FGV HOLDINGS BERHAD | ANNUAL INTEGRATED REPORT 2023 45 GROUP FINANCIAL REVIEW From left • Nor Marhamah Yahya - General Counsel • Shahrul Azman Mohd Mokhtar - Group Treasurer • Manvinder Sigh - Group Tax Controller • Dato’ Mohd Hairul Abdul Hamid - Group Chief Financial Officer • Aznur Kama Azmir - Group Financial Controller • Daniel VC Lee - Group Information Officer • Chew Tong Lai - Head, Group Procurement FINANCIAL OPERATIONAL HIGHLIGHTS In addition to our core finance functions, our in-house finance services extend their reach into estates and operations by integrating advanced digital platforms to streamline financial and operational processes, including e-statements and seamless payment options. Furthermore, our team prioritises digitalisation through the exploration of Artificial Intelligence (AI) to automate routine operations and introduce predictive analytics for strategic decision-making in document processing to increase efficiency across our organisation. In terms of capabilities, we are committed to empowering our finance teams with robust expertise to serve as trusted business partners, guiding businesses in making well-informed financial decisions while ensuring compliance with regulatory standards. Continuous professional development remains paramount to keep pace with evolving accounting standards and technologies. As of 2023, we have 83 accountants holding memberships in Professional Accounting Bodies (PAB), with 26 finance executives actively pursuing PAB qualifications. Among these, 59 accountants are affiliated with the Malaysian Institute of Accountants, while 50 are members of esteemed professional bodies such as Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), the Malaysian Institute of Certified Public Accountants (MICPA), Institute of Chartered Accountants in England and Wales (ICAEW), Certified Public Accountant (CPA) (Australia), and others. As an approved and recognised employer by multiple professional bodies, our in-house FGV Accountant Certification (FGV ACe) programme serves as a platform for aspiring young finance executives to pursue professional accounting certification. In 2023, four finance executives successfully completed the programme with professional qualifications such as ACCA and CPA (Australia). PROCUREMENT FGV remains vigilant in navigating operational challenges to achieve cost efficiency. This commitment to fiscal responsibility has led to significant cost savings outcomes. In 2023, we achieved savings of RM176 million, exceeding our annual target by 15%. We also realised a 4% reduction in negotiated savings versus actual contract value, amounting to RM36 million on a contract value of RM1,018 million. We will continue to enhance our processes and negotiation strategies to minimise any financial leakages. We are enhancing our procurement team’s capabilities by equipping them with advanced knowledge and skills through benchmarked certification. In 2023, 30 employees were conferred as Certified Procurement Professional (CPP) and two employees received Certified Strategic Sourcing Professional (CSSP) certifications. Certified Procurement Professional (CPP) The Malaysian Institute of Purchasing and Materials Management (MIPMM) provides the CPP certification, aimed at affirming the competencies and expertise of professionals in procurement. The CPP certification is highly regarded by individuals seeking advancement in their procurement or purchasing management careers. Certified Strategic Sourcing Professional (CSSP) The CSSP certification aims to certify the expertise and competencies of professionals involved in strategic sourcing, supplier relationship management, and procurement strategy development.
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