Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 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): Group Wasco ISOAF S.R.L. Wasco Thermal Sdn. Bhd.* Wasco Coatings Malaysia Sdn. Bhd. Wasco Pipe (Sabah) Sdn. Bhd. ~ RM’000 RM’000 RM’000 RM’000 2023 Summarised financial information before intragroup elimination As at 31 December Non-current assets - 68,868 252,676 61,288 Current assets 326,903 69,975 280,504 74,914 Non-current liabilities - - (160,137) - Current liabilities (197,210) (103,020) (167,872) (108,212) Net assets 129,693 35,823 205,171 27,990 Financial year ended 31 December Revenue 225,703 135,095 264,919 130,677 Net profit 38,136 13,171 65,894 1,032 Cash flows (used in)/generated from operating activities (66,402) 57,551 67,314 12,420 Cash flows used in investing activities - (47,527) (52,801) (15,357) Cash flows (used in)/generated from financing activities - (2,720) 43,513 (337) Net changes in cash and cash equivalents (66,402) 7,304 58,026 (3,274) Dividend paid/payable to NCI - 1,088 - - * Wasco Thermal Sdn. Bhd. formerly known as Mackenzie Industries Sdn. Bhd. ~ Wasco Pipe (Sabah) Sdn. Bhd. formerly known as Petro-Pipe (Sabah) Sdn. Bhd. Integrated Annual Report 2023 218
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