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. ~ Other individually immaterial subsidiaries Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2022 NCI percentage of ownership interest and voting interest 50% 40% 30% 30% Carrying amount of NCI 43,096 10,149 41,784 (1,369) 5,254 98,914 Net profit/(loss) allocated to NCI 42,110 2,888 2,814 (1,633) 3,251 49,430 Summarised financial information before intra-group elimination As at 31 December Non-current assets - 3,919 242,175 62,976 Current assets 299,766 82,740 162,258 86,608 Non-current liabilities - - (166,081) - Current liabilities (215,429) (61,287) (99,071) (91,830) Net assets 84,337 25,372 139,281 57,754 Financial year ended 31 December Revenue 286,459 133,907 128,699 64,165 Net profit/(loss) 82,408 7,221 9,380 (5,442) Cash flows generated from/(used in) operating activities 106,340 13,530 27,596 (10,548) Cash flows (used in)/generated from investing activities - (23,530) (28,532) 6,843 Cash flows generated from/(used in) financing activities 463 (5,428) 1,659 6,190 Net changes in cash and cash equivalents 106,803 (15,428) 723 2,485 Dividend paid/payable to NCI - 488 - - * Wasco Thermal Sdn. Bhd. formerly known as Mackenzie Industries Sdn. Bhd. ~ Wasco Pipe (Sabah) Sdn. Bhd. formerly known as Petro-Pipe (Sabah) Sdn. Bhd. 219 Wasco Berhad
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