MISC Annual Report 2018

HIGHLIGHTS OF THE YEAR OUR BUSINESS OUR LEADERSHIP OUR PERFORMANCE OUR COMMITMENT TO SUSTAINABILITY OUR GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 50 TH ANNUAL GENERAL MEETING 207 MISC BERHAD ANNUAL REPORT 2018 206 DIVIDENDS The amount of dividends paid by the Corporation since 31 December 2017 were as follows: In respect of the financial year ended 31 December 2017 as reported in the directors' report of that year: RM'000 A fourth tax exempt dividend of 9.0 sen per share on 4,463,794,000 ordinary shares, declared on 13 February 2018 and paid on 15 March 2018 401,741 In respect of the financial year ended 31 December 2018: RM'000 A first tax exempt dividend of 7.0 sen per share on 4,463,794,000 ordinary shares, declared on 14 May 2018 and paid on 12 June 2018 312,466 A second tax exempt dividend of 7.0 sen per share on 4,463,794,000 ordinary shares, declared on 7 August 2018 and paid on 14 September 2018 312,466 A third tax exempt dividend of 7.0 sen per share on 4,463,794,000 ordinary shares, declared on 19 November 2018 and paid on 18 December 2018 312,466 A fourth tax exempt dividend in respect of the financial year ended 31 December 2018 of 9.0 sen per share amounting to a dividend payable of RM401,737,000 will be paid on 26 March 2019. The fourth tax exempt dividend is not reflected in the current year's financial statements. The dividend will be accounted for in equity as an appropriation of retained profits in the financial year ending 31 December 2019. DIRECTORS The names of the directors of the Corporation in office during the financial year and until the date of this report are: Dato’ Ab. Halim bin Mohyiddin Datuk Nasarudin Md Idris Lim Beng Choon Dato' Sekhar Krishnan Yee Yang Chien Mohd Yusri bin Mohamed Yusof  Liza binti Mustapha Dato' Rozalila Abdul Rahman  (Appointed on 1 August 2018) Tengku Muhammad Taufik (Appointed on 15 November 2018) Datuk Manharlal Ratilal  (Resigned on 1 November 2018) The names of directors of subsidiaries are set out in their respective subsidiary’s directors’ report and the Board deems such information is included in the Corporation’s Directors’ Report by such reference and shall form part of the Corporation’s Directors’ Report. DIRECTORS ’ REPORT The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Corporation for the financial year ended 31 December 2018. PRINCIPAL ACTIVITIES The principal activities of the Corporation consist of shipowning, ship operating and other activities related to shipping services and operating offshore floating terminals. The principal activities of the subsidiaries, associates and joint arrangements are described in Notes 40, 41 and 42 to the financial statements respectively. The directors deem such information is included in the Directors' Report by such reference and shall form part of the Directors' Report. There have been no significant changes in the nature of the principal activities during the financial year. HOLDING COMPANY The immediate and ultimate holding company of the Corporation is Petroliam Nasional Berhad ("PETRONAS"), a company incorporated and domiciled in Malaysia. SUBSIDIARIES The details of the Corporation's subsidiaries are disclosed in Note 40 to the financial statements. RESULTS Group Corporation RM'000 RM'000 Profit for the year 1,284,341 1,252,261 Attributable to: Equity holders of the Corporation 1,311,503 1,252,261 Non-controlling interests (27,162) - 1,284,341 1,252,261 There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements. In the opinion of the directors, the results of the operations of the Group and of the Corporation during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature. DIRECTORS' REPORT