substantially the results of the operations of the Group and of the Company for the financial year
in which this report is made; and
(ii) no contingent or other liability has become enforceable, or is likely to become enforceable, within
the period of twelve (12) months after the end of the financial year which would or may affect the
ability of the Group and of the Company to meet their obligations as and when they fall due.
(III) AS AT THE DATE OF THIS REPORT
(e) There are no charges on the assets of the Group and of the Company which have arisen since the end
of the financial year to secure the liabilities of any other person.
(f) There are no contingent liabilities of the Group and of the Company which have arisen since the end of
the financial year.
(g) The Directors are not aware of any circumstances not otherwise dealt with in this report or the financial
statements which would render any amount stated in the financial statements of the Group and of the
Company misleading.
SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD
(a) On 19 July 2024, Padini Dot Com Sdn. Bhd., a wholly-owned subsidiary of the Company, entered into a Sale
and Purchase Agreement to acquire a freehold land and building for a total cash consideration of RM5,000,000.
(b) On 27 August 2024, the Group announced to Bursa Securities the proposed issuance of up to 328,954,750
every two (2) existing Padini Shares held on the Entitlement Date (“Proposed Bonus Issue of Shares”). The
Proposed Bonus Issue of Shares has not been completed as at the date of this report.
AUDITORS
The auditors, BDO PLT (201906000013 (LLP0018825-LCA) & AF 0206), have expressed their willingness to
continue in office.
118
Directors’ Report
(Cont’d)
AUDITORS’ REMUNERATION
Auditors’ remuneration of the Group and of the Company for the financial year ended 30 June 2024 were as follows:
Group Company
RM’000 RM’000
Statutory audit
- BDO PLT 260 56
- Other auditors 59 –
Non-statutory audit
- BDO PLT 7 7
326 63
Signed on behalf of the Board in accordance with a resolution of the Directors.
Andrew Yong Tze How Benjamin Yong Tze Jet

Director Director
Kuala Lumpur
18 October 2024
119
STATEMENT BY
DIRECTORS
In the opinion of the Directors, the financial statements set out on pages 125 to 183 have been drawn up in
accordance with Malaysian Financial Reporting Standards, IFRS Accounting Standards, and the provisions of the
Companies Act 2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the
Company as at 30 June 2024 and of the financial performance and cash flows of the Group and of the Company
for the financial year then ended.
On behalf of the Board,
Andrew Yong Tze How Benjamin Yong Tze Jet

Director Director
Kuala Lumpur
18 October 2024
STATUTORY
DECLARATION
I, Sung Fong Fui (CA 22177), being the Director primarily responsible for the financial management of Padini
Holdings Berhad, do solemnly and sincerely declare that the financial statements set out on pages 125 to 183 are,
to the best of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the
same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly )

declared by the abovenamed at )
Kuala Lumpur this )
18 October 2024 ) Sung Fong Fui
Before me
120
INDEPENDENT AUDITORS’
REPORT
TO THE MEMBERS OF PADINI HOLDINGS BERHAD
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Padini Holdings Berhad, which comprise the statements of financial
position as at 30 June 2024 of the Group and of the Company, and the statements of profit or loss and other
comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the
Company for the financial year then ended, and notes to the financial statements, including material accounting
policy information, as set out on pages 125 to 183.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group
and of the Company as at 30 June 2024, and of their financial performance and their cash flows for the financial year
then ended in accordance with Malaysian Financial Reporting Standards (“MFRSs”), IFRS Accounting Standards
and the requirements of the Companies Act 2016 in Malaysia.
Basis for Opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards
on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Auditors' Responsibilities
for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Independence and Other Ethical Responsibilities
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional
Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics
Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with
the By-Laws and the IESBA Code.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the Group and of the Company for the current financial year. These matters were addressed
in the context of our audit of the financial statements of the Group and of the Company as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
1. Carrying amount of inventories at lower of cost and net realisable value
As at 30 June 2024, the carrying amount of inventories of the Group was RM288,212,000, which comprised
completed garments, shoes and accessories, as disclosed in Note 12 to the financial statements.
We determined this to be a key audit matter because it requires management to exercise significant judgements
in writing down inventories to their net realisable values, which involve significant management estimates,
which are derived from expectations of current market prices and future demand.
Audit response
Our audit procedures included the following:
a. obtained an understanding of the procedures and controls in relation to the assessment by the
management on the identification and write down of slow moving and obsolete inventories;
b. analysed the inventories turnover period and assessed the appropriateness of the write down of inventories by
the management through verifications to the latest sales invoices for selected samples from inventory ageing;
c. performed computer-assisted audit techniques on the lower of cost and net realisable value of inventories;
121
Independent Auditors’ Report

To The Members Of Padini Holdings Berhad
(Cont’d)
Key Audit Matters (Cont’d)
1. Carrying amount of inventories at lower of cost and net realisable value (Cont’d)
Audit response (Cont’d)
Our audit procedures included the following (Cont’d):
d. analysed inventories ageing by brands, seasons or periods prepared by management in determining

slow moving and obsolete inventories, which have been derived from expectations of current market
prices and future demand; and
e. evaluated assessment of management that write down of inventories were appropriate by verifying
actual margins and testing the selling prices of inventories sold from sales invoices subsequent to the
end of the reporting period.
2. Recognition of right-of-use assets and lease liabilities
As at 30 June 2024, the carrying amounts of right-of-use assets and lease liabilities of the Group were
RM509,818,000 and RM550,419,000 respectively, as disclosed in Note 6 to the financial statements.
We determined this to be a key audit matter because it requires management to exercise significant
judgements for specific assumptions applied in determining right-of-use assets and lease liabilities as well as
lease reassessments and modifications. The specific assumptions include the determination of appropriate
discount rates, variable lease payments and assessment of lease terms, including renewal and termination
options of the leases.
Audit response
Our audit procedures included the following:
a. obtained an understanding of the design and implementation of key controls pertaining to the recognition
of leases;
b. assessed the appropriateness of the assumptions applied in determining variable lease payments,
lease reassessments and modifications based on the lease contracts and relevant inputs;
c. assessed the appropriateness of the discount rates applied in determining lease liabilities based on the
lease contracts and relevant inputs;
d. assessed the appropriateness of the assumptions applied in determining the lease terms of the lease
liabilities, including renewal and termination options of the leases; and
e. verified the accuracy of the underlying lease data by agreeing a representative sample of leases to
original contracts or other supporting information.
We have determined that there are no key audit matters to communicate in our report in respect of the audit of the
financial statements of the Company.
122

(Cont’d)
Information Other than the Financial Statements and Auditors' Report

Thereon
The Directors of the Company are responsible for the other information. The other information comprises the
information included in the annual report, but does not include the financial statements of the Group and of the
Company and our auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and
we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to
read the other information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements of the Group and of the Company or our knowledge obtained in the audit or otherwise appears
to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Statements
The Directors of the Company are responsible for the preparation of financial statements of the Group and of the
Company that give a true and fair view in accordance with MFRSs, IFRS Accounting Standards and the requirements
of the Companies Act 2016 in Malaysia. The Directors are also responsible for such internal control as the Directors
determine is necessary to enable the preparation of financial statements of the Group and of the Company that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing
the ability of the Group and of the Company to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Directors either intend to
liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the
Company as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with approved standards on auditing in Malaysia and ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and ISAs, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
(a) Identify and assess the risks of material misstatement of the financial statements of the Group and of the
Company, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
internal control of the Group and of the Company.
123

(Cont’d)
Auditors’ Responsibilities for the Audit of the Financial Statements

(Cont’d)
As part of an audit in accordance with approved standards on auditing in Malaysia and ISAs, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also (Cont’d):
(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Directors.
(d) Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the ability of the Group or of the Company to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the
related disclosures in the financial statements of the Group and of the Company or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditors’ report. However, future events or conditions may cause the Group or the Company to cease
to continue as a going concern.
(e) Evaluate the overall presentation, structure and content of the financial statements of the Group and of the
Company, including the disclosures, and whether the financial statements of the Group and of the Company
represent the underlying transactions and events in a manner that achieves fair presentation.
(f) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the financial statements of the Group. We are responsible for the
direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in
the audit of the financial statements of the Group and of the Company for the current financial year and are therefore
the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of
which we have not acted as auditors, are disclosed in Note 9 to the financial statements.
124

(Cont’d)
Other Matters
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the
Companies Act 2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person
for the content of this report.
BDO PLT Tang Seng Choon

201906000013 (LLP0018825-LCA) & AF 0206 02011/12/2025 J
Chartered Accountants Chartered Accountant
Kuala Lumpur
18 October 2024
125
STATEMENTS OF
FINANCIAL POSITION
AS AT 30 JUNE 2024
Group Company
2024 2023 2024 2023
Note RM’000 RM’000 RM’000 RM’000
ASSETS
Non-current assets
Property, plant and equipment 5 115,089 86,253 41,350 42,484

Right-of-use assets 6 509,818 421,993 – –
Intangible assets 7 3,246 3,943 – –
Investment property 8 4,951 5,539 – –
Investments in subsidiaries 9 – – 277,381 277,381
Other investments 10 624 30,624 560 560
Deferred tax assets 11 12,758 13,268 – –
646,486 561,620 319,291 320,425
Current assets
Inventories 12 288,212 433,232 – –

Trade and other receivables 13 70,429 65,952 164 165
Amounts due from subsidiaries 14 – – 74,045 71,039
Other investments 10 30,000 – – –
Current tax assets 3,072 – – –
Cash and bank balances 15 791,040 605,315 22,603 23,709
1,182,753 1,104,499 96,812 94,913
TOTAL ASSETS 1,829,239 1,666,119 416,103 415,338

126
Statements of Financial Position

As At 30 June 2024
(Cont’d)
Group Company
2024 2023 2024 2023
Note RM’000 RM’000 RM’000 RM’000
EQUITY AND LIABILITIES
Equity attributable to
owners of the parent
Share capital 16 69,563 69,563 69,563 69,563

Reserves 17 1,041,547 970,525 345,624 345,003
TOTAL EQUITY 1,111,110 1,040,088 415,187 414,566
LIABILITIES
Non-current liabilities
Lease liabilities 6 440,132 366,917 – –

Provision for restoration costs 18 7,529 11,450 – –
Provision for employee benefits 19 65 58 – –
Deferred tax liabilities 11 635 623 – –
448,361 379,048 – –
Current liabilities
Trade and other payables 20 151,550 125,228 598 482

Borrowing 21 – 3,192 – –
Contract liabilities 22 584 7,829 – –
Lease liabilities 6 110,287 91,292 – –
Provision for restoration costs 18 1,840 1,848 – –
Current tax liabilities 5,507 17,594 318 290
269,768 246,983 916 772
TOTAL LIABILITIES 718,129 626,031 916 772
TOTAL EQUITY AND LIABILITIES 1,829,239 1,666,119 416,103 415,338
The accompanying notes form an integral part of the financial statements.

127
STATEMENTS OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
Group Company
2024 2023 2024 2023
Note RM’000 RM’000 RM’000 RM’000
Revenue 24 1,918,847 1,822,129 73,450 73,450
Cost of sales 25 (1,223,743) (1,104,374) – –
Gross profit 695,104 717,755 73,450 73,450
Other income 35,623 26,624 7,046 6,694
Selling and distribution costs (416,846) (344,449) – –
Administrative expenses (91,715) (82,294) (2,683) (3,417)
Profit from operations 222,166 317,636 77,813 76,727
Finance costs 26 (25,428) (21,745) – –
Profit before tax 27 196,738 295,891 77,813 76,727
Tax expense 29 (50,143) (73,200) (1,532) (1,377)
Profit for the financial year 146,595 222,691 76,281 75,350
Other comprehensive income
Items that may be reclassified

subsequently to profit or loss
Foreign currency translations 29(d) 87 2,007 – –
Total other comprehensive

income, net of tax 87 2,007 – –
Total comprehensive income 146,682 224,698 76,281 75,350
Earnings per ordinary share (sen)

- Basic and diluted 31 22.28 33.85

128
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
[------ Non-distributable -------] Distributable

Foreign
currency
Share translation Retained Total
capital reserve earnings equity
Group Note RM’000 RM’000 RM’000 RM’000
Balance as at 1 July 2022 69,563 5,704 815,783 891,050
Profit for the financial year – – 222,691 222,691

Foreign currency translations,
net of tax 29(d) – 2,007 – 2,007
Total comprehensive income – 2,007 222,691 224,698
Transactions with owners
Dividends paid 30 – – (75,660) (75,660)
Total transactions with owners – – (75,660) (75,660)
Balance as at 30 June 2023 69,563 7,711 962,814 1,040,088
Balance as at 1 July 2023 69,563 7,711 962,814 1,040,088
Profit for the financial year – – 146,595 146,595

Foreign currency translations,
net of tax 29(d) – 87 – 87
Total comprehensive income – 87 146,595 146,682
Dividends paid 30 – – (75,660) (75,660)
Total transactions with owners – – (75,660) (75,660)
Balance as at 30 June 2024 69,563 7,798 1,033,749 1,111,110

129
STATEMENT OF
CHANGES IN EQUITY
Non-
distributable Distributable
Share Retained Total
capital earnings equity
Company Note RM’000 RM’000 RM’000
Balance as at 1 July 2022 69,563 345,313 414,876
Profit for the financial year – 75,350 75,350

Other comprehensive income,
net of tax – – –
Total comprehensive income – 75,350 75,350
Dividends paid 30 – (75,660) (75,660)
Total transactions with owners – (75,660) (75,660)
Balance as at 30 June 2023 69,563 345,003 414,566

Profit for the financial year – 76,281 76,281
Other comprehensive income,
net of tax – – –
Total comprehensive income – 76,281 76,281
Dividends paid 30 – (75,660) (75,660)
Total transactions with owners – (75,660) (75,660)

130
STATEMENTS OF
CASH FLOWS
Group Company
2024 2023 2024 2023
Note RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM

OPERATING ACTIVITIES
Profit before tax 196,738 295,891 77,813 76,727
Adjustments for:
Accretion of discount from
deposits for leases 27 (4,256) – – –
Amortisation of
intangible assets 7 1,483 1,462 – –
Bad debts written off 27 1 2 – –
Deposits written off 27 11 – – –
Depreciation of property,
plant and equipment 5 24,202 16,518 1,134 1,435
Depreciation of right-
of-use assets 6.1 117,977 98,074 – –
Dividend income 24 – – (73,450) (73,450)
Fair value loss on
investment property 8 644 236 – –
Gain on disposals of property,
plant and equipment 27 (375) (23) – –
Interest expense 26 25,428 21,745 – –
Interest income 27 (19,754) (16,845) (477) (320)
Inventory losses 12 4,505 5,747 – –
Inventories written off 12 2,592 1,434 – –
Inventories written down, net 104 1,753 – –
Loss on reassessments and
modifications of leases 6.1(c) 1,222 94 – –
Property, plant and
equipment written off 27 79 124 – –
Reversal of provision
for restoration costs 18(b) (5,842) (3,474) – –
Unrealised (gain)/loss on
foreign exchange, net (503) (3,471) – 554
Operating profit before

changes in working capital 344,256 419,267 5,020 4,946
Changes in working capital:
Inventories 137,948 (304,480) – –

Trade and other receivables (8,125) (9,188) 1 (21)
Trade and other payables 26,213 (53,465) 116 (266)
Contract liabilities (7,245) 102 – –
Provision for restoration costs (430) (340) – –
Cash generated from operations 492,617 51,896 5,137 4,659
Tax paid (64,771) (70,943) (1,504) (1,211)
Net cash from/(used in)

operating activities 427,846 (19,047) 3,633 3,448
131
Statements of Cash Flows

For The Financial Year Ended 30 June 2024
(Cont’d)
Group Company
2024 2023 2024 2023
Note RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM

INVESTING ACTIVITIES
Advances to subsidiaries – – (3,012) (7,917)

Dividends received from subsidiaries – – 73,450 73,450
Interest received 19,754 16,845 477 320
Proceeds from disposal of
property, plant and equipment 395 23 – –
Purchases of:
- intangible assets 7 (785) (2,128) – –
- property, plant and equipment 5 (53,016) (26,352) – –
- right-of-use assets 6.1(f) (1,677) (116) – –
Repayments from subsidiaries – – 6 5,795
Net cash (used in)/

from investing activities (35,329) (11,728) 70,921 71,648
CASH FLOWS FROM

FINANCING ACTIVITIES
Dividends paid 30 (75,660) (75,660) (75,660) (75,660)

Interest paid (207) (200) – –
Payments of lease interest 6.2(a) (24,095) (20,190) – –
Payments of lease liabilities 6.2(a) (104,162) (84,492) – –
Subscription of additional
shares in a subsidiary 9(c) – – – (2,704)
Net cash used in

financing activities (204,124) (180,542) (75,660) (78,364)
Net increase/(decrease) in
cash and cash equivalents 188,393 (211,317) (1,106) (3,268)
Effects of exchange rate changes

on cash and cash equivalents 524 4,587 – –
Cash and cash equivalents

at beginning of financial year 602,123 808,853 23,709 26,977
Cash and cash equivalents

at end of financial year 15(g) 791,040 602,123 22,603 23,709
132
Statements of Cash Flows

For The Financial Year Ended 30 June 2024
(Cont’d)
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
Lease
liabilities
(Note 6)
Group RM’000
At 1 July 2023 458,209
Cash flows:
- Payments of lease interest (24,095)
- Payments of lease liabilities (104,162)
Non-cash flows:
- Additions 98,333
- Interest expense 24,095
- Lease reassessments and modifications 97,939
- Foreign exchange differences 100
At 30 June 2024 550,419
At 1 July 2022 391,245
Cash flows:
- Payments of lease interest (20,190)
- Payments of lease liabilities (84,492)
Non-cash flows:
- Additions 37,533
- Interest expense 20,190
- Lease reassessments and modifications 113,113
- Foreign exchange differences 810
At 30 June 2023 458,209

133
NOTES TO THE
30 JUNE 2024
1. CORPORATE INFORMATION
Padini Holdings Berhad (“the Company”) is a public limited liability company, incorporated and domiciled in
Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad.
The registered office of the Company is located at 3rd Floor, No. 17, Jalan Ipoh Kecil, 50350 Kuala Lumpur.
The principal place of business of the Company is located at No. 19, Jalan Jurunilai U1/20, Hicom Glenmarie
Industrial Park, 40150 Shah Alam, Selangor Darul Ehsan.
The consolidated financial statements for the financial year ended 30 June 2024 comprise the Company
and its subsidiaries. These financial statements are presented in Ringgit Malaysia (“RM”), which is also the
functional currency of the Company. All the financial information presented in RM has been rounded to the
nearest thousand (“RM’000”), unless otherwise stated.
The financial statements were authorised for issue in accordance with a resolution by the Board of Directors
on 18 October 2024.
2. PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. The principal activities of the subsidiaries
are mainly dealers in garments, ancillary products, ladies’ shoes and accessories as well as provision of
management services and electronic commerce. The principal activities and the details of the subsidiaries are
disclosed in Note 9 to the financial statements. There have been no significant changes in the nature of the
activities of the Company and its subsidiaries during the financial year.
3. BASIS OF PREPARATION
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian
Financial Reporting Standards (“MFRSs”), IFRS Accounting Standards and the provisions of the Companies
Act 2016 in Malaysia.
The accounting policies adopted are consistent with those of the previous financial year except for the effects
of adoption of new MFRSs during the financial year. The new MFRS and Amendments to MFRSs adopted
during the financial year are disclosed in Note 34.1 to the financial statements.
The financial statements of the Group and of the Company have been prepared under the historical cost
convention except as otherwise stated in the financial statements.
134
Notes to the Financial Statements

(Cont’d)
4. OPERATING SEGMENTS
The Company and its subsidiaries are principally engaged in the retailing of garments industry.
The Group has arrived at three (3) reportable segments, as described below, which are the strategic business
units of the Group. For management purposes, the Group is organised into business units based on their
products and services. For each of the strategic business units, the Managing Director and Executive Directors
of the Group collectively (the “Chief Operating Decision Maker” or “CODM”) of the Group review internal
management reports at least on a quarterly basis.
(i) Investment holding
Holding of investments in shares of the subsidiaries.
(ii) Apparels and footwear
Promoting and marketing of fashionable apparels, footwear and accessories.
(iii) Management service
Provision of management services.
Other non-reportable segments comprise operation related to investment property holding.
The performance of the reportable segments are measured based on segment profit before tax.
The accounting policies of operating segments are the same as those described in the financial statements.
Inter-segment revenue is priced along the same line as sales to external customers and is eliminated in the
consolidated financial statements. These policies have been applied consistently throughout the current and
previous financial years.
Segment results, assets and liabilities include items directly attributable to a segment. Segment capital
expenditure is the total costs incurred during the financial year to acquire segment assets that are expected
to be used for more than one year.
4. OPERATING SEGMENTS (cont’d)
Investment Apparels and Management Elimination/

holding footwear service Others Adjustments Total
2024 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Revenue
Total revenue 73,450 1,928,035 159,681 – – 2,161,166
Inter-segment revenue (73,450) (9,188) (159,681) – – (242,319)
Revenue from external customers – 1,918,847 – – – 1,918,847
Interest income 477 15,778 4,074 26 (601) 19,754

Finance costs – (25,679) (13,374) (2) 13,627 (25,428)
Net finance income/(expense) 477 (9,901) (9,300) 24 13,026 (5,674)
Amortisation of intangible assets – (92) (1,391) – – (1,483)

plant and equipment (1,134) (20,898) (2,068) (339) 237 (24,202)
Depreciation of right-of-use assets – (112,308) (5,625) (44) – (117,977)
Segment profit/(loss) before tax 77,813 174,449 18,714 (1,030) (73,208) 196,738
Income tax expense (1,532) (44,476) (4,123) (16) 4 (50,143)
Other material non-cash items:

- Inventory losses – (4,505) – – – (4,505)
- Inventories written down, net – (104) – – – (104)
- Inventories written off – (2,592) – – – (2,592)
- Loss on reassessments and
modifications of leases – (1,222) – – – (1,222)
- Property, plant and
equipment written off – (76) (3) – – (79)
- Reversal of provision
for restoration costs – 5,842 – – – 5,842
Additions to non-current assets

other than financial instruments
and deferred tax assets – 133,976 28,838 4 (6) 162,812
Segment assets 416,103 1,669,226 455,671 31,999 (743,760) 1,829,239
Segment liabilities 916 772,787 384,252 64 (439,890) 718,129

(Cont’d)
135
136
Investment Apparels and Management Elimination/

holding footwear service Others Adjustments Total (Cont’d)
2023 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Revenue
Total revenue 73,450 1,830,576 130,725 – – 2,034,751
Inter-segment revenue (73,450) (8,447) (130,725) – – (212,622)
Revenue from external customers – 1,822,129 – – – 1,822,129
Interest income 320 13,904 2,729 16 (124) 16,845

Finance costs – (21,821) (11,808) (3) 11,887 (21,745)
Net finance income/(expense) 320 (7,917) (9,079) 13 11,763 (4,900)
Amortisation of intangible assets – (154) (1,308) – – (1,462)

plant and equipment (1,435) (13,534) (1,459) (327) 237 (16,518)
Depreciation of right-of-use assets – (97,411) (627) (36) – (98,074)
Segment profit/(loss) before tax 76,727 281,196 11,800 (629) (73,203) 295,891
Income tax expense (1,377) (69,084) (2,729) (14) 4 (73,200)
Other material non-cash items:

- Inventory losses – (5,747) – – – (5,747)
- Inventories written down, net – (1,753) – – – (1,753)
- Inventories written off – (1,434) – – – (1,434)
- Loss on reassessments and
modifications of leases – (94) – – – (94)
- Property, plant and
equipment written off – (121) (3) – – (124)
- Reversal of provision
for restoration costs – 3,474 – – – 3,474
Additions to non-current assets

other than financial instruments
and deferred tax assets – 67,215 4,860 85 (8) 72,152
Segment assets 415,338 1,530,748 383,914 32,921 (696,802) 1,666,119

Segment liabilities 772 693,312 324,532 106 (392,691) 626,031

137

(Cont’d)
Geographical segments
In presenting on the basis of geographical areas, revenue is based on the geographical location of customers
and non-current assets are based on the geographical location of the assets of the Group.
Revenue Non-current assets*

2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Malaysia 1,853,506 1,763,741 592,996 473,286

Asia (excluding Malaysia) 65,341 58,388 40,108 44,442
1,918,847 1,822,129 633,104 517,728
Major customers
There are no major customers with revenue equal or more than ten percent (10%) of the Group revenue. As
such, information on major customers is not presented.
* The amounts of non-current assets do not include other investments and deferred tax assets.
138
5. PROPERTY, PLANT AND EQUIPMENT
Buildings on Buildings on Furniture Office

Freehold freehold leasehold and Motor equipment (Cont’d)
Group land land land fixtures vehicles and tools Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At cost
Balance as at 1 July 2023 12,240 42,861 8,934 179,279 1,326 110,949 355,589
Additions – – – 29,514 724 22,778 53,016
Disposals – – – – (988) (20) (1,008)
Written off – – – (20,393) – (9,046) (29,439)
Reclassifications* – – – – 1,386 – 1,386
Foreign exchange differences – – 97 46 – 49 192
Balance as at 30 June 2024 12,240 42,861 9,031 188,446 2,448 124,710 379,736
Accumulated depreciation
Balance as at 1 July 2023 – 12,450 3,729 158,179 1,155 93,823 269,336

Charge for the financial year – 857 332 13,981 80 8,952 24,202
Disposals – – – – (968) (20) (988)
Written off – – – (20,371) – (8,989) (29,360)
Reclassifications* – – – – 1,366 – 1,366
Foreign exchange differences – – 43 17 – 31 91
Balance as at 30 June 2024 – 13,307 4,104 151,806 1,633 93,797 264,647
Carrying amount
Balance as at 30 June 2024 12,240 29,554 4,927 36,640 815 30,913 115,089
* The assets previously acquired under hire purchase arrangements were reclassified from right-of-use assets as the lease liabilities for those
assets have been fully settled during the financial year.
5. PROPERTY, PLANT AND EQUIPMENT (cONT’D)
Buildings on Buildings on Furniture Office

Freehold freehold leasehold and Motor equipment
Group land land land fixtures vehicles and tools Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At cost
Balance as at 1 July 2022 12,240 42,861 8,383 177,566 1,328 108,802 351,180
Additions – – – 16,201 – 10,151 26,352
Disposals – – – (77) – (2) (79)
Written off – – – (15,017) (2) (8,400) (23,419)
Foreign exchange differences – – 551 606 – 398 1,555
Balance as at 30 June 2023 12,240 42,861 8,934 179,279 1,326 110,949 355,589
Balance as at 1 July 2022 – 11,593 3,189 164,672 1,102 94,498 275,054

Charge for the financial year – 857 317 8,029 55 7,260 16,518
Disposals – – – (77) – (2) (79)
Written off – – – (15,013) (2) (8,280) (23,295)
Foreign exchange differences – – 223 568 – 347 1,138
Balance as at 30 June 2023 – 12,450 3,729 158,179 1,155 93,823 269,336
Carrying amount
Balance as at 30 June 2023 12,240 30,411 5,205 21,100 171 17,126 86,253
(Cont’d)
139
140

(Cont’d)
5. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Buildings on Furniture Office

Freehold freehold and equipment
Company land land fixtures and tools Total
RM’000 RM’000 RM’000 RM’000 RM’000
At cost
Balance as at 1 July 2023 12,240 41,696 3,457 4,699 62,092

Written off – – (12) –* (12)
Balance as at 30 June 2024 12,240 41,696 3,445 4,699 62,080

Balance as at 1 July 2023 – 11,753 3,457 4,398 19,608
Charge for the financial year – 833 – 301 1,134
Written off – – (12) –* (12)
Balance as at 30 June 2024 – 12,586 3,445 4,699 20,730
Carrying amount
Balance as at 30 June 2024 12,240 29,110 – – 41,350
At cost
Balance as at 1 July 2022/

30 June 2023 12,240 41,696 3,457 4,699 62,092
Balance as at 1 July 2022 – 10,918 3,457 3,798 18,173

Charge for the financial year – 835 – 600 1,435
Balance as at 30 June 2023 – 11,753 3,457 4,398 19,608
Carrying amount
Balance as at 30 June 2023 12,240 29,943 – 301 42,484
* Less than RM1,000

141

(Cont’d)
5. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
(a) All items of property, plant and equipment are initially measured at cost. After initial recognition,
property, plant and equipment are stated at cost less accumulated depreciation and any accumulated
impairment losses.
Depreciation is calculated to write off the cost of the assets to their residual values on a straight-line basis
over their estimated useful lives. The estimated useful lives represent common life expectancies applied
in the industry within which the Group operates. The principal depreciation periods are as follows:
Buildings on freehold land 50 years

Buildings on leasehold land 25 years
Furniture and fixtures 3 - 5 years
Motor vehicles 5 years
Office equipment and tools 4 - 5 years
Freehold land has unlimited useful life and is not depreciated.

142
6. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
The Group as lessee

(Cont’d)
6.1 Right-of-use assets
Lease
Balance reassessments Foreign Balance
as at and exchange as at
Group 1 July 2023 Additions Depreciation modifications Reclassifications* differences 30 June 2024
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Carrying amount
Retail shop, signage
and storage spaces 411,861 91,157 (111,964) 98,295 – 90 489,439
Hostel – 143 (42) – – – 101
Motor vehicles 940 1,275 (375) – (20) – 1,820
Office equipment 2,674 40 (1,134) – – – 1,580

Renovation cost 6,518 1,211 (2,437) (1,578) – 4 3,718
Tools and equipment – 15,185 (2,025) – – – 13,160
421,993 109,011 (117,977) 96,717 (20) 94 509,818
Lease
Balance reassessments Foreign Balance
as at and exchange as at
Group 1 July 2022 Additions Depreciation modifications differences 30 June 2023
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Carrying amount
Retail shop, signage and storage spaces 357,734 33,875 (94,017) 113,604 665 411,861
Motor vehicles 423 836 (319) – – 940
Office equipment 612 2,938 (924) 48 – 2,674
Renovation cost 3,924 6,023 (2,814) (633) 18 6,518
362,693 43,672 (98,074) 113,019 683 421,993
* The assets previously acquired under hire purchase arrangements were reclassified to property, plant and equipment as the lease liabilities
for those assets have been fully settled during the financial year.
143

(Cont’d)
6. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Cont’d)
The Group as lessee (Cont’d)
6.1 Right-of-use assets (Cont’d)
(a) The right-of-use assets represent non-cancellable operating lease agreements entered into by the
Group for the use of retail shop, signage and storage spaces, hostel, office equipment and other
assets, which are acquired under hire purchase agreements.
The right-of-use assets are initially measured at cost, which comprise the initial amount of the lease
liabilities adjusted for any lease payments made at or before the commencement date of the leases.
After initial recognition, right-of-use assets are stated at cost less accumulated depreciation and
any accumulated impairment losses, and adjusted for any remeasurement of the lease liabilities.
The right-of-use assets are depreciated on the straight-line basis over the earlier of the estimated
useful lives of the right-of-use assets or the end of the lease term. The lease terms of right-of-use
assets are as follows:
Retail shop, signage and storage spaces 1 - 16 years (2023: 1 - 14 years)

Hostel 2 years (2023: Nil)
Motor vehicles 5 years
Office equipment 1 - 6 years (2023: 3 - 6 years)
Renovation cost 1 - 16 years (2023: 1 - 14 years)
Tools and equipment 5 years (2023: Nil)
(b) The Group has certain leases of retail shop, signage and storage spaces with lease term of 12
months or less, and low value leases of office equipment of RM20,000 and below. The Group
applies the “short-term lease” and “lease of low-value assets” exemptions for these leases.
(c) The following are amounts recognised in profit or loss:
Group
2024 2023
RM’000 RM’000
Depreciation charge of right-of-use assets

(included in administrative expenses) 2,443 355
Depreciation charge of right-of-use assets
(included in selling and distribution costs) 115,534 97,719
Interest expense on lease liabilities
(included in finance costs) 24,095 20,190
Expense relating to short-term leases
(included in administrative expenses) 9 25
Expense relating to short-term leases
(included in selling and distribution costs) 644 261
Expense relating to leases of low-value assets
(included in administrative expenses) 3 2
Expense relating to leases of low-value assets
(included in selling and distribution costs) 190 68
Loss on reassessments and modifications of leases
(included in selling and distribution costs) 1,222 94
Variable lease payments:
- others (included in administrative expenses) 13 1
- others (included in selling and distribution costs) 40,313 48,921
184,466 167,636
144

(Cont’d)
6.1 Right-of-use assets (Cont’d)
(d) The following are total cash outflows for leases of the Group as a lessee:
Group
2024 2023
RM’000 RM’000
Included in net cash from/(used in) operating activities:
Payments relating to short-term leases 653 286

Payments relating to leases of low value assets 193 70
Payments relating to variable lease payments not
included in the measurement of lease liabilities 40,326 48,922
41,172 49,278
Included in net cash used in financing activities:

Payments of lease interest 24,095 20,190
Payments of lease liabilities 104,162 84,492
128,257 104,682
169,429 153,960
(e) Certain lease rentals are subject to variable lease payments, which are determined based on a
percentage of sales generated from outlets.
The Group has entered into tenancy agreements for the lease of retail shop, signage and storage
spaces, which contain variable lease payments based on predetermined revenue thresholds.
The Group has determined that these contingent features are not embedded derivatives to be
separately accounted for due to the economic characteristics and risk of these contingent rental
features are closely related to the economic characteristics and risk of the underlying tenancy
agreements. There are no leverage features contained within these contingent rental features.
(f) During the financial year, the Group made the following cash payments to purchase right-of-use assets:
Group
2024 2023
RM’000 RM’000
Additions of right-of-use assets 109,011 43,672

Additions via lease liabilities (98,333) (37,533)
Excess of the transaction price over the fair value of
deposits for leases capitalised (7,790) –
Provision for restoration costs capitalised (1,211) (6,023)
Cash payments on purchase of right-of-use assets 1,677 116

145

(Cont’d)
6.2 Lease liabilities
Group
2024 2023
RM’000 RM’000
Represented by:
Current liabilities 110,287 91,292

Non-current liabilities 440,132 366,917
550,419 458,209
Lease liabilities owing to financial institutions 13,495 802

Lease liabilities owing to non-financial institutions 536,924 457,407
550,419 458,209
(a) The movements of lease liabilities during the financial year are as follows:
Group
2024 2023
RM’000 RM’000
Balance as at 1 July 458,209 391,245

Additions 98,333 37,533
Interest expense 24,095 20,190
Lease reassessments and modifications 97,939 113,113
Payments of lease liabilities (104,162) (84,492)
Payments of lease interest (24,095) (20,190)
Foreign exchange differences 100 810
Balance as at 30 June 550,419 458,209
(b) The Group determines the lease term of a lease as the non-cancellable period of the lease,
together with periods covered by an option to extend or to terminate the lease if the Group is
reasonably certain to exercise the relevant option. Management exercises significant judgement in
determining whether these extension options are reasonably certain to be exercised. Management
has considered the relevant facts and circumstances that create an economic incentive for the
Group to either exercise the option to extend the lease, or to exercise the option to terminate
the lease. Any differences in expectations from the original estimates would impact the carrying
amount of the lease liabilities of the Group.
(c) The Group has lease contracts that include extension and termination options. These options are
negotiated by the Group to provide flexibility in managing the leased-asset portfolio and align with
the business needs of the Group.
(d) The possibility for the Group to exercise the termination options is unlikely after taking into
consideration of relevant facts and circumstances including past experience, cost and economic
incentive that will be involved to exercise the termination options.
146

(Cont’d)
6.2 Lease liabilities (Cont’d)
(e) The following table sets out the carrying amounts, the weighted average incremental borrowing
rates and the remaining maturities of the lease liabilities of the Group:
Weighted
average
incremental One to Two to
borrowing rate Within two five Over
Group per annum one year years years five years Total
% RM’000 RM’000 RM’000 RM’000 RM’000
30 June 2024
Lease liabilities 3.39 - 9.51 110,287 94,098 206,931 139,103 550,419
30 June 2023
Lease liabilities 3.50 - 9.51 91,292 88,808 179,597 98,512 458,209
(f) Management exercises significant judgement in determining the incremental borrowing rate
whenever the implicit rate of interest in a lease is not readily determinable as well as the lease
term. The incremental borrowing rates used are based on prevailing market borrowing rates over
similar lease terms, of similar values as the right-of-use assets in a similar economic environment.
Lease terms are based on management expectations driven by prevailing market conditions and
past experience in exercising similar renewal and termination options.
(g) The table below summarises the maturity profile of the lease liabilities of the Group at the end of
the reporting period based on contractual undiscounted repayment obligations:
On demand
or within One to Over five
Group one year five years years Total
RM’000 RM’000 RM’000 RM’000
30 June 2024
Lease liabilities 131,944 348,468 150,479 630,891
30 June 2023
Lease liabilities 109,490 309,326 107,624 526,440
The Group as lessor
The Group has entered into non-cancellable lease agreements on an investment property for terms of one (1)
year (2023: one (1) to two (2) years).
The Group has aggregate future minimum lease receivable as at the end of the reporting period as follows:
Group
2024 2023
RM’000 RM’000
Less than one (1) year 77 176

One (1) to two (2) years – 65
77 241
147

(Cont’d)
7. INTANGIBLE ASSETS
System,
applications Computer
Group and products software Total
RM’000 RM’000 RM’000
At cost

Additions – 785 785
Written off – (35) (35)
Foreign exchange differences – (2) (2)
Accumulated amortisation

Charge for the financial year 469 1,014 1,483
Foreign exchange differences – (3) (3)
Carrying amount
Balance as at 30 June 2024 427 2,819 3,246
At cost

Additions – 2,128 2,128
Foreign exchange differences – 34 34
Accumulated amortisation

Charge for the financial year 469 993 1,462
Foreign exchange differences – 28 28
Carrying amount
Balance as at 30 June 2023 896 3,047 3,943

148

(Cont’d)
7. INTANGIBLE ASSETS (Cont’d)
Intangible assets are initially measured at cost. After initial recognition, intangible assets are carried at cost
less accumulated amortisation and any accumulated impairment losses.
System, applications and products (“SAP”) and computer software that do not form an integral part of the
related hardware are treated as intangible assets with finite lives and are amortised over their estimated useful
lives. The estimated useful lives represent common life expectancies applied in the industry within which the
Group operates. The principal amortisation periods are as follows:
SAP 15 years
Computer software 5 years
8. INVESTMENT PROPERTY
Group
2024 2023
RM’000 RM’000
Workshop, at valuation

Fair value loss (644) (236)
(a) Investment property is initially measured at cost, including transaction costs. After initial recognition,
investment property is measured at fair value, which reflects market conditions at the end of the reporting
period and changes in fair value are included in profit or loss.
(b) Rental income generated from the rental of investment property of the Group during the financial year
amounted to RM228,000 (2023: RM182,000).
(c) Direct operating expenses arising from the investment property generating rental income during the
financial year are as follows:
Group
2024 2023
RM’000 RM’000
Repairs and maintenance 30 29

Quit rent and assessment 12 7
149

(Cont’d)
8. INVESTMENT PROPERTY (Cont’d)
(d) The fair value of investment property of the Group is categorised as follows:
Level 1 Level 2 Level 3 Total

RM’000 RM’000 RM’000 RM’000
30 June 2024
Workshop – – 4,951 4,951
30 June 2023
Workshop – – 5,539 5,539
(i) There was no transfer between levels in the hierarchy during the financial year.
(ii) The Level 3 fair value of investment property is RM4,951,000 or equivalent to HKD8,170,000
(2023: RM5,539,000 or equivalent to HKD9,240,000). The Level 3 fair value of investment property
is determined by an external and independent property valuer, who is a member of The Hong
Kong Institute of Surveyors. The property valuer provides the fair value of the investment property
of the Group annually. Changes in Level 3 fair value are analysed by the management annually
after obtaining valuation report from the property valuer.
(e) The following table shows the valuation technique and significant unobservable inputs used in
determining the fair value measurement of investment property as well as the inter-relationship between
key unobservable inputs and fair value:
Significant unobservable Inter-relationship between key

Valuation technique inputs unobservable inputs and fair value
Income capitalisation Capitalisation rate of 4.4% (2023: The higher the capitalisation rate, the
method 3.9%) lower the fair value.
Market rent per square feet of The higher the market rent, the higher
HKD19 or equivalent to RM12 the fair value.
(2023: HKD19 or equivalent to
RM11)
(f) Investment property of the Group is mainly used to generate rental income. However, the fair value of
the investment property reflects the highest and best use of the said property should the investment
property be disposed. Currently, management does not intend to dispose of the investment property and
the existing use of the investment property remains for rental purposes.
9. INVESTMENTS IN SUBSIDIARIES
Company
2024 2023
RM’000 RM’000
At cost:
- Unquoted shares 278,336 278,336
Less: Impairment losses (955) (955)
277,381 277,381
150

(Cont’d)
9. INVESTMENTS IN SUBSIDIARIES (Cont’d)
(a) Investments in subsidiaries, which are eliminated on consolidation, are stated in the separate financial
statements of the Company at cost less impairment losses.
(b) The details of the subsidiaries are as follows:
Country of
Effective equity
incorporation/
interest
Principal place
Name of company of business 2024 2023 Principal activities
% %
Mikihouse Children’s Wear Malaysia 100 100 Dealers of children’s garments and
Sdn. Bhd. (“Mikihouse”) accessories
Padini (Cambodia) Cambodia 100 100 Dealers of ladies’ shoes, garments
Co., Ltd. and ancillary products
(“Padini Cambodia”) #
Padini (Thailand) Co., Ltd. Thailand 100 100 Dealers of ladies’ shoes, garments
(“Padini Thailand”) # and ancillary products
Padini Corporation Malaysia 100 100 Dealers of garments and ancillary
Sdn. Bhd. products
(“Padini Corporation”)
Padini Dot Com Sdn. Bhd. Malaysia 100 100 Provision of management services
(“Padini Dot Com”) and electronic commerce
Padini International Limited Hong Kong 100 100 Dealers of ladies’ shoes and
(“PIL”) # ancillary products
Seed Corporation Malaysia 100 100 Dealers of garments and ancillary
Sdn. Bhd. (“Seed”) products
The New World Garment Malaysia 100 100 Dormant
Manufacturers
Sdn. Bhd. (“The New
World Garment”)
Vincci Holdings Sdn. Bhd. Malaysia 100 100 Dormant
(“Vincci Holdings”)
Vincci Ladies’ Specialties Malaysia 100 100 Dealers of ladies’ shoes and
Centre Sdn. Bhd. accessories
(“Vincci”)
Yee Fong Hung (Malaysia) Malaysia 100 100 Dealers of garments and ancillary
Sendirian Berhad (“Yee products
Fong Hung”)
Subsidiary of PIL
Padini (Thailand) Co., Ltd. Thailand 82.2 82.2 Dealers of ladies’ shoes, garments
(“Padini Thailand”)# ^ and ancillary
#
Subsidiaries not audited by BDO PLT or BDO Member Firms.
^
The remaining 13.4% and 4.4% (2023: 13.4% and 4.4%) shareholdings are held by the Company
and Padini Dot Com respectively.
(c) In the previous financial year, the Company subscribed for additional 20,000 ordinary shares in the
share capital of Padini Thailand for a total cash consideration of RM2,704,000. The effective equity
interest held by the Group in Padini Thailand remained at 100%.
151

(Cont’d)
10. OTHER INVESTMENTS
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Non-current
Equity security
- Unquoted shares in Malaysia 560 560 560 560
Club membership 64 64 – –
Investments in structured product – 30,000 – –
624 30,624 560 560
Current
Investments in structured product 30,000 – – –
30,000 – – –
(a) The equity security is classified as financial asset at fair value through other comprehensive income
while the club membership and investments in structured product are classified as financial assets at
fair value through profit or loss.
(b) The fair value of unquoted shares in Malaysia is estimated based on the price to book valuation model.
Management obtained the industry price to book ratio from observable market data, discounted the
price to book ratio for illiquidity, and multiplied the discounted price to book ratio with the book value per
share of the investee to derive the estimated fair value. Management believes that the estimated fair
value resulting from this valuation model is reasonable and the most appropriate as at the end of the
reporting period.
The fair value of club membership is determined by reference to the prevailing offer price of the club
membership price.
The fair value of investments in structured product is estimated based on future cash flows that are
derived from the expected applicable yield of the investments in structured product and discounted at
rates that reflect the credit risk of the financial institution.
152

(Cont’d)
10. OTHER INVESTMENTS (cont’d)
(c) The fair value of other investments of the Group and of the Company are categorised as follows:
Level 1 Level 2 Level 3 Total

RM’000 RM’000 RM’000 RM’000
Group
30 June 2024
Other investments
- Unquoted shares in Malaysia – – 560 560
- Club membership – – 64 64
- Investments in structured product – – 30,000 30,000
30 June 2023
Other investments
- Club membership – – 64 64
- Investments in structured product – – 30,000 30,000
Company
30 June 2024
Other investment
30 June 2023
Other investment
There was no transfer between levels in the hierarchy during the financial year.
(d) The following table shows the significant unobservable inputs used in determining the fair value measurements
of other investments as well as the inter-relationship between key unobservable inputs and fair values:
Inter-relationship between key

Financial instrument Significant unobservable inputs unobservable inputs and fair values
Unquoted shares in Discounted industry price to book The higher the price to book ratio, the
Malaysia ratio (2024: 0.32; 2023: 0.35) higher the fair value of the unquoted
shares would be.
Club membership Counterparty quotation The higher the counterparty quotation,
the higher the fair value of the club
membership would be.
Investments in structured Comparable market interest rate The lower the comparable market
product interest rate, the higher the fair value
of the investments in structured
product would be.
153

(Cont’d)
10. OTHER INVESTMENTS (cont’d)
(e) Sensitivity analysis of market risk for other investments is not disclosed as it is not material to the Group
and the Company.
(f) The Group holds a forty percent (40%) interest in Cassardi Corporation Sdn. Bhd. (“Cassardi”) for which
the Group has determined that it does not have significant influence over Cassardi as:
(i) The Group does not have any representative on the board of directors of Cassardi, and is therefore
unable to participate in policy-making process of Cassardi;
(ii) There are no material transactions between the Group and Cassardi; and
(iii) There is no interchange of managerial personnel and provision of essential technical information
between the Group and Cassardi.
Based on the above, the Group considers that it does not have the power to exercise significant influence
and has treated its interest in Cassardi as a simple investment in unquoted shares in Malaysia.
11. DEFERRED TAX
(a) Deferred tax assets and liabilities are made up of the following:
Group
2024 2023
RM’000 RM’000

Recognised in profit or loss (Note 29) (532) 1,165
Presented after appropriate offsetting:
Deferred tax assets, net 12,758 13,268

Deferred tax liabilities, net (635) (623)
12,123 12,645
154

(Cont’d)
11. DEFERRED TAX (Cont’d)
(b) The components and movements of deferred tax assets and liabilities during the financial year are as
follows:
Deferred tax assets of the Group
Other
deductible
Contract Lease temporary
liabilities liabilities differences Total
RM’000 RM’000 RM’000 RM’000

Recognised in profit or loss (1,739) 1,370 53 (316)
Foreign exchange differences – 5 3 8
Balance as at 30 June 2024,

prior to offsetting 140 11,510 1,649 13,299
Offsetting (541)
Balance as at 30 June 2024 12,758

Recognised in profit or loss 25 2,407 239 2,671
Foreign exchange differences – 26 5 31
Balance as at 30 June 2023,

prior to offsetting 1,879 10,135 1,593 13,607
Offsetting (339)
Deferred tax liabilities of the Group
Other
deductible/
Property, (taxable)
plant and temporary
equipment differences Total
RM’000 RM’000 RM’000
Balance as at 1 July 2023 (8) (954) (962)

Recognised in profit or loss (1,046) 830 (216)
Foreign exchange differences 2 – 2
Balance as at 30 June 2024, prior to offsetting (1,052) (124) (1,176)
Offsetting 541
Balance as at 30 June 2024 (635)

155

(Cont’d)
11. DEFERRED TAX (Cont’d)
(b) The components and movements of deferred tax assets and liabilities during the financial year are as
follows: (Cont’d)
Deferred tax liabilities of the Group (Cont’d)
Other
deductible/
Property, (taxable)
plant and temporary
equipment differences Total
RM’000 RM’000 RM’000
Balance as at 1 July 2022 1,200 (672) 528

Recognised in profit or loss (1,224) (282) (1,506)
Foreign exchange differences 16 – 16
Balance as at 30 June 2023, prior to offsetting (8) (954) (962)
Offsetting 339
Balance as at 30 June 2023 (623)
(c) The amounts of temporary differences for which no deferred tax assets have been recognised in the
statements of financial position are as follows:
Group
2024 2023
RM’000 RM’000
Unused tax losses:

- No expiry date 10,745 10,063
- Expiring by 30 June 2023 – 41
- Expiring by 30 June 2024 2,327 2,260
- Expiring by 30 June 2025 1,994 1,936
- Expiring by 30 June 2026 2,942 2,857
- Expiring by 30 June 2027 2,802 2,721
- Expiring by 30 June 2028 6,118 6,083
- Expiring by 30 June 2029 361 –
Unabsorbed capital allowances 853 832
28,142 26,793
Deferred tax assets of certain subsidiaries have not been recognised in respect of these items as it is not
probable that future taxable profits of the subsidiaries would be available against which the deductible
temporary differences could be utilised.
The amount and availability of these items to be carried forward up to the periods as disclosed above are
subject to the agreement of the respective local and foreign tax authorities. Unutilised tax losses of the
subsidiaries incorporated in Malaysia can be carried forward up to ten (10) consecutive years of assessment
immediately following the year of assessment under the tax legislation of Inland Revenue Board (“IRB”).
Unabsorbed capital allowances do not expire under the tax legislation of IRB.
156

(Cont’d)
12. INVENTORIES
Group
2024 2023
RM’000 RM’000
At cost
Completed garments, shoes and accessories 284,512 428,161
At net realisable value

Completed garments, shoes and accessories 3,700 5,071
288,212 433,232
(a) Inventories are stated at the lower of cost and net realisable value. Cost of inventories of the Group is
determined using the weighted average method.
(b) During the financial year, inventories of the Group recognised as cost of sales amounted to
RM1,199,464,000 (2023: RM1,073,800,000). The amounts of inventory losses, inventories written back,
inventories written down and inventories written off recognised as cost of sales during the financial year
are as follows:
Group
2024 2023
RM’000 RM’000
Inventory losses 4,505 5,747

Inventories written back (1,812) (89)
Inventories written down 1,916 1,842
Inventories written off 2,592 1,434
7,201 8,934
(c) Inventories are written down to net realisable value when events or changes in circumstances indicate
that the carrying amounts may not be recoverable. Management exercises significant judgements and
makes significant estimates in writing down inventories to their net realisable values, which involve
management specifically analyses future demand, coupled with the assessment of the estimated net
selling prices of the inventories to evaluate the adequacy of the write down for obsolete or slow moving
inventories. Where expectations differ from the original estimates, the differences would impact the
carrying amount of inventories.
(d) During the financial year, the Group wrote back RM1,812,000 (2023: RM89,000) in respect of inventories
written down in the previous financial year that were subsequently not required as the Group was able
to sell those inventories above their carrying amounts.
157

(Cont’d)
13. TRADE AND OTHER RECEIVABLES
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Trade receivables
Third parties 19,237 9,654 – –
Other receivables
Third parties 310 1,475 – –
Deposits 27,574 29,149 71 71
27,884 30,624 71 71
Total receivables 47,121 40,278 71 71
Prepayments 23,308 25,674 93 94
70,429 65,952 164 165
(a) Trade and other receivables, net of prepayments are classified as financial assets measured at amortised
cost.
(b) Trade receivables are non-interest bearing and the normal trade credit terms granted by the Group
range from 2 to 60 days (2023: 2 to 60 days) from the date of invoice. They are recognised at their
original invoice amounts, which represent their fair values on initial recognition.
(c) Included in deposits of the Group are security and utility deposits on leases of RM19,847,000, which are
amortised through accretion of discount at annual rates of 3.50% to 4.75% over the lease terms.
(d) Impairment for trade receivables that do not contain a significant financing component is recognised
based on the simplified approach using the lifetime expected credit losses.
Lifetime expected credit losses are the expected credit losses that result from all possible default events
over the expected life of the asset. The maximum period considered when estimating expected credit
losses is the maximum contractual period over which the Group is exposed to credit risk.
The Group uses a provision matrix to measure the expected credit losses of trade receivables using the flow
rate method based on grouping of customers sharing similar credit risk characteristics, historical credit loss
experience and observable data such as current changes and future forecasts in economic conditions.
During this process, the probability of non-payment by trade receivables is adjusted by forward looking
information and multiplied by the amount of the expected loss arising from default to determine the lifetime
expected credit losses for the trade receivables. For trade receivables, which are reported net, such
impairments are recorded in a separate impairment account with the loss being recognised in the statements
of profit or loss and other comprehensive income. On confirmation that the trade receivable would not be
collectable, the gross carrying value of the asset would be written off against the associated impairment.
The Group has identified the Gross Domestic Product (“GDP”), unemployment rate, inflation rate and
consumer price index as the key macroeconomic factors of the forward looking information.
It requires management to exercise judgement in determining the probability of default by trade

receivables and appropriate forward looking information.
No expected credit loss is recognised arising from trade receivables as it is negligible.

158

(Cont’d)
13. TRADE AND OTHER RECEIVABLES (cONT’D)
(e) Lifetime expected loss provision for trade receivables of the Group is as follows:
Lifetime
Gross expected Net
carrying credit carrying
Group amount losses amount
RM’000 RM’000 RM’000
30 June 2024
Collective assessment
Current 17,236 –* 17,236
Past due
1 to 30 days 1,952 –* 1,952
31 to 60 days 28 –* 28
More than 90 days 21 –* 21
2,001 –* 2,001
19,237 –* 19,237
30 June 2023
Collective assessment
Current 7,761 –* 7,761
Past due
1 to 30 days 1,673 –* 1,673
31 to 60 days 192 –* 192
61 to 90 days 2 –* 2
More than 90 days 26 –* 26
1,893 –* 1,893
9,654 –* 9,654
* The effects of expected credit losses are negligible.
The collective assessment of impairment of trade receivables shares similar credit risk characteristics,
industries and geographical location. The individual assessment of impairment of trade receivables is
separately assessed when it is probable that cash due will not be received in full.
159

(Cont’d)
(f) The credit risk exposures relating to trade receivables of the Group at the end of the reporting period are
summarised as follows:
Group
2024 2023
RM’000 RM’000
Maximum exposure 19,237 9,654

Collateral obtained (6) (4)
Net exposure to credit risk 19,231 9,650
Collateral obtained represents downpayments received from customers for the sale of goods.
During the financial year, the Group did not renegotiate the terms of any trade receivables.
(g) Impairment for other receivables and amounts due from subsidiaries are recognised based on the general
approach within MFRS 9 using the forward looking expected credit loss model. The methodology used
to determine the amount of the impairment is based on whether there has been a significant increase
in credit risk since initial recognition of the financial asset by comparing the risk of default occurring
over the expected life with the risk of default since initial recognition. For those in which the credit risk
has not increased significantly since initial recognition of the financial asset, twelve-month (“12-month”)
expected credit losses along with gross interest income are recognised. For those in which credit risk
has increased significantly, lifetime expected credit losses along with the gross interest income are
recognised. For those that are determined to be credit impaired, lifetime expected credit losses along
with interest income on a net basis are recognised.
Lifetime expected credit losses are the expected credit losses that result from all possible default events
over the expected life of the asset, while 12-month expected credit losses are the portion of expected
credit losses that result from default events that are possible within the twelve (12) months after the end
of the reporting period. The maximum period considered when estimating expected credit losses is the
maximum contractual period over which the Group and the Company are exposed to credit risk.
The Group and the Company defined significant increase in credit risk based on the operating
performance of the receivables, payment trends and past due information, i.e. overdue amounts more
than 120 days.
The probability of non-payment by other receivables and amounts due from subsidiaries are adjusted by
forward looking information and multiplied by the amount of the expected loss arising from default to determine
the 12-month or lifetime expected credit loss for other receivables and amounts due from subsidiaries.
The Group and the Company have identified the GDP, unemployment rate, inflation rate and consumer
price index as the key macroeconomic factors of the forward looking information.
It requires management to exercise judgement in determining the probability of default by other

receivables and amounts due from subsidiaries, appropriate forward looking information and significant
increase in credit risk.
No expected credit loss is recognised arising from other receivables as it is negligible.

160

(Cont’d)
(h) The currency exposure profile of trade and other receivables excluding prepayments is as follows:
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Ringgit Malaysia 39,761 33,135 71 71

Chinese Renminbi 40 40 – –
Hong Kong Dollar 23 23 – –
Singapore Dollar 36 – – –
Thailand Baht 1,823 2,002 – –
United States Dollar 5,438 5,078 – –
47,121 40,278 71 71
Sensitivity analysis of RM against major foreign currencies at the end of the reporting period, assuming
that all other variables remain constant, is as follows:
Group
2024 2023
Profit Profit
after tax Equity after tax Equity
RM’000 RM’000 RM’000 RM’000
Effects of 5% changes to RM
against foreign currencies
United States Dollar

- strengthen by 5% 207 – 193 –
- weaken by 5% (207) – (193) –
Thailand Baht
-strengthen by 5% 69 – 76 –
- weaken by 5% (69) – (76) –
The exposure to foreign currency risk of other currencies is not presented as changes in exchange rates
would not materially affect profit after tax and equity of the Group.
(i) At the end of the reporting period, approximately eighty-eight percent (88%) (2023: eighty-eight percent
(88%)) of the trade receivables of the Group were owed by five (5) major customers (2023: five (5) customers).
161

(Cont’d)
14. AMOUNTS DUE FROM SUBSIDIARIES
Company
2024 2023
RM’000 RM’000
Amounts due from subsidiaries 74,045 71,039
(a) Amounts due from subsidiaries are classified as financial assets measured at amortised cost.
(b) Amounts due from subsidiaries mainly represent advances and payments made on behalf, which are
unsecured, interest-free and repayable within the next twelve (12) months in cash and cash equivalents.
(c) Impairment for amounts due from subsidiaries is recognised based on general approach within MFRS
9 using the forward looking expected credit loss model as disclosed in Note 13(g) to the financial
statements.
No expected credit loss is recognised arising from amounts due from subsidiaries as it is negligible.
(d) Amounts due from subsidiaries are denominated in RM.
15. CASH AND BANK BALANCES
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Cash at banks and on hand 731,804 548,188 22,603 23,709

Fixed deposits with licensed banks 59,236 57,127 – –
791,040 605,315 22,603 23,709
(a) Cash and bank balances are classified as financial assets measured at amortised cost.
(b) Fixed deposits with licensed banks of the Group have maturity period of 90 days (2023: 90 days), with
interest at rates ranging from 3.45% to 3.70% (2023: 3.50% to 3.58%) per annum.
(c) The weighted average effective interest rate of cash at banks as at the end of the reporting period is as
follows:
Group Company
2024 2023 2024 2023
% % % %
Weighted average effective interest rate

- Floating rate 2.98 2.92 2.98 2.92
162

(Cont’d)
15. CASH AND BANK BALANCES (Cont’d)
(d) The interest rate profile of the cash and bank balances at the end of the reporting period is as follows:
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Fixed rate 59,236 57,127 – –

Floating rate 645,772 472,387 22,477 23,583
Sensitivity analysis for fixed rate cash and bank balances at the end of the reporting period is not
presented as fixed rate instruments are not affected by changes in interest rates.
Sensitivity analysis of interest rate for floating rate instruments at the end of the reporting period,
assuming that all other variables remain constant, is as follows:
Group
2024 2023
Profit Profit
RM’000 RM’000 RM’000 RM’000
Effects of 50 basis points changes
50 basis points higher 2,454 – 1,795 –

50 basis points lower (2,454) – (1,795) –
Company
2024 2023
Profit Profit
RM’000 RM’000 RM’000 RM’000
Effects of 50 basis points changes
50 basis points higher 85 – 90 –

50 basis points lower (85) – (90) –
(e) The currency exposure profile of cash and bank balances is as follows:
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Ringgit Malaysia 714,291 538,480 22,603 23,709

Cambodia Riel 21 19 – –
Chinese Renminbi 129 159 – –
Thailand Baht 3,788 6,571 – –
791,040 605,315 22,603 23,709

163

(Cont’d)
15. CASH AND BANK BALANCES (Cont’d)
(e) (Cont’d)
Group
2024 2023
Profit Profit
RM’000 RM’000 RM’000 RM’000

- strengthen by 5% 2,759 – 2,273 –
- weaken by 5% (2,759) – (2,273) –
Thailand Baht
- strengthen by 5% 144 – 250 –
- weaken by 5% (144) – (250) –
(f) No expected credit loss is recognised arising from cash at banks and fixed deposits with licensed banks
because the probability of default by these financial institutions is negligible.
(g) For the purpose of the statements of cash flows, cash and cash equivalents comprise the following as
at the end of the reporting period:
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Cash and bank balances,

as reported in statements
of financial position 791,040 605,315 22,603 23,709
Bank overdraft (Note 21) – (3,192) – –
As reported in statements
of cash flows 791,040 602,123 22,603 23,709
164

(Cont’d)
16. SHARE CAPITAL
Group and Company

2024 2023
Number Number
of shares of shares
’000 RM’000 ’000 RM’000
Ordinary shares
Issued and fully paid

with no par value 657,910 69,563 657,910 69,563
The owners of the parent are entitled to receive dividends as and when declared by the Company and are
entitled to one (1) vote per ordinary share at meetings of the Company. All ordinary shares rank pari passu
with regard to the residual assets of the Company.
17. RESERVES
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Non-distributable
Foreign currency
translation reserve 7,798 7,711 – –
Distributable
Retained earnings 1,033,749 962,814 345,624 345,003
1,041,547 970,525 345,624 345,003
(a) The foreign currency translation reserve is used to record foreign currency exchange differences arising
from the translation of the financial statements of foreign operations whose functional currencies are
different from that of the presentation currency of the Group. It is also used to record the exchange
differences arising from monetary items, which form part of the net investment of the Group in the
foreign operations, where the monetary item is denominated in either the functional currency of the
reporting entity or the foreign operation.
(b) On 25 November 2022, the Company established an Employees’ Share Option Scheme (“ESOS”) for
the granting of ESOS to eligible Executive Directors and employees of the Group. The ESOS was
implemented on 3 March 2023.
The ESOS is administered by the ESOS Committee and governed by the By-Laws of the ESOS.
165

(Cont’d)
17. RESERVES Cont’d)
(b) (Cont’d)
The salient features of the ESOS are as follows:
(i) The total number of new ordinary shares in the Company, which may be made available under
the ESOS shall not exceed in aggregate 15% of the total number of issued ordinary shares of the
Company (excluding treasury shares, if any) at any one time during the duration of the ESOS;
(ii) The ESOS shall be in force for a duration of five (5) years from the effective date;
(iii) Subject to the discretion of the ESOS Committee, an employee or an Executive Director of the
Group who fulfils the relevant conditions of the By-Laws of the ESOS shall be eligible to participate
in the ESOS (“Eligible Person”);
(iv) The number of the options to be offered to an Eligible Person in accordance with the ESOS shall
be determined based on, inter alia, the Eligible Person’s position, job performance, job grade,
seniority, length of service, fulfilment of the relevant eligibility criteria, and/or such other matters as
the ESOS Committee deems fit and the offer shall be valid for acceptance by an Eligible Person
for a period of thirty (30) days from the date of offer;
(v) Subject to any adjustments made under the By-Laws of the ESOS and pursuant to the listing
requirements of Bursa Malaysia Securities Berhad, the exercise price shall be determined by the
ESOS Committee and shall be based on the five-day (“5-day”) volume weighted average market
price (“5D-VWAMP”) of ordinary shares in the Company (“Padini Shares”) immediately preceding
the date of offer, with a discount, if any, provided that the discount shall not be more than 10% of
the said 5D-VWAMP of Padini Shares;
(vi) Not more than 10% of the total number of ordinary shares in the Company to be issued under the
ESOS shall be allocated to any Eligible Person, who, either singly or collectively through persons
connected with the Eligible Person, holds 20% or more of the total number of issued shares of the
Company (excluding treasury shares, if any); and
(vii) Not more than 50% of the total number of ordinary shares in the Company to be issued under the
ESOS shall be allocated, in aggregate, to the Executive Directors and senior management of the
Group (excluding dormant subsidiaries within the Group) who are Eligible Persons.
There was no ESOS offered to eligible Executive Directors and employees of the Group since its
implementation.
18. PROVISION FOR RESTORATION COSTS
Group
2024 2023
RM’000 RM’000
Non-current
Provision for restoration costs 7,529 11,450
Current
Provision for restoration costs 1,840 1,848
9,369 13,298
166

(Cont’d)
18. PROVISION FOR RESTORATION COSTS (Cont’d)
(a) Provision for restoration costs comprise estimates of reinstatement costs for lease outlets upon the
expiry of tenancy agreements. The liabilities for restoration costs are recognised at present value of the
compounded future expenditure estimated using current price and discounted using discount rate of
3.88% (2023: 4.75%).
(b) The reconciliation of movements in the carrying amount of the provision for restoration costs is as
follows:
Group
2024 2023
RM’000 RM’000

Recognised in right-of-use assets 1,211 6,023
Recognised in profit or loss (Note 26) 1,126 1,355
Reversal of provision for restoration costs (5,842) (3,474)
Utilised during the financial year (430) (340)
(c) The Group estimates provision for restoration costs based on historical costs incurred per square feet
of rent area. The estimated provision for restoration costs is reviewed periodically and is updated if
expectations differ from previous estimates due to changes in cost factors. Where expectations differ
from the original estimates, the differences would impact the carrying amount of provision for restoration
costs of the Group.
19. PROVISION FOR EMPLOYEE BENEFITS
The Group operates an unfunded, defined Retirement Benefit Scheme (“Scheme”) for its eligible employees
of its wholly-owned subsidiary, Padini (Thailand) Co., Ltd.. Under the Scheme, eligible employees are entitled
to retirement benefits of 400 days of final salary upon attainment of the retirement age of 60.
The amounts recognised in the statements of financial position are as follows:
Group
2024 2023
RM’000 RM’000
Provision for employee benefits representing net liability 65 58
Analysed as:
Later than 5 years 65 58
Analysed as:
Non-current liabilities 65 58
167

(Cont’d)
19. PROVISION FOR EMPLOYEE BENEFITS (Cont’d)
The movements during the financial year in the amounts recognised in the statements of financial position in
respect of the retirement benefit obligations are as follows:
Group
2024 2023
RM’000 RM’000
Balance as at 1 July 58 53
Provision (Note 28) 8 2

Foreign exchange differences (1) 3
Balance as at 30 June 65 58
Certain assumptions are used in the computation of provision for employee benefits and due to the long term
nature of this Scheme, such estimates are subject to uncertainty.
The principal assumptions used are as follows:
Group
2024 2023
% %
Discount rate 7.55 7.30

Price inflation 2.97 2.97
Expected rate of salary increase 5.00 5.00
The discount rate is determined by reference to the Government Bond of Thailand yields with more than 10
years of maturity.
Significant assumption used in determining the provision for employee benefits is the discount rate. The
sensitivity analysis of the significant assumption at the end of the reporting period, assuming that all other
variables remain constant, is as follows:
2024 2023
Increase Decrease Increase Decrease
Group RM’000 RM’000 RM’000 RM’000
A 1% increase/decrease in
discount rate will decrease/
increase the provision for
employee benefits (4) 16 (2) 19
The sensitivity analysis presented above may not be representative of the actual change in provision for
employee benefits as it is unlikely that the change in assumptions would occur in isolation of one another as
some assumptions may be correlated.
168

(Cont’d)
20. TRADE AND OTHER PAYABLES
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Trade payables
Third parties 106,347 92,333 – –
Other payables
Third parties 34,670 23,311 536 419
Accruals 10,533 9,584 62 63
Financial guarantee contracts – – –* –
45,203 32,895 598 482
151,550 125,228 598 482
* No financial guarantee contracts recognised.
(a) Trade and other payables are classified as financial liabilities measured at amortised cost.
(b) Trade payables are non-interest bearing and the normal trade credit terms granted to the Group range
from 30 to 90 days (2023: 30 to 90 days) from date of invoice.
(c) Included in other payables of the Group are advance payments received from customers against
confirmed purchase orders amounting to RM6,000 (2023: RM4,000).
(d) Included in other payables of the Group is an amount owing to a financial institution in respect of supply
chain solutions obtained to facilitate efficient payment processing amounting to RM13,679,000 (2023:
Nil). The Group is required to repay the financial institution no later than the expiry of the credit terms
that are originally granted by the trade payables.
(e) The Company provides financial guarantees to financial institutions for banking facilities obtained by
the subsidiaries. Financial guarantee contracts issued are initially measured at fair value. Subsequently,
they are measured at higher of:
(i) the amount of the loss allowance; and
(ii) the amount initially recognised less, when appropriate, the cumulative amount of income
recognised in accordance to the principles of MFRS 15 Revenue from Contracts with Customers.
No financial guarantee contracts have been recognised at the end of the reporting period as there was
no utilisation of any banking facilities by the subsidiaries during the financial year.
169

(Cont’d)
20. TRADE AND OTHER PAYABLES (Cont’d)
(f) The currency exposure profile of trade and other payables is as follows:
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Ringgit Malaysia 149,550 120,984 598 482

Brunei Dollar 4 – – –
Chinese Renminbi 4 – – –
Singapore Dollar 39 49 – –
Thailand Baht 369 577 – –
151,550 125,228 598 482
Group
2024 2023
Profit Profit
RM’000 RM’000 RM’000 RM’000

- strengthen by 5% (59) – (136) –
- weaken by 5% 59 – 136 –
Thailand Baht
- strengthen by 5% (14) – (22) –
- weaken by 5% 14 – 22 –
(g) The maturity profile of the trade and other payables of the Group and of the Company at the end of the
reporting period based on contractual undiscounted repayment obligations is repayable on demand or
within one (1) year.
21. BORROWING
Group
2024 2023
RM’000 RM’000
Current liability
Secured
Bank overdraft – 3,192
170

(Cont’d)
21. BORROWING (Cont’d)
(a) Borrowing was classified as financial liability measured at amortised cost.
(b) Bank overdraft of the Group was secured by a corporate guarantee by the Company.
(c) The weighted average effective interest rate of the borrowing as at the end of the reporting period was
as follows:
Group
2024 2023
% %
Bank overdraft – 6.25
(d) The interest rate profile of the borrowing as at end of the reporting period was as follows:
Group
2024 2023
RM’000 RM’000
Floating rate – 3,192
Sensitivity analysis of interest rate for the floating rate instrument at the end of the reporting period was
not presented as it was not material to the Group.
(e) The table below summarises the maturity profile of the borrowing of the Group at the end of the reporting
period based on contractual undiscounted repayment obligations:
On demand
Or within One to five Over five
one year years years Total
Group RM’000 RM’000 RM’000 RM’000
30 June 2023
Bank overdraft 3,392 – – 3,392
(f) The following table sets out the remaining maturity of the borrowing of the Group:
Within
1 year 1-2 years 2-5 years Total
Group RM’000 RM’000 RM’000 RM’000
30 June 2023
Bank overdraft 3,192 – – 3,192
(g) Borrowing was denominated in USD. Sensitivity analysis of RM against foreign currency for borrowing
at the end of the reporting period was not presented as it was not material to the Group.
171

(Cont’d)
22. CONTRACT LIABILITIES
Group
2024 2023
RM’000 RM’000
Deferred revenue from customer loyalty points 584 7,829
(a) The contract liabilities represent the deferred revenue from customer loyalty points outstanding as at
the end of the reporting period. Revenue from customer loyalty points is recognised at a point in time
upon redemption or expiry of customer loyalty points. The validity of the customer loyalty points is six (6)
months (2023: six (6) months to one (1) year).
(b) The reconciliation of movements in the carrying amount of the contract liabilities is as follows:
Group
2024 2023
RM’000 RM’000

Additions during the financial year 1,772 1,927
Redemptions during the financial year (2,263) (1,734)
Reversal on expiry of loyalty points (6,720) (61)
Lapsed rebate vouchers (34) (30)
(c) The following are the amounts of revenue recognised from:
Group
2024 2023
RM’000 RM’000
Amounts included in contract liabilities

at the beginning of the financial year 7,245 (102)
(d) Revenue expected to be recognised in the future relating to performance obligations that are unsatisfied
(or partially unsatisfied) at the end of the reporting period is as follow:
Group
2024 2023
RM’000 RM’000
Within 1 year 584 7,829

172

(Cont’d)
23. CAPITAL COMMITMENTS
Capital commitments not provided for in the financial statements are as follows:
Group
2024 2023
RM’000 RM’000
Contracted but not provided for:

Capital expenditure in respect of property, plant and equipment 1,987 21,588
Capital expenditure in respect of intangible assets 3,027 1,862
5,014 23,450
24. REVENUE
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Revenue from contracts with customers

Sale of goods 1,911,602 1,822,231 – –
Revenue from customer loyalty points 7,245 (102) – –
Other revenue
Dividend income – – 73,450 73,450
1,918,847 1,822,129 73,450 73,450
Timing of revenue recognition:

Transferred at a point in time 1,918,847 1,822,129 – –
(a) Sale of goods
Revenue from sale of goods is recognised at a point in time when the goods have been transferred to
the customers and coincide with the delivery of goods and acceptance by customers.
The contracts for the sale of goods provide customers with a right of return the goods within a specified
period. No refund liability is recognised arising from the right of return as it is negligible.
There is no significant financing component in the revenue arising from sale of goods as the sales are
made on the normal credit terms not exceeding twelve (12) months.
(b) Revenue from customer loyalty points
The Group’s loyalty points programme allows customers to accumulate points that can be redeemed for
products.
The loyalty points give rise to a separate performance obligation as they provide a material right to the
customer. A portion of the transaction price is allocated to the loyalty points awarded to customers based
on relative stand-alone selling price and recognised as a contract liability until the points are redeemed.
Revenue is recognised at a point in time upon redemption or expiry of the customer loyalty points by the
customer.
When estimating the stand-alone selling price of the loyalty points, the Group considers the likelihood that
the customer will redeem the points. The Group updates its estimates of the points that will be redeemed
on a regular basis and any adjustments to the contract liability balance are charged against revenue.
173

(Cont’d)
24. REVENUE (Cont’d)
(c) Dividend income
Dividend income is recognised when the right to receive payment is established.
(d) Disaggregation of revenue from contracts with customers has been presented in the operating segments
as disclosed in Note 4 to the financial statements, which has been presented based on geographical
location and business units based on their products from which the sales transactions originated.
25. COST OF SALES
Group
2024 2023
RM’000 RM’000
Inventories sold 1,199,464 1,073,800

Carriage, freight and handling charges 17,078 21,640
Others 7,201 8,934
1,223,743 1,104,374
Others represent inventory losses, inventories written back, inventories written down and inventories written
off.
26. FINANCE COSTS
Group
2024 2023
RM’000 RM’000
Interest expense on:

- Bank overdraft 6 6
- Lease liabilities (Note 6) 24,095 20,190
- Others 201 194
Unwinding of discount on provision for restoration costs (Note 18) 1,126 1,355
25,428 21,745
174

(Cont’d)
27. PROFIT BEFORE TAX
Other than those disclosed elsewhere in the financial statements, profit before tax is arrived at:
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
After charging:
Auditors’ remuneration:
BDO PLT Malaysia
- Statutory audit
- current year 260 246 56 53
- Non-statutory audit 7 7 7 7
Other auditors
- Statutory audit
- current year 59 55 – –
Bad debts written off 1 2 – –
Deposits written off 11 – – –
Fair value loss on
investment property 644 236 – –
Loss on foreign exchange:
- realised 141 261 – –
- unrealised 21 566 – 554
Loss on reassessments and
modifications of leases 1,222 94 – –
Property, plant and
equipment written off 79 124 – –
Rental of equipment 211 243 – –
Rental of premises 40,961 49,035 – –
And crediting:
Accretion of discount from

deposits for leases 4,256 – – –
Gain on disposal of property,
plant and equipment 375 23 – –
Gain on foreign exchange:
- realised 28 646 – 620
- unrealised 524 4,037 – –
Interest income 19,754 16,845 477 320
Rental income from:
- investment property 228 182 – –
- premises – – 6,569 5,753
Royalty income 479 651 – –
(a) Interest income is recognised as it accrues, using the effective interest method.
(b) Rental income is accounted for on a straight-line basis over the lease term of an ongoing lease.
(c) Royalty income is recognised on an accrual basis in accordance with the substance of the relevant
agreements.
175

(Cont’d)
28. EMPLOYEE BENEFITS
Group
2024 2023
RM’000 RM’000
Salaries, wages, allowances and bonuses 201,354 161,116

Contributions to defined contribution plans 20,692 16,581
Unutilised leaves (273) (524)
Increase in provision for employee benefits (Note 19) 8 2
Other employee benefits 6,530 5,700
228,311 182,875
(a) Included in the employee benefits of the Group are Executive and Non-Executive Directors’ remuneration
amounting to RM9,095,000 (2023: RM6,695,000).
(b) The estimated monetary value of benefits-in-kind received by the Directors otherwise than in cash from
the Group amounted to RM142,000 (2023: RM127,000).
29. TAX EXPENSE
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Current year tax expense based

on profit for the financial year:
- Malaysian income tax 49,363 73,511 1,412 1,230
- Foreign income tax 338 699 – –
49,701 74,210 1,412 1,230

(Over)/Under provision in
prior years:
- Malaysian income tax (90) 155 120 147
49,611 74,365 1,532 1,377
Deferred tax (Note 11):

- Relating to origination and
reversal of temporary differences 516 (1,172) – –
- Under provision in prior years 16 7 – –
532 (1,165) – –
50,143 73,200 1,532 1,377

176

(Cont’d)
29. TAX EXPENSE (cont’d)
(a) The Malaysian income tax is calculated at the statutory tax rate of 24% (2023: 24%) of the estimated
taxable profit for the fiscal year.
(b) Tax expenses for other taxation authorities are calculated at the rates prevailing in the respective
jurisdictions.
(c) The numerical reconciliation between the tax expense and the product of accounting profit multiplied by
the applicable tax rates of the Group and of the Company are as follows:
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Profit before tax 196,738 295,891 77,813 76,727
Tax at Malaysian statutory

tax rate of 24% (2023: 24%) 47,217 71,014 18,675 18,414
Tax effects in respect of:

Different tax rates in
foreign jurisdiction 2 (262) – –
Non-allowable expenses 3,723 2,934 365 591
Non-taxable income (1,049) (1,124) (17,628) (17,775)
Deferred tax assets
not recognised 324 476 – –
50,217 73,038 1,412 1,230

(Over)/Under provision of
tax expense in prior years (90) 155 120 147
Under provision of
deferred tax in prior years 16 7 – –
50,143 73,200 1,532 1,377
(d) Tax on each component of other comprehensive income is as follows:
Group
2024 2023
Before Tax After Before Tax After
tax effect tax tax effect tax
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Items that may

be reclassified
subsequently
to profit or loss
Foreign currency
translations 87 – 87 2,007 – 2,007
177

(Cont’d)
30. DIVIDENDS
Group and Company

2024 2023
Single tier Single tier
dividend Amount dividend Amount
per ordinary of per ordinary of
share dividend share dividend
sen RM’000 sen RM’000
First interim dividend 2.5 16,448 2.5 16,448

Second interim dividend 2.5 16,448 2.5 16,448
Third interim dividend 2.5 16,448 2.5 16,448
Fourth interim dividend 2.5 16,448 2.5 16,448
Special dividend 1.5 9,868 1.5 9,868
11.5 75,660 11.5 75,660
The Directors do not recommend the payment of any final dividend for the financial year ended 30 June 2024.
On 27 August 2024, the Board of Directors declared a first interim single tier dividend of 2.50 sen per ordinary
share of approximately RM16,448,000 in respect of the financial year ending 30 June 2025 and will be paid to
the shareholders on 27 September 2024, whose names appear on the Record of Depositors of the Company
at the close of business on 13 September 2024. The financial statements for the current financial year do
not reflect this declared dividend. This dividend will be accounted for in equity as an appropriation of retained
earnings in the next financial year.
31. EARNINGS PER SHARE
(a) Basic
Basic earnings per ordinary share for the financial year is calculated by dividing the profit for the financial
year by the weighted average number of ordinary shares outstanding during the financial year.
Group
2024 2023
Profit for the financial year (RM’000) 146,595 222,691
Weighted average number of ordinary shares in issue (’000) 657,910 657,910
Basic earnings per ordinary share (sen) 22.28 33.85
(b) Diluted
The diluted earnings per ordinary share for the current and previous financial years equal to basic
earnings per ordinary share because there were no potential dilutive ordinary shares as at the end of
the reporting period.
178

(Cont’d)
32. RELATED PARTY DISCLOSURES
(a) Identities of related parties
Parties are considered to be related to the Group if the Group has the ability, directly or indirectly,
to control the party or exercise significant influence over the party in making financial and operating
decisions, or vice versa, or where the Group and the party are subject to common control or common
significant influence. Related parties could be individuals or other parties.
The Company has controlling related party relationships with its direct and indirect subsidiaries.
The Group also has related party relationship with the following party:
Identity of the related party Relationship
Yong Pang Chaun Holdings Sdn. Bhd. Corporate shareholder of the Company with equity
(“YPCH”) interest of 43.74% (2023: 43.74%) and where a Director of
the Company, namely Yong Pang Chaun has substantial
financial interests. Yong Pang Chaun, Andrew Yong Tze
How, Benjamin Yong Tze Jet and Christopher Yong Tze-
Yao are also the Directors of YPCH.
(b) Significant related party transactions
In addition to the transactions detailed elsewhere in the financial statements, the Company had the
following transactions with related parties during the financial year:
Company
2024 2023
RM’000 RM’000
Transactions with subsidiaries:
Dividend income received from:

- Vincci 4,830 4,830
- Padini Corporation 29,220 29,220
- Seed 3,400 3,400
- Yee Fong Hung 36,000 36,000
Rental income received or receivable from:

- Vincci 244 326
- Padini Corporation 426 470
- Seed 122 103
- Yee Fong Hung 3,982 3,233
- Mikihouse 46 44
- Padini Dot Com 1,749 1,577
Interest income received and receivable from:

- Padini Cambodia – 124
The related party transactions described above were carried out on terms and conditions not materially
different from those obtainable from transactions with unrelated parties.
Information regarding outstanding balances arising from related party transactions as at 30 June 2024
is disclosed in Note 14 to the financial statements.
179

(Cont’d)
32. RELATED PARTY DISCLOSURES (Cont’d)
(c) Compensation of key management personnel
Key management personnel are those persons having the authority and responsibility for planning,
directing and controlling the activities of the entity, directly and indirectly, including any Director (whether
executive or otherwise) of the Group and of the Company.
The remuneration of Directors, who are the only key management personnel of the Group and of the
Company, during the financial year were as follows:
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Non-executive Directors
Fees 573 473 573 473
Short term employee benefits 34 30 34 30
607 503 607 503
Executive Directors
Short term employee benefits 7,736 5,703 – –
Contributions to defined
contribution plans 752 489 – –
8,488 6,192 – –
9,095 6,695 607 503
The estimated monetary value of benefits-in-kind provided to the Directors of the Group was RM142,000
(2023: RM127,000).
33. CAPITAL AND FINANCIAL RISK MANAGEMENT
(a) Capital management
The primary objective of the capital management of the Group is to ensure that it maintains a strong
capital base in order to support its business operations and to provide fair returns for shareholders and
benefits for other stakeholders. The overall strategy of the Group remains unchanged from the financial
year ended 30 June 2023.
The Group manages its capital structure and makes adjustments to it in response to changes in
economic conditions. In order to maintain or adjust the capital structure, the Group may, from time to
time, adjust the dividend payment to shareholders, return capital to shareholders or issue new share,
where necessary. No changes were made in the objectives, policies or processes during the financial
years ended 30 June 2024 and 30 June 2023.
The Group monitors capital using a gearing ratio, which is calculated as net debt divided by total capital
plus net debt. Net debt represents borrowing, lease liabilities, trade and other payables, less cash and
bank balances. Total capital represents equity attributable to the owners of the parent.
180

(Cont’d)
33. CAPITAL AND FINANCIAL RISK MANAGEMENT (cont’d)
(a) Capital management (Cont’d)
The gearing ratio of the Group and of the Company at the end of the reporting period are as follows:
Group Company
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000
Borrowing – 3,192 – –
Lease liabilities owing
to financial institutions 13,495 802 – –
13,495 3,994 – –
Equity attributable to owners

of the Company 1,111,110 1,040,088 415,187 414,566
Gearing ratio (%) 1.2% 0.4% ** **
** The gearing ratio for the Company is not presented as the Company does not have borrowing at
the end of the reporting period.
Pursuant to the requirements of Practice Note No. 17/2005 of the Bursa Malaysia Securities Berhad,
the Group is required to maintain a consolidated shareholders’ equity of more than twenty-five percent
(25%) of the issued and paid-up capital and such shareholders’ equity is not less than RM40.0 million.
The Company has complied with this requirement for the financial year ended 30 June 2024.
The Group is not subject to any other externally imposed capital requirements.
(b) Financial risk management
The financial risk management objective of the Group is to optimise value creation for shareholders
whilst minimising the potential adverse impact arising from credit risk, liquidity and cash flow risk, interest
rate risk, foreign currency risk and market risk.
The Group operates within an established risk management framework and clearly defined guidelines that
are regularly reviewed by the Board of Directors and does not trade in derivative financial instruments.
Financial risk management is carried out through risk review programmes, internal control systems,
insurance programmes and adherence to the Group’s financial risk management policies. The Group is
exposed mainly to credit risk, liquidity and cash flow risk, interest rate risk, foreign currency risk and market
risk. Information on the management of the related exposures of these risks is detailed below.
(i) Credit risk
Credit risk is the risk that a counterparty would default on its contractual obligations resulting in
financial loss to the Group.
Cash deposits, trade and other receivables and financial guarantees given to banks for banking
facilities granted to subsidiaries may give rise to credit risk, which requires the loss to be recognised
if a counterparty fails to perform as contracted. The counterparties are reputable institutions and
organisations. It is the policy of the Group to monitor the financial standing of these counterparties
on an ongoing basis to ensure that the Group is exposed to minimal credit risk.
181

(Cont’d)
(b) Financial risk management (Cont’d)
(i) Credit risk (Cont’d)
The primary exposure of the Group to credit risk arises through its trade receivables. The trading
terms of the Group with its customers are mainly on credit, except for walk-in customers at its
outlets and certain export franchisees, where deposits in advance are normally required. The
credit period is generally for a period of two (2) days, extending up to two (2) months for major
customers. Each customer has a maximum credit limit and the Group seeks to maintain strict
control over its outstanding receivables via a credit control department to minimise credit risk.
Overdue balances are reviewed regularly by senior management.
The credit risk concentration profile has been disclosed in Note 13 to the financial statements.
The maximum exposure to credit risk in relation to financial guarantee contracts provided as credit
enhancements is represented by the outstanding banking facilities of the subsidiaries, if any, as at
the end of the reporting period.
Recognition and measurement of impairment loss of financial guarantee contracts
The Company assumes that there is a significant increase in credit risk when the financial positions
of the subsidiaries deteriorate significantly. The Company considers a financial guarantee to be
credit impaired when:
(a) the subsidiaries are unlikely to repay their credit obligations to the banks in full; or
(b) the subsidiaries are continuously loss making and are having deficit shareholder’s fund.
The Company determines the probability of default by subsidiaries on the guaranteed banking
facilities using available internal information.
(ii) Liquidity and cash flow risk
Liquidity and cash flow risk is the risk that the Group and the Company will encounter difficulty
in meeting obligations associated with financial liabilities that are settled by delivering cash or
another financial assets as and when they fall due.
The Group actively manages its debt maturity profile, operating cash flows and availability of
funding so as to ensure that all operating, investing and financing needs are met. In executing its
liquidity risk management strategy, the Group monitors and maintains a level of cash and cash
equivalents deemed adequate to finance the activities of the Group.
The analysis of financial instruments by remaining contractual maturities has been disclosed in
Notes 6, 20 and 21 to the financial statements respectively.
(iii) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of the financial instruments of the
Group and of the Company would fluctuate because of changes in market interest rates.
The primary interest rate risk of the Group and of the Company relates to interest-earning cash
at banks and fixed deposits with financial institutions and borrowing. The floating rate deposits of
the Group and of the Company are exposed to a risk of change in cash flows due to changes in
interest rates. The Group does not use derivative financial instruments to hedge its risk.
The interest rate profile and sensitivity analysis of interest rate risk have been disclosed in Notes
15 and 21 to the financial statements respectively.
182

(Cont’d)
(b) Financial risk management (Cont’d)
(iv) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument
would fluctuate because of changes in foreign exchange rates.
The Group and the Company are exposed to foreign currency risk on transactions that are
denominated in currencies other than the functional currencies of the operating entities.
The Group also holds cash and bank balances denominated in foreign currencies for working
capital purposes. At the end of the reporting period, such foreign currencies balances amounted
to RM76,749,000 (2023: RM66,835,000) for the Group.
The currency exposure profile and sensitivity analysis of foreign currency risk have been disclosed
in Notes 13, 15, 20 and 21 to the financial statements respectively.
(v) Market risk
Market risk is the risk that the fair value or future cash flows of the financial instruments of the Group
would fluctuate because of changes in market prices (other than interest or exchange rates).
The sensitivity analysis of market risk has been disclosed in Note 10 to the financial statements.
34. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs
34.1 New MFRSs adopted during the financial year
The Group and the Company adopted the following Standard and Amendments to MFRSs of the
MFRS Framework that were issued by the Malaysian Accounting Standards Board (“MASB”) during the
financial year:
Title Effective Date
MFRS 17 Insurance Contracts 1 January 2023

Amendments to MFRS 17 Initial Application of MFRS 17 and
MFRS 9 - Comparative Information 1 January 2023
Amendments to MFRS 101 Disclosure of Accounting Policies 1 January 2023
Amendments to MFRS 108 Definition of Accounting Estimates 1 January 2023
Amendments to MFRS 112 Deferred Tax related to Assets
and Liabilities arising from a Single Transaction 1 January 2023
Amendments to MFRS 112 International Tax Reform Refer paragraph
- Pillar Two Model Rules 98M of MFRS 112
The adoption of the above Standard and Amendments to MFRSs did not have any material effect on the
financial performance or position of the Group and of the Company.
183

(Cont’d)
34. ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs (Cont’d)
34.2 New MFRSs that have been issued, but only effective for annual periods beginning on or after 1
January 2024
The following are Standards and Amendments to MFRSs of the MFRS Framework that have been
issued by the MASB but have not been early adopted by the Group and the Company:
Title Effective Date
Amendments to MFRS 16 Lease liability in a Sale and Leaseback 1 January 2024

Amendments to MFRS 101 Classification of Liabilities as
Current or Non-current 1 January 2024
Amendments to MFRS 101 Non-current Liabilities with Covenants 1 January 2024
Amendments to MFRS 107 and MFRS 7 Supplier
Finance Arrangements 1 January 2024
Amendments to MFRS 121 Lack of Exchangeability 1 January 2025
Amendments to MFRS 9 and MFRS 7 Amendments to the
Classification and Measurement of Financial Instruments 1 January 2026
Annual Improvements to MFRS Accounting Standards - Volume 11 1 January 2026
MFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
MFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
Amendments to MFRS 10 and MFRS 128 Sale or
Contribution of Assets between an Investor and
its Associate or Joint Venture Deferred
The Group and the Company are in the process of assessing the impact of implementing these Standards
and Amendments to MFRSs, since the effects would only be observable for future financial years.
35. SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD
(a) On 19 July 2024, Padini Dot Com Sdn. Bhd., a wholly-owned subsidiary of the Company, entered into a
Sale and Purchase Agreement to acquire a freehold land and building for a total cash consideration of
RM5,000,000.
(b) On 27 August 2024, the Group announced to Bursa Securities the proposed issuance of up to 328,954,750
every two (2) existing Padini Shares held on the Entitlement Date (“Proposed Bonus Issue of Shares”).
The Proposed Bonus Issue of Shares has not been completed as at the date of this report.
184
OTHER INFORMATION
DIRECTORS’
SHAREHOLDINGS AND INTERESTS
AS AT 20 SEPTEMBER 2024
Shareholdings in the Company
No. of Shares Held

Director Indirect % Direct %
YONG PANG CHAUN 291,344,890 * 44.28 9,691,960 1.47
ANDREW YONG TZE HOW NIL NIL 32,000 0.00 ^
BENJAMIN YONG TZE JET NIL NIL 269,400 0.04
CHRISTOPHER YONG TZE-YAO NIL NIL 60,000 0.01
CHEW VOON CHYN 5,000 ^^ 0.00 ^ NIL NIL
SUNG FONG FUI 46,000 ## 0.00 ^ NIL NIL
TAN SHI WEN NIL NIL NIL NIL
TAN POH LING NIL NIL NIL NIL
DATUK LEE SAY TSHIN NIL NIL NIL NIL
TIMOTHY TAN HENG HAN NIL NIL NIL NIL
NG CHEE HOONG NIL NIL NIL NIL
In addition to the direct/indirect interests disclosed above, Yong Pang Chaun is deemed to be interested in shares
of the subsidiary companies to the extent the Company has an interest by virtue of his interests in the shares of the
Company.
* Indirect interests via his spouse, Chong Chin Lin’s and sons’ (Andrew Yong Tze How, Benjamin Yong Tze Jet
and Christopher Yong Tze-Yao) shareholdings in the Company.
^^
Indirect interest via her spouse, Kumarason A/L Chandran’s shareholdings in the Company.
##
Indirect interest via her spouse, Ng Yun Vui’s shareholdings in the Company.
^
Negligible
185
OTHER INFORMATION
ANALYSIS OF
SHAREHOLDINGS
AS AT 20 SEPTEMBER 2024
Total number of shares issued : 657,909,500 Ordinary Shares

Class of Shares : Ordinary Shares
Voting rights : One vote per Ordinary share
No. of shareholders : 6,479
DISTRIBUTION SCHEDULE - ORDINARY SHAREHOLDERS AS AT 20 SEPTEMBER 2024
No. of Holders Holdings Total Holdings %
195 less than 100 3,623 0.00
2,570 100 - 1,000 1,491,512 0.23
2,816 1,001 - 10,000 10,782,606 1.64
705 10,001 - 100,000 20,613,076 3.13
191 100,001 - 32,895,474 272,195,261 41.37
2 32,895,475 and above 352,823,422 53.63
6,479 TOTAL 657,909,500 100.00

186
LIST OF SUBSTANTIAL SHAREHOLDERS AS AT 20 SEPTEMBER 2024
No. of Shares held or Percentage of

beneficially interested in Shareholding (Cont’d)
No. Name Nationality Registered Holder Direct Indirect Direct Indirect
1 Yong Pang Chaun Incorporated Yong Pang Chaun Holdings Sdn. Bhd. 287,763,500 – 43.74 –
Holdings Sdn. Bhd. in Malaysia
2 Yong Pang Chaun ** Malaysian Yong Pang Chaun Holdings Sdn. Bhd. – 287,763,500 – 43.74
Chong Chin Lin # – 3,219,990 – 0.49
Andrew Yong Tze How # – 32,000 – 0.00 ^
Analysis of Shareholdings
Benjamin Yong Tze Jet # – 269,400 – 0.04

Christopher Yong Tze-Yao # – 60,000 – 0.01
Yong Pang Chaun 9,691,960 – 1.47 –
3 Chong Chin Lin ** Malaysian Yong Pang Chaun Holdings Sdn. Bhd. – 287,763,500 – 43.74
Yong Pang Chaun * – 9,691,960 – 1.47

Andrew Yong Tze How * – 32,000 – 0.00 ^
Benjamin Yong Tze Jet * – 269,400 – 0.04
Christopher Yong Tze-Yao * – 60,000 – 0.01
Chong Chin Lin 3,219,990 – 0.49 –
OTHER INFORMATION
LIST OF SUBSTANTIAL SHAREHOLDERS AS AT 20 SEPTEMBER 2024 (cONT’D)
No. of Shares held or Percentage of

beneficially interested in Shareholding
No. Name Nationality Registered Holder Direct Indirect Direct Indirect
OTHER INFORMATION
4 Employees Provident Incorporated Citigroup Nominees (Tempatan) Sdn Bhd 26,621,236 – 4.05 –
Fund Board in Malaysia - Employees Provident Fund Board
Citigroup Nominees (Tempatan) Sdn Bhd 2,623,000 – 0.40 –
- Employees Provident FD BD (NOMURA)
- Employees Provident FD BD (ARIM)
- EMPLYS PRVNT FD BD (CGS CIMB-SBL)
- Employees Provident Fund Board-IC
- EMPLYS PRVNT FD BD (RHB ISLAMIC)IC
5 Kumpulan Wang Incorporated Kumpulan Wang Persaraan (Diperbadankan) 65,343,167 – 9.93 –
Persaraan in Malaysia
(Diperbadankan) Kumpulan Wang Persaraan (Diperbadankan) – 1,404,000 – 0.21
- Fund Managers
Note : All names listed above as substantial shareholders are the beneficial owners even though they may not be the registered holders.
** Those whose names are preceded by a double asterisk are deemed to have an interest in the shares by virtue of Section 8 of the Companies Act, 2016.
# Indirect interests via his spouse, Chong Chin Lin’s and sons’ (Andrew Yong Tze How, Benjamin Yong Tze Jet and Christopher Yong Tze-Yao)
shareholdings in the Company.
* Indirect interests via her spouse, Yong Pang Chaun’s and sons’ (Andrew Yong Tze How, Benjamin Yong Tze Jet and Christopher Yong Tze-Yao)
shareholdings in the Company.
^ Negligible
(Cont’d)
187
188
OTHER INFORMATION
(Cont’d)
LIST OF TOP 30 SHAREHOLDERS AS AT 20 SEPTEMBER 2024

(As per the Record of Depositors)
No. Name No. of Shares %
1 YONG PANG CHAUN HOLDINGS SDN. BHD. 287,763,500 43.74
2 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 65,059,922 9.89
3 CITIGROUP NOMINEES (TEMPATAN) SDN BHD 26,621,236 4.05

EMPLOYEES PROVIDENT FUND BOARD
4 LEMBAGA TABUNG HAJI 23,908,500 3.63
5 THIAN MIN YANG 18,928,800 2.88
6 CARTABAN NOMINEES (TEMPATAN) SDN BHD 17,006,700 2.58

ICAPITAL.BIZ BERHAD

EMPLOYEES PROVIDENT FUND BOARD (ISLAMIC)

PAMB FOR PRULINK EQUITY FUND
9 YONG PANG CHAUN 9,691,960 1.47

10 AMANAHRAYA TRUSTEES BERHAD 7,301,800 1.11
PUBLIC SMALLCAP FUND

PRUDENTIAL ASSURANCE MALAYSIA BERHAD FOR PRULINK
STRATEGIC FUND
12 HSBC NOMINEES (ASING) SDN BHD 4,938,237 0.75

JPMCB NA FOR VANGUARD EMERGING MARKETS STOCK INDEX FUND

PUBLIC ISLAMIC TREASURES GROWTH FUND

JPMCB NA FOR VANGUARD TOTAL INTERNATIONAL STOCK
INDEX FUND
15 CITIGROUP NOMINEES (ASING) SDN BHD 4,477,000 0.68

EXEMPT AN FOR CITIBANK NEW YORK (NORGES BANK 19)

CBNY FOR NORGES BANK (FI 17)
17 CARTABAN NOMINEES (ASING) SDN BHD 4,163,800 0.63

EXEMPT AN FOR STATE STREET BANK & TRUST COMPANY
(WEST CLT OD67)

PUBLIC ISLAMIC SELECT TREASURES FUND
19 MAYBANK NOMINEES (TEMPATAN) SDN BHD 3,981,800 0.61

ETIQA LIFE INSURANCE BERHAD (GROWTH)
189
OTHER INFORMATION
(Cont’d)
LIST OF TOP 30 SHAREHOLDERS AS AT 20 SEPTEMBER 2024 (cONT’D)

(As per the Record of Depositors) (Cont’d)
No. Name No. of Shares %

EMPLOYEES PROVIDENT FUND BOARD (CGS CIMB)
21 CHONG CHIN LIN 3,219,990 0.49
PUBLIC STRATEGIC SMALLCAP FUND
23 DB (MALAYSIA) NOMINEE (TEMPATAN) SENDIRIAN BERHAD 3,119,000 0.47
DEUTSCHE TRUSTEES MALAYSIA BERHAD FOR EASTSPRING
INVESTMENTSSMALL-CAP FUND
PBTB FOR TAKAFULINK DANA EKUITI
PAMB FOR PRULINK DANA UNGGUL
26 HSBC NOMINEES (TEMPATAN) SDN BHD 2,628,900 0.40
HSBC (M) TRUSTEE BHD FOR MANULIFE INVESTMENT
AL-FAUZAN (5170)
EMPLOYEES PROVIDENT FUND BOARD (NOMURA)
28 IFAST NOMINEES (TEMPATAN) SDN BHD 2,600,000 0.40
GLOBAL SUCCESS NETWORK SDN BHD
CBNY FOR EMERGING MARKET CORE EQUITY PORTFOLIO DFA
INVESTMENT DIMENSIONS GROUP INC
JPMCB NA FOR VANGUARD FIDUCIARY TRUST COMPANY
INSTITUTIONAL TOTAL INTERNATIONAL STOCK MARKET
INDEX TRUST II
TOTAL 554,695,506 84.34
190
OTHER INFORMATION
LIST OF
GROUP PROPERTIES
AS AT 30 JUNE 2024
Net
Land Area/ Carrying
Built-up Approximate Amount @
Description / Area Age of 30.06.2024
Location Existing Use (sq. ft.) Tenure Buildings (RM)
No. 21, Lot 116, Jalan U1/20 2-storey Office 45,962 / Freehold 28.5 years 10,326,493
Glenmarie Industrial Park cum warehouse: 68,536
40000 Shah Alam Corporate
Date of Acquisition: Headquarters &
11 June 1998 central warehouse
No. 19, Lot 115, Jalan U1/20 4-storey Office 45,962/ Freehold 18 years 11,850,531
Glenmarie Industrial Park cum warehouse: 116,337
40150 Shah Alam Corporate
Date of Acquisition: Headquarters &
08 August 2003 central warehouse
No. 15, Lot 112, Jalan U1/20 4-storey Central 75,003/ Freehold 14 years 19,173,402
Glenmarie Industrial Park Warehouse with 1 180,070
40150 Shah Alam Basement Car park
Date of Acquisition:
24 March 2006
Lots LG 028 & 044 Retail shoplots: 1455 / 1455 Freehold 51 years 9,165,000
Lower Ground Floor utilised by a
Sungei Wang Plaza subsidiary as a free-
Kuala Lumpur standing retail outlet
Date of last revaluation:
1982
Workshop B15 Office Lot/ 1,500 Leasehold – 42 years 1,123,215

10th Floor, Block B Workshop: 75 years
Hong Kong Industrial Centre Management expiring on
489-491 Castle Peak Road, Office for Padini 30.06.2047
Kowloon, Hong Kong International
Date of acquisition: Limited, Hong Kong
12 September 2007
Workshop B14 Office Lot/ 1,424 Leasehold – 42 years 4,950,808

10th Floor, Block B Workshop: 75 years
Hong Kong Industrial Centre Rented out expiring on
489-491 Castle Peak Road, 30.06.2047
Kowloon, Hong Kong
Date of acquisition:
12 September 2007
Flat E, 5th Floor, Residential 698 Leasehold – 21 years 3,804,116

Block 5, Apartment: 50 years
Liberte, Staff Hostel expiring on
No. 833, Lai Chi Kok Road, 16.08.2049
Kowloon.
Date of acquisition:
29 August 2014
191
OTHER INFORMATION
PERFORMANCE
DATA TABLE
The following performance data table was generated from the Bursa ESG Reporting Platform and included in the
Report as mandated by Bursa Malaysia's enhanced sustainability reporting requirements within the Main Market
Listing Requirements.
Indicator Measurement Unit 2024
Bursa (Anti-corruption)
Bursa C1(a) Percentage of employees who
Bursa (Anti-corruption)
have received training on anti-corruption by
employee category
Bursa C1(a) Percentage of employees who
have received training on anti-corruption by
Management Percentage 100.00
employee category
Executive Percentage 100.00
Management Percentage 100.00
Non Executive Percentage 100.00
Executive Percentage 100.00
Bursa C1(b) Percentage of operations Percentage 100.00
Non Executive Percentage 100.00
assessed for corruption-related risks
Bursa C1(b) Percentage of operations Percentage 100.00
Bursa C1(c) Confirmed incidents of Number 0
assessed for corruption-related risks
corruption and action taken
Bursa C1(c) Confirmed incidents of Number 0
Bursa (Community/Society)
corruption and action taken
Bursa C2(a) Total amount invested in the MYR 220,709.00
Bursa (Community/Society)
community where the target beneficiaries
are external
Bursa C2(a)to the listed
Total amount issuer
invested in the MYR 220,709.00
community where the target beneficiaries
Bursa C2(b) Total number of beneficiaries of Number 19
are external to the listed issuer
the investment in communities
Bursa C2(b) Total number of beneficiaries of Number 19
Bursa (Diversity)
the investment in communities
Bursa C3(a) Percentage of employees by
Bursa (Diversity)
gender and age group, for each employee
category
Bursa C3(a) Percentage of employees by
gender and age group, for each employee
Age Group by Employee Category
category
Management Under 30 Percentage 0.00
Age Group by Employee Category
Management Between 30-50 Percentage 85.96
Management Under 30 Percentage 0.00
Management Above 50 Percentage 14.04
Management Between 30-50 Percentage 85.96
Executive Under 30 Percentage 35.58
Management Above 50 Percentage 14.04
Executive Between 30-50 Percentage 57.26
Executive Under 30 Percentage 35.58
Executive Above 50 Percentage 7.16
Executive Between 30-50 Percentage 57.26
Non Executive Under 30 Percentage 67.50
Executive Above 50 Percentage 7.16
Non Executive Between 30-50 Percentage 31.69
Non Executive Under 30 Percentage 67.50
Non Executive Above 50 Percentage 0.81
Non Executive Between 30-50 Percentage 31.69
Gender Group by Employee Category
Non Executive Above 50 Percentage 0.81
Management Male Percentage 40.35
Gender Group by Employee Category
Management Female Percentage 59.65
Management Male Percentage 40.35
Executive Male Percentage 28.22
Management Female Percentage 59.65
Executive Female Percentage 71.78
Executive Male Percentage 28.22
Non Executive Male Percentage 42.76
Executive Female Percentage 71.78
Non Executive Female Percentage 57.24
Non Executive Male Percentage 42.76
Bursa C3(b) Percentage of directors by
Non Executive Female Percentage 57.24
gender and age group
Bursa C3(b) Percentage of directors by
Male Percentage 63.64
gender and age group
Female Percentage 36.36
Male Percentage 63.64
Under 30 Percentage 0.00
Female Percentage 36.36
Between 30-50 Percentage 63.64
Under 30 Percentage 0.00
Above 50 Percentage 36.36
Between 30-50 Percentage 63.64
Bursa (Energy management)
Above 50 Percentage 36.36
Bursa C4(a) Total energy consumption Megawatt 832.41
Bursa (Energy management)
Bursa (Health and safety)
Bursa C4(a) Total energy consumption Megawatt 832.41
Bursa C5(a) Number of work-related Number 0
Bursa (Health and safety)
fatalities
Bursa C5(a) Number of work-related Number 0
Bursa C5(b) Lost time incident rate ("LTIR") Rate 2.03
fatalities
Bursa C5(c) Number of employees trained Number 274
Bursa C5(b) Lost time incident rate ("LTIR") Rate 2.03
on health and safety standards
Bursa C5(c) Number of employees trained Number 274
Bursa (Labour practices and standards)
on health and safety standards
Bursa C6(a) Total hours of training by
Bursa (Labour practices and standards)
employee category
Bursa C6(a) Total hours of training by
Management Hours 646
employee category
Executive Hours 5,391
Management Hours 646
Non Executive Hours 9,731
Executive Hours 5,391
Bursa C6(b) Percentage of employees that Percentage 0.41
Non Executive Hours 9,731
are contractors or temporary staff
Bursa C6(b) Percentage of employees that Percentage 0.41
Bursa C6(c) Total number of employee
are contractors or temporary staff
turnover by employee category
Bursa C6(c) Total number of employee
Management Number 6
turnover by employee category
Executive Number 101
Management Number 6
Non Executive Number 714
Executive Number 101
Bursa C6(d) Number of substantiated Number 0
Non Executive Number 714
complaints concerning human rights
violations
Bursa C6(d) Number of substantiated Number 0
complaints concerning human rights
Bursa (Supply chain management)
violations
Bursa (Supply chain management)
Internal assurance External assurance No assurance (*)Restated

192
OTHER INFORMATION
Performance Data Table

(Cont’d)

Bursa C7(a) Proportion of spending on local Percentage 10.40
suppliers
Bursa (Data privacy and security)
Bursa C8(a) Number of substantiated Number 0

complaints concerning breaches of
customer privacy and losses of customer
data
Bursa (Water)
Bursa C9(a) Total volume of water used Megalitres 10.720000
Remarks:
Section C2(b) - The data here refers to number of non-governmental organization (NGOS) benefited
Section C4(a) - Total energy consumption of Padini office and warehouse in Malaysia
Section C9(a) - Total volume of water usage of Padini office and warehouse in Malaysia

193
OTHER INFORMATION
GRI
CONTENT INDEX
This report has been prepared with reference to GRI standards for the period of 1 July 2023 - 30 June 2024.
Page
GRI Standard Section Title Number
GRI 2 General Disclosures 2021
1. The Organisation and its reporting practices
2-1 Organisational details Who We Are Corporate Profile 04-05
Corporate information 10-11
2-2 Entities included in sustainability About This Report About This Report 01-02
reporting Sustainability Statement Sustainability Approach 57
2-3 Reporting period, frequency and About This Report About This Report 01-02
contact point
2-4 Restatement of information No restatement of information reported from previous reporting
period
2. Activities and workers
2-6 Activities, value chain and other Our Value Creation Our Business Model 44-46
business relationships Our Value Creation Model 48-51
2-7 Employees Sustainability Statement Our Employees 75-77
3. Governance
2-9 Governance structure and Governance CGOS: Board of Directors 90-93
composition Sustainability Statement Sustainability Governance 58
2-10 Nomination and selection of the Governance CGOS: Board of Directors 90-93
highest governance body Sustainability Statement Sustainability Governance 58
2-11 Chair of the highest governance Governance CGOS: Board of Directors 90-93
body Sustainability Statement Sustainability Governance 58
2-12 Role of the highest governance Governance CGOS: Board of Directors 90-93
body in overseeing the Sustainability Statement Sustainability Governance 58
management of impacts Stakeholder Engagement 59-60
Materiality Assessment 62-64
2-13 Delegation of responsibility for Governance CGOS: Board of Directors 90-93
managing impact Sustainability Statement Sustainability Governance 58
2-14 Role of highest governance body Sustainability Statement Sustainability Governance 58
in sustainability reporting
2-15 Conflicts of interest FY2024 Highlights & Profile of Directors 24-31
Leadership
Governance CGOS: Board of Directors 90-93
Sustainability Statement Sustainability Governance 58
2-16 Communication of critical concern Governance Communication with 102
Stakeholders
2-17 Collective knowledge of the Governance CGOS:Board of Directors 94-99
highest governance body
2-18 Evaluation knowledge of the Governance CGOS: Board of Directors 90-93
highest governance body
2-19 Remuneration policies Governance CGOS: Board of Directors 100-101
2-20 Process to determine Governance CGOS: Board of Directors 90-101

remuneration
194
OTHER INFORMATION
GRI Context Index

(Cont’d)
This report has been prepared with reference to GRI standards for the period of 1 July 2023 - 30 June 2024 (Cont’d).
Page
GRI 2 General Disclosures 2021 (cont’d)
4. Strategy, policies and practices
2-22 Statement on sustainable Sustainability Statement Our Sustainability 57
development strategy Approach
Our Progress: 54-56
Sustainability Journey
2-23 Policy commitments Governance CGOS: Board of Directors 90-93
2-24 Embedding policy commitments Governance CGOS:Board of Directors 90-93
2-25 Process to remediate negative Our Value Creation Our Value Creation Model 48-51
impacts Our Business Risks and 52-53
Mitigation
2-26 Mechanisms for seeking advice Sustainability Statement Our Progress: 54-56
and raising concerns Sustainability Journey
Stakeholders Engagement 59-60
Governance Communication with 102
Stakeholders
2-27 Compliance with laws and Sustainability Statement Regulatory Compliance 67

regulations
5. Stake holder engagement
2-29 Approach to stake holder Sustainability Statement Stakeholder Engagement 59-60
engagement
GRI 3 Material Topics
3-1 Process to determine material Sustainability Statement Materiality Assessment 62-64
topics
3-2 List of material topics Sustainability Statement Materiality Assessment 62-64
3-3 Management of material topics Sustainability Statement Materiality Assessment 62-64
GRI 201: Economic Performance 2016
201-1 Direct economic value generated Sustainability Statement Group Performance 65-66
and distributed Overview
GRI 202: Market Presence 2016
202-2 Proportion of senior management Sustainability Statement Our Employees 76-77
hired from the local community Governance CGOS: Board of Directors 91-93
GRI 204: Procurement Practice 2016
204-1 Proportion of spending on local Our Value Creation Our Progress: 56
supplier Sustainability Journey
195
OTHER INFORMATION
GRI Context Index

(Cont’d)
Page
GRI 205: Anti-corruption 2016
205-1 Operations assessed for risks Sustainability Statement Regulatory Compliance 67
related to corruption Governance Report of the Audit and 104-107
Risk Committee
205-2 Communication and training about Sustainability Statement Regulatory Compliance 67
anti-corruption policies and Governance Anti-Corruption and 110
procedures Bribery Practices
GRI 302: Energy 2016
302-1 Energy consumption with in the Sustainability Statement Sustainable Operation 73-74
organisation
GRI 303: Water and Effluents 2018
303-5 Water consumption Sustainability Statement Sustainable Product 69-71
GRI 305: Emissions 2016

305-5 Reduction of GH Gemissions Our Value Creation Our Progress: 54-56
Sustainability Journey
Sustainability Statement Sustainable Operation 74
GRI 401: Employment 2016
401-1 New employee hires and How we create value Our Value Creation Model 50
employee turnover Sustainability Statement Our Employees 75-77
401-2 Benefits provided to full-time Sustainability Statement Our Employees 75-86
employees that are not provided to
temporary or part-time employees
GRI 403: Occupational Health and Safety 2018
403-1 Occupational health and safety Sustainability Statement Our Employees 78-81, 85
management system
403-2 Hazard identification, risk Sustainability Statement Our Employees 85
assessment, and incident
investigation
403-3 Occupational health services Sustainability Statement Our Employees 85
403-5 Working training on occupational Sustainability Statement Our Employees 78-81

health and safety
403-9 Work-related injuries Sustainability Statement Our Employees 85
GRI 404: Training and Education 2016

404-2 Programs for upgrading employee Sustainability Statement Our Employees 78-84, 86
skills and transition assistance
programs
196
OTHER INFORMATION
GRI Context Index

(Cont’d)
Page
GRI 405: Diversity and Equal Opportunity 2016
405-1 Diversity of governance bodies Sustainability Statement Our Employees 75-77
and employees
405-2 Ratio of basic salary and Sustainability Statement Our Employees 75-77
remuneration of women to men
GRI 406: Non-discrimination 2016
406-1 Incidents of discrimination and Sustainability Statement Our Employees 75-78
corrective action taken
GRI 408: Child Labor 2016
408-1 Operations and suppliers at Sustainability Statement Sustainable Procurement 68
significant risk for incidents of child
labor
GRI 413: Local Communities 2016
413-1 Operations with local community Sustainability Statement Our Community 87-88
engagement, impact assessments,
and development programs
* CGOS refer to Corporate Governance Overview Statement

197
OTHER INFORMATION
NOTICE OF
ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Forty Third Annual General Meeting (“43rd AGM”) of the Company will be held
at Glenmarie Ballroom, Glenmarie Hotel & Golf Resort Malaysia, No. 1, Jalan Usahawan U1/8, Seksyen U1, 40250
Shah Alam, Selangor Darul Ehsan on Wednesday, 27 November 2024 at 10:00 a.m. for the following purposes:-
AGENDA
Ordinary Business
1. To lay before the Meeting the Audited Financial Statements for the financial year
ended 30 June 2024 and the Reports of the Directors and Auditors thereon.
2. To approve payment of Directors’ fee of RM523,000 in respect of the financial (Ordinary Resolution 1)
year ending 30 June 2025.
3. To approve the payment of Directors’ benefits (excluding Directors’ Fees) up to an (Ordinary Resolution 2)
amount of RM50,000 payable to the Independent Directors from 1 July 2024 until
the next Annual General Meeting of the Company to be held in the year 2025.
4. To re-elect the following Directors who are retiring in accordance with Clause
103(1) of the Company’s Constitution:-
i) Mr Benjamin Yong Tze Jet (Ordinary Resolution 3)
ii) Ms Sung Fong Fui (Ordinary Resolution 4)
iii) Ms Tan Poh Ling (Ordinary Resolution 5)
5. To re-elect the following Director who is retiring in accordance with Clause 110 of
the Company’s Constitution:-
i) Mr Ng Chee Hoong (Ordinary Resolution 6)
6. To re-appoint Messrs BDO PLT as the Auditors of the Company and to authorise (Ordinary Resolution 7)
the Directors to fix their remuneration.
Special Business
7. To consider and if thought fit, to pass the following as an ordinary resolution, with
or without modification :-
PROPOSED BONUS ISSUE OF UP TO 328,954,750 NEW ORDINARY SHARES
OF PADINI (“PADINI SHARES” OR “SHARES”) (“BONUS SHARES”) ON THE
BASIS OF ONE (1) BONUS SHARE FOR EVERY TWO (2) EXISTING PADINI
SHARES HELD ON THE ENTITLEMENT DATE TO BE DETERMINED AND
ANNOUNCED AT A LATER DATE (“ENTITLEMENT DATE”) (“PROPOSED
BONUS ISSUE”)
“That subject to the approvals being obtained from all the relevant regulatory (Ordinary Resolution 8)
authorities and/or parties (where applicable), including the approval from Bursa
Malaysia Securities Berhad (“Bursa Securities”) for the listing of and quotation
for the Bonus Shares on the Main Market of Bursa Securities, authority be
and is given to the Board of Directors of the Company (“Board”) to issue up
to 328,954,750 Bonus Shares in the share capital of the Company, on the
basis of 1 Bonus Share for every 2 existing Padini Shares held by the entitled
shareholders of the Company whose names appear in the Record of Depositors
of the Company as at the close of business on the Entitlement Date.
And that the Bonus Shares in respect of the Proposed Bonus Issue will be issued
as fully paid Padini Shares at nil consideration, without any capitalisation from
the Company’s reserves.
198
OTHER INFORMATION
Notice of Annual General Meeting

(Cont’d)
And that the Board be and is hereby authorised to deal with fractional entitlements
arising from the Proposed Bonus Issue, if any, in such a manner as the Board may in
its absolute discretion deem fit and expedient and in the best interest of the Company.
And that the Bonus Shares will, upon allotment and issuance, rank equally in all
respects with the existing Padini Shares save and except that the Bonus Shares
will not be entitled to any dividends, rights, allotments and/ or any other forms of
distribution, unless the Bonus Shares were allotted on or prior to the Entitlement
Date of such dividends, rights, allotments and/ or any other forms of distribution.
And that the Board be and is hereby authorised to sign and execute all documents
and to do all acts, deeds and things as may be required to give effect to and to
complete the Proposed Bonus Issue with full power to assent to any conditions,
variations, modifications and/ or amendments in any manner as may be required
or permitted by any relevant authorities and to deal with all matters relating thereto
and to take all such steps and do all acts, deeds and things for and on behalf of
the Company in any manner as they may deem fit or necessary or expedient to
implement, finalise and give full effect to the Proposed Bonus Issue.”
8. To transact any other business of which due notice shall have been received.
FURTHER NOTICE IS HEREBY GIVEN THAT for the purpose of determining a member who shall be entitled to
attend this 43rd AGM, the Company shall be requesting Bursa Malaysia Depository Sdn. Bhd. (“Bursa Depository”)
in accordance with Clause 71 of the Company’s Constitution and Section 34 (1) of the Securities Industry (Central
Depositories) Act 1991 to issue a General Meeting Record of Depositors as at 20 November 2024. Only a depositor
whose name appears on the Record of Depositors as at 20 November 2024 shall be entitled to attend the said
meeting or appoint proxy/proxies to attend and/or vote on his/her behalf.
BY ORDER OF THE BOARD
HO MUN YEE (SSM PC NO. : 201908003292) (MAICSA 0877877)

CHO MEI THO (SSM PC NO. : 201908003284) (MAICSA 7036543)
Company Secretaries
Selangor
25 October 2024
Notes:
(i) A member of the Company entitled to attend and vote at the above meeting, is entitled to appoint a proxy to
attend and vote in his/her stead. A proxy may but need not be a member of the Company and a member may
appoint any person to be his/her proxy without limitation.
(ii) Where a member appoints more than one proxy, the appointment shall be invalid unless he/she specifies the
proportions of his/her holdings to be represented by each proxy.
(iii) The instrument appointing a proxy shall be in writing under the hand of the appointor or of his/her attorney duly
authorised in writing or, if the appointor is a corporation, either under the corporation’s seal or under the hand
of an officer or attorney duly authorised.
(iv) The instrument appointing a proxy must be completed and deposited at the office of the Poll Administrator,
Securities Services (Holdings) Sdn Bhd. at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights, 50490 Kuala Lumpur, Malaysia not less than forty eight (48) hours before
the time appointed for holding the meeting or adjourned meeting (or in the case of a poll, not less than twenty
four (24) hours before the time appointed for the taking of the poll). Members can also have the option to
submit the proxy appointment electronically via Securities Services ePortal at website https://sshsb.net.my
before the proxy form submission cut-off time as mentioned in the above. For further information on the
electronic submission of proxy form, kindly refer to the Administrative Guide.
199
OTHER INFORMATION
Notice of Annual General Meeting

(Cont’d)
Notes:
A. The Audited Financial Statements are for discussion only as they do not require shareholders’ approval
pursuant to Section 340(1) of the Companies Act 2016. Hence, this matter will not be put for voting.
B. The benefits payable to the Directors (excluding Directors’ Fees) comprises meeting allowances payable to the
Independent Directors. The estimated meeting allowances payable to the Directors from 1 July 2024 until the
next Annual General Meeting of the Company to be held in the year 2025, are calculated based on the number
of scheduled meetings for Board of Directors, Board Committees and general meetings of the Company.
EXPLANATORY NOTE ON SPECIAL BUSINESS
1. Proposed Bonus Issue
Ordinary Resolution 8, if passed, will give authority to the Directors of the Company to issue up to 328,954,750
Bonus Shares in the share capital of the Company, on the basis of 1 Bonus Share for every 2 existing Padini
Shares held by the entitled shareholders of the Company whose names appear in the Record of Depositors
as at the close of business on an entitlement date to be determined and announced later by the Board.
Further explanatory notes on Ordinary Resolution 8 is set out in the Circular to Shareholders dated 25 October 2024.
STATEMENT ACCOMPANYING THE NOTICE OF THE 43rd ANNUAL GENERAL MEETING
A. Further details of Directors who are standing for re-election as Directors
The details of the Directors who are standing for re-election at the 43rd AGM are set out in the Directors’
Profile of the Company’s 2024 Integrated Annual Report. No individual other than the retiring Directors are
seeking election as Directors at the 43rd AGM.
The retiring Directors have been assessed by the Nominating and Remuneration Committee and the Board of
Directors. The Directors recommended the retiring Directors for re-election at the 43rd AGM after considering
their experience, integrity, competence, performance and commitment in discharging their roles as Directors
of the Company.
Personal Data Privacy
By registering for the meeting and/or submitting an instrument appointing proxy(ies) and/or representative(s) to
attend, speak and vote at this AGM and/or any adjournment thereof, a member of the Company (i) consents to
the collection, use and disclosure of the member’s personal data by the Company (or its agents) for the purpose
of processing and the administration by the Company (or its agents) of proxies and representatives appointed for
this AGM (including any adjournment thereof) and the preparation and compilation of the attendance lists, minutes
and other documents relating to this AGM (including any adjournment thereof), and in order for the Company (or its
agents) to comply with any applicable laws, listing rules, regulations and/or guidelines (collectively, the “Purpose”);
(ii) warrants that the member has obtained the prior consent of such proxy(ies) and/or representative(s) for the
collection, use and disclosure of the proxy(ies) and/or representative(s) personal data by the Company for the
Purpose; and (iii) agrees that the member will indemnify the Company (or its agents) in respect of any penalties,
liabilities, claims, demands, losses and damages as a result of the member’s breach of warranty.
Note : The term “processing” and “personal data” shall have the meaning as defined in the Personal Data Protection
Act, 2010.
200
OTHER INFORMATION
ADMINISTRATIVE GUIDE
FOR SHAREHOLDERS
ADMINISTRATIVE DETAILS FOR THE 43RD ANNUAL GENERAL MEETING (“43RD

AGM”) OF PADINI HOLDINGS BERHAD TO BE HELD AT GLENMARIE BALLROOM,
GLENMARIE HOTEL & GOLF RESORT MALAYSIA, NO 1, JALAN USAHAWAN U1/8,
SEKSYEN U1, 40250 SHAH ALAM, SELANGOR DARUL EHSAN ON WEDNESDAY, 27
NOVEMBER 2024 AT 10.00 AM.
PARKING
• Parking is complimentary at the open car park of Glenmarie Hotel & Golf Resort Malaysia.
REGISTRATION
• Registration will start at 8.30 am and will remain open until the Chairman of the Meeting announces that the
registration will be closed to facilitate the commencement of the poll or such time as may be determined by the
Chairman of the Meeting.
• Please read the signage placed around Glenmarie Ballroom as to where you should register yourself for the
Meeting and join the queue accordingly.
• Please produce your original Identity Card (IC) or Passport (for foreigners) to the registration staff for verification.
No photocopy of IC or Passport will be accepted. Please make sure you collect your IC or Passport thereafter.
• You will be given an identification wristband printed with passcode upon registration and will only be allowed to
enter the meeting hall if you are wearing the identification wristband. Please retain the identification wristband
for voting. There will be no replacement in the event you lose or misplace the identification wristband.
• You will also be given one (1) food coupon upon registration. This food coupon entitles you to a meal box at
the Foyer of the meeting hall. Each shareholder/ proxy will be given ONE (1) coupon only. There will be no
replacement in the event you lose or misplace the food coupon.
• No person will be allowed to register on behalf of another person even with the original IC or passport of that
other person.
• The registration counter will only handle verification of identity and registration.
HELP DESK
• Please proceed to the Help Desk for any clarification or queries.

• The Help Desk will also handle revocation of proxy's appointment.
201
OTHER INFORMATION
Administrative Guide for Shareholders

(Cont’d)
PROXY
• A member entitled to attend and vote is entitled to appoint proxy/proxies, to attend and vote on his/her behalf. If
you are unable to attend the 43rd AGM and wish to appoint a proxy to vote on your behalf, please submit your
proxy form in accordance with the notes and instructions printed therein.
• If you wish to attend the 43rd AGM yourself, please do not submit any proxy form. You will not be allowed to
attend the 43rd AGM together with a proxy appointed by you.
• If you wish to submit your Proxy Form by facsimile, please lodge the proxy form with the office of our Poll
Administrator, Securities Services (Holdings) Sdn Bhd (“SSH”) no later than 25 November 2024 at 10.00 a.m.
The proxy appointment may also be lodged electronically via Securities Services ePortal at website https://
sshsb.net.my no later than 25 November 2024 at 10.00 a.m. For further information on the electronic lodgement
of Proxy Form, kindly refer to the Notes of Proxy Form.
• If you have submitted your proxy form prior to the 43rd AGM and subsequently decided to attend the 43rd AGM
yourself, please proceed to the Help Desk to revoke the appointment of your proxy.
CORPORATE MEMBER
• Any corporate member who wishes to appoint a representative instead of a proxy to attend the 43rd AGM
should submit the original certificate of appointment under the seal of the corporation to the Office of the Poll
Administrator at any time before the time appointed for holding the 43rd AGM or to the registration staff on the
Meeting day for the Company’s records.
VOTING AT THE MEETING
• The voting at the 43rd AGM will be conducted by poll in accordance with Paragraph 8.29A of Bursa Malaysia
Securities Berhad Main Market Listing Requirements. The Company has appointed SSH as Poll Administrator
to conduct the poll by way of electronic voting (evoting) and a scrutineer has been appointed to verify the poll
results.
• E-voting for each of the resolutions as set out in the Notice of 43rd AGM will take place only upon the conclusion
of the deliberations of all the businesses to be transacted at the 43rd AGM. The registration for attendance will
be closed, to facilitate commencement of the poll.
• Each shareholder/proxy will be directed to the e-voting kiosk for voting using laptop where he/she must produce
the identification wristband issued to him/her during registration for the 43rd AGM.
GENERAL MEETING RECORD OF DEPOSITORS
• Only shareholders whose names appear in the General Meeting Record of Depositors as at 20 November 2024
shall be entitled to attend, speak and vote at the 43rd AGM or appoint a proxy(ies) on his/her behalf.
REFRESHMENT AND DOOR GIFT
• Coffee and tea will be served.

• No door gift will be given.
This page has been intentionally left blank
(Registration No. 197901005918 (50202-A))
(Incorporated in Malaysia)
PROXY FORM
CDS Account No. No. of Shares held Tel No.
I/We,______________________________________________________________________________________
(Full name in Block Letters and NRIC/Passport/Company No.)
of________________________________________________________________________________________
(Address)
being a member(s) of PADINI HOLDINGS BERHAD, hereby appoint
Full Name (in Block Letters) and address NRIC/Passport No. % of Shareholding
and
Full Name (in Block Letters) and address NRIC/Passport No. % of Shareholding
or failing him/her, the CHAIRMAN OF THE MEETING as my/our proxy, to vote for me/us on my/our behalf at the Forty Third Annual
General Meeting of the Company to be held at Glenmarie Ballroom, Glenmarie Hotel & Golf Resort Malaysia, No. 1, Jalan Usahawan U1/8,
Seksyen U1, 40250 Shah Alam, Selangor Darul Ehsan on Wednesday, 27 November 2024 at 10:00 a.m. or at any adjournment thereof.
FOR AGAINST
Ordinary Resolution 1 Directors’ Fee for the financial year ending 30 June 2025
Ordinary Resolution 2 Directors’ Benefits
Ordinary Resolution 3 Re-election of Mr Benjamin Yong Tze Jet
Ordinary Resolution 4 Re-election of Ms Sung Fong Fui
Ordinary Resolution 5 Re-election of Ms Tan Poh Ling
Ordinary Resolution 6 Re-election of Mr Ng Chee Hoong
Ordinary Resolution 7 Re-appointment of Auditors
Ordinary Resolution 8 Proposed Bonus Issue
(With reference to the agenda set forth in the Notice of Meeting, please indicate with an “X” in the space provided above how you wish
your votes to be cast on the resolutions specified. If no specific direction as to the voting is given, the Proxy will vote or abstain at his/her
discretion.)
Dated this __________ day of ___________________ 2024
_____________________________
Signature of Member / Common Seal
Notes:
(i) A member of the Company entitled to attend and vote at the above meeting, is entitled to appoint a proxy to attend and vote in his/her stead. A proxy
may but need not be a member of the Company and a member may appoint any person to be his/her proxy without limitation.
(ii) Where a member appoints more than one proxy, the appointment shall be invalid unless he/she specifies the proportions of his/her holdings to be
represented by each proxy.
(iii) The instrument appointing a proxy shall be in writing under the hand of the appointor or of his/her attorney duly authorised in writing or, if the appointor
is a corporation, either under the corporation’s seal or under the hand of an officer or attorney duly authorised.
(iv) The instrument appointing a proxy must be completed and deposited at the office of the Poll Administrator, Securities Services (Holdings) Sdn Bhd. at
Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur, Malaysia not less than forty eight
(48) hours before the time appointed for holding the meeting or adjourned meeting (or in the case of a poll, not less than twenty four (24) hours before
the time appointed for the taking of the poll). Members can also have the option to submit the proxy appointment electronically via Securities Services
ePortal at website https://sshsb.net.my before the proxy form submission cut-off time as mentioned in the above. For further information on the electronic
submission of proxy form, kindly refer to the Administrative Guide.
Personal Data Privacy

By submitting an instrument appointing a proxy(ies) and or representative(s), the member accepts and agrees to the personal data privacy terms set out in the
Notice of Annual General Meeting dated 25 October 2024.
✄
Fold this flap for sealing
Then fold here
AFFIX
STAMP
(Registration No. 197901005918 (50202-A))
C/O The Poll Administrator
Securities Services (Holdings) Sdn. Bhd.

Level 7, Menara Milenium, Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights,
50490 Kuala Lumpur, Malaysia
1st fold here

c o r porate. padi ni . com

Registration No: 197901005918 (50202-A)
No. 19, Jalan Jurunilai U1/20, Hicom Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
T.+603.5021.0500 F.+603.7805.1066

Padini IAR 2024

Uploaded by

Copyright:

Available Formats

Padini IAR 2024

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Padini IAR 2024

Uploaded by

Copyright:

Available Formats

PADINI HOLDINGS BERHAD

Registration No: 197901005918 (50202-A)

ABOUT THIS REPORT

This Report addresses stakeholder information

We will continuously enhance our reporting

REPORTING FRAMEWORKS ASSURANCE

About This Report

BOARD APPROVAL Social and Financial

The Board acknowledges its responsibility and accountability for the

FEEDBACK OUR GROWTH STRATEGY

43rd ANNUAL GENERAL MEETING

Glenmarie Ballroom OUR STAKEHOLDERS

INTEGRATED ANNUAL REPORT Government and Customers

2 FY2024 Highlights 5 Sustainability Comprehensive

We address fashion-conscious consumers of both

Today, we have grown to become one of the

ESTABLISHED >RM147 >RM1.9

OUR VISION OUR MISSION

OUR CORE VALUE

• Respect, energise, • Always enthusiastic to • Always remain positive

More series featuring

2017 2019 2020 2021

2012 2011 2010 2009

2004 2005 2006 2007

1981 1987 1990

1998 1993 First SEED store 1992

1999 2000 2001 2003

Each of these Brands represent a unique fashion

Our Brands Portfolio

Accessories (Newborn products) (Ladies’ trendy wear)

(Kids Boy) (Kids girl) (Adult polo and Khaki pants)

Chairman, Independent Executive Directors: Independent Non-

COMPANY SECRETARIES SHARE REGISTRAR

REGISTERED OFFICE STOCK EXCHANGE LISTING

100% MIKIHOUSE CHILDREN’S WEAR SDN. BHD.

100% PADINI CORPORATION SDN. BHD.

100% SEED CORPORATION SDN. BHD.

PADINI HOLDINGS 100% YEE FONG HUNG (MALAYSIA) SDN. BHD.

100% VINCCI LADIES’ SPECIALTIES CENTRE SDN. BHD.

100% VINCCI HOLDINGS SDN. BHD.

100% THE NEW WORLD GARMENT

100% PADINI INTERNATIONAL LTD., HONG KONG

100% PADINI (CAMBODIA) CO., LTD

100% PADINI (THAILAND) CO., LTD

(For outstanding brand building endeavours that have

2016 (Padini Concept Store Sunway Putra Mall) &

(Top 30 of Malaysia’s most valuable brands)

2023 Anugerah Majikan Prihatin (Swasta) by

(2010, 2011, 2012 - Most promising brand of the year)

2013, 2017 and 2018 The Edge Billion Ringgit Club by

(Highest returns to shareholders over three years)

Award and Recognition

© 2024, Forbes Media Asia

Rewards recognised by Business Partner:

1. 2000 & 2001 Retail Awards of Excellence by Suria KLCC

2024 2023 2022 2021 2020

Amounts in RM thousand (RM’000) unless otherwise stated

Revenue 1,918,847 1,822,129 1,319,097 1,029,387 1,354,679

Profit before tax 196,738 295,891 205,110 74,146 107,321

Profit attributable to equity holders of the