Excel Force MSC Berhad Annual Report 2016

EXCEL FORCE MSC BERHAD ANNUAL REPORT 2016 36 Directors’ Report The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the financial year ended 31 December 2016. PRINCIPAL ACTIVITIES The principal activities of the Company are the development, provision and maintenance of computer software application solutions for the financial services industry. The principal activities of the subsidiaries are set out in Note 11 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. RESULTS Group Company RM RM Profit for the financial year 5,393,835 5,851,080 Attributable to: Owners of the parent 5,629,762 5,851,080 Non-controlling interests (235,927) - 5,393,835 5,851,080 DIVIDENDS Dividends paid, declared or proposed since the end of the previous financial year were as follows: Company RM In respect of the financial year ended 31 December 2016: First interim tax exempt dividend of 1.0 sen per ordinary share, paid on 25 March 2016 2,067,681 Second interim single-tier dividend of 1.0 sen per ordinary share, paid on 1 July 2016 2,067,681 4,135,362 The Directors do not recommend the payment of any final dividend in respect of the current financial year. On 24 February 2017, the Directors declared a first interim single-tier dividend of 1.0 sen per ordinary share of RM0.10 each in respect of the financial year ending 31 December 2017. RESERVES AND PROVISIONS There were no material transfers to or from reserves or provisions during the financial year. ISSUE OF SHARES AND DEBENTURES During the financial year, the issued and paid up share capital of the Companywas increased fromRM20,676,810 toRM20,686,597 by way of issuance of 97,875 ordinary shares of RM0.10 each pursuant to the exercise of warrants at an exercise price of RM0.68 per ordinary share for cash.