FGV navigated a complex environment in 2024, delivering a strong financial recovery amid volatile crude palm oil (CPO) prices, rising operational costs, and regulatory changes. CPO prices fluctuated between RM3,600 and RM5,300 per MT, reflecting global supply-demand imbalances and geopolitical disruptions. Malaysia’s palm oil production reached 19.34 million MT in 2024, supported by improved weather conditions and a more stable labour supply. Amid this backdrop, FGV’s focus on operational efficiencies, cost discipline, and strategic execution led to a 171% increase in profit after tax and minority interest (PATAMI), rising to RM276 million from RM102 million in 2023. Revenue improved by 14% to RM22,158 million, underpinned by a higher average realised CPO price of RM4,102 per MT and stronger contributions across all main businesses. Operating profit, before the Land Lease Agreement (LLA) fair value charges and impairments, rose 89% to RM1,219 million driven by improved fresh fruit bunch (FFB) yields, better palm product margins, and a sharp recovery in the Sugar Division. This strong financial performance enabled the Group to sustain value creation for shareholders through disciplined capital management and consistent dividend payouts. Operating Profit before LLA and Impairment (2023: RM645 million) RM1,219 million Revenue (2023: RM19,359 million) RM22,158 million PATAMI (2023: RM102 million) RM276 million Profit Before Zakat and Taxation (PBZT) (2023: RM336 million) RM566 million SHAREHOLDER RETURNS With strong financial fundamentals and a disciplined capital structure, FGV continues to enhance shareholder value. The Board declared a final dividend of 5.0 sen per share amounting to RM182 million, which was paid on 28 March 2025, reflecting our commitment to delivering sustainable returns while balancing reinvestment in long-term growth. The Group remains focused on strengthening profitability and maintaining a stable dividend policy aligned with financial performance and market conditions. Shahrul Azman Mohd Mokhtar Group Treasurer Zalily Mohamed Zaman Khan Group Procurement Shahril Ibrahim Group Accountant, Plantation Division Mohd Izam Pariz Zamri Group Accountant, Logistics & Support Division Dato’ Mohd Hairul Abdul Hamid Group Chief Financial Officer Aznur Kama Azmir Group Financial Controller Hairul Azdi Mustafa Group Information Officer Manvinder Sigh Group Tax Controller Nor Marhamah Yahya Nor Marhamah Yahya General Counsel 66 FGV Holdings Berhad | Annual Integrated Report 2024 Group Financial Review
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