Our efforts in 2024 led to significant improvements in profitability, underscoring our resilience and adaptability. GCEO officiated the Plantation Division Managers’ Seminar, reinforcing strategic alignment and performance focus across the division. Revenue (2023: RM19,359 million) RM22,158 million Profit After Tax and Minority Interest (2023: RM102 million) RM276 million Profit Before Zakat and Taxation (2023: RM336 million) RM566 million 28 FGV Holdings Berhad | Annual Integrated Report 2024 RESILIENCE IN A DYNAMIC LANDSCAPE The year 2024 marked a turning point for FGV as we navigated a dynamic and challenging operating environment, determined to enhance performance and long-term stability. The lingering effects of the COVID-19 pandemic, particularly on labour availability, posed significant challenges. Through enhanced recruitment efforts and closer engagement with recruitment agencies in source countries, we reduced labour shortages from 16% in 2023 to 12% in 2024. This progress allowed us to realign our operational fundamentals. Enhanced estate management, driven by meticulous plantation practices and a focus on addressing immediate opportunities, alongside strict adherence to GAP, further strengthened our operations. These efforts were reinforced by corrective actions and continuous improvements through mechanisation, manuring, and replanting, which are integral components of our medium and long-term strategies that solidify our industry position. In addition, we successfully navigated the volatility of CPO prices, which fluctuated between RM3,600 and RM5,300 per MT in 2024. These fluctuations required us to optimise operations, manage costs, and enhance value chain integration. Despite these challenges, our efforts in 2024 led to significant improvements in profitability, underscoring our strength and adaptability. A YEAR OF GROWTH AND IMPACT FGV delivered a solid performance in 2024, driven by enhanced efficiency and productivity, cost optimisation, market expansion, and a strong commitment to sustainability. Revenue climbed to RM22,158 million, supported by higher FFB yields, a broader product range, and higher average CPO prices of RM4,102 per MT. The Group recorded a PATAMI of RM276 million this year, in comparison to RM102 million in 2023, reflecting a year-on-year increase of over 100%. Group Chief Executive Officer’s Review
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