42 EXCEL FORCE MSC BERHAD The Directors have pleasure in submitting their report together with the audited financial statements of the Group and of the Company for the financial period from 1 January 2022 to 30 June 2023. 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 8 to the financial statements. Change of Financial Year End The financial year end of the Company was changed from 31 December to 30 June. Accordingly, the current financial statements are prepared for eighteen months from 1 January 2022 to 30 June 2023. As a result, the comparative figures stated in the statements of profit or loss and other comprehensive income, statements of changes of equity and statements of cash flows and the related notes are not comparable. Financial Results Group Company RM RM Profit for the financial period 11,784,269 12,789,054 Attributable to: Owners of the Company 12,118,556 12,789,054 Non-controlling interests (334,287) - 11,784,269 12,789,054 Reserves and Provisions There were no material transfers to or from reserves or provisions during the financial period other than as disclosed in the financial statements. Dividends Since the end of the last financial year, the Company paid: RM Final single-tier dividend of 0.50 sen per ordinary share in respect of the financial year ended 31 December 2021 on 14 July 2022 2,796,892 First interim single-tier dividend of 0.50 sen per ordinary share in respect of the financial period ended 30 June 2023 on 15 May 2023 2,796,892 5,593,784 The Directors recommend the payment of a final single-tier dividend of 0.50 sen per ordinary share in respect of the current financial period, subject to the approval of the shareholders at the forthcoming Annual General Meeting. The financial statements for the current financial period do not reflect this proposed dividend. Directors’ Report
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