The company’s other funds, on the other hand, showed mixed results with outsourced funds underperforming relative to direct ones.
The Direct (Tranche IV) Fund saw a GPR of RM91.1 million and an IRR of 77.2%.
On the other hand, the Direct (Tranche III) Fund, posted slightly less impressive figures, with a GPR of RM133.5 million but an IRR of only 1.3%.
Similar to its direct funds, Ekuinas’ outsourced funds also showed mixed performance in FY2022.
Its Outsourced (Tranche 1) Fund posted an improved IRR of 4.1% from 3.3% the previous year, while its Outsourced (Tranche 2) fund’s performance worsened to an IRR of -2.7% from -0.8% the year before.
The Outsourced (Tranche 2) Fund posted a gross portfolio loss of RM14.4 million, whilst the Outsourced (Tranche 1) posted a GPR of RM82 million.
In total, the group committed a total investment of RM4.4 billion for FY2022. It has received RM4.0 billion in cumulative funds from the Malaysian government since its inception.
Overall, the fund’s portfolio companies tracked strong growth in consolidated revenue and earnings before interest, tax, depreciation and amortization (Ebitda), which saw increases of 30.2% and 31.3% respectively.
This was significantly higher than the figures recorded in FY2021 of 12.3% and 27.2% respectively.
The group’s cumulative investment portfolio comprises 42 companies – 24 via direct investment and 18 via its outsourced fund managers (OFMs).
Among the notable companies under its portfolio include oil and gas services provider Icon Offshore Bhd, sportswear retailer Al-Ikhsan Sports Sdn Bhd, internet hosting solutions company Exabytes Capital Sdn Bhd, and pharmaceutical and supplement product distributor Medispec (M) Sdn Bhd.
It also has a couple of educational institutions in its stable – Unitar International University and Cosmopoint College.
In its statement to the media today, Ekuinas mentioned that one particular investment the company made in FY2022 was the acquisition of Xenergi Sdn Bhd.
Through its portfolio company Davex (M) Sdn Bhd, a homegrown lighting solutions company, Ekuinas had acquired a 51% stake in Xenergi, which it hopes will facilitate the diversification of Davex to become a holistic energy solutions provider.
Davex currently enjoys segment market leadership in Malaysia, Singapore and Australia, according to Ekuinas.
“Ekuinas leveraged on digitalisation as the backbone for boosting operational efficiency and enhancing innovation. These initiatives have resulted in the rapid growth in revenue and Ebitda for our portfolio companies, strengthening their profitability and competitiveness.” said Ekuinas CEO Syed Yasir Arafat Syed Abd Kadir.
“Whilst we are cautiously optimistic for 2023, we foresee a challenging but busy year ahead in the lead up to the planned divestment of some assets in our portfolio and ongoing deployment of capital for our funds, including Dana Asas.”
Dana Asas is a RM100 million fund incorporated by Ekuinas in 2022 aimed at high potential mid-market Bumiputera companies.