DIRECTORS’ REPORT The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Corporation for the financial year ended 31 December 2021. PRINCIPAL ACTIVITIES The principal activities of the Corporation consist of ship owning, ship operating and other activities related to shipping services and operating offshore floating terminals. The principal activities of the subsidiaries, associates and joint arrangements are described in Notes 40, 41 and 42 to the financial statements respectively. The directors deem such information is included in the Directors’ Report by such reference and shall form part of the Corporation’s Directors’ Report. There have been no significant changes in the nature of the principal activities during the financial year. HOLDING COMPANY The immediate and ultimate holding company of the Corporation is PetroliamNasional Berhad (“PETRONAS”), a company incorporated and domiciled in Malaysia. SUBSIDIARIES The details of the Corporation’s subsidiaries are disclosed in Note 40 to the financial statements. RESULTS Group Corporation RM’000 RM’000 Profit for the year 1,733,547 1,769,256 Attributable to: Equity holders of the Corporation 1,831,264 1,769,256 Non-controlling interests (97,717) – 1,733,547 1,769,256 There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements. In the opinion of the directors, the results of the operations of the Group and of the Corporation during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature. DIVIDENDS The amount of dividends paid by the Corporation since 31 December 2020 were as follows: In respect of the financial year ended 31 December 2020 as reported in the directors’ report of that year: RM’000 A fourth tax exempt dividend of 12.0 sen per ordinary share, declared on 18 February 2021 and paid on 16 March 2021 535,649 In respect of the financial year ended 31 December 2021: A first tax exempt dividend of 7.0 sen per ordinary share, declared on 6 May 2021 and paid on 9 June 2021 312,462 A second tax exempt dividend of 7.0 sen per ordinary share, declared on 13 August 2021 and paid on 14 September 2021 312,462 A third tax exempt dividend of 7.0 sen per ordinary share, declared on 18 November 2021 and paid on 14 December 2021 312,462 A fourth tax exempt dividend in respect of the financial year ended 31 December 2021 of 12.0 sen per ordinary share amounting to a dividend payable of RM535,649,000 will be paid on 16 March 2022. The fourth tax exempt dividend in respect of the financial year ended 31 December 2021 is not reflected in the current year’s financial statements. The dividend will be accounted for in equity as an appropriation of retained profits in the financial year ending 31 December 2022. DIRECTORS The names of the directors of the Corporation in office since the beginning of the financial year to the date of this report are: Datuk Abu Huraira bin Abu Yazid Dato’ Ab. Halim bin Mohyiddin Datuk Nasarudin bin Md Idris Dato’ Sekhar Krishnan Datuk Yee Yang Chien Mohd Yusri bin Mohamed Yusof Liza binti Mustapha Dato’ Rozalila binti Abdul Rahman Datin Norazah binti Mohamed Razali Mohammad Suhaimi bin Mohd Yasin Lim Beng Choon (Retired on 15 August 2021) Chew Liong Kim (Appointed on 1 September 2021) Dato’ Tengku Marina binti Tunku Annuar (Appointed on 1 January 2022) The names of directors of subsidiaries are set out in their respective subsidiary’s directors’ report and the Board deems such information is included in the Corporation’s Directors’ Report by such reference and shall form part of the Corporation’s Directors’ Report. DIRECTORS’ REPORT MISC Berhad 290 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 291 FINANCIAL STATEMENTS FINANCIAL STATEMENTS
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