WASCO BERHAD 230 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 9 INVESTMENT IN ASSOCIATES (CONTINUED) Details of associates are as follows: Group’s effective interest Country of incorporation 2024 % 2023 % Principal activities Petra Energy Berhad Malaysia 27 27 Investment holding Evraz Wasco Pipe Protection Corporation Canada 49 49 Provision of pipe coating services Syarikat Beka Sdn. Bhd. Malaysia 48 48 Investment holding Wah Seong Boustead Company Limited Myanmar 50 50 Property development, trading and provision of auxiliary services The following table summarises the information of the Group’s material associates and reconciles the information to the carrying amount of the Group’s interest in the associates. The information has been adjusted to reflect the equity method of accounting, including fair value adjustments: Group Petra Energy Berhad RM’000 Evraz Wasco Pipe Protection Corporation RM’000 2024 Summarised financial information As at 31 December Non-current assets 448,483 24,277 Current assets 400,106 14,541 Non-current liabilities (124,290) (15,381) Current liabilities (269,350) (20,192) Net assets 454,949 3,245 Financial year ended 31 December Revenue 500,571 - Net profit 71,727 (20,470) Total comprehensive income 71,727 (41,905)
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