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Chairman’s Statement

Dear Shareholders,

The Group registered revenue of RM295.92 million, 1.6% lower compared to the previous year. Meanwhile, Group profit before tax and zakat (“PBT”) was RM51.29 million, down by 46.1% compared to the previous year, primarily due to the decrease in the PBT of our plantation division. Plantation division’s results were impacted by commodity prices which sharply receded in the second half of the year from the historical high experienced earlier. Realised Crude Palm Oil (“CPO”) prices in FYE2023 averaged RM3,492 per metric tonne (MT), a year-on-year (“y-o-y”) decline of 10.8% compared to RM3,914 per MT last year. Fresh fruit bunch (“FFB”) production was also 2.8% lower y-o-y. On the other hand, manufacturing division’s PBT increased to RM10.11 million, up 19.1% compared to the previous year. This growth was driven by volume recovery, particularly in the transport and travel document segments.

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