23 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information CHIEF FINANCIAL OFFICER’S REVIEW Economic Outlook At the point of writing, global economic growth is expected to stay below pre-pandemic trends, despite showing remarkable resilience, with growth projected at 2.8% in 2025, the same as in 2024. According to Bank Negara Malaysia, Malaysia capped off a positive year with the economy recording 5.1% growth in 2024, well ahead of 3.7% growth attained in 2023. This growth momentum is expected to be sustained in the near term, with growth projected at 4.7% in 2025.4 In conclusion, as the global economy continues its recovery, 2025 is expected to bring moderate growth, supported by easing inflationary pressures. However, the business landscape will require careful navigation amid ongoing recalibrations across geopolitical, economic, and technological fronts. In this dynamic environment, the Group remains committed to executing its strategic initiatives that drive long-term value creation. Ramanathan Singaram Chief Financial Officer Wasco Berhad Wasco’s share price was actively traded and rallied during the second quarter to a high of RM1.57 from RM1.00 at the beginning of the year. We believe that this has coincided with the series of commendable result announcements for Q4 FY2023 and Q1 FY2024. However, the second half of the year had seen our share price shedding the gains, suffering a similar fate with other energy counters on Bursa Malaysia, closing the year at RM1.02. Wasco’s stock is covered by 6 research houses, and as at 3 March 2025, we have 5 BUY calls and 1 HOLD call, with an average 12-month consensus target price of RM1.77.3 Analyst Coverage Hold 14% Buy 86% 1 Source: Securities Commission Malaysia, Annual Report 2024 – Capital Market Review, published March 2025. Available at: https://www.sc.com. my/resources/publications-and-research/sc-annual-report-2024 2 Source: Investing.com, Wah Seong Corporation Bhd Historical Data, accessed April 2025. Available at: https://www.investing.com/equities/wahseong-corporation-bhd-historical-data 3 Source: Wasco Berhad Investor Relations, based on respective research analyst coverage. 4 Source: Bank Negara Malaysia, Economic and Monetary Review 2024, published March 2025. Available at: https://www.bnm.gov.my/publications/ emr2024
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