Solid Financial Performance Operationally, 2023 was commendable for us, reflected in a notable financial performance. We achieved a commendable 10.1% growth in revenue to RM2.6 billion and more than tripled profit after tax (“PAT”) to RM154.8 million. Our Energy Services achieved remarkable growth, with a 12.4% year-on-year increase in full-year revenue to RM2.3 billion. This significant expansion was primarily driven by successful contract executions, coupled with commendable financial performance, with profit before tax (“PBT”) surging to RM217.3 million, marking more than 100% increase over the previous year. Our Bioenergy Services recorded respectable performance, with an 8.4% year-on-year increase in revenue to RM288.8 million and a 31.9% increase in PBT to RM48.4 million, despite operating environment challenges. This performance was attributed to increased revenue from biomass energy boiler projects, enhanced industrial boiler sales, and growing demand for steam turbines and agro-tech equipment. Wasco’s solid financial standing was further underscored by a reduction in net gearing to below 0.5 times, positioning the Group in a net cash positive position and significantly improving return on equity to 15%. A more detailed review of our Financial Management Strategy and Performance would be discussed separately in the CFO’s Review on pages 40 to 43 of this Integrated Annual Report. Year-on-Year Revenue by Service Division Energy 0 500 1,000 1,500 2,000 2,500 2022 2,062.3 2,317.8 288.8 RM million 266.6 2023 2022 2023 0 50 100 150 200 250 300 Bioenergy PBT Breakdown by Service Division 96.7 mil 36.7 mil 217.3 mil 48.4 mil RM million Energy Bioenergy Energy Bioenergy 2022 2023 Chairman and Managing Director/ Group CEO’s Statement 31 Wasco Berhad
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