Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 11 INVESTMENT IN JOINT VENTURES (CONTINUED) The following table summarises the information of the Group’s material joint ventures and reconciles the information to the carrying amount of the Group’s interest in the joint ventures. The information has been adjusted to reflect the equity method of accounting, including fair value adjustments: Group Alam-PE Holdings (L) Inc. Bayou Wasco Insulation, LLC Boustead Wah Seong Sdn. Bhd. RM’000 RM’000 RM’000 2023 Summarised financial information As at 31 December Non-current assets 16,775 60,668 - Current assets 14,131 110,201 3,008 Cash and cash equivalents 4,201 287 23,997 Non-current liabilities - (72,780) - Current liabilities (11,843) (97,196) (12,065) Non-controlling interest - - (13,456) Net assets 23,264 1,180 1,484 Financial year ended 31 December Net (loss)/profit (24,283) 1,211 (3,050) Other comprehensive income - 6,542 602 Total comprehensive (expense)/income (24,283) 7,753 (2,448) Included in the total comprehensive (expense)/income are: Revenue 20,920 73,562 1,197 Interest income - - 227 Depreciation and amortisation (9,820) (7,368) (102) Interest expense - (1,157) (1,120) Tax expense - - 368 Integrated Annual Report 2023 228
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