Wah Seong Corporation Berhad Annual Report 2018

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 2018. 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 Company RM’000 RM’000 Net profit/(loss) for the financial year attributable to: - Owners of the Company 64,797 (312) - Non-controlling interests (4,935) - Net profit/(loss) for the financial year 59,862 (312) DIVIDENDS No dividends are paid or declared since the end of the previous financial year. The Directors do not recommend the payment of any dividend in respect of the financial year ended 31 December 2018 and 31 December 2017. RESERVES AND PROVISIONS All material transfers to or from reserves and provisions during the financial year are shown in the financial statements. ISSUE OF SHARES AND DEBENTURES The Company did not issue any shares and debentures during the financial year. TREASURY SHARES During the financial year, the Company purchased 2,329,600 ordinary shares of its total issued share capital from the open market on Bursa Malaysia Securities Berhad (“Bursa Malaysia”) for RM2,447,883. The average price paid for the ordinary shares purchased during the financial year was approximately RM1.05 per share. As at 31 December 2018, the total number of treasury shares held by the Company was 4,426,938 shares. Details of the treasury shares are set out in Note 27 to the financial statements. DIRECTORS’ REPORT WAH SEONG CORPORATION BERHAD 70