Wah Seong Corporation Berhad Annual Report 2017

FINANCIAL STATEMENTS WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 64 The Directors hereby submit their report and the audited financial statements of the Group and of the Company for the financial year ended 31 December 2017. PRINCIPAL ACTIVITIES The principal activities of the Company are investment holding and provision of management services to its subsidiaries. The principal activities of the Group consist of specialised pipe coating and corrosion protection services; Engineering, Procurement and Construction (“EPC”) of gas compressors and process equipment; renewable energy and infrastructure materials and services. There have been no significant changes in the nature of these activities during the financial year. FINANCIAL RESULTS Group RM’000 Company RM’000 Net profit for the financial year attributable to: - Owners of the Company 113,021 20,916 - Non-controlling interests 1,622 - Net profit for the financial year 114,643 20,916 DIVIDENDS No dividends paid or declared since the end of the previous financial year. In respect of financial year ended 31 December 2016: On 30 August 2016, the Directors declared a first interim single tier cash dividend of 0.5 sen per share, amounting to a net dividend payment of RM3,863,955, paid on 5 October 2016. The Directors do not recommend the payment of any final dividend in respect of the financial year ended 31 December 2017. DIRECTORS’ REPORT