Wah Seong : Annual Report

WHAT'S INSIDE

1 ABOUT US

1. Vision, Mission
2. Core Values
3. Corporate Prole
4. Worldwide Operation
5. Corporate Information

2 THE YEAR IN BRIEF

1. Financial Highlights
2. Corporate Calendar

1. Sustainability Statement

3 FROM THE BOARD OF DIRECTORS

AND KEY SENIOR MANAGEMENT

37 Management Discussion and Analysis

44 Prole of the Board of Directors

49 Prole of the Key Senior Management

GOVERNANCE

4	53	Audit Committee
58	Remuneration Committee
	61	Nomination Committee
	67	Corporate Governance Overview Statement
	83	Additional Compliance Information
	84	Statement on Risk Management and
		Internal Control
5	87	Statement of Directors' Responsibility
FINANCIAL STATEMENTS
	88	Audited Financial Statements
6	ADDITIONAL INFORMATION
206	Summary of Signicant Recurrent
208	Related Party Transactions
	Top 10 List of Properties
	210	Analysis of Shareholdings
	213	Notice of Twenty-Third
		Annual General Meeting
	219	Statement Accompanying Notice of
		Twenty-Third Annual General Meeting

Proxy Form

MISSION

To accelerate the

global energy transition while enhancing value for all our stakeholders.

VISION

To deliver reliable and competitive solutions to the energy industry with net zero carbon emissions by the year 2026.

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Wah Seong Corporation Berhad

A n n u a l R e p o r t 2022

PASSION

We will embrace our

company's vision, energy and growth plans in a passionate manner.

C O R E

VALUES

PERFORMANCE BASED	COMMITTED TO	SOCIALLY RESPONSIBLE
Everyone in Wasco has the	CUSTOMERS	We will treat everyone with
same opportunity to receive	We will meet customers'	respect and empathy. We put
rewards, career and	expectations and deliver on	value on being charitable,
professional advancement	our commitments every	caring for the environment and
based on their capabilities and	time, all the time.	supporting our stakeholder
achievement.		communities.

INTEGRITY	INTOLERANT TO WASTE	SAFETY
We will always act with integrity and	We are always aware and	We will conduct our operations in the
will remain professional and	mindful of operating at our	safest manner possible, ensuring no
accountable while operating in an	most efficient in terms of cost,	harm to people and no damage to
open and transparent manner.	time and opportunity.	the environment.

ONLY SUSTAINABLE PROFIT AND GROWTH WILL PERPETUATE

OUR BUSINESS AND ENABLE ALL OF THE ABOVE

A n n u a l R e p o r t 2 0 2 2

Wah Seong Corporation Berhad

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CORPORATE PROFILE

A Rising Global Energy Service Provider

Once a medium-sized Malaysian enterprise, Wah Seong Corporation Berhad incorporated on 9 October, 1999 has evolved into an international Energy Solutions Services and Industrial Services group. Listed on the Main Market of Bursa Malaysia Securities Berhad, we have established footprints in almost 17 countries worldwide.

As a globally integrated energy infrastructure group, we have positioned our Energy Solutions Services Division and Industrial Services Division to be our main strategic business pillars.

Our Energy Solutions Services Division provides world-class specialised pipe coating, corrosion protection services, EPC, fabrication and rental of gas compressors and process equipment, as well as various E&P products and services for the international oil and gas sector. Meanwhile, our Industrial Services Division is involved in renewable energy, agriculture development and infrastructure materials. Through this Division, we have grown to be one of the leading service providers of process equipment in Asia, serving the plantations, oleo-chemical, petrochemical and power generation industries. We are also one of the top distributors of infrastructure and building materials in Malaysia.

Seeing no limits to the future, we aim to grow through innovation and productivity to be a world class and profitable, integrated energy infrastructure group. We endeavour to serve the needs of both our internal and external stakeholders by enhancing our corporate values that is driven by our uniqueness and capabilities.

Alongside this, we manage both our local and global operations with interests for health, safety and the environment. Fulfilling our corporate responsibility by according the highest priorities to these principles are prerequisites for the success of our business while also demonstrating our commitment to sustainable development and the communities which we serve.

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Wah Seong Corporation Berhad

A n n u a l R e p o r t 2022