The Directors hereby submit their report and the audited financial statements of the Group and of the Company for the financial year ended 31 December 2022. PRINCIPAL ACTIVITIES The principal activities of the Company are investment holding and provision of management services to its subsidiaries. The principal activities of the Group consist of specialised pipe coating and corrosion protection services; Engineering, Procurement and Construction (“EPC”) of gas compressors and process equipment; renewable energy and industrial trading and services. There have been no significant changes in the nature of these activities during the financial year. FINANCIAL RESULTS Group Company RM’000 RM’000 Net (loss)/profit for the financial year attributable to: - Owners of the Company (6,300) 4,248 - Non-controlling interests 49,430 - Net profit for the financial year 43,130 4,248 DIVIDENDS No dividends have been paid or declared by the Company since the end of the previous financial year. The Directors do not recommend the payment of any dividend in respect of the financial year ended 31 December 2022. RESERVES AND PROVISIONS All material transfers to or from reserves and provisions during the financial year are shown in the financial statements. ISSUE OF SHARES AND DEBENTURES The Company did not issue any shares and debentures during the financial year. TREASURY SHARES During the financial year, the Company did not purchase any of its issued share capital from the open market on Bursa Malaysia Securities Berhad (“Bursa Malaysia”). As at 31 December 2022, the total number of treasury shares held by the Company was 577,054 shares. Details of the treasury shares are set out in Note 25 to the financial statements. DIRECTORS’ REPORT Annual Report 2022 Wah Seong Corporation Berhad 89
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