NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 9 INVESTMENT IN SUBSIDIARIES (CONTINUED) Non-controlling interests in subsidiaries (continued) The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows (continued): Mackenzie Industries Sdn. Bhd. Wasco Coatings Malaysia Sdn. Bhd. PetroPipe (Sabah) Sdn. Bhd. Other individually immaterial subsidiaries Total Group RM’000 RM’000 RM’000 RM’000 RM’000 2021 NCI percentage of ownership interest and voting interest 40% 30% 30% Carrying amount of NCI 7,748 38,970 263 2,677 49,658 Net profit/(loss) allocated to NCI 467 (2,806) 4,624 (6,750) (4,465) Summarised financial information before intra-group elimination As at 31 December Non-current assets 5,437 186,746 63,924 Current assets 67,385 191,069 70,272 Non-current liabilities - (170,575) - Current liabilities (53,451) (77,341) (101,796) Net assets 19,371 129,899 32,400 Financial year ended 31 December Revenue 70,470 46,484 117,686 Net profit/(loss) 1,168 (9,353) 15,413 Cash flows generated from operating activities 30,059 20,863 7,653 Cash flows (used in)/generated from investing activities (214) (21,992) 18,024 Cash flows used in financing activities (15,528) (1,626) (18,577) Net change in cash and cash equivalents 14,317 (2,755) 7,100 Dividends paid/payable to NCI - - - Annual Report 2022 Wah Seong Corporation Berhad 153
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