EXCEL FORCE MSC BERHAD Annual Report 2020

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 41 DIRECTORS’ REPORT The Directors have pleasure in submitting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2020. PRINCIPAL ACTIVITIES The principal activities of the Company are development, provision and maintenance of software application solutions for the financial services industry. The principal activities of its subsidiary companies are disclosed in Note 9 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. FINANCIAL RESULTS Group Company RM RM Profit for the financial year, attributable to owners of the parent 10,766,107 10,414,493 RESERVES AND PROVISIONS There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements. DIVIDENDS Since the end of the last financial year, the Company paid: RM First interim single-tier dividend of 0.50 sen per ordinary share in respect of the financial year ended 31 December 2020 on 23 September 2020 2,796,892 Second interim single-tier dividend of 0.50 sen per ordinary share in respect of the financial year ended 31 December 2020 on 23 December 2020 2,796,892 5,593,784 At the forthcoming Annual General Meeting, a final single-tier dividend of 0.50 sen per ordinary share in respect of the current financial year will be proposed for the approval of the shareholders. The financial statements for the current financial year do not reflect this proposed dividend. This dividend will be accounted for as an appropriation of retained earnings in the period when it is approved by the shareholders. ISSUE OF SHARES AND DEBENTURES There was no issuance of shares or debentures during the financial year.