KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED SHAREHOLDERS’ INFORMATION NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 FINANCIAL STATEMENTS ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH 231 230 14. INVESTMENT IN ASSOCIATES (CONT’D.) (b) Summarised financial information of the material associate is as follows: The summarised financial information represents the amounts in the MFRS Accounting Standards financial statements of the material associate and not the Group’s share of those amounts. (i) Summarised statement of financial position Wasatah Capital 2024 RM’000 2023 RM’000 Current assets 170,801 216,684 Non-current assets 295,435 192,118 Total assets 466,236 408,802 Current liabilities 27,824 24,407 Non-current liabilities 6,317 5,549 Total liabilities 34,141 29,956 Net assets * 432,095 378,846 * The net assets are net of zakat expenses which are not shared by non-Saudi shareholders in accordance with the regulations of Zakat department of Zakat & Income Tax as applicable in the Kingdom of Saudi Arabia. Therefore, the net assets will not represent the Group’s and the Bank’s share of net assets in Wasatah Capital as disclosed in Note 14(b)(iii) below. The difference will be the total zakat expenses that were fully borne by the Saudi shareholders. 14. INVESTMENT IN ASSOCIATES (CONT’D.) (b) Summarised financial information of the material associate is as follows (cont’d.): (ii) Summarised statement of profit or loss and other comprehensive income Wasatah Capital 2024 RM’000 2023 RM’000 Revenue 107,938 54,632 Profit before taxation 62,724 30,570 Tax expense (3,835) (1,616) Profit after taxation 58,889 28,954 Other comprehensive income 21,011 33,005 Total comprehensive income 79,900 61,959 (iii) Reconciliation of the summarised financial information presented above to the carrying amount of the Group’s interest in the material associate Wasatah Capital 2024 RM’000 2023 RM’000 Net assets at 1 January 446,926 367,557 Profit before taxation 62,724 30,570 Other comprehensive income 21,011 33,005 Movement of foreign exchange reserve (12,889) 15,794 Net assets at 31 December 517,772 446,926 Interest in Wasatah Capital 29.60% 29.60% Share of net assets at 31 December 153,261 132,290 Dividend received (5,626) (2,080) Accumulated Group’s share of tax expense (10,483) (6,648) Accumulated impairment losses (4,549) (4,549) Carrying value of the Group’s interest in Wasatah 132,603 119,013 Carrying value of other associates 26,393 2,606 Total carrying value of Group’s interest in associates 158,996 121,619 (c) Aggregate information of associates that are not individually material 2024 RM’000 2023 RM’000 The Group’s share of results in associates, inclusive of total comprehensive income 337 272
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