Balance sheet

Financial Year Ended 31 January 2026 2025 2024 2023 2022
  6 months
Unaudited
12 months
Audited
12 months
Audited
12 months
Audited
12 months
Audited
Presented in RM mil          
Total Assets 28,141 25,788 28,692 19,259 15,205
Total Liabilities 19,224 17,924 20,715 12,801 10,465
Total Equity 8,917 7,864 7,977 6,458 4,740
Total Borrowings 17,547 16,054 16,319 9,584 8,758
Total Borrowings – non-recourse 10,357 6,135 4,231 3,922 4,020
Total Borrowings – recourse 7,190 9,919 12,088 5,662 4,738
Net Assets Per Share ^ (RM) 2.77 2.55 2.60 2.11 1.91
Adjusted Net Debt/Adjusted Core EBITDA (times) 4.50 5.91 4.32 3.94 3.85
Gross Gearing - Total Borrowings (times) 1.97 2.04 2.05 1.48 1.85
Gross Gearing - Excluding Non-recourse Borrowings % (times) 0.81 1.26 1.52 0.88 1.00
Net Gearing - Total Borrowings (times) 1.66 1.69 1.66 1.23 1.24
Net Gearing - Excluding Non-recourse Borrowings % (times) 0.50 0.91 1.13 0.62 0.39
Net Debt to EBITDA (times) 5.12 4.12 4.43 4.45 4.20
Current Ratio (times) 2.01 1.58 1.05 0.98 2.21

Notes:

^ Computed based on number of ordinary shares issued as at financial years end & restated for FY2022 and FY2021
% Computed based on total loans and borrowings of the Group excluding non-recourse project financing loans