KENANGA ANNUAL REPORT 2018

93 ANNUAL REPORT 2018 DIRECTORS’ REPORT The Directors have pleasure in presenting their report together with the audited financial statements of Kenanga Investment Bank Berhad (“the Bank” or “KIBB”) and its subsidiaries (“the Group” or “Kenanga Group”) for the financial year ended 31 December 2018. PRINCIPAL ACTIVITIES The Bank is principally engaged in the investment banking business, provision of stockbroking and related financial services. The principal activities of the subsidiaries are described in Note 14 to the financial statements. There were no significant changes in the nature of the principal activities during the financial year. RESULTS Group Bank RM’000 RM’000 Profit after taxation and zakat 18,459 23,347 Share of results in associates and a joint venture (6,548) - Profit for the financial year 11,911 23,347 Attributable to: Equity holders of the Bank 11,911 23,347 There were no material transfers to or from reserves or provisions during the financial year other than those that have been disclosed in the statements of profit or loss and other comprehensive income and the statements of changes in equity. In the opinion of the Directors, the results of the operations of the Group and of the Bank during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature. DIVIDENDS During the financial year, a final single tier dividend of 3.0 sen per ordinary share on 721,761,599 ordinary shares in respect of the financial year ended 31 December 2017, which amounted to RM21,652,848 was paid on 31 May 2018. Subsequent to financial year end, on 22 March 2019 the Directors declared an interim dividend in respect of the current financial year ended 31 December 2018 of 1.1 sen amounting to a dividend payable of approximately RM7,688,972. This is computed based on issued and paid-up capital as of 31 December 2018 of 698,997,499 ordinary shares. The financial statements for the current financial year do not reflect this interim dividend. Such dividend will be accounted for in equity as an appropriation of retained earnings in the financial year ending 31 December 2019.