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68 I 2020 ANNUAL REPORT I financial reports

Directors’ report

The Directors hereby submit their report to the members together with the audited financial statements of the Company for the
financial year ended 31 December 2020.

principal actiVities

The principal activities of the Company consist of refining and manufacturing of petroleum products. There has been no significant
change in these activities during the financial year.

financial resUlts
The results of the operations of the Company for the financial year were as follows:
rM’000
Profit for the financial year 250,983

DiViDenDs
On 26 February 2021, the Directors declared a single-tier interim dividend of RM0.04 per share, amounting to RM12,000,000
in respect of the financial year ended 31 December 2020. The dividend is payable on 15 April 2021 to shareholders registered
on the Record of Depositors at the close of business on 23 March 2021. These financial statements do not reflect the interim
dividend which will be accounted for in the financial year ending 31 December 2021.

reserVes anD proVisions
All material transfers to or from reserves and provisions during the financial year are shown in the financial statements.

Directors

The Directors in office during the financial year and during the period from the end of the financial year to the date of this
report are:
Wang, YouDe
Wang, ZongQuan
Alan Hamzah Sendut
Fauziah binti Hisham
Liang Kok Siang
Surinderdeep Singh Mohindar Singh
Loy Swee Im (appointed on 18 August 2020)

Directors’ Benefits
During and at the end of the financial year, no arrangements subsisted to which the Company is a party, being arrangements
with the object or objects of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in,
or debentures of, the Company or any other body corporate.
Since the end of the previous financial year, no Director of the Company has received or become entitled to receive any benefit
(other than benefits disclosed as Directors’ remuneration in Note 12 to the financial statements) by reason of a contract made
by the Company or a related corporation with the Director or with a firm of which the Director is a member, or with a company in
which the Director has a substantial financial interest.