Annual Report 2022 151 ABOUT US LEADERSHIP PERSPECTIVE SUSTAINABILITY GOVERNANCE FINANCIAL STATEMENTS Other Information Notes to the Financial Statements for the Financial Year Ended 31 March 2022 (Cont’d) 38. INCOME TAX EXPENSE (CONT’D) A reconciliation of the income tax expense applicable to the profit before taxation at the statutory tax rate to the income tax expense at the effective tax rate of the Group and of the Company is as follows:- Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Profit before taxation 12,737 11,089 1,952 38,029 Tax at the statutory tax rate of 24% 3,057 2,662 468 9,127 Tax effects of:- Non-deductible expenses 2,026 1,295 547 590 Non-taxable income (1,041) (21) (840) (9,629) Income tax exempted from tax due to pioneer status (742) - - - Deferred tax liabilities not recognised due to pioneer status (2,395) (170) - - Deferred tax asset not recognised during the financial year 1,409 98 59 98 Utilisation of deferred tax assets previously not recognised (86) (8) - - Effects of differential in tax rates of subsidiary 389 (13) - - (Over)/Underprovision in the previous financial year: - current taxation 134 (181) (61) (16) - deferred taxation (239) 143 - - Income tax expense for the financial year 2,512 3,805 173 170 Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2021 - 24%) of the estimated assessable profit for the financial year. The taxation of other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. 39. EARNINGS PER SHARE Group 2022 2021 Profit attributable to owners of the Company (RM’000) 10,244 7,302 Weighted average number of ordinary shares in issue (’000) 2,867,888 2,634,041 Basic earnings per share (sen) 0.36 0.28 Weighted average number of ordinary shares for basic earnings per share (’000) 2,867,888 2,634,041 Shares deemed to be issued for no consideration: - warrants (’000) - 1,350,000 Weighted average number of ordinary shares for diluted earnings per share computation (’000) 2,867,888 3,984,041 Diluted earnings per share (sen) 0.36 0.18 The effects of potential ordinary shares arising from the conversion of Warrants are anti-dilutive and accordingly, they have been ignored in the calculation of dilutive earnings per share. As a result, the diluted earnings per ordinary share was the same as basic earnings per share.
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