Ekuinas posts solid FY2024 results, highlights strategic growth and impact
The firm's cumulative committed direct investments rose to RM4.9 billion, up from RM4.5 billion the previous year, while total economic capital deployed increased to RM5.6 billion. Funds under Management (FuM) grew by 19 per cent to RM5 billion, maintaining an efficient OPEX-to-FuM ratio of 1.1 per cent.
"In a year marked by global economic headwinds, Ekuinas portfolio companies demonstrated resilience and growth. Despite ongoing volatility in global markets, we remained focused on disciplined execution and long-term value creation," said chief executive officer Aliff Omar Mohamad Omar.
EBITDA for Ekuinas' Direct Funds portfolio rose 3.3 per cent in FY2024, recovering from a 7 per cent contraction in 2023. Among the top performers were UNITAR Education Group, which saw its EBITDA surge 77.2 per cent, fuelled by digital initiatives and higher international student intake; Medispec (M) Sdn Bhd, which recorded 48.7 per cent growth from strategic expansion; and Exabytes Capital Group, which achieved 30.9 per cent growth amid increased SME demand for cloud services.
Fund performance remained solid, with Ekuinas Direct Tranche IV delivering a Gross IRR (GIRR) of 38.9 per cent, Tranche II at 12 per cent, and Tranche III showing modest improvement at 1.6 per cent.
"FY2024 was a transformational year for Ekuinas. Against a volatile backdrop, we sharpened our investment focus and unlocked meaningful value across our portfolios. Our pivot into healthcare and pharmaceuticals reflects our confidence in resilient, high-growth sectors, as seen in our investment in Symbiotica," Aliff Omar said in a statement.
A major milestone in FY2024 was the profitable divestment of its 50.2 per cent stake in ICON Offshore Bhd, realising over RM500 million in cumulative gains during its decade-long holding, one of the few profitable institutional exits in the volatile oil & gas sector.
Ekuinas also broadened its portfolio with strategic investments in Symbiotica Speciality Ingredients (April 2024) and Mizou Holdings.
In November 2024, the company launched an RM800 million private credit fund to provide Shariah-compliant, tailored financing solutions for underserved mid-market companies. The fund completed its first transaction in early 2025, further positioning Ekuinas as a multi-asset investor.
Aliff Omar said Ekuinas sees strong potential in highly niche and innovative enterprises such as Mizou, with their proprietary technology supporting the palm oil sector, which is vital to the Malaysian economy.
He added that with the new Private Credit Fund, the firm is now even better positioned to catalyse growth in Malaysia's dynamic mid-market segment.
Meanwhile, Ekuinas delivered tangible social impact. As of Dec 31, 2024, the firm generated RM6.9 billion in Bumiputera equity creation (1.6x capital invested) and RM8.8 billion in total shareholders' value (2.0x capital invested).
Additionally, portfolio companies saw a 28.4 per cent increase in Bumiputera management representation and a 13.2 per cent rise in Bumiputera employment across portfolio companies.
Through its ILTIZAM CSR platform, Ekuinas disbursed RM15.3 million in 2024 for entrepreneurship, education, and community programmes, reaching over 17,000 beneficiaries nationwide.
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