• Enhancing facility capabilities by obtaining Kosher/Halal, and food grade certifications to meet diverse market requirements. • Secured Kosher and Halal certification for over 65% of product lines, with the entire facility certified as food-grade capable, enabling participation in higher-margin markets. • Focusing on optimising glycerine production to cater to rising demand in both domestic and export markets. • Achieved over 100% of premium-grade glycerine sales to both existing and new customers. KEY INITIATIVES ACHIEVEMENTS BUSINESS PERFORMANCE REVIEW CHALLENGES AND MITIGATION CHALLENGES MITIGATION ACTIONS RESULTS • Uncompetitive palm oil prices compared to tallow are hindering the U.S transition to vegetable-based products. • Established a complex supply chain to support a major consumer’s transition from tallow to palm-based alternatives. • Secured a multiyear supply deal with a major consumer products company. • Diesel subsidy rationalisation, has reduced domestic demand and disrupted market dynamics. • Engaged with customers, ministries, and regulatory bodies to align on key initiatives and foster collaboration. • Maintained ongoing engagement with the Ministry to expedite the implementation of the B20 mandate. OUTLOOK AND PROSPECTS As global markets evolve, this cluster is strengthening operational agility, forging strategic partnerships, and advancing innovation to drive long-term growth. With a focus on sustainability and high-value markets, we are expanding our waste-to-wealth initiatives and developing innovative applications for sustainable chemicals to diversify our customer base and unlock new revenue streams. Our U.S business is set to grow its specialty product in food grade and Kosher/Halal segments, optimising by-products through advanced processing, and securing long-term palm-based supply agreements. As palm oil becomes more competitive, we are also shifting tallow-based fatty acid applications to palm-based alternatives, and strengthening our presence in Kosher-certified and food-grade markets to meet growing demand. We are also optimising our glycerine portfolio by leveraging Kosher certifications, U.S based production, and food-grade capabilities. At the same time, we are broadening PME applications to new sectors such as marine and aviation while maximising export opportunities to non-European destinations by capitalising on favourable palm oil-gas oil spreads. With an integrated supply chain and sustainability-driven innovation, we are well-positioned to anticipate industry shifts, enhance value creation, and strengthen our market position in the global chemicals sector. 2024 HIGHLIGHTS Secured quality and sustainability certifications including, Hazard Analysis and Critical Control Points (HACCP), Good Manufacturing Practice (GMP), RSPO & MSPO, and ISCC. Commanded a 22% share of the North American-produced Fatty Acid market (excluding imports). Held more than 70% of the biodiesel market share in East Coast Peninsular Malaysia. 97 Sec 05 DRIVING VALUE THROUGH BUSINESS GROWTH (BUSINESS REVIEW)
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