WASCO BERHAD 12 GIAN CARLO MACCAGNO Managing Director/Group Chief Executive Officer CHAIRMAN AND MANAGING DIRECTOR/ GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT DEAR VALUED SHAREHOLDERS, Navigating a Challenging Energy Landscape The year 2024 was one of significant momentum for Wasco. Despite a global economy expanding by just 3.2%1 — slightly below historical trends and the energy industry in a transition mode, our performance stood out, driven by focused strategy and a deep commitment to long-term value creation. While trade tensions and geopolitical uncertainties persisted, they catalysed structural shifts, opening new corridors of opportunity in new markets. The energy sector remained a core pillar of global infrastructure development. More than 233,000 km2 of new trunk oil and gas pipelines are forecast to come online by 2030, ensuring continued demand for one of our core services: pipeline coatings. Concurrently, the clean energy transition is moving ahead, with annual investments expected to reach USD4 trillion3 by decade’s end. These parallel forces—conventional energy expansion and the shift toward low-carbon alternatives—form the foundation of Wasco’s strategic direction. In Asia-Pacific, the Middle East, and Europe, pipeline projects are surging. Southeast Asia’s GDP growth of 5.2%4 bolstered demand for sustainable solutions, including waste-to-energy systems and biomass boilers. We were well-positioned to capture these tailwinds, owing to deliberate investments in capacity, innovation, and market presence. Revenue RM3.2 Billion 11.9% based on adjusted revenue of RM2.9 billion PATMI RM153.0 million 41.2% year-on-year RAISING THE BAR: STRENGTHENING PERFORMANCE, EXPANDING GLOBAL IMPACT
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