7 189 188 Notes to the Financial Statements Notes to the Financial Statements 26. TAX EXPENSE Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Tax expense on continuing operations 118,929 85,670 822 1,050 Share of tax of equity-accounted associates 422 172 - - Total tax expense 119,351 85,842 822 1,050 Current tax expense - Current year 97,240 83,098 864 1,056 - Under/(Over) provision in prior years 5,399 (1,917) (42) (6) 102,639 81,181 822 1,050 Deferred tax expense - Origination of temporary differences 12,528 3,654 - - - Under provision in prior years 3,762 835 - - 16,290 4,489 - - Share of tax of equity-accounted associates 422 172 - - Total tax expense 119,351 85,842 822 1,050 Reconciliation of tax expense Profit for the year 361,902 235,541 171,796 177,397 Total income tax expense 119,351 85,842 822 1,050 Profit excluding tax 481,253 321,383 172,618 178,447 Income tax calculated using Malaysian tax rate of 24% (2022: 24%) 115,501 77,132 41,428 42,827 Effect of tax rates in foreign jurisdictions (7,522) (669) - - Non-deductible expenses 11,069 12,772 5,917 2,431 Tax exempt income (6,640) (3,132) (46,481) (44,202) Tax incentives (4,364) (3,026) - - Effect of temporary differences not recognised 2,316 3,930 - - Under/(Over) provided in prior years 9,161 (1,082) (42) (6) Others (170) (83) - - Tax expense 119,351 85,842 822 1,050 27. EARNINGS PER ORDINARY SHARE Basic earnings per ordinary share The calculation of basic earnings per ordinary share is based on the profit attributable to the owners of the Company of RM346,821,000 (2022: RM217,345,000) and the weighted average number of ordinary shares in issue during the year. 2023 ’000 2022 ’000 Weighted average number of ordinary shares at 31 March 2,433,657 2,433,657 Basic earnings per ordinary share (sen) 14 9 Diluted earnings per ordinary share The Group has no dilution in its earnings per ordinary share at 31 March 2023 and 31 March 2022. 28. DIVIDENDS Dividends recognised by the Company: Sen per share Total amount RM’000 Date of payment 2023 Interim 2023 3.50 85,178 29 March 2023 Final 2022 3.50 85,178 23 September 2022 170,356 2022 Final 2021 3.50 85,178 15 October 2021 A final single tier dividend recommended by the Directors in respect of the financial year ended 31 March 2023 is 3.50 sen per ordinary share totalling approximately RM85,178,000 subject to the approval of the members at the forthcoming Annual General Meeting of the Company. 29. OPERATING SEGMENTS The Group’s resources allocation is assessed on a quarterly basis in accordance to the business performance and requirements of the respective business segments as reviewed and determined by the Group’s Chief Operating Decision Makers (“CODM”) whom are also the Executive Chairman and Managing Director of the Group. Hence, segment information is presented by business segment that the Group operates in. The format of the business segment is based on the Group’s operation management and internal reporting structure. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. The Company’s assets and liabilities are absorbed into integrated livestock farming segment. Expenses which are common and may not be directly allocated to the respective operating segments are allocated to the respective segments based on the relative size of each segments. Segment capital expenditure is the total costs incurred during the period to acquire property, plant and equipment, investment properties, right-of-use assets and intangible assets other than goodwill.
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