Page 86 - HRC_Annual_Report_2023

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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 2023.

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
Loss for the financial year 488,570

DIVIDENDS
The Directors do not recommend the payment of any dividend for the financial year ended 31 December 2023.

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
Surinderdeep Singh Mohindar Singh
Tai Sook Yee
Li, XiaoXia (appointed on 8 December 2023)
Fauziah binti Hisham (resigned on 8 December 2023)

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) 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.