169 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information DIRECTORS’ REPORT 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 2024. 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 and provision of bioenergy services. See Notes 8 and 41 to the financial statements for further details. There have been no significant changes in the nature of these activities during the financial year. FINANCIAL RESULTS Group RM’000 Company RM’000 Net profit for the financial year attributable to: - Owners of the Company 153,045 191,746 - Non-controlling interests 11,455 - Net profit for the financial year 164,500 191,746 DIVIDENDS On 28 February 2025, the Directors declared an interim single tier cash dividend of 2.00 sen per share amounting to approximately RM15,498,000 for the financial year ended 31 December 2024. The entitlement date was on 20 March 2025 and was paid on 3 April 2025. This dividend will be accounted for in equity as an appropriation of retained earnings in the financial year ending 31 December 2025. The Directors did not declare any dividend in the corresponding prior financial year. RESERVES AND PROVISIONS There have been no material transfers to or from reserves and provisions during the financial year. 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 did not purchase any of its issued share capital from the open market on Bursa Malaysia Securities Berhad (“Bursa Malaysia”). As at 31 December 2024, the total number of treasury shares held by the Company was 577,054 shares. Details of the treasury shares are set out in Note 23 to the financial statements.
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