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Financial Reports &
Governance HENGYUAN REFINING COMPANY BERHAD l ANNUAL REPORT 2023 145
Other Information

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

30 KEY MANAGEMENT PERSONNEL COMPENSATION
Key management personnel are those persons who have authority and responsibility for planning, directing and controlling
the activities of the Company either directly or indirectly. Key management personnel of the Company include the Board of
Directors and senior management personnel of the Company.
2023 2022
RM’000 RM’000

Compensation for key management personnel:
- salaries, bonus and allowances 5,184 6,303
- fees 1,900 1,956
- defined contribution plan 314 271
- benefits in kind 2 5

31 COMMITMENTS TO OIL SPILL FUND
The Company is a member of the International Oil Pollution Compensation (“IOPC”) 1992 Fund and Petroleum Industry of
Malaysia Mutual Aid Group (“PIMMAG”) (collectively as “Funds”). The purpose of the Funds is to help compensate parties that
suffer financial loss as a result of oil spill from tankers. The Company makes contributions to the Funds depending on specific oil
spill incidents, which give rise to payments of compensation by the Funds.

32 CAPITAL COMMITMENTS
Approved capital expenditure for property, plant and equipment not provided for in the financial statements are as follows:

2023 2022
RM’000 RM’000
Approved and contracted for 52,842 44,414
Approved but not contracted for 4,192 18,763

33 SEGMENTAL INFORMATION
The Company is principally engaged in the business of refining and manufacturing of petroleum products in Malaysia, which is
a single business segment. The Company’s primary operations are also concentrated within Malaysia, hence operating within
a single geographical segment. Accordingly, no segmental information is considered necessary for analysis by business or by
geographical segments.

This is consistent with the internal management reports reviewed by the Board of Directors (chief operating decision maker of
the Company) where performance of the Company is measured based on refining margins and profit before tax recognised as
a single business and geographical segment.
In 2023, one customer on an individual basis, contributed revenue exceeding 67% (2022: 60%) of total revenue for the financial
year, amounting to RM10,371,940,000 (2022: RM12,779,943,000).