279 INTEGRATED ANNUAL REPORT 2024 Key Messages Financial Statements Other Information NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Overview of Wasco Berhad Value Creation Commitment to Governance Sustainability Journey 41 SEGMENTAL ANALYSIS For management purposes, the Group is organised into business units based on their products and services. The Group’s operating segments comprise: (a) Energy services division: Pipe coating, pipe manufacturing for the oil and gas industry, building and operating offshore/onshore field development facilities and the provision of highly specialised equipment and services to the power generation, oleochemical and petrochemical industries. (b) Bioenergy services division: Supplier and manufacturer of specialised equipment for biomass power plants; such as industrial fans, boilers and turbines that run primarily on biomass fuels. (c) Trading division: Trading and distribution of building materials and the manufacturing and trading of industrial pipes for the construction industry. The Group had decided to divest its Trading businesses in the financial year ended 31 December 2023. During the financial year, the Trading business was classified as continuing operations as disclosed in Note 21(a). (d) Others: All other units within the Group that do not constitute a separately reportable segment. Management monitors the operating results of its divisions separately for the purpose of making decisions about resource allocation and performance assessment. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Group Chief Executive Officer has been identified as the chief operating decision-maker as he is responsible for allocating resources and assessing performance of the Group’s operating segments. Segment performance is evaluated based on revenue and profitability measures as shown in the table below. Transactions between segments were entered into in the normal course of business and were established on agreed terms. The effects of such inter-segmental transactions are eliminated on consolidation. The assets are allocated based on the operations of the respective segments. The amounts provided to the Group Chief Executive Officer with respect to total assets are measured in a manner consistent with the disclosure of segment assets below.
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