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MATRIX INTEGRATED ANNUAL REPORT 2023

Annual Report 2023 1
Inside This Report 3
Vision and Mission 12
Corporate Information 13
Corporate Structure 14
Key Corporate Milestones 16
Group Corporate Profile 18
Five-Year Group Financial Highlights 21
Group Quarterly Performance 22
Dividend Highlights 23
Share Price Performance 24
Statement of Value Added Distribution and Simplified Financial Statement 25
Accolades 26
Recognition for ESG 28
Chairman's Statement 30
Management Discussion & Analysis 40
Board of Directors' Profiles 59
Management Team 68
Values and Value Creation from the Matrix Perspective 75
Governance of the Business Model and Value Creation 77
Our Business Model 78
Matters Material to Value Creation 81
Linking Issues/Risks with Financial Performance 90
Business Value Chain and Key Processes 92
Forward Focus - Our Strategic Priorities 94
Multi-Capitals Value Creation Perspective 99
Value Creation Model 102-103
Corporate Governance Overview Statement 108
Audit Committee Report 121
Statement on Risk Management and Internal Control 126
Statement of Responsibility by Directors 133
Directors' Report 135
Statement by Directors 142
Independent Auditors' Report 143
Statements of Financial Position 148
Statements of Profit or Loss and Other Comprehensive Income 150
Statements of Changes in Equity 151
Statements of Cash Flows 154
Notes to the Financial Statements 156
General Information 156
Principal Activities 156
Basis of Preparation 156
Significant Accounting Policies 157
Investment in Subsidiaries 178
Investment in Joint Venture 184
Property, Plant and Equipment 185
Investment Properties 188
Right of-use Assets 189
Goodwill 190
Inventories 190
Other Receivables, Deposits and Prepayments 193
Amounts Owing by/(to) Subsidiaries 195
Deferred Tax (Assets)/Liabilities 196
Trade Receivables and Contract Assets 198
Contract Assets/(Liabilities) 198
Fixed Deposits with Licensed Banks 199
Cash and Bank Balances 200
Share Capital 200
Reserves 200
Long-Term Borrowings 201
Sukuk Wakalah 201
Lease Liabilities 203
Term Loans (Secured) 203
Revolving Credits 204
Trade Payables and Contract Liabilities 205
Other Payables, Deposits, Accruals and Provision 205
Bank Overdrafts 206
Short-Term Borrowings 206
Revenue 207
Cost of Sales 207
Net Impairment Losses on Financial Assets 208
Profit Before Taxation 208
Income Tax Expense 211
Other Comprehensive Income 214
Earnings Per Share 214
Acquisitions of Non-controlling Interests 215
Dividends 216
Cash Flow Information 216
Key Management Personnel Compensation 221
Related Party Disclosures 223
Operating Segments 224
Capital Commitments 229
Financial Instruments 229
Comparative Figures 246
Significant Event During the Financial Year 248
Additional Information 249
List of Properties 250
Recurrent Related Party Transactions 252
Analysis of Shareholdings 254
Top Thirty (30) Largest Shareholders 256
Notice of Annual General Meeting 258
Statement Accompanying Notice of Annual General Meeting 264
Proxy Form 266

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