15 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information Our Bioenergy Services division ended 2024 with a strong backlog of RM259.2 million—one of the highest order book levels to date. This significant pipeline reflects robust market demand and enhanced revenue visibility, driven by global momentum toward decarbonisation and sustainable energy solutions. Strategic Clarity for the Future The past year cemented Wasco’s transformation from a diversified group into a dedicated energy infrastructure specialist. Recognising our historical reliance on the oil and gas sector as a key challenge, we intensified efforts to diversify within the broader energy industry, proactively expanding our presence in energy transition and renewable solutions. This strategic direction, anchored in pipeline coatings, modular fabrication, and bioenergy, ensures resilience amid industry shifts. Our order book stood at RM2.5 billion at year-end, supported by robust demand and improved visibility across our business units. Our regional presence in Southeast Asia, the Middle East, Europe, and Africa further reinforces this resilience. Significant progress was achieved in digital transformation, with enhancements to our Health, Safety and Environment (“HSE”) and ESG dashboards, Industry 4.0 adoption, and embedding analytics into core systems. Long-term investments in Enterprise Resource Planning (“ERP”) systems, automation, and advanced business applications laid a robust foundation for integrating sustainability, governance, and social responsibility throughout our organisation. CHAIRMAN AND MANAGING DIRECTOR/ GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT While we remain consciously optimistic about the energy sector we are serving, the geopolitical and geoeconomic implications of ongoing tariffs and counter-tariffs remain uncertain. At the time of writing, the global business environment is becoming increasingly unpredictable. In light of this, we are committed to staying vigilant and ready to adapt swiftly to any changes that may arise. We believe that one of the key goals of our transformation strategy—to strengthen our balance sheet and reinforce financial discipline—has positioned Wasco more robustly to withstand adverse market conditions and unexpected business shifts. Staff engagement session with the senior leadership during Wasco Townhall 2024.
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