FGV HOLDINGS BERHAD | ANNUAL INTEGRATED REPORT 2023 25 GROUP CHIEF EXECUTIVE OFFICER’S REVIEW OUTLOOK AND EXPECTATIONS Looking ahead, several global factors could impact our operational landscape, including the downturn in commodity prices, extreme weather affecting crop yields, geopolitical conflicts and China’s economic slowdown. Food security, driven by inflation and trade restrictions, remains a concern. Amid these challenges, adoption and advancements in digitalisation and technology are crucial for maintaining competitiveness. Efforts by the Malaysian government to strengthen sustainability and develop the country into a high-income nation driven by the MADANI Economy framework will provide the impetus to strengthen the national economy and the rakyat’s well-being. We are embarking on a comprehensive strategy to enhance our operational effectiveness. This encompasses several key initiatives, including the continued implementation of GAP in our plantations, the adoption of hedging strategies, optimisation of resources, streamlining of supply chain processes, and a significant push towards mechanisation and digitalisation. We are also strategically diversifying our FFB supplier base to enhance stability in our supply chain. Simultaneously, we are actively engaging in negotiations to secure more favourable terms with our suppliers. In addition to these efforts, we are focusing on innovation by introducing new consumer products and enhancing existing ones to align with evolving customer preferences and stimulate market demand. This entails a focused approach on marketing activities to raise awareness and consumer interest. Furthermore, we are seeking collaborative opportunities to leverage synergies and effectively navigate the dynamics of the market. The leadership at FGV plays a crucial role in steering the organisation towards sustainable practices, as reflected in the Chairman’s Statement and integrated into our strategic actions. We prioritise long-term success with a keen focus on ESG impact. This approach not only informs our decision-making but also reinforces our pledge to cultivate a sustainable future. We are continuously refining our strategies to align with the dynamic business environment and transitioning to latest Business Plan for the 2024-2026 cycle, ensuring relevance and responsiveness in both our operations and target objectives. More information can be found in Business Strategy on pages 29 to 31. Dato’ Mohd Nazrul Izam Mansor Group Chief Executive Officer APPRECIATION Reflecting on this past year, I feel deeply humbled by the widespread support we have received. I would like to extend my gratitude to our Chairman, Tan Sri Rastam Mohd Isa, and the Board of Directors for their steadfast guidance and support, which have been instrumental in FGV’s transformation journey. I am particularly proud of how our Management and employees have faced the year’s challenges with resilience, fostering a spirit of mutual support and teamwork. The dedication, hard work, and innovative spirit have been the backbone of our operations and success. We sincerely appreciate the trust and support extended to us by FELDA, our invaluable shareholders, our loyal customers and suppliers, whose commitment has been the driving force behind our achievements. Our heartfelt thanks also go out to the FELDA settlers and independent smallholders for their continued partnership as well as to the government and regulators for their collaborative approach, which has added significant momentum to our journey. This wave of collective support, combined with the resolute mandate from our shareholders, reinforces our mission to evolve as a leading, sustainable foods and agribusiness company. At the launch of Saji ‘Terima Kasih Malaysia’ Campaign. These accolades validate our ongoing commitment to transparency and disclosures, reinforcing their importance in fostering trust and confidence among our stakeholders. Best Annual Report in Bahasa Malaysia Award by National Annual Corporate Report Awards 2023 (Gold) Asia Best Integrated Report for CEO Message by the Asia Integrated Reporting Awards 2023 (Bronze)
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