KENANGA ANNUAL REPORT 2019

104 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 2019. 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 13 to the financial statements. There were no significant changes in the nature of the principal activities during the financial year. RESULTS v Group RM’000 Bank RM’000 Profit after taxation and zakat 33,959 26,305 Share of results in associates and a joint venture (7,573) - Profit for the financial year 26,386 26,305 Attributable to: Equity holders of the Bank 26,386 26,305 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, an interim single tier dividend of 1.1 sen per ordinary share on 698,687,499 ordinary shares in respect of the financial year ended 31 December 2018, which amounted to RM7,685,562 was paid on 19 April 2019. Subsequent to financial year end, on 2 March 2020 the Directors declared an interim dividend in respect of the current financial year ended 31 December 2019 of 3.25 sen amounting to a dividend payable of approximately RM22,707,344. This is computed based on issued and paid-up capital as of 31 December 2019 of 698,687,499 ordinary shares (excluding 24,053,900 treasury 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 profits in the financial year ending 31 December 2020.