The more you drill the more questions you have :) now you see me: now you don't 2026; prequel: myeg

It's becoming a multi billion "dev assets", is still growing rapidly and no one knows what are these assets. It's not software or physical infrastructure either. Will you bet on these unknown assets generating super high revenue and returns or the assets ultimately being impaired/sudden high amortisation?

These 3.7bil "dev assets" are real cash outflow and that's how the 2bn sukuk wakalah has been fully withdrawn; not generating cash and has to service debt, it's a financing problem if you will.

That's right and the inflated profit has always been there, peace. Back then, I called myeg as Mythical Years of Endless Growth :) lol, no pun intended. Those who has been reading its financial reports would have noticed the "growth" in development costs aka cash outflow and the company is not generating cash. And there are only two outcome for these dev assets - amortisation or impairment loss; accounting problem if you will.

The revenue reported by Zetrix is mainly driven by blockchain and AI services if you look at the annual report, Adama :) The "assets" generating the blockhain and AI services probably have infinity useful life and hence, low amortisation rate. TheEdge's question - it is unclear if the customers of its blockchain and AI related services are entirely from its overseas markets. Lol, no pun intended. Capitalisation tends to inflate profit and zetrix is not generating money despite the "high profit", Restia. your calculation is correct and not wrong. Imagine these "unknown" 3.7bil assets is available for use, being amortised across 5 years per Zetrix's definition, that will be avg 740mil amortisation or expense. A few moments later.... the inflated profit is gone.

not sure where these info from, peace. but the annual report for Zetrix AI states the following - Development costs were mainly expenditures incurred for the development of Zetrix platform and applications, JPJ Test taking and license module, payment gateway and portal development. The amortisation charges are recognised in statements of profit or loss and other comprehensive income under the “Cost of sales” and “Other expenses” line items. Development costs with finite useful lives are amortised over a period of 2 to 5 years or over the expected level of usage. Certain development costs are not amortised as these assets are not available for use and are still under development as at the end of the financial year.

careful guys, zetrix has nothing to do with AI industry though the name is Zetrix AI. Apple or Google generally expense development costs rather than capitalising them. Well, they may capitalise it if is software/servers/data centres.

Lol, adama. you should revert back to your original path of highlighting the abnormalities :)

yes, restia. no more cash. hence, the court order is showing the cash strapped situation for zetrix. it will be a surprise if Zetrix can still get additional sukuk financing when they are not generating cash. 2bn sukuk wakalah gone and no one knows what are those development assets/costs. jimmy wong is also abandoning the ship. Need more money in order to "spend" more on development costs/assets.

The answer is in the qr report and annual report, mimic2. Qr report as of June - sukuk drawdown 512mil. Annual report 2025, sukuk wakalah raised from 1bil to 2bil and as of Jul'25, 1.49bil has been withdrawn. So, 512mil is not pluck from sky and that means no more money can be withdrawn from sukuk wakalah. Let's not forget the figures in qr are as of Jun'26. Shares buyback, expenses + "usual" development costs can come up to easily 500mil per qtr based on the 1H2026 trends.