Directors’ Report 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 2023. CHANGE OF NAME The Company changed its name from Wah Seong Corporation Berhad to Wasco Berhad with effect from 31 May 2023, following the conclusion of the Annual General Meeting held on 30 May 2023 and Notice of Registration of the new name issued by the Companies Commission of Malaysia on 1 June 2023, pursuant to Section 28 of the Companies Act 2016. 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 and provision of bioenergy services. See Notes 9 and 43 to the financial statements for further details. 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 profit for the financial year attributable to: - Owners of the Company 108,402 12,490 - Non-controlling interests 46,426 - Net profit for the financial year 154,828 12,490 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 2023. RESERVES AND PROVISIONS There have been no material transfers to or from reserves and provisions during the financial year. ISSUE OF SHARES AND DEBENTURES The Company did not issue any shares and debentures during the financial year. Integrated Annual Report 2023 148
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