Wah Seong Corporation Berhad Annual Report 2019

73 ANNUAL REPORT 2019 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 2019. 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 24,136 (2,786) - Non-controlling interests (10,569) - Net profit/(loss) for the financial year 13,567 (2,786) DIVIDENDS The Directors did not recommend the payment of any final dividend in respect of the financial years ended 31 December 2018 and 31 December 2019. On 18 February 2020, the Directors declared a first interim dividend of 1.00 sen per share in respect of the financial year ending 31 December 2020 comprising: a) Single tier cash dividend of 0.40 sen per share amounting to RM3,081,845; and b) Single tier share dividend of 3,849,884 treasury shares distributed to the shareholders of Wah Seong Corporation Berhad (“WSC”) on the basis of one (1) WSC treasury share for every two hundred (200) existing WSC ordinary shares held at the entitlement date on 12 March 2020. Based on the share price of WSC shares of RM1.20 each as at 31 December 2019, the value of the share dividend per WSC share is equivalent to a gross cash dividend of 0.60 sen per share. The first interim dividend was paid/credited into the entitled shareholders’ securities accounts on 8 April 2020. 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. DIRECTORS’ REPORT