FGV IN MIDST OF FINALISING GROUP CEO APPOINTMENT, SAYS CHAIRMAN

KUALA LUMPUR, June 23 -- Plantation company FGV Holdings Bhd is finalising the appointment of its new group chief executive officer (GCEO).

Chairman Datuk Dzulkifli Abd Wahab said FGV, the largest producer of crude palm oil (CPO) in the world, would make the announcement once the process is completed.

“In the meantime, the duties and responsibilities of the GCEO are under the purview of the group divisional director of logistics and support businesses sector, Azman Ahmad,” he said in a statement today in conjunction with FGV’s 13th annual general meeting (AGM), which was held virtually.

Dzulkifli noted that FGV's shareholders have approved all resolutions at the AGM.

Other key updates include parent company Federal Land Development Authority (Felda) and the persons acting in concert, who currently holds 81 per cent equity interest of the company after the launch of a takeover offer at RM1.30 per share.         

“As such, FGV will continue to work synergistically with Felda, as the company’s ultimate holding company, in any decisions and in the best interest of all stakeholders, including Felda settlers,” said Dzulkifli.

In addition, he said the unprecedented COVID-19 outbreak has greatly affected the industry, and FGV, as well as all other plantation players, have not been spared.

"The uncertainties and challenges faced by the industry throughout this pandemic have affected domestic and global demand, which have been further aggravated by disruption in upstream activities,” he said.

However, Dzulkifli said that FGV’s comprehensive action plan, which had been implemented across all business operations during the pandemic, has started to bear fruit and translated well into its 2020 financial performance.

“FGV anticipates that 2021 will be another challenging year due to constraints in labour supply and highly volatile CPO prices.

“Meanwhile, our sugar business will continue to enhance its operational and financial performance,” he said.

In the financial year 2020 (FY20), FGV posted a profit before zakat and tax of RM353 million, compared to a loss before zakat and tax of RM338 million in the previous year.

Revenue increased to RM14.08 billion from RM13.26 billion, with the average CPO price realised improving to RM2,675 per tonne compared to RM2,021 per tonne previously.

The board has also declared a three sen final dividend in FY20.

-- BERNAMA