WASCO BERHAD 18 CHIEF FINANCIAL OFFICER’S REVIEW It is an honour to connect with you as we reflect on Wasco’s continued financial resilience and robustness in the evolving energy sector. Over the past few years, we have focused on strengthening our balance sheet, ensuring financial stability, and enhancing our ability to navigate industry shifts. Through prudent capital management, cost optimisation, disciplined investment decisions and strategic divestments, we have built a solid foundation that positions us well for sustainable growth. Embracing Change: Innovation and Sustainable Growth The energy industry is undergoing a profound transformation, driven by technological advancements, regulatory shifts, and an increasing commitment to sustainability. As the sector adapts to these changes, Wasco remains proactive in seizing new opportunities, refining our strategies, and leveraging innovation to enhance resilience. Our focus on financial strength, operational efficiency, and strategic investments enables us to capitalise on emerging trends while ensuring long-term profitability. We continue to embrace digitalisation and energy transition initiatives to drive efficiency and expand our market presence. Through these efforts, we are committed to delivering sustainable value for our stakeholders, reinforcing our role as a trusted leader in the energy sector. Robust Profitability We are thrilled to have delivered a stellar performance in FY2024, with the Group comfortably surpassing our FY2023 results and exceeding analysts’ consensus. Our Profit After Tax and Minority Interest (“PATMI”) surged by 41.2% in 2024 to RM153.0 million, despite recognising net one-off charges amounting to RM29.1 million, a record high for the Group. This outstanding achievement was primarily driven by higher revenue contributions with improved margins, alongside profit contributions from joint ventures. The successful execution of high-value projects across the energy and renewable energy sectors further solidified our position as a leader in sustainable and value-driven solutions. Net Borrowings RM173.0 million 2023: RM292.6 million Net Gearing Ratio 0.21x 2023: 0.48x PATMI RM153.0 million 2023: RM108.4 million Return on Capital Employed 20.6% 2023: 24.0% EBITDA RM348.2 million 2023: RM350.0 million
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