183 28. INCOME TAX EXPENSE (continued) Malaysia will be implementing Global Minimum Tax effective 1 January 2025. Global Minimum Tax is applicable to multinational enterprise (“MNEs”) with an annual global turnover of at least EUR750 million in at least two out of four immediately preceding fiscal years and aims to ensure that in-scope MNEs are subject to an effective tax rate of at least 15% in each of the jurisdictions in which they operate. Global Minimum Tax has been enacted or substantively enacted in certain jurisdictions that the Group operates in. The Group has performed an assessment of its potential exposure to Global Minimum Tax taking into consideration the transitory safe harbours. Based on the assessment carried out so far, the Group may potentially avail of the transitional country-by-country reporting safe harbour rules to mitigate its exposure to Pillar Two income taxes for most of the jurisdictions where the Group has operations in and where the Pillar Two legislation has been enacted or substantively enacted. For jurisdictions that the Group may not qualify for the transitional country-by-country reporting safe harbour rules, the Group currently does not expect a material exposure to Pillar Two top up taxes in those jurisdictions. 29. EARNINGS PER SHARE Group 2024 2023 Basic and diluted earnings per share is based on: Net profit attributable to ordinary shareholders (RM’mil) 2,657 2,952 Basic earnings per share Weighted average number of shares (mil) 8,808 8,807 Basic earnings per share (sen) 30.17 33.52 Diluted earnings per share For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. Group 2024 2023 Weighted average number of ordinary shares used in calculation of basic earnings per share (mil) 8,808 8,807 Weighted average number of unissued ordinary shares from share options under EOS (mil) 3 – Weighted average number of ordinary shares used in calculation of diluted earnings per share (mil) 8,811 8,807 Diluted earnings per share (sen) 30.16 33.52 At 31 December 2024, 14,000 outstanding EOS options (2023: 2,955,000) were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive. The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices of the Company for the period during which the options were outstanding.
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