NOTES TO THE FINANCIAL STATEMENTS Registration No. 200301030845 (633265-K) - 91 - 7. Investment in Associates (Cont’d) The offshore project that an associate, Emirates Kejuruteraan Samudra Timur Berhad Petroleum Services L.L.C. (“EKSTB”) had ventured into previously has been called off during the financial period due to project feasibility and economic viability. As such, the Company is not expected to share any gain or loss in EKSTB as EKSTB is remained inactive and does not incurred any operating nor administrative cost during the financial period. Summarised financial information of the Group’s associate, TF Emirates Marine Services L.L.C. (“TFEMS”) is set out below. The summarised financial information represents the amounts in the MFRS financial statements of the associates and not the Group’s share of those amounts. 30.6.2024 31.12.2022 RM RM Summarised statements of financial position Non-current assets - 91,316 Current assets 237,408 256,158 Current liabilities (591,916) (1,210,462) Net liabilities (354,508) (862,988) Interest in associate 49% 49% Group's share of net assets/(liabilities) - - Carrying value of the Group's interest in associate - - Summarised statements of profit or loss and other comprehensive income Revenue 111,779 156,132 Net profit/(loss) for the financial year 588,264 (312,801) Total comprehensive profit/(loss) for the financial year 588,264 (312,801) TFEMS The Group has not recognised accumulated losses related to TFEMS totaling RM294,478 (31.12.2022: RM582,727), since the Group has no obligation in respect of their losses. Summarised financial information of EKSTB has not been presented as the associate is not material to the Group. There are no commitment nor contingent liabilities relating to the Group’s interest in the associates. 168 DESTINI BERHAD ANNUAL REPORT 2024
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