Frontken Berhad Annual Report 2020

Annual Report 2020 49 FRONTKEN CORPORATION BERHAD 200401012517 (651020-T) DIRECTORS’ REPORT The directors of FRONTKEN CORPORATION BERHAD have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the financial year ended 31 December 2020. PRINCIPAL ACTIVITIES The principal activities of the Company are that of investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries are disclosed in Note 13 to the financial statements. FINANCIAL RESULTS The Group The Company RM RM Profit after taxation for the financial year 88,317,758 59,139,407 Attributable to:- Owners of the Company 81,967,529 59,139,407 Non-controlling interests 6,350,229 – 88,317,758 59,139,407 DIVIDENDS The dividends on ordinary shares paid or declared by the Company are as follows:- RM In respect of the financial year ended 31 December 2019 - Second interim single-tier dividend of 1.5 sen per ordinary share on 1,047,968,530 ordinary shares, paid on 13 April 2020 15,719,528 In respect of the financial year ended 31 December 2020 - First interim single-tier dividend of 1.2 sen per ordinary share on 1,047,968,530 ordinary shares, paid on 22 September 2020 12,575,622 On 23 February 2021, the Company declared and approved a second interim single-tier dividend of 2.8 sen per ordinary share on 1,047,968,530 ordinary shares, payable on 8 April 2021, in respect of the financial year ended 31 December 2020 amounting to RM29,343,118. The financial statements for the current financial year do not reflect this interim dividend. Such dividend will be accounted for in the shareholders’ equity as an appropriation of retained earnings in the financial year ending 31 December 2021. RESERVES AND PROVISIONS There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the financial statements.