Dear Esteemed Stakeholders, I am honoured to address you as we reflect on the remarkable journey of Wasco amidst the transformative landscape of the energy sector. As stewards of your investments, we are dedicated to delivering sustained value and fostering growth through resilience, innovation, and strategic foresight. Navigating Transformation with Purpose and Adaptability The energy industry is undergoing unprecedented transformation, driven by evolving client preferences, regulatory mandates, and technological advancements. At Wasco we view these shifts as opportunities to redefine our strategic direction and accelerate our journey towards sustainable growth and profitability. Financial Strength and Operational Excellence Key Highlights I am pleased to report that financial year 2023 witnessed robust financial performance and operational achievements, highlighting our resilience and strong execution. Despite global uncertainties, we achieved a commendable 10.1% growth in revenue, reaching RM2.6 billion, driven primarily by our Energy Services segment. Ramanathan Singaram Empowering Growth through Resilience, Innovation, and Strategic Transformation Net Cash Position RM386.7 mil 0.5 times Gross Net Gearing Ratio RM108.4 mil PATMI RM2,159.8 mil Cost of Sales 15% Return on Equity 26.6% >100% >100% 9.3% 70.2% RM350.0 mil EBITDA Net Cash Position RM386.68 mil 0.48X Gross Net Gearing Ratio RM108.4 mil PATMI RM2,159.8 mil Cost of Sales 15% Return on Equity XX% >100% >100% 9.3% 66.7% RM344.8 mil EBITDA Chief Financial Officer’s Review 40 Integrated Annual Report 2023
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