63 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information SUSTAINABILITY REPORT ECONOMIC Economic E As a globally leading integrated energy group, Wasco recognises its critical role in powering both global and local economies. We take this responsibility seriously, knowing that the economic performance of businesses like ours significantly influences the well-being of communities and the broader economy. As a key player in the global energy infrastructure, we are committed to breaking down barriers to clean, affordable energy, making it accessible to everyone, everywhere. Through our diverse business activities, we not only fuel industries and economies, but also generate meaningful, long-term positive impact. Through our business activities, we drive economic growth and generate positive impacts. This influence is seen in various ways: • creating job opportunities that enhance livelihoods • contributing taxes that support infrastructure and public services • providing products and services that benefit communities. We fully recognise the wide-ranging economic benefits of our actions and their significant impact on stakeholders and sectors within our community. By highlighting these outcomes, we aim to showcase the diverse value created by our initiatives: 1. Value Delivered to Shareholders: Delivering strong financial returns and growth opportunities for investors. 2. Value through Products and Services to the Nation: Contributing to national economic development through essential goods and services. 3. Competitive Compensation for Employees: Offering attractive salaries and benefits that support employee well-being and retention. 4. Fulfillment of Obligations to Suppliers and Financiers: Cultivating reliable partnerships and fulfilling financial commitments to key stakeholders. 5. Investment Benefits for Local Communities: Driving community growth and development through strategic investments. 6. Meeting Customer Needs: Exceeding customer expectations to foster long-term satisfaction and loyalty. In 2024, we generated a direct economic value of RM3.2 billion in revenue (with RM2.9 billion in adjusted revenue). Our economic impact also extends to our role as a global employer. At the end of 2024, we employed approximately 5,854 employees and offered fair and competitive wages and benefits. Wasco recorded a Profit after Tax, Minority Interest (“PATMI”) of RM153.0 million for the financial year ended 31 December 2024 (FY2024), an 41.2% increase from the RM108.4 million reported in the previous financial year ended 31 December 2023 (FY2023). The growth in PATMI is attributed to higher operating revenue by 11.9% to RM2.9 billion from RM2.6 billion in FY2023. At Wasco, we comply with tax regulations in the countries where we operate. We believe that this is our responsibility to our stakeholders in upholding good tax practices. At Wasco, we provide our stakeholders with a comprehensive outlook on our business, fostering confidence in our long-term investment potential. This transparency encourages stakeholders to grow with us. For a detailed overview of our business outlook, please refer to the Chairman and Managing Director/ Group Chief Executive Officer’s Joint Statement and CFO Statement sections of our Integrated Annual Report 2024. Economic Value Generated Operating Revenue RM2.9 billion (Total Revenue RM3.2 billion) Other Income RM105.5 million Economic Value Distributed Minority Shareholders RM20.4 million Shareholders RM15.5 million Community Investment RM0.8 million Employees RM555.4 million PATMI RM153.0 million Taxes RM54.7 million Business and Operations RM2.5 billion
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