The Directors have the pleasure in submitting their report and the audited financial statements of the Group and of the Company for the financial year ended 31 December 2014.
PRINCIPAL ACTIVITIES
The principal activities of the Company are investment holding and provision of management services to its subsidiaries.
The principal activities of the Group consist of specialised pipe coating and corrosion protection services; Engineering, Procurement and Construction (“EPC”); fabrication and
rental of gas compressors and process equipment; Exploration and Production (“E&P”) of products and services; renewable energy; infrastructure materials and services; and
oil palm plantation.
There have been no significant changes in the nature of these activities during the financial year.
FINANCIAL RESULTS
Group
Company
RM’000
RM’000
Net profit for the financial year attributable to:
- Owners of the Company
125,565
110,008
- Non-controlling interests
21,544
-
Net profit for the financial year
147,109
110,008
DIVIDENDS
The dividends paid or declared since the end of the previous financial year were as follows:
In respect of financial year ended 31 December 2014:
(a) On 25 August 2014, the Directors declared a first interim single tier cash dividend of 2.5 sen per share, amounting to net dividend payment of RM19,313,559, paid on 2
October 2014.
(b) On 26 February 2015, the Directors declared a second interim dividend comprising:
(i) Single tier cash dividend of 2.5 sen per share amounting to RM19,264,271; and
(ii) Special single tier share dividend of 4,276,929 treasury shares distributed to the shareholders of Wah Seong Corporation Berhad (“WSC”) on the basis of one (1)
WSC share for every one hundred and eighty (180) existing WSC ordinary shares of RM0.50 each held at the entitlement date on 16 March 2015. Based on the share
price of WSC shares of RM1.21 each as at 31 December 2014, the value of the share dividend per WSC share is equivalent to a gross cash dividend of 0.67 sen per
share.
The second interim dividend was paid/credited into the entitled shareholders’ securities accounts on 3 April 2015.
In respect of financial year ended 31 December 2013:
(a) On 22 August 2013, the Directors declared a first interim single tier cash dividend of 2.0 sen per share, amounting to net dividend payment of RM15,422,729, paid on 3
October 2013.
Directors’ Report
46
Wah Seong Corporation Berhad • Annual Report 2014
