13 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information CHAIRMAN AND MANAGING DIRECTOR/ GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT DATO’ SERI ROBERT TAN CHUNG MENG Chairman Raising the Bar: A Year of Transformation Against this backdrop, 2024 was a breakthrough year for Wasco. We delivered our strongest financial performance to date, with total revenue of RM3.2 billion. Adjusted revenue excluding trading business grew by 11.9% to RM2.9 billion, and PATMI increasing 41.2% to RM153.0 million. These outcomes reflect our focus on disciplined execution, operational excellence, and a firm commitment to advancing our strategic priorities while delivering sustained value for shareholders. In 2024, we coated over 1,000 km of pipelines, supporting strategic global energy projects such as Qatar’s critical North Field Expansion—one of the world’s largest gas developments, Rosmari Marjoram—one of the largest offshore pipeline and Petronas’ flagship Kasawari CCS Project, marking a significant milestone toward Malaysia’s decarbonisation goals. Our Engineering & Fabrication Services team achieved important milestones this year, successfully completing our 300th module delivery, which included early completion of the Angola FPSO project and securing our largest-ever engineering and fabrication contract, valued at USD150.0 million, reaffirming the industry confidence in our capability to deliver complex, high-value projects. In the United Kingdom, in addition to our existing anti-corrosion facilities, our new concrete coating plant is now fully operational and strategically positions us for future pipeline coating projects in the region, including those related to carbon capture. Expanding our global impact, we also made substantial progress at our key fabrication hubs in Southeast Asia and the Middle East. In Batam, we continued to expand fabrication facilities to complement our EPC capabilities with the expansion of our quayside infrastructure — effectively doubling our loadout capacity to 10,000 metric tonnes to support the delivery of larger, more complex modules for both offshore and onshore energy developments. Spanning 36.7 hectares, the facility is equipped with over 19,000 m² of fabrication shops, a 2,160 m² exotic alloy pipe workshop, and 4,100 m² of covered blasting and painting space, reinforcing its role as a key execution hub within our global operations. To increase the value proposition to our clients, we are investing in a 100-metre jetty extension (targeted for completion by Q2 2025), robotic cutting technology (Q4 2025), and a utility upgrade to increase power supply from 4MW to 8MW (Q3 2025). Strategically located within a Free Trade Zone (“FTZ”) and just 40 kilometres from the nearest international airport, the Batam yard offers operational agility and cost efficiency, positioning us to capture emerging opportunities across regional and global energy markets.
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