Genp Iar 2023

CONTENTS
ABOUT THIS REPORT 1
01 KEY MESSAGE Operational Review

Chairman’s Statement / 3 Plantation 62
Penyata Pengerusi / 主席文告 Downstream Manufacturing 64
Agriculture Technology (“AgTech”) 66
02 ABOUT GENTING PLANTATIONS BERHAD Property 68
GENP At A Glance 11
Our Integrated Value Chain 13 06 GOVERNANCE
Our Presence 14 Corporate Governance Overview Statement 70
List of Group Properties 16 Audit Committee Report 84
Key Highlights 17 Risk Management Committee Report 88
Sustainablility Highlights 18 Statement on Risk Management 90
Group Corporate Structure 19 and Internal Control
Corporate Information 19 Directors’ Report 94
Corporate Diary 20
07 FINANCIAL STATEMENTS
03 LEADERSHIP Statements of Profit or Loss 104
Board of Directors 22 Statements of Comprehensive Income 105
Directors’ Profile 23 Statements of Financial Position 106
Principal Executive Officers’ Profile 33 Statements of Changes in Equity 108
Senior Management 34 Statements of Cash Flows 112
Notes to the Financial Statements 116
04 HOW GENTING PLANTATIONS BERHAD Independent Auditors’ Report 176
CREATES VALUE Statement on Directors’ Responsibility 182
Our Approach to Value Creation 35 Statutory Declaration 183
Our Value Creation Model 36
Overview of Sustainability at 38 08 ADDITIONAL INFORMATION
Genting Plantations Berhad
Analysis of Shareholdings 184
Materiality and Material Matters 41
Notice of Annual General Meeting 189
Stakeholder Engagement 50
Statement Accompanying Notice of 196
Annual General Meeting
05 MANAGEMENT DISCUSSION AND
ANALYSIS
Form of Proxy
Strategic Review
Operating Environment 53
Group Offices
Managing Our Key Risks 54
Our Strategic Approach 57
Financial Performance Review

Group Financial Review 58
Five-Year Summary 60
ABOUT 1
THIS REPORT
Genting Plantations Berhad (“Genting

Plantations”, “GENP” or “the Company”)
is pleased to present our inaugural
Integrated Annual Report 2023 (“IAR
2023” or “Report”) which aims to
provide our stakeholders with a holistic
overview of our performance and value
creation for the financial year ended 31
December 2023 (“FY2023” or “the year
under review”). IAR 2023 is intended to
enhance the integration of narratives
and disclosures, bridging financial and
non-financial aspects of the Company’s
operations.
Basis of This Report The sustainability performance of the Company is

presented in a separate Sustainability Report 2023 (“SR
The Report adheres to the principle-based framework of
2023”), which is part of the reporting suite for FY2023.
Integrated Reporting, moving beyond conventional annual
financial reporting. It also underscores our commitment
Reporting Suite
and journey towards creating value for our stakeholders.
This Report should be read alongside the following reports
Through this Report, we demonstrate our dedication to in our Reporting Suite for a more holistic perspective of
transparency and accountability, providing insights into Genting Plantations’ activities and performance in
our strategic objectives, operational efficiencies, and our FY2023.
approach to environmental, social and governance
sustainability. This Report is both a reflection of our past • Sustainability Report 2023
year’s achievement, and a testament to our ongoing This report details disclosures of approach, performance,
efforts in shaping a sustainable future for Genting and initiatives in managing our material environmental,
Plantations, our stakeholders, and the communities we social, and governance (“ESG”) impacts.
serve.
• Corporate Governance Report 2023
Reporting Scope and Boundary This report provides information on Genting Plantations‘
corporate governance practices in ensuring transparency
IAR 2023 provides an overview of Genting Plantations
and accountability.
Berhad’s performance and key achievements throughout
the year under review, unless otherwise stated. Historical
Materiality and Material Matters
data from the preceding years have been included for
comparison, where applicable. In 2022, a materiality review exercise was carried out in
line with the methodologies outlined by Bursa Malaysia’s
This Report presents information which addresses Sustainability Toolkit: Materiality Assessment (3rd
stakeholders’ interests relating to Genting Plantations’ Edition) and the Global Reporting Initiative (“GRI”)
value creation model, operating context, principal risks Standards. In 2023, a validation exercise was done to
and opportunities, strategic priorities, and governance of ensure the relevance of the existing material matters in
the operations where the Company has management response to the dynamic changes in the operating
control which includes the Plantation Division, landscape.
Downstream Manufacturing Division, Agriculture
Technology (“AgTech”) Division and Property Division. Note: For more details about our Materiality and Material
Unless otherwise stated, the boundary of this Report Matters, please refer to page 41 of this Report and page 17
includes an overview of the performance and key of our SR 2023.
achievements of the Group’s operations mentioned above.
INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

2 ABOUT THIS REPORT
Assurance Feedback
The audited financial statements for the year under review We strive for continuous enhancement in our reporting
are disclosed from pages 104 to 175 in this Report, while initiatives and welcome our stakeholders to share their
the independent auditors’ report can be found on page feedback and comments. Please share your feedback to
176. gpbinfo@gentingplantations.com.
Selected matters in the SR 2023 have been subjected to

an internal review by the Company’s Internal Auditors. We Navigating Through This Report
endeavour to obtain external assurance for our
We use the following icons to indicate the elements of our
Sustainability Report in the coming years.
business model and to strengthen the linkages between
information presented throughout the Report:
Reporting Frameworks
This Report has been prepared in line with the reporting
Key Capitals
frameworks, standards, guidelines, and principles as
follows:
• Companies Act 2016 (“Act”)
Financial
• Main Market Listing Requirements (“MMLR”) by Bursa Manufactured
Capital
Malaysia Securities Berhad Capital
• Malaysian Code on Corporate Governance 2021
(“MCCG 2021”)
• Malaysian Financial Reporting Standards (“MFRS”) Intellectual
Capital
• International Financial Reporting Standards (“IFRS”)
• International Integrated Reporting <IR> Framework
• Global Reporting Initiative (“GRI”) Standards
• Bursa Malaysia Sustainability Reporting Guide (3rd Key Capitals
Natural
Edition) Capital
• Bursa Malaysia Corporate Governance Guide (4th
Edition)
Human Social and
Capital Relationship
Forward-looking Statements Capital
This Report contains forward-looking statements with

respect to the business and financial performance of
Material Matters
Genting Plantations, which involves risks and
uncertainties, as they relate to events and depend on
circumstances that may or may not occur in the future. All
forward-looking statements described in this Report are
based on Genting Plantations’ current position and Upholding Human Governance, Resposible Smallholder
expected trajectory, and the information currently made Rights & Labour Ethics & Supply Chain / Inclusion
Standards Integrity Sourcing
available.
Board Approval
The Board, acknowledging its responsibility to ensure No Deforestation, Emissions Energy Effluents & Waste
reporting integrity, has found that the contents of this Conservation & Management Management Management
Biodiversity
Report are factual and fairly represent Genting
Plantations Berhad’s performance for the year 2023.
This Report has been reviewed, approved, and endorsed

Water Community
by Genting Plantations Berhad’s Board of Directors on Management Empowerment
8 March 2024.
Workplace Marketplace Environment Community
GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

CHAIRMAN’S 3
STATEMENT
Dear Shareholders,
On behalf of the Board of Directors, I am pleased to present the Annual

Report and Audited Financial Statements of Genting Plantations
Berhad and its subsidiaries (“our Group”) for the year ended
31 December 2023.
FINANCIAL OVERVIEW
In 2023, as elevated inflation and higher-for-longer interest rates led

to heightened macroeconomic uncertainties, likewise edible oil prices
continued to be volatile influenced by a myriad of factors including
supply and demand dynamics, weather conditions and geopolitical
risks brought about by the Israel-Palestine conflict along with the
continuing war in Ukraine.
After hitting a low of RM3,331 per metric tonne (“mt”) in early

June 2023, crude palm oil (“CPO”) price started recovering on the
back of El Niño alerts. However, the recovery did not sustain, as
high stockpiles in Malaysia, decline in global sunflower oil prices and
elevated vegetable oil reserves in major palm importing countries
failed to lift demand sentiment for palm oil. The weak price sentiment
sent 2023 CPO price lower and hence, our Group’s average CPO price
achieved for the year was 15% lower at RM3,483 per mt compared
to RM4,100 per mt in 2022. Similarly, the average palm kernel price
achieved decreased by 33% to RM1,875 per mt from RM2,784 per mt
in the previous year.
Overall, the Group posted a 7% year-on-year decrease in revenue

whilst pre-tax profit declined to RM384 million in 2023 reflective
of the softer performance from our Plantation and Downstream
Manufacturing divisions.
OPERATIONAL PERFORMANCE
The Plantation Division, our Group’s mainstay business segment, reported a 6% year-on-year increase in total fresh fruit
bunch (“FFB”) production to 2.11 million mt. This was driven by our Indonesian estates, arising from their favourable age
profile and expanded harvesting area. Accordingly, our Group’s FFB yield recovered to 17.6 mt per hectare.
The construction progress of our Group’s fourteenth oil mill, also located in Central Kalimantan, Indonesia remains on
track for completion by the end of 2024. When commissioned, this new 40 mt per hour facility will bring our Group’s total
processing capacity to 765 mt per hour.
Our Group’s Downstream Manufacturing Division operated in a challenging environment in 2023 as most Malaysian refiners
encountered low and negative margins due to the stiff price competition as a result of Indonesia’s export tax structure.
Consequently, our refinery operations experienced a substantial drop in the sales volume of refined palm products due to
the strong price competition and lower demand for palm oil in the biodiesel market on top of overcoming stiff competition
for CPO sourcing.

4 CHAIRMAN’S STATEMENT
The Division’s biodiesel operations continue to cater LOOKING FORWARD

mainly for Malaysian biodiesel mandate as biodiesel export
sales remained minimal, in view of the European Union’s Looking ahead to 2024, our Group’s performance will be
restriction on palm-based biodiesel as well as the intense closely linked to the direction of palm product prices, which
price competition from waste oil biodiesel in China. in turn are influenced by a host of external factors, not least
the global economic outlook.
The performance of our Group’s Property Division improved
from the previous year, notwithstanding an environment of While our Group cannot be fully sheltered from external
high inflation and relatively higher borrowing cost from risks, the strategic steps taken in the preceding years
the normalising of the overnight policy rate. Property sales should keep our Group moving in the right direction in
expanded by 8% from a year ago, mainly contributed by 2024. Given a favourable age profile coupled with the
the sales of new residential launches at Bandar Genting adoption of an integrated solution, “The Right Seed at
Indahpura. the Right Location with the Right Practices”, the right
elements are in place for our Group to continue benefitting
The Group’s Premium Outlets® outdid the record from palm oil’s bright outlook in the long-term.
performance achieved last year in terms of revenue
generation as the appeal of affordable luxury goods Already the most widely consumed vegetable oil in
combined with a favourable exchange rate drove demand the world, palm oil is expected to be used in increasing
particularly from neighbouring countries. Premium Outlets quantities for many more years to come as global
also maintained near-full occupancy of its lettable area. population and affluence levels continue rising. This is
further augmented by palm oil’s natural versatility which
Meanwhile, our Agriculture Technology Division lends itself to an expanding variety of both food and non-
commenced commercial sales of its high-yield oil palm food applications. As the most efficient oil-bearing crop on
planting material, known as “GT” in 2023 generating earth, oil palm will be depended upon more and more to
interests from various stakeholders. Over 410,000 meet the world’s growing food and energy needs in light of
GT seeds have since been planted across our Group’s the lack of arable land and to address food security.
Malaysian estates.
Palm oil prices are expected to be well supported at current
The Division’s Yield BoosterTM biofertilisers for plant levels in 2024 due to the seasonally low output cycle
and soil health continues to be developed actively, with during the first half as well as overall supply constraints,
additional formulations targeting specific soil conditions with Indonesia increasing local consumption for the food
being introduced. and biodiesel industry.
Aligned with the Government’s food security initiative, In addition, demand for palm products is projected to
the Division has initiated trial plantings of maize at our advance on the back of better economic conditions in 2024
northern Malaysian estate, as part of a crop diversification and continue to be supported by the price competitiveness
exercise aimed at fostering sustainable agriculture and of CPO against the other vegetable oils.
ensuring food security.
Elsewhere, the upcoming Johor-Singapore Special
DIVIDENDS Economic Zone and the Johor Bahru–Singapore Rapid
Transit System, which is slated for completion by end
Cognisant of the need to maintain an optimal balance 2026, augur well for the Johor property market and
between rewarding shareholders with reasonable present viable opportunities for our Group’s Property
dividends while conserving sufficient reserves to support Division to further unlock the value of its strategically-
our Group’s long-term growth aspirations, the Board of located landbank through rigorously planned property
Directors has declared total single-tier dividend of 21.0 sen development activities.
per ordinary share for the 2023 financial year, comprising
of an interim dividend of 8.0 sen, a special dividend of 9.0 The aspirations of our Group are guided by an underlying
sen and a final dividend of 4.0 sen, representing a payout commitment to attain sustainable outcomes. Across the
ratio of 74%. In comparison, the total dividend paid out for many facets of business, our Group remains committed
the 2022 financial year was at 34.0 sen per ordinary share, to harmonising the varied interests of all stakeholders
equivalent to a payout ratio of 65%. spanning the Environment, Community, Workplace and
Marketplace – the four pillars that shape our Group’s
sustainability agenda.

CHAIRMAN’S STATEMENT 5
Our Group’s vigilant approach to sustainability and On behalf of the Board, I also wish to extend a heartfelt
commitment to responsible business practice has been note of gratitude to Mr Quah Chek Tin, who has retired as
recognised at The Edge Malaysia ESG Awards 2023, an Independent Non-Executive Director on 30 May 2023
organised in collaboration with Bursa Malaysia and FTSE after close to 22 years of committed and dedicated service.
Russell, where we were honoured with the Gold award for His foresighted guidance and insights have been invaluable
Plantation sector in the Equities category. to the achievements of our Group over the decades.
Further development was also achieved in our Group’s The Board is highly confident that the management’s
pursuit of sustainability certification in 2023, as our second professionalism, unwavering dedication and proven
oil mill in Indonesia, Globalindo Oil Mill and its supply capabilities in turning obstacles into opportunities and
bases received the certification from the Roundtable on adversity into achievements will ensure the future success
Sustainable Palm Oil (“RSPO”). of our Group.
Our Group has embarked on its integrated reporting On this note, a special word of thanks is extended to Mr Tan
journey and we are proud to present our inaugural Cheng Huat, who has retired as Executive Vice President
Integrated Annual Report (“IAR 2023”) for the financial – Plantation on 31 January 2024, for his dedication and
year ended 31 December 2023. contribution throughout his 34 years of service in our
Group.
Our Board acknowledges its responsibility in ensuring the
integrity of this IAR 2023, addressing matters that are The nature of our Group’s business is such that the
material to Genting Plantations Berhad’s ability to create fluctuations in weather and global commodity prices from
sustainable value. time to time will inevitably impact on operating conditions
as well as our financial performance. The support and trust
The concept of value creation articulates how our Group given by all our stakeholders, from governing authorities
generates value over time through the interdependence and regulatory bodies, to our business associates, vendors
and interconnected relationships of various form of and customers as well as the tireless contribution from
capitals, namely financial, manufactured, intellectual, each and every employee of our Group provide the solid
human, social and relationship, and natural. foundation needed for our Group to weather any storm
and grasp opportunities in propelling Genting Plantations
This Report also presents a holistic view of our Group’s Berhad to greater heights over the next few years.
performance encompassing both financial and non-
financial aspects of our business operations. As we navigate Thank you.
the complexities of the everchanging business landscape,
this Report depicts our Group’s commitment to integrating
and embedding sustainability into its business strategy
and culture.
ACKNOWLEDGMENTS AND APPRECIATION
As our Group grows from strength to strength, I wish to

recognise the invaluable insights and governance offered
by my fellow members on the Board of Directors. The
Board has been invigorated with the appointment of two
new Independent Non-Executive Directors, namely Ms
Loh Lay Choon on 22 February 2023 and General Tan Sri
Dato’ Seri Panglima Ts. Haji Zulkifli bin Haji Zainal Abidin
(R) on 30 May 2023. Both their diverse experience and GEN. DATO’ SERI DIRAJA TAN SRI (DR.) MOHD ZAHIDI
expertise will add much value and further strengthen our BIN HJ ZAINUDDIN (R)
Board in decision-making and in upholding good corporate Chairman
governance standards. 8 March 2024

6
PENYATA
PENGERUSI
Para Pemegang Saham yang Dihormati,
Bagi pihak Lembaga Pengarah, saya dengan sukacitanya kemudahan baharu berkapasiti 40 mt setiap jam ini akan
membentangkan Laporan Tahunan dan Penyata Kewangan meningkatkan jumlah kapasiti pemprosesan Kumpulan
Beraudit Genting Plantations Berhad (“Syarikat”) dan kami kepada 765 mt setiap jam.
anak-anak syarikatnya (“Kumpulan kami”) bagi tahun
berakhir 31 Disember 2023. Bahagian Pembuatan Hiliran Kumpulan kami beroperasi
dalam persekitaran yang mencabar pada 2023 kerana
GAMBARAN KESELURUHAN KEWANGAN kebanyakan loji penapis di Malaysia berdepan dengan
margin yang rendah dan negatif disebabkan persaingan
Pada 2023, inflasi yang tinggi dan kadar faedah yang harga yang sengit akibat daripada struktur cukai eksport
kian meningkat untuk tempoh yang lebih lama telah Indonesia. Berikutan daripada itu, operasi loji penapis kami
menyebabkan ketidaktentuan makroekonomi yang mengalami penurunan mendadak dalam jumlah jualan
semakin meningkat, begitu juga harga minyak makan terus produk sawit bertapis disebabkan persaingan harga yang
turun naik dipengaruhi oleh pelbagai faktor termasuk sengit dan permintaan yang lebih rendah untuk minyak
dinamik bekalan dan permintaan, keadaan cuaca dan risiko sawit di pasaran biodiesel selain menghadapi persaingan
geopolitik yang disebabkan oleh konflik Israel-Palestin di sengit untuk mendapatkan sumber CPO.
samping perang yang berlarutan di Ukraine.
Operasi biodiesel Bahagian Pembuatan Hiliran terus
Selepas merudum ke tahap rendah RM3,331 setiap tan memenuhi keperluan mandat biodiesel Malaysia sementara
metrik (“mt”) pada awal Jun 2023, harga minyak sawit jualan eksport biodiesel kekal minimum, memandangkan
mentah (“CPO”) mula pulih disebabkan amaran El Nino. sekatan Kesatuan Eropah ke atas biodiesel berasaskan
Walau bagaimanapun, pemulihan tersebut tidak bertahan, sawit serta persaingan harga yang sengit daripada
disebabkan simpanan stok yang tinggi di Malaysia, biodiesel minyak sisa di China.
kejatuhan harga minyak bunga matahari global dan rizab
minyak sayuran yang tinggi di negara pengimport sawit Prestasi Bahagian Hartanah Kumpulan kami menunjukkan
utama, yang gagal menaikkan sentimen permintaan untuk peningkatan berbanding tahun sebelumnya, walaupun
minyak sawit. Sentimen harga yang lemah membawa dalam persekitaran inflasi yang tinggi dan kos pinjaman
harga CPO ke paras yang lebih rendah, dengan itu, harga yang secara relatifnya lebih tinggi daripada penormalan
CPO purata Kumpulan kami yang dicapai bagi tahun kadar dasar semalaman. Jualan hartanah berkembang
2023 adalah 15% lebih rendah pada RM3,483 setiap mt sebanyak 8% daripada setahun yang lalu, disumbangkan
berbanding dengan RM4,100 setiap mt pada 2022. Begitu terutamanya oleh jualan pelancaran kediaman baharu di
juga, harga isirung sawit purata menurun sebanyak 33% Bandar Genting Indahpura.
kepada RM1,875 setiap mt daripada RM2,784 setiap mt
pada tahun sebelumnya. Premium Outlets® Kumpulan kami berprestasi lebih baik
dari segi penjanaan hasil daripada prestasi yang mencecah
Secara keseluruhannya, Kumpulan mencatatkan rekod tahun lepas kerana daya tarikan barangan mewah
penurunan hasil tahun ke tahun sebanyak 7% manakala mampu milik bergabung dengan kadar pertukaran yang
keuntungan sebelum cukai jatuh kepada RM384 juta pada menggalakkan telah mendorong permintaan terutamanya
2023 yang mencerminkan prestasi Bahagian Perladangan dari negara-negara jiran. Premium Outlets® juga
dan Pembuatan Hiliran yang lebih lemah. mengekalkan penghunian hampir penuh bagi kawasan
boleh disewanya.
PRESTASI OPERASI
Sementara itu, Bahagian Teknologi Pertanian memulakan
Bahagian Perladangan, yang merupakan segmen jualan komersial untuk bahan penanaman minyak sawit
perniagaan utama Kumpulan kami, mencatatkan berhasil tinggi dikenali sebagai “GT” pada 2023 yang telah
peningkatan tahun ke tahun sebanyak 6% dari segi menarik minat daripada pelbagai pemegang kepentingan.
pengeluaran jumlah tandan buah segar (“FFB”) kepada Sejak itu, lebih daripada 410,000 benih GT telah ditanam di
2.11 juta mt. Ini didorong oleh estet kami di Indonesia, seluruh estet Kumpulan di Malaysia.
hasil daripada profil usia yang menggalakkan dan kawasan
penuaian yang lebih luas. Oleh sebab itu, hasil FFB Bahagian Teknologi Pertanian terus membangunkan secara
Kumpulan kami pulih kepada 17.6 mt setiap hektar. aktif baja bio Yield BoosterTM untuk kesihatan tanaman dan
tanah, dengan memperkenalkan formulasi tambahan yang
Kemajuan pembinaan kilang minyak Kumpulan kami yang menyasarkan keadaan tanah khusus.
keempat belas, yang juga terletak di Kalimantan Tengah,
Indonesia sedang berjalan dengan lancar untuk disiapkan
menjelang penghujung 2024. Apabila ditauliahkan,

PENYATA PENGERUSI 7
Sejajar dengan inisiatif keselamatan makanan Kerajaan, meningkat memandangkan kekurangan tanah suai tani dan
Bahagian Teknologi Pertanian telah memulakan untuk menangani keselamatan makanan.
penanaman percubaan jagung di estet utara Malaysia,
sebagai sebahagian daripada usaha mempelbagaikan Harga minyak sawit dijangka akan disokong baik pada
tanaman dengan sasaran untuk memupuk pertanian tahap semasa pada 2024 disebabkan kitaran output
mampan dan memastikan keselamatan makanan. bermusim yang rendah semasa separuh tahun pertama
serta kekangan bekalan yang menyeluruh, dengan
DIVIDEN Indonesia meningkatkan lagi penggunaan tempatan untuk
industri makanan dan biodiesel.
Menyedari keperluan untuk mengekalkan keseimbangan
yang optimum antara memberi ganjaran kepada Di samping itu, permintaan untuk produk sawit diunjurkan
pemegang saham melalui dividen yang munasabah sambil meningkat disebabkan keadaan ekonomi yang lebih baik
mengekalkan rizab yang mencukupi untuk menyokong pada 2024 dan terus disokong oleh persaingan harga CPO
aspirasi pertumbuhan jangka panjang Kumpulan kami, berbanding minyak sayuran lain.
Lembaga Pengarah telah mengisytiharkan jumlah dividen
satu peringkat sebanyak 21.0 sen sesaham biasa bagi tahun Selain itu, Zon Ekonomi Khas Johor-Singapura dan Sistem
kewangan 2023, merangkumi dividen interim sebanyak Transit Rapid Aliran Johor Bahru-Singapura, yang dijangka
8.0 sen, dividen khas sebanyak 9.0 sen dan dividen akhir siap menjelang penghujung 2026, memberikan petanda
sebanyak 4.0 sen, mewakili nisbah pembayaran sebanyak baik untuk pasaran hartanah Johor dan merupakan peluang
74%. Sebagai perbandingan, jumlah dividen dibayar bagi yang baik untuk Bahagian Hartanah Kumpulan kami untuk
tahun kewangan 2022 adalah 34.0 sen sesaham biasa, terus membebaskan nilai bank tanah yang berkedudukan
bersamaan dengan nisbah pembayaran sebanyak 65%. strategik melalui aktiviti pembangunan hartanah yang
dirancang rapi.
MELANGKAH KE HADAPAN
Aspirasi Kumpulan kami adalah berpandukan komitmen
Memandang ke hadapan pada 2024, prestasi Kumpulan dasar untuk mencapai hasil yang mampan. Dalam banyak
kami akan berkait rapat dengan hala tuju harga produk aspek perniagaan, Kumpulan kami terus komited untuk
sawit, yang dipengaruhi pula oleh pelbagai faktor luaran, menyelaraskan pelbagai kepentingan semua pemegang
bukan setakat prospek ekonomi global. kepentingan merentasi aspek Alam Sekitar, Komuniti,
Tempat Kerja dan Pasaran – 4 tunggak yang membentuk
Walaupun Kumpulan kami tidak boleh dilindungi agenda kelestarian Kumpulan kami.
sepenuhnya daripada risiko luaran, langkah strategik
yang telah diambil pada tahun sebelumnya seharusnya Pendekatan Kumpulan kami yang sentiasa berjaga-
akan mengekalkan Kumpulan kami untuk mara pada jaga terhadap kelestarian dan komitmen kepada amalan
landasan yang betul pada 2024. Memandangkan profil perniagaan yang bertanggungjawab telah diiktiraf di
usia yang menggalakkan, ditambah dengan penerimaan Anugerah ESG The Edge Malaysia 2023, yang dianjurkan
pakai penyelesaian bersepadu, “The Right Seed at the secara bersama dengan Bursa Malaysia dan FTSE Russel,
Right Location with the Right Practices”, Kumpulan kami dimana Kumpulan kami dinobatkan anugerah Emas untuk
mempunyai elemen yang betul untuk terus meraih manfaat sektor Perladangan dalam kategori Ekuiti.
daripada prospek minyak sawit yang cerah dalam jangka
panjang. Kemajuan lanjut juga telah dicapai dalam usaha Kumpulan
untuk mendapatkan perakuan kelestarian pada 2023,
Walaupun minyak sawit telah pun menjadi minyak sayuran apabila kilang minyak kedua kami di Indonesia, Globalindo
yang paling meluas digunakan di dunia, penggunaannya Oil Mill dan pusat bekalannya menerima pensijilan Meja
dijangka akan semakin meningkat untuk tahun-tahun yang Bulat Minyak Sawit Lestari (“RSPO”).
mendatang apabila penduduk dan tahap kemewahan terus
meningkat. Lebih-lebih lagi disebabkan oleh sifat serba Kumpulan kami telah memulakan perjalanan pelaporan
guna semula jadi minyak sawit yang menjadikannya sesuai bersepadu dan kami berbesar hati membentangkan
untuk digunakan dalam pelbagai penggunaan makanan Laporan Tahunan Bersepadu kami (“IAR 2023”) yang
dan bukan makanan. Sebagai tanaman penghasil minyak sulung bagi tahun kewangan berakhir 31 Disember 2023.
yang paling cekap di muka bumi, pergantungan terhadap Lembaga kami mengakui tanggungjawabnya untuk
minyak sawit akan semakin bertambah untuk memenuhi memastikan integriti IAR 2023 ini, menangani hal-hal yang
keperluan makanan dan tenaga dunia yang semakin material kepada keupayaan Genting Plantations Berhad

8 PENYATA PENGERUSI
untuk mencipta nilai yang mampan. Konsep penciptaan Lembaga amat yakin bahawa profesionalisme, dedikasi
nilai menyatakan dengan jelas bagaimana Kumpulan teguh dan keupayaan terbukti pihak pengurusan yang
kami menjana nilai dari masa ke masa melalui saling mengubah rintangan menjadi peluang dan kesukaran
pergantungan dan hubungan saling berkait antara pelbagai menjadi pencapaian akan memastikan kejayaan Kumpulan
bentuk modal, iaitu kewangan, buatan, intelektual, insan, kami pada masa hadapan.
sosial serta hubungan dan semula jadi.
Sehubungan dengan ini, ucapan terima kasih khas kepada
Laporan ini juga membentangkan pandangan yang Encik Tan Cheng Huat, yang telah bersara sebagai Naib
menyeluruh mengenai prestasi Kumpulan kami meliputi Presiden Eksekutif – Perladangan pada 31 Januari 2024,
kedua-dua aspek kewangan dan bukan kewangan bagi untuk dedikasi dan sumbangan yang diberikan sepanjang
operasi perniagaan kami. Sewaktu kami mengemudi perkhidmatan beliau selama 34 tahun dalam Kumpulan
landskap perniagaan saling berubah yang kompleks ini, kami.
Laporan ini menunjukkan komitmen Kumpulan kami untuk
menyepadu dan menerapkan kelestarian dalam strategi Sifat perniagaan Kumpulan kami adalah sedemikian
dan budaya perniagaannya. dengan ragam cuaca dan turun naik dalam harga komoditi
global dari masa ke masa sememangnya akan memberikan
PERAKUAN DAN PENGHARGAAN impak kepada keadaan operasi serta prestasi kewangan
kami. Sokongan dan kepercayaan yang diberikan oleh
Sewaktu Kumpulan kami mengembangkan kekuatannya, semua pemegang kepentingan kami, daripada pihak
saya ingin mengambil kesempatan ini untuk mengiktiraf berkuasa yang mentadbir dan pengawal selia, sehinggalah
wawasan dan tadbir urus yang tidak ternilai ditawarkan sekutu perniagaan, penjual dan pelanggan kami serta
oleh rakan ahli saya dalam Lembaga Pengarah. Lembaga sumbangan tanpa mengira penat lelah daripada setiap
diberikan nafas baharu dengan pelantikan dua Pengarah pekerja Kumpulan kami akan menjadi asas teguh yang
Bukan Eksekutif Bebas baharu, iaitu Cik Loh Lay Choon diperlukan oleh Kumpulan kami untuk menghadapi
pada 22 Februari 2023 dan Jeneral Tan Sri Dato’ Seri sebarang rintangan yang mendatang dan merebut peluang
Panglima Ts. Haji Zulkifli bin Haji Zainal Abidin (B) pada untuk mendorong Genting Plantations Berhad mara ke
30 Mei 2023. Kepelbagaian pengalaman dan kepakaran tahap yang lebih tinggi dalam tahun-tahun akan datang.
mereka akan menambah nilai dan mengukuhkan lagi
Lembaga kami dalam membuat keputusan dan mendukung Terima kasih.
standard tadbir urus korporat yang baik.
Bagi pihak Lembaga, saya juga ingin merakamkan ucapan

penghargaan yang tulus ikhlas kepada Encik Quah
Chek Tin, yang telah bersara sebagai Pengarah Bukan
Eksekutif Bebas pada 30 Mei 2023 setelah memberikan
perkhidmatan yang komited dan berdedikasi selama JEN. DATO’ SERI DIRAJA TAN SRI (DR.) MOHD ZAHIDI
hampir 22 tahun. Panduan dan pandangan beliau yang BIN HJ ZAINUDDIN (B)
berwawasan amat bernilai kepada pencapaian Kumpulan Pengerusi
kami selama berdekad. 8 Mac 2024

主席文告 9
尊敬的股东们，
本人谨代表董事部欣然提呈云顶种植有限公司(简称“本公司”) 售额比前一年同期增长8%，主要得益于云顶优美城(Bandar
与其子公司(统称“本集团”)截至2023年12月31日的年度报告及 Genting Indahpura)新推出住宅项目的销售。
已审核财务报表。
由于价格适中奢侈品具有吸引力以及有利的汇率推动需求，
财务概览特别是来自邻国的需求，本集团旗下名牌折扣购物中心
(Premium Outlets®)在营收创造方面超过前一年所创下的纪
2023年，由于通胀加剧和利率在更长时间内保持在较高水录。Premium Outlets的可出租面积也维持在接近全面租用
平，导致宏观经济更趋不明朗，同样，食用油价格受供需水平。
动态、天气状况以及以色列—巴勒斯坦冲突和乌克兰战火
持续所带来的地缘政治风险等众多因素影响而继续波动不与此同时，农业科技组于2023年开始商业化销售称为“GT”
定。的高产油棕种植材料，吸引各利益相关者的购兴。自此，集
团在马来西亚各个园丘种植超过410,000颗GT种子。
原棕油(“CPO”)价格在2023年6月初触及每公吨3,331令
吉的低点后，在厄尔尼诺警报助力下开始回升。然而，由此组别继续积极开发用于植物和土壤健康的 Yield BoosterTM
于马来西亚库存高企、全球葵花籽油价格下跌以及主要棕生物肥料，并推出针对特定土壤条件的额外配方。
油进口国植物油储备增加，无法提升棕油的需求情绪，棕
油价格回升只是昙花一现。价格行情疲软导致2023年的为配合政府的食品安全倡议，此组别已开始在北马的园丘试
CPO价格走低，因此，本集团这一年的CPO平均价格为每种玉米，这是其中一项农作物多样化的活动，旨在促进可持
公吨3,483令吉，比2022年的每公吨4,100令吉低15%。同续农业和确保食品安全。
样，棕仁平均价格也从上一年的每公吨2,784令吉下降到每
公吨1,875令吉，降幅达33%。股息
总体而言，集团在2023年的收入按年减少7%，税前盈利则认识到既要以合理的股息回报股东，又要保留足够的储备
下降至3亿8,400万令吉，这反映出种植组和下游制造组的来支持集团的长期发展抱负，两者之间必须保持最佳平
业绩较为疲软。衡，董事部已在2023财政年度派发每一普通股21.0仙的单
层股息，包括8.0仙中期股息、9.0仙特别股息与4.0仙末期
营运表现股息，相当于股息支付率为74%。相比之下，2022财政年
度支付的总股息为每一普通股34.0仙，相当于65%的股息
种植组是集团的主要业务单位，鲜果串(“FFB”)总产量按年增支付率。
长6%，达到211万公吨。这主要得益于印尼园丘树龄分布概
况良好以及收成面积扩大。因此，集团FFB产量恢复到每公展望未来
顷17.6公吨。
展望2024年，集团业绩将与棕油产品价格走向息息相关，
本集团位于印尼中加里曼丹的第14家油厂仍在按计划进行而价格走向又受到一系列外部因素所影响，尤其是全球经
建设，预计将于2024年底完工。投产后，这个每小时产能济前景。
达40公吨的新设施将使集团的总加工产能达到每小时765公
吨。虽然本集团无法完全避免外部风险，但前几年采取的策略
措施应能使本集团在2024年朝着正确方向前进。考虑到有
2023年，本集团下游制造组的营运环境充满挑战，因为印利的树龄分布概况，以及采用“在正确地点采用正确方法种
尼出口税结构导致价格竞争激烈，大多数马来西亚炼油厂面植正确种子”的综合解决方案，本集团具备从棕油长期光明
临低利润率，甚至出现负利润率。因此，我们的炼油厂业前景继续获益的正确要素。
务在价格竞争激烈，生物柴油市场对棕油的需求减少，采购
CPO的激烈竞争的状况下，导致精炼棕油产品销量大幅下棕油已经是世上消费最广泛的植物油，随着全球人口增长
降。和富裕程度不断提高，棕油使用量预计还将持续增长。棕
油天然具备多功能，进一步扩大其在食品和非食品领域的
鉴于欧盟限制以棕油为原料的生物柴油，以及中国废油生物应用。作为地球上最高效的含油作物，油棕将越来越多地
柴油价格竞争激烈，此组别的生物柴油业务仍主要是供应马被用来满足世界日益增长的粮食和能源需求，以应对耕地
来西亚生物柴油所需，因为生物柴油的出口销售仍然微乎其匮乏和食品安全问题。
微。
由于上半年的季节性低产出周期以及印尼当地食品和生物
尽管面临高通胀和隔夜政策利率正常化导致借贷成本相对较柴油行业的消费量不断增加引致总体供应限制，预计2024
高的环境，集团产业组业绩仍比前一年有所改善。房地产销年棕油价格将在当前水平获得良好支撑。

10 主席文告
此外，由于2024年经济形势好转，对棕油产品的需求预计我亦代表董事部，衷心感谢Quah Chek Tin先生，他在

将有所增长，而且CPO比其他植物油更具价格竞争力，其 2023年5月30日卸任独立非执行董事一职，在此之前，他
需求将可继续获得支持。已尽职尽责地服务了近22年。过去数十年来，他高瞻远瞩
的指导和独到见解对本集团取得的成就作出宝贵贡献。
在另一方面，即将推展的新山—新加坡经济特区，以及预
计将于2026年底竣工的新山—新加坡捷运系统，对柔佛州董事部坚信，管理层的专业素养、坚定不移的敬业精神以
房地产市场来说是件好事，也为本集团产业组提供切实可及转危为机、化阻力为助力的卓越能力，将确保集团未来
行的商机，通过周全执行的产业发展活动，以进一步释放的成功。
位于策略位置地库的价值。
在此，我们特别感谢已于2024年1月31日退休的种植组执
本集团的愿景是秉持基本承诺以实现可持续发展的成果。行副总裁Tan Cheng Huat先生，感谢他在集团服务34年
在业务的各个面向，集团始终致力于协调所有利益相关者所作出的奉献和贡献。
的不同利益，包括“环境、社区、工作场所和市场”——这
四大支柱决定了集团的可持续发展议程。基于本集团的业务性质使然，天气和全球商品价格不时波
动将不可避免会影响我们的经营状况和财务业绩。从政
本集团对可持续发展保持机警，并致力于负责任的商业府部门、监管机构到商业伙伴、供应商和客户，所有利益
行为，在马来西亚证券交易所和富时罗素公司联办的相关者给予我们的支持和信任，以及集团全体员工不懈努
2023年The Edge马来西亚环境、社会和治理(ESG)奖项获力，为集团奠定所需的坚实基础，能够抵御任何风浪并把
认可，荣获股票类种植业金奖。握机遇，以在未来几年推动云顶种植有限公司更上一层
楼。
2023年，我们在印尼的第二家油厂Globalindo Oil Mill及
其供应基地获得可持续棕油圆桌会议(“RSPO”)认证。谢谢！
本集团已踏上综合报告旅程，很荣幸地为大家呈上截至
2023年12月31日财政年度的首份综合报告(“2023年综合报
告”)。
董事部承认有责任确保此“2023年综合报告”的完整性，并
处理对云顶种植有限公司创造可持续价值能力至关重要的
事项。价值创造的概念阐明本集团如何通过各种形式的资
本(即金融资本、制造资本、知识资本、人力资本、社会
资本、关系资本和自然资本)之间的相互依存和相互关联关
系，在长期创造价值。
本报告亦全面介绍集团在财务和非财务方面的业务表现。
在应对瞬息万变的复杂商业环境之际，本报告描述集团将
致力于把可持续发展融入其商业策略和文化。
表扬与鸣谢
随着集团不断发展壮大，我欲衷心肯定董事部成员所提
供的宝贵见解和治理。两位新任命的独立非执行董事为
董事部注入了新活力，他们分别是2023年2月22日上任的
Loh Lay Choon女士和2023年5月30日上任的 Jeneral
Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli Bin Haji JEN. DATO’ SERI DIRAJA TAN SRI (DR.) MOHD ZAHIDI
Zainal Abidin (B)。他们的丰富经验和专业知识将作出良 BIN HJ ZAINUDDIN (B)
好贡献，进一步加强董事部的决策能力，维护良好的企业主席
治理标准。 2024年3月8日

GENP 11
AT A GLANCE
Valuing Sustained Growth for all

Genting Plantations Berhad, incorporated in 1977, commenced
operations in 1980 as the plantation arm of the Genting Group. Over
the years, Genting Plantations has successfully transformed itself
from a predominantly rubber-based enterprise into one of the
region’s leading oil palm plantation with operations spanning across
Malaysia and Indonesia, along with the expansion into upstream and
downstream palm oil related activities.
As a Group that continuously strive to create value for its

stakeholders, Genting Plantations has made commendable strides
in diversifying its business activities by unlocking the value of its
landbank through property development, and the adoption of
agriculture technology innovation to revolutionise the agribusiness
landscape from the green and sustainable perspectives.
Alongside the ever-evolving business landscape, Genting

Plantations remains committed to uphold its Four-Pillared
Sustainability Agenda, which is the fundamental principle that lies
at the heart of the Group’s business philosophy for continued
sustained growth.
OUR VISION
We Strive:
• To become a leader in the plantation industry
• To embark aggressively onto value-added
downstream manufacturing activities which are As people are the key to
synergistic to our core business achieving the company’s
• To enhance return on the company land bank vision, we are committed to
through property development activities develop our employees and
• To adopt a market-driven and customer-oriented create a highly motivating
approach, with emphasis on product quality and diversity and rewarding environment
• To strengthen our competitive position by adopting for them.
new technologies and innovations
CORE VALUES
HARDWORK • HONESTY • HARMONY • LOYALTY • COMPASSION

12 GENP AT A GLANCE
CORPORATE PROFILE
Genting Plantations Berhad, a subsidiary of Genting Berhad,
commenced operations in 1980. It has a landbank of about
64,400 hectares in Malaysia and some 178,900 hectares
(including the Plasma schemes) in Indonesia. It owns seven oil
mills in Malaysia and six in Indonesia, with a total milling capacity
of 725 metric tonnes per hour. In addition, our Group has
ventured into the manufacturing of downstream palm-based
products.
Genting Plantations has also diversified into property

development to unlock the value of its strategically located
landbank and has invested significantly in agriculture technology
to provide total solutions and services to our Group’s core
agri-business in optimising yield, improving operating efficiency,
enabling traceability, and enhancing sustainability.
WHAT WE DO
Plantation Division
Our Plantation Division’s operations encompass both plantation and FFB
processing activities. Our oil palm estates span across Malaysia and Kalimantan in
Indonesia, with a total landbank of 243,300 hectares (including Plasma schemes).
Our Group operates 13 palm oil mills in Malaysia and Indonesia; one in Peninsular
Malaysia, six in Sabah, and six in Indonesia.
Downstream Manufacturing Division

Our Group’s Downstream Manufacturing Division’s operating facilities,
collectively known as Genting Integrated Biorefinery Complex, are located at Palm
Oil Industrial Cluster (“POIC”) Lahad Datu, Sabah, which comprise two biodiesel
plants and a refinery.
Agriculture Technology (“AgTech”) Division

With the adoption of big data, artificial intelligence and precision agriculture, our
AgTech Division is envisaged to provide total solutions and services to the Group’s
core agri-business in optimising yield, improving operating efficiency, enabling
traceability and enhancing sustainability.
Property Division
Our Property Division takes advantage of our strategically located landbank in
Peninsular Malaysia. Three projects have been undertaken so far – Genting Cheng
Perdana in Melaka, Genting Pura Kencana and Genting Indahpura, both in Johor –
and are established to meet the rising demand for affordable residential real
estate and development of commercial properties in the respective regions.

OUR INTEGRATED VALUE CHAIN 13
Planting Research External

Material & Development Suppliers
Fresh Fruit Crude Refinery

Bunches Palm Oil Products
Nurseries
Fresh Fruit Crude Integrated Biorefinery

Estates Oil Mills
Bunches Palm Oil Complex
Refinery
Products
Biodiesel
Customers
Products
Genting Jambongan Estate and Oil Mill, Sabah

14 OUR PRESENCE
Kedah
Sabah
Perak
Pahang Sarawak
Selangor
Melaka Johor
PLANTATION OIL MILL

Peninsular Malaysia Indonesia Peninsular Malaysia
• Genting Bukit Sembilan Estate • Mulia Estates • Genting Ayer Item Oil Mill
• Genting Selama Estate • Abadi Estates
• Genting Tebong Estate • Surya Estates Sabah
• Genting Tanah Merah Estate • Cemerlang Estates • Genting Sabapalm Oil Mill
• Genting Sri Gading Estate • GAL Estates • Genting Mewah Oil Mill
• Genting Sungei Rayat Estate • UAI Estates • Genting Trushidup Oil Mill
• Genting Kulai Besar Estate • KIU Estates • Genting Indah Oil Mill
• AAC Estates • Genting Tanjung Oil Mill
Sabah • PALJ Estates • Genting Jambongan Oil Mill
• Genting Sabapalm Estate • DWK Estates
• Genting Indah Estate • SP Estates Sarawak
• Genting Permai Estate • KMJ Estates • Serian Palm Oil Mill
• Genting Kencana Estate
• Genting Mewah Estate Indonesia
• Genting Lokan Estate • Mulia Oil Mill
• Genting Sekong Estate • Golden Hill Oil Mill
• Genting Suan Lamba Estate • Globalindo Oil Mill
• Genting Jambongan Estate • KIU Oil Mill
• Genting Tanjung Estate • Cemerlang Oil Mill
• Genting Bahagia Estate • Gemilang Oil Mill
• Genting Tenegang Estate
• Genting Landworthy Estate
• Genting Layang Estate

OUR PRESENCE 15
Kalimantan Jakarta
Barat
Kalimantan
Tengah
Kalimantan
Selatan
DOWNSTREAM AGTECH PROPERTY

MANUFACTURING Peninsular Malaysia Peninsular Malaysia
Sabah • ACGT Laboratories • Genting Indahpura
• Genting Integrated • The Gasoline TreeTM • Genting Pura Kencana
Biorefinery Complex Experimental Research Station • Genting Cheng Perdana
• Seed Production Facility • Johor Premium Outlets®
• Genting Highlands
Premium Outlets®
Our Global Presence • Segambut Land
Number of employees
Total landbank worldwide
243,300 hectares 25,978 Indonesia
Our Assets • Sentul City Land
No. of Plantations 33
No. of Palm Oil Mills 13
(7 in Malaysia, 6 in Indonesia)
Total processing capacity 725 mt/hour
No. of Refinery 1
Total processing capacity 600,000 mt/year
No. of Biodiesel Plants 2
Total processing capacity 300,000 mt/year
No. of Property Township
Development 3
No. of Premium Outlets® 2

16 LIST OF GROUP PROPERTIES
AS AT 31 DECEMBER 2023
Net Book
Hectares Age Of Year Of Value As At
Property Buildings Acquistion/ 31 Dec 2023
Location Tenure Year Of Expiry Plantation Developement Description (years) Revaluation* (RM000)
PENINSULAR MALAYSIA
A. NORTH
1. Genting Bukit Sembilan Estate,Baling/
Freehold 1,241 1981* 19,442
Jitra, Kedah
2. Genting Selama Estate, Serdang &
Freehold 1,830 1981* 36,444
Kulim, Kedah/Selama, Perak
B. CENTRAL
3. Genting Tebong Estate, Jasin, Melaka
Tengah, Alor Gajah & Kuala Linggi,
Freehold 3,007 1 1981* 62,126
Melaka/Tampin & Kuala Pilah, Negeri
Sembilan
4. Genting Tanah Merah Estate, Sepang,
Freehold 2,233 1981* 60,019
Selangor/Tangkak, Johor
C. SOUTH
5. Genting Sri Gading Estate, Batu Pahat, Johor Freehold 3,411 254 1983, 1996 160,640
6. Genting Sungei Rayat Estate, Batu
Freehold 2,376 43 1983 49,871
Pahat, Air Hitam, Johor
7. Genting Kulai Besar Estate, Kulai/
Freehold 2,427 109 1983, 1996 200,660
Simpang Renggam, Johor
SABAH
8. Genting Sabapalm Estate, Labuk Valley,
Leasehold 2085, 2887 4,360 53 1991 68,887
Sandakan
9. Genting Tanjung Estate, Kinabatangan Leasehold 2086, 2096 4,345 29 1988, 2001 98,542
10. Genting Bahagia Estate,Kinabatangan Leasehold 2085, 2086 4,548 1988, 2003 71,695
11. Genting Tenegang Estate, Kinabatangan Leasehold 2088 3,653 1990 52,058
12. Genting Landworthy Estate, Kinabatangan Leasehold 2083 4,039 1992 45,886
13. Genting Layang Estate, Kinabatangan Leasehold 2090 2,077 1993 19,694
2033 - 2100, 2001 - 2004,
14. Genting Jambongan Estate,
Leasehold 2043, 2044, 4,062 10 2014, 2015, 93,148
Beluran
2045 2016
15. Genting Indah, Genting Permai &
Leasehold 2096 8,182 15 2001 125,980
Genting Kencana Estates, Kinabatangan
16. Genting Mewah & Genting Lokan Estates,
Leasehold 2083 - 2890 5,611 27 2002 127,048
Kinabatangan
17. Genting Sekong & Genting Suan Lamba
Leasehold 2022 - 2098 6,677 27 2004 182,363
Estates, Kinabatangan
INDONESIA
2037, 2044, 2006, 2009,
18. Ketapang, Kalimantan Barat Leasehold 2046, 38,787 11 2011, 2014, 674,368
2051, Note 2016
19. Sanggau, Kalimantan Barat Leasehold 2053, Note 25,596 3 2010, 2016 506,760
20. Sintang, Kalimantan Barat Leasehold Note 11,727 2016 145,453

21. Kapuas & Barito Selatan, Kalimantan 2008, 2012,
Leasehold 2054, Note 81,182 10, 8, 1 1,828,550
Tengah 2015
22. Tapin, Kalimantan Selatan Leasehold 2044 14,661 7 2017 657,418
OTHER PROPERTIES OWNED

23. Wisma Genting Plantations, Sandakan,
Leasehold 2100 2,023 (sq.m) 21 2004 2,768
Sabah
24. Residential Bungalows, Sandakan, Sabah Leasehold 2887 1,206 (sq.m) 39 1991 94
25. Genting Vegetable Oils Refinery,
Leasehold 2080 8 1992 1,688
Sandakan, Sabah
26. Genting Integrated Biorefinery Complex, 2011, 2014,
Leasehold 2104 41.5 16, 7 73,084
Lahad Datu, Sabah 2015
27. Commercial land, Segambut,
Leasehold 2074 4 5 2016 74,031
Kuala Lumpur
28. Office Space at DBS Bank Tower 15th
Leasehold 2027 1,923 (sq.m) 10 2017 20,382
Floor, Ciputra World 1 Jakarta, Indonesia
29. Office Space, Kalimantan Selatan Leasehold 2043 349 (sq.m) 10 2017 681
30. Office Space, Kalimantan Selatan Leasehold 2036 75 (sq.m) 13 2018 494
2028, 2029,
31. Commercial land, Sentul City, Jakarta Leasehold 9 2021 129,430
2031, 2050
Plantation Mill Residential Bungalow Genting Indahpura Car City

Property Development Office Factory Genting Indahpura Sports City
Downstream Manufacturing Vacant Land The Gasoline TreeTM Experimental Research Station Seed Garden
Note: Yet to be determined

KEY HIGHLIGHTS 17
Financial Highlights
Revenue Market Capitalisation Adjusted EBITDA
RM2,966.5 RM5.1 RM731.5

million billion million
2022: RM3,189.8 million as at 31 December 2023 2022: RM1,029.8 million
Total Equity Net Profit Total Assets Employed
RM5.4 RM265.8 RM8.6

billion million billion
2022: RM5.3 billion 2022: RM483.3 million 2022: RM8.8 billion
REVENUE ADJUSTED EBITDA

2,966.5
1,022.2
1,029.8
3,189.8
3,130.2
2,498.2
731.5
2,266.4
590.0
433.0
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Top 10 Bursa Malaysia Plantation Companies

(by Market Capitalisation as at 31 December 2023)
COMPANY NAME MARKET CAPITALISATION (RM BILLION)
1 Sime Darby Plantation Berhad 30.84

2 IOI Corporation Berhad 24.38
3 Kuala Lumpur Kepong Berhad 23.53
4 United Plantations Berhad 7.38
5 Genting Plantations Berhad 5.10
6 FGV Holdings Berhad 5.03
7 Boustead Plantations Berhad 3.47
8 Sarawak Oil Palms Berhad 2.31
9 Far East Holdings Berhad 2.14
10 Kim Loong Resources Berhad 1.96

18 SUSTAINABILITY HIGHLIGHTS
20%
Women on Board
23%
Women Employed
of Directors
0.04
per one million
Gold Award for Plantation
sector in the Equities
category of
man-hours worked The Edge Malaysia
Fatality Rate ESG Awards 2023
78.3% 100%
RSPO certified in Malaysia
overall score 95,115 out of 242,965 ha
Groupwide
0%
Discharge Zero
Genting Jambongan Oil Mill HCV, HSC,
First Zero Discharge Peat Areas Cleared
Palm Oil Mill in Malaysia
RM 3.4
35,573 ha
Conservation Areas
million
Community
Investments
15
Scholars
Tan Sri (Dr.) Lim Goh Tong
22,254 ha
Plasma Schemes
Endowment Fund

GROUP CORPORATE STRUCTURE 19
DOWNSTREAM
PLANTATION AGTECH PROPERTY
MANUFACTURING
• Genting Plantations (WM) Sdn Bhd • Genting MusimMas • ACGT Sdn Bhd • Genting Property
Refinery Sdn Bhd (99.9%) Sdn Bhd
• Genting Tanjung Bahagia Sdn Bhd (72%)
• Genting Oil Mills (Sabah) Sdn Bhd • Genting AgTech • Genting Simon
• Genting Biorefinery Sdn Bhd Sdn Bhd (50%)
• Genting Oil Mill Sdn Bhd Sdn Bhd
• AsianIndo Holdings Pte Ltd • SPC Biodiesel
• PalmIndo Holdings Pte Ltd (73.7%) Sdn Bhd
• GlobalIndo Holdings Pte Ltd

(63.2%)
NOTE : Shareholding percentages are 100%, unless otherwise stated
CORPORATE INFORMATION
GENTING PLANTATIONS BERHAD
A public limited liability company incorporated and domiciled in Malaysia
Registration No. 197701003946 (34993-X)
Registered Office Secretary

14th Floor, Wisma Genting Ms Loh Bee Hong
Jalan Sultan Ismail MAICSA 7001361
50250 Kuala Lumpur SSM Practicing Certificate No. 202008000906
Tel: (603) 2178 2288 / 2333 2288
Fax: (603) 2161 5304 Stock Exchange Listing
E-mail: gpbinfo@gentingplantations.com Main Market of Bursa Malaysia Securities Berhad
(Listed on 30 August 1982)
Corporate Head Office / Principal Place of Business
10th Floor, Wisma Genting Stock Name: GENP
Jalan Sultan Ismail Stock Code: 2291
50250 Kuala Lumpur
Tel: (603) 2178 2255 / 2333 2255 Auditors
Fax: (603) 2161 6149 PricewaterhouseCoopers PLT
(Chartered Accountants)
Registrars
Tricor Investor & Issuing House Services Sdn Bhd Internet Homepage
Unit 32-01, Level 32 www.gentingplantations.com
Tower A, Vertical Business Suite
Avenue 3, Bangsar South
No. 8, Jalan Kerinchi
59200 Kuala Lumpur
Tel: (603) 2783 9299
Fax: (603) 2783 9222
E-mail: is.enquiry@my.tricorglobal.com

20 CORPORATE DIARY
22 February 2023 Announcements on the following:

a) Consolidated Unaudited Results of the Group for the fourth quarter and the Audited
Results for the financial year ended 31 December 2022.
b) Entitlement date for a special single-tier dividend and final dividend in respect of
the financial year ended 31 December 2022.
c) Appointment of Ms Loh Lay Choon as an Independent Non-Executive Director of
the Company.
31 March 2023 Announcements on the following:

a) Proposed renewal of shareholders’ mandate for recurrent related party
transactions of a revenue or trading nature.
b) Proposed renewal of the authority for the Company to purchase its own shares.
4 April 2023 Announcement on the proposed retirement gratuity payment to Mr Quah Chek Tin.
5 April 2023 Notice to shareholders on the Forty-Fifth Annual General Meeting.
24 May 2023 Announcement on Consolidated Unaudited Results of the Group for the first quarter
ended 31 March 2023.
YEAR 2023
30 May 2023 Forty-Fifth Annual General Meeting (“45th AGM”)

Announcements on the following:
a) Appointment of General Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli bin Haji Zainal
Abidin (R) as an Independent Non-Executive Director of the Company.
b) Appointment of Mr Yong Chee Kong as (i) the Chairman of the Audit Committee;
(ii) the Chairman of the Risk Management Committee; and (iii) a member of the
Nomination Committee.
c) Appointment of Ms Loh Lay Choon as (i) a member of the Audit Committee; and
(ii) a member of the Risk Management Committee.
d) Appointment of Tan Sri Dato’ Sri Zaleha binti Zahari as the Chairperson of the
Nomination Committee.
e) Appointment of Dato' Moktar bin Mohd Noor as a member of the Remuneration
Committee.
f) Redesignation of Mr Ching Yew Chye as the Chairman of the Remuneration
Committee.
g) Resignation of Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin (R)
as (i) a member of the Audit Committee; (ii) a member of the Risk Management
Committee; (iii) a member of the Nomination Committee; and (iv) the Chairman of
the Remuneration Committee.
h) Retirement of Mr Quah Chek Tin as (i) an Independent Non-Executive Director of
the Company at the conclusion of the Company’s 45th AGM held on 30 May 2023;
(ii) the Chairman of the Audit Committee; (iii) the Chairman of the Risk
Management Committee; (iv) the Chairman of the Nomination Committee; and
(v) a member of the Remuneration Committee.
1 June 2023 Announcement on the redesignation of Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi
bin Hj Zainuddin (R) from Chairman, Independent Non-Executive Director to Chairman,
Non-Independent Non-Executive Director of the Company.

CORPORATE DIARY 21
23 August 2023 Announcements on the following:

a) Consolidated Unaudited Results of the Group for the second quarter
ended 30 June 2023.
b) Entitlement date for an interim single-tier dividend in respect of the
financial year ending 31 December 2023.
YEAR 2023
22 November 2023 Announcement on Consolidated Unaudited Results of the Group for the third
quarter ended 30 September 2023.
23 November 2023 Announcements on the following:

a) Redesignation of Mr Ching Yew Chye as a Non-Independent
Non-Executive Director of the Company.
b) Resignation of Mr Ching Yew Chye as (i) a member of the Audit
Committee; (ii) a member of the Risk Management Committee; and
(iii) the Chairman of the Remuneration Committee.
c) Appointment of Tan Sri Dato’ Sri Zaleha binti Zahari as (i) a member of
the Audit Committee; and (ii) a member of the Risk Management
Committee.
d) Redesignation of Dato' Moktar bin Mohd Noor as the Chairman of the
Remuneration Committee.
e) Appointment of Ms Loh Lay Choon as a member of the Remuneration
Committee.
28 February 2024 Announcements on the following:

a) Consolidated Unaudited Results of the Group for the fourth quarter and
YEAR 2024
the Unaudited Results for the financial year ended 31 December 2023.
b) Entitlement date for a special single-tier dividend and final dividend in
respect of the financial year ended 31 December 2023.
25 March 2024 Announcement on the change of Email Address disclosed in the

announcement to Bursa Malaysia Securities Berhad relating to the Registered
Address and Correspondence Address of the Company.
15 April 2024 Announcements on the following:

a) Proposed renewal of shareholders’ mandate for recurrent related party
transactions of a revenue or trading nature.
b) Proposed renewal of the authority for the Company to purchase its own shares.
DIVIDENDS
2022 Announcement Entitlement Date Payment
Special single-tier dividend 22 February 10 March 28 March
– 15.0 sen per ordinary share 2023 2023 2023
Final single-tier dividend 22 February 10 March 28 March
2023
Interim single-tier dividend 23 August 11 September 25 September
Special single-tier dividend 28 February 15 March 2 April

Final single-tier dividend 28 February 15 March 2 April

22
BOARD OF
DIRECTORS
GEN. DATO’ SERI DIRAJA TAN SRI (DR.) MR YONG CHEE KONG
MOHD ZAHIDI BIN HJ ZAINUDDIN (R) Independent Non-Executive Director
Chairman/Non-Independent Non-Executive Director
TAN SRI DATO’ SRI ZALEHA
TAN SRI LIM KOK THAY BINTI ZAHARI
Deputy Chairman and Executive Director/ Independent Non-Executive Director
Non-Independent Executive Director
DATO’ MOKTAR BIN MOHD NOOR
DATO’ SRI TAN KONG HAN Independent Non-Executive Director
Chief Executive and Executive Director/Non-Independent
Executive Director MS LOH LAY CHOON
Independent Non-Executive Director
DATO’ INDERA LIM KEONG HUI
Deputy Chief Executive and Executive Director/Non- GENERAL TAN SRI DATO’ SERI
Independent Executive Director
PANGLIMA TS. HAJI ZULKIFLI BIN
MR CHING YEW CHYE HAJI ZAINAL ABIDIN (R)
Non-Independent Non-Executive Director Independent Non-Executive Director
AUDIT COMMITTEE RISK MANAGEMENT COMMITTEE

MR YONG CHEE KONG MR YONG CHEE KONG
Chairman/Independent Non-Executive Director Chairman/Independent Non-Executive Director
MS LOH LAY CHOON MS LOH LAY CHOON

Member/Independent Non-Executive Director Member/Independent Non-Executive Director
TAN SRI DATO’ SRI ZALEHA TAN SRI DATO’ SRI ZALEHA
BINTI ZAHARI BINTI ZAHARI
Member/Independent Non-Executive Director Member/Independent Non-Executive Director
NOMINATION COMMITTEE REMUNERATION COMMITTEE

TAN SRI DATO’ SRI ZALEHA DATO’ MOKTAR BIN MOHD NOOR
BINTI ZAHARI Chairman/Independent Non-Executive Director
Chairperson/Independent Non-Executive Director
MS LOH LAY CHOON
MR YONG CHEE KONG Member/Independent Non-Executive Director
Member/Independent Non-Executive Director

DIRECTORS’ 23
PROFILE
Gen. Dato’ Seri

DiRaja Tan Sri (Dr.)
Mohd Zahidi bin
Hj Zainuddin (R) Nationality Malaysian
Chairman/ Age / Gender 75 / Male

Non-Independent Non-Executive Director
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin (R)
was appointed on 1 July 2005 as an Independent Non-Executive Director.
He was appointed as the Chairman of the Company on 1 October 2011 and
was redesignated from Chairman, Independent Non-Executive Director to
Chairman, Non-Independent Non-Executive Director on 1 June 2023. He had
a distinguished career in the Malaysian Armed Forces for 38 years 11 months,
before retiring from the Force on 30 April 2005. During the period as a
professional military officer, he served 6 years 4 months as the Malaysian Chief
of Defence Forces from 1 January 1999 and as the Chief of the Malaysian Army
for one year from 1 January 1998.
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) is presently the Group
Chairman of Cahya Mata Sarawak Bhd. He is a director of Genting Malaysia
Berhad, Only World Group Holdings Berhad and Chairman and Independent
Non-Executive Director of AHAM Asset Management Berhad (formerly known
as Affin Hwang Asset Management Berhad). He also sits on the board of several
private limited companies in Malaysia.
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) was made a Member of
Dewan Negara Perak by DYMM Paduka Seri Sultan Perak on 25 November
2006 and is a Director/Trustee for the Board of Trustee of Yayasan Sultan
Azlan Shah. On 23 April 2013, Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi
(R) was appointed as Orang Kaya Bendahara Seri Maharaja Perak Darul Ridzuan
by DYMM Paduka Seri Sultan Perak and the Dewan Negara Perak Darul Ridzuan.
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) holds a Masters of Science
degree in Defence and Strategic Studies from the Quaid-I-Azam University,
Islamabad, Pakistan and had attended the Senior Executive Programme in
Harvard University, United States of America, Command and General Staff
College Philippines, Joint Services Staff College Australia and National Defence
College Pakistan.
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) is the Pro-Chancellor of
University Sultan Azlan Shah (USAS) since December 2018. He was awarded
an Honorary Doctorate in Management of Defense and Strategic Studies from
National Defence University of Malaysia, also known as Universiti Pertahanan
Nasional Malaysia (UPNM) in 2016.

24 DIRECTORS’ PROFILE
Tan Sri Lim

Kok Thay Nationality Malaysian
Deputy Chairman and
Executive Director/ Age / Gender 72 / Male
Tan Sri Lim Kok Thay, appointed on 29 September 1977, was the Chief
Executive and Director until he relinquished his position as Chief Executive and
assumed the position of Deputy Chairman and Executive Director on 1 January
2019. He holds a Bachelor of Science in Civil Engineering from the University of
London. He attended the Programme for Management Development of Harvard
Business School, Harvard University in 1979. He is an Honorary Professor of
Xiamen University, China.
Tan Sri Lim is also the Chairman and Chief Executive of Genting Berhad; the
Executive Chairman of Genting Singapore Limited; the Chairman of Genting
UK Plc; and a Director of Celularity Inc., a company listed on The NASDAQ Stock
Market LLC. He was the Chairman and Chief Executive of Genting Malaysia
Berhad (“GENM”) until he was redesignated as the Deputy Chairman and Chief
Executive of GENM on 27 August 2020. He joined the Genting Group in 1976
and has since served in various positions within the Group. He is a Founding
Member and a Permanent Trustee of The Community Chest, Malaysia. He also
sits on the Boards of other Malaysian and foreign companies as well as the
Boards of Trustees of several charitable organisations in Malaysia.
For his leadership excellence and significant contributions to the leisure and
travel industry, he was named the “Travel Entrepreneur of the Year 2009”
by Travel Trade Gazette (TTG) Asia, “The Most Influential Person in Asian
Gaming 2009” by Inside Asian Gaming, “Asian Leader for Global Leisure and
Entertainment Tourism 2011” by Seagull Philippines Inc., “Lifetime Achievement
Award for Corporate Philanthropy 2013” by World Chinese Economic Forum,
“Global Community Leadership Award 2021” by Keep Memory Alive USA and
“The Lifetime Achievement Award 2023” by the Malaysian Association of
Theme Parks and Family Attractions.

DIRECTORS’ PROFILE 25
Dato’ Sri Tan

Kong Han Nationality Malaysian
Chief Executive and
Dato’ Sri Tan Kong Han, was appointed as the Deputy Chief Executive since 1
December 2010 prior to his appointment as the Chief Executive and Executive
Director of the Company on 1 January 2019. He is also the President and Chief
Operating Officer of Genting Berhad (“GENT”), the holding company and
was appointed an Executive Director on 1 January 2020 and redesignated as
President and Chief Operating Officer and Executive Director of GENT, on the
same day.
He has more than 13 years of working experience in investment banking prior to

joining Tanjong Public Limited Company as the Group Chief Operating Officer in
2003. He left Tanjong Public Limited Company in 2007 to join Genting Berhad.
He read economics and law and has been conferred a Master of Arts by the
University of Cambridge. Dato’ Sri Tan was called to the English Bar (Lincoln’s
Inn) in 1989 and the Malaysian Bar in 1990.
He serves as a director of a variety of subsidiary companies within the Genting

Berhad and Genting Plantations Berhad groups. He is also a member of the
Board of Trustees of Yayasan Genting and Yayasan Kebajikan Komuniti Malaysia,
the Administrator of The Community Chest, Malaysia, a director of Asian Centre
for Genomics Technology Berhad and Genting RMTN Berhad, all of which are
public companies as well as the Managing Director of Pan Malaysian Pools Sdn
Bhd.

Dato’ Indera Lim

Keong Hui Nationality Malaysian
Deputy Chief Executive and
Dato’ Indera Lim Keong Hui, appointed on 23 November 2011 as a Non-

Independent Non-Executive Director, was redesignated as a Non-Independent
Executive Director following his appointment as the Chief Information Officer
(“CIO”) of the Company on 1 January 2015. On 5 May 2017, Dato’ Indera Lim was
redesignated as a Non-Independent Non-Executive Director of the Company
following his resignation as the CIO of the Company. On 1 January 2019, he
was redesignated as the Deputy Chief Executive and Executive Director of the
Company.
He holds a Bachelor of Science (Honours) degree in Computer Science from the

Queen Mary University of London, United Kingdom and a Master’s Degree in
International Marketing Management from Regent’s Business School London,
United Kingdom.
Dato’ Indera Lim is a son of Tan Sri Lim Kok Thay, the Deputy Chairman and
Executive Director of the Company. Both Tan Sri Lim Kok Thay and Dato’ Indera
Lim are major shareholders of the Company.
On 1 January 2019, he was redesignated as the Deputy Chief Executive and

Executive Director of Genting Berhad (‘GENT’). He was a Non-Independent
Executive Director of GENT following his appointment as the Senior Vice
President (“SVP”) – Business Development on 1 March 2013 until he was
redesignated as the Executive Director – Chairman’s Office of GENT on 1 June
2013 and assumed additional role as the CIO on 1 January 2015. He was a Non-
Independent Executive Director of Genting Malaysia Berhad (“GENM”) following
his appointment as the CIO of GENM on 1 January 2015. On 1 January 2019,
he was redesignated as the Deputy Chief Executive and Executive Director of
GENM. He is also a director of Genting UK Plc and a member of the Board of
Trustees of Yayasan Lim Goh Tong.
Dato’ Indera Lim previously held various positions in Genting Hong Kong
Limited (“GENHK”) including as the SVP – Business Development, Executive
Director – Chairman’s Office, CIO and Executive Director of GENHK. Prior to
joining GENHK in 2009, he had embarked on an investment banking career
with The Hongkong and Shanghai Banking Corporation Limited.

Mr Ching Nationality Malaysian
Yew Chye Age / Gender 70 / Male

Non-Independent Non-Executive Director
Mr Ching Yew Chye, appointed on 23 November 2011 as an Independent Non-

Executive Director, was redesignated to Non-Independent Non-Executive
Director on 23 November 2023. He holds an Honours Degree in Computer
Science from the University of London.
He is a seasoned management and information technology professional with

more than 25 years of experience. He held various management positions
in Accenture until his retirement in 2007 as a senior partner of Accenture, a
global management consulting, technology services and outsourcing company.
During his career with Accenture, he worked primarily with clients in the
financial services industry in ASEAN. Major client assignments included
strategic information planning, design and implementation of major information
technology systems, bank reorganisation and operational integration arising
from bank mergers. He is also a director of YTL Starhill Global Reit Management
Limited and the Chairman of AIA General Berhad and United Overseas Bank
(Malaysia) Bhd.

Mr Yong Nationality Malaysian
Chee Kong Age / Gender 69 / Male

Mr Yong Chee Kong, appointed on 1 January 2018 as a Non-Independent

Non-Executive Director, was redesignated as an Independent Non-Executive
Director on 1 December 2019.
He pursued his accountancy studies in Tunku Abdul Rahman University of

Management & Technology. He is a Fellow of the Association of Chartered
Certified Accountants, an Associate of the Institute of Chartered Secretaries
and Administrators and a member of the Malaysian Institute of Accountants.
In 1999, he attended the Advanced Management Program in Harvard Business
School, Harvard University.
He joined Genting Berhad in 1985 and was appointed as Chief Financial Officer
of Genting Plantations Berhad in 1991. In 2006, he was promoted to Chief
Operating Officer and in 2010 as President & Chief Operating Officer of Genting
Plantations Berhad, a position he held till his retirement on 1 July 2017. Prior to
joining the Genting Group, he was attached to the Inland Revenue Department
of Malaysia and two major international accounting firms.

Tan Sri
Dato’ Sri Zaleha Malaysian
binti Zahari
Nationality
Age / Gender 75 / Female

Tan Sri Dato’ Sri Zaleha binti Zahari, appointed on 26 February 2018, is an
Independent Non-Executive Director. Having qualified as a Barrister-at-Law,
Middle Temple, London in 1971, she joined the Judicial and Legal Service. In the
twenty years of her service, she had, inter alia, served as a Magistrate, Senior
Assistant Registrar of the High Court, Deputy Public Prosecutor as well as a
Legal Adviser to the Ministry of Education, the Economic Planning Unit, the
Ministry of Home Affairs as well as the Department of Inland Revenue. She was
the Head of the Civil Division in the Attorney General’s Chambers prior to being
appointed as a Judge of the Superior Bench.
She was initially appointed as a Judicial Commissioner and subsequently

as Judge of the High Court, then Court of Appeal Judge and thereafter, as a
Federal Court Judge.
After her retirement from the Bench, she was appointed as an Independent
Non-Executive Director of the Ombudsman of Financial Services. She was the
Chairman of the Operations Review Panel of the Malaysian Anti-Corruption
Commission for a period of three years from 15 August 2016 to 14 August 2019.

Dato’ Moktar Nationality Malaysian
bin Mohd Noor Age / Gender 65 / Male

Dato’ Moktar bin Mohd Noor, appointed on 23 November 2022, is an

Independent Non-Executive Director.
He holds a Bachelor of Law (Honours) degree from Lancaster University, UK.

He also has a professional qualification from the Legal Profession Qualifying
Board in Malaysia.
He started his career with the Royal Malaysia Police in 1979 where he held
various investigation, personnel management, prosecution, port security,
administrative and legal positions followed by other related experiences as
chairman of the Malaysia Port Auxiliary Police Secretariat, committee member
on security for the Football Association of Malaysia, Royal Malaysia Police
permanent representative to the Malaysia Engineering Board and committee
member on discipline to the Royal Kelantan Datoship council. In his last two
years of service before his retirement, he was the Head of Legal Division of the
Royal Malaysia Police. He has recently retired from the Royal Malaysia Police
after serving the force with full dedication for 40 years, one month and 12 days.
He was conferred Darjah Dato’ Paduka Jasa Mahkota Kelantan (D.P.J.K) by the
Sultan of Kelantan in 2017.
He is presently the Chairman of D’Nonce Technology Berhad and a director of

KOP Mantap Berhad.

Ms Loh Nationality Malaysian
Lay Choon Age / Gender 65 / Female

Ms Loh Lay Choon, appointed on 22 February 2023, is an Independent Non-

Executive Director.
She is a member of the Malaysian Institute of Certified Public Accountants

(“MICPA”) and a member of the Malaysian Institute of Accountants.
She has extensive experience in the audits of large listed local and multinational
corporations, assisting companies with initial public offerings and funds
raising exercises in both the Malaysian and international markets as well as
investigations, financial due diligences and other advisory works.
She was with PricewaterhouseCoopers PLT Malaysia (“PwC”) for 41 years and
started her career as an articled clerk. She was a Partner of PwC for 21 years
until her retirement on 30 June 2019. During her tenure in PwC, she was also
the Head of the Consumers and Industrial Products and Services Assurance
Practice, Corporate Reporting Leader and the Capital Market Services Leader.
She was a Council Member of MICPA from 2004 to 2021 and served actively
in various committees; a Chairperson of the Adjudication and/or Organising
Committees of the National Annual Corporate Report Awards from 2010 to
2017; a member of the Financial Reporting Foundation (“FRF”) from 2007
to 2013 as appointed by the Ministry of Finance and also served as an Audit
Committee Member of FRF; and a member of the Law Reform Committee of the
High-Level Finance Committee on Corporate Governance (1999).
She is also a director of IJM Corporation Berhad.

General Tan Sri

Dato’ Seri Panglima
Ts. Haji Zulkifli
bin Haji Zainal Nationality Malaysian
Abidin (R) Age / Gender 65 / Male

General Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli bin Haji Zainal Abidin (R),
appointed on 30 May 2023, is an Independent Non-Executive Director. He had
a distinguished career with the Malaysian Armed Forces for 42 years and 6
months.
General Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli (R) was commissioned in
the Royal Malay Regiment since 1978, and held various commands in the Army
and Armed Forces, including as the Chief of Army from June 2011 to June 2013
and Vice Chancellor of the National Defence University of Malaysia from 2008
to 2020. General Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli (R) was the 20th
Chief of Defence Forces before he went on his mandatory retirement in January
2020.
General Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli (R) holds an Advanced
Diploma in Business and Management (Distinction) from Swansea Institute
of Higher Education, University of Wales, United Kingdom and a Masters in
Management from the Asian Institute of Management, Philippines. He is also
a Chartered Fellow of The Chartered Institute of Logistic and Transport, a
Fellow of the Academy of Professors Malaysia and a member of the Malaysia
Board of Technologists. He had attended the Senior Executives in National
and International Security programme in JFK School of Government, Harvard
University, United States of America.
Notes:
The details of Directors’ attendances at Board Meetings are set out in the Corporate Governance Overview
Statement on page 71 of this Integrated Annual Report.
The details of the Board Committees where certain Directors are also members are set out on page 22 of
this Integrated Annual Report.
Save as disclosed, the above Directors have no family relationship with any Director and/or major
shareholder of Genting Plantations Berhad, have no conflict of interest or potential conflict of interest
including interest in any competing business with Genting Plantations Berhad or its subsidiaries, have not
been convicted of any offence within the past five years and have no public sanction or penalty imposed
by relevant regulatory bodies during the financial year.

PRINCIPAL EXECUTIVE OFFICERS’ PROFILE 33
TAN SRI LIM KOK THAY

Deputy Chairman and Executive Director
His profile is disclosed in the Directors’ Profile on page 24 of this Integrated Annual Report.
DATO’ SRI TAN KONG HAN

Chief Executive and Executive Director

Deputy Chief Executive and Executive Director
MR TAN WEE KOK

President & Chief Operating Officer
Mr Tan Wee Kok (Malaysian, aged 58, male), was promoted to President & Chief Operating Officer on 1 July 2017 after
holding the position of Chief Financial Officer of the Company since 1 January 2009. He graduated with a Bachelor of
Accounting (Hons.) degree from University of Malaya. He is a member of the Malaysian Institute of Certified Public
Accountants and a member of the Malaysian Institute of Accountants. Prior to this appointment, he was the Senior
Vice President – Corporate, in charge of corporate affairs and strategic planning, new projects and investments, as
well as investor relations. He started his career with PricewaterhouseCoopers in 1991 and later joined Malaysia Mining
Corporation Berhad as the Corporate Planner in 1995. He joined Genting Plantations Berhad (“GENP”) in 1997.
Currently, he holds directorships in various subsidiaries within the GENP Group and is a director of Asian Centre for
Genomics Technology Berhad, a public company.
Mr Tan Wee Kok does not have family relationship with any Director and/or major shareholders of GENP, has no conflict
of interest or potential conflict of interest including interest in any competing business with GENP or its subsidiaries,
has not been convicted of any offences within the past five years and has no public sanction or penalty imposed by the
relevant regulatory bodies during the financial year.
MR NG SAY BENG
Chief Financial Officer
Mr Ng Say Beng (Malaysian, aged 58, male), was appointed the Chief Financial Officer of Genting Plantations Berhad
(“GENP”) on 17 August 2020. He holds a professional qualification from the Institute of Chartered Accountants in
England and Wales and is a member of the Malaysian Institute of Accountants and the Chartered Tax Institute of
Malaysia.
He has worked with PricewaterhouseCoopers and other listed entities prior to joining GENP in 2013. Prior to his
appointment as Chief Financial Officer, he was the Senior Vice President – Finance for Indonesia. Currently, he holds
directorships in various subsidiaries within the GENP Group and is a director of Benih Restu Berhad, a public company
which is wholly-owned by GENP. He is also a director of PUC Berhad, a public listed company.
Mr Ng Say Beng does not have family relationship with any Director and/or major shareholders of GENP, has no conflict
of interest or potential conflict of interest including interest in any competing business with GENP or its subsidiaries,
has not been convicted of any offences within the past five years and has no public sanction or penalty imposed by the
relevant regulatory bodies during the financial year.

34 SENIOR MANAGEMENT
TAN SRI LIM KOK THAY

Deputy Chairman and Executive Director
DATO’ SRI TAN KONG HAN

Chief Executive and Executive Director

Deputy Chief Executive and Executive Director
MR TAN WEE KOK

President & Chief Operating Officer
MR NG SAY BENG
Chief Financial Officer
PROPERTY
MR LEE SER WOR
Executive Vice President
AGTECH
MR LEE WENG WAH
Senior Vice President
DOWNSTREAM MANUFACTURING
MR CHOY KAM TONG
Senior Vice President

OUR APPROACH TO VALUE CREATION 35
As a company with its principal business in oil palm in innovation and business activities that have
plantation across Malaysia and Indonesia, Genting continuously supported Our Vision to become a leader in
Plantations Berhad is continuously striving to become an the plantation industry alongside the transformation
innovative leader in the plantation industry. Our Group through agriculture technology, and the unlocking of
has continuously focused on leveraging our expertise, value through property development.
experience and assets to build long-term value creation
for our Group and our stakeholders. In line with our shifting view of value creation beyond
merely financial profits, our Group is now on an integrated
With a customer-oriented and market-driven approach to thinking journey, applying multi-capital approach to drive
creating and sustaining value, our Group has made strides our long-term value creation.
Genting Plantations’ Six Capitals of Value Creation
Financial Capital Natural Capital
Funds available to Genting Plantations for the All renewable and non-renewable natural resources
management and provision of assets obtained via used and managed by Genting Plantations including
financing such as equity, debt, grants or any money water, air, land, biodiversity and health of ecosystems
generated through Genting Plantations’ business
operations or investments
Manufactured Capital Human Capital
All plantation areas, refinery, biodiesel plants, Total workforce employed by Genting Plantations,
properties, buildings and infrastructure owned and along with their competencies, capabilities and
managed by Genting Plantations expertise, aligned with how they support Genting
Plantations’ long-term strategic value creation
Intellectual Capital Social and Relationship Capital
All of Genting Plantations’ knowledge-based The relationships held between Genting Plantations
intangible assets, including all developments made and institutions such as communities, stakeholders,
under biotechnology, Big Data, artificial intelligence governing bodies and other intersecting networks
(“AI”) and agricultural technology (“AgTech”) within the Group
We have made significant strides in our sustainability initiatives with our Four-Pillared Sustainability Agenda as well as the
United Nations Sustainable Development Goals (“UN SDGs”) covering Environmental, Social and Governance (“ESG”)
aspects. Our multi-capital approach to value creation is driven by our strategic priorities with commitment to our
Sustainability Agenda, as well as covering the ESG aspects.
Through our effective management of all capitals across our Group, we are continuously striving to harness and maintain
value for our partners, customers and other key stakeholders. Our value creation model illustrates how Genting Plantations
is able to create value for our key stakeholders through the inputs of our key business activities and how these translate into
outputs and outcomes to generate sustainable and meaningful value to our Group and its stakeholders.

36 OUR VALUE CREATION MODEL
OUR CORE VALUES • Hardwork • Honesty

INPUTS
Value Creation Approach
FINANCIAL CAPITAL
• A strong capital base, supported by our long-term
investors, internally generated funds from Our Business Activities
operations and assets across our plantation and cut across the following sectors
real estate businesses.
• Total assets employed of RM8.6 billion
• RM5.4 billion total equity
• Borrowings of RM2.1 billion PROPERTY PLANTATION
MANUFACTURED CAPITAL
• Our planted areas in Malaysia and Indonesia,
BUSINESS
property development, oil mills and refineries are FUNCTIONS
the key drivers of our manufactured capital.
AGRICULTURE DOWNSTREAM
TECHNOLOGY MANUFACTURING
INTELLECTUAL CAPITAL
• Our business is driven using transformative and
innovative technology, applied across our Driven by our
Agriculture Technology (“AgTech”) Division and Key Strategic Drivers
internally developed oil palm seeds.
Enabling Innovation
Institutionalising Sustainability
NATURAL CAPITAL
Improved Product Quality
• As a business centred around the use of natural
resources, we are consciously improving our Talent Pipeline
efforts in preserving and conserving the
environment in which we operate through
responsible stewardship, efficient management
With a commitment to
of water, energy and waste. Our Sustainability Agenda
HUMAN CAPITAL
• We are committed to enhance the capabilities and Environment Community
competencies of our workforce and leverage on
their knowledge and expertise, while also
developing a talent pool to meet our business
goals and objectives, as our employees are key to
the success of all our businesses and products.
FOUR-PILLARED
SUSTAINABILITY
• We strive to provide a safe and healthy working
AGENDA
environment for our workforce.
SOCIAL AND RELATIONSHIP CAPITAL

• We focus on ensuring the well-being of local
communities where we operate through
meaningful relationships and communication. Marketplace Workplace

OUR VALUE CREATION MODEL 37
• H a r m o ny • L o ya l t y • Compassion
OUTPUTS OUTCOMES
FINANCIAL CAPITAL
SHAREHOLDERS & INVESTORS
• Net profit (RM mil) 265.8
• Total revenue (RM mil) 2,966.5
Provided sustainable total shareholder
• Dividend payment (RM mil) 242.2
returns, whilst maintaining a strong market
• Return on average shareholders’ equity (%) 4.8
position in the countries where we operate,
• Market capitalisation (RM bil) 5.1
delivering positive, risk-adjusted returns to
our investors.
SUPPLIERS & CONTRACTORS

MANUFACTURED CAPITAL
• FFB production (mil mt) 2.11 Management of strong relationships with
• CPO production (mt) 586,926 relevant parties with transparency,
• Group FFB yield (mt) 17.6 traceability, and accountability for mutually
• Refined, Bleached and Deodorised beneficial partnerships.
(“RBD”) palm products (mt) 123,696
• High occupancy rate of lettable area in Johor Premium GOVERNMENT, TRADE
Outlets® & Genting Highlands Premium Outlets® ASSOCIATIONS & INDUSTRY BODIES
Maintained strong engagement with

INTELLECTUAL CAPITAL relevant government and regulatory
• Financial transactions via e-wallet platform bodies, by providing regular updates
• Commercialisation of any patented products through statutory reporting and
• Techniques for planting materials responding to queries.
• All Malaysian oil mills and supply bases are certified under the
Malaysian Sustainable Palm Oil (“MSPO”) certification In full compliance with all applicable laws
• 9 oil mills and 23 estates are certified by RSPO and regulations in order to maintain our
• All Malaysian oil mills and supply bases are certified by required operating licences.
International Sustainability and Carbon Certification (“ISCC”)
EU and ISCC Plus Standards LOCAL COMMUNITIES
Playing our role to enrich communities

where we operate (e.g., generating job
NATURAL CAPITAL
opportunities) and the wider community as
• Total landbank set for conservation (%) 12
a whole (e.g., providing access to education
• Tree planting initiatives for orangutans
through schools and scholarship
• Initiatives in managing carbon footprint
programmes).
WORKFORCE
HUMAN CAPITAL
• Percentage of women in the total workforce 23% We continue to engage with our people to
• Percentage of women representation on BOD 20% create high performing work culture, open
• Total investment in employees’ training, development 11.8 lines of communication, suitable employee
and staff welfare (RM mil) welfare and continuous learning, in building
a successful workforce.
SOCIAL AND RELATIONSHIP CAPITAL

• Total amount in community investment (RM mil) 3.4
• Total area of Plasma Schemes (ha) 22,254
• Number of internships offered 67
• Number of scholars under the Tan Sri (Dr.)
Lim Goh Tong Endowment Fund 15
• Number of supported schools 32

38 OVERVIEW OF SUSTAINABILITY AT
SUSTAINABILITY STATEMENT
We aspire to achieve a Our Group is fully cognizant that it is imperative for businesses
to forge mutually desirable outcomes founded on shared values
balanced integration of ethical, for our stakeholders and seeks to pay as much heed to
social, environmental, continuously raising our sustainability performance as we do to
and economic considerations in meeting our commercial goals.
the way we conduct our business Hence, we are always guided by the core commitments of our
to create sustainable long-term Four-Pillared Sustainability Agenda, encompassing
value for our stakeholders. Environment, Community, Workplace and Marketplace.
Environment Community
• To practise responsible stewardship • To build mutually beneficial
of the environment given that our relationship with the communities
business is closely related to nature where we operate and with society
at large through the active
• To strive to adhere to the principles
engagement
of sustainable development for the
benefit of current and future • To enrich the communities
generations where we operate
Workplace
• To create a conducive and balanced
working environment encircling good Marketplace
practices, safety, and well-being of
• To conduct our business with
employees
honesty, integrity and a
• To attract and retain talent, and nurture commitment to excellence
our employees to enable them to realise
• To personify exemplary corporate
their full potential
governance and transparent
• To remunerate employees commensuration business conduct
to their academic and work achievements
• To provide continuous development through
training and further academic learning
Employees form an integral part of our Group and we

remain committed to human resource development. Our
global workforce was 25,978 as at 31 December 2023
with 7.3% Malaysians comprising Malay (5.5%), Chinese
(1.0%), Indian (0.8%) and the remaining 92.7% from
other countries including but not limited to Korea,
Mauritius, Indonesia, Singapore, Bangladesh, Philippines,
India, Nepal, Sri Lanka and Pakistan.
The male to female employee ratios is 3:1; with ages

below 30 (32.3%), between 30 to 55 (66.1%) and above
55 (1.6%).

OVERVIEW OF SUSTAINABILITY AT 39
CONTRIBUTION TOWARDS UN SDGS

The United Nations Sustainable Development Goals
(“SDGs”) present a comprehensive framework addressing
global challenges, requiring immediate global actions. As a
business operating in the palm oil industry, our aim is to
align with the targets outlined in the UN SDGs.
Our approach involves integrating material sustainability

concerns into relevant SDG indicators. We identify ways to
contribute to the achievement of the 169 objectives
pertinent to our business operations. While recognising
the relevance of all 17 goals to GENP, we concentrate our
efforts on those where we can make the most strategic and
impactful contributions.
Following an evaluation of the goals and their

accompanying targets, we have identified six (6) goals for
significant contributions: No poverty (Goal 1), Good health
and well-being (Goal 3), Decent work and economic
growth (Goal 8), Responsible consumption and production
(Goal 12), Climate action (Goal 13), and Life on land
(Goal 15).
These goals, due to their relevance and alignment with our

strengths, represent areas where we can make substantial
contributions. Simultaneously, we acknowledge our
capacity to contribute, to varying degrees, to the
remaining goals through our operational endeavours.
Moreover, at GENP, there is a strong belief in

respecting the rights of local and indigenous
communities. We ensure that our supplies undergo
thorough impact evaluations and adhere to Free, Prior,
NO POVERTY
Informed Consent (“FPIC”) protocols where
Malaysia and Indonesia have made commendable applicable.
progress in improving the welfare and living standards
of their citizens, breaking the cycle of poverty for many.
Despite these achievements, a significant number of
individual still live in impoverished conditions, posing a
persistent challenge that calls for innovative poverty GOOD HEALTH AND WELL-BEING
alleviation strategies.
In response to the global impact of COVID-19, GENP
The palm oil industry has played a crucial role in driving took decisive actions over the past few years to
economic growth in countries like Malaysia and prioritise the health and well-being of its employees.
Indonesia, contributing to the liberation of millions This includes implementing precautionary measures
from poverty. As a responsible corporate citizen, GENP aligned with local authorities’ guidelines, providing
is dedicated to actively reducing the number of people personal protective equipment to staff, and offering
affected by poverty. This commitment involves financial aid to the local communities.
providing job opportunities with comprehensive
benefits, integrating smallholders into the supply Awareness initiatives were also undertaken to
chain, and investing in community-oriented emphasise the importance of adhering to safety
programmes to address the basic needs of vulnerable protocols during the pandemic. Even as the world
members of society. transitioned toward endemicity in 2022, GENP

40 OVERVIEW OF SUSTAINABILITY AT
maintained stringent health and safety standards to

ensure the welfare of its workers. The commitment to
good health and well-being is further demonstrated
through a comprehensive range of benefits provided to
CLIMATE ACTION
the workforce.
Contrary to the widespread belief that palm oil
development is the primary driver of tropical forest
destruction, the industry has acknowledged its past
actions and is actively working to curb further
DECENT WORK AND ECONOMIC deforestation. GENP recognises the paramount
GROWTH importance of environmental stewardship and upholds
the Zero Burning Policy. We prioritise long-term
The palm oil sector is a significant contributor to
strategies to prevent fires, offering support to local
employment, especially in rural areas, playing a vital
communities to maintain fire-free conditions.
role in economic growth. Beyond palm oil cultivation
and harvesting, the industry offers job opportunities in
Beyond deforestation prevention, GENP collaborates
processing, research and development, trading,
with conservation organisations to undertake habitat
logistics, and more. GENP is dedicated to ensuring a
restoration and wildlife monitoring. Since 2021, GENP
positive impact on workers within its operations and
has been guided by an enhanced and updated Climate
supply chain. This commitment involves providing fair
Risk Impact and Mitigation Plan, aiming to address the
and decent work opportunities, upholding human and
impacts of climate change more effectively.
labour rights, and maintaining a secure working
environment.
LIFE ON LAND
RESPONSIBLE CONSUMPTION Forests play a crucial role in providing essential

AND PRODUCTION ecosystem services, supporting biodiversity, and
sustaining the livelihoods of indigenous communities.
Ensuring responsible consumption and production
GENP, as a responsible corporate entity, recognises its
practices is crucial for preserving natural resources,
fundamental role in protecting forest areas and has
optimising their utilisation, and minimising
consistently pursued this goal for over 30 years.
environmental and human health impacts. In addition
to broader commitments to consumption reduction GENP adopts a comprehensive approach to safeguard
and conservation projects, GENP has taken proactive conservation areas, including High Carbon Stock
measures to cease the use of paraquat herbicide. We (”HCS”) and High Conservation Value (”HCV”) areas,
adopt a holistic approach, incorporating natural both directly and indirectly across its operations. We
solutions and biological controls for pest management. collaborate with local communities and
This commitment extends across the supply chain, with Non-Governmental Organisations (”NGOs”) at a
active guidance provided to suppliers to enhance landscape level to enhance and protect forests through
processes and align with sustainability goals in these various initiatives.
areas.
Moreover, GENP actively contributes to orangutan
conservation through support for the Borneo
Orangutan Survival Foundation (“BOSF”) and
partnerships with Bringing Back Our Rare Animals
(“BORA”) for reforestation projects. The commitment
to preserving and safeguarding forests and ecosystems
within its operational areas remains unwavering at
GENP.

MATERIALITY AND MATERIAL MATTERS 41
1
Identifying & Reviewing
Managing Our Material Matters
Our Material Issues
As a socially responsible corporate entity, we acknowledge We review published reports,
the significant external impacts of our industry on society internal/external reviews, and global
ratings to ensure that our material
and the environment. We recognise the intrinsic link topics remain relevant and aligned
between increasing our positive contributions to these with industry trends and best
practices
areas and enhancing our economic value. The Company
places emphasis on prioritising material issues that hold
the greatest significance and relevance to our business,
stakeholders, and broader societal and environmental
2
impact. Stakeholder Engagement
& Prioritisation Exercise
Our regular review and updating of material issues Upon extensive internal review of our
OUR material issues, the outcomes from
ensure their continued relevance and alignment with engaging our 8 key stakeholder groups and
MATERIALITY concerns raised through our grievance
evolving stakeholder expectations, our business PROCESS channels are consolidated to inform our
strategy, market trends and the pertinent United prioritisation exercise. This includes
Nations Sustainable Development Goals. Our business one-to-one consultation and
strategy is guided by our Core Values, Vision, Code of communication, as well as circulation of
a materiality survey to obtain
Conduct and Ethics, and our Four-Pillared Sustainability stakeholder feedback and input
Agenda, alongside the ESG framework. on topics deemed priority
This identification and prioritisation process involves 3

assessments against internal and external reviews,
Classification &
published reports, peer reviews, ratings from agencies, and Validation
adherence to the Global Reporting Initiative standard. The outcomes of the exercise were
Feedback on prioritised material issues is obtained through compiled and organised on a matrix of
engagements with our eight key stakeholder groups and materiality. Significant material topics were
classified as either "priority" or "relevant",
relevant concerns raised through our grievance channels. and their associated risk levels were
Identified key material topics are categorised as priority or assessed according to the potential risks to
both the Group and its stakeholders. The
relevant, and their associated risk levels are evaluated material issues and contents of this
based on the overall risk to the Company and our report were validated by the GENP
stakeholders. sustainability team and endorsed
by the Board of Directors
Our 10 material matters are plotted on a materiality matrix to show the Workplace
significance of each material matter to our business and our stakeholders. Upholding Human Rights
 & Labour Standards
Marketplace
Responsible Supply
 Chain/Sourcing
1 5
Governance,
Impact on Stakeholder
8
 Ethics & Integrity
9
6  Smallholder Inclusion
32
Environment
No Deforestation,
4  Conservation & Biodiversity
 Water Management
 Energy Management
7  Emissions Management
10 Effluents &
 Waste Management
Significance to Genting Plantations Berhad’s Business Community

 Community Empowerment

42 MATERIALITY AND MATERIAL MATTERS
Material Matters Why It Matters Risks Opportunities
Adhering to human • Misinterpretation of • Establish a communication platform for

rights principles is policies and workplace employees to share their opinions on
essential for operating culture could lead to human rights and labour issues
as an ethical and human rights
responsible violations stemming • Proper and effective management of
organisation. This from the differences in human rights practices can improve
Upholding Human dedication serves as the backgrounds due to the Group’s public image and
Rights & Labour foundation for all other the Group’s diverse strengthen its reputation in the
Standards policies aimed at workforce industry
ensuring the safety and
well-being of both our • Poor employee • Foster a safety-oriented behavioural
employees and management results culture where each employee assumes
contracted workers. in lower productivity responsibility for their safety and
and performance, thatof their colleagues
We believe that every leading to challenges
individual deserves to in attracting and
be treated with dignity retaining skilled
and respect talents
irrespective of gender,
socioeconomic status
or religion. As a
responsible corporate
citizen, it is our duty to
comply with local and
international standards,
regulations and best
practices to fulfil the
constitutional rights
and laws in the regions
where we operate.
Effective governance • Poor governance • Effective corporate governance fosters

and business ethics management may a conducive and positive working
play a crucial role in leave the Group environment within the Group
guiding the Group to vulnerable to unethical
Governance, operate ethically and business practices, • Implementing policies and guidelines
Ethics & Integrity responsibly. We strive posing a substantial promotes compliance and
to fulfil our risk to the Group’s accountability which encourages
responsibility as a reputation systematic execution of business plans
conscientious business and strategies
to enhance our • Bribery and corruption
accountability and often result in financial
transparency. Our and reputational
efforts will further damage with lasting
enable us to mitigate consequences for
risks associated with business and
our business activities. investment
opportunities

Capitals Alignment to
Our Strategic Response Stakeholders Affected Impacted UN SDG
• We are guided by our Human Rights Policies, • Workforce 1, 3, 8, 10, 11
adhering to local and national laws and • Shareholders & Investors
international standards • Local Communities
• Government, Trade
• Commitment to the UN Declaration on the Rights Associations & Industry
of Indigenous Peoples and the ILO Convention on Bodies
Indigenous and Tribal Peoples, and Free, Prior and • Non-Governmental
Informed Consent (“FPIC”) Organisations (NGOs)
• Suppliers & Contractors
• Prohibiting harassment and discrimination
according to established policies
• Prioritising the recruitment of locals to foster

shared values with communities in areas where
GENP operates
• Periodic review and engagement with suppliers to

assess compliance with acceptable human rights
practices
• Aspiring to achieve ZERO HARM among

employees by reducing accidents and fatalities
• Aiming to migrate OSHMS to the ISO 45001,

aligning with the OSH Master Plan 2024 by 2025
• Striving to meet national OSH standards through

self-regulation practices and enhancing employee
knowledge on hazards and risk controls
• Establishment of three (3) key policies, i.e., • Workforce 8, 10, 12, 16

Anti-Bribery and Corruption System Policy • Shareholders & Investors
(“ABCS Policy”), Code of Conduct and Ethics • Industry Groups
(“Code”), and Whistleblower Policy, which aligns • Government, Trade
to the principles of good governance and adheres Associations & Industry
to the associated standards Bodies
• Non-Governmental
• Ensuring zero corruption practices and Organisations (NGOs)
conformance to policies and regulations across • Customers
our value chain • Suppliers & Contractors

GENP believes that • Disruptions to • Commitment to responsible sourcing

sustainable practices are operational continuity, can enhance the Group’s image among
important for its current i.e., supply chain investors
and future business interruptions, logistical
needs. As such, we strive challenges, and human • Expansion of the customer and
to ensure that our rights issues supplier network as they are more
Responsible suppliers adopt best favourable and inclined to collaborate
Supply Chain / practices, regulations • Poor evaluation and with the Group, thus reducing
Sourcing and meet our due diligence of concentration risk
requirements. suppliers can lead to
the involvement of
suppliers who are
non-compliant towards
ESG standards
Integrating ESG factors • Negative publicity • Embracing sustainable practices such

into our investment related to as adopting best management
strategy is imperative to environmental practices and obtaining certifications
ensure ongoing destruction and from RSPO and MSPO can enhance
sustainable value unethical business GENP’s reputation and market access
generation for our practices can tarnish
business and the Group’s reputation
stakeholders. This and erode customers’
includes contributing to a trust
Smallholder just transition towards a
Inclusion sustainable future,
seizing the social and
economic opportunities
arising from climate
change. By doing so, we
can cater to the
increasing expectations
of investors and
customers who prioritise
ESG factors over product
pricing or specifications.
As a plantation company, • Biodiversity loss can • Our Group’s commitment to

we recognise the reduce the environmental stewardship ensures
importance of ecosystem’s resilience biodiversity within our operational
environmental to climate change, zones are protected and conserved
stewardship in making them more efficiently and sustainably for the long
No Deforestation, safeguarding biodiversity susceptible to extreme term
Conservation & to mitigate the impacts of weather events and
Biodiversity climate change. Our loss of natural • Preserving biodiverse ecosystems can
commitment remains resources contribute to climate change
steadfast in promoting mitigation by sequestering carbon
responsible forest • Failure to protect dioxide and enhancing resilience to
management, combating biodiversity can lead to climate impacts such as extreme
desertification, reversing legal liabilities, fines, weather events and sea level rise
land degradation, and and reputational
preventing biodiversity damage
loss.

• Identifying economic, environmental and social • Local Communities 2, 8, 12, 14
risks associated with our suppliers • Customers
• We are committed to embedding traceability and • Workforce
transparency practices amongst our workforce • Shareholders & Investors
and supply chain
• We encourage our suppliers to progress in their

practices to align with our sustainability
requirements, including obtaining the relevant
sustainability certifications
• Implementing measures to support livelihoods of • Workforce 8, 17

smallholders • Shareholders & Investors
• Local Communities
• We assist oil palm smallholders in attaining the • Industry Groups
RSPO certifications • Government, Trade
Associations & Industry
• We are currently collaborating with Wild Asia Bodies
Group Scheme, a non-governmental organisation, • Non-Governmental
to equip smallholders with the necessary Organisations (NGOs)
assistance to obtain certifications • Customers
• Our continuous efforts in conserving and • Workforce 13, 15

protecting biodiversity within our operational • Shareholders & Investors
zones ensures the integrity of High Conservation • Local Communities
Value (“HCV”) and High Carbon Stock (“HCS”) • Industry Groups
areas • Government, Trade
• Preventing new developments on HCV and HCS Bodies
areas, peat areas and ensuring zero burning in all • Non-Governmental
activities Organisations (NGOs)
• Our approach to no deforestation, conservation,

and biodiversity is guided by the RSPO’s New
Planting Procedure (“NPP”) and our Sustainability
Policy

As the oil palm industry • Global warming and • Implementing efficient emissions
is expected to step up the subsequent rise in reduction measures can lead to
its efforts through sea levels may result in reduced energy consumption and
sustainable and elevated temperatures operational costs
climate-resilient and flooding in
practices, GENP aims to flood-prone areas, • Demonstrating a commitment to
Emissions enhance efforts to causing damage to emissions reduction and environmental
Management mitigate its crops and asset loss stewardship can improve the Group’s
contributions to global reputation and attract environmentally
warming. As such, we • Failure to meet the conscious customers and potential
focus our efforts on Group’s goal to achieve investors
reducing air emissions, carbon neutrality by
Greenhouse Gas 2030 may pose
(”GHG”) emissions and reputational risks
the release of other
toxic pollutants that
may impact the health
of people and the
planet.
GENP believes that • High energy • Optimising our energy management

responsibly using consumption would can cut operational expenses, improves
energy and renewable increase operating cost energy security, and supports
sources are important and carbon footprint, sustainable business practices
for tackling climate which hinders our aim
change and minimising towards achieving
Energy the environmental carbon neutrality by
Management impact of our 2030
operations. Energy
management also lowers
operational costs,
improves energy
security and ensures
that our business
remains sustainable.
Effective waste • Improper effluent and • Reduced waste generation and

management is crucial waste management, enhanced resource efficiency will lead
for reducing pollution to i.e., Palm Oil Mill to lower operational expenses
land and water sources, Effluent (“POME”) will
Effluents & Waste ensuring environmental cause harm to the
Management protection, and environment,
supporting the particularly in the
well-being of both contamination of
humans and waterways and
biodiversity. groundwater

• We aim to achieve carbon neutrality for the entire • Workforce 12, 13, 15
Group by 2030 which can be realised with the • Shareholders & Investors
implementation of initiatives as follows: • Local Communities
• Industry Groups
• Improving oil mill systems, implementing GHG
• Government, Trade
reducing systems, establishing a methane gas
capture plant, and zero discharge system
Bodies
• Exploring and adopting cleaner energy sources • Non-Governmental
Organisations (NGOs)
• Identifying and monitoring pollutants and • Customers
implementing plans to mitigate pollutants
• Implementing a waste management plan which

adopts the 3Rs and disposal based on levels of
toxicity and hazard
• Monitoring effluents and discharges and ensuring

compliance to regulations
• Improving estate systems such as estimating

carbon stock for new plantings, identifying sources
of emissions from development, enhancing fire
prevention control measures, managing plantings
on peatlands, and improving and controlling the
use of fertilisers and pesticides
• Improving energy management by reducing • Workforce 7, 12, 13

operational costs and improving energy security • Shareholders & Investors
through biofuel and non-renewable energy • Local Communities
• Industry Groups
• Reducing energy consumption at our operating • Government, Trade
units Associations & Industry
Bodies
• Striving towards carbon neutrality by 2030 • Non-Governmental
• Complying with regulations to ensure the efficient • Workforce 12, 13

management of Scheduled Wastes by adhering to • Shareholders & Investors
the guidelines set by the Department of • Local Communities
Environment (“DOE”) Malaysia, including the • Industry Groups
Malaysia Environmental Quality (Scheduled • Government, Trade
Waste) Regulations 2005 (Amendment) 2007 and Associations & Industry
the Indonesian Peraturan Pemerintah PP Nomor Bodies
22 Tahun 2021 • Non-Governmental
• Reducing Biochemical Oxygen Demand and
Chemical Oxygen Demand levels to enhance
water quality by 2050
• Striving towards carbon neutrality by 2030

Water is a finite and • Poor water • Invest and allocate resources towards
vital resource for management practices adopting cutting-edge technologies to
sustaining life. Hence, it will raise operational decrease water usage and enhance
is imperative to utilise expenses, and any equipment efficiency
water responsibly our contamination of water
Water
daily operations. We from our waste would • Regularly track water consumption and
Management
are committed to lead to environmental seek opportunities to improve
reducing our water penalties and damage efficiency in water usage
intensity by 2050, our reputation
implementing
measures to address
water-related risks and
promoting responsible
water consumption in
our operations.
We aim to build strong • Communities lacking • Lower operational expenses by

relationships and adequate support or increasing the involvement of the local
uphold shared values facing marginalisation vendors
with the communities pose potential risks of
where we operate. As social instability • Enhance GENP’s image as a
responsible corporate frontrunner in the plantation industry
Community
citizens, we prioritise
Empowerment
conducting our
operations sustainably,
striving to create
lasting positive impacts
for both our business
and the communities
we serve.

• Implementing a sustainable water management • Workforce 6, 12, 13

strategy, with the goal of reducing water use • Shareholders & Investors
intensity by 2050 • Local Communities
• Industry Groups
• Optimising water usage and reducing water • Government, Trade
consumption with the integration of rainwater Associations & Industry
harvesting, innovative technologies, and Bodies
water-saving practices • Non-Governmental
• Guiding local communities on sustainable farming • Local Communities 1, 2, 3, 4, 11

practices to minimise adverse environmental • Non-Governmental
impacts Organisations (NGOs)
• Constructing and maintaining infrastructure such

as roads and bridges in areas with limited
connectivity
• Providing basic education for the children of our

workforce and local communities, including
offering educational fundings and scholarships
• Establishing the Tan Sri (Dr) Lim Goh Tong

Endowment Fund, an undergraduate scholarship
programme for deserving individuals
• Improving the management of human-wildlife

conflicts and prohibiting hunting and poaching of
endangered wildlife

production and performance including data strategy and management, automation, geospatial and
unmanned aerial vehicles, amongst others. The application of digital solutions such as the
Automatic Palm Counting (“APC”) system for accurate palm counting from drone imagery aids in
crop forecasting and budgeting as well as pest and disease management.
50 STAKEHOLDER ENGAGEMENT
GENP places significant importance on fostering meaningful and collaborative endeavours with our key stakeholders and
connections with stakeholders to nurture mutual respect, industry peers to drive transformative and systemic change.
gain valuable insights, and advance towards crucial Our proactive engagement in initiatives and partnerships
sustainability goals. Our engagements with both internal involving multiple stakeholders, such as conservation
and external stakeholders offer essential information that programmes, underscores our steadfast commitment to
propels ongoing enhancements. sustainable development.
We recognise the vital role of stakeholder engagements in We employ a six-step approach to stakeholder engagement,
crafting impactful solutions to the challenges faced by our aiming to establish impactful connections.
industry, and thus, we actively participate in both individual
Identify Feedback
Identify and prioritise Receive feedback on issues Follow-Up
stakeholders based on and identify opportunities to Continuous engagement
mutual shared values and enhance mutual shared with affected stakeholders
issues to be addressed values
Engage Action Review

Conduct engagement with Generate action plans and Review material issues,
prudence and mutual review goals risks and opportunities
respect in an appropriate
and fair manner

STAKEHOLDER ENGAGEMENT 51
Stakeholder Why We Engage

Group The Group recognises its most valuable asset as its diverse and skilled workforce,
essential for delivering high-quality products. We are committed in fostering a culture of
mutual shared values, prioritising dignity and respect for all employees
Engagement Mode Key Concerns & Issues Our Response
• Formal meeting • Environmental matters We support and respect

• Direct communication • Human rights and labour human rights in accordance to
WORKFORCE • Informal communication standards the United Nations Guiding
Principle on Business and
Human Rights

Group Our shareholders and investors serve as the key source of financial capital, contributing
to the strength and resilience of the business. Their involvement aids in informed
decision-making and the creation of long-term value for the company
• Formal meeting • Human rights and labour We create shared values for
• Direct communication standards the benefit of all stakeholders
SHAREHOLDERS & • Informal communication • Environmental matters
INVESTORS • Governance, ethics &
integrity

Group Our close relationship with the local communities where we operate is crucial. This aligns
with our aim in enhancing the quality of life and fostering sustainable positive impact
within our communities
• Formal meeting • Human rights and labour We engage and provide

• Direct communication standards contribution to the community
LOCAL and society at large especially
• Informal communication • Environmental matters
COMMUNITIES within the vicinity of our
• Supply chain management
business units

Group Collaborations with industry groups facilitate a mutually thriving and sustainable
plantation sector by enabling the exchange of expertise and insights
• Formal meeting • Environmental matters We are members of MPOA,

• Direct communication • Fire commitment and MEOA, GAPKI, MBA. We share
INDUSTRY • Informal communication management our views on subject matters
GROUPS • Public disclosure • Governance, ethics & and address them together
integrity with members accordingly

Group Government, trade associations, and industry bodies offer insights and regulate industry
standards, influencing our decision-making process
• Formal meeting • Human rights and labour We support efforts of various

• Direct communication standards ministries, including but not
GOVERNMENT,
TRADE • Informal communication • Environmental matters limited to Ministry of
ASSOCIATIONS • Public disclosure • Governance, ethics & Plantations & Commodities,
& integrity MPOB, MPOC to promote
INDUSTRY BODIES Malaysian palm oil

52 STAKEHOLDER ENGAGEMENT

Group As we operate in diverse regions with large local communities, we acknowledge the
necessity of strong community participation as a vital component of our social license to
operate
• Formal meeting • Human rights and labour We collaborate with NGOs,

NON-
GOVERNMENTAL • Direct communication standards namely HUTAN, BORA, BKSDA,
ORGANISATIONS • Informal communication • Environmental matters YAARI on conservation and
(NGOs) • Public disclosure • Governance, ethics & environment matters
integrity

Group Customers are at the core of our business, and understanding their needs is crucial for
meeting their requirements and expectations
• Formal meeting • Supply chain management We work with buyers, suppliers

• Direct communication • Governance, ethics & and our supply value chain to
CUSTOMERS • Informal communication integrity maintain sustainability
• Public disclosure • Fire commitment and principle
management

Group Continuous engagement with our suppliers and contractors ensures quality and timely
delivery of raw materials in the supply chain. This approach also helps understand their
long-term needs, fostering ethical and lasting business partnerships
• Formal meeting • Supply chain management We assist our suppliers and

• Direct communication • Governance, ethics & contractors to implement
SUPPLIERS & • Informal communication integrity sustainability activities,
CONTRACTORS • Health & safety including assisting them to
obtain relevant sustainability
certifications
NOTE:
Type Medium of Engagement Frequency
Formal Meeting • Meetings • Townhall sessions Periodical,

• Annual/Extraordinary • Audits scheduled
General Meetings • Inspections
• Dialogues • Annual appraisals
Informal • Telephone • Physical visits As and when

Communication • Messaging services • Emails necessary
Direct • Notices • Assessments

Communication • Memorandums • Surveys (Sustainability/Employee) As and when
• Campaigns • Forms necessary
• Emails • One-to-one interviews or meetings
• Letters
Public Disclosure • Annual Report • Media/Press release Periodical, as

• Sustainability Report • Financial and quarterly reports and when
• Website necessary

STRATEGIC REVIEW 53
Operating Environment
Volatility of palm oil price
Global economic conditions

• Palm oil companies are grappling with increased global energy prices and inflation attributable to
the ongoing conflict between Russia and Ukraine.
• The production costs for plantations have experienced a significant surge due to the elevated
prices of fuel and fertilisers.
• Larger supply of competing vegetable oils from the recovery in soybean production in Argentina
Description and sunflower production in the Black Sea region.
Uncertainties related to weather patterns
• The industry faces challenges related to climate change, including the need to adapt to
changing weather patterns, mitigate environmental impact, and reduce greenhouse gas
emissions.
• Uncertainty stems from mixed weather patterns across various geographical locations, making
it challenging to predict the impact on production.
Our proactive approach to plantation management involves strategic measures to ensure

sustainable production for the future. By carefully managing our plantation land bank, we aim to
maintain a consistent and sustainable supply of agricultural products over the long term.
Our Furthermore, we recognise the significance of diversification of our supply chain. We are forming
Response strategic partnerships, engaging with key stakeholders across the entire supply chain, and exploring
new markets to reduce dependency on specific regions. This strategic approach helps to strengthen
our market presence, foster synergies, and ensure a more robust and resilient position in the
market. It also mitigates the risks associated with fluctuations in global supply and demand
dynamics.
Rising demand for affordable real estate properties
Housing affordability
• A key determinant influencing the real estate market is the fluctuation in interest rates. This
encompasses changes in Bank Negara Malaysia’s monetary policy, i.e., the adjustments to the
Overnight Policy Rate (“OPR”), which can directly influence mortgage rates. Reduced interest
rates can improve housing affordability, influencing both property demand and investment
Description decisions.
Evolution of urban living
• With the transformation in urban living patterns driven by the rise of remote work and evolving
lifestyle preferences, there has been a shift in individual preferences. Malaysians are now seeking
more spacious living arrangements and a respite from crowded city centres. This has resulted in
a significant surge in the demand for properties in suburban and rural areas.
Our emphasis is on offering and providing products that meet the diverse needs of a wide market
segment, taking into account the current market sentiments. In 2023, several new launches have
contributed to the remarkable growth of the Property Division, particularly the sale of 100 units of
Double Storey Terrace Rimbun Residences and 83 units of Double Storey Terrace Ledang Homes in
Bandar Genting Indahpura.
Our
Response Moving forward, we aim to further enhance residential property sales by aligning with the
preferences of potential homebuyers and staying attuned to the evolving trends in the real estate
sector.
Premium Outlets®, on the other hand, is actively seeking opportunities for regional expansion and
portfolio enhancement.

54 STRATEGIC REVIEW
Technological innovation and digitalisation
Adoption of technological innovation and digital tools

• Plantation owners are making significant investments in digitalisation to streamline operations
and decrease reliance on manual labour.
• The adoption of technology has the potential to transform the oil palm sector – enhancing
Description efficiency, sustainability, and overall productivity.
• Key technological advancements in the oil palm industry include precision agriculture, data
analytics and artificial intelligence, plantation management software, weather forecasting and
climate modeling, satellite imaging for land use monitoring, and drone technology for crop
surveillance.
The AgTech segment will continue to expand the application of biological solutions and work on its
flagship products, namely GT, a high-yielding disease-tolerant seed, and the Yield BoosterTM
microbial bio-products.
Our Various technologies have been leveraged to support plantation activities as well as monitor crop
Response
production and performance including data strategy and management, automation, geospatial and
unmanned aerial vehicles, amongst others. The application of digital solutions such as the
Automatic Palm Counting (“APC”) system for accurate palm counting from drone imagery aids in
crop forecasting and budgeting as well as pest and disease management.
Managing Our Key Risks

GENP places significant importance on fostering meaningful and collaborative endeavours with our key stakeholders and
In adherence
connections withtostakeholders
the Malaysian Codemutual
to nurture on Corporate
respect, ofindustry
risks, peers
a dedicated Risk and Business
to drive transformative and systemicContinuity
change.
Governance
gain valuable(“MCCG”),
insights,theandRiskadvance
Management Committee
towards crucial Management Committee is responsible for implementing
Our proactive engagement in initiatives and partnerships
(“RMC”) operates
sustainability goals. as
Ouraengagements
Board Committee, supporting
with both internal and maintaining
involving the risk
multiple management
stakeholders, process.
such The review
as conservation
the external
and Board members in overseeing
stakeholders the risk
offer essential management
information that ofprogrammes,
risk management processes and reports is
underscores our steadfast commitment delegated
to
framework
propels and policies
ongoing of the Company and its subsidiaries.
enhancements. to the RMC by the Board.
sustainable development. The RMC evaluates half-yearly
risk management reports and the annual Statement on
Therecognise
We Companythe emphasises
vital rolethe importance of
of stakeholder robust internal
engagements in Risk Management
We employ andapproach
a six-step Internal Control (“SORMIC”)
to stakeholder before
engagement,
control, impactful
crafting with risk management being
solutions to the a key component.
challenges faced by ourTo recommending them for endorsement
aiming to establish impactful connections. by the Board.
facilitate and
industry, thethus,
identification,
we activelyevaluation
participate and management
in both individual
Identify Feedback
Identify and prioritise Receive feedback on issues Follow-Up
stakeholders based on and identify opportunities to Continuous engagement
mutual shared values and enhance mutual shared with affected stakeholders
issues to be addressed values
Engage Action Review

Conduct engagement with Generate action plans and Review material issues,
prudence and mutual review goals risks and opportunities
respect in an appropriate
and fair manner
STRATEGIC REVIEW 55
Managing Our Key Risks
Capitals Material Matters

Key Risk Impact on GENP Mitigation Measures Affected Impacted
Financial Risk Potential adverse • Entering into forward foreign
Exposure to foreign impact to the currency exchange contracts
currency exchange, financial performance
• Entering into floating-to-fixed
interest rate, credit, price of the Group
interest rate swaps
and liquidity risks
• A comprehensive insurance
programme
• Adherence to financial risk
management policies
• Close monitoring of cash
position, liquidity, and working
capital requirements
• Undertake appropriate strategies
to address liquidity requirements
Security Risk May interrupt • Vigilant security screening and

Exposure to external business operations, monitoring of all key
threats to its assets, threaten the safety of properties and assets of GENP
employees, and resources employees, impair
the Company’s
reputation and/or
result in financial loss
Business Continuity Risk Interruption to • Establishment of Disaster

Business disruption due to critical business Recovery and Business
failure of IT systems, functions Continuity Management Plan
cyberattacks, and major
• Regular review of core
health pandemic
information technology
systems to ensure Company’s
preparedness to respond to
prolonged business disruptions
Cybersecurity Risk Exposure of • Implementation of processes

Exposure to malwares, Company’s to manage and protect
ransomwares, confidential data, confidentiality, integrity, and
unauthorised access, causing adverse availability of data and critical
corruption, and/or loss of reputational impact infrastructure
information assets to the organisation
• Manage and monitor network
traffic and accessibility to the
Company’s systems
• Installation of anti-malware
software in all systems and
endpoints
• Encryption of critical and
confidential data
• Regular maintenance of
Company’s systems

56 STRATEGIC REVIEW
Capitals Material Matters

Key Risk Impact on GENP Mitigation Measures Affected Impacted
Commodity Risk Price movements of • Commodity sales contracts
Fluctuations and volatility CPO, PK, and FFB as and derivative instruments,
in selling prices of palm well as import and including physical forwards,
products export tariff barriers non-deliverable forwards,
may have an adverse futures, and options
effect on the
performance of the
Company
Regulatory Risk Failure to adhere to • Developing an in-depth

Stringent regulations the regulatory understanding of the
and standards requirements may respective regulatory
result in corporate framework which governs the
liability, which may Company’s operations in
include penalties, various jurisdictions
fines, and/or other
• Leveraging the services of
forms of punishment
experienced internal and
external lawyers
• Maintaining regular
communications with the
regulatory authorities, trade
and industry associations,
accounting and tax experts
• Implementing appropriate
code of practice, policies,
procedures, guidelines, and
internal controls
Sustainability Risk GENP recognises the • Advocating high standards of

Increasing prominence significance of governance across its entire
and importance of ESG conducting its operations
issues business operations
• Promoting responsible
in a sustainable and
business practices
responsible manner
to preserve • Managing environmental
long-term value impact of its businesses
• Providing a safe and caring
workplace
• Meeting the social needs of the
community and nation where
its business operations are
located

STRATEGIC REVIEW 57
Our Strategic Approach
Genting Plantations is embarking on a renewed Expansion, Research & Development, Technology &
commitment to sustainable oil palm plantations. This Digitalisation, and Supply Chain Optimisation, that form
includes implementing both biological and digital the bedrock of our business operations. We are steadfastly
solutions to boost operating efficiency and promote guided by the key focus areas under each thrust, ensuring
sustainability across its business operations. our firm commitment to sustainable business practices.
At the core of our strategic approach is an

all-encompassing business strategy plan, which
delineates four (4) pivotal strategic thrusts – Market
OUR VISION
Strategic Thrusts
Market Expansion Research & Development Technology & Digitalisation Supply Chain Optimisation
Focus Areas
• Progressive expansion of • Develop high-yielding and • Strengthen competitive • Enhance transparency
plantation land bank disease-resistant oil palm position by adopting and throughout the supply
• Form strategic varieties through genetic integrating cutting-edge chain by adopting
partnerships and breeding to enhance technologies and traceability systems and
collaborate with key overall productivity innovations such as certification standards,
stakeholders across the • Optimise planting precision agriculture, loT, ensuring the ethical and
supply chain to techniques and crop data analytics, and sustainable sourcing of
strengthen market management practices remote sensing to palm oil products
presence including fertilisation, optimise plantation • Implement effective
irrigation, and pest management and inventory management
• Explore and penetrate resource allocation
new markets for palm oil control practices to minimise
products, both • Establish and expand • Regularly train employees waste, reduce holding
domestically and value-added downstream to adapt to new costs and ensure a
internationally manufacturing technologies and foster a continuous supply of palm
capabilities, focusing on culture of innovation oil products
• Optimise the return on
land bank through products that
strategic property complement the core
development business
Financial Resources Sustainability Human Capital Technology

58 FINANCIAL PERFORMANCE REVIEW
GROUP FINANCIAL REVIEW
Revenue b) Property segment

Notwithstanding higher revenue, the Property
Our Group registered revenue of RM2.97 billion for the segment’s adjusted EBITDA for FY 2023 of RM32.0
financial year ended 31 December 2023 (“FY 2023”), million declined year-on-year as a higher gain on sales
which declined by 7% year-on-year, attributable to weaker of investment properties was recorded in FY 2022.
palm products prices which outweighed the higher FFB
production. Our Group’s FFB production grew 6% year-on- c) AgTech segment
year, primarily driven by improved production in Indonesia The AgTech segment’s losses widened year-on-year
on the back of increased harvesting area and better age attributable to higher research and development
profile. Meanwhile, the Malaysian estates experienced expenditures.
a marginal setback as a result of its ongoing replanting
activities. d) Downstream Manufacturing segment
The Downstream Manufacturing segment registered
CPO price weakened throughout 2023, attributable to lower year-on-year adjusted EBITDA of RM6.1 million
unfavourable price spread between palm oil and other for FY 2023 owing to margin deterioration.
edible oils, as well as sluggish demand and weak export
performance due to uncertainties arising from bearish e) Others
economic outlook and ongoing geopolitical tensions, The year-on-year movement in FY 2023 was mainly due
resulting in elevated inventory levels. Accordingly, our to the impact of changes in foreign currency translation
Group’s achieved CPO price in FY 2023 was lower year- position of our Group’s US Dollar denominated cash
on-year at RM3,483 per mt, while PK price decreased to reserves and borrowings arising from foreign exchange
RM1,875 per mt, tracking the weaker CPO price. fluctuations.
Financial Year Other Income

ended
31 December Other income for FY 2023 of RM54.8 million was lower
2023 2022 Change year-on-year mainly due to lower gain on disposal of
(%) investment properties during the year.
Average Selling Price/mt (RM)
CPO 3,483 4,100 -15 Finance Cost
PK 1,875 2,784 -33
FFB Production (‘000mt) 2,112 1,988 +6 Finance cost for FY 2023 of RM106.7 million was higher
year-on-year in line with higher borrowing rates.
Costs and Expenses
Taxation
For FY 2023, total costs and expenses before finance
costs and share of results in joint ventures and associates The higher effective tax rate against the statutory tax rate
increased to RM2.57 billion from RM2.50 billion in the for FY 2023 was mainly due to expenses not deductible for
previous year primarily arising from higher cost of sales of tax purposes and unrecognised tax losses, partially offset
the Plantation segment. by differences in tax regime.
ADJUSTED EBITDA Profit Attributable to Equity Holders of the Company
Our Group registered an adjusted EBITDA of RM731.5 In line with the lower year-on-year profit before taxation,
million in FY 2023, representing a 29% decline from RM1.03 profit attributable to equity holders of the Company and
billion a year ago, mainly due to lower contributions from earnings per share of our Group for FY 2023 declined
the Plantation and Downstream Manufacturing segments. 46% year-on-year to RM253.5 million and 28.25 sen
respectively.
a) Plantation segment
For FY 2023, the Plantation segment posted a 26%
drop year-on-year in adjusted EBITDA to RM701.1
million on account of lower palm product prices, but
partly cushioned by a 6% increase in FFB production.

FINANCIAL PERFORMANCE REVIEW 59
Liquidity and Capital Resources Barring any adverse weather conditions, the Group
anticipates a better harvest for 2024, spurred by additional
Our Group’s cash and cash equivalents as at 31 December harvesting areas and progression of existing mature
2023 decreased year-on-year to RM1.05 billion mainly due areas into higher yielding brackets in Indonesia. However,
to the net effects of the following:- the production growth may be moderated by on-going
replanting activities in Malaysia.
a) Net cash inflow generated from operating activities of
RM656.1 million contributed mostly by the Plantation For the Property segment, the Group will continue to
segment. offer products catering to a broader market segment in
its Batu Pahat and Kulai-based projects, which have been
b) A net cash outflow of RM408.6 million from investing well received. Upcoming catalytic developments, inter alia
activities mainly for capital expenditure of RM425.6 the Johor-Singapore Special Economic Zone and Rapid
million, purchase of land held for property development Transit System is generally expected to generate interest
of RM28.1 million and investment in joint venture of and demand in the Johor property market. Meanwhile,
RM7.0 million, partly cushioned by RM34.5 million of the Premium Outlets® remain resolute in seeking out
interest received and RM17.7 million of proceeds from opportunities to increase its earnings base, which include
disposal of assets classified as held for sale. diversifying its reach domestically and internationally as
well as enhancing the brand names in its portfolio.
c) A net cash outflow of RM776.3 million from financing
activities, mainly for net repayment of borrowings of The AgTech segment will continue to focus on innovation
RM372.9 million, payments of dividend amounting solutions to enhance agri-business through the adoption
to RM271.0 million and finance cost paid of RM129.0 of big data, artificial intelligence and precision agriculture.
million. The segment will focus on broadening the application of
biological solutions, superior planting material and advance
Gearing technologies such as automation and digital solutions
across the Group. This aligns with the segment’s objective
The Group’s gearing ratio improved to 27.8% as at 31 of improving operational efficiency, enabling traceability
December 2023 from 31.4% a year ago taking into account and enhancing sustainability in agri-business.
profitability for the year, along with lower borrowings. The
gearing ratio is calculated as total debts divided by total The Downstream Manufacturing segment is anticipated to
capital where total debts is calculated as total borrowings face stiffer competition from its Indonesian counterparts,
(including “current and non-current borrowings”) plus lease which enjoy competitive pricing for feedstock due to price
liabilities as shown in the Statement of Financial Position. differential arising from the imposition of export levy.
Total capital is calculated as the sum of total equity plus Additionally, the rising cost of production continue to pose
total debts. challenges to the segment. Meanwhile, the segment’s palm-
based biodiesel will continue to cater mainly for Malaysian
Prospects biodiesel mandate as biodiesel export remain challenging.
The Group’s prospects for 2024 will track the performance

of its mainstay Plantation segment, which is in turn
dependent principally on the movements in palm products
prices and the Group’s FFB production.
In the immediate term, the Group expects palm oil prices

to remain supported by global supply tightness owing
to weaker production prospects and uncertain weather
conditions. Other contributing factor include growing
biodiesel demand globally following the rise in biodiesel
mandates.

60
FIVE-YEAR
SUMMARY
FINANCIAL 2023 2022 2021 2020 2019
Amount in RM’000 unless otherwise stated
Revenue 2,966,451 3,189,782 3,130,171 2,498,168 2,266,402
Adjusted EBITDA 731,458 1,029,770 1,022,167 590,024 433,036

Profit before taxation 384,138 688,873 670,425 323,209 185,465
Taxation (118,350) (205,542) (199,978) (71,980) (55,046)
Profit for the financial year 265,788 483,331 470,447 251,229 130,419
Profit attributable to equity holders

of the Company 253,486 471,421 432,219 254,356 142,074
Share capital 1,724,016 1,724,016 1,724,016 1,724,016 1,724,016

Treasury shares (1,568) (1,372) (1,372) (1,372) (1,372)
Retained earnings 3,941,423 3,929,044 3,761,686 3,563,257 3,466,900
Other reserves (329,567) (442,125) (335,225) (370,975) (316,425)
5,334,304 5,209,563 5,149,105 4,914,926 4,873,119
Non-controlling interests 100,562 99,607 146,635 122,729 186,474
Total equity 5,434,866 5,309,170 5,295,740 5,037,655 5,059,593
Borrowings and lease liabilities (non-current) 1,565,152 1,838,140 2,179,687 2,296,867 2,109,334
Borrowings and lease liabilities (current) 531,279 591,202 347,501 305,965 487,884
Total capital 7,531,297 7,738,512 7,822,928 7,640,487 7,656,811
Property, plant and equipment 4,628,672 4,389,625 4,365,289 4,267,582 4,365,549

Land held for property development 397,040 372,743 365,401 239,776 243,580
Investment properties 16,600 18,377 21,944 22,498 23,052
Right-of-use assets 986,601 960,279 965,770 964,069 963,141
Intangible assets 800 820 25,697 38,735 32,558
Joint ventures 372,006 320,395 244,853 225,307 196,453
Associates 13,325 11,521 14,004 13,780 10,136
Financial assets at fair value through profit or loss 424 4,167 3,731 3,381 3,263
Financial assets at fair value through other
comprehensive income 9,052 11,461 26,371 - -
Other non-current assets 188,974 172,082 173,803 167,398 50,312
Deferred tax assets 66,624 65,903 46,977 52,724 78,965
Derivative financial instruments - 1,348 - - -
Total non-current assets 6,680,118 6,328,721 6,253,840 5,995,250 5,967,009
Current assets 1,886,975 2,463,093 2,510,110 2,445,503 2,493,191
Total assets 8,567,093 8,791,814 8,763,950 8,440,753 8,460,200
Basic earnings per share (sen) 28.3 52.5 48.2 28.4 16.6
Net dividend per share (sen) 21.0 34.0 30.0 21.0 13.0
Dividend cover (times) 1.3 1.5 1.6 1.4 1.3
Current ratio 1.9 2.2 3.0 3.3 2.7
Net assets per share (RM) 5.95 5.81 5.74 5.48 5.43
Return (after tax and non-controlling
interests) on average shareholders’ equity (%) 4.8 9.1 8.6 5.2 3.2
Market share price

- highest (RM) 6.31 9.58 9.93 10.80 10.80
- lowest (RM) 5.16 5.55 6.46 8.50 9.36

61
OPERATIONS
2023 2022 2021 2020 2019
OIL PALM
FFB Production* (mt) 2,111,620 1,988,245 2,017,637 2,085,385 2,193,814
Yield Per Mature Hectare (mt) 17.6 16.7 17.1 17.9 18.5
Average Selling Prices
Crude Palm Oil (RM/mt) 3,483 4,100 3,444 2,511 2,048
Palm Kernel (RM/mt) 1,875 2,784 2,590 1,519 1,179

* excluding Plasma
LAND AREAS
HECTARES 2023 2022 2021 2020 2019
Oil Palm
Mature 119,675 119,616 116,829 111,522 112,771
Immature 17,166 18,685 22,193 27,703 30,558
136,841 138,301 139,022 139,225 143,329
Oil Palm (Plasma)
Mature 19,416 18,465 17,484 15,675 12,088
Immature 2,838 2,711 2,812 4,621 3,766
22,254 21,176 20,296 20,296 15,854
TOTAL PLANTED AREA 159,095 159,477 159,318 159,521 159,183
Unplanted Area 77,972 76,714 76,914 76,913 77,025

Buildings, Infrastructure, etc. 5,898 6,968 7,008 6,806 6,333
Property Development 377 202 213 206 245
TOTAL LAND AREA 243,342 243,361 243,453 243,446 242,786

62 OPERATIONAL REVIEW
PLANTATION
HOW DID WE PERFORM? KEY FINANCIAL PERFORMANCE

In 2023, CPO prices exhibited volatility, fluctuating
between RM3,300 per mt and RM4,400 per mt. Against Revenue Adjusted EBITDA
this backdrop, our Group’s Plantation Division achieved
average CPO price of RM3,483 per mt, lower than the RM 2,338.5 RM 701.1
2022 average price of RM4,100 per mt and this had million million
resulted in a considerable reduction in margins, which 2022: RM2,408.3 million 2022: RM947.6 million
impacted the Division’s profitability.
The Plantation Division saw a 3% reduction in revenue,
OPERATING LANDSCAPE & EXTERNAL ENVIRONMENT totaling RM2,338.5 million, and a 26% decrease in
The operational landscape within our Group’s Malaysian adjusted EBITDA, which fell to RM701.1 million. This
estates experienced a relatively muted growth, largely decline was primarily attributed to the lower selling
attributable to the ongoing replanting activities, prices achieved for CPO at RM3,483 per mt and PK at
particularly in our Sabah estates. While the progressive RM1,875 per mt.
replanting of our estates is expected to impact the
overall production levels, this undertaking, nonetheless, OPERATIONAL PERFORMANCE
underscores the company’s commitment to sustainable In the year under review, the Group’s FFB production
practices and long-term viability. Although this may lead recorded a 6% year-on-year increase, closing at 2.11
to a short-term slowdown in FFB production, the emphasis million mt. This growth was primarily attributed to
on modernising and optimising estate operations the robust performance of our Indonesian estates,
positions the Division for enhanced productivity and which experienced double-digit expansion driven by a
resilience in the future. favourable age profile and an enlarged harvesting area.
The Division’s crop production is also impacted by Conversely, our Malaysian estates reported stagnant
diverse weather patterns across various regions, adding FFB production due to the ongoing replanting activities.
complexity to the external environment. Therefore, The strategic replanting initiative, which started in 2017
the Group’s ability to adapt and minimise potential covers approximately 24,500 hectares, and is aimed at
disruptions will be crucial in safeguarding against any optimising the productivity of the Group’s estates.
adverse effect on FFB yields.

OPERATIONAL REVIEW 63
Globalindo Oil Mill in Central Kalimantan, Indonesia – certified by RSPO in 2023
The Group’s FFB yield recorded an improvement in 2023 bring down turnover rates, thus ensuring a stable and
to 17.6 mt per hectare compared to 16.7 mt per hectare in skilled workforce that is vital for sustained operational
the previous year. On the processing front, the Group’s success.
oil mills registered a marginal increase in average Oil
Extraction Rate (“OER”) to 21.6%. Meanwhile, in tandem In line with our ethical recruitment practices, we have
with the increasing crop production in Indonesia, the established a ‘Direct Recruitment Programme’ in our
Group is progressing with its palm oil mill expansion recruitment of foreign workers from the respective
plans. The construction of the Group’s seventh oil mill, source country, coupled with “Zero Recruitment Fee”
which is sited in Central Kalimantan, is well on track policy. This initiative emphasises our dedication to fair
for completion by the end of 2024. This new addition labour practices, prioritising the welfare and rights of
will contribute to the Group’s overall milling capacity, foreign workers throughout the recruitment process.
which currently comprises 13 oil mills with a combined
capacity of 725 mt per hour, spanning across the Group’s While our Malaysian estates have fully adopted
operations in Malaysia and Indonesia. This expansion mechanisation wherever possible, the Group’s
underlines the Group’s commitment to sustained growth Indonesian estates have recently embarked on the same
and operational efficiency in the palm oil industry. journey. The implementation of mechanisation for key
processes within our estates marks a progressive step
INITIATIVES UNDERTAKEN & OUTCOMES forward. This includes the mechanisation of harvesting,
The commitment to enhancing operational resilience in-field collection and crop evacuation. The introduction
is evident in our continuous efforts to implement of mechanised processes is geared towards improving
flood mitigation projects at our Group’s operations. overall operating efficiencies and enhancing the
This focus has proven successful in reducing the productivity of harvesters. This strategic move aligns
incidences of flooding, mitigating potential disruptions, with our commitment to innovation and sustainable
and safeguarding the sustainability of our operations practices within our Indonesian estate operations.
in the region. This proactive approach aligns with
our commitment to environmental stewardship and OUTLOOK & PROSPECTS
community well-being. In the immediate term, the Group expects palm oil prices
to remain supported by global supply tightness owing
Recognising the pivotal role that our workforce to weaker production prospects and uncertain weather
plays, particularly harvesters, we have instituted a condition. Other contributing factor include growing
‘Harvester Recruitment and Retention Programme’. This biodiesel demand globally following the rise in biodiesel
comprehensive effort aims to improve the quality of life mandates.
for our workers by addressing their necessities, welfare,
and earnings. By prioritising their well-being, we aim to

Genting Integrated Biorefinery Complex at POIC Lahad Datu, Sabah
DOWNSTREAM MANUFACTURING
HOW DID WE PERFORM? emerged in the European Union (“EU”) market, with
The Downstream Manufacturing Division operated in demand shrinking as Germany and Italy joined France
a challenging environment in 2023 and experienced and Belgium in discontinuing the use of palm-based
a decline in sales quantity of 4% and 3% for refinery biodiesel.
and biodiesel operations, respectively. Excluding the
higher sales of CPO, our Group’s refinery sales volume The decline in demand was also noticeable for palm-based
decreased by half when compared against 2022. Our biodiesel in China, where current demand dynamics are
Group’s biodiesel sales volume decreased marginally as being affected by the oversupply of low-priced waste oil
export sales remained minimal, in view of the European biodiesel originating from China.
Union’s restriction on palm-based biodiesel as well as
the intense price competition from waste oil biodiesel in Nevertheless, vegetable oil-producing countries are
China. supporting higher blending ratio through their national
biodiesel mandates, for example soy-based biodiesel in
OPERATING LANDSCAPE & EXTERNAL ENVIRONMENT Brazil and palm-based biodiesel in Indonesia. Similarly,
Malaysia announced its National Energy Transition
In 2023, most Malaysian refiners encountered low and
Roadmap in August 2023, signaling a progressive vision
negative margins due to the stiff price competition from
for the future. The roadmap includes a target of achieving
Indonesian refiners as a result of Indonesia’s export tax
a biodiesel blending target of B30 by 2030, showcasing
structure, which has allowed Indonesian refiners to enjoy
Malaysia’s commitment to advancing the usage of palm-
higher discounts on their CPO purchases. Consequently,
based biodiesel and contributing to sustainable energy
the sales volume on refined palm products dropped
practices on a national scale.
substantially compared to the previous year due to the
strong price competition and lower demand for palm oil
in the biodiesel export market. The refinery operations
had to also overcome stiff competition in the sourcing
of CPO, which is the main feedstock for refined palm
products.
The biodiesel unit predominantly supplied biodiesel

to meet Malaysia’s biodiesel mandate of B10 for the
transportation sector and B7 for the industrial sector.
Though the palm oil-gas oil (“POGO”) spread turned
favourable during the second half of 2023, there was
limited demand for biodiesel export sales, as challenges

Genting Musimmas Refinery, POIC Lahad Datu, Sabah
KEY FINANCIAL PERFORMANCE this streamlining has resulted in cost savings in terms of
transportation and manpower resources.
Revenue Adjusted EBITDA
1,117.0 6.1
On the front of environmental sustainability initiative, the
RM RM Downstream Manufacturing Division is making strides
million million towards GHG saving and the utilisation of renewable
2022: RM1,512.2 million 2022: RM50.9 million energy. A proposal for the installation of solar power
at both the refinery and biodiesel plants is currently in
progress. These initiatives are in-line with the Group’s
Refinery Biodiesel commitment to operational efficiency, cost-effectiveness
Sales quantity Sales quantity and environmentally responsible practices.
271,003 mt 52,233 mt
OUTLOOK & PROSPECTS
In the coming year, the operating environment for
2022: 283,561 mt 2022: 54,097 mt
the Downstream Manufacturing Division will remain
challenging as its refinery operations is anticipated to
In 2023, the Downstream Manufacturing Division face stiffer competition from its Indonesian counterparts,
registered a reduced revenue of RM1,117.0 million, which enjoy competitive pricing for feedstock due to
marking a decline of approximately 26% from the price differential arising from the imposition of export
preceding year. The decrease in revenue was mainly levy. Additionally, the rising cost of production continue
attributed to weaker palm product prices coupled with to pose challenges. As such, our Group is mindful of the
lower sales volume. Adjusted EBITDA for 2023 was also need to strategically lock-in more positive margin sales
lower year-on-year owing to overall margin deterioration for its refined products, whenever feasible.
and lower contribution from crude glycerine, the by-
product of the biodiesel operations, where its average Meanwhile, the biodiesel operations will continue to cater
price had decreased by more than 50% year-on-year. mainly for the Malaysian biodiesel mandate. Although a
growing demand is anticipated in Asia as blending ratio
INITIATIVES UNDERTAKEN & OUTCOMES increases, biodiesel export sales remain challenging due
The Downstream Manufacturing Division has proactively to the intense price competition from waste oil biodiesel.
undertaken measures to improve operational efficiency,
with a particular focus on achieving logistic cost savings.
A pivotal decision to utilise POIC Port Lahad Datu for
shipment has proven to be beneficial for the Division and

ACGT Laboratories at MRANTI, Bukit Jalil
AGRICULTURE TECHNOLOGY (“AgTech”)
OPERATIONAL PERFORMANCE & INITIATIVES Our Digital Agriculture unit comprises various
UNDERTAKEN initiatives, including Data Strategy & Management,
In the Seeds and Traits segment, our Group has made Geospatial & Unmanned Aerial Vehicles (“UAV”), Internet
significant strides in adopting high-yield oil palm of Things (“IoT”), Robotics & Automation, and Artificial
planting material, known as “GT”, across our Malaysian Intelligence (“AI”) & Machine Learning (“ML”). Notably,
estates. Over 410,000 GT seeds have since been planted, the Automatic Palm Counting (“APC”) model has been
and the commercial sales has generated interests from developed and tested for accurate palm counting from
various stakeholders. The Early Access Programme has drone imagery, aiding in crop forecasting, budgeting,
garnered attention from smallholders and medium-sized fertiliser recommendation, as well as pest and disease
private estates, setting the stage for future growth and management. Geospatial & UAV initiatives leverage on
engagement. Our seed production unit, under Genting technologies like UAVs, satellite images, and geospatial
AgTech Sdn Bhd, adheres to the MS 157:2017 Product platforms for mapping, navigation applications, and
Certification and MS ISO 9001:2015 Quality Management visualisation dashboards to support plantation activities
Systems accreditation. Our new seed production facility, and monitor crop production and performance. The unit
which was completed in September 2023, is projected to also explores IoTs & Automation solutions, deploying
produce 4-5 million DxP seeds annually in five years. automated weather stations and developing in-house
water, soil, and crop sensors. In 2023, the Division focused
The Biologicals unit continues to actively develop Yield on implementing and deploying automated weather
BoosterTM biofertilisers for plant and soil health. The stations in both Malaysia and Indonesia, complemented
flagship product, Yield BoosterTM Prophycient, has been by the introduction of weather data dashboards and
applied commercially since 2016, and the Division has mobile applications for real-time data access. Following a
introduced additional formulations targeting specific preliminary assessment, this deployment will be extended
soil conditions, namely Yield BoosterTM PhosiLine and to our Indonesian estates in 2024. Concurrently, we are
Yield BoosterTM PhosciDic. To date, 6,179 hectares have working on developing in-house weather sensors and
been treated with biofertilisers. The Division is also have introduced the first prototype featuring sensors for
exploring new formulations like Yield BoosterTM Nitrobes, temperature, relative humidity and rainfall.
targeting to fix free nitrogen from the atmosphere, which
is undergoing nursery trials, with formulation testing in
the pipeline.

Replanting fields with GT seeds at Genting Tenegang Estate Top - Dura Parental Palms, Genting Tanah Merah Estate
Bottom - GT Seeds
Aligned with the Government’s food security initiative,

our foray into maize planting seeks to contribute to the
nation’s self-sufficiency goal by 2030. GENP has initiated
trial plantings of maize at our estates in West Malaysia as
part of a crop diversification exercise aimed at fostering
sustainable agriculture and ensuring food security. This
strategic move responds to the growing global and local
demand for maize in various applications, particularly
animal feeds.
OUTLOOK & PROSPECTS

Looking ahead, the AgTech Division is poised to maintain
its innovative trajectory, focusing on broadening the
application of cutting-edge biological solutions, superior
planting material, automation, mechanisation and
digitalisation solutions across our Group’s estates. The
overarching objective is to elevate operational efficiency,
establish traceability mechanisms, and augment overall
sustainability. By staying at the forefront of technological
advancements in agriculture, the Division aims to not only
optimise current processes but also lay the foundation
for a more sustainable and resilient future for our Group’s
estates. Embracing advancements in AgTech will not only
enhance productivity but also contribute significantly
to our commitment to responsible and environmentally
conscious practices within the agricultural sector.

1 2
Artists’ impression of property developments at Bandar Genting Indahpura

1. Aerial view of Kensington 3 – Double-storey terrace houses
PROPERTY 2. Raintree Residences (Phase 3) – Semi-detached houses
3. Indahpura Central - Double-storey Shopoffices
HOW DID WE PERFORM? the rising cost of living coupled with higher mortgage
Overall, the Property Division’s performance for 2023 interest rates, there was steady interest and activity in
was reasonably satisfactory with higher year-on-year the Malaysian residential property market, reflecting a
sales of RM140.4 million (2022: RM130.6 million) and healthy level of confidence and stability.
a lower year-on-year profit of RM32.0 million (2022:
RM33.9 million). The Division launched 212 units of In contrast to the year-on-year decline in sales
residential and commercial properties with a total gross registered by the Malaysian retail sector for 2023, the
development value of RM187.9 million in 2023, and Group’s Premium Outlets centres, i.e., Genting Highlands
recorded an average take-up rate of 65% as of year-end. Premium Outlets® and Johor Premium Outlets® bucked
the trend as sales expanded with higher tourist arrivals
The Group’s Premium Outlets® continued to impress following the relaxation of border crossings, heightened
in 2023, surpassing its performances in 2022 and pre- demand from foreign clientele from a weaker Ringgit,
pandemic in 2019 in terms of footfall, revenue and profit along with improved tenant mix with the introduction
on the back of higher tenant sales supported by higher of sought after luxury brands such as, Bottega Veneta,
tourist arrivals, a weaker Ringgit and a more compelling Christian Louboutin and Fendi.
tenant mix.
KEY FINANCIAL PERFORMANCE
OPERATING LANDSCAPE & EXTERNAL ENVIRONMENT
Despite a seasonal slow start to 2023 and a challenging Sales
environment mired by inflationary pressures along with
higher borrowing costs brought about by a normalising RM 140.4
policy rate, the Malaysian residential property market was million
resilient and even displayed commendable improvement 2022: RM130.6 million
in the second half of 2023 to record an overall year-on-
The Property Division recorded sales of RM140.4 million
year growth in terms of volume and value of residential
in 2023 or an 8% year-on-year increase compared to the
property transactions.
previous corresponding year, underpinned by favourable
demand for its recent new launches in Bandar Genting
Nationwide new launches for residential properties
Indahpura.
gained traction in 2023 from a year ago while the
residential property overhang has improved compared
However, the Property Division’s profitability for 2023
to the pre-pandemic level in 2019. Furthermore, loan
was marginally lower year-on-year as the previous
approval rate for the purchase of residential properties
corresponding year featured a higher margin sales mix.
improved to 43% for the first nine months of 2023
compared to the same period of last year (2022: 41%).
During the year, the Property Division completed the
construction of 40 units of residential and commercial
These figures indicate that, despite the challenges of

Ongoing construction works of Jakarta Premium Outlets®

is on track to complete by first quarter of 2025
properties, all of which were fully sold, and handed over The commitment to sustainable practices is evident
vacant possession of these properties ahead of the in the Property Division’s green initiatives such as the
regulated timeline thus underlining its commitment on provisional GreenRe certification for the upcoming
timely delivery of its property offerings. 328-acre mixed development project earmarked
for launching in 2024 at Bandar Genting Indahpura.
Both the Group’s Premium Outlets centres continued its Likewise, the installation of solar panels to harness
positive growth trajectory for revenue and profit in 2023, green energy at Johor Premium Outlets showcases
underpinned by higher tenant sales. the commitment to environmental responsibility. By
incorporating sustainable and environmental friendly
INITIATIVES UNDERTAKEN & OUTCOMES solutions, the Division not only aligns itself with global
The encouraging offtake of the Property Division’s sustainability standards but also demonstrates a
recent new launches is attributed to its affordably-priced forward-thinking environmental conscious approach to
properties that appeals to a wider populace, alongside business operations. Such green initiatives mirror our
concerted marketing efforts targeted to this market corporate approach and is also in line with the growing
segment. These marketing efforts encompassed inter- global emphasis on environmentally conscious practices
alia advertising on various platforms such as online and across all industries.
print media marketing campaigns, roadshows, on-site
festive and social activities, and active engagement OUTLOOK & PROSPECTS
and project updates in our website. Through these The recent signing of the Memorandum of Understanding
multifaceted marketing activities, the Property Division (“MoU”) between Malaysia and Singapore for the
has successfully increased awareness, garnered interest establishment of the Johor-Singapore Special Economic
and bolstered new registrations, thereby contributing Zone represents a significant milestone in promoting
to the encouraging demand for its property offerings. further economic growth and progress in Johor. The
The emphasis on a diverse range of marketing channels, fostering of economic connectivity between Malaysia and
from traditional roadshows to contemporary social media Singapore via the Johor-Singapore Special Economic
platforms, underscores the Division’s holistic approach Zone is expected to attract both local and multinational
to reaching a wide audience and optimising visibility in corporations to have their presence in Johor, thereby
the market. shaping a favourable business environment, increasing
cross-border investments and boosting economic
As for the Group’s Premium Outlets, its marketing growth.
initiatives have been particularly impactful during festive
seasons along with the popular annual Year-End Sale. The upcoming Rapid Transit System Link will also serve as
These strategic marketing efforts aligned with key festive a discernible catalyst that will drive further improvement
seasons have played a pivotal role in boosting sales, taking in land connectivity between Johor and Singapore,
advantage of elevated consumer spending during these thereby easing traffic congestion and increasing cross
celebratory periods along with the allure of retail shopping border movements and economic activity.
for luxury name brands with competitive savings.
70 CORPORATE GOVERNANCE
OVERVIEW STATEMENT
It is the policy of the Company to manage the affairs of Notwithstanding the Company’s departures from Practices
the Group, in particular the Company and its subsidiaries such as the board comprises a majority of independent
in accordance with the appropriate standards for good directors (Practice 5.2), requirement to have at least
corporate governance. 30% women directors (Practice 5.9), policy on gender
diversity for the Board and senior management (Practice
The revised Malaysian Code on Corporate Governance 5.10) and the board engages an independent expert at
issued on 28 April 2021 (“MCCG”) is an update of the least every three years, to facilitate objective and candid
Malaysian Code on Corporate Governance issued in April board evaluation (Practice 6.1), the Board will continue to
2017, which sees the introduction of new best practices and evaluate and assess the Practices and at the appropriate
further guidance to strengthen the corporate governance time, take the appropriate steps to narrow the gap,
culture of listed companies. especially for women directors where initial step had been
taken to appoint a first female Director to its Board and
The MCCG covers three broad principles namely Board on 22 February 2023, additional female Director was also
Leadership and Effectiveness, Effective Audit & Risk appointed to the Board. The Nomination Committee and
Management and Integrity in Corporate Reporting and the Board has been looking into refreshing the composition
Meaningful Relationship with Stakeholders. of the Board, including Board Committees in view of the
proposed amendments to the MMLR of Bursa Securities
Pursuant to the Main Market Listing Requirements which took effect on 1 June 2023 whereby Independent
(”MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Directors whose services exceeded a cumulative period of
Securities”), the Company has completed the prescribed 12 years are re-designated as non-independent directors.
Corporate Governance Report for financial year 2023 The process of sourcing for suitable candidate(s) for
which is made available on the Company’s website at www. appointment(s) to the Board is still ongoing. On Practice
gentingplantations.com. 5.6 where the Board is recommended to utilise independent
sources to identify suitable qualified candidates, the Board
The summary of the Corporate Governance practices gave is open to use such facilities where necessary. On Practice
a general overview of the application of the Corporate 6.1, the Board has put in place a formal evaluation process
Governance and shareholders are advised to read the that should achieve the intended objective. On Practice
Corporate Governance Report for the full details. 8.2 on the disclosure on a named basis the top five senior
management’s remuneration, the alternative information
Overall, the Company has applied 37 and adopted three provided should meet the intended objective.
out of the 48 Practices including Practice Step Up, with six
departures and two non-adoption under the MCCG. This The stewardship of the Company under the leadership of
reflects the Board’s strong support of the overall corporate the present Board ensures that the decisions are made
governance objectives as encapsulated in the MCCG for: objectively in the best interest of the Company, taking into
account diverse perspectives and insights.
• improving the Company’s corporate governance
practices by creating a healthy and dynamic corporate Set out below is a summary of the extent to which the
culture that is driven by the Board together with Company has applied/adopted the practices encapsulated
management; in the Principles of the MCCG save for certain departure/
• increasing the effectiveness of the board oversight non-adoption of the Principles of the MCCG.
function through the establishment of objective audit
functions and committees charged with the oversight
of internal controls, risk and reporting; and
• enhancing the Company’s communication with
shareholders and other stakeholders through
transparent and timely communication.

CORPORATE GOVERNANCE 71
OVERVIEW STATEMENT (cont’d)
Principle A – Board Leadership and The Chairman of the Board is Gen. Dato’ Seri DiRaja
Effectiveness Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin (R) who is
responsible for instilling good corporate governance
I. Board Responsibilities practices, leadership and effectiveness of the Board.
The Board, under the leadership of the Chairman,
The Board has the overall responsibility for the proper works effectively and performs responsibilities with
conduct of the Company’s business in achieving the all key and appropriate issues discussed in a timely
objectives and long-term goals of the Company. The manner. All Directors are encouraged to share their
Company’s values and standards and the Board’s views on the Company’s affairs and issues and they are
responsibilities are set out in the Board Charter. entitled to have access to the senior management who
will respond to queries raised by the Directors.
Corporate strategies as well as the annual plan are
presented to the Board as part of the ongoing plans The key responsibilities of the Chairman are provided
in achieving the objectives and long-term goals of the in the Corporate Governance Report.
Company, taking into consideration its core values
and standards through the vision and mission of the In line with Guidance 1.2 of the MCCG, the Non-
Company, as set out in the Board Charter disclosed in Executive Directors of the Company held two meetings
Practice 2.1 of the Corporate Governance Report. on 5 April 2023 and 17 October 2023 without the
presence of the Executive Directors to discuss among
The details of Directors’ attendances at meetings others, strategic, governance and operational issues
during the financial year 2023 are set out below: relating to the Group. Specific members of the
management would be invited to join the relevant parts
Number of of the meeting to provide the necessary information, as
Name of Directors Meetings Attended and when necessary.
Gen. Dato’ Seri DiRaja Tan 4 out of 4

The position of the Chairman of the Board is held by
Sri (Dr.) Mohd Zahidi bin Hj
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin
Zainuddin (R)
Hj Zainuddin (R), who has been re-designated from
Tan Sri Lim Kok Thay 4 out of 4 an Independent Non-Executive Director to Non-
Dato’ Sri Tan Kong Han 4 out of 4 Independent Non-Executive Director on 1 June 2023 to
comply with the MMLR as his tenure as an Independent
Dato’ Indera Lim Keong Hui 4 out of 4
Director of the Company has exceeded 12 years
Mr Ching Yew Chye 4 out of 4 whereas the position of CEO is held by Dato’ Sri Tan
Mr Yong Chee Kong 4 out of 4 Kong Han, the Chief Executive and Executive Director
Tan Sri Dato’ Sri Zaleha binti 4 out of 4 of the Company.
Zahari
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj
Dato’ Moktar bin Mohd Noor 4 out of 4
Zainuddin (R), the Chairman of the Board is currently
Ms Loh Lay Choon 3 out of 3 not a member of the Audit Committee, Nomination
(appointed on 22 February Committee and Remuneration Committee of the
2023) Company.
General Tan Sri Dato’ Seri 2 out of 2
Panglima Ts. Haji Zulkifli The Company Secretary, who is an Associate member
bin Haji Zainal Abidin (R) of The Malaysian Institute of Chartered Secretaries and
(appointed on 30 May Administrators, satisfies the qualification as prescribed
2023) under Section 235(2) of the Companies Act 2016
Mr Quah Chek Tin 2 out of 2 and has the requisite experience and competency in
(retired on 30 May 2023) company secretarial services.
Notice of meetings setting out the agenda and

accompanied by the relevant Board papers are given
to the Directors with sufficient time for the Directors to
review, seek additional information and/or clarification
on the matters to be deliberated at Board meetings.

Principle A – Board Leadership and measures to address the critical areas have been
Effectiveness (cont’d) or were being put in place and the relevant action
plans have been implemented accordingly. The Board
I. Board Responsibilities (cont’d) endorses the sustainability targets and achievements/
results are documented in the annual sustainability
The minutes of meetings are prepared and circulated report.
to all the Directors for their review and approval.
The Board attends various seminars/courses/training
The Board Charter adopted by the Board clearly sets programmes on sustainability and climate change
out the respective roles and responsibilities of the topics conducted by external consultants. In addition,
Board and the management to ensure accountability. the Board is updated and briefed on the Group’s
The Board Charter is made available on the Company’s sustainability issues on a regular basis.
website at www.gentingplantations.com.
The Board’s duties and responsibilities included
The Company has a Code of Conduct and Ethics which reviewing the sustainability matters of the Company
applies to all employees and Directors of the Group and approving proposed management strategies
and its subsidiaries. The Code of Conduct and Ethics and reporting to address any material risks and
together with other related policies, procedures and opportunities.
guidelines which are disseminated to employees and
Directors, sets out the principles to guide standards of The performance of Senior Management is evaluated
behaviour and business conduct when employees and through yearly performance appraisals that included
Directors deal with third party and these are integrated their key performance indicators (“KPI”) which are
into company-wide management practices. aligned with the Company’s Four-Pillared Sustainability
Agenda and ESG aspects to ensure sustainable long-
The Directors observe the Company Directors’ Code of term growth.
Ethics established by the Companies Commission of
Malaysia (“CCM”). In 2022, the Board, in addressing sustainability risks
and opportunities, has approved the Company’s
The Code of Conduct and Ethics can be viewed from ‘Carbon Neutrality’ plan and put in place long-term KPI
the Company’s website at www.gentingplantations. to achieve carbon neutrality by 2030, as elaborated in
com whilst the Company Directors’ Code of Ethics can the Sustainability Report.
be viewed from the CCM’s website at www.ssm.com.my.
In addition, other KPI include certification under
The Company recognises that any genuine commitment RSPO, MSPO, ISPO and ISCC standards. In 2023, PT
to detecting and preventing actual or suspected GlobalIndo Agung Lestari was certified under RSPO.
unethical, unlawful, illegal, wrongful or other improper
conduct must include a mechanism whereby employees For the short-term, resolution of grievances was the
and other stakeholders can report their concerns freely key KPI. In 2023, the Company had addressed and
without fear of reprisal or intimidation. To this end, the resolved all grievances related to ESG aspects.
Company has adopted a Whistleblower Policy which is
disseminated to employees and made available on the The Board has appointed the Head of Sustainability
Company’s website at www.gentingplantations.com. Department to provide dedicated sustainability
strategies, including being responsible for managing
Sustainability Department reports material the Company’s sustainability risks. His role also
sustainability risks, and recommends appropriate includes ensuring the Company’s business units obtain
actions to be taken, where applicable, to the Risk and various sustainability certifications, achieve carbon
Business Continuity Management Committee on a neutrality and work towards achieving United Nation
quarterly basis for deliberation. These reports will be Sustainability Development Goals.
submitted to the Risk Management Committee, half-
yearly, for review to ensure that all risk mitigation

Principle A – Board Leadership and As at 31 December 2023, none of the Independent

Effectiveness (cont’d) Non-Executive Directors has exceeded a cumulative
term limit of nine years.
II. Board Composition
The Group has a policy which practises non-
The Directors’ Fit and Proper Policy was adopted by discrimination in any form, whether based on
the Company in June 2022 to ensure a formal, rigorous age, gender, ethnicity or religion, throughout the
and transparent process for the appointment/election organisation. This includes the selection of Board
of candidates as Directors of the Company and for the members and senior management.
re-election of Directors.
The Board is mindful of the target of at least 30%
The Nomination Committee has been looking into women directors and has taken the initial step of
refreshing the composition of the Board in view of appointing Tan Sri Dato’ Sri Zaleha binti Zahari as
the proposed amendments to the MMLR of Bursa the first female Director on the Board on 26 February
Securities which took effect on 1 June 2023 whereby 2018. The Board has on 22 February 2023 appointed
Independent Directors whose services exceeded a a second female Director, Ms Loh Lay Choon as an
cumulative period of 12 years are re-designated as Independent Non-Executive Director.
non-independent directors.
The Board currently comprises eight (8) male Directors
The Board was refreshed with the appointment of and two (2) female Directors. The racial composition of
Ms Loh Lay Choon as an Independent Non-Executive the Board is 40% Malay and 60% Chinese. 10% of the
Director of the Company on 22 February 2023. On Directors are between the ages of 30 and 55 and the
30 May 2023, General Tan Sri Dato’ Seri Panglima Ts. remaining 90% are above 55 years old.
Haji Zulkifli bin Haji Zainal Abidin (R) was appointed
as an Independent Non-Executive Director of the Amongst others, the measure taken by the Board when
Company. sourcing suitable candidates for any vacant Board
position in the future, would take into consideration
The process of sourcing for suitable candidate(s) for suitably qualified women candidates, in line with the
appointment(s) to the Board is still ongoing. recommendation of the MCCG.
The tenure of each Director was reviewed by the The Board did not utilise independent sources
Nomination Committee and an annual evaluation and to identify suitably qualified candidates as the
assessment on the performance and contribution of management understands the specialised industry it
each Director during the financial year was carried out operates in. Through its own network and bearing in
prior to recommending whether the retiring Director mind the industry in which the Company operates in,
should be nominated for re-election at the forthcoming the management would be in the best position to look
Annual General Meeting. Mr Quah Chek Tin, an for potential candidates with background which fits the
independent Non-Executive Director of the Company criteria requirements.
had retired on 30 May 2023.
The Board is open to utilising independent sources to
As at 31 December 2023, the Board has ten (10) identify suitably qualified candidates, where necessary.
members, comprising three (3) Executive Directors,
five (5) Independent Non-Executive Directors and The Company has provided a statement accompanying
two (2) Non-Independent Non-Executive Directors the Notice of Annual General Meeting as required under
resulting in the Company not fulfilling the requirement Paragraph 8.27(2) of the MMLR of Bursa Securities
of the Board to comprise a majority of independent that there was no individual seeking for election as a
directors. Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Director at its Forty-Fifth Annual General Meeting.
Zahidi bin Hj. Zainuddin (R) was re-designated as
Non-Independent Non-Executive Director on 1 June
2023 and Mr Ching Yew Chye was re-designated
as Non-Independent Non-Executive Director on
23 November 2023 to comply with the MMLR as their
tenures as Independent Directors of the Company have
exceeded 12 years.

Principle A – Board Leadership and The main activities carried out by the Nomination
Effectiveness (cont’d) Committee during the financial year ended
31 December 2023 are set out below:
II. Board Composition (cont’d)
(a) reviewed and recommended to the Board, the
The Nomination Committee carried out an annual appointment of Ms Loh Lay Choon and General
evaluation and assessment on each Director, including Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli bin Haji
the Directors subject to retirement by rotation/casual Zainal Abidin (R) as Independent Non-Executive
vacancy at the Forty-Fifth Annual General Meeting held Directors of the Company based on the criteria set
on 30 May 2023 namely Dato’ Indera Lim Keong Hui, out in the Directors’ Fit and Proper Policy;
Mr Yong Chee Kong, Dato’ Moktar bin Mohd Noor and (b) reviewed and recommended the re-election of
Ms Loh Lay Choon and their re-election was noted and Dato’ Indera Lim Keong Hui, Mr Yong Chee Kong,
supported by the Board. The Board was satisfied with Dato’ Moktar bin Mohd Noor and Ms Loh Lay Choon
the performance of each of the Directors based on the as Directors at the Forty-Fifth Annual General
strong/consistently good ratings of the Directors for Meeting of the Company;
the annual evaluation and assessment as they have the (c) considered and reviewed the summary analysis
relevant skill sets and experience and bring valuable on the feedback in compliance with the MCCG and
insights and contribution to the Board. The details of Paragraphs 15.08A(2) and 15.20 of the MMLR of
their interest, position or any relationship that might Bursa Securities;
influence, or reasonably be perceived to influence, in a (d) considered and reviewed the Board’s succession
material respect their capacity to bring an independent plans, the present size, structure, diversity and
judgement to bear on issues before the Board and to composition of the Board and Board Committees
act in the best interests of the Company as a whole as well as the required mix of skills, experience and
are disclosed in various parts of the last year’s Annual competency required;
Report. (e) considered and reviewed the senior management’s
succession plans;
The Chairperson of the Nomination Committee, Tan (f) considered and reviewed the trainings attended by
Sri Dato’ Sri Zaleha binti Zahari (email address: zaleha. the Directors, discussed the training programmes
zahari@gentingplantations.com) has been designated required to aid the Directors in the discharge of
as the Senior Independent Non-Executive Director, as their duties as Directors and to keep abreast with
identified by the Board pursuant to Practice 5.8 of the industry developments and trends;
MCCG. (g) reviewed and recommended to the Board, the term
of office and performance of the Audit Committee
The Nomination Committee carried out its duties and each of its members to determine whether
in accordance with its Terms of Reference and the the Audit Committee and members have carried
Directors’ Fit and Proper Policy adopted by the out their duties in accordance with their terms of
Company in June 2022 which can be obtained from the reference; and
Company’s website at www.gentingplantations.com. (h) assessed and recommended to the Board, the
The Nomination Committee met three times during effectiveness and performance of the Board, Board
the financial year ended 31 December 2023 with all the Committees and individual Directors, including the
members in attendance. The Nomination Committee Chief Executive.
while carrying out its responsibilities sourcing for
suitable candidates for appointment to the Board The process of assessing the Directors is an on-going
would take into consideration fit and proper criteria responsibility of the Nomination Committee and the
covering (i) character and integrity; (ii) experience and entire Board. The Board has put in place a formal
competence; and (iii) time and commitment as set out evaluation process to annually assess the effectiveness
in the Directors’ Fit and Proper Policy of the Company and performance of the Board as a whole and the
and such other requirements as set out in Practice 5.6 Board Committees, as well as assess by applying
of the Corporate Governance Report. the fit and proper criteria as set out in the Directors’
Fit and Proper Policy together with the contribution
and performance of each individual Director and the
Chief Executive.

Principle A – Board Leadership and The Board, as a whole, determines the level of fees of
Effectiveness (cont’d) Non-Executive Directors and Executive Directors.
II. Board Composition (cont’d) The policies and procedures are made available on the
Company’s website at www.gentingplantations.com.
The criteria used, amongst others, for the
annual assessment of individual Directors/Chief The Remuneration Committee is responsible for
Executive include an assessment of their roles, implementing the policies and procedures on the
duties, responsibilities, competency, expertise remuneration of Executive Directors and making
and contribution whereas for the Board and Board recommendations to the Board on the remuneration
Committees, the criteria used include composition, packages of Executive Directors and members of the
structure, accountability, responsibilities, adequacy Board Committees whilst the Board is responsible for
of information and processes. In line with Practice approving the policies and procedures which govern
6.1, the questionnaire on the annual assessment of the remuneration of the employees including Executive
individual Directors has been revised to include an Directors and senior management of the Company.
evaluation of their will and ability to critically challenge
and ask the right questions; character and integrity in The Remuneration Committee carried out its duties
dealing with potential conflict of interest situations; in accordance with its Terms of Reference which can
commitment to serve the Company, due diligence be obtained from the Company’s website at www.
and integrity; and confidence to stand up for a point gentingplantations.com. The Remuneration Committee
of view. Arising from the revised MCCG in April 2021 met two times during the financial year ended
where a new section on Environmental, Social and 31 December 2023 where all the members attended.
Governance (“ESG”) or Sustainability was added a new
section on board evaluation questionnaire relating to The details of the Directors’ remuneration received in
ESG or Sustainability had been included in the annual 2023 on a named basis are set out in Appendix A of this
assessment. Corporate Governance Overview Statement.
In respect of the assessment for the financial year The top five (5) senior management (excluding
ended 31 December 2023 which was internally Executive Directors) of the Group are Mr Tan Wee Kok,
facilitated, the Nomination Committee and the Board Mr Ng Say Beng, Mr Lee Ser Wor and Mr Lee Weng
were satisfied that the Board and Board Committees Wah, their designations are disclosed in the Integrated
have discharged their duties and responsibilities Annual Report 2023 and Mr Tan Cheng Huat
effectively and the contribution and performance of (Executive Vice President, Plantations) who had retired
each individual Director, including the Chief Executive on 31 January 2024. The aggregate remuneration
are satisfactory. The Board was also satisfied that of these executives received in 2023 was RM8.65
the Board composition in terms of size, the balance million representing 1.57% of the total employees’
between Executive, Non-Executive and Independent remuneration of the Group.
Directors and mix of skills, was adequate. The Board
is mindful of the gender diversity relating to women The total remuneration of the aforesaid top five (5)
directors and has taken the steps as disclosed in senior management was a combination of an annual
Practice 5.9 of the Corporate Governance Report. salary, bonus, benefits in-kind and other emoluments
which are determined in a similar manner as other
III. Remuneration management employees of the Group. This is based on
their individual performance, the overall performance
The Company has established a formal remuneration of the Group, inflation and benchmarked against
policy for the Executive Directors and senior other companies operating in similar industries in the
management to align with business strategy and long- region. The basis of determination has been applied
term objectives of the Company and its subsidiaries. consistently from previous years.

Principle B – Effective Audit and Risk The members of the Audit Committee of the Company
Management comprise at least one member with the requisite
accounting qualification based on the requirement of
I. Audit Committee the MMLR of Bursa Securities. Members of the Audit
Committee are financially literate as they continuously
The Chairman of the Audit Committee is Mr Yong Chee keep themselves abreast with the latest development
Kong, an Independent Non-Executive Director of the in the new accounting and auditing standards and the
Company. impact it may have on the Group through briefings by
the management and the external auditors. During the
The Company has not appointed any former partner financial year ended 31 December 2023, the Directors
of the external audit firm as a member of the Audit received regular briefings and updates on the Group’s
Committee and the Terms of Reference of the Audit businesses, operations, risk management, internal
Committee of the Company has been revised in February controls, corporate governance, finance, sustainability
2022 to include a policy that requires a former partner reporting, anti-bribery and corruption and any new
of the external audit firm of the Company to observe a or changes to the relevant legislation, rules and
cooling-off period of at least three years before being regulations.
appointed as a member of the Audit Committee.
The Board, through the Nomination Committee,
The Audit Committee ensures that the independence assessed the training needs of its Directors annually
and objectivity of the external auditors are not and encourages the Directors to attend various
compromised in accordance with the assessment professional training programmes that would best
criteria set out in the “Group Policy on External strengthen their contributions to the Board. The
Auditors’ Independence”. Company maintains a policy for Directors to receive
training at the Company’s expense, in areas that are
The external auditors are also required to provide relevant to them in the discharge of their duties as
confirmation to the Audit Committee that they are and Directors or Board Committee members, including
have been independent throughout the conduct of the Mandatory Accreditation Programme for new Directors.
audit engagement in accordance with the terms of all
relevant professional and regulatory requirements. The courses and training programmes attended by the
Directors in 2023 are disclosed in Appendix B of this
In line with Guidance 9.3 of the MCCG, the Audit Corporate Governance Overview Statement.
Committee has pre-approved certain categories of
non-audit and audit services to be provided by the The Directors are also required by the Companies Act
Company’s external auditors, PricewaterhouseCoopers 2016 (“Act”) in Malaysia to prepare financial statements
PLT or their affiliates, and has put in place limits of for each financial year which have been made out in
authority for the pre-approved non-audit and audit accordance with the Malaysian Financial Reporting
services. Standards, International Financial Reporting Standards
and comply with the requirements of the Act so as to
The Audit Committee was satisfied with the suitability, give a true and fair view of the financial position of the
objectivity and independence of the external auditors Group and of the Company at the end of the financial
based on the quality and competency of services year and of the financial performance of the Group and
delivered, sufficiency of the firm and professional of the Company for the financial year.
staff assigned to the annual audit as well as the
non-audit services performed for the financial year A statement by the Board of its responsibilities for
ended 31 December 2023 and has recommended preparing the financial statements is set out in the
their re-appointment for the financial year ending Audited Financial Statements for the financial year
31 December 2024. ended 31 December 2023 of the Company.
The Audit Committee of the Company consists of three

members, who are all Independent Non-Executive
Directors.

Principle B – Effective Audit and Risk The Internal Audit has an Audit Charter approved
Management (cont’d) by the Audit Committee which defines the mission
& objectives, roles & responsibilities, independence,
II. Risk Management and Internal Control Framework authority, audit standards & code of ethics, audit scope
& methodology and audit reporting.
The Board is responsible for the Group’s risk
management framework and system of internal control The Internal Audit function is headed by Mr Koh
and for reviewing their adequacy and integrity. Chung Shen (“Head of Internal Audit” or “Mr Koh”).
He reports functionally to the Audit Committee and
The Board affirms its overall responsibility for administratively to the senior management of the
establishing an effective risk management and internal Company. The competency and working experience
control framework which is in place and has been of Mr Koh and the internal audit team are disclosed in
enhanced over the years. Practice 11.2 of the Corporate Governance Report.
The risk management and internal control framework The details of the scope of work, performance
of the Company are designed to manage risks rather evaluation and budget of the internal audit function are
than eliminate risks, and to provide reasonable but not set out in the Corporate Governance Report.
absolute assurance against any material misstatement
or loss. The Head of Internal Audit and other internal audit
personnel are independent from the operational
Features of the risk management and internal control activities of the Company and they do not hold
framework of the Company are set out in the Statement management authority and responsibility over the
on Risk Management and Internal Control. operations that internal audit covers in its scope of
works.
The Risk Management Committee was previously
combined with Audit Committee and renamed as For year 2023, the average number of internal audit
Audit and Risk Management Committee (“ARMC”) personnel was 37 comprising degree holders and
on 29 December 2017. On 31 December 2019, the professionals from related disciplines with an average
Board approved the separation of the ARMC into of 9 years of working experience per personnel.
two committees, namely, Audit Committee and Risk
Management Committee with the same composition Mr Koh joined the Company in November 2000 as
of members. All members of the Risk Management Manager of Internal Audit and subsequently took
Committee are Independent Non-Executive Directors. over as Head of Internal Audit in November 2008. He
started his career as an internal auditor in one of the
The Risk Management Committee now serves as financial institutions. Mr Koh has in total 30 years of
a committee of the Board to assist the Board in internal audit experience.
carrying out the responsibility of overseeing the risk
management framework and policies of the Company The Internal Audit carries out its work according to
and its subsidiaries. The Terms of Reference of the Risk the code of ethics, standards and best practices set
Management Committee can be obtained from the by professional bodies, primarily consistent with
Company’s website at www.gentingplantations.com. the International Professional Practices Framework
issued by the Institute of Internal Auditors and where
To assist the Board in maintaining a sound system applicable, reference is made to the standards and
of internal control for the purposes of safeguarding statements issued by the international accounting and
shareholders’ investment and the Group’s assets, the auditing organisations.
Group has in place, an adequately resourced internal
audit department.

Principle C – Integrity in Corporate online remote voting at the Broadcast Venue, 25th
Reporting and meaningful relationship Floor, Wisma Genting, Jalan Sultan Ismail, 50250
with stakeholders Kuala Lumpur, Malaysia via TIIH Online website at
https://tiih.online with the presence of the Chairman,
I. Engagement with Stakeholders Directors, Company Secretary, Independent Scrutineer
and Senior Management.
The Group acknowledges the importance of timely
and equal dissemination of material information Tricor Investor & Issuing House Services Sdn Bhd
to the shareholders, investors and public at large. (“Tricor”) was appointed as the Poll Administrator for
The Company holds briefings for fund managers, the 45th AGM to facilitate the Remote Participation
institutional investors and investment analysts after and Voting Facilities (“RPV”) via its TIIH Online website
each quarter’s financial results announcement. at https://tiih.online (“TIIH Online”). The Company has
engaged Tricor to provide the RPV and the meeting
The Group maintains a corporate website at www. online platform “TIIH Online” is hosted by Tricor. Tricor
gentingplantations.com which provides the relevant has implemented an IT policy and Information Security
information to its stakeholders. policy, endpoint controls and data classification for
cyber hygiene practices of the staff. Stress test and
The Group also participates in investor forums held penetration testing have been performed on TIIH Online
locally and abroad and periodically organises briefings to test its resiliency. To provide further assurance to
and meetings with analysts and fund managers to give the public, Tricor was ISO27001 certified. In addition to
them a better understanding of the businesses of the this, TIIH Online is hosted in a secure cloud platform
Group. and the data center is ISO27001 certified.
The Company has in place channels of communication All the shareholders could raise questions including
with the stakeholders at gpbinfo@gentingplantations. but not limited to the Company’s financial and non-
com which enable them to provide their views financial performance and long-term strategies. With
and feedback including complaints and address respect to the 45th AGM, shareholders submitted
stakeholders’ views, feedback or complaints their questions prior to the conduct of the meeting via
accordingly. At least once a year, at the Annual General the RPV. Besides, shareholders were also allowed to
Meeting or any other general meetings of the Company, submit their questions via the RPV during the meeting.
the Board engages with the shareholders. Directors and senior management answered the
questions raised by shareholders during the meeting.
For the financial year ended 31 December 2023, the
Company has issued its inaugural Integrated Annual The broadcast of the 45th AGM was smooth through
Report. the RPV. Relevant questions raised by shareholders
were shared with the shareholders via the RPV and
II. Conduct of General Meetings the Chairman, Directors and/or Senior Management
responded to the questions verbally.
The Company served the Notice of Annual General
Meeting to the shareholders of the Company at least The minutes of the 45th Annual General Meeting of
28 days prior to the meeting held in 2023. the Company was made available on the Company’s
website at www.gentingplantations.com within 30
The date of the Annual General Meeting of the business days from the 45th AGM.
Company is scheduled at the beginning of the calendar
year to ensure that all the Directors are present to This Corporate Governance Overview Statement is made
provide meaningful responses to questions addressed in accordance with a resolution of the Board of Directors
to them. All the Directors attended the Forty-Fifth dated 8 March 2024.
Annual General Meeting held on 30 May 2023 (“45th
AGM”) on a virtual basis through live streaming and

Appendix A
DETAILS OF REMUNERATION RECEIVED IN 2023
Company (‘000) Group (‘000)
No Name Directorate
Fee
Allowance
Salary
Bonus
Benefits-in-
kind
Other
emoluments
Total
Fee
Allowance
Salary
Bonus
Benefits-in-
kind
Other
emoluments
Total
Executive
1 TAN SRI LIM KOK THAY 110 0 425 170 0 113 818 110 0 425 170 0 113 818
Director
Executive
2 DATO’ SRI TAN KONG HAN 110 0 1,135 321 32 278 1,876 110 0 2,072 1,730 32 278 4,222
Director
DATO’ INDERA LIM Executive
3 110 0 1,211 955 0 325 2,601 110 0 1,211 955 0 325 2,601
KEONG HUI Director
GEN. DATO' SERI DIRAJA Non-Executive
TAN SRI (DR.) MOHD Non-
4 169 24 0 0 4 0 197 169 24 0 0 4 40 197
ZAHIDI BIN HJ ZAINUDDIN Independent
(R) Director
LT. GEN. DATO' ABDUL
Independent
5 GHANI BIN ABDULLAH (R) 46 0 0 0 0 0 46 46 0 0 0 0 0 46
Director
(Retired on 1 June 2022)

CORPORATE GOVERNANCE
MR QUAH CHEK TIN Independent

6 114 32 0 0 0 788 934 114 32 0 0 0 788 934
(Retired on 30 May 2023) Director
Non-Executive
Non-
7 MR CHING YEW CHYE 114 31 0 0 4 0 149 114 31 0 0 4 0 149
Independent
Director
Independent
8 MR YONG CHEE KONG 114 24 0 0 4 0 142 114 24 0 0 4 0 142
Director
TAN SRI DATO' SRI ZALEHA Independent
9 114 4 0 0 3 0 121 114 4 0 0 3 0 121
BINTI ZAHARI Director
DATO’ MOKTAR BIN MOHD
Independent
10 NOOR (Appointed on 16 4 0 0 3 0 23 16 4 0 0 3 0 23
Director
23 November 2022)
MS LOH LAY CHOON
Independent
11 (Appointed on 22 February 0 17 0 0 0 0 17 0 17 0 0 0 0 17
Director
2023)
GENERAL TAN SRI DATO’

SERI PANGLIMA TS. HAJI
Independent
12 ZULKIFLI BIN HAJI ZAINAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Director
ABIDIN (R) (Appointed on
30 May 2023)
79
Appendix B
COURSES AND TRAINING PROGRAMMES ATTENDED BY DIRECTORS IN 2023
NAME OF DIRECTORS
Gen. Dato’ Seri DiRaja Tan Sri (Dr.)
Panglima Ts. Haji Zulkifli bin Haji

Mohd Zahidi bin Hj Zainuddin (R)
Tan Sri Dato’ Sri Zaleha binti
Dato’ Moktar bin Mohd Noor

Dato’ Indera Lim Keong Hui
General Tan Sri Dato’ Seri

Dato’ Sri Tan Kong Han
Tan Sri Lim Kok Thay
Mr Yong Chee Kong

Mr Ching Yew Chye
Ms Loh Lay Choon
Zainal Abidin (R)

Zahari
COURSES
Listed Entity Director Programme Environmental, Social

and Governance Essentials Core Module by Singapore √
Institute of Directors
Tax Announcements in Budget 2023 by Tratax – Shearn

√
Delamore & Co
FIDE Forum Business Lunch Engagement by Mr Rohit

Talwar by Financial Institutions Directors’ Education (FIDE) √
Programme
POC 2023 Palm & Lauric Oils Price Outlook Conference &
√
Exhibition organised by Bursa Malaysia Derivatives Berhad
Detailed Analysis of Finance Bill 2023 by Tratax – Shearn

√
Delamore & Co
Anti Money Laundering & Countering Financing of

Terrorism Requirement and Compliance by Malaysian √
Institute of Accountants
The 2023 Budget Seminar by Deloitte Tax Services Sdn

√ √ √ √ √ √
Bhd organised by Genting Berhad
Strengthening Confidence in Sustainability Reporting –

Using Control Self Assessment to conduct sustainability
√
internal reviews by Malaysian Institute of Corporate
Governance
A Dialogue with Bursa Malaysia Berhad– FTSE4GOOD

ESG Rating for All PLCs by Institute of Corporate Directors √ √ √
Malaysia
UOB Net Zero Commitment and Climate Risk Trends &

Regulatory Expectations by Mr Nidhi Agarwal (Oliver √
Wyman), Mr Eric Lim (UOB), Moreen Joseph (UOB)
Qualified Risk Director Professional Certification Program:

Series 1 – Board Risk Oversight Best Practices: A Strategic √
Approach by Institute of Enterprise Risk Practitioners
Cahya Mata Be The Champion by ACT Consulting organised

√
by Cahya Mata Sarawak Berhad

Appendix B
COURSES AND TRAINING PROGRAMMES ATTENDED BY DIRECTORS IN 2023 (cont’d)
NAME OF DIRECTORS



Mr Yong Chee Kong

Mr Ching Yew Chye
Ms Loh Lay Choon
Zainal Abidin (R)

Zahari
COURSES
Understanding the Impact of Digital Transformation in

Financial Industry: What Board Members Need to Know
√
by Pekka Dave, President ICA by Financial Institutions
Directors’ Education (FIDE) Programme
MACC Training for AHAM Group: Corporate Liability on

√
Corruption organised by AHAM Asset Management Berhad
Anti-Bribery & Corruption System Training for Genting

Berhad organised by Risk Management Department of √ √
Genting Berhad
ESG Reporting: A Key to Value Creation Today by Malaysian

√
Institute of Accountants
Bursa Malaysia Mandatory Accreditation Programme by

√
Institute of Corporate Directors Malaysia
Metaverse Immersion Session for Genting Group by

√ √ √ √ √ √ √ √
Deloitte organised by Genting Berhad

Series 3 – Risk appetite, risk tolerance and risk maturity √
frameworks by Institute of Enterprise Risk Practitioners

Series 4 – The Directors Guide to Strategic ERM by Institute √
of Enterprise Risk Practitioners
Generative AI – An Opportunity or Risk? by Institute of

√
Corporate Directors Malaysia
AMLCFT Training for Directors by Mr. Aazad Ananthan

√
organised by United Overseas Bank (Malaysia) Bhd
Cyber Security Training by Mr Ho Siew Kei and Mr Kathik

Sundar of Deloitte organised by United Overseas Bank √
(Malaysia) Bhd
Cyber and Technology Risks Landscape & Talkbot Live

√
Demo by AIA Berhad and AIA General Berhad

Series 6 – The Directors Guide to the Role of Boards in
√
Fraud Risk Management by Institute of Enterprise Risk
Practitioners

Appendix B
NAME OF DIRECTORS



Mr Yong Chee Kong

Mr Ching Yew Chye
Ms Loh Lay Choon
Zainal Abidin (R)

Zahari
COURSES
Advocacy Sessions for Directors and CEOs of Main Market

√ √ √
Listed Issuers by Bursa Malaysia Berhad
Engagement Session for Board of Directors and Senior

Management Cahya Mata 2023 by President of ESQ Group √
organised by Cahya Mata Sarawak Berhad
Your Journey to E-invoicing in Malaysia – Series 2 by

√
PricewaterhouseCoopers (PWC) Malaysia
Deloitte Global Program: “ESG, Climate and Trust – The

√ √
Board’s Role” by Deloitte
Malaysia e-Invoice. Are you prepared? by Deloitte X

√
EDICOM
Duties and Responsibilities of Company Directors

“Demystifying the stewardship and fiduciary roles of √
Directors” by Malaysian Institute of Corporate Governance
AML Training 2023 for AHAM Group: AML/ CFT/ TFS:

Adopt, Evolve, Transform towards an Effective Compliance √
organised by AHAM Asset Management Berhad
Management of Cyber Risk by Ernst & Young organised by

√ √
Bursa Malaysia Berhad
40th Management Conference of Genting Plantations

Berhad on “Workplace Engagement in the Digital Era
Unleashing the Power of Human Connections”:
- Recruitment, Engagement and Retention Strategies by
Pak Achmad Febriyansyah
- Meningkatkan Keterlibatan Pimpinan: Membangun Ikatan
yang Kuat demi Mengurangi Turnover Karyawan Panen di
√ √ √ √ √ √ √ √ √ √
Abadi 3, PT Sawit Mitra Abadi by Pak Suherman
- Ethical Recruitment of Foreign Workers and Local
Recruitment Transformation by Mr Loke Kean Mun
- Connecting People, Technology and Agriculture co-
presented by Mr Yap Soon Joo & Mr Lee Jin Zhen
- Responding to New Reality “Managing Multi Generation
Workforce” by Pak J. Amri Daulay

Appendix B
NAME OF DIRECTORS



Mr Yong Chee Kong

Mr Ching Yew Chye
Ms Loh Lay Choon
Zainal Abidin (R)

Zahari
COURSES
The CEO Conference of the Third Belt & Road Forum

for International Cooperation in Beijing, China jointly
organised by China Council for the Promotion of
√
International Trade, the State Council’s State-owned Assets
Supervision & Administration Commission and All-China
Federation of Industry and Commerce
Addressing Conflicts of Interest in a Public Listed

Companies by RAA Capital Partners Sdn Bhd organised by √
Cahya Mata Sarawak Berhad
Role of Board and Management in a Public Listed

Companies by RAA Capital Partners Sdn Bhd organised by √
Cahya Mata Sarawak Berhad
JC3 Journey to Zero Conference 2023 an initiative by Joint

Committee on Climate Change (JC3), co-chaired by Bank √
Negara Malaysia and the Securities Commission Malaysia
PwC Malaysia’s Budget 2024 Seminar

√
- Building economic growth and fiscal sustainability
Barclays Asia Forum 2023 √
Webinar: IJM Board Briefing – Sustainability Disclosure

√
Standards by PWC Malaysia
Webinar: IJM Board Briefing – Budget Talk 2024 by PWC

√
Malaysia

Series 14 - Directors Guide to Governance, Risk and
√
Compliance and Climate Change and Principle-based
Taxonomy by Institute of Enterprise Risk Practitioners
Audit Oversight Board’s Conversation with Audit

√
Committees by Securities Commission Malaysia
2023 Genting Malaysia Senior Managers’ Conference:

“Customer Centricity with the Power of Technologies” by
√ √
Mr Keith B. Carter, Partner, KBC Global Partners Pte Ltd
organised by Genting Malaysia Berhad
The 2024 Budget Seminar by Deloitte Tax Services Sdn

√ √ √ √ √ √ √ √
Bhd organised by Genting Berhad

84 AUDIT COMMITTEE REPORT
AUDIT COMMITTEE Name of Member Number of

Meetings Attended*
The Audit Committee was established on 26 July 1994
to serve as a Committee of the Board. In line with the Gen. Dato’ Seri DiRaja Tan 3 out of 3
recommendation of the Malaysian Code on Corporate Sri (Dr.) Mohd Zahidi bin Hj
Governance, the Audit Committee of the Company which Zainuddin (R) (Resigned on
has been assisting the Board in carrying out, among others, 30 May 2023)
the responsibility of overseeing the risk management Mr Ching Yew Chye 6 out of 6
framework and policies of the Company and its subsidiaries, (Resigned on 23 November
was renamed as the Audit and Risk Management Committee 2023)
(“ARMC”) on 29 December 2017.
* The total number of meetings include the special
On 31 December 2019, the Board approved the separation meetings held between members of the AC who
of the ARMC into two separate committees, namely Audit are Non-Executive Directors of the Company
Committee (“AC”) and Risk Management Committee and representatives of the external auditors,
(“RMC”). PricewaterhouseCoopers PLT without the presence of
any Executive Director or management.
MEMBERSHIP
^ No AC meetings were convened after 23 November
The present members of the AC comprise: 2023 subsequent to the appointment of Tan Sri Dato’
Sri Zaleha binti Zahari on 23 November 2023.
Mr Yong Chee Kong Chairman/Independent
Non-Executive Director SUMMARY OF WORK DURING THE FINANCIAL
YEAR 2023
Ms Loh Lay Choon Member/Independent
Non-Executive Director
The AC carried out its duties in accordance with its Terms
Tan Sri Dato’ Sri Zaleha binti Member/Independent of Reference.
Zahari Non-Executive Director
During the financial year ended 31 December 2023, this
TERMS OF REFERENCE entailed, inter-alia, the following:
The Terms of Reference of the AC are made available on the i) reviewed and deliberated the internal audit plan for the
Company’s website at www.gentingplantations.com. Company and the Group with the Head of Internal Audit
and authorised deployment of the necessary resources
ATTENDANCE AT MEETINGS DURING THE to address risk areas identified;
FINANCIAL YEAR 2023
ii) reviewed and deliberated the internal audit reports of
The AC held a total of six (6) meetings. Details of attendance the Company and of the Group which were prepared on
of the AC members are as follows: completion of each internal audit assignment;
iii) engaged with the external auditors on the external

Name of Member Number of
audit plan for the Company and the Group;
Meetings Attended*
Mr Yong Chee Kong 3 out of 3 iv) reviewed and deliberated the external audit reports of
(Appointed on 30 May 2023) the Company and of the Group prepared by the external
Ms Loh Lay Choon 3 out of 3 auditors, including any key audit matters raised;
(Appointed on 30 May 2023)
v) reviewed with management and the external auditors
Tan Sri Dato’ Sri Zaleha binti ^0 out of 0 and deliberated the financial results and reports of
Zahari (Appointed on the Company and of the Group for the quarters ended
23 November 2023) 31 December 2022 and 30 June 2023 and
Mr Quah Chek Tin 3 out of 3 recommended for approval by the Board;
(Retired on 30 May 2023)

AUDIT COMMITTEE REPORT (cont’d) 85
vi) reviewed with the management and deliberated the c. compliance with accounting standards and other
unaudited financial results and reports of the Company legal or regulatory requirements
and of the Group for the quarters ended 31 March
2023 and 30 September 2023 and recommended for to ensure that the financial statements give a true
approval by the Board; and fair view of the financial position and financial
performance of the Group and of the Company and are
vii) reviewed and deliberated related party transactions in compliance with the Malaysian Financial Reporting
and recurrent related party transactions of the Standards (“MFRS”), International Financial Reporting
Company and of the Group and recommended for Standards and the requirements of the Companies Act
approval by the Board; 2016 in Malaysia as well as the Listing Requirements
of Bursa Malaysia Securities Berhad. Amendments to
viii) reviewed the proposed audit fees for the external financial reporting standards that are effective for the
auditors in respect of their audit of the financial current financial year were discussed and it was noted
statements of the Company and of the Group and that the adoption of these amendments to published
recommended for approval by the Board; standards did not have any material impact on the
current or prior financial year and is not likely to affect
ix) reviewed the revised Terms of Reference of the AC and future periods.
recommended for approval by the Board;
The AC also reviewed and where applicable,
x) assessed the suitability, objectivity and independence commented on the representation letters issued by the
of the external auditors and recommended their management to the external auditors in relation to the
reappointment; financial statements for the year ended 31 December
2022 and quarter ended 30 June 2023.
xi) reviewed with management and the external auditors
the annual financial statements of the Company and 2. External Audit
of the Group for the financial year ended 31 December
2022 and recommended for approval by the Board; and In the course of review of the quarterly financial
statements ended 31 December 2022 and 30 June
xii) reviewed the 2022 Annual Report of the Company, 2023 and audit of the annual financial statements, the
including the AC’s Report, Sustainability Report and external auditors identified discrepancies or matters
Statement on Risk Management and Internal Control. involving estimates or the exercise of judgement which
could have material impact on the financial statements.
xiii) reviewed the proposed policy on the provision of non- These matters were discussed with management and
audit services by the external auditors. resolved.
HOW THE AC DISCHARGED AND MET ITS Significant matters requiring follow-up were
RESPONSIBILITIES DURING THE FINANCIAL highlighted in the reports by the external auditors to
YEAR 2023 the AC. In accordance with International Standards on
Auditing, key audit matters which in the opinion of the
1. Financial Reporting external auditors were of most significance in their audit
of the annual financial statements were brought to the
The AC reviewed with management and the external attention of the AC and highlighted and addressed by
auditors, where required, and deliberated on the the external auditors in their audit report. The AC has
quarterly consolidated financial statements and the considered the key audit matters highlighted by the
annual financial statements of the Company and of external auditors and included in the auditors’ report
the Group prior to the approval by the Board, focusing as part of their audit of the financial statements of the
particularly on: Group for the financial year ended 31 December 2022.
These matters were also discussed with management
a. changes in or implementation of major accounting to ensure they are appropriately accounted for and/
policies; or disclosed in the financial statements. The AC had
deliberated and considered management’s basis for
b. significant matters highlighted by management conclusions and the external auditors’ findings in
or the external auditors, including financial relation to these key audit matters.
reporting issues, significant judgements made
by management, significant and unusual events
or transactions, and how these matters were
addressed; and

86 AUDIT COMMITTEE REPORT (cont’d)
The AC also reviewed and discussed the external Internal audit functions independently of the
auditors’ annual audit plan setting out the proposed activities it audits and carries out its work objectively
scope of work before their commencement of the audit according to the code of ethics and standards set
of the financial statements of the Company and of the by professional bodies, primarily consistent with
Group. the International Professional Practices Framework
issued by the Institute of Internal Auditors and where
The proposed audit fees for the external auditors applicable, reference is made to the standards and
in respect of their audit of the financial statements statements issued by the international accounting and
of the Company and its subsidiaries were analysed auditing organisations. For each audit, a systematic
and reviewed by the AC for recommendation to the methodology is adopted, which primarily includes
Board for approval. Non-audit fees and non-audit performing risk assessment, developing audit planning
related costs payable to the external auditors in memorandum, conducting audit, convening exit
respect of non-audit services rendered by the external meeting and finalising audit report. The audit reports
auditors during the financial year were also reviewed, detail out the objectives, scope of audit work, findings,
considered and approved in ascertaining the suitability management responses and conclusion in an objective
and independence of the external auditors. manner and are distributed to the responsible parties.
The AC conducted its annual assessment based During the year, the AC reviewed and approved the
on the Group’s revised policy on external auditors’ 2024 Internal Audit Plan for the Company and the
independence including the non-audit services Group and authorised the deployment of necessary
which can be rendered by the external auditors for resources to address risk areas identified.
recommending the reappointment of the external
auditors to the shareholders for approval. The following were considered in the AC’s review:
Two AC meetings were held on 21 February 2023 and • The Internal Audit plan was prepared based on
22 August 2023 without the presence of any Executive a risk-based approach with the consideration of
Director or management of the Company to ensure four (4) factors, namely materiality of transactions
that the external auditors can freely discuss and and balances, management concerns (including
express their opinions on any matter to the AC, and the company risk profiles), regulatory requirements
AC can be sufficiently assured that management has and audit evaluation.
fully provided all relevant information and responded
to all queries from the external auditors. • The internal audit scope extends to cover major
operating areas of the Company and its subsidiaries
The external auditors shared their observations on which include financial, accounting, information
significant operational matters and key audit findings, systems, operational and support services and
including internal controls. administrative activities.
3. Internal Audit •
The internal audit resources comprise degree
holders and professionals from related disciplines.
The Group has an adequately resourced internal Senior personnel possess vast experience in the
audit function to assist the Board in maintaining a audit profession as well as in the industries that
sound system of internal control. The internal audit the Company and its subsidiaries are involved in.
department of the Company reports to the AC and
the primary role of the department is to undertake
regular and systematic review of the governance, risk
management and internal control processes, including
related party transactions, to provide sufficient
assurance that the Company and the Group have
sound systems of internal control and that established
policies and procedures are adhered to and continue to
be effective in addressing the risks identified.

AUDIT COMMITTEE REPORT (cont’d) 87
The AC reviewed and deliberated the internal audit 4. Related Party Transactions
reports issued in respect of the Group’s entities or
operations each quarter. The audits covered various Related party transactions of the Company and
operations, systems, processes and functions across its subsidiaries which exceeded pre-determined
the Company and the Group. Some weaknesses in thresholds were reviewed by the AC to ensure
internal control were identified for the year under the transactions were fair, reasonable, on normal
review but these are not deemed significant and have commercial terms, not detrimental to the interests of
not materially impacted the business or operations of the minority shareholders and in the best interest of
the Group. Nevertheless, measures have been or are the Company before recommending to the Board or
being taken to address these weaknesses. The internal shareholders for approval.
audit reports also included follow-up on corrective
measures to ensure and to report to the AC that The AC reviewed the recurrent related party
management has dealt with the weaknesses identified transactions of a revenue or trading nature which
satisfactorily. were necessary for the day-to-day operations of the
Company or its subsidiaries that arose within the Group
The total cost incurred for the internal audit function to ensure that the transactions were in the ordinary
of the Group for the financial year ended 31 December course of business and on terms not more favourable
2023 amounted to RM6.48 million. to the related parties than those generally available to
the public.
This Audit Committee Report is made in accordance with

a resolution of the Board of Directors dated 8 March 2024.

88 RISK MANAGEMENT COMMITTEE REPORT
RISK MANAGEMENT COMMITTEE Name of Member Number of

Meetings Attended
In line with the recommendation of the Malaysian Code
on Corporate Governance, the Audit Committee of the Mr Quah Chek Tin 1 out of 1
Company which has been assisting the Board in carrying (Retired on 30 May 2023)
out, among others, the responsibility of overseeing the risk Gen. Dato’ Seri DiRaja Tan 1 out of 1
management framework and policies of the Company and Sri (Dr.) Mohd Zahidi bin Hj
its subsidiaries (“Group”), was renamed as Audit and Risk Zainuddin (R) (Resigned on
Management Committee (“ARMC”) on 29 December 2017. 30 May 2023)
On 31 December 2019, the Board approved the separation Mr Ching Yew Chye 2 out of 2
of the ARMC into two separate committees namely, Audit (Resigned on 23 November
Committee and Risk Management Committee. 2023)
The Risk Management Committee (“RMC”) serves as a ^ No RMC meetings were convened after 23 November
Committee of the Board to assist the Board to carry out 2023 subsequent to the appointment of Tan Sri Dato’
the responsibility of overseeing the risk management Sri Zaleha binti Zahari on 23 November 2023.
framework and policies of the Group.
SUMMARY OF WORK DURING THE FINANCIAL
MEMBERSHIP YEAR 2023
The present members of the RMC comprise: The Committee carried out its duties in accordance with its
Terms of Reference.
Mr Yong Chee Kong Chairman/Independent

During the financial year ended 31 December 2023, this
Non-Executive Director
entailed, inter-alia, the following:
Ms Loh Lay Choon Member/Independent
Non-Executive Director i) reviewed and endorsed the Group’s enterprise risk
management processes and work plan for the year;
Tan Sri Dato’ Sri Zaleha binti Member/Independent
Zahari Non-Executive Director
ii) reviewed and deliberated on the reports submitted
by the Risk and Business Continuity Management
TERMS OF REFERENCE Committee of the Company and the annual Statement
on Risk Management and Internal Control to ensure
The Terms of Reference of the RMC are made available on that all necessary risk mitigation measures to address
the Company’s website at www.gentingplantations.com. identified critical risk areas have been or were being
put in place;
ATTENDANCE AT MEETINGS DURING THE
FINANCIAL YEAR 2023 iii) reviewed the adequacy and effectiveness of the internal
control system of the Group to ensure, amongst others,
The RMC held a total of two (2) meetings. Details of that assets of the Group are safeguarded, reliability of
attendance of the RMC members are as follows: the financial reporting and compliance with applicable
laws and regulations;
Name of Member Number of
Meetings Attended iv) reviewed the adequacy and effectiveness of measures
Mr Yong Chee Kong 1 out of 1 taken by the Group to manage material sustainability
(Appointed on 30 May 2023) risks;
Ms Loh Lay Choon 1 out of 1 v) reviewed the results of business continuity testing
(Appointed on 30 May 2023) activities undertaken by management and ensured
Tan Sri Dato’ Sri Zaleha binti ^ 0 out of 0 that appropriate actions have been taken to ensure
Zahari (Appointed on business and operational resilience when faced with a
23 November 2023) disruptive event;

RISK MANAGEMENT COMMITTEE REPORT (cont’d) 89
vi) reviewed the Risk Management Framework and The review of the risk management processes and reports
Business Continuity Management Framework of the is delegated by the Board to the RMC. In this regard,
Group to ensure they remain relevant and applicable; half-yearly risk management reports, updates to the
Risk Management Framework and Business Continuity
vii) reviewed and deliberated the risk management Management Framework as well as the annual Statement
reports and reports on matters relating to Anti-Bribery on Risk Management and Internal Control were reviewed
and Corruption submitted by the Risk and Business and deliberated by the RMC prior to recommending for
Continuity Management Committee of the Company; endorsement by the Board.
viii) reviewed the Statement on Risk Management and The RMC reviewed the Statement on Risk Management and
Internal Control in the 2022 Annual Report of the Internal Control which provides an overview of the state of
Company; and internal controls within the Group as set out on pages 90 to
93 of this Integrated Annual Report.
ix) reviewed the revised Terms of Reference of the RMC
and recommended for approval by the Board. This Risk Management Committee Report is made in
accordance with a resolution of the Board of Directors
RISK MANAGEMENT PROCESS dated 8 March 2024.
As proper risk management is a significant component

of a sound system of internal control, the Group has
also put in place a risk management process to help the
Board in identifying, evaluating and managing risks. The
implementation and maintenance of risk management
process is carried out by the Risk and Business Continuity
Management Committee of the Company.

90 STATEMENT ON RISK MANAGEMENT AND
INTERNAL CONTROL
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BOARD RESPONSIBILITY
The RBCMC comprises senior management of the
The Board of Directors (“the Board”) affirms its overall Group and is chaired by the Chief Financial Officer. The
responsibility for establishing an effective risk management RBCMC met on a quarterly basis in 2023 to ensure the
and internal control framework for Genting Plantations continual effectiveness, adequacy and integrity of the risk
Berhad (“the Company”) and its subsidiaries (collectively management system and key matters were escalated to the
referred to as “the Group”) and for reviewing its adequacy RMC and the Board for deliberation and approval.
and effectiveness. The Board recognises that business
decisions involve the taking of appropriate risks and hence, KEY INTERNAL CONTROL PROCESSES
necessary actions need to be taken to understand the
principal risks and monitor that risks are being managed Key elements of the Group’s internal control environment
within risk tolerance levels. are as follows:
Through the years, the Group’s risk management framework • The Board and the Audit Committee (“AC”) meet every
has been reviewed and enhanced to ensure that the ongoing quarter to discuss business and operational matters
risk management processes effectively identify, analyse, raised by Management, Internal Audit and the external
evaluate, and manage significant risks that may impede auditors including potential risks and control issues.
the achievement of business and corporate objectives.
The Group’s risk management framework is reviewed by • The external auditors independently test certain
the Board annually. Amongst others, the risk management internal controls as part of their audit of the
framework sets out the risk tolerance and risk appetite financial statements, and provide recommendations
levels, and provides guidance for the identification and on significant findings detected. Management
management of key risks. takes appropriate action on these internal control
recommendations.
A key component of the Group’s risk management
framework is the internal control system, which is designed • The Board has delegated the responsibilities to various
to manage rather than eliminate risks, and provides committees established by the Board and Management
reasonable but not absolute assurance against any material of the Company to implement and monitor the Board’s
misstatement or loss. policies on controls.
During the year, the review of the risk management and • Delegation of authority including authorisation limits
internal control reports and processes was delegated by at various levels of Management and those requiring
the Board to the Risk Management Committee (“RMC”). the Board’s approval are documented and are designed
to ensure accountability and responsibility.
MANAGEMENT RESPONSIBILITIES
• Internal procedures and policies are documented in
Management is accountable to the Board for the risk manuals, which are reviewed and revised periodically to
management and internal control system and for the meet changing business and operational requirements
implementation of processes to identify, evaluate, monitor as well as statutory reporting needs.
and report risks and controls.
• Performance and cash flow reports are provided to
Risk and Business Continuity Management Committee the Management and Executive Committee (“EXCO”)
(“RBCMC”) has been established by the Company to: to facilitate review and monitoring of financial
performance and cash flow position of the Group.
• Institutionalise the risk management practices in the
respective business units. • Business or operating units present their profit plans,
which include financial and operating targets, capital
• Ensure the effectiveness of the risk management expenditure proposals and performance indicators for
policies and processes. approval by the EXCO and the Board.
• Ensure that relevant risks that may impede the • Quarterly results are compared with the profit plans to
achievement of objectives are identified and identify and where appropriate, to address significant
appropriate mitigating actions have been implemented. variances from the profit plans.
• Review significant changes in the risk profiles and • A Whistleblower policy is in place and anyone who has
emerging risks, taking into consideration the changing a genuine concern on detrimental actions, improper
business and regulatory environment; ensuring that conduct or bribery and corruption may raise it using
appropriate actions are taken; and communicating the confidential channels laid out in the policy.
them to the RMC and the Board.
STATEMENT ON RISK MANAGEMENT AND 91
INTERNAL CONTROL (cont’d)
INTERNAL AUDIT FUNCTION Additionally, the Business Continuity Management

Framework, which is a core component of good corporate
The Internal Audit Department (“Internal Audit”) is governance and an integral part of risk management which
responsible for undertaking regular and systematic reviews provides business resilience in the face of crisis and ensures
of the governance, risk management and internal control continuity of operations, is aligned with ISO22301:2019
processes, including related party transactions to provide Security & Resilience - Business Continuity Management
the AC and the Board with sufficient assurance that the Systems.
system of internal control is effective in addressing the
risks identified. Key aspects of the risk management process during the
year under review were:
Internal Audit functions independently of the operational
activities it audits and carries out its duties according • Risks were identified by each key business function
to the code of ethics, standards and best practices set or activity along with assessments of the probability
out by professional bodies, primarily consistent with the and impact of their occurrence. The level of residual
International Professional Practices Framework issued by risk was determined after identifying and evaluating
the Institute of Internal Auditors and where applicable, the effectiveness of existing controls and mitigating
reference is made to the standards and statements issued measures.
by international accounting bodies.
• The risk profiles were re-examined on a six monthly
On a quarterly basis during the year under review, basis and Business or Operation Heads provided a
Internal Audit submitted audit reports and audit plan confirmation that the review was carried out and that
status for review by the AC. Included in the reports were action plans were being monitored.
risks identified, causes and recommended corrective
measures, for implementation by Management. Internal • The Risk Management Department facilitated
Audit also conducted subsequent follow-up work to check discussions with Business or Operation Heads to assess
that Management had dealt with the recommendations the reasonableness of the risks identified and the
satisfactorily. appropriateness of the proposed mitigating actions.
The internal audit reviews during the financial year had • On a quarterly basis the RBCMC and EXCO met to
identified some weaknesses in internal control. These review the status of risk reviews, the significant risks
weaknesses did not materially impact the business or identified and the progress of implementation of
operations and were not deemed significant. Management action plans. Consequently, a risk management report
had either taken the necessary measures to address these summarising the significant risks and/or status of
weaknesses or is in the process of addressing them. action plans of the respective business or operating
units would be presented to the RMC on a six monthly
RISK MANAGEMENT FUNCTION basis for their review, deliberation and recommendation
for endorsement by the Board.
The Risk Management Department facilitates the
implementation of the risk management framework and KEY RISKS FOR 2023
processes with the respective businesses or operating
units and ensures adequate process are in place to identify, a. Financial Risk
evaluate, manage and control risks that may impede
the achievement of objectives. The Risk Management The Group was exposed to foreign currency exchange,
Framework approved by the Board, which is based on interest rate, credit, price and liquidity risks. With the
ISO31000:2018, Risk Management – Guidelines, articulates objective of optimising value creation for shareholders,
the risk policy, risk tolerance levels, standardised the strategies adopted to manage these risks were
classifications and categories of risks and the risk review mostly to minimise potential adverse impact to the
process. financial performance of the Group. These included
entering into forward foreign currency exchange
On a quarterly basis during the year under review, the Risk contracts, floating-to-fixed interest rate swaps, a
Management Department presented reports detailing the comprehensive insurance programme and adherence
significant risks, the status of risk reviews and the status to financial risk management policies. Cash position
of implementation of action plans for review by the RBCMC and liquidity as well as working capital requirements
and EXCO. were closely monitored and assessed, and appropriate
strategies were undertaken to address liquidity
requirements.

92 STATEMENT ON RISK MANAGEMENT AND
b. Security Risk unforeseeable, include, but are not limited to (i) import
and export tariff barriers; (ii) agricultural policies
The Group was exposed to external threats to its and regulations imposed by importing and exporting
assets, employees and resources, which may interrupt countries; (iii) renewable fuel policies and regulations;
business operations, threaten the safety of employees, (iv) food safety and quality standards; and (v) weather
impair the Group’s reputation and/or result in financial and other agricultural influences.
loss. In light of this, vigilant security screening and
monitoring was employed by the Group at all its key As Group’s profitability is correlated to the selling
properties and assets. prices of palm products achieved, there is no assurance
that adverse movements in the prices of crude
c. Business Continuity Risk palm oil (“CPO”), palm kernel (“PK”) and fresh fruit
bunch (“FFB”) will not have an adverse effect on the
The daily business activities of the Group may be performance of the Group.
disrupted by failure of IT systems, cyber-attacks, a
major health pandemic (such as COVID-19) or even Some of the avenues available for industry participants
inaccessibility to the workplace. Appropriate systems to hedge against fluctuations in prices of palm
with adequate capacity, security arrangements, products include commodity sales contracts and
facilities and resources to mitigate risks that may derivative instruments, including physical forwards,
cause interruption to critical business functions have non-deliverable forwards, futures and options.
been put in place. Respective departments have However, there is no assurance that, in the event the
established their Disaster Recovery and Business Group chooses to enter such contracts or trade in such
Continuity Management Plans, including the ability to instrument, its financial results would not be adversely
work from home effectively. These plans were reviewed affected by fluctuations in the prices of the underlying
and updated and tests were conducted, including on commodity products.
the core information technology systems regularly
to ascertain the Group’s preparedness to respond to f. Regulatory Risk
prolonged business disruption situations.
The Group’s businesses are regulated by various
d. Cybersecurity Risk laws, regulations and standards in the various
jurisdictions where it operates. Therefore, the Group
The Group was exposed to the risk of malware, constantly assesses the impact of new or changes to
ransomware, unauthorised access, corruption and/or such laws, regulations and standards (“Regulatory
loss of its information assets. To manage these risks, Requirements”) affecting its businesses to ensure
processes have been put in place to manage and compliance.
protect the confidentiality, integrity, and availability
of data and critical infrastructure. Amongst others, Non-compliance with these Regulatory Requirements
network gateway protection systems limit, manage may give rise to corporate liability including inter alia
and monitor network traffic and accessibility to the penalties, fines and/or other forms of punishments.
Group’s systems; anti-malware software installed in
all systems and endpoints; and encryption used to In managing and mitigating the risk of non-
protect critical and confidential data. Any notifications compliance to these Regulatory Requirements, various
and alerts received for suspicious network traffic were measures were established, which amongst others
investigated. Regular maintenance of the Group’s include developing an in-depth understanding of
systems were carried out and action taken to close any the respective regulatory framework which governs
identified gaps. the Group’s operations in the various jurisdictions,
leveraging the services of experienced internal and
e. Commodity Risk external lawyers, maintaining regular communications
with the regulatory authorities, trade and industry
As globally traded commodities, palm products are associations, accounting and tax experts and
subject to fluctuations in selling prices stemming from implementing appropriate code of practice, policies,
the volatility and cyclicality of world markets. Aside procedures, guidelines and internal controls that
from the global demand and supply dynamics of palm govern its employees and directors and where relevant
oil and other substitute oils and fats, a number of other and practicable, extends to its supply chain and other
factors may also affect the movement and direction business associates.
of domestic and international palm product prices.
These factors, some of which are interrelated and

STATEMENT ON RISK MANAGEMENT AND 93
g. Sustainability Risk CONCLUSION
The Group recognizes the importance of managing its The processes as outlined in this statement for identifying,
business operations in a sustainable and responsible evaluating and managing risks have been in place for the
manner to preserve long-term value. In managing and year under review and up to the date of approval of this
mitigating its Sustainability Risk, the Group advocates statement. The risk management processes and internal
high standards of governance across its entire control system of the Group have been reviewed and
operations, promote responsible business practices, found to be operating adequately and effectively in all
manage the environmental impact of its businesses, material respects and the Board has accordingly received
provide a safe and caring workplace and meet the a statement of assurance from the relevant key executive
social needs of the community and nation where its officers including the Chief Executive and Executive
business operations are located. Director, Deputy Chief Executive and Executive Director,
President & Chief Operating Officer and Chief Financial
Our Group’s commitment towards sustainability was Officer of the Company.
well demonstrated in our continued engagement
with industry certification bodies for our Group’s The representations made by the Business or Operation
operations, namely the Roundtable for Sustainable Heads of the Group in respect of their risk management and
Palm Oil (“RSPO”), Malaysian Sustainable Palm Oil internal control systems have been taken into consideration
(“MSPO”), Indonesian Sustainability (“ISPO”) and the by the Board in issuing this statement.
International Sustainability and Carbon Certification
(“ISCC”) EU Standards. The disclosures in this statement do not include the
risk management and internal control practices of the
In terms of governance, the Group’s Material Company’s associated companies and certain joint
Sustainability Risk Management Approach is guided by ventures. The Company’s interests in these entities are
Bursa Malaysia’s Sustainability Reporting Guidelines safeguarded through the appointment of members of the
and Global Reporting Initiative (“GRI”). In line thereof, Company’s senior management to the boards of directors
the Group has established a Framework on Managing of the investee companies. Additionally, where necessary,
Material Sustainability Risks. key financial and other appropriate information on the
performance of these entities were obtained and reviewed
Details of the key measures taken by the Group in this periodically.
respect is set out in the Sustainability Report.
REVIEW OF STATEMENT BY EXTERNAL AUDITORS
ANTI-BRIBERY AND CORRUPTION SYSTEM
As required by Paragraph 15.23 of the Bursa Malaysia
In line with the Group’s policy against bribery and corruption, Securities Berhad Main Market Listing Requirements,
the Group has put in place the Anti-Bribery and Corruption the external auditors have reviewed this Statement on
System (“ABCS”) to consolidate and manage elements, Risk Management and Internal Control. Their limited
policies, objectives and processes in relation to bribery and assurance review was performed in accordance with Audit
corruption risks in the Group. Amongst others, the ABCS and Assurance Practice Guide (“AAPG”) 3 issued by the
sets out the Code of Business Conduct for Third Parties, Malaysian Institute of Accountants.
Code of Conduct and Ethics for Employees and Directors
and the Whistleblower Policy. The Group’s Anti-Bribery & AAPG 3 does not require the external auditors to form
Corruption Policy as well as the Code of Conduct and Ethics an opinion on the adequacy and effectiveness of the risk
for Employees and Directors, and the Whistleblower Policy management and internal control systems of the Group.
can be found at Genting Plantations Berhad’s website.
This Statement on Risk Management and Internal Control
has been made in accordance with the resolution of the
Board dated 8 March 2024.

94 DIRECTORS’ REPORT
The Directors of GENTING PLANTATIONS BERHAD DIVIDENDS

have pleasure in submitting their report together with
the audited financial statements of the Group and of the Dividends paid by the Company since the end of the
Company for the financial year ended 31 December 2023. previous financial year were:
PRINCIPAL ACTIVITIES (i) a special single-tier dividend of 15.0 sen per ordinary
share amounting to RM134,579,735 in respect of the
The principal activities of the Company are plantation and financial year ended 31 December 2022 which was
provision of management services to its subsidiaries. declared on 22 February 2023 and paid on 28 March
2023;
The principal activities of the subsidiaries include
plantation, property development, property investment, (ii) a final single-tier dividend of 4.0 sen per ordinary share
genomics research and development and downstream amounting to RM35,887,929 in respect of the financial
manufacturing activities. year ended 31 December 2022 which was declared on
22 February 2023 and paid on 28 March 2023; and
Details of the principal activities of the subsidiaries, joint
ventures and associates are set out in Note 42 to the (iii) an interim single-tier dividend of 8.0 sen per ordinary
financial statements. share amounting to RM71,775,858 in respect of the
financial year ended 31 December 2023 which was
There have been no significant changes in the nature of declared on 23 August 2023 and paid on 25 September
the activities of the Group and of the Company during the 2023.
financial year.
A special single-tier dividend of 9.0 sen per ordinary share
FINANCIAL RESULTS in respect of the financial year ended 31 December 2023
was declared on 28 February 2024 which would be paid on
Group Company 2 April 2024 to shareholders registered in the Register of
RM’000 RM’000 Members on 15 March 2024. Based on the total number of
Profit before taxation 384,138 115,909 issued ordinary shares (excluding treasury shares) of the
(118,350) (6,133) Company as at 31 December 2023, the special dividend
Taxation
would amount to RM80,744,565.
Profit for the financial year 265,788 109,776
A final single-tier dividend of 4.0 sen per ordinary share
in respect of the financial year ended 31 December 2023
TREASURY SHARES was declared on 28 February 2024 which would be paid on
2 April 2024 to shareholders registered in the Register of
The shareholders of the Company had granted a mandate Members on 15 March 2024. Based on the total number of
to the Company to purchase its own shares at the Forty- issued ordinary shares (excluding treasury shares) of the
Fifth Annual General Meeting of the Company held on Company as at 31 December 2023, the final dividend would
30 May 2023. amount to RM35,886,473.
During the financial year, the Company purchased

RESERVES AND PROVISIONS
36,400 ordinary shares of its issued share capital from
the open market at an average price of RM5.39, inclusive
There were no material transfers to or from reserves or
of transaction costs, for a total cash consideration of
provisions during the financial year other than as disclosed
RM196,192. The share buy back transaction was financed by
in Note 34 to the financial statements.
internally generated funds.
ISSUE OF SHARES AND DEBENTURES
As at 31 December 2023, the total number of shares
purchased was 196,400 and held in accordance with the
There were no issue of shares or debentures during the
provision of Section 127(4) of the Companies Act 2016.
financial year.

DIRECTORS’ REPORT (cont’d) 95
SHARE OPTIONS
No options have been granted by the Company to any parties during the financial year to take up unissued shares of the
Company.
No shares have been issued during the financial year by virtue of the exercise of any option to take up unissued shares of the
Company. As at the end of the financial year, there were no unissued shares of the Company under options.
DIRECTORATE
The Directors in office during the financial year and during the period from the end of the financial year to the date of this
report are:
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin (R)
Mr Ching Yew Chye
Mr Yong Chee Kong
Tan Sri Dato’ Sri Zaleha binti Zahari
Ms Loh Lay Choon
General Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli bin Haji Zainal Abidin (R) (appointed on 30 May 2023)
Mr Quah Chek Tin (retired on 30 May 2023)
According to the Register of Directors’ Shareholdings, the following persons who were Directors of the Company at the
end of the financial year have interests in shares and/or performance shares and/or medium term notes of the Company;
Genting Berhad, a company which owns 55.39% equity interest in the Company as at 31 December 2023; Genting Malaysia
Berhad, a company which is 49.33% owned by Genting Berhad; and Genting Singapore Limited and Genting RMTN Berhad,
both of which are subsidiaries of Genting Berhad, as set out below:
1.1.2023 Acquired Disposed 31.12.2023

Interest in the Company (Number of ordinary shares)
Shareholdings in which the Directors have

direct interests
Tan Sri Lim Kok Thay 442,800 - - 442,800
Mr Yong Chee Kong 1,000 - - 1,000
Dato' Sri Tan Kong Han 274,000 - - 274,000

deemed interests
Tan Sri Lim Kok Thay 488,406,000(1) - - 488,406,000(1)
Dato' Indera Lim Keong Hui 488,406,000(1) - - 488,406,000(1)
Interest of Spouse/Child of the Directors

Mr Ching Yew Chye - 20,000 - 20,000

96 DIRECTORS’ REPORT (cont’d)
DIRECTORATE (cont’d)

Interest in Genting Berhad (Number of ordinary shares)

direct interests
Dato' Sri Tan Kong Han 1,190,000 - - 1,190,000
Ms Loh Lay Choon 14,000* - - 14,000

deemed interests
Tan Sri Lim Kok Thay 1,694,779,090(2) - - 1,694,779,090(2)
Dato' Sri Tan Kong Han 100,000(6) - - 100,000(6)
Dato' Indera Lim Keong Hui 1,694,779,090(2) - - 1,694,779,090(2)
Interest of Spouse/Child of the Directors

Ms Loh Lay Choon 7,000* - - 7,000

Interest in Genting Malaysia Berhad (Number of ordinary shares)

direct interests
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi
bin Hj Zainuddin (R) 10,000 - - 10,000
Dato' Indera Lim Keong Hui 3,522,864 757,458 - 4,280,322
Ms Loh Lay Choon 15,000* - - 15,000

deemed interests
Tan Sri Lim Kok Thay 2,832,367,999(3) - 35,375,810 2,796,992,189(3)
Dato' Indera Lim Keong Hui 2,832,367,999(3) - 35,375,810 2,796,992,189(3)
Interest of Spouse/Children of the Directors

Tan Sri Lim Kok Thay 32,636 60,377 - 93,013
Mr Ching Yew Chye 200,000 - - 200,000
Ms Loh Lay Choon 8,500* - - 8,500

1.1.2023 Granted Vested Lapsed 31.12.2023

Interest in Genting Malaysia Berhad (cont’d) (Number of ordinary shares)
Long Term Incentive Plan shares in the name

of a Director
Restricted Share Plan
Dato' Indera Lim Keong Hui 578,200(4) - 578,200(4) - -
Performance Share Plan

Dato' Indera Lim Keong Hui 179,258(4) - 179,258(4) - -
Interest of Spouse/Child of a Director

Restricted Share Plan
Tan Sri Lim Kok Thay 47,800(4) - 47,800(4) - -
Performance Share Plan

Tan Sri Lim Kok Thay 12,577(4) - 12,577(4) - -

Interest in Genting Singapore Limited (Number of ordinary shares)

direct interests
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi
bin Hj Zainuddin (R) 988,292 - - 988,292
Tan Sri Lim Kok Thay 15,695,063 - - 15,695,063

deemed interests
Tan Sri Lim Kok Thay 6,353,828,069(5) - - 6,353,828,069(5)
Dato' Indera Lim Keong Hui 6,353,828,069(5) - - 6,353,828,069(5)
Interest in Medium Term Notes (“MTN”) 1.1.2023 Acquired Disposed 31.12.2023

issued by Genting RMTN Berhad (Amount of MTN)
MTN in which the Director has direct interest

Dato’ Sri Tan Kong Han RM9,500,000(7) - - RM9,500,000(7)

Legend:
(1) Deemed interests by virtue of Tan Sri Lim Kok Thay (“TSLKT”) and Dato’ Indera Lim Keong Hui (“LKH”) being
beneficiaries of a discretionary trust of which Parkview Management Sdn Bhd (“PMSB”) is the trustee. PMSB as trustee
of the discretionary trust owns 100% of the voting shares of Kien Huat International Limited (“KHI”) which in turn owns
100% of the voting shares in Kien Huat Realty Sdn Berhad (“KHR”). KHR owns more than 20% of the voting shares of
Genting Berhad (“GENT”), which in turn owns these ordinary shares in Genting Plantations Berhad (“GENP”). As such,
PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of GENP held by GENT as it is
entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares in GENT.
(2) Deemed interests by virtue of TSLKT and LKH being beneficiaries of a discretionary trust of which PMSB is the trustee.
PMSB as trustee of the discretionary trust owns 100% of the voting shares of KHI which in turn owns 100% of the voting
shares in KHR. As such, PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of GENT
held by KHI and KHR by virtue of its controlling interest in KHI and KHR.
Arising from the above, TSLKT and LKH have deemed interests in the shares of certain subsidiaries of GENT.
(3) Deemed interests by virtue of TSLKT and LKH being:
(i) beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as trustee of the discretionary trust owns
100% of the voting shares of KHI which in turn owns 100% of the voting shares in KHR. KHR owns more than 20%
of the voting shares of GENT which in turn owns these ordinary shares in Genting Malaysia Berhad (“GENM”). As
such, PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of GENM held by GENT
as it is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares
in GENT. PMSB as trustee of the discretionary trust is also deemed interested in the ordinary shares of GENM held
by KHR by virtue of its controlling interest in KHR; and
(ii) beneficiaries of a discretionary trust of which Summerhill Trust Company (Isle of Man) Limited (“STC”) is the
trustee. Golden Hope Limited (“GHL”) acts as trustee of Golden Hope Unit Trust (“GHUT”), a private unit trust
whose voting units are ultimately owned by STC as trustee of the discretionary trust. GHL as trustee of GHUT owns
ordinary shares in GENM.
(4) Represents the right of the participant to receive ordinary shares subject to the performance conditions as determined
by the Remuneration Committee of GENM.
(5) Deemed interests by virtue of TSLKT and LKH being beneficiaries of a discretionary trust of which PMSB is the trustee.
PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of Genting Singapore Limited
(“GENS”) held by KHR and Genting Overseas Holdings Limited, a wholly-owned subsidiary of GENT. KHR controls more
than 20% of the voting share capital of GENT.
(6) Deemed interest by virtue of Dato’ Sri Tan Kong Han (“TKH”) being the sole director and shareholder of Chan Fun
Chee Holdings Inc (“CFC”) which currently holds the assets of his late grandmother’s estate. TKH is the Executor of
his late grandmother’s estate and holding the CFC assets as trustee for himself and certain of his family members in
accordance with the will of his late grandmother.
(7) Direct interest in the MTN of 5 years tenure with coupon rate of 5.19% per annum issued by Genting RMTN Berhad
pursuant to its MTN programme with an aggregate nominal value of RM10.0 billion guaranteed by GENT.
* Balance as at 22 February 2023, being the date of appointment as a director.
Apart from the above disclosures:
(a) the Directors of the Company do not have any other interests in shares in the Company and in shares in other related
corporations of the Company either at the beginning or end of the financial year; and
(b) neither during nor at the end of the financial year was the Company a party to any arrangement whose object is to
enable the Directors to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any
other body corporate.

Since the end of the previous financial year, no Director of the Company has received or become entitled to receive a benefit
(other than benefits included in the aggregate amount of remuneration received or due and receivable by the Directors
and the provision for Directors’ retirement gratuities shown in the financial statements or the fixed salary of a full-time
employee of the Company and/or its related corporations) by reason of a contract made by the Company or a related
corporation with the Director or with a firm of which he/she is a member or with a company in which he/she has a substantial
financial interest except for any benefit which may be deemed to have arisen by virtue of two (2) corporations in which
Dato’ Indera Lim Keong Hui has substantial financial interests, have licensed certain intellectual property and provided
consultancy services for the design and construction of Zouk venues and certain dining venues at Resorts World Las Vegas,
in partnership with Resorts World Las Vegas, LLC, an indirect wholly-owned subsidiary of GENT.
Tan Sri Lim Kok Thay, Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin (R) and Tan Sri Dato’ Sri Zaleha binti
Zahari are due to retire by rotation at the forthcoming Annual General Meeting (“AGM”) in accordance with Paragraph 99 of
the Company’s Constitution and they, being eligible, have offered themselves for re-election.
General Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli bin Haji Zainal Abidin (R) is due to retire at the forthcoming AGM in
accordance with Paragraph 104 of the Company’s Constitution and he, being eligible, has offered himself for re-election.
DIRECTORS’ REMUNERATION
Details of the remuneration of the Directors of the Company are set out below:
Group Company
Amounts in RM’000 unless otherwise stated 2023 2023
Non-Executive Directors
Fees 1,086 1,086
Provision for retirement gratuities 788 788
1,874 1,874
Executive Directors
Fees 375 375
Salaries and bonuses 6,426 4,123
Defined contribution plans 699 699
Provision for retirement gratuities 770 770
Other short term employee benefits 1 1
8,271 5,968
Directors’ remuneration excluding estimated monetary
value of benefits-in-kind (see Note 8 to the financial statements) 10,145 7,842
Estimated monetary value of benefits-in-kind 49 49
10,194 7,891

DIRECTORS’ REMUNERATION (cont’d) OTHER STATUTORY INFORMATION
The names of the directors of subsidiaries where the Before the financial statements of the Group and of the
shares are held by the Company are listed below (excluding Company were made out, the Directors took reasonable
directors who are also directors of the Company): steps:
Mr Tan Wee Kok (i) to ascertain that proper action had been taken in
Mr Ng Say Beng relation to the writing off of bad debts and the making of
Mr Lee Ser Wor allowance for doubtful debts, and satisfied themselves
Datuk Abidin bin Madingkir that all known bad debts had been written off and
Dato’ Justin Leong Ming Loong adequate allowance had been made for doubtful debts;
Mr Narayanan Ramanathan and
Datuk Chin Chee Kee
Datuk Mohd Hasnol bin Datuk Ayub (ii) to ensure that any current assets which were unlikely to
Mr Lee Weng Wah be realised in the ordinary course of business including
Mr Ngai Hon Leong the values of current assets as shown in the accounting
Mr Mark Jonathan Lewin records of the Group and of the Company, were written
Mr James Chung Khim Hon down to an amount which they might be expected so to
Mr Choy Kam Tong realise.
Mr Lim Kiat Kong (Alternate director to Datuk Chin Chee
Kee) (appointed on 27 June 2023) At the date of this report, the Directors are not aware of any
Ms Sharon Ann Cain (Alternate director to Mr Mark circumstances:
Jonathan Lewin) (appointed on 31 January 2024)
Datuk Yap Yiw Sin (Alternate director to Datuk Chin Chee (i) which would render the amounts written off for bad
Kee) (resigned on 27 June 2023) debts or the amounts of the allowance for doubtful
Mr Tan Cheng Huat (resigned on 31 January 2024) debts of the Group and of the Company inadequate to
Mr Michael James McHale (Alternate director to Mr Mark any substantial extent; or
Jonathan Lewin) (resigned on 31 January 2024)
(ii) which would render the values attributed to the current
Total remuneration paid to the above directors by the assets in the financial statements of the Group or of the
subsidiaries of the Group during the financial year was Company misleading; or
RM2.66 million.
(iii) which have arisen which render adherence to the
INDEMNITY AND INSURANCE COSTS existing methods of valuation of assets or liabilities
in the financial statements of the Group and of the
The Directors and officers of the Group and the Company Company misleading or inappropriate; or
are covered by Directors and Officers Liability Insurance
(“D&O”) for any liability incurred in the discharge of their (iv) not otherwise dealt with in this report or in the financial
duties provided that they have not acted fraudulently or statements of the Group and of the Company, that
dishonestly or derived any personal profit or advantage. would render any amount stated in the respective
The insurance is taken by Genting Berhad, the holding financial statements misleading.
company of the Company, on a Genting Berhad Group basis.
The premium borne by the Company for the D&O coverage
during the financial year amounted to RM0.13 million.

OTHER STATUTORY INFORMATION (cont’d)
At the date of this report, there does not exist:
(i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year which
secures the liabilities of any other person; or
(ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
No contingent or other liability of the Group or of the Company has become enforceable, or is likely to become enforceable
within the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may
substantially affect the ability of the Group or of the Company to meet their obligations as and when they fall due.
In the opinion of the Directors:
(i) the results of the operations of the Group and of the Company for the financial year have not been substantially affected
by any item, transaction or event of a material and unusual nature except for those disclosed in the financial statements;
and
(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial
year and the date of this report which is likely to affect substantially the results of the operations of the Group and of
the Company for the financial year in which this report is made.
SUBSIDIARIES
Details of subsidiaries of the Company are set out in Note 42 to the financial statements.
ULTIMATE HOLDING COMPANY
The Company’s immediate and ultimate holding company is Genting Berhad, a company incorporated in Malaysia.
AUDITORS
The auditors, PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146), have expressed their willingness to accept
re-appointment as auditors.
Auditors’ remuneration for the financial year ended 31 December 2023 in respect of the statutory audit and other audit
related services of the Group and the Company amounted to RM3.5 million and RM0.4 million respectively, which are payable
to the auditors and other member firms of PricewaterhouseCoopers International Limited. Total fees for non-audit related
services paid/payable by the Group and the Company to other member firms of PricewaterhouseCoopers International
Limited for the financial year ended 31 December 2023 amounted to RM0.1 million.
Signed on behalf of the Board in accordance with a resolution of the Directors.
GEN. DATO’ SERI DIRAJA TAN SRI (DR.) DATO’ SRI TAN KONG HAN
MOHD ZAHIDI BIN HJ ZAINUDDIN (R) Director
Chairman
8 March 2024

STATEMENT BY DIRECTORS PURSUANT TO SECTION 251(2) OF THE COMPANIES ACT 2016
In the opinion of the Directors, the financial statements set out on pages 104 to 175, are drawn up in accordance with
Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of
the Companies Act 2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the
Company as at 31 December 2023 and of the financial performance of the Group and of the Company for the financial year
then ended.
Signed on behalf of the Board in accordance with a resolution of the Directors.
GEN. DATO’ SERI DIRAJA TAN SRI (DR.) DATO’ SRI TAN KONG HAN
MOHD ZAHIDI BIN HJ ZAINUDDIN (R) Director
Chairman
8 March 2024

103
FINANCIAL
STATEMENTS
104 Statements of Profit or Loss
105 Statements of Comprehensive Income
106 Statements of Financial Position
108 Statements of Changes in Equity
112 Statements of Cash Flows
116 Notes to the Financial Statements

104 STATEMENTS OF PROFIT OR LOSS
Amounts in RM’000 unless otherwise stated
Note Group Company

2023 2022 2023 2022
Revenue 4&5 2,966,451 3,189,782 294,434 492,608

Cost of sales 6 (2,218,456) (2,195,142) (51,500) (58,946)
Gross profit 747,995 994,640 242,934 433,662

Other income 54,818 57,719 32,318 39,974
Selling and distribution costs (111,910) (86,034) (7,631) (7,444)
Administration expenses (190,527) (160,098) (86,706) (68,963)
Other expenses (46,332) (63,996) (16,075) (12,562)
Other (losses)/gains 7 (5,867) 2,383 855 6,385
Operating profit 448,177 744,614 165,695 391,052

Finance cost (106,740) (91,121) (49,786) (47,490)
Share of results in joint ventures 40,022 36,114 - -
Share of results in associates 2,679 (734) - -
Profit before taxation 4&8 384,138 688,873 115,909 343,562

Taxation 11 (118,350) (205,542) (6,133) (18,150)
Profit for the financial year 265,788 483,331 109,776 325,412
Attributable to:
Equity holders of the Company 253,486 471,421 109,776 325,412
Non-controlling interests 12,302 11,910 - -
265,788 483,331 109,776 325,412
Earnings per share for profit attributable to

the equity holders of the Company:
- basic (sen) 12 28.25 52.54
- diluted (sen) 12 28.25 52.54

STATEMENTS OF COMPREHENSIVE INCOME 105
Group Company
2023 2022 2023 2022
Profit for the financial year 265,788 483,331 109,776 325,412
Other comprehensive income/(loss), net of tax
Items that will not be reclassified subsequently to

profit or loss:
Actuarial gain on retirement benefit liability 1,236 1,346 - -
Changes in the fair value of equity investments at fair
value through other comprehensive income (5,305) (18,215) - -
(4,069) (16,869) - -
Items that will be reclassified subsequently to
profit or loss:
Cash flow hedge
- Fair value changes 3,052 5,600 (1,138) -
- Reclassifications (10,660) 14,155 - -
(7,608) 19,755 (1,138) -
Share of other comprehensive income/(loss) of

joint venture 4,589 (5,572) - -
Foreign currency translation differences 134,460 (131,189) - -

131,441 (117,006) (1,138) -
Other comprehensive income/(loss) for the financial
year, net of tax 127,372 (133,875) (1,138) -
Total comprehensive income for the financial year 393,160 349,456 108,638 325,412
Total comprehensive income/(loss) attributable to:

Equity holders of the Company 367,181 365,506
Non-controlling interests 25,979 (16,050)
393,160 349,456

106 STATEMENTS OF FINANCIAL POSITION
Note Group Company

2023 2022 2023 2022
ASSETS
Non-current assets
Property, plant and equipment 14 4,628,672 4,389,625 188,701 171,230
Land held for property development 15 397,040 372,743 - -
Investment properties 16 16,600 18,377 - -
Right-of-use assets 17 986,601 960,279 152,249 149,687
Intangible assets 18 800 820 - -
Subsidiaries 19 - - 5,594,812 5,151,036
Joint ventures 20 372,006 320,395 - -
Associates 21 13,325 11,521 1,872 1,872
Financial assets at fair value through profit or
loss (“FVTPL”) 22 424 4,167 - -
Financial assets at fair value through other
comprehensive income (“FVOCI”) 23 9,052 11,461 - -
Amounts due from subsidiaries 19 - - 607,021 584,321
Other non-current assets 24 188,974 172,082 - -
Deferred tax assets 25 66,624 65,903 - -
Derivative financial instruments 37 - 1,348 - -
6,680,118 6,328,721 6,544,655 6,058,146
Current assets
Property development costs 15 23,068 8,060 - -
Inventories 26 193,039 270,385 3,869 2,747
Produce growing on bearer plants 27 9,517 10,302 528 613
Tax recoverable 61,177 22,730 3,829 -
Trade and other receivables 28 519,623 541,508 2,868 3,458
Amounts due from subsidiaries 19 - - 54,707 46,088
Amounts due from other related companies 29 - - 3,398 1,457
Amounts due from joint ventures 20 3,907 1,650 - -
Amounts due from associates 21 19 81 19 81
Derivative financial instruments 37 2,871 8,948 - -
Restricted cash 30 23,856 22,702 - -
Cash and cash equivalents 30 1,048,573 1,575,771 213,577 762,711
1,885,650 2,462,137 282,795 817,155
Assets classified as held for sale 31 1,325 956 - -
1,886,975 2,463,093 282,795 817,155
Total assets 8,567,093 8,791,814 6,827,450 6,875,301

STATEMENTS OF FINANCIAL POSITION (cont’d) 107
Note Group Company

2023 2022 2023 2022
EQUITY AND LIABILITIES

Equity attributable to equity holders of the
Company
Share capital 32 1,724,016 1,724,016 1,724,016 1,724,016
Treasury shares 33 (1,568) (1,372) (1,568) (1,372)
Reserves 34 3,611,856 3,486,919 3,933,260 4,066,866
5,334,304 5,209,563 5,655,708 5,789,510
Non-controlling interests 100,562 99,607 - -
Total equity 5,434,866 5,309,170 5,655,708 5,789,510
Non-current liabilities
Borrowings 38 1,554,313 1,831,603 - -
Lease liabilities 17 10,839 6,537 8,997 4,706
Amount due to a subsidiary 19 - - 1,000,000 1,000,000
Provisions 36 81,332 63,216 19,175 16,125
Deferred tax liabilities 25 478,602 435,192 32,065 29,933
Other non-current liabilities 39 2,535 1,626 13 24
2,127,621 2,338,174 1,060,250 1,050,788
Current liabilities
Trade and other payables 35 465,302 539,476 22,884 20,588
Amount due to ultimate holding company 29 2,337 1,839 2,337 1,839
Amounts due to subsidiaries 19 - - 1,302 8,622
Amounts due to other related companies 29 1,809 924 1,809 924
Borrowings 38 528,522 588,523 79,661 -
Lease liabilities 17 2,757 2,679 2,002 2,195
Derivative financial instruments 37 1,497 389 1,497 -
Taxation 2,382 10,640 - 835
1,004,606 1,144,470 111,492 35,003
Total liabilities 3,132,227 3,482,644 1,171,742 1,085,791
Total equity and liabilities 8,567,093 8,791,814 6,827,450 6,875,301

108
Attributable to equity holders of the Company

Fair Reserve on Cash Flow Non-
Share Value Exchange Hedge Treasury Retained controlling Total
Group Capital Reserve Differences Reserve Shares Earnings Total Interests Equity
At 1 January 2023 1,724,016 (100,031) (347,625) 5,531 (1,372) 3,929,044 5,209,563 99,607 5,309,170
Profit for the financial year - - - - - 253,486 253,486 12,302 265,788
Other comprehensive income/(loss) - (5,305) 122,992 (5,129) - 1,137 113,695 13,677 127,372
Total comprehensive income/(loss) for the financial year - (5,305) 122,992 (5,129) - 254,623 367,181 25,979 393,160
Transactions with owners:
Buy-back of shares (See Note 33) - - - - (196) - (196) - (196)
Dividends paid to non-controlling interests - - - - - - - (25,024) (25,024)
Appropriation:
- Special single-tier dividend paid for the financial
year ended 31 December 2022 (15.0 sen)
(see Note 13) - - - - - (134,580) (134,580) - (134,580)
- Final single-tier dividend paid for the financial year
ended 31 December 2022 (4.0 sen) (see Note 13) - - - - - (35,888) (35,888) - (35,888)
- Interim single-tier dividend paid for the financial year

Total distribution to owners - - - - - (242,244) (242,244) (25,024) (267,268)
Total transactions with owners - - - - (196) (242,244) (242,440) (25,024) (267,464)

At 31 December 2023 1,724,016 (105,336) (224,633) 402 (1,568) 3,941,423 5,334,304 100,562 5,434,866
STATEMENTS OF CHANGES IN EQUITY
Attributable to equity holders of the Company

Fair Reserve on Cash Flow Non-
Share Value Exchange Hedge Treasury Retained controlling Total
Group Capital Reserve Differences Reserve Shares Earnings Total Interests Equity
At 1 January 2022 1,724,016 (81,816) (240,972) (12,437) (1,372) 3,761,686 5,149,105 146,635 5,295,740
Profit for the financial year - - - - - 471,421 471,421 11,910 483,331
Other comprehensive income/(loss) - (18,215) (106,653) 17,968 - 985 (105,915) (27,960) (133,875)
Total comprehensive income/(loss) for the financial year - (18,215) (106,653) 17,968 - 472,406 365,506 (16,050) 349,456
Dividends paid to non-controlling interests - - - - - - - (30,978) (30,978)
Appropriation:
- Special single-tier dividend paid for the financial
(see Note 13) - - - - - (134,580) (134,580) - (134,580)
- Final single-tier dividend paid for the financial year
- Interim single-tier dividend paid for the financial year
Total distribution to owners - - - - - (305,048) (305,048) (30,978) (336,026)
Total transactions with owners - - - - - (305,048) (305,048) (30,978) (336,026)
At 31 December 2022 1,724,016 (100,031) (347,625) 5,531 (1,372) 3,929,044 5,209,563 99,607 5,309,170
STATEMENTS OF CHANGES IN EQUITY (cont’d)

109
110 STATEMENTS OF CHANGES IN EQUITY (cont’d)
Cash Flow
Share Hedge Treasury Retained
Company Capital Reserve Shares Earnings Total
At 1 January 2023 1,724,016 - (1,372) 4,066,866 5,789,510
Profit for the financial year - - - 109,776 109,776

Other comprehensive loss - (1,138) - - (1,138)
Total comprehensive income/(loss) for the
financial year - (1,138) - 109,776 108,638

Buy-back of shares (See Note 33) - - (196) - (196)
Appropriation:
- Special single-tier dividend paid for the
financial year ended 31 December 2022
(15.0 sen) (see Note 13) - - - (134,580) (134,580)
- Final single-tier dividend paid for the financial
(see Note 13) - - - (35,888) (35,888)
- Interim single-tier dividend paid for the
financial year ended 31 December 2023
(8.0 sen) (see Note 13) - - - (71,776) (71,776)
Total transactions with owners - - (196) (242,244) (242,440)
At 31 December 2023 1,724,016 (1,138) (1,568) 3,934,398 5,655,708

STATEMENTS OF CHANGES IN EQUITY (cont’d) 111
Share Treasury Retained

Company Capital Shares Earnings Total
At 1 January 2022 1,724,016 (1,372) 4,046,502 5,769,146
Profit/Total comprehensive income for the financial year - - 325,412 325,412

Appropriation:
- Special single-tier dividend paid for the financial year ended
31 December 2021 (15.0 sen) (see Note 13) - - (134,580) (134,580)
- Final single-tier dividend paid for the financial year ended
- Interim single-tier dividend paid for the financial year ended
Total transactions with owners - - (305,048) (305,048)
At 31 December 2022 1,724,016 (1,372) 4,066,866 5,789,510

112 STATEMENTS OF CASH FLOWS
Note Group Company

2023 2022 2023 2022
Cash flows from operating activities

Profit before taxation 384,138 688,873 115,909 343,562
Adjustments for:
Depreciation and amortisation 301,499 278,638 14,981 15,828
Finance cost 106,740 91,121 49,786 47,490
Interest income (34,501) (32,722) (31,483) (39,224)
Net surplus arising from Government acquisition (3,311) (738) - -
Net unrealised foreign exchange differences (1,416) (907) (1,872) (41)
Share of results in joint ventures (40,022) (36,114) - -
Share of results in associates (2,679) 734 - -
Fair value changes arising from produce growing on
bearer plants (9,506) (10,300) (528) (613)
Provision for retirement gratuities/benefits 19,965 9,645 4,505 813
Net fair value loss on financial assets at FVTPL 1,386 - - -
Impairment losses:
- intangible assets - 27,013 - -
- plasma cooperatives receivables 13,638 11,367 - -
- trade and other receivables 533 25 - -
- financial guarantee contracts 1,702 - - -
- investment in subsidiaries - - 11,554 8,366
- amounts due from subsidiaries - - 244 187
Gain on disposal of assets classified as held for sale (6,596) - - -
Property, plant and equipment written off 2,612 1,829 81 147
Deferred income recognised for Government grant (120) (110) (11) (11)
Gain on disposal of investment properties - (15,569) - -
Inventories written off 62 63 1 -
Bad debts written off
- Receivables 53 6 1 1
- Subsidiary - - 4 -
(Write back)/write down on land held for property
development (322) 1,271 - -
Gain on disposal of property, plant and equipment (228) (231) (20) (189)
Write back of impairment losses:
- amounts due from subsidiaries - - (150) (87)
Gain on lease modification (46) - - -
Dividend income - - (136,215) (296,779)
349,443 325,021 (89,122) (264,112)
Operating profit before changes in working capital 733,581 1,013,894 26,787 79,450
Property development costs (2,738) 4,647 - -
Inventories 87,711 (74,694) (511) 704
Receivables 6,332 111,187 589 21,577
Amounts due from joint ventures (2,257) (837) - -
Amounts due from associates 62 60 62 60
Payables (21,992) 83,060 (2,232) (6,843)
Amount due to ultimate holding company 497 (1,092) 497 (1,092)
Amounts due from/to other related companies 886 295 (1,055) (728)
Amounts due from/to subsidiaries - - (36,533) (36,848)
68,501 122,626 (39,183) (23,170)

STATEMENTS OF CASH FLOWS (cont’d) 113
Note Group Company

2023 2022 2023 2022
Cash generated from/(used in) operations 802,082 1,136,520 (12,396) 56,280

Tax paid (139,641) (194,149) (8,306) (18,837)
Tax refunded 127 18,254 - 6,827
Retirement gratuities/benefits paid (6,455) (2,358) (1,455) (649)
Net cash flows from operating activities 656,113 958,267 (22,157) 43,621
Cash flows from investing activities

Purchase of property, plant and equipment (416,475) (368,907) (27,222) (22,995)
Purchase of intangible assets (4) (170) - -
Purchase of right-of-use assets (9,168) (2,253) - -
Purchase of investment property (6) (3) - -
Land held for property development (28,122) (16,751) - -
Interest received 34,478 32,486 8,893 16,634
Dividend received from subsidiaries - - 135,340 -
Dividend received from associate 875 1,750 875 1,750
Proceeds from disposal of property, plant and
equipment 354 282 20 217
Proceeds from disposal of investment properties - 6,682 - -
Proceeds from disposal of assets classified as held
for sale 17,662 - - -
Investment in joint venture (7,000) (45,000) - -
Financial assets at FVOCI (1,375) (4,313) - -
Proceeds received from Government acquisition - 4,434 - -
Acquisition of a subsidiary - (1,249) - -
Restricted cash - (4,390) - -
Proceeds from Government grant 207 - - -
Advances to subsidiaries - - (482,474) (52,704)
Repayment of advances from subsidiaries - - - 178,774
Redemption of preference shares by subsidiaries - - 50,200 14,451
Net cash flows from investing activities (408,574) (397,402) (314,368) 136,127
Cash flows from financing activities

Proceeds from bank borrowings 872,268 1,003,940 237,281 44,000
Repayment of bank borrowings (1,245,162) (1,180,539) (157,679) (44,000)
Finance cost paid (129,028) (103,771) (48,845) (46,985)
Repayment of lease liabilities (3,190) (3,100) (2,468) (2,468)
Dividends paid (242,244) (305,048) (242,244) (305,048)
Dividends paid to non-controlling interests (28,749) (27,282) - -
Buy back of shares (196) - (196) -
Net cash flows from financing activities (776,301) (615,800) (214,151) (354,501)
Net change in cash and cash equivalents (528,762) (54,935) (550,676) (174,753)
Cash and cash equivalents at beginning of

the financial year 1,575,771 1,630,330 762,711 937,423
Effects of currency translation 1,564 376 1,542 41
Cash and cash equivalents at end of

the financial year 30 1,048,573 1,575,771 213,577 762,711

114 STATEMENTS OF CASH FLOWS (cont’d)
Note:
(a) The following principal non-cash transactions during the financial year have been set-off against amounts due from
subsidiaries:
Company
2023 2022
(i) Capitalisation of intercompany balances as redeemable convertible non-cumulative

preference shares 505,530 296,996
(ii) Dividend income from subsidiaries - 295,029
(b) Reconciliation of liabilities arising from financing activities
Lease
Group liabilities Borrowings Total
2023
Beginning of the financial year 9,216 2,420,126 2,429,342
Cash flows (3,190) (501,922) (505,112)
Non-cash changes:
Finance cost charged to profit or loss 661 106,079 106,740
Finance cost capitalised - 21,094 21,094
Acquisitions - leases 7,508 - 7,508
Lease modification (599) - (599)
Foreign exchange differences - 37,458 37,458
End of financial year 13,596 2,082,835 2,096,431
2022
Beginning of the financial year 10,145 2,517,043 2,527,188
Cash flows (3,100) (280,370) (283,470)
Non-cash changes:
Finance cost charged to profit or loss 446 90,675 91,121
Finance cost capitalised - 21,509 21,509
Acquisitions - leases 1,725 - 1,725
Foreign exchange differences - 71,269 71,269
End of financial year 9,216 2,420,126 2,429,342

STATEMENTS OF CASH FLOWS (cont’d) 115
Note:
(b) Reconciliation of liabilities arising from financing activities (cont’d)
Amount
Lease due to a
Company liabilities Borrowings subsidiary Total
2023
Beginning of the financial year 6,901 - 1,000,000 1,006,901
Cash flows (2,468) 76,957 (46,200) 28,289
Non-cash changes:
Finance cost charged to profit or loss 557 3,029 46,200 49,786
Acquisition-leases 6,009 - - 6,009
Foreign exchange differences - (325) - (325)
End of financial year 10,999 79,661 1,000,000 1,090,660
2022
Beginning of the financial year 8,997 - 1,000,000 1,008,997
Cash flows (2,468) (912) (46,073) (49,453)
Non-cash changes:
Finance cost charged to profit or loss 372 918 46,200 47,490
Foreign exchange differences - (6) - (6)
Reclassification - - (127) (127)
End of financial year 6,901 - 1,000,000 1,006,901

116 NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2023
Amounts in RM’000 unless otherwise stated The preparation of financial statements in conformity
with MFRS/IFRS requires the Directors to make
1. CORPORATE INFORMATION judgements, estimations and assumptions that affect
the reported amounts of assets and liabilities and
Genting Plantations Berhad (“the Company”) is a public disclosure of contingent liabilities at the date of the
limited liability company incorporated and domiciled financial statements and the reported amounts of
in Malaysia, and is listed on the Main Market of Bursa revenue and expenses during the financial year. It also
Malaysia Securities Berhad. The registered office of the requires Directors to exercise their judgements in the
Company is 14th Floor, Wisma Genting, Jalan Sultan process of applying the Group’s and the Company’s
Ismail, 50250 Kuala Lumpur. accounting policies. Although these judgements and
estimations are based on Directors’ best knowledge of
The principal activities of the Company are plantation current events and actions, actual results could differ
and provision of management services to its from those judgements and estimations.
subsidiaries.
(a) Judgements and estimations
The principal activities of the subsidiaries include
plantation, property development, property In the process of applying the Group’s accounting
investment, genomics research and development and policies, management makes judgements and
downstream manufacturing activities. estimations that can significantly affect the
amount recognised in the financial statements.
Details of the principal activities of the subsidiaries, These judgements and estimations include:
joint ventures and associates are set out in Note 42 to
the financial statements. (i) Deferred tax assets
There have been no significant changes in the nature of Deferred tax asset is recognised to the extent
the activities of the Group and of the Company during that it is probable that future taxable profits
the financial year. will be available against which the temporary
differences can be utilised. This involves
The financial statements have been approved for judgement regarding the future financial
issue in accordance with a resolution of the Board of performance of the particular entity in which
Directors on 8 March 2024. the deferred tax asset has been recognised.
2. BASIS OF PREPARATION (ii) Property development activities
The financial statements of the Group and of the The Group measures property development
Company have been prepared in accordance with and revenue over time using the input method,
comply with Malaysian Financial Reporting Standards which is based on the contract costs incurred
(“MFRS”), International Financial Reporting Standards to-date to the estimated total costs for the
(“IFRS”) and the requirements of the Companies Act contract. Significant estimate is required in
2016 in Malaysia. determining the extent of the costs incurred
and the estimated total contract costs, as
The financial statements have been prepared on well as the recoverability of the contracts.
a historical cost basis, except as disclosed in the In making the estimate, the Group relies on
respective notes in the financial statements. past experience and work of specialists. The
carrying amount of the Group’s property
Items included in the financial statements of each of development activities is shown in Note 15 to
the Group’s entities are measured using the currency of the financial statements.
the primary economic environment in which the entity
operates (“the functional currency”). The consolidated
financial statements are presented in Ringgit Malaysia
(“RM”), which is the Company’s functional and
presentation currency.

2. BASIS OF PREPARATION (cont’d) As with any economic forecasts, the timing and 117
likelihood of securing bank loan facilities, and
(a) Judgements and estimations (cont’d) the projection for plasma estates are subject
to a high degree of inherent uncertainty.
(iii)
Impairment of property, plant and Therefore, the actual outcomes may be
equipment, right-of-use assets, intangible significantly different from those projected.
assets (excluding goodwill) and investment The Group considers these forecasts to
in subsidiaries represent its best estimate of the possible
outcomes and are appropriately representative
The Group and the Company test property, of the range of possible scenarios. Further
plant and equipment, right-of-use (“ROU”) details of the Group’s impairment assessment
assets, intangible assets (excluding goodwill) and credit risk exposure for trade and other
and investment in subsidiaries for impairment receivables are set out in Note 3(a)(iii).
if there is any objective evidence of impairment
in accordance with the respective accounting (v) Estimation of useful lives of property, plant
policies. The determination of recoverable and equipment
amount involves significant estimation over
the future performance of these assets or Property, plant and equipment are depreciated
entities, which might differ materially from the on a straight line basis over their estimated
actual results. useful lives. Changes in the expected usage
and technological developments could impact
(iv) Impairment of trade and other receivables the residual values and economic useful lives
of these assets, including the Group’s and the

The Group’s and the Company’s trade Company’s bearer plants. Climate changes,
receivables are grouped based on shared particularly on rising temperature and amounts
credit risk characteristics and days past due, of rainfall could affect crop productivity which
with expected loss rates assessed based on the may further impact the economic useful lives
Group’s and the Company’s historical credit of the Group’s and Company’s bearer plants.
loss experience. The Group and the Company The assets’ economic useful lives, as disclosed
further evaluates the expected credit loss in Note 14 Accounting policies on property,
(“ECL”) on customers on a case-by-case basis, plant and equipment, are reviewed annually
which may be assessed based on indicators and revised, if appropriate.
such as changes in financial capability of the
debtor, and default or significant delay in (b) Standards, amendments to published standards
payments. and interpretation that are effective
In respect of amounts due from plasma The Group and the Company have applied the
cooperatives classified within other following standards and amendments for the first
receivables (See Note 28(i)), these receivables time for the financial year beginning on 1 January
are normally recoverable through the bank 2023:
loan facilities undertaken by the respective
cooperatives or deducted from the proceeds - Amendments to MFRS 17 “Initial Application
from the sale of fresh fruit bunches (“FFB”) of MFRS 17 and MFRS 9 – Comparative
harvested from the plasma plantations to the Information”
Group. The Group applies judgement with - Amendments to MFRS 108 on definition of
regards to the recovery strategies and the accounting estimates
scenarios that reflect the possibility of a credit - Amendments to MFRS 112 on deferred tax
loss occurring. These calculations take into related to assets and liabilities arising from a
consideration the proceeds from loan facilities single transaction
and/or the plasma estates to support the - Amendments to MFRS 112 “International Tax
repayment of advances for plasma schemes Reform- Pillar Two Model Rules” and
by the cooperatives, which involve significant - MFRS 17 “Insurance Contracts” and its
assumptions over the bank loan facilities amendments
application status, or key estimates such as
the market prices for FFB and the production The Group also adopted amendments to MFRS
yields of the oil palms that could be affected 101 and MFRS Practice Statement 2 on disclosure
by unfavourable weather conditions such of accounting policies from 1 January 2023. The
as drought or floods. The Group bases these amendments impacted the disclosure of the
assumptions on historical data and adjusts accounting policy information in the financial
for any forward-looking information derived statements and did not result in any changes to
from market research reports with respect to the accounting policies themselves.
commodity market outlook.

118 2. BASIS OF PREPARATION (cont’d) In addition, the amendments clarify that when
a liability could be settled by the transfer
(b) Standards, amendments to published standards of an entity’s own equity instruments (e.g.
and interpretation that are effective (cont’d) conversion option in a convertible bond),
conversion option that is not an equity
The disclosure of “material”, rather than instrument as defined in MFRS 132 “Financial
“significant”, accounting policies is required. The Instruments: Presentation” is considered in
amendments provide guidance on the application the current or non-current classification of the
of materiality to the disclosure of accounting convertible instrument.
policies, assisting entities to provide useful, entity-
specific accounting policy information that users The second amendments, “Non-current
may need to understand the financial statements. Liabilities with Covenants” specifies that
covenants of loan arrangements which
Management reviewed the accounting policies and an entity must comply with only after the
made updates to the information disclosed in the reporting date would not affect classification
respective notes to the financial statements. of a liability as current or non-current at the
reporting date. However, those covenants
Other than the amendments to MFRS 101 and that an entity is required to comply with on
MFRS Practice Statement 2 stated above, the or before the reporting date would affect
adoption of these new standards and amendments classification of a liability as current or non-
to published standards did not have any material current, even if the covenant is only assessed
impact on the current period or any prior period after the reporting date.
and is not likely to affect future periods.
Both amendments are effective for the annual
(c) Standards and amendments that have been reporting periods beginning on or after
issued but not yet effective 1 January 2024.
A number of new standards and amendments to The amendments shall be applied

standards and interpretations are effective for retrospectively.
financial year beginning after 1 January 2024 as
set out below: These amendments to published standards and annual
improvements will be adopted on the respective
• There are two amendments to MFRS 101 effective dates. The Group and the Company have
“Presentation of Financial Statements”. The started a preliminary assessment on the effects of the
first amendments, “Classification of Liabilities above amendments to published standards and annual
as Current or Non-Current” clarifies that improvements and the impact is still being assessed.
a liability is classified as non-current if an
entity has a substantive right at the end of 3. FINANCIAL RISK MANAGEMENT OBJECTIVES
the reporting period to defer settlement for AND POLICIES
at least 12 months after the reporting period.
If the right to defer settlement of a liability is (a) Financial risk factors
subject to the entity complying with specified
conditions (for example, debt covenants), the The Group’s and the Company’s overall financial
right exists at the end of the reporting period risk management objective are to optimise the
based on its compliance with the conditions value creation for shareholders. The Group and the
required on or before the reporting date (even Company seek to minimise the potential adverse
if tested only after period end). Conditions impacts arising from fluctuations in foreign
that an entity is required to comply only within currency exchange and interest rates and the
12 months after the reporting period do not unpredictability of the financial markets.
affect the classification of liability as current
or non-current at reporting date. The Group and the Company operate within clearly
defined guidelines that are approved by the Board
The assessment of whether an entity has the of Directors. Financial risk management is carried
right to defer settlement of a liability at the out through risk reviews conducted at all significant
reporting date is not affected by expectations operating units. This process is further enhanced
of the entity or events after the reporting by effective internal controls, a comprehensive
date. insurance programme and adherence to the
financial risk management policies.

3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d) 119
(a) Financial risk factors (cont’d)
The main areas of financial risk faced by the Group and the Company are as follows:
(i) Foreign currency exchange risk
The Group is exposed to foreign currency exchange risk when the Company and its subsidiaries enter into
transactions that are not denominated in their functional currencies. The Group attempts to significantly limit
its exposure for committed transactions by entering into forward foreign currency exchange contracts within
the constraints of market and government regulations.
The Group’s and the Company’s principal foreign currency exposure relates mainly to United States Dollar
(“USD”) in the current financial year (2022: USD).
The Group’s and the Company’s exposure to foreign currencies in respect of its financial assets and financial
liabilities which are not denominated in their functional currencies as at the reporting date is as follows:
USD Others Total
At 31 December 2023
Group
Financial assets
Trade and other receivables 47,604 - 47,604
Cash and cash equivalents 73,444 3,189 76,633
121,048 3,189 124,237
Financial liabilities
Trade and other payables (5) - (5)
Net currency exposure 121,043 3,189 124,232
Company
Financial asset
Cash and cash equivalents 65,277 - 65,277
Net currency exposure 65,277 - 65,277
At 31 December 2022
Group
Financial assets
Trade and other receivables 62,800 - 62,800
Cash and cash equivalents 313,792 3,906 317,698
376,592 3,906 380,498
Financial liabilities
Trade and other payables (1,347) - (1,347)
Net currency exposure 375,245 3,906 379,151
Company
Financial asset
Cash and cash equivalents 272,134 - 272,134
Net currency exposure 272,134 - 272,134

120 3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d)
(i) Foreign currency exchange risk (cont’d)
The following table demonstrates the sensitivity of the Group’s and the Company’s profit after tax and equity
with strengthening of USD against the functional currency, with all other variables held constant.
2023 2022
Strengthened Increase/(Decrease) Strengthened Increase/(Decrease)
Against Profit Against Profit
RM by after tax Equity RM by after tax Equity
Group
USD 3% 2,760 2,760 5% 14,259 14,259
Company
USD 3% 1,488 1,488 5% 10,341 10,341
A 3% (2022: 5%) weakening of the above currencies against the functional currency would have the equal but
opposite effect to the amount shown above, on the basis that all other variables remain constant.
(ii) Interest rate risk
Interest rate risk arise mainly from the Group’s borrowings. Borrowings issued at variable rates expose the
Group to cash flow interest rate risk. The Group minimised its cash flow interest rate risk by hedging part of
the outstanding borrowings through floating-to-fixed interest rate swaps. Such interest rate swaps have the
economic effect of converting the borrowings from floating rates to fixed rates. Under the interest rate swap,
the Group agrees with a financial institution to exchange, at specific intervals, the difference between the
fixed contract rates and floating-rate interest amounts calculated by reference to the agreed notional principal
amounts.
The Group’s outstanding borrowings as at the year end at variable rates for which hedges have not been entered
into amounted to RM888.1 million (2022: RM1,231.2 million). As at the reporting date, if annual interest rates
had been 1% (2022: 1%) higher/lower respectively, with all other variables in particular foreign exchange rates
and tax rate being held constant, the Group’s profit after tax and equity will be lower/higher by RM3.0 million
(2022: RM4.8 million) as a result of increase/decrease in finance cost on those borrowings.
(iii) Credit risk
Risk management
The Group’s and the Company’s exposure to credit risk arises mainly from sales made on deferred credit terms,
cash and cash equivalents, deposits with financial institutions, money market instruments, income funds,
debts instruments carried at amortised cost and financial guarantee contract. In addition, the Company is also
exposed to credit risks arising from amounts due from subsidiaries, joint ventures and associates. Risks arising
therefrom are minimised through:
• Effective monitoring of receivables and suspension of sales to customers whose accounts exceed the
stipulated credit terms.
• Setting credit limits and reviewing credit history to minimise potential losses.
• Ensuring that the Group remains as the registered owner of the development properties (in respect of the
Group’s sale of development properties) until full settlement by the purchaser of the self-financed portion
of the purchase consideration and upon obtaining the undertaking from the purchaser’s end-financier.
• Investing cash assets safely and profitably, which involves placement of cash and cash equivalents and
short-term deposits with creditworthy financial institutions. In addition, the Group and the Company set
exposure limits as well as limit placement tenures to less than one year for each of the financial institutions.
• Assessment of counterparty’s credit risks and setting of limits to minimise any potential losses. To minimise
the Group’s and the Company’s counterparty risk, the Group and the Company enter into derivative
transactions only with creditworthy financial institutions.

(iii) Credit risk (cont’d)
Risk management (cont’d)
• Purchasing insurance to protect the Group and the Company against insurable risks.
• Performing regular reviews of the aging profiles of amounts due from subsidiaries, joint ventures and
associates.
Impairment of financial assets
The Group and the Company have the following financial assets that are subject to the ECL model:
• Trade receivables for sales of goods and services and other receivables; and
• Debt instruments carried at amortised cost.
In addition to debt instruments carried at amortised cost, the Group and the Company have issued corporate
guarantee to banks for the plasma cooperatives’ loan facilities and for its subsidiaries’ facilities (financial
guarantee contracts) respectively that are subject to ECL model.
While cash and cash equivalents are also subject to the impairment requirements as set out in MFRS 9, there
is no impairment loss identified given the financial strength of the financial institutions in which the Group and
the Company have a relationship with.
ECL represents a probability-weighted estimate of the difference between present value of cash flows
according to contract and present value of cash flows the Group and the Company expect to receive, over the
remaining life of the financial instrument. For financial guarantee contracts, the ECL is the difference between
the expected payments to reimburse the holder of the guaranteed debt instrument less any amounts that the
Group expects to receive from the holder, the debtor or any other party.
The Group and the Company assess on a forward looking basis the ECL associated with its debt instruments
carried at amortised cost. The impairment methodology applied depends on whether there has been a
significant increase in credit risk.
A significant increase in credit risk is presumed when a debt is past due by 90 days unless there are specific
reasons for delays in making payment within the credit period by certain debtors, which will be determined
based on the past experience and credit risk profiles of these debtors.
The Group and the Company consider a trade receivable or other receivable as credit impaired when one or
more events that have a detrimental impact on the estimated cash flow have occurred. These instances include
adverse changes in the financial capability of the debtor and default or significant delay in payments by a
period of greater than 90 days past due.
Trade and other receivables are written off when there is no expectation of recovery, with a case-by-case
assessment performed based on indicators such as insolvency or demise. Where the receivables are written
off, the Group and the Company continue to recover the receivables due. Where recoveries are made, these are
recognised in profit or loss.
The Group and the Company use three categories for those receivables which reflect their credit risk and how
the loss provision is determined for those categories.
(a) Trade receivables using the simplified approach
The Group and the Company apply the simplified approach under MFRS 9 to measure ECL, which uses a
lifetime ECL allowance for all trade receivables. To measure the expected losses, trade receivables have
been grouped based on shared credit risk characteristics and days past due.

Impairment of financial assets (cont’d)
(a) Trade receivables using the simplified approach (cont’d)
The expected loss rates are based on historical payment profiles of sales and the corresponding historical
credit losses experienced during these periods. The historical loss rates are adjusted to reflect current
and forward-looking information on macroeconomic factors (such as palm products prices and crude
oil price) affecting the ability of the customers to settle the receivables. The historical loss rates will be
adjusted based on the expected changes in these factors. No significant changes to estimation techniques
or assumptions were made during the reporting period.
In determining the expected loss rates, the Group and the Company also take into consideration of the
collateral or payments received in advance, as set out below:
Plantation
Receivables are generally collected within the credit term and therefore, there is minimal exposure to
doubtful debts. Upfront payments are also collected for certain sales made by the Group’s subsidiaries in
Indonesia.
Property
Purchasers are generally financed by loan facilities from banks.
Manufacturing
Sales made are generally accompanied by letters of credit, documentary collection or advance payments.
Outstanding receivables are generally collected within the credit term.
(b) Debt instruments at amortised costs other than trade receivables using the 3-stage approach
All of the Group’s and of the Company’s debt instruments at amortised cost other than trade receivables
are considered to have low credit risks, as these were considered to be performing, have low risks of default
and historically there were minimal instances where contractual cash flow obligations have not been met.
Loss allowance is measured on either 12 month ECL or lifetime ECL, by considering the likelihood that the
debtor would not be able to repay during the contractual period, the percentage of contractual cash flows
that will not be collected if default happens and the outstanding amount that is exposed to default risk.
For intercompany balances that are repayable on demand, the Company’s ECL is based on the following
assumptions:
- If the borrower has sufficient accessible highly liquid assets in order to repay the loan if demanded at
the reporting date, the ECL is likely to be immaterial.
- If the borrower could not repay the loan if demanded at the reporting date, the Company considers
the expected manner of recovery to measure the ECL. The recovery manner could be either through
‘repayment over time’ or a fire sale of less liquid assets by the borrower.
- If the recovery strategies indicate that the Company would fully recover the outstanding balance of
the loan, the ECL would be limited to the effect of the discounting of the amount due on the loan, at
the loan’s effective interest rates, over the period until the amount is fully recovered.

Impairment of financial assets (cont’d)
(c) Financial guarantee contracts
Other than those disclosed in Note 36 to the financial statements where RM1.7 million loss allowance
was recognised based on 12 months ECL, all of the financial guarantee contracts are considered to be
performing, have low risks of default and historically there were no instances where these financial
guarantee contracts were called upon by the parties of which the financial guarantee contracts were
issued to.
As the Group and the Company do not hold any collateral, the maximum exposure to credit risk for each
class of financial instruments is the carrying amount of that class of financial instruments presented on
the statements of financial position, except the following financial guarantee contracts which have not
been reflected in the statements of financial position of the Group and of the Company.
Group
2023 2022
Corporate guarantee provided by certain subsidiaries in Indonesia to

banks on plasma cooperatives’ loan facilities 75,972 77,061
Company
2023 2022
Corporate guarantee provided to banks on Sukuk Murabahah issued

by a subsidiary 1,000,000 1,000,000
The Group and the Company are exposed to credit risk arising from financial guarantee contracts provided
to banks for the borrowings stated above where the maximum credit risk exposure are the amounts of
borrowings utilised by the plasma cooperatives and a subsidiary as well as the interest charged on the
borrowings.
Information in respect of other non-current assets and provision for impairment losses for trade and
other receivables are disclosed in Notes 24 and 28 respectively. Deposits with banks and other financial
institutions, investment securities and derivatives that are neither past due nor impaired are placed with
or entered into with reputable financial institutions or companies with high credit ratings and no history
of default.
(iv) Price risk
The Group and the Company are largely exposed to commodity price risk due to fluctuations in palm products
prices. The Group and the Company enter into commodity futures contracts to minimise exposure to adverse
movements in palm products prices and manages its risk through established guidelines and policies.
Commodity futures contracts which are not held for the purpose of physical delivery are accounted for as cash
flow hedges as disclosed in Note 37.

(iv) Price risk (cont’d)
If the prices of the palm products increase by 4% (2022: 5%) respectively with all other variables including
tax rate and the hedge effectiveness ratio being held constant, the increase/decrease in the fair value of
commodity futures contracts designated as cash flow hedges and their impact to the Group’s profit after tax
and equity will be as follows:
2023 2022
Increase/(Decrease) Increase/(Decrease)
Profit Profit
after tax Equity after tax Equity
Group
Effect of change in palm products prices
- Increase by 4% (2022:5%) - (95) - (1,831)
A 4% (2022: 5%) decrease in the prices of palm products would have the equal but opposite effect to the
amount shown above, on the basis that all other variable remain constant.
(v) Liquidity risk
The Group and the Company practise liquidity risk management to minimise the mismatch of financial assets
and liabilities. The Group’s and the Company’s cash flow are reviewed regularly to ensure that the Group and
the Company are able to settle its obligations and commitments as and when they fall due.
The Group and the Company manage its liquidity risk with the view to maintaining a healthy level of cash and
cash equivalents appropriate to the operating environment and expected cash flows of the Group and the
Company. Liquidity requirements are further enhanced with its undrawn committed borrowing facilities at all
times and are sufficient and available to the Group and the Company to meet its obligations.
Generally, surplus cash held by the operating entities over and above balance required for working capital
management are managed by the Company. The Company invests surplus cash in interest bearing accounts
and money market deposits, choosing instruments with appropriate maturities or sufficient liquidity to provide
sufficient headroom as determined by the above-mentioned cash flows of the Group.
The table below analyses the financial liabilities into relevant maturity groupings based on the remaining period
at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows.
Between Between
Less than 1 and 2 2 and 5 Over
1 year years years 5 years
At 31 December 2023
Group
Trade and other payables* 434,347 - - -
Borrowings (principal and finance costs) 618,711 1,335,663 302,721 -
Lease liabilities 3,346 3,295 8,387 200
Derivative financial liabilities 1,497 - - -
Amount due to ultimate holding company 2,337 - - -
Amounts due to other related companies 1,809 - - -
Other non-current liabilities - 952 1,123 -
Financial guarantee contracts 75,972 - - -

(v) Liquidity risk (cont’d)
Between Between
Less than 1 and 2 2 and 5 Over
1 year years years 5 years
Company
Borrowings (principal and finance costs) 79,661 - - -
Lease liabilities 2,468 2,468 2,468 4,935
Derivative financial liabilities 1,497 - - -
Amounts due to subsidiaries (principal and
finance costs) 46,327 1,023,037 - -
Amounts due to other related companies 1,809 - - -
Financial guarantee contracts 1,000,000 - - -
At 31 December 2022
Group
Borrowings (principal and finance costs) 653,289 389,681 1,577,056 -
Lease liabilities 3,234 3,236 3,273 260
Derivative financial liabilities 389 - - -
Amounts due to other related companies 924 - - -
Other non-current liabilities - 793 217 -
Financial guarantee contracts 77,061 - - -
Company
Lease liabilities 2,468 2,468 2,468 -
Amounts due to subsidiaries (principal and
finance costs) 46,200 46,327 1,023,037 -
Amounts due to other related companies 924 - - -
Financial guarantee contracts 1,000,000 - - -
* Exclude contract liabilities, provision of retirement gratuities and indirect tax payables
(b) Capital management
The Group’s and the Company’s objectives when managing capital are to safeguard the Group’s and the Company’s
ability to continue as a going concern and to maintain an optimal capital structure so as to provide returns for
shareholders and benefits for other stakeholders.
In order to optimise the capital structure, or the capital allocation amongst the Group’s various businesses, the
Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares
and warrants, buy back issued shares, take on new debts or sell assets to reduce debt.
The Group and the Company monitor capital utilisation on the basis of the gearing ratio. This ratio is calculated as
total debts divided by total capital. Total debts is calculated as total borrowings (including “current and non-current
borrowings”) and lease liabilities (including “current and non-current lease liabilities”) as shown in the statements
of financial position. Total capital is calculated as the sum of total equity and total debts.

(b) Capital management (cont’d)
The gearing ratio is as follows:
Group Company
2023 2022 2023 2022
Total debts 2,096,431 2,429,342 90,660 6,901

Total equity 5,434,866 5,309,170 5,655,708 5,789,510
Total capital 7,531,297 7,738,512 5,746,368 5,796,411
Gearing ratio 27.8% 31.4% 1.6% 0.1%
The Group was in compliance with externally imposed capital requirements, including financial covenants (see
Note 38) as at the reporting date.
(c) Fair value measurement
The assets and liabilities carried at fair value are categorised into different levels of fair value hierarchy as follows:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices).
• Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable
inputs).
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques. These valuation techniques maximise the use of observable
market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs
required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the
significant inputs is not based on observable market data, the instrument is included in Level 3.
Specific valuation techniques used to value financial instruments include:
• Quoted market prices or dealer quotes for similar instruments.

• The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on observable yield curves.
• The fair value of forward foreign currency exchange contracts is determined using forward exchange rates at
the reporting date.
• The fair value of the commodity futures contracts is determined using the forward prices of palm oil
commodities.
• Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining
financial instruments.
Except for borrowings as disclosed in Note 38, the carrying values of financial assets and financial liabilities of the
Group at the end of the reporting period approximated their fair values.

(c) Fair value measurement (cont’d)
The following table presents the Group’s financial instruments that are measured at fair value.
Level 1 Level 2 Level 3 Total
2023
Group
Assets
Financial assets at FVTPL 424 - - 424
Financial assets at FVOCI 6,501 - 2,551 9,052
Derivative financial instruments:
- Foreign exchange contracts - 677 - 677
- Interest rate swap - 1,943 - 1,943
- Commodity futures contracts - 251 - 251
6,925 2,871 2,551 12,347
Liabilities
- Foreign exchange contracts - 1,497 - 1,497
Company
Liabilities
2022
Group
Assets
Financial assets at FVTPL - - 4,167 4,167
Financial assets at FVOCI 4,875 - 6,586 11,461
- Interest rate swap - 7,440 - 7,440
4,875 10,296 10,753 25,924
Liabilities
- Commodity futures contracts - 389 - 389
There were no transfers between Level 1 and Level 2 during the current financial year.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level
3. The assessment of the fair value of unquoted securities is performed based on discounted cash flow analysis with
key inputs such as growth rates and discount rates.

(c) Fair value measurement (cont’d)
The following table presents the changes in Level 3 instruments for the financial year ended 31 December:
Group
2023 2022
As at 1 January 10,753 9,980

Transfer out from Level 3 (see note below) (569) -
Fair value loss (8,164) -
Interest income 23 236
Foreign exchange differences 508 537
As at 31 December 2,551 10,753
Note:
During the current financial year, the Group transferred certain equity investment from Level 3 into Level 1
following the conversion of 8% Convertible Promissory Notes to quoted shares in a foreign corporation as detailed
in Note 22 to the financial statements.
Although the Group believes that its estimates of fair values are appropriate, the use of different methodologies or
assumptions could lead to different measurement of fair value. For fair value measurement in Level 3, if the growth
rate or discount rate changes by 1%, the impact to profit or loss or equity would not be significant.
4. SEGMENT ANALYSIS
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-makers. The chief operating decision-makers, who are responsible for allocating resources and assessing
performance of the operating segments have been identified as the Chief Executive, Deputy Chief Executive, and the
President and Chief Operating Officer of the Company.
Management has determined the operating segments based on the reports reviewed by the chief operating decision-
makers that are used to make strategic decisions, resource allocation and performance assessment.
The chief operating decision-makers consider the Group’s principal activities based on the nature of the products and
services, specific expertise and technology requirements of individual reportable segments. The reportable segments
are as follows:
(i) Plantation - upstream activities relating to oil palm plantations in Malaysia and Indonesia.
(ii) Property - activities relating to property development and property investment.
(iii) AgTech - activities relating to genomics research and development.
(iv) Downstream manufacturing - activities relating to manufacturing and sale of palm oil derivative products.
(v) Others - other insignificant business which are not reported separately.
The performance of the operating segments is based on a measure of adjusted earnings before interest, tax, depreciation
and amortisation (“adjusted EBITDA”). This measurement basis excludes the effects of non-recurring items from the
operating segments such as fair value gain and losses on financial assets, gain or loss on disposal of property, plant
and equipment, net surplus arising from Government acquisition, assets written off, impairment losses and reversal of
previously recognised impairment losses, if any.
Segments assets consist primarily of property, plant and equipment, land held for property development,
investment properties, ROU assets, intangible assets, financial assets at FVOCI and FVTPL, property development
costs, inventories, trade and other receivables and cash and cash equivalents. Segment assets exclude interest bearing
instruments, joint ventures, associates, deferred tax assets and tax recoverable as these assets are managed on a
group basis.
Segment liabilities comprise operating liabilities. Segment liabilities exclude interest bearing instruments, tax payables
and deferred tax liabilities as these liabilities are managed on a group basis.

4. SEGMENT ANALYSIS (cont’d) 129
Downstream
Plantation Property AgTech Manufacturing Others Elimination Total
2023
Group
Revenue
- External 1,745,185 102,003 2,317 1,116,946 - - 2,966,451
- Inter segment 593,346 - 12,059 - - (605,405) -
Total Revenue 2,338,531 102,003 14,376 1,116,946 - (605,405) 2,966,451
Adjusted EBITDA 701,043 32,038 (8,435) 6,109 703 - 731,458

Net surplus arising
from Government
acquisition 3,311 - - - - - 3,311
Impairment losses (15,870) - - - - - (15,870)
Net fair value loss on
financial assets at
FVTPL - - (1,386) - - - (1,386)
Assets written off and
others (2,366) 3 43 (18) - - (2,338)
686,118 32,041 (9,778) 6,091 703 - 715,175
Depreciation and
amortisation (286,137) (825) (1,985) (12,552) - - (301,499)
Share of results in
joint ventures - 47,235 (7,213) - - - 40,022
Share of results in
associates 2,747 (40) - - (28) - 2,679
402,728 78,411 (18,976) (6,461) 675 - 456,377
Interest income 34,501
Finance cost (106,740)
Profit before
taxation 384,138
Taxation (118,350)
Profit for the
financial year 265,788
Other information:
Assets
Segment assets 6,717,447 518,784 32,534 295,468 6,520 - 7,570,753
Joint ventures - 327,865 44,141 - - - 372,006
Associates 13,674 (24) - - (325) - 13,325
Assets classified as
held for sale - 1,325 - - - - 1,325
6,731,121 847,950 76,675 295,468 6,195 - 7,957,409
Interest bearing
instruments 481,883
Deferred tax assets 66,624
Tax recoverable 61,177
Total assets 8,567,093
Liabilities
Segment liabilities 409,256 141,232 7,847 10,016 57 - 568,408
Interest bearing
instruments 2,082,835
Deferred tax liabilities 478,602
Taxation 2,382
Total liabilities 3,132,227

130 4. SEGMENT ANALYSIS (cont’d)
Downstream
Plantation Property AgTech Manufacturing Others Elimination Total
2022
Group
Revenue
- External 1,587,654 88,966 910 1,512,252 - - 3,189,782
- Inter segment 820,655 - 13,440 - - (834,095) -
Total Revenue 2,408,309 88,966 14,350 1,512,252 - (834,095) 3,189,782
Adjusted EBITDA 947,613 33,923 (4,051) 50,905 1,380 - 1,029,770

Net surplus arising
from Government
acquisition 738 - - - - - 738
Net impairment
losses on plasma
cooperatives
receivables (11,367) - - - - - (11,367)
Impairment loss on
intangible asset (27,013) - - - - - (27,013)
Assets written off and
others (1,508) (13) (14) (63) - - (1,598)
908,463 33,910 (4,065) 50,842 1,380 - 990,530
Depreciation and
amortisation (263,091) (940) (2,056) (12,551) - - (278,638)
Share of results in
joint ventures - 36,759 (645) - - - 36,114
Share of results in
associates (555) (47) - - (132) - (734)
644,817 69,682 (6,766) 38,291 1,248 - 747,272
Interest income 32,722
Finance cost (91,121)
Profit before
taxation 688,873
Taxation (205,542)
Profit for the
financial year 483,331
Other information:
Assets
Segment assets 6,011,787 504,435 35,020 360,804 4,958 - 6,917,004
Joint ventures - 276,040 44,355 - - - 320,395
Associates 11,801 17 - - (297) - 11,521
Assets classified as
held for sale - 956 - - - - 956
6,023,588 781,448 79,375 360,804 4,661 - 7,249,876
Interest bearing
Deferred tax assets 65,903
Tax recoverable 22,730
Total assets 8,791,814
Liabilities
Segment liabilities 454,764 129,403 8,501 21,224 2,794 - 616,686
Interest bearing
Deferred tax liabilities 435,192
Taxation 10,640
Total liabilities 3,482,644

4. SEGMENT ANALYSIS (cont’d) 131
Geographical Information
Revenue and non-current assets information based on the geographical location of customers and assets respectively
are as follows:
Revenue Non-Current Assets

2023 2022 2023 2022
Malaysia 1,576,134 2,006,662 1,809,721 1,676,742

Indonesia 1,390,317 1,183,120 4,219,992 4,065,102
2,966,451 3,189,782 6,029,713 5,741,844
Non-current assets exclude investments in joint ventures and associates, financial assets at FVOCI, financial assets
at FVTPL, derivative financial instruments, deferred tax assets and other non-current assets as presented in the
consolidated statement of financial position.
5. REVENUE
Accounting Policy
(a) Revenue from contracts with customers
(i) Plantations and Downstream Manufacturing
The Group’s revenue is derived mainly from its upstream and downstream operations.
In the upstream operations, the Group and the Company sell plantation products and produce such as crude
palm oil, palm kernel and FFB (collectively known as “plantation products and produce”). In the downstream
operations, revenue is essentially derived from sales of refined bleached deodorised palm oil, olein, stearin,
biodiesel and crude glycerine (collectively known as “palm oil derivative products”).
Revenue from sales of plantation products and produce, and palm oil derivative products are recognised (net
of discount and taxes collected on behalf) at the point when the control of goods has been transferred to the
customer. Based on the terms of the contract with the customer, control transfers upon delivery of the goods
to a location specified by the customer and the acceptance of the goods by the customer.
There is no element of financing present as the Group’s and the Company’s sales of goods are either on cash
terms (including cash against document (“CAD”) for export) or on credit terms ranging from 7 to 45 days. The
Group’s and the Company’s obligation to provide quality claims against off-spec goods under the Group’s and
the Company’s contractual terms is recognised as a provision.
Revenue from provision of tolling services is recognised in the period in which the manufacturing activities are
performed. There is no element of financing present as sales are normally on CAD basis.
(ii) Property
Contracts with customers may include multiple promises to customers and are therefore accounted for
as separate performance obligations. In this case, the transaction price will be allocated to each separate
performance obligation based on the stand-alone selling prices. When these are not directly observable, they
are estimated based on expected cost plus margin.
The revenue from property development is measured at the fixed transaction price agreed under the Sale
and Purchase Agreement (“SPA”). When the Group determines that it is not probable that the Group will
collect the consideration to which the Group is entitled to in exchange for the properties, the Group will defer
the recognition of revenue from such sales of properties and consideration received from the customer is
recognised as a contract liability. For such properties, the Group recognise revenue when it becomes probable
that the Group will collect consideration to which it will be entitled to in exchange for the properties sold.

132 5. REVENUE (cont’d)
Accounting Policy (cont’d)
(a) Revenue from contracts with customers (cont’d)
(ii) Property (cont’d)
Revenue from property development is recognised as and when the control of the asset is transferred to the
customer. Depending on the terms of the contract and the laws that apply to the contract, control of the
asset may transfer over time or at a point in time. Control of the asset is transferred over time if the Group’s
performance does not create an asset with an alternative use to the Group and the Group has an enforceable
right to payment for work performance completed to-date.
The promised properties are specifically identified by its plot, lot and parcel number and its attributes (such
as its size and location) as attached in its layout plan in the SPA. The purchasers could enforce its rights to
the promised properties if the Group seeks to sell the unit to another purchaser. The contractual restriction
on the Group’s ability to direct the promised property for another use is substantive and therefore the
promised properties sold to the purchasers do not have an alternative use to the Group. The Group has the
right to payment for performance completed to-date, is entitled to continue to transfer to the customer the
development units promised, and has the right to complete the construction of the properties and enforce its
rights to full payment.
If control of the asset transfers over time, revenue is recognised over the period of the contract by reference to
the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognised
at a point in time when the customer obtains control of the asset.
The Group recognises revenue over time using the input method, which is based on the contract costs incurred
to-date to the estimated total costs for the contract.
For sale of completed properties, the Group recognises revenue when the control of the properties has been
transferred to the purchasers.
(iii) AgTech
Revenue from sale of seeds and biofertiliser (collectively known as “genomics based products”) and FFB are
recognised (net of discount and taxes collected on behalf) at the point when the deliverable is made to the
customers.
(iv) Fee from management services
Fee from management services is recognised as revenue over time during the period in which the services are
rendered.
(b) Revenue from other sources
Revenue recognition criteria for other revenue earned by the Group are as follows:
(i) Lease income
Lease income from operating leases is recognised in profit or loss on a straight-line basis over the lease term.
Lease income that are not generated as part of the Group’s and of the Company’s principal activities are
classified as other income.
(ii) Dividend income
Dividend income from subsidiaries, joint ventures and associates are recognised when the right to receive
payment is established.

5. REVENUE (cont’d) 133
Accounting Policy (cont’d)
(b) Revenue from other sources (cont’d)
(iii) Interest income
Interest income are recognised using the effective interest method.
Interest income from financial assets at FVTPL are recognised as part of net gains or net losses on these
financial instruments.
Interest income from financial assets at amortised cost and financial assets at FVOCI is recognised as part of
other income in the profit or loss, by using the effective interest method.
Interest income are calculated by applying the effective interest rate to the gross carrying amount of a financial
asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial
assets, the effective interest rate is applied to the net carrying amount (after deduction of the loss allowance).
Revenue of the Group and of the Company comprise the following:
Group Company
2023 2022 2023 2022
Revenue from contracts with customers:

Sale of plantation products and produce 2,341,135 2,414,067 121,686 158,981
Sale of development properties 98,903 84,914 - -
Sale of palm oil derivative products 1,116,946 1,512,252 - -
Sale of genomics based products 6,898 4,409 - -
Fee from management services 6,790 5,808 36,533 36,848
3,570,672 4,021,450 158,219 195,829
Inter segment* (see Note 4) (605,405) (834,095) - -
2,965,267 3,187,355 158,219 195,829
Revenue from other sources:

Lease income 1,000 1,796 - -
Interest income 184 631 - -
Dividend income - - 136,215 296,779
1,184 2,427 136,215 296,779
Total revenue 2,966,451 3,189,782 294,434 492,608
Timing of revenue from contracts with customers:

- at a point in time 2,869,555 3,125,588 121,686 158,981
- over time 95,712 61,767 36,533 36,848
2,965,267 3,187,355 158,219 195,829
* Inter segment revenue of RM605.4 million (2022: RM834.1 million) are in respect of sale of plantation products
and produce and sale of genomics based products as disclosed in Note 4 to the financial statements.

134 6. COST OF SALES
Group Company
2023 2022 2023 2022
Cost of inventories sold for plantation products and produce 1,694,698 1,539,056 51,500 58,946
Cost of development properties sold 52,752 50,271 - -
Cost of inventories sold for palm oil derivative products 1,073,297 1,437,133 - -
Cost of inventories sold for genomics based products 1,193 1,458 - -
2,821,940 3,027,918 51,500 58,946
Inter segment* (603,484) (832,776) - -
2,218,456 2,195,142 51,500 58,946
* Inter segment cost of sales of RM603.4 million (2022: RM832.8 million) are in respect of cost of inventories sold
for plantation produce, palm oil derivative products and genomics based products.
7. OTHER (LOSSES)/GAINS
Group Company
2023 2022 2023 2022
Net foreign exchange differences (4,481) 2,383 855 6,385

Net fair value loss on financial assets at FVTPL (1,386) - - -
(5,867) 2,383 855 6,385
8. PROFIT BEFORE TAXATION
Profit before taxation has been determined after inclusion of the following charges and credits. The expenses by nature
of the Group and of the Company are also disclosed in the charges below:
Group Company
2023 2022 2023 2022
Charges:
Depreciation of property, plant and equipment 290,839 267,888 11,980 12,724
Depreciation of investment properties 458 523 - -
Depreciation of ROU assets 10,178 10,137 3,001 3,104
Amortisation of intangible assets 24 90 - -
Property, plant and equipment written off 2,612 1,829 81 147
Impairment losses:
- intangible assets - 27,013 - -
- plasma cooperatives receivables 13,638 11,367 - -
- trade receivables 3 25 - -
- other receivables 530 - - -
- financial guarantee contracts 1,702 - - -
- investment in subsidiaries - - 11,554 8,366
15,873 38,405 11,798 8,553
Bad debts written off
- Receivables 53 6 1 1
- Subsidiary - - 4 -
Inventories written off 62 63 1 -
Employee benefits expense (see Note 9) 572,812 499,769 89,553 78,298
Directors’ remuneration (see Note 10) 10,145 9,451 7,842 7,660
Shared services fee payable to ultimate holding company 1,891 1,569 964 768
Charges payable to related companies:
- Information technology consultancy, development,
implementation, support and maintenance service 2,366 2,289 2,113 2,046

8. PROFIT BEFORE TAXATION (cont’d) 135
Profit before taxation has been determined after inclusion of the following charges and credits. The expenses by nature
of the Group and of the Company are also disclosed in the charges below:
Group Company
2023 2022 2023 2022
Charges (cont’d):
Statutory audit fees:
- Payable to PricewaterhouseCoopers PLT 1,221 1,139 247 221
- Payable to other member firms of
PricewaterhouseCoopers International Limited 2,033 1,752 - -
Audit related fees:
- Payable to PricewaterhouseCoopers PLT 221 196 174 149
Repairs and maintenance:
- property, plant and equipment 35,214 30,958 7,452 5,213
- investment properties 193 110 - -
Research expenditure 15,092 10,524 - -
Transportation costs 202,194 176,094 8,882 8,198
Utilities 20,074 23,360 69 72
Raw materials and consumables 912,234 997,599 - -
Oil palm cess and levy 15,428 48,988 1,604 7,114
Short term and low value lease expense 832 353 - -
Finance costs:
- bank borrowings 79,429 64,477 3,029 918
- Sukuk Murabahah 46,200 46,200 - -
- loan from a subsidiary - - 46,200 46,200
- lease liabilities 661 446 557 372
- others 1,544 1,507 - -
127,834 112,630 49,786 47,490
Less: interest capitalisation (21,094) (21,509) - -
106,740 91,121 49,786 47,490
Credits:
Net surplus arising from Government acquisition 3,311 738 - -
Gain on disposal of investment properties - 15,569 - -
Gain on disposal of property, plant and equipment 228 231 20 189
Gain on disposal of assets classified as held for sale 6,596 - - -
Management fee from subsidiaries - - 36,533 36,848
Lease income:
- external parties 1,640 2,596 27 27
- related companies 102 121 41 41
Write back of impairment losses:
Deferred income recognised for Government grant 120 110 11 11
Write back/(write-down) on land held for property
development 322 (1,271) - -
Gain on lease modification 46 - - -
Dividend income:
- subsidiaries - - 135,340 295,029
- an associate - - 875 1,750
- - 136,215 296,779
Interest income:
- external parties 34,501 32,722 8,893 16,634
- a subsidiary - - 22,590 22,590
34,501 32,722 31,483 39,224
Other information:
Non-audit fees and non-audit related costs#:
- Other member firms of PricewaterhouseCoopers
International Limited 48 190 48 -
# Non-audit fees and non-audit related costs were in respect of financial advisory services of RM0.1 million
(2022:RM0.1million) and tax related services of RM Nil (2022:RM0.1 million).
136 9. EMPLOYEE BENEFITS EXPENSE
Group Company
2023 2022 2023 2022
Wages, salaries and bonuses 396,899 346,186 65,120 58,266

Defined contribution plans 35,092 30,805 6,740 5,997
Provision for retirement gratuities/benefits, net
(see Note 36) 19,965 9,645 4,505 813
Other short term employee benefits 120,856 113,133 13,188 13,222
572,812 499,769 89,553 78,298
Employee benefits expense, as shown above, includes the remuneration of Executive Directors.
10. DIRECTORS’ REMUNERATION
Group Company
2023 2022 2023 2022
Non-Executive Directors
Fees 1,086 813 1,086 813
Provision for retirement gratuities 788 649 788 649
1,874 1,462 1,874 1,462
Executive Directors
Fees 375 330 375 330
Salaries and bonuses 6,426 6,114 4,123 4,323
Defined contribution plans 699 715 699 715
Provision for retirement gratuities 770 822 770 822
Other short term employee benefits 1 8 1 8
8,271 7,989 5,968 6,198
Directors’ remuneration excluding estimated monetary
value of benefits-in-kind (see Note 8) 10,145 9,451 7,842 7,660
Estimated monetary value of benefits-in-kind (not
charged to the income statements) 49 63 49 63
10,194 9,514 7,891 7,723
11. TAXATION
Group Company
2023 2022 2023 2022
Current taxation charge:

- Malaysian income tax charge 67,429 117,511 3,592 15,787
- Real property gains tax 1,016 1,886 - -
- Foreign income tax charge 25,084 21,474 - -
93,529 140,871 3,592 15,787
- Deferred tax charge (see Note 25) 25,320 64,984 2,491 2,441
118,849 205,855 6,083 18,228
Prior years’ taxation:
- Income tax (over)/under provided (499) (313) 50 (78)
118,350 205,542 6,133 18,150

11. TAXATION (cont’d) 137
The reconciliation between the average effective tax rate and the Malaysian tax rate is as follows:
Group Company
2023 2022 2023 2022
% % % %
Malaysian tax rate 24.0 24.0 24.0 24.0

Tax effects of:
- expenses not deductible for tax purposes 11.2 5.7 9.5 2.0
- income not subject to tax (0.2) - (28.2) (20.7)
- unrecognised tax losses and capital allowances 3.4 3.2 - -
- recognition of previously unrecognised tax losses (1.5) (1.0) - -
- different tax regime (2.6) (1.5) - -
- over provision in prior years (0.1) - - -
- share of results in joint ventures and associates (2.7) (1.2) - -
- effect of cukai makmur (prosperity tax) - 1.1 - -
- others (0.7) (0.5) - -
Average effective tax rate 30.8 29.8 5.3 5.3
The tax effect of the Group’s and the Company’s other comprehensive income/(loss) item is RM12.1 million (2022:
RM35.0 million) and RM0.4 million (2022: RM Nil) in the current financial year.
12. EARNINGS PER SHARE
Earnings per share of the Group is calculated by dividing the profit for the financial year attributable to equity holders
of the Company by the weighted average number of ordinary shares in issue.
Group
2023 2022
Basic and diluted earnings per share

Profit for the financial year attributable to equity holders of the Company (RM’000) 253,486 471,421
Weighted average number of ordinary shares in issue (’000) 897,189 897,198
Basic earnings per share (sen) 28.25 52.54
The Group has no dilutive potential ordinary shares and therefore the diluted earning per share is the same as the basic
earning per share.

138 13. DIVIDENDS
Group/Company
2023 2022
Single-tier Amount of Single-tier Amount of
dividend single-tier dividend single-tier
per share dividend per share dividend
Sen RM’000 Sen RM’000
Special dividend paid in respect of previous financial year 15.0 134,580 15.0 134,580
Final dividend paid in respect of previous financial year 4.0 35,888 4.0 35,888
Interim dividend paid in respect of current financial year 8.0 71,776 15.0 134,580
27.0 242,244 34.0 305,048
A special single-tier dividend of 9.0 sen per ordinary share in respect of the financial year ended 31 December 2023 has
been declared for payment on 2 April 2024 to shareholders registered in the Register of Members on 15 March 2024.
Based on the total number of issued ordinary shares (excluding treasury shares) of the Company as at 31 December
2023, the special dividend would amount to RM80.7 million.
A final single-tier dividend of 4.0 sen per ordinary share in respect of the financial year ended 31 December 2023 has
been declared for payment on 2 April 2024 to shareholders registered in the Register of Members on 15 March 2024.
Based on the total number of issued ordinary shares (excluding treasury shares) of the Company as at 31 December
2023, the final dividend would amount to RM35.9 million.
14. PROPERTY, PLANT AND EQUIPMENT
Accounting Policy
Property, plant and equipment are tangible items that:
(i) are held for use in the production or supply of goods or services, or for administrative purposes; and
(ii) are expected to be used during more than one period.
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
A bearer plant is a living plant that is used in the production or supply of agricultural produce, is expected to bear
produce for more than one period and has a remote likelihood of being sold as agricultural produce, except for incidental
scrap sales. Bearer plants generally have an average life cycle of 25 to 26 years with first 3 to 4 years as immature
bearer plants and the remaining years as mature bearer plants. Costs include plantation expenditures incurred from the
stage of land clearing up to the stage of maturity.
Immature bearer plants and other property, plant and equipment which are under construction are not depreciated.
Depreciation commences when the bearer plants mature or when the assets under construction are ready for their
intended use.
Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values
over their estimated useful lives, as follows:
Years
Plantations infrastructures 15
Bearer plants 22
Buildings and improvements 15 - 50
Plant and machinery 4 - 15
Motor vehicles 7
Furniture, fittings and equipment 3 - 15
The assets’ residual values and useful lives are reviewed annually and revised, if appropriate.

Buildings Plant Furniture, Construction
Freehold Plantations and and Motor fittings and Bearer in
lands infrastructure improvements machinery vehicles equipment plants progress Total
2023
Group
Net book value:
At 1 January 142,095 455,233 496,289 334,010 39,571 24,197 2,765,421 132,809 4,389,625
Additions 364 89,190 9,728 33,418 10,342 8,427 136,294 116,299 404,062
Disposals (56) - (2) (109) (15) - (68) - (250)
Written off - - (1,268) (952) (104) (59) (229) - (2,612)
Depreciation charge for the financial year - (34,535) (23,680) (68,770) (7,125) (7,816) (148,913) - (290,839)
Depreciation capitalised - (3,624) (1,629) (3,047) (773) (475) 9,548 - -
Interest capitalised - - - - - - 21,094 - 21,094
Depreciation of ROU assets capitalised
(see Note 17) - - - - - - 1,158 - 1,158
Reclassifications - 2,885 110,608 38,785 130 2,628 - (155,036) -
14. PROPERTY, PLANT AND EQUIPMENT (cont’d)
Transfer to plasma cooperatives* - - - - - - (28,997) (155) (29,152)

Foreign exchange differences - 11,937 14,400 7,964 1,501 269 92,239 7,276 135,586
At 31 December 142,403 521,086 604,446 341,299 43,527 27,171 2,847,547 101,193 4,628,672
At 31 December 2023
Cost 142,403 875,136 836,264 1,000,753 100,357 120,489 3,976,454 118,173 7,170,029
Accumulated depreciation - (354,050) (231,818) (659,454) (56,830) (93,318) (1,128,907) - (2,524,377)
Accumulated impairment losses - - - - - - - (16,980) (16,980)
Net book value 142,403 521,086 604,446 341,299 43,527 27,171 2,847,547 101,193 4,628,672
* Bearer plants which are disposed to the plasma cooperatives in connection with the plasma schemes as set out in Note 28.

139
140
2022
Group
Net book value:
At 1 January 143,010 424,706 498,701 364,465 28,148 27,967 2,813,649 64,643 4,365,289
Additions - 66,885 6,477 31,211 19,926 5,999 136,603 118,390 385,491
Disposals (31) - - - (46) (4) (99) - (180)
Written off - - (540) (940) (8) (124) (84) (133) (1,829)
Depreciation capitalised - (4,292) (1,523) (3,493) (911) (639) 10,858 - -
Interest capitalised - - - - - - 21,509 - 21,509
(see Note 17) - - - - - - 1,110 - 1,110
Transfer to ROU assets (see Note 17) (884) - - - - - - - (884)
Reclassifications - 3,720 24,639 17,608 (7) (948) (5) (45,007) -

Transfer to plasma cooperatives* - - - - - - (22,594) - (22,594)
Foreign exchange differences - (7,801) (9,859) (5,700) (976) (349) (60,630) (5,084) (90,399)
142,095 455,233 496,289 334,010 39,571 24,197 2,765,421 132,809 4,389,625

At 31 December
At 31 December 2022
Cost 142,095 754,773 697,691 924,398 89,304 109,903 3,750,029 149,789 6,617,982
Accumulated depreciation - (299,540) (201,402) (590,388) (49,733) (85,706) (984,608) - (2,211,377)
Net book value 142,095 455,233 496,289 334,010 39,571 24,197 2,765,421 132,809 4,389,625
At 1 January 2022
Cost 143,010 703,155 683,225 906,212 73,676 110,036 3,708,211 81,623 6,409,148
Accumulated depreciation - (278,449) (184,524) (541,747) (45,528) (82,069) (894,562) - (2,026,879)
Net book value 143,010 424,706 498,701 364,465 28,148 27,967 2,813,649 64,643 4,365,289
* Bearer plants which are disposed to the plasma cooperatives in connection with the plasma schemes as set out in Note 28.
2023
Company
Net book value:
At 1 January 1,637 21,828 24,821 5,222 2,481 7,718 105,727 1,796 171,230
Additions - 1,392 51 2,024 464 814 19,165 5,201 29,111
Disposals - - - (15) - (10) - - (25)
Written off - - (31) (3) - (6) (41) - (81)
Depreciation charge for the financial year - (1,011) (993) (1,281) (676) (2,612) (5,407) - (11,980)
Depreciation capitalised - (431) (325) (390) (47) (40) 1,233 - -
(see Note 17) - - - - - - 446 - 446
Reclassifications - 60 1,602 380 - 2,259 - (4,301) -
At 31 December 1,637 21,838 25,125 5,937 2,222 8,123 121,123 2,696 188,701
At 31 December 2023
Cost 1,637 44,031 39,320 26,944 7,831 43,195 320,813 2,696 486,467
Accumulated depreciation - (22,193) (14,195) (21,007) (5,609) (35,072) (199,690) - (297,766)
Net book value 1,637 21,838 25,125 5,937 2,222 8,123 121,123 2,696 188,701

141
142
2022
Company
Net book value:
At 1 January 1,637 22,312 25,330 4,727 2,454 8,731 92,506 1,780 159,477
Additions - 907 156 1,090 1,661 1,373 16,775 2,298 24,260
Disposals - - - - (24) (4) - - (28)
Written off - - (9) (88) (2) (17) (31) - (147)
Depreciation capitalised - (388) (286) (323) (78) (42) 1,117 - -
(see Note 17) - - - - - - 392 - 392
Reclassifications - 46 643 972 - 621 - (2,282) -
At 31 December 1,637 21,828 24,821 5,222 2,481 7,718 105,727 1,796 171,230
At 31 December 2022
Cost 1,637 42,579 37,745 25,098 7,518 40,308 312,573 1,796 469,254
- (20,751) (12,924) (19,876) (5,037) (32,590) (206,846) - (298,024)

Accumulated depreciation
Net book value 1,637 21,828 24,821 5,222 2,481 7,718 105,727 1,796 171,230
At 1 January 2022
Cost 1,637 41,626 37,038 24,150 6,688 39,375 300,175 1,780 452,469
Accumulated depreciation - (19,314) (11,708) (19,423) (4,234) (30,644) (207,669) - (292,992)
Net book value 1,637 22,312 25,330 4,727 2,454 8,731 92,506 1,780 159,477
The Group’s property, plant and equipment with a carrying amount of approximately RM67.7 million (2022: RM72.4 million) have been pledged as collateral for borrowings as at
31 December 2023 (see Note 38).
During the financial year, the Group has capitalised borrowing costs amounting to RM21.1 million (2022: RM21.5 million) on qualifying assets. The capitalisation rate used to determine
the amount of borrowing costs to be capitalised is based on the interest rate applicable to the Group’s general borrowings during the financial year of 5.96% per annum (2022: 4.51%
per annum).
15. PROPERTY DEVELOPMENT ACTIVITIES 143
Accounting Policy
(a) Land held for property development
Land held for property development consists of land on which no significant development work has been undertaken
or where development activities are not expected to be completed within the normal operating cycle. Such land is
classified as non-current asset and is stated at the lower of cost and net realisable value.
Costs comprise cost of land and all related costs incurred on activities necessary to prepare the land for its intended
use.
Land held for property development is transferred to property development costs and included under current
assets when development activities have commenced and where the development activities can be completed
within the normal operating cycle.
(b) Property development costs
Property development costs comprise costs associated with the acquisition of land and all costs directly attributable
to development activities or costs that can be allocated on a reasonable basis to these activities. Property
development costs are stated at the lower of cost and net realisable value, and are subsequently recognised as an
expense in profit or loss as and when the control of the development unit is transferred to the customer.
Group
2023 2022
(a) Land held for property development:

Freehold land 57,900 62,523
Leasehold land 199,844 192,946
Development costs 146,498 124,797
Accumulated write-down (7,202) (7,523)
397,040 372,743
At the beginning of the financial year 372,743 365,401
Additions:
- development costs 29,379 17,408
Write back/(write-down) 322 (1,271)
Foreign exchange differences 6,992 (4,471)
Transferred to property development costs :

(see Note 15(b))
- freehold land (4,623) (1,471)
- development costs (7,773) (12,396) (2,853) (4,324)
At the end of the financial year 397,040 372,743

144 15. PROPERTY DEVELOPMENT ACTIVITIES (cont’d)
Group
2023 2022
(b) Property development costs:

Freehold land 5,685 1,747
Development costs 58,158 20,047
Accumulated costs charged to profit or loss (40,775) (13,734)
23,068 8,060
At the beginning of the financial year 8,060 11,480
Development costs incurred during the financial year 48,081 27,238
Development costs charged to profit or loss (45,343) (31,885)
Transferred from land held for property development (see Note 15(a)) 12,396 4,324
Transferred to inventories (126) (3,097)

At the end of the financial year 23,068 8,060
16. INVESTMENT PROPERTIES
Accounting Policy
Investment properties consist of investments in buildings that are held for long-term rental yield and/or for capital
appreciation and are not occupied by the Group.
Investment properties are stated at cost less accumulated depreciation and impairment losses. Depreciation is
calculated using the straight-line method to allocate their costs over their estimated useful lives, as follows:
Years
Buildings and improvements 10 - 50
Group
2023 2022
Net book value:

At 1 January 18,377 21,944
Addition 6 3
Depreciation (458) (523)
Disposal - (2,091)
Transfer to assets held for sale (see Note 31) (1,325) (956)
At 31 December 16,600 18,377
Group
31.12.2023 31.12.2022 1.1.2022
Cost 22,056 23,871 28,075

Accumulated depreciation (5,456) (5,494) (6,131)
Net book value at end of the financial year 16,600 18,377 21,944
Fair value at end of the financial year 22,462 26,368 31,092
The aggregate lease income and direct operating expenses arising from investment properties that generated lease
income which were recognised during the financial year amounted to RM1.0 million and RM0.8 million (2022: RM2.0
million and RM0.8 million) respectively.
Fair values of the Group’s investment properties at the end of financial year have been determined by independent
professional valuers based on the market comparable approach that reflect the recent transaction prices for similar
properties in size and type within the vicinity and are within Level 2 of the fair value hierarchy.
17. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES 145
(a) ROU assets
Leasehold Office
lands space Total
Group
2023
Net book value:

At 1 January 951,724 8,555 960,279
Additions 9,168 7,508 16,676
Depreciation charged to profit or loss (7,453) (2,725) (10,178)
Depreciation capitalised under property, plant and equipment
(see Note 14) (1,158) - (1,158)
Lease modification - (553) (553)
Transfer from trade and other receivables 4,246 - 4,246
Foreign exchange differences 17,267 22 17,289
At 31 December 973,794 12,807 986,601
2022
Net book value:

At 1 January 956,270 9,500 965,770
Additions 13,312 1,725 15,037
(see Note 14) (1,110) - (1,110)
Transfer from property, plant and equipment (see Note 14) 884 - 884
Foreign exchange differences (10,142) (23) (10,165)
At 31 December 951,724 8,555 960,279
Company
2023
Net book value:

At 1 January 143,384 6,303 149,687
Addition - 6,009 6,009
Depreciation charged to profit or loss (949) (2,052) (3,001)
(see Note 14) (446) - (446)
At 31 December 141,989 10,260 152,249
2022
Net book value:

At 1 January 144,779 8,404 153,183
(see Note 14) (392) - (392)
At 31 December 143,384 6,303 149,687

146 17. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (cont’d)
(a) ROU assets (cont’d)
Leasehold lands of certain subsidiaries with an aggregate carrying value of RM452.8 million (2022: RM428.3
million) are pledged as securities for borrowings (see Note 38).
The Group holds land rights in Indonesia in the form of Hak Guna Usaha (“HGU”), which give the rights to cultivate
land for agricultural purposes with expiry dates between 2037 and 2054. The Group also holds other rights relating
to certain plots of land in Indonesia and the Group is at various stages of the application process in converting such
rights to HGU.
The Group also leases various offices where the rental contracts are typically entered into for fixed periods ranging
between 3 to 6 years, but may include extension options which has been considered in determining the lease term
upon lease inception.
Lease and terms on the rental contracts are negotiated on an individual basis and contain a wide range of different
terms and conditions. These rental contracts do not impose any covenants.
(b) Lease liabilities
Group Company
2023 2022 2023 2022
Analysed as follows:
Non-current 10,839 6,537 8,997 4,706
Current 2,757 2,679 2,002 2,195
Total lease liabilities 13,596 9,216 10,999 6,901
Lease liabilities are initially measured at the present value of the lease payments that are not paid at that date. The
lease payments are discounted using the lessee’s incremental borrowing rate. Subsequent to the initial recognition,
the Group and the Company measure the lease liabilities by increasing the carrying amount to reflect interest on
the lease liabilities, reducing the carrying amount to reflect lease payments made, and remeasuring the carrying
amount to reflect any reassessment as a result of lease modifications.
The maturity analysis of the lease liabilities as at the reporting date is disclosed in Note 3(a)(v).
Total cash outflow for the leases in the financial year ended 31 December 2023 for the Group and for the Company
amounted to RM4.0 million (2022: RM3.5 million) and RM2.5 million (2022: RM2.5 million) respectively.
(c) Leases as lessor
The Group and the Company lease certain property, plant and equipment, investment properties and ROU assets
to related and non-related parties. The Group and the Company have classified these leases as operating leases,
because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets.
The following table sets out the maturity analysis of lease payments, showing the undiscounted lease payments to
be received after the reporting date.
Group Company
2023 2022 2023 2022
Less than 1 year 1,519 1,832 39 27

Between 1 and 2 years 911 1,140 12 -
Between 2 and 3 years 66 791 2 -
Between 3 and 4 years 4 4 - -
Between 4 and 5 years 1 4 - -
Over 5 years - 1 - -
Total undiscounted lease payments to be received 2,501 3,772 53 27

18. INTANGIBLE ASSETS 147
Licencing
Goodwill fee Patents Total
Group
2023
Net book value:
At 1 January - 677 143 820
Addition - - 4 4
Amortisation - - (24) (24)
At 31 December - 677 123 800
At 31 December 2023
Cost 27,013 14,680 529 42,222
Accumulated amortisation - - (406) (406)
Accumulated impairment losses (27,013) (14,003) - (41,016)
Net book value - 677 123 800
2022
Net book value:
At 1 January 25,634 - 63 25,697
Addition - - 170 170
Acquisition of a subsidiary - 677 - 677
Amortisation - - (90) (90)
Impairment loss (27,013) - - (27,013)
Foreign exchange differences 1,379 - - 1,379
At 31 December - 677 143 820
At 31 December 2022
Cost 27,013 14,680 525 42,218
Accumulated impairment losses (27,013) (14,003) - (41,016)
Net book value - 677 143 820
At 1 January 2022
Cost 25,634 14,003 355 39,992
Accumulated impairment losses - (14,003) - (14,003)
Net book value 25,634 - 63 25,697

148 19. SUBSIDIARIES
Company
2023 2022
Unquoted shares - at cost 6,082,162 5,626,832

Accumulated impairment losses (487,350) (475,796)
5,594,812 5,151,036
Amounts due from subsidiaries:

- Current 54,707 46,088
- Non-current 607,021 584,321
Amounts due to subsidiaries:

- Current 1,302 8,622
- Non-current 1,000,000 1,000,000
Movements on the Company’s impairment on investment in subsidiaries and amounts due from subsidiaries are as
follows:
Investment in Amounts due from

subsidiaries subsidiaries
2023 2022 2023 2022
At 1 January 475,796 467,430 624 524

Loss allowance during the financial year 11,554 8,366 244 187
Write back of impairment losses - - (150) (87)
Written off - - (4) -
At 31 December 487,350 475,796 714 624
The amounts due from and to subsidiaries classified as current assets and current liabilities respectively represent
outstanding amounts arising from inter-company sales and purchases, advances, payments and receipts on behalf of or
by subsidiaries. These amounts which are classified as current assets and current liabilities respectively, are unsecured,
repayable on demand and interest free. The amounts due from subsidiaries are neither past due nor impaired.
Included in the amounts due from subsidiaries is a loan to a subsidiary amounting to RM489.0 million (2022: RM489.0
million) bearing a fixed interest rate of 4.62% (2022: 4.62%) per annum and the remaining balance represents
non-trade advances which are interest free, unsecured and repayable on demand. These balances are classified as
non-current as at the reporting date as the Company does not intend to demand for repayment of these balances
within twelve months from the reporting date.
The non-current amount due to a subsidiary represents the proceeds from the issuance of Sukuk Murabahah advanced
to the Company by Benih Restu Berhad, a wholly owned subsidiary, and bears a fixed interest rate of 4.62% (2022:
4.62%) per annum.
During the financial year, the Company subscribed for redeemable convertible non-cumulative preference shares
issued by its wholly owned subsidiaries amounting to RM505.5 million (2022: RM297.0 million) which was settled via
capitalisation of intercompany balances.
An impairment loss on investment in subsidiaries of RM11.6 million (2022: RM8.4 million) was recognised in the current
financial year as the timing and extent of the future economics benefits that can be derived from these subsidiaries
remain uncertain.
The shares of the Company’s indirect subsidiaries, PT GlobalIndo Agung Lestari, PT United Agro Indonesia, Global Agri
Investment Pte Ltd and Universal Agri Investment Pte Ltd are pledged as collateral for borrowings as disclosed in
Note 38.

19. SUBSIDIARIES (cont’d) 149
The subsidiaries are listed in Note 42 and the subsidiaries with material non-controlling interests are set out below:
Indonesia Subsidiaries
1. PalmIndo Holdings Pte Ltd 14. PT Surya Agro Palma

2. Sri Nangatayap Pte Ltd 15. PT Agro Abadi Cemerlang
3. Sanggau Holdings Pte Ltd 16. PT Palma Agro Lestari Jaya
4. Sandai Maju Pte Ltd 17. PT Kharisma Inti Usaha
5. Ketapang Agri Holdings Pte Ltd 18. PT Dwie Warna Karya
6. Ketapang Holdings Pte Ltd 19. PT Kapuas Maju Jaya
7. Borneo Palma Mulia Pte Ltd 20. PT Susantri Permai
8. Palma Citra Investama Pte Ltd 21. GlobalIndo Holdings Pte Ltd
9. Cahaya Agro Abadi Pte Ltd 22. Global Agri Investment Pte Ltd
10. Palm Capital Investment Pte Ltd 23. Universal Agri Investment Pte Ltd
11. PT Citra Sawit Cemerlang 24. PT GlobalIndo Agung Lestari
12. PT Sawit Mitra Abadi 25. PT United Agro Indonesia
13. PT Sepanjang Intisurya Mulia
Malaysia Subsidiary
1. Genting MusimMas Refinery Sdn Bhd
The accumulated non-controlling interests of the above Malaysia and Indonesia subsidiaries as at 31 December 2023
are RM18.1 million (2022: RM20.0 million) and RM67.3 million (2022: RM64.7 million) respectively.
The profit or loss allocated to non-controlling interests of the above Malaysia and Indonesia subsidiaries are a loss of
RM1.3 million (2022: profit of RM3.4 million) and a profit of RM11.7 million (2022: profit of RM5.3 million) respectively.
Set out below are the summarised financial information for subsidiaries with material non-controlling interests to the
Group. The amounts disclosed are before inter-company eliminations:
Indonesia Subsidiaries Malaysia Subsidiary

2023 2022 2023 2022
Summarised statement of financial position

As at 31 December
Current assets 726,058 641,771 164,300 269,825
Non-current assets 3,000,309 2,827,128 79,746 84,638
Current liabilities (2,470,793) (1,810,693) (150,403) (228,259)
Non-current liabilities (623,800) (1,023,583) (29,418) (55,393)
Net assets 631,774 634,623 64,225 70,811
Summarised statement of comprehensive income

For the financial year ended 31 December
Revenue for the financial year 1,639,880 1,502,634 1,100,208 1,449,514
Profit/(loss) for the financial year 161,461 38,174 (4,759) 11,986
Total comprehensive income/(loss) for
the financial year (2,849) (150,664) (6,586) 8,182

150 19. SUBSIDIARIES (cont’d)
Indonesia Subsidiaries Malaysia Subsidiary

2023 2022 2023 2022
Summarised cash flows

For the financial year ended 31 December
Cash flows from operating activities 535,937 259,441 18,747 122,435
Cash flows from investing activities (364,128) (150,138) 572 1,034
Cash flows from financing activities (71,339) (179,892) (76,415) (30,179)
Net change in cash and cash equivalents 100,470 (70,589) (57,096) 93,290
Dividend paid to non-controlling interests 26,989 21,481 - -
20. JOINT VENTURES
Accounting Policy
The Group’s interest in joint ventures are accounted for in the consolidated financial statements based on the equity
method of accounting. Equity accounting is discontinued when the carrying amount of the investment in joint ventures
(including any long term interests that, in substance, form part of the Group’s net investment in joint venture) reaches
zero, unless the Group has incurred obligation or made payment on behalf of the joint venture.
Group
2023 2022
Unquoted - at cost
Shares in a foreign corporation 12,500 12,500
Group’s share of post acquisition reserves 315,365 263,540
327,865 276,040
Shares in a Malaysian corporation 52,000 45,000

Group’s share of post acquisition reserves (7,859) (645)
44,141 44,355
Total 372,006 320,395
Amounts due from joint ventures:

- Current 3,907 1,650
Details of the joint ventures are listed in Note 42.
The Group has two material joint ventures which are summarised as below:
Name of joint venture Description

Simon Genting (“SGL”) Group Principally involved in development, ownership and
management of outlet shopping centres.
Green World Genetics (“GWG”) Group Principally involved in research, development and
commercialisation of tropical seed breeding, trading
of agricultural products, seeds and fertiliser as well as
wholesale of vegetables and fruits.
During the financial year, the Group completed the purchase price allocation exercise for its investment in GWG
Group. There were no changes to the fair value of the net assets amounting to RM45 million, which were acquired on
30 August 2022.

20. JOINT VENTURES (cont’d) 151
In addition, the Group subscribed for 7 million units of 8% Redeemable Convertible Preference Shares (“RCPS”)
amounted to RM7.0 million in GWG during the financial year. There is no change to the Group’s effective interest in GWG
Group after the subscription.
The RCPS shall have the following rights:

(i) No voting rights at any general meeting;
(ii) The Group is entitled to receive an annual fixed 8% dividend on the RCPS payable and accrued on a cumulative
basis;
(iii) Automatic conversion into ordinary shares is triggered in the following events:
(a) an initial public offering (“IPO”) of GWG, where the RCPS and any unpaid accrued dividend will be converted to
ordinary shares with the realisation of an internal rate of return (“IRR”) of 20%;
(b) new issuance of ordinary shares other than IPO in GWG, RCPS and any unpaid accrued dividend will be
converted into ordinary shares at the initial investments in GWG per share.
The joint ventures are private companies and there is no quoted market price available for their shares.
The amounts due from joint ventures included in current assets are unsecured, interest free and are receivable within
the next twelve months. The amounts due from joint ventures are neither past due nor impaired as at reporting date.
There are no contingent liabilities relating to the Group’s interest in the joint ventures as at the reporting date (2022:
Nil).
Set out below are the summarised financial information for joint ventures which are accounted for using the equity
method:
SGL Group GWG Group

2023 2022 2023 2022
Summarised statement of financial position as at

31 December
Current assets 143,524 122,520 9,550 21,191
Non-current assets 625,979 594,801 109,165 109,464
Current liabilities (87,698) (81,001) (4,316) (5,848)
Non-current liabilities (15,907) (74,071) (13,057) (13,919)
Net assets 665,898 562,249 101,342 110,888
Included in the statement of financial position are:
Cash and cash equivalents 106,886 80,898 2,335 2,196

Non-current financial liabilities (excluding trade and other
payables and provisions) (15,907) (59,113) (12,653) (13,919)
Summarised statements of profit or loss for the financial

year ended 31 December
Profit/(loss) for the financial year 94,472 73,518 (9,471) (1,612)
Other comprehensive income/(loss) 9,177 (11,143) - -
Total comprehensive income/(loss) 103,649 62,375 (9,471) (1,612)
Included in the statements of profit or loss are:
Revenue 182,555 161,826 35,755 10,889

Depreciation and amortisation (14,452) (14,956) (1,530) (536)
Interest income 1,907 727 28 4
Interest expense (2,313) (3,289) (588) (208)
Income tax expense (35,210) (31,129) (775) (348)

152 20. JOINT VENTURES (cont’d)
SGL Group GWG Group

2023 2022 2023 2022
Reconciliation of net assets to the carrying amount:
Group effective interest 50% 50% 40% 40%
As at 31 December
Group’s share of net assets 332,949 281,124 40,536 44,355
Profit elimination on transaction with a joint venture (5,084) (5,084) - -
327,865 276,040 40,536 44,355
Investment in RCPS - - 7,000 -
Other adjustment - - (3,395) -
Carrying amount in the statement of financial position 327,865 276,040 44,141 44,355
21. ASSOCIATES
Accounting Policy
The Group’s interest in associates are accounted for in the consolidated financial statements using the equity method
of accounting. Equity accounting is discontinued when the carrying amount of the investment in an associate (including
any long term interests that, in substance, form part of the Group’s net investment in associate) reaches zero, unless the
Group has incurred obligation or made payment on behalf of the associate.
Group Company
2023 2022 2023 2022
Unquoted shares - at cost 1,872 1,872 1,872 1,872

Group’s share of post-acquisition reserves 11,453 9,649 - -
Share of net assets 13,325 11,521 1,872 1,872
Amounts due from associates:

- current 19 81 19 81
The associates are listed in Note 42.
The amounts due from associates represent outstanding amounts arising from trade transactions and advances and
payments made on behalf of associates, are unsecured, interest free and repayable on demand. The amounts due from
associates classified as current assets are neither past due nor impaired.
There are no contingent liabilities relating to the Group’s interest in associates as at the reporting date (2022: Nil).
The following table summarises, in aggregate, the financial information of all individually immaterial associates that are
accounted for using the equity method:
Group
2023 2022
Share of profit/(loss) for the financial year 2,679 (734)

Share of other comprehensive income - -
Share of total comprehensive income 2,679 (734)

22. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 153
Group
2023 2022
Non-current:
Debts security in a foreign corporation
- unquoted - 4,167
Equity investment in foreign corporations

- unquoted 424 -
424 4,167
In previous year, the debts security in a foreign corporation represents 8% Convertible Promissory Notes (“Notes”)
in Viridos, Inc (“Viridos”), a privately held company incorporated in the United States of America, specialising in
developing and commercialising genomic-driven solution to address global sustainability challenges. The Notes was
repayable upon maturity or convertible to equity share in Viridos.
During the financial year, the Notes was converted into junior preference shares in Viridos and quoted equity investments
in foreign corporations. The junior preference shares in Viridos have been reclassified as financial assets at FVOCI upon
conversion as these shares form part of the strategic investments of the Group which is not held for trading purpose.
23. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Group
2023 2022
Non-current:
Equity investment in foreign corporations
- unquoted 2,551 6,586
Equity investment in a Malaysian corporation

- quoted 6,501 4,875
9,052 11,461
Financial assets at FVOCI comprise strategic investments of the Group which is not held for trading purpose.
The equity investments in foreign corporations comprise mainly the 1.45% (2022: 4.33%) equity interest in Viridos
and 10% (2022: 10%) equity interest in Adatos Pte Ltd as at the reporting date. As at the reporting date, the carrying
amount of junior preference shares in Viridos approximates it fair value as the shares were recently converted during
the financial year.
During the financial year, a fair value loss of RM6.9 million was recognised in relation to the equity investment in Adatos
Pte Ltd as the timing and extent of the future economic benefits that can be received from this investment remains
uncertain.
The equity investments in a Malaysian corporation as at the reporting date comprise of 6.86% (2022: 9.44%) equity
interest in PUC Berhad where the decrease in shareholdings was due to exercise of share options granted under
PUC Berhad’s employee share option scheme and private placement. The fair value of quoted equity investment is
determined by reference to the bid price on the Bursa Malaysia Berhad.

154 24. OTHER NON-CURRENT ASSETS
Group
2023 2022
Amounts due from plasma cooperatives (see Note 28) 180,027 167,782
Less: Net impairment losses on plasma cooperatives receivables (see Note (a) below) (25,005) (11,367)
155,022 156,415
Amounts due from related parties 7,321 14,184
Prepayments 26,318 1,143
Trade receivables (see Note (b) below) 313 340
188,974 172,082
The maturity profile for other non-current assets is as follows:

More than one year and less than two years 111,647 99,069
More than two years and less than five years 60,263 57,128
More than five years 17,064 15,885
188,974 172,082
(a) The movements of the Group’s provision for impairment losses on plasma cooperatives receivables are as follows:
Group
2023 2022
At 1 January 11,367 -
Charge for the financial year 13,638 11,367
At 31 December 25,005 11,367
Other than as disclosed above, the remaining non-current receivables balances are neither past due nor impaired.
The maximum exposure to credit risk at the reporting date is the carrying value of receivables mentioned above.
(b) Trade receivables bear interest rates of 4.75% (2022: 4.5% to 5.1%) per annum.
25. DEFERRED TAXATION
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined
after appropriate offsetting, are shown in the statements of financial position:
Group Company
2023 2022 2023 2022
Subject to income tax:

- Deferred tax assets 66,624 65,903 - -
- Deferred tax liabilities (478,602) (435,192) (32,065) (29,933)
(411,978) (369,289) (32,065) (29,933)

25. DEFERRED TAXATION (cont’d) 155
Group Company
2023 2022 2023 2022
At 1 January (369,289) (338,244) (29,933) (27,492)
(Charged)/Credited to statements of profit or loss (see

Note 11):
- Property, plant and equipment (17,836) (30,780) (3,287) (2,514)
- Provision for retirement gratuities/benefits 3,536 2,994 732 39
- Land held for property development 459 419 - -
- Lease liabilities 3,936 2 2,497 1
- Property development costs (488) (50) - -
- Inventories (2,740) 1,777 - -
- Produce growing on bearer plants 1,649 (281) 20 38
- Receivables (19,368) (8,641) - -
- Payables 3,507 5,513 9 (5)
- Tax losses 9,110 (34,119) - -
- ROU assets (3,890) - (2,462) -
- Other temporary differences (3,195) (1,818) - -
(25,320) (64,984) (2,491) (2,441)
Recognised in other comprehensive income (see Note 11) (12,092) 35,027 359 -
Foreign exchange differences (5,277) (1,088) - -
At 31 December (411,978) (369,289) (32,065) (29,933)
Included in the other comprehensive income is the related tax effects on foreign exchange differences on monetary
items that form part of the Group’s net investment in foreign operations and the derivative financial instruments
designated as hedging instruments for the Group and the Company. These amounts have been included as part of
balances categorised as “Other temporary differences” in the deferred tax assets and deferred tax liabilities respectively.
Subject to income tax:

(i) Deferred tax assets (before offsetting)
- Property, plant and equipment 7,039 3,111 - -
- Provision for retirement gratuities/benefits 17,333 13,797 4,602 3,870
- Land held for property development 8,741 8,282 - -
- Inventories 6,984 9,776 - -
- Payables 39,655 36,148 224 215
- Lease liabilities 4,080 144 2,640 143
- Tax losses 45,247 36,137 - -
- Other temporary differences 2,545 1,626 - -
131,624 109,021 7,466 4,228
Offsetting (65,000) (43,118) (7,466) (4,228)
Deferred tax assets (after offsetting) 66,624 65,903 - -
(ii) Deferred tax liabilities (before offsetting)

- Property, plant and equipment (474,851) (433,848) (36,942) (34,014)
- Land held for property development (182) (182) - -
- Produce growing on bearer plants (2,988) (4,637) (127) (147)
- Property development costs (668) (180) - -
- Inventories (105) (157) - -
- Receivables (55,388) (36,020) - -
- ROU assets (3,890) - (2,462) -
- Other temporary differences (5,530) (3,286) - -
(543,602) (478,310) (39,531) (34,161)
Offsetting 65,000 43,118 7,466 4,228
Deferred tax liabilities (after offsetting) (478,602) (435,192) (32,065) (29,933)

156 25. DEFERRED TAXATION (cont’d)
The deferred tax assets recognised on unutilised tax losses mainly relate to carried forward tax losses of subsidiaries
in Indonesia, to the extent that the deferred tax assets will be recoverable based on the estimated future financial
performance of the subsidiaries.
The amount of tax savings in respect of previously unrecognised tax losses for which credit has been recognised by the
Group during the financial year amounted to RM5.9 million (2022: RM7.1 million).
The amounts of unutilised tax losses and deductible temporary differences for which no deferred tax asset has been
recognised in the statements of financial position are as follows:
Group
2023 2022
Unutilised tax losses:

Malaysia subsidiaries
- Expiring not more than ten years (see Note (a) below) 1,198 545
- No expiry period (see Note (b) below) 378,727 367,201
Indonesia subsidiaries
- Expiring not more than five years (see Note (a) below) 149,847 243,268
529,772 611,014
Unutilised capital allowances with no expiry period 107,699 107,115

637,471 718,129
(a) Deferred tax assets on unutilised tax losses for certain subsidiaries have not been recognised as the realisation of
the tax benefits accruing to these tax losses prior to their expiry dates is not probable.
The unutilised tax losses will expire in the following financial years:
Group
2023 2022
Malaysia subsidiaries
Year of expiry
- 2031 220 220
- 2032 292 325
- 2033 686 -
1,198 545
Indonesia subsidiaries
Year of expiry
- 2023 - 161,282
- 2024 58,731 58,731
- 2025 37,572 4,800
- 2026 6,972 6,972
- 2027 11,155 11,483
- 2028 35,417 -
149,847 243,268
Pursuant to the Finance Act 2021 which was gazetted on 31 December 2021, the existing time limit to carry forward
unutilised tax losses has been extended to 10 consecutive years for the Malaysian subsidiaries from financial year
2018 onwards. Accordingly, the unutilised tax losses incurred in the financial year 2018 onwards respectively are
now carried forward for 10 consecutive years.
(b) Included in the amount of unutilised tax losses with no expiry period are unutilised tax losses of certain subsidiaries
of the Group amounting to RM378.7 million (2022: RM367.2 million). These subsidiaries are accredited with tax
exemption for 10 years and the tax losses arising therefrom are not subject to the expiry limit.

26. INVENTORIES 157
Accounting Policy
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in
the ordinary course of business, less costs to completion and selling expenses.
(a) Completed development properties
The cost of unsold completed properties comprise cost associated with the acquisition of land, direct costs and an
appropriate proportion of allocated costs attributable to property development activities.
(b) Plantation products and produce, palm oil derivative products, stores, spares, raw materials and consumables.
Cost of plantation products and produce, palm oil derivative products, stores, spares, raw materials and consumables
includes, where relevant, appropriate proportions of overheads and is determined on a weighted average basis.
Group Company
2023 2022 2023 2022
Plantation products and produce 52,974 76,006 - -

Palm oil derivative products 32,630 76,247 - -
Stores and spares 83,359 103,676 3,869 2,747
Raw materials and consumables 22,663 7,802 - -
Completed development properties 1,413 6,654 - -
193,039 270,385 3,869 2,747
27. PRODUCE GROWING ON BEARER PLANTS
Accounting Policy
The produce growing on bearer plants of the Group and the Company comprise FFB prior to harvest. The produce
growing on bearer plants are measured using the fair value less costs to sell (“FVLCTS”) method. Any gains or losses
arising from changes in the FVLCTS are recognised within cost of sales in profit or loss. The fair value of unharvested
FFB is determined by using the market approach, which takes into consideration the market prices of FFB, adjusted
for the estimated oil content of unharvested FFB, less harvesting, transport and other costs to sell and is categorised
within Level 3 of the fair value hierarchy.
Group Company
2023 2022 2023 2022
At 1 January 10,302 12,472 613 771

Transferred to produce stocks (10,302) (12,472) (613) (771)
Changes in fair value 9,506 10,300 528 613
Foreign exchange differences 11 2 - -
At 31 December 9,517 10,302 528 613

158 28. TRADE AND OTHER RECEIVABLES
Group Company
2023 2022 2023 2022
Current:
(i) Trade receivables 135,306 163,484 - -
Less: Impairment losses on trade receivables (362) (359) - -
134,944 163,125 - -
Amounts due from plasma cooperatives* 128,245 107,543 - -
Deposits 8,159 7,920 788 784
Prepayments 13,342 12,636 1,028 989
Other receivables 214,872 241,614 1,052 1,685
499,562 532,838 2,868 3,458
(ii) Contract assets in relation to property development
activities 20,061 8,670 - -
519,623 541,508 2,868 3,458
(i) Trade and other receivables
* In accordance with the policy of the Government of the Republic of Indonesia (“Government”), nucleus
companies involved in plantation developments are required to provide support to develop and cultivate palm
oil lands for local communities as part of their social obligation which is known as “plasma” schemes.
In line with this requirement, the Group’s subsidiaries in Indonesia participate in several plasma cooperative
programs for the development and cultivation of oil palm lands for the local communities. The Group’s
subsidiaries manage the plasma plantation activities and purchase the plantation produce arising therefrom
at prices determined by the Government. Advances made by the Group’s subsidiaries to the plasma schemes
in the form of plantation development costs are recoverable either through bank loans obtained by the
plasma cooperatives or direct repayments from the cooperatives when these plasma areas come to maturity.
Impairment losses are made based on the 3-stage approach as disclosed in Note 3(a)(iii)(b). The non-current
amounts due from plasma cooperatives of RM155.0 million (2022: RM156.4 million) are disclosed in Note 24
to the financial statements.
Included in the trade receivables is an amount of RM45.5 million (2022: RM54.9 million) due from Inter-Continental
Oils & Fat Pte Ltd in respect of the related party transactions as disclosed in Note 41. As at the reporting date, the
Group has a concentration of credit risk whereby 34% (2022: 34%) of the Group’s trade receivables is with respect
to a single customer.
Included in the trade receivables was an amount of RM15.8 million bearing interest ranging from 4.5% to 5.1% per
annum in year 2022.
The Group’s trade receivables that are individually determined to be impaired as at the reporting date relate to
property debtors that have defaulted on payment.
The movements of the Group’s provision for impairment losses on trade receivables are as follows:
Group
2023 2022
At 1 January 359 334

Charge for the financial year 3 25
At 31 December 362 359
Other than as disclosed above, the remaining trade and other receivables balances are neither past due nor
impaired. The maximum exposure to credit risk at the reporting date is the carrying value of trade and other
receivables mentioned above.

28. TRADE AND OTHER RECEIVABLES (cont’d) 159
(ii) Contract assets in relation to property development activities
Group
2023 2022
At 1 January 3,624 9,425

Property development revenue recognised 88,922 55,959
Less: Progress billings issued (77,837) (61,760)
At 31 December 14,709 3,624
- contract assets 20,061 8,670
- contract liabilities (see Note 35) (5,352) (5,046)
14,709 3,624
The amount of unfulfilled performance obligation of RM75.3 million (2022: RM56.2 million) as at the reporting
date will be recognised in the financial statements within the next three years (2022: within the next three years).
29. HOLDING COMPANY AND OTHER RELATED COMPANIES
The Company’s immediate and ultimate holding company is Genting Berhad, a company incorporated in Malaysia.
Group Company
2023 2022 2023 2022
Current:
Amount due to ultimate holding company (2,337) (1,839) (2,337) (1,839)
Amounts due to other related companies (1,809) (924) (1,809) (924)
(4,146) (2,763) (4,146) (2,763)
Amounts due from other related companies - - 3,398 1,457
(4,146) (2,763) (748) (1,306)
The amounts due to ultimate holding company and other related companies and the amounts due from other related
companies are unsecured, interest free and repayable on demand.
30. CASH AND CASH EQUIVALENTS
Accounting policy
Cash and cash equivalents include cash and bank balances with original maturities of 3 months or less and are subject
to insignificant risk changes in value.
Group Company
2023 2022 2023 2022
Deposits with licensed banks 120,463 195,918 17,140 103,835

Cash and bank balances 590,546 145,168 134,150 25,886
711,009 341,086 151,290 129,721
Money market instruments 361,420 1,257,387 62,287 632,990
1,072,429 1,598,473 213,577 762,711
Less: Restricted cash (23,856) (22,702) - -
Cash and cash equivalents 1,048,573 1,575,771 213,577 762,711

160 30. CASH AND CASH EQUIVALENTS (cont’d)
The deposits of the Group and of the Company as at 31 December 2023 have maturity period of one month (2022:
one month). The money market instruments of the Group and of the Company as at 31 December 2023 have maturity
periods ranging between overnight and one month (2022: between overnight and one month). Bank balances of the
Group and of the Company are held at call. The deposits with licensed banks and money market instruments bear
interest at interest rates ranging from 2.93% to 3.36% (2022: 1.90% to 3.48%) per annum.
Included in deposits with licensed banks of the Group is an amount of RM28.7 million (2022: RM18.2 million) deposited
by a subsidiary involved in property development activities into various Housing Development Accounts maintained
pursuant to Section 7(A) of the Housing Developers (Control and Licensing) Act, 1966. This amount is available for use
by the said subsidiary for the payment of property development expenditure.
As at the reporting date, money market instruments totalling RM266.1 million (2022: RM268.5 million) and deposit
with licensed bank totalling RM73.2 million (2022: RM72.8 million) (collectively refer as “Funds”) are held in trust for
certain subsidiaries by the Company. The Company acts as the Group Treasury and as such manages the Funds on
behalf of its subsidiaries.
As the respective subsidiaries retain the legal and beneficial ownership of these Funds and the subsidiaries can utilise
these Funds without any restriction, these Funds are recorded in the financial statements of the respective subsidiaries.
Restricted cash relates to deposit pledged with a licensed bank that was secured against certain borrowings (see Note
38).
31. ASSETS CLASSIFIED AS HELD FOR SALE
Group
2023 2022
Investment properties (see Note 16) 1,325 956
The assets classified as held for sale relate to the planned disposal of commercial buildings in Genting Indahpura from
the property segment which are expected to be completed in the next 12 months.
32. SHARE CAPITAL
Company
Number of shares Share capital
2023 2022 2023 2022
Issued and fully-paid:

Ordinary shares with no par value
At 1 January/31 December 897,358,230 897,358,230 1,724,016 1,724,016
33. TREASURY SHARES
At the Forty-Fifth Annual General Meeting of the Company held on 30 May 2023, the shareholders of the Company
approved the renewal of the authority for the Company to purchase its own shares up to 10% of the issued and paid-up
share capital of the Company.
During the financial year, the Company purchased a total of 36,400 (2022: Nil) ordinary shares of its issued share
capital from the open market. The total consideration paid for the purchase, including transaction costs, was RM196,192
and was financed by internally generated funds. The purchased shares are held as treasury shares in accordance with
the provisions of Section 127(4) of the Companies Act 2016. There is no cancellation, resale or reissuance of treasury
shares during the financial year. As treasury shares, the rights attached as to voting, dividends and participation in
other distribution are suspended.
As at 31 December 2023, of the total 897,358,230 (2022: 897,358,230) issued and fully paid ordinary shares, 196,400
(2022: 160,000) shares are held as treasury shares by the Company. As at 31 December 2023, the number of outstanding
ordinary shares in issue, after netting-off treasury shares against equity, is 897,161,830 (2022: 897,198,230) ordinary
shares.

33. TREASURY SHARES (cont’d) 161
Total shares Total
purchased consideration Average
in units paid price*
’000 RM’000 RM
Company
2023
At 1 January 160 1,372 8.58

Shares purchased during the financial year 36 196 5.39
At 31 December 196 1,568 8.00
2022
At 1 January/31 December 160 1,372 8.58
* Average price includes transaction costs such as stamp duty, brokerage and clearing fees.
34. RESERVES
Group Company
2023 2022 2023 2022
Fair value reserve (105,336) (100,031) - -

Cash flow hedge reserve 402 5,531 (1,138) -
Reserve on exchange differences (224,633) (347,625) - -
(329,567) (442,125) (1,138) -
Retained earnings 3,941,423 3,929,044 3,934,398 4,066,866
3,611,856 3,486,919 3,933,260 4,066,866
Fair value reserve comprises the cumulative net change in the fair value of equity instruments measured at FVOCI.
Reserve on exchange differences represents the exchange differences arising from the translation of the net investments
of foreign subsidiaries whose functional currencies are different from that of the Group’s presentation currency and the
exchange differences arising from monetary items which form part of the Group’s net investment in foreign subsidiaries.
35. TRADE AND OTHER PAYABLES
Group Company
2023 2022 2023 2022
Current:
Trade payables 100,218 153,607 4,178 3,227
Accruals for property development expenditure 94,949 97,790 - -
Deposits 42,846 59,335 477 319
Retirement benefits (see Note 36 (b)) 2,045 4,047 - -
Accrued capital expenditures 34,550 46,964 1,889 1,265
Accrued payroll related expenses 77,078 71,747 16,167 14,495
Taxes payable to Government 13,343 16,659 69 205
Accrued expenses 79,377 72,698 95 1,068
Retention monies 15,544 11,583 9 9
Contract liabilities (see Note 28 (ii)) 5,352 5,046 - -
465,302 539,476 22,884 20,588

162 36. PROVISIONS
Accounting policy
(a) Long-term employee benefits
(i) Long-term employee benefits include retirement gratuities payable to Executive Directors and a retirement
gratuity scheme for Executives of the Company and certain subsidiaries. The level of retirement gratuities
payable is determined by the Board of Directors in relation to the services rendered and it does not take into
account the employee’s performance to be rendered in later years up to retirement. The gratuity, which is
calculated based on either on length of service and basic salary or on the emoluments earned in the immediate
past three years, is a vested benefit when the employee reaches retirement age.
The present value of the retirement gratuities is determined by discounting the amount payable by reference
to market yields at the reporting date on high quality corporate bonds which have terms to maturity
approximating the terms of the related liability. Employee turnover is also factored in arriving at the level of
the retirement gratuities payable. Past service costs are recognised immediately in profit or loss.
Such retirement gratuities payable are classified as current liabilities when it is probable that a payment will
be made within the next twelve months and also provided that the amount has been approved for payment by
the Board of Directors.
(ii) The subsidiaries in Indonesia operate an unfunded defined benefit pension scheme for employees where the
Group is required to recognise a provision for employee service entitlements and usually depends on several
factors such as age, years of service and compensation.
The liability recognised in the statements of financial position in respect of the defined benefit plan is the
present value of the defined benefit obligation as at the reporting date, which is calculated annually by an
independent actuary using the projected unit credit method. The present value of the defined benefit obligation
is determined by discounting the estimated future cash outflows using interest rates at the reporting date of
government bonds that are denominated in Indonesian Rupiah, in which the benefits will be paid and that have
terms to maturity approximating to the terms of the related defined benefit obligation.
Remeasurement arising from experience adjustments and changes in actuarial assumptions are recognised
in OCI in the period in which they arise. Current and past service costs are recognised immediately in profit or
loss.
(b) Financial guarantee contracts
Financial guarantee contracts are contracts that require the Group or the Company to make specified payments
to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due. Financial
guarantee contracts are recognised initially at fair value. The fair value of financial guarantee is determined as the
present value of the difference in net cash flows between the contractual payments under the debt instrument and
the payments that would be required without the guarantee, or the estimated amount that would be payable to a
third party for assuming the obligations.
Financial guarantee contracts are subsequently measured at the higher of the amount determined in accordance
with the ECL model under MFRS 9 “Financial Instruments” and the amount initially recognised less cumulative
amount of income recognised in accordance with the principles of MFRS 15 “Revenue from Contracts with
Customers”, where appropriate.
Group Company
2023 2022 2023 2022
Non-current:
Retirement gratuities (see (a) below) 23,204 19,208 19,175 16,125
Retirement benefits (see (b) below) 56,426 44,008 - -
Financial guarantee contracts (see (c) below) 1,702 - - -
81,332 63,216 19,175 16,125

36. PROVISIONS (cont’d) 163
Group Company
2023 2022 2023 2022
(a) Retirement gratuities
Non-current:
At 1 January 19,208 19,131 16,125 15,961
Charge for the financial year 4,506 2,360 3,955 1,611
Under/(over) provision in prior years 940 (1,647) 550 (798)
Payment made (1,455) (649) (1,455) (649)
Foreign exchange differences 5 13 - -
At 31 December 23,204 19,208 19,175 16,125
(b) Retirement benefits
The subsidiaries in Indonesia operate an unfunded defined benefit plan for its eligible employees. The obligation
under the defined benefit plan is determined based on the actuarial valuation carried out by an independent
qualified actuary. The latest actuarial valuation of the plan in Indonesia was carried out on 31 December 2023.
The movements in the amounts recognised in the statements of financial position are as follows:
Group
2023 2022
At 1 January 48,055 44,137

Charged to profit or loss 14,519 8,932
Payment made (5,000) (1,709)
Actuarial differences (1,584) (1,726)
Foreign exchange differences 2,481 (1,579)
At 31 December 58,471 48,055
The amounts recognised in the statements of financial position are determined as follows:
Group
2023 2022
Present value of unfunded obligations:

- current (see Note 35) 2,045 4,047
- non-current 56,426 44,008
58,471 48,055
The amounts recognised in the statements of profit or loss are as follows:
Group
2023 2022
Current service cost 8,580 8,451

Past service cost (23) -
Interest cost 5,962 481
14,519 8,932

164 36. PROVISIONS (cont’d)
(b) Retirement benefits (cont’d)
The principal assumptions used in respect of the unfunded defined benefits plan are as follows:
Group
2023 2022
Discount rate 6.69%-6.86% 7.42% - 7.60%

Future salary increases 5% 5%
Based on the method used to derive the present value of a defined benefits obligation using the projected unit
credit method, it is estimated that a 1% change in either of the principal assumptions above would not have a
significant impact to the defined benefit obligation of the Group.
The weighted average duration of the defined benefit obligation is 21.54 years (2022: 20.48 years) for the Group.
(c) Financial guarantee contracts
The financial guarantee contracts represent the fair value of corporate guarantee extended by certain subsidiaries
in Indonesia to banks on plasma cooperatives’ loan facilities.
37. DERIVATIVE FINANCIAL INSTRUMENTS
Assets Liabilities
Non-current Current Non-current Current
Group
2023
Designated as cash flow hedge
Interest rate swaps - 1,943 - -
Forward foreign currency exchange contracts - 677 - (1,497)
Commodity futures contracts - 251 - -
- 2,871 - (1,497)
2022
Interest rate swaps 1,348 6,092 - -
Forward foreign currency exchange contracts - 2,856 - -
Commodity futures contracts - - - (389)
1,348 8,948 - (389)
Company
2023
Forward foreign currency exchange contracts - - - (1,497)

37. DERIVATIVE FINANCIAL INSTRUMENTS (cont’d) 165
As at the reporting date, the summary and maturity analysis of the outstanding derivative financial assets and liabilities
of the Group are as follows:
(a) Interest Rate Swaps (“IRS”)
Contract/Notional Value Fair Value Asset/(Liability)

RM’000 RM’000
Group
As at 31 December 2023
USD
- Less than 1 year 183,600 1,943
USD 175,600
- Less than 1 year 6,092
- 1 year to 2 years 1,348
The Group entered into IRS to hedge the Group’s exposure to USD LIBOR interest rate risk on its borrowings.
The contracts entitled the Group to receive interest at floating rates on notional principal amounts and oblige
the Group to pay interest at fixed rates on the same notional principal amounts, thus allowing the Group to raise
borrowings at floating rates and swap them into fixed rates. The IRS contracts are accounted for using the hedge
accounting method. The changes in fair value of these contracts are deferred in cash flow hedge reserve in equity
and are reclassified to profit or loss over the interest period until the repayment of the bank borrowings or maturity
of these contracts, whichever is earlier. In the previous financial year, the Group’s IRS contracts/notional value
which reference to USD LIBOR amounted to RM175.6 million.
During the current financial year, the Group’s hedging instruments used in the Group’s hedging strategy which
referenced the USD LIBOR was switched to Term Secured Overnight Financing Rate (“SOFR”) with effect from
1 July 2023 as detailed in Note 38(a) to the financial statements. As at the reporting date, the Group IRS contracts/
notional value which reference to SOFR amounted to RM183.6 million.
(b) Forward Foreign Currency Exchange Contracts

RM’000 RM’000
Group
USD
- Less than 1 year 41,613 677
- Less than 1 year 79,271 (1,497)
USD
- Less than 1 year 82,008 2,856
Company
USD
- Less than 1 year - (1,497)

166 37. DERIVATIVE FINANCIAL INSTRUMENTS (cont’d)
(b) Forward Foreign Currency Exchange Contracts (cont’d)
The Group had entered into various forward foreign currency exchange contracts to manage the exposure to
foreign currency exchange risk in relation to its operations. The changes in fair value of these forward foreign
currency exchange contracts that are designated as hedges are included as cash flow hedge reserve in equity and
are recognised in profit or loss when the underlying hedged items are recognised. For the forward foreign currency
exchange contracts that are not designated as hedges, the changes in fair value of these forward contracts are
recognised as other gains/losses in the statements of profit or loss.
(c) Commodity Futures Contracts

RM’000 RM’000
Group
RM
- Less than 1 year 3,228 251
RM
- Less than 1 year 94,208 (389)
The Group has entered into the commodity futures contracts with the objective of managing and hedging of the
Group’s plantation and downstream manufacturing operations to movements in palm products prices. The changes
in fair value of these commodity futures contracts are accounted using the hedge accounting method. The changes
in fair value of these contracts are included in cash flow hedge reserve in equity and are recognised in profit or loss
when the underlying hedged items are recognised.
The fair values of the above instruments have been estimated using the published market prices or quotes from
reputable financial institutions or valuation techniques supported by observable market data and are within Level
2 of the fair value hierarchy. The Group had no significant concentration of credit risk as at 31 December 2023 and
31 December 2022.
38. BORROWINGS
Group Company
2023 2022 2023 2022
Current
Secured:
Term loans 336,697 433,155 - -
Unsecured:
Trade financing 108,746 151,950 - -
Sukuk Murabahah 3,418 3,418 - -
Term loan 79,661 - 79,661 -
528,522 588,523 79,661 -
Non-current
Secured:
Term loans 554,757 832,356 - -
Unsecured:
Sukuk Murabahah 999,556 999,247 - -
1,554,313 1,831,603 - -
2,082,835 2,420,126 79,661 -

38. BORROWINGS (cont’d) 167
(a) Contractual terms of borrowings
Contractual
interest/ Total Maturity Profile
profit rate carrying
(per annum) amount < 1 year 1 - 2 years 2 - 5 years
At 31 December 2023
Group
Secured
Term loans 4.33% - 8.50% 891,454 336,697 277,558 277,199
Unsecured
Trade financing 4.56% - 5.05% 108,746 108,746 - -
Sukuk Murabahah 4.62% 1,002,974 3,418 999,556 -
Term loan 7.48% 79,661 79,661 - -
2,082,835 528,522 1,277,114 277,199
Company
Unsecured
Term loan 7.48% 79,661 79,661 - -
At 31 December 2022
Secured
Term loans 2.59% - 7.24% 1,265,511 433,155 311,405 520,951
Unsecured
Trade financing 3.03% - 4.61% 151,950 151,950 - -
Sukuk Murabahah 4.62% 1,002,665 3,418 - 999,247
2,420,126 588,523 311,405 1,520,198
The Group’s term loans are secured over the land and refinery in Lahad Datu, Sabah, plantation lands and shares of
certain subsidiaries in Indonesia and restricted cash of a subsidiary in Singapore as disclosed in Notes 14, 17, 19 and
30 respectively. Certain term loan also includes financial covenants which require GlobalIndo Holdings Pte Ltd and
its subsidiaries to maintain consolidated tangible net worth of at least USD30 million and a debt service coverage
ratio of 1.15x.
Fair values of the borrowings as at 31 December 2023 was RM2,099.3 million (2022: RM2,437.0 million). Fair values
of the borrowings have been estimated from the perspective of market participants that hold similar borrowings at
the reporting date and are within Level 2 of the fair value hierarchy.
Effect of Interbank Offered Rate (“IBOR”) reform
When the basis to determine the future contractual cash flows of the borrowings are modified entirely as a result
of IBOR reform, the Group applies the reliefs provided by the Phase 2 amendments related to IBOR reform to
adjust the effective interest rate of the borrowings with no modification gain or loss is recognised. In situations
where some or all of a change in the basis for determining the contractual cash flows of the borrowings does
not meet the criteria of the Phase 2 amendments, the Group first applies the practical expedient to the changes
required by IBOR reform, including updating the effective interest rate of the borrowings. Any additional changes
are accounted for as modification of borrowings in accordance with the requirement in MFRS 9 (that is, assessed
for modification or derecognition, with the resulting modification gain/loss recognised immediately in profit or loss
where the borrowings are not derecognised).
Following the Global Financial Crisis, the reform and replacement of benchmark interest rates such as GBP LIBOR,
USD LIBOR and other interbank offered rates has become a priority for global regulators. Globally, the new
alternative reference rates are being introduced to improve the integrity of financial benchmark rates as part of a
transition to transaction-based rates, in line with the LIBOR reforms.
The Group’s USD term loans are referenced to Term SOFR. The relevant banks have transitioned the reference rate
from USD LIBOR to Term SOFR which is published by The Chicago Mercantile Exchange with the endorsement from
the US Federal Reserve.
168 38. BORROWINGS (cont’d)
(b) Undrawn committed borrowing facilities
Group
2023 2022
Floating rate:
- expiring more than one year and not more than two years - 10,975
In the previous financial year, the facilities had been arranged to finance the expansion of the Group’s plantation
activities in Indonesia.
39. OTHER NON-CURRENT LIABILITIES
Group Company
2023 2022 2023 2022
Government grants (see Note (a) below) 660 616 13 24

Other payables 1,875 1,010 - -
2,535 1,626 13 24
(a) Government grants
Group Company
2023 2022 2023 2022
At 1 January 731 841 35 46

Addition 207 - - -
Credited to profit or loss (120) (110) (11) (11)
At 31 December 818 731 24 35
Non-current 660 616 13 24
Current 158 115 11 11
At 31 December 818 731 24 35
The Government grants as at the reporting date mainly relate to specific projects on the construction, purchase of
plant and machinery and on introducing new and effective mechanisation technologies in the palm oil industry. The
Government grants will be credited to profit or loss over the useful life of the underlying assets.
40. CAPITAL COMMITMENTS
Group Company
2023 2022 2023 2022
Authorised capital expenditure not

provided for in the financial statements:
- contracted 105,583 151,929 4,616 1,764
- not contracted 1,251,586 1,074,686 45,997 48,939
1,357,169 1,226,615 50,613 50,703
- Property, plant and equipment 1,217,863 1,090,552 50,613 50,703
- ROU assets 139,152 135,997 - -
- Intangible assets 154 66 - -
1,357,169 1,226,615 50,613 50,703

41. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES 169
In the normal course of business, the Group and the Company undertake on agreed terms and prices, transactions with
its related companies and other related parties.
In addition to related party transactions mentioned elsewhere in the financial statements, set out below are other
significant related party transactions and balances. The related party transactions listed below were carried out on
terms and conditions negotiated and agreed between the parties:
Group Company
2023 2022 2023 2022
(a) Transactions with immediate and ultimate

holding company
Provision of shared services in relation to secretarial,

tax, treasury and other services by Genting Berhad
(“GENT”). 1,891 1,569 964 768
(b) Transactions with subsidiaries
(i) Fees receivable from subsidiaries for the

provision of management services. - - 36,533 36,848
(ii) Dividend income from subsidiaries. - - 135,340 295,029
(iii) Sales of fresh fruits bunches to a subsidiary. - - 121,638 158,920
(iv) Purchase of genomics based products from

subsidiaries - - 794 777
(c) Transaction with joint ventures
(i) Provision of management services to Genting

Simon Sdn Bhd and Genting Highlands Premium
Outlets Sdn Bhd, joint ventures of the Group,
by Genting Awanpura Sdn Bhd, a wholly-owned
subsidiary of the Company. 1,577 1,422 - -
(d) Transactions with other related parties
(i) Provision of information technology consultancy,

development, implementation, support and
maintenance service by Genting Malaysia
Berhad (“GENM”), a subsidiary of GENT. 2,366 2,289 2,113 2,046
(ii) Letting of office space and provision of related

services by Oakwood Sdn Bhd, a wholly-owned
subsidiary of GENM, a subsidiary of GENT. 2,559 2,554 2,187 2,177
(iii) Purchase of air-tickets, hotel accommodation

and other related services from GENM, a
subsidiary of GENT. 1,696 1,043 1,696 1,043
(iv) Sale of refined palm oil products to Inter-

Continental Oils & Fats Pte Ltd, a wholly-owned
subsidiary of Musim Mas Holdings Pte Ltd, the
holding company of Musim Mas International
(South Asia) Pte Ltd, which in turn holds 28%
equity interest in Genting MusimMas Refinery
Sdn Bhd. 703,343 1,016,155 - -

170 41. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (cont’d)
Group Company
2023 2022 2023 2022
(d) Transactions with other related parties (con’t)
(v) Acquisition of a subsidiary from Genting

Development Sdn Bhd, a company related to
certain directors of the Company. - 3,750 - -
(e) Transactions between related parties which

are subsidiaries of the immediate and ultimate
holding company and joint ventures
(i) Royalty fee charged by Genting Intellectual

Property Sdn Bhd and Genting Intellectual
Property Pte Ltd, both are subsidiaries of
GENT, to Genting Simon Sdn Bhd and Genting
Highlands Premium Outlets Sdn Bhd, both are
joint ventures of the Group. 1,671 1,473 - -
(ii) Provision of electricity services by Genting

Utilities & Services Sdn Bhd, a subsidiary of
GENM, to Genting Highlands Premium Outlets
Sdn Bhd, a joint venture of the Group. 279 333 - -
(f) Directors and key management personnel
The remuneration of Directors and other key

management personnel is as follows:
Fees, salaries and bonuses 14,676 13,204 8,516 8,064

Defined contribution plans 1,747 1,605 1,254 1,165
Provision for retirement gratuities 1,833 1,981 1,833 1,969
Other short term employee benefits 24 61 16 54
Benefits-in-kind 250 271 103 116
18,530 17,122 11,722 11,368
Key management personnel comprise senior management personnel of the Group, having the authority and
responsibility for planning, directing and controlling the activities of the Group entities directly or indirectly.
(g) The significant outstanding balances with subsidiaries, joint ventures, associates and other related parties are
shown in Notes 19, 20, 21, 24 and 29 respectively.

42. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES 171
Effective
Percentage
of Ownership Country of
2023 2022 Incorporation Principal Activities
Direct Subsidiaries
ACGT Sdn Bhd 99.9 99.9 Malaysia Genomics research and

development and providing
plant screening services
Asiaticom Sdn Bhd 100.0 100.0 Malaysia Oil palm plantation
Aura Empire Sdn Bhd 100.0 100.0 Malaysia Provision of property

management services
# Azzon Limited 100.0 100.0 Isle of Man Investment holding
Benih Restu Berhad 100.0 100.0 Malaysia Issuance of debt securities

under Sukuk programmes
Esprit Icon Sdn Bhd 100.0 100.0 Malaysia Property development and
property investment
GENP Services Sdn Bhd 100.0 100.0 Malaysia Provision of management

services
Genting AgTech Sdn Bhd 100.0 100.0 Malaysia Research and development
and production of superior
oil palm planting materials
Genting Agtech Ventures Sdn Bhd 100.0 100.0 Malaysia Investment holding
Genting Biogas Sdn Bhd 100.0 - Malaysia Investment holding
Genting Biorefinery Sdn Bhd 100.0 100.0 Malaysia Manufacture and sale
of downstream palm oil
derivatives
# Genting Bioscience Limited 100.0 100.0 Isle of Man Investment holding
Genting Biotech Sdn Bhd 100.0 100.0 Malaysia Investment holding
Genting Green Sdn Bhd 100.0 100.0 Malaysia Research, development

and commercialisation of
agricultural products, seeds
and fertilisers
Genting Land Sdn Bhd 100.0 100.0 Malaysia Property investment
Genting Oil Mill Sdn Bhd 100.0 100.0 Malaysia Processing of fresh fruit
bunches
Genting Plantations (WM) Sdn Bhd 100.0 100.0 Malaysia Oil palm plantation
Genting Property Sdn Bhd 100.0 100.0 Malaysia Property development
Genting SDC Sdn Bhd 100.0 100.0 Malaysia Oil palm plantation
Genting Tanjung Bahagia Sdn Bhd 100.0 100.0 Malaysia Oil palm plantation
# GP Overseas Limited 100.0 100.0 Isle of Man Investment holding
GProperty Construction Sdn Bhd 100.0 100.0 Malaysia Provision of project

management services
Kenyalang Borneo Sdn Bhd 100.0 100.0 Malaysia Investment holding
Landworthy Sdn Bhd 84.0 84.0 Malaysia Oil palm plantation
Mediglove Sdn Bhd 100.0 100.0 Malaysia Investment holding
Orbit Crescent Sdn Bhd 100.0 100.0 Malaysia Investment holding

172 42. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)
Effective
Percentage
Direct Subsidiaries (cont’d)
Palma Ketara Sdn Bhd 100.0 100.0 Malaysia Investment holding
PalmIndo Sdn Bhd 100.0 100.0 Malaysia Investment holding
Scenic Gold Sdn Bhd 100.0 - Malaysia Agriculture activities for

crop production including
growing and post-harvest
activities
Suasana Capital Sdn Bhd 100.0 100.0 Malaysia Investment holding
Sunyield Success Sdn Bhd 100.0 100.0 Malaysia Investment holding
Terra Majestic Sdn Bhd 100.0 - Malaysia Agriculture activities for

activities
Tremendous Bounty Sdn Bhd 100.0 - Malaysia Agriculture activities for

activities
Genting Biodiesel Sdn Bhd 100.0 100.0 Malaysia Dormant
Genting Commodities Trading Sdn Bhd 100.0 100.0 Malaysia Dormant
Genting Vegetable Oils Refinery Sdn Bhd 100.0 100.0 Malaysia Dormant
Glugor Development Sdn Bhd 100.0 100.0 Malaysia Dormant
# Grosmont Limited 100.0 100.0 Isle of Man Dormant
Hijauan Cergas Sdn Bhd 100.0 100.0 Malaysia Dormant
Kinavest Sdn Bhd 100.0 100.0 Malaysia Dormant
Larisan Prima Sdn Bhd 100.0 100.0 Malaysia Dormant
Profile Rhythm Sdn Bhd 100.0 100.0 Malaysia Dormant
Unique Upstream Sdn Bhd 100.0 100.0 Malaysia Dormant
Zillionpoint Project Sdn Bhd 100.0 100.0 Malaysia Dormant
Zillionpoint Vision Sdn Bhd 100.0 100.0 Malaysia Dormant
Technimode Enterprises Sdn Bhd 100.0 100.0 Malaysia In liquidation

(In Member’s Voluntary Liquidation)
Indirect Subsidiaries
+ ACGT Global Pte Ltd 100.0 100.0 Singapore Investment holding
# ACGT Intellectual Limited 99.9 99.9 British Virgin Genomics research and
Islands development
+ Asian Palm Oil Pte Ltd 100.0 100.0 Singapore Investment holding
+ AsianIndo Agri Pte Ltd 100.0 100.0 Singapore Investment holding
+ AsianIndo Holdings Pte Ltd 100.0 100.0 Singapore Investment holding
+ AsianIndo Palm Oil Pte Ltd 100.0 100.0 Singapore Investment holding
+ Borneo Palma Mulia Pte Ltd 73.7 73.7 Singapore Investment holding

42. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d) 173
Effective
Percentage
Indirect Subsidiaries (cont’d)
+ Cahaya Agro Abadi Pte Ltd 73.7 73.7 Singapore Investment holding
# Degan Limited 99.9 99.9 Isle of Man Investment holding
# GBD Holdings Limited 100.0 100.0 Cayman Islands Investment holding
Genting Awanpura Sdn Bhd 100.0 100.0 Malaysia Provision of technical and
management services
Genting Indahpura Development Sdn Bhd 100.0 100.0 Malaysia Property development
Genting Indonesia Property Development 100.0 100.0 Malaysia Investment holding

Sdn Bhd
Genting MusimMas Refinery Sdn Bhd 72.0 72.0 Malaysia Refining and selling of palm
oil products
Genting Oil Mills (Sabah) Sdn Bhd 100.0 100.0 Malaysia Processing of fresh fruit
bunches
+ Global Agri Investment Pte Ltd 63.2 63.2 Singapore Investment holding
+ GlobalIndo Holdings Pte Ltd 63.2 63.2 Singapore Investment holding
+ GlobalIndo Ventures Pte Ltd 100.0 - Singapore Investment holding
GPVF Sdn Bhd 100.0 100.0 Malaysia Investment holding
Jaya Capital Sdn Bhd 100.0 100.0 Malaysia Money lending
+ Kara Palm Oil Pte Ltd 100.0 100.0 Singapore Investment holding
+ Ketapang Agri Holdings Pte Ltd 73.7 73.7 Singapore Investment holding
+ Knowledge One Investment Pte Ltd 100.0 100.0 Singapore Investment holding
Maju Jaya Capital Sdn Bhd 100.0 100.0 Malaysia Business of hire purchase
+ Palm Capital Investment Pte Ltd 73.7 73.7 Singapore Investment holding
+ Palma Citra Investama Pte Ltd 73.7 73.7 Singapore Investment holding
+ PalmIndo Holdings Pte Ltd 73.7 73.7 Singapore Investment holding
+ PalmIndo Ventures Pte Ltd 100.0 - Singapore Investment holding
+ Property Indonesia Pte Ltd 100.0 100.0 Singapore Investment holding
+ Property Indonesia Holdings Pte Ltd 100.0 100.0 Singapore Investment holding
+ Property Indonesia Ventures Pte Ltd 100.0 100.0 Singapore Investment holding
+ PT Agro Abadi Cemerlang 70.0 70.0 Indonesia Oil palm plantation and
processing of fresh fruit
bunches
+ PT Citra Sawit Cemerlang 70.0 70.0 Indonesia Oil palm plantation
+ PT Dwie Warna Karya 95.0 95.0 Indonesia Oil palm plantation and
bunches
+ PT Genting Plantations Nusantara 100.0 100.0 Indonesia Provision of management

services
+ PT Genting Properti Cemerlang 100.0 100.0 Indonesia Property development and

property investment

174 42. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)
Effective
Percentage
Indirect Subsidiaries (cont’d)
+ PT Genting Properti Nusantara 100.0 100.0 Indonesia Property development and

property investment
+ PT GlobalIndo Agung Lestari 60.0 60.0 Indonesia Oil palm plantation and
bunches
+ PT Kapuas Maju Jaya 95.0 95.0 Indonesia Oil palm plantation and
bunches
+ PT Kharisma Inti Usaha 85.0 85.0 Indonesia Oil palm plantation and
bunches
+ PT Palma Agro Lestari Jaya 70.0 70.0 Indonesia Oil palm plantation
+ PT Sawit Mitra Abadi 70.0 70.0 Indonesia Oil palm plantation
+ PT Sepanjang Intisurya Mulia 70.0 70.0 Indonesia Oil palm plantation and
bunches
+ PT Surya Agro Palma 70.0 70.0 Indonesia Oil palm plantation
+ PT Susantri Permai 95.0 95.0 Indonesia Oil palm plantation
+ PT United Agro Indonesia 60.0 60.0 Indonesia Oil palm plantation
+ Sandai Maju Pte Ltd 73.7 73.7 Singapore Investment holding
+ Sanggau Holdings Pte Ltd 73.7 73.7 Singapore Investment holding
Setiamas Sdn Bhd 100.0 100.0 Malaysia Oil palm plantation and
property development
SPC Biodiesel Sdn Bhd 100.0 100.0 Malaysia Manufacture and sale of
biodiesel
+ Sri Nangatayap Pte Ltd 73.7 73.7 Singapore Investment holding
Trushidup Plantations Sdn Bhd 100.0 100.0 Malaysia Investment holding
+ Universal Agri Investment Pte Ltd 63.2 63.2 Singapore Investment holding
Wawasan Land Progress Sdn Bhd 100.0 100.0 Malaysia Oil palm plantation
Cengkeh Emas Sdn Bhd 100.0 100.0 Malaysia Dormant
Dianti Plantations Sdn Bhd 100.0 100.0 Malaysia Dormant
# GP Equities Pte Ltd 100.0 100.0 Singapore Pre-operating
# Ketapang Holdings Pte Ltd 73.7 73.7 Singapore Pre-operating
# Sri Kenyalang Pte Ltd 100.0 100.0 Singapore Pre-operating
Sawit Sukau Usahasama Sdn Bhd 55.9 55.9 Malaysia In liquidation

(In Members’ Voluntary Liquidation)

42. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d) 175
Effective
Percentage
Joint Ventures
SGL Group
Genting Highlands Premium Outlets Sdn 50.0 50.0 Malaysia Development, ownership
Bhd and management of outlet
shopping centre
Genting Simon Sdn Bhd 50.0 50.0 Malaysia Development, ownership

and management of outlet
shopping centres
^+ Simon Genting Pte Ltd 50.0 50.0 Singapore Investment holding
+ Simon Genting SEA Pte Ltd 50.0 50.0 Singapore Investment holding
+ PT Nusantara Management Indonesia 50.0 50.0 Indonesia Investment holding
+ PT Pembangunan Property Nusantara 50.0 50.0 Indonesia Owner of outlet shopping

centre under construction
GWG Group
* Green World Genetics Sdn Bhd 40.0 40.0 Malaysia Research, development
and commercialisation
of tropical seed breeding
utilising biotechology tools
* Leckat Corporation Sdn Bhd 40.0 40.0 Malaysia Trading of agricultural

products, seeds and
fertiliser
* GWG Fresh Sdn Bhd 40.0 40.0 Malaysia Wholesaler of vegetables

and fruits
* GWG Maize Sdn Bhd 40.0 40.0 Malaysia Agriculture activities for
crops production on a fee or
contract basis and trading
of crops
* GWG E-Commerce Sdn Bhd 40.0 40.0 Malaysia Dormant
Associates
* Serian Palm Oil Mill Sdn Bhd 35.0 35.0 Malaysia Processing of fresh fruit
bunches
Setiacahaya Sdn Bhd 50.0 50.0 Malaysia Property investment
* Sri Gading Land Sdn Bhd 49.0 49.0 Malaysia Dormant
* Cenergi Ayer Item Sdn Bhd 49.0 - Malaysia Biogas power plant
operation for the generation
and sale of electricity
Asiatic Ceramics Sdn Bhd (In Liquidation) 49.0 49.0 Malaysia In liquidation
Legend:
* The financial statements of these companies are audited by firms other than member firms of
PricewaterhouseCoopers International Limited.
+ These entities are audited by member firms of PricewaterhouseCoopers International Limited, which are
separate and independent legal entities from PricewaterhouseCoopers PLT, Malaysia.
# These entities are either exempted or have no statutory audit requirement.
^ Transfer of registration from Isle of Man to Singapore on 21 July 2023.
176
INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF GENTING PLANTATIONS BERHAD
(Incorporated in Malaysia)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Our opinion
In our opinion, the financial statements of Genting Plantations Berhad (“the Company”) and its subsidiaries (“the Group”)
give a true and fair view of the financial position of the Group and of the Company as at 31 December 2023, and of their
financial performance and their cash flows for the financial year then ended in accordance with Malaysian Financial Reporting
Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia.
What we have audited
We have audited the financial statements of the Group and of the Company, which comprise the statements of financial
position as at 31 December 2023 of the Group and of the Company, and the statements of profit or loss, statements of
comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company for
the financial year then ended, and notes to the financial statements, including material accounting policy information, as
set out on pages 104 to 175.
Basis for opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing. Our responsibilities under those standards are further described in the “Auditors’ responsibilities for the audit of
the financial statements” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence and other ethical responsibilities
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct
and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards)
(“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.
Our audit approach
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial
statements of the Group and of the Company. In particular, we considered where the Directors made subjective judgements;
for example, in respect of significant accounting estimates that involved making assumptions and considering future events
that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls,
including among other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial
statements as a whole, taking into account the structure of the Group and of the Company, the accounting processes and
controls, and the industry in which the Group and the Company operate.
PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146), Chartered Accountants, Level 10, Menara TH 1 Sentral, Jalan Rakyat, Kuala Lumpur
Sentral, P.O. Box 10192, 50706 Kuala Lumpur, Malaysia
T: +60 (3) 2173 1188, F: +60 (3) 2173 1288, www.pwc.com/my

177

TO THE MEMBERS OF GENTING PLANTATIONS BERHAD (CONTINUED)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the Group and of the Company for the current financial year. These matters were addressed in the
context of our audit of the financial statements of the Group and of the Company as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Key audit matters How our audit addressed the key audit matters
Assessment of the recoverability of carrying amount In determining the recoverable amounts of the bearer
of bearer plants plants, we assessed for impairment indicators on the
carrying value of bearer plants, segregated by geographical
Refer to Note 14 to the financial statements and the locations. Where impairment indicators were noted on
significant judgement and estimates used by the Group certain bearer plants, we carry out impairment assessment
in Note 2(a) “Judgements and estimates” in the basis of as prepared by management for the discounted cash
preparation. flows projections attributable to these bearer plants. The
following audit procedures were undertaken:
The Group has bearer plants with aggregate carrying
value of RM2,847.5 million as at 31 December 2023. • Checked the significant inputs used in the impairment
assessment, including the completeness and accuracy of
We focused on this area because there are significant the hectarage for lands with oil palms cultivated (“planted
judgement and estimates used by management to areas”) and their year of planting, by comparing against
determine the recoverability of the carrying value of the hectarage statement as at 31 December 2023;
bearer plants. As bearer plants are biological assets, their
carrying value may not be fully recoverable as a result of • Compared the reasonableness of the projected market
external factors such as unfavourable weather, soil and prices of the fresh fruit bunches included in the projected
terrain conditions which may affect the growth of bearer cash flows to market research reports;
plants and consequently their yields.
• Discussed with management on the basis used in
In assessing the recoverability of these bearer plants, we determining the remaining economic useful lives of oil
assess for impairment indicators and where impairment palm trees and checked these with historical experience;
indicators exist, we reviewed impairment assessment
prepared by management using the value- in-use method. • Checked the reasonableness of the fresh fruit bunches
In ascertaining impairment indicators and reviewing yield throughout the economic life of the oil palms for
impairment assessment, where applicable, we review the related estates, by reference to historical data and
management’s judgement in determining when immature external research reports;
bearer plants are reclassified to mature bearer plants and
management’s estimates on fresh fruit bunches’ yield and •
Undertook a look back procedures by comparing
commodity prices for fresh fruit bunches as well as the management’s past projections with actual results to
discount rates used in the cash flow projections used in ascertain the accuracy of management’s projections; and
management’s value-in-use model. • Reviewed the key assumptions used by management to
determine operating costs and corroborate to supporting
documentations on the basis used; and

178

Key audit matters (cont’d)
• Discussed with our valuation expert on the valuation
methodology, the discount factor used by management
in their value-in-use model and benchmarked to similar
peers’ discount rates.
Based on the above procedures performed, no material

exception was noted.
Recoverability of amounts due from plasma The audit procedures that were performed are as follows:
cooperatives
• Understand and evaluate the judgement applied with
Refer to Note 2(a)(iv), Note 24(a) and Note 28(i) to the regards to the recovery strategies and the scenarios that
financial statements. reflect the possibility of a credit loss occurring for these
receivables.
As at 31 December 2023, the Group’s amount due from
under plasma cooperatives was RM283.2 million of •
Where recovery strategies for the receivables are
which RM25.0 million has been provided for based on the determined to be over time and the recoverability is
Group’s expected credit loss (“ECL) model. largely dependent on the discounted cash flows derived
from the plasma estates, we checked the following key
The Group applies the general 3-stage ECL model under assumptions underpinning the projected cash flows:
MFRS 9 “Financial Instruments” to assess the impairment
of the other receivable balances for which advances − reasonableness of the market prices of the fresh
under plasma schemes are a significant component. fruit bunches included in the projected cash flows, by
ECL represents a probability-weighted estimate of the reference to market research reports;
difference between the present value of contractual cash
flows and the present value of the cash flows that the Group − reasonableness of management’s basis used in
expects to receive, over the remaining life of the financial projecting the production volume, yields and the length
assets, which requires the use of significant judgement of biological life throughout the economic life of the oil
about future economic conditions and estimates over the palms for the related plasma estates, by comparing
quality of the underlying collateral. against historical data and external researches or
reports; and
The Group applied the lifetime ECL in assessing the
likelihood of impairment for the amounts due from plasma − discussed with our valuation expert on the valuation
cooperatives by considering the probability of default methodology used and the appropriateness of the
whereby these receivables would not be able to repay discount rates used in and obtain their assistance in
during the contractual period and by incorporating the benchmarking to similar peers’ discount rates.
expected loss rates as well as forward-looking information.

179

Key audit matters (cont’d)
We focused on this area because management’s •
Performed sensitivity analysis around the key
assessment of ECL requires significant judgement over assumptions above and considered the extent of change
the recovery scenarios that reflect the possibility of a in those assumptions over the next 12 month that would
credit loss occurring, the forward-looking information result in an impairment.
as well as probability-weighted estimates. The details
of the significant estimates and judgement used by the •
Assessed the reasonableness of the forward-looking
Group have been disclosed in Note 2(a)(iv) to the financial information relating to macroeconomic factors such as
statements. inflation rates and commodity prices which are included
in management’s assessments.
Based on the procedures performed, no material exception

was noted.
We have determined that there are no key audit matters to report for the Company.
Information other than the financial statements and auditors’ report thereon
The Directors of the Company are responsible for the other information. The other information comprises the Directors’
Report, Management’s Discussion and Analysis of Business Operations and Financial Performance, Corporate Diary,
Corporate Governance Overview Statement, Statement on Risk Management and Internal Control, Audit Committee Report,
Risk Management Committee Report, Sustainability Statement and other sections of the 2023 Annual Report, but does not
include the financial statements of the Group and of the Company and our auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with the financial
statements of the Group and of the Company or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.

180

Responsibilities of the Directors for the financial statements
The Directors of the Company are responsible for the preparation of the financial statements of the Group and of the
Company that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial
Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. The Directors are also responsible for
such internal control as the Directors determine is necessary to enable the preparation of financial statements of the Group
and of the Company that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing the
Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Company
or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
(a) Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s
and of the Company’s internal control.
(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Directors.
(d) Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s or on the Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the
financial statements of the Group and of the Company or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future
events or conditions may cause the Group or the Company to cease to continue as a going concern.

181

Auditors’ responsibilities for the audit of the financial statements (cont’d)
(e) Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company,
including the disclosures, and whether the financial statements of the Group and of the Company represent the
underlying transactions and events in a manner that achieves fair presentation.
(f) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the financial statements of the Group. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in the audit
of the financial statements of the Group and of the Company for the current financial year and are therefore the key audit
matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of which we
have not acted as auditors, are disclosed in Note 42 to the financial statements.
OTHER MATTERS
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act
2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
PRICEWATERHOUSECOOPERS PLT TIANG WOON MENG

LLP0014401-LCA & AF 1146 02927/05/2024 J
Chartered Accountants Chartered Accountant
Kuala Lumpur
8 March 2024

182 STATEMENT ON DIRECTORS’ RESPONSIBILITY
PURSUANT TO PARAGRAPH 15.26(a) OF THE LISTING REQUIREMENTS
OF BURSA MALAYSIA SECURITIES BERHAD
As required under the Companies Act 2016 (“Act”) in Malaysia, the Directors of Genting Plantations Berhad have made a
statement expressing an opinion on the financial statements. The Board is of the opinion that the financial statements have
been drawn up in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards
and comply with the requirements of the Act so as to give a true and fair view of the financial position of the Group and of
the Company as at 31 December 2023 and of the financial performance of the Group and of the Company for the financial
year ended on that date.
In the process of preparing these financial statements, the Directors have reviewed the accounting policies and practices
to ensure that they were consistently applied throughout the financial year. In cases where judgement and estimates were
made, they were based on reasonableness and prudence.
Additionally, the Directors have relied on the systems of risk management and internal control to ensure that the information
generated for the preparation of the financial statements from the underlying accounting records is accurate and reliable.
This statement is made in accordance with a resolution of the Board dated 8 March 2024.

STATUTORY DECLARATION 183
PURSUANT TO SECTION 251(1)(B) OF THE COMPANIES ACT 2016
I, NG SAY BENG (MIA 9368), the Officer primarily responsible for the financial management of GENTING PLANTATIONS
BERHAD, do solemnly and sincerely declare that the financial statements set out on pages 104 to 175 are, to the best of
my knowledge and belief, correct and I make this solemn declaration conscientiously believing the same to be true, and by
virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed )

NG SAY BENG, at KUALA LUMPUR in the State )
of FEDERAL TERRITORY on 8 March 2024 ) NG SAY BENG
Before me,
MOHD AIZUDDIN BIN SALIM

Commissioner for Oaths
Kuala Lumpur

184 ANALYSIS OF SHAREHOLDINGS
Class of Shares : Ordinary shares
Voting Rights
• On a show of hands : 1 vote
• On a poll : 1 vote for each share held
As At 15 March 2024
No. of % of No. of % of
Size of Holdings Shareholders Shareholders Shares* Shares
Less than 100 309 3.509 1,913 0.000

100 - 1,000 3,678 41.762 2,743,881 0.306
1,001 - 10,000 3,994 45.350 14,954,577 1.667
10,001 - 100,000 638 7.244 18,236,367 2.033
100,001 to less than 5% of issued shares 181 2.055 247,789,462 27.619
5% and above of issued shares 7 0.080 613,435,630 68.375
Total 8,807 100.000 897,161,830 100.000
Note:
* Excluding 196,400 shares bought back and retained by the Company as treasury shares.
THIRTY (30) LARGEST SECURITIES ACCOUNT HOLDERS AS PER RECORD OF DEPOSITORS AS AT 15 MARCH 2024
(Without aggregating the securities from different securities accounts belonging to the same depositor)
Name No. of Shares % of Shares
1. Genting Berhad 102,205,200 11.392
2. Genting Berhad 96,000,000 10.700
3. Genting Berhad 96,000,000 10.700
4. Genting Berhad 96,000,000 10.700
5. Genting Berhad 96,000,000 10.700
6. Citigroup Nominees (Tempatan) Sdn Bhd 65,239,630 7.272

Employees Provident Fund Board
7. Kumpulan Wang Persaraan (Diperbadankan) 61,990,800 6.910
8. AmanahRaya Trustees Berhad 44,456,400 4.955

Amanah Saham Bumiputera

Exempt AN for AIA Bhd

Employees Provident Fund Board (Islamic)

Great Eastern Life Assurance (Malaysia) Berhad (PAR 1)
12. Genting Equities (Hong Kong) Limited 8,566,800 0.955

Employees Provident Fund Board (AHAM AM)

Employees Provident Fund Board (CIMB PRIN)

ANALYSIS OF SHAREHOLDINGS (cont’d) 185
THIRTY (30) LARGEST SECURITIES ACCOUNT HOLDERS AS PER RECORD OF DEPOSITORS AS AT 15 MARCH 2024
(cont’d)
(Without aggregating the securities from different securities accounts belonging to the same depositor)
Name No. of Shares % of Shares
15. HSBC Nominees (Asing) Sdn Bhd 5,260,700 0.586

BBH and Co Boston for Kopernik Global All-Cap Fund
16. AmanahRaya Trustees Berhad 5,172,300 0.577

Public Ittikal Sequel Fund
17. Cartaban Nominees (Tempatan) Sdn Bhd 4,328,400 0.482

PAMB for Prulink Equity Fund
18. Permodalan Nasional Berhad 3,514,800 0.392

Employees Provident Fund Board (ASIANISLAMIC)
20. HSBC Nominees (Asing) Sdn Bhd 3,106,000 0.346

BBH and Co Boston for Kopernik Global All-Cap Equity Fund
(HEPTAGON F ICAV)

Prudential Assurance Malaysia Berhad for Prulink Strategic Fund
22. HSBC Nominees (Tempatan) Sdn Bhd 2,716,100 0.303

HSBC (M) Trustee Bhd for Allianz Life Insurance Malaysia Berhad (MEF)

TMF Trustees Malaysia Berhad for Affin Hwang Wholesale Equity Fund 2

Employees Provident Fund Board (CGS CIMB)
25. Genting Berhad 2,200,800 0.245

PBTB for Takafulink Dana Ekuiti

Kumpulan Wang Persaraan (Diperbadankan) (AHAM AM EQ)
28. HSBC Nominees (Tempatan) Sdn Bhd 1,643,200 0.183

HSBC (M) Trustee Bhd for Principal Dali Equity Fund
29. Affin Hwang Nominees (Tempatan) Sdn Bhd 1,560,400 0.174

Pledged Securities Account for Khoo Bee Lian

Great Eastern Life Assurance (Malaysia) Berhad (PAR 1 ACB Fund)
Total 798,139,500 88.962

186 ANALYSIS OF SHAREHOLDINGS (cont’d)
SUBSTANTIAL SHAREHOLDERS AS PER REGISTER OF SUBSTANTIAL SHAREHOLDERS AS AT 15 MARCH 2024
No. of Shares
Direct % of Deemed % of
Name Interest Shares Interest Shares
Genting Berhad (“GENT”) 488,406,000 54.4390 8,566,800* 0.9549

Employees Provident Fund Board 118,798,000 13.2415 - -
Kumpulan Wang Persaraan (Diperbadankan) 67,298,300 7.5012 - -
Kien Huat Realty Sdn Berhad (“KHR”) - - 488,406,000 ^
54.4390
Kien Huat International Limited (“KHI”) - - 488,406,000 ^
54.4390
Parkview Management Sdn Bhd (“PMSB”)
as trustee of a discretionary trust - - 488,406,000^ 54.4390
Tan Sri Lim Kok Thay 442,800 0.0494 488,406,000 #
54.4390
Dato’ Indera Lim Keong Hui - - 488,406,000 #
54.4390
Notes:
* Deemed interest through a direct subsidiary of GENT.
^ Deemed interest through GENT.
# Deemed interest by virtue of Tan Sri Lim Kok Thay and Dato’ Indera Lim Keong Hui being beneficiaries of a discretionary
trust of which PMSB is the trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of KHI
which in turn owns 100% of the voting shares in KHR. KHR owns more than 20% of the voting shares of GENT which in
turn owns these ordinary shares in Genting Plantations Berhad. As such, PMSB as trustee of the discretionary trust is
deemed interested in the ordinary shares of GENP held by GENT as it is entitled to exercise or control the exercise of
not less than 20% of the votes attached to the voting shares in GENT.
DIRECTORS’ SHAREHOLDINGS AND INTEREST IN MEDIUM TERM NOTES AS PER THE REGISTERS PURSUANT
TO THE COMPANIES ACT 2016 AS AT 15 MARCH 2024
INTEREST IN THE COMPANY
No. of Shares
Tan Sri Lim Kok Thay 442,800 0.0494 488,406,000(1) 54.4390

Dato’ Sri Tan Kong Han 274,000 0.0305 - -
Dato’ Indera Lim Keong Hui - - 488,406,000(1) 54.4390
Mr Ching Yew Chye(6c) - - - -
Mr Yong Chee Kong (6d)
1,000 0.0001 - -
INTEREST IN GENTING BERHAD (“GENT”), A COMPANY WHICH OWNS 55.39% INTEREST IN THE COMPANY
No. of Shares
Tan Sri Lim Kok Thay - - 1,694,779,090(2) 44.0137

Dato’ Sri Tan Kong Han 1,190,000 0.0309 100,000(5) 0.0026
Dato’ Indera Lim Keong Hui - - 1,694,779,090(2) 44.0137
Mr Yong Chee Kong (6e)
- - - -
Ms Loh Lay Choon (6g)
14,000 0.0004 - -

ANALYSIS OF SHAREHOLDINGS (cont’d) 187
INTEREST IN GENTING MALAYSIA BERHAD (“GENM”), A COMPANY WHICH IS 49.33% OWNED BY GENT
No. of Shares
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd

Zahidi bin Hj Zainuddin (R) 10,000 0.0002 - -
Tan Sri Lim Kok Thay (6a)
- - 2,796,992,189 (3)
49.3493
Dato’ Sri Tan Kong Han 619,400 0.0109 53,500(5) 0.0009
Dato’ Indera Lim Keong Hui 4,280,322 0.0755 2,796,992,189 (3)
49.3493
Mr Ching Yew Chye (6b)
- - - -
Mr Yong Chee Kong (6f)
- - - -
Ms Loh Lay Choon (6h)
15,000 0.0003 - -
INTEREST IN GENTING SINGAPORE LIMITED (“GENS”), AN INDIRECT 52.63% OWNED SUBSIDIARY OF GENT
No. of Shares
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd
Zahidi bin Hj Zainuddin (R) 988,292 0.0082 - -
Tan Sri Lim Kok Thay 15,695,063 0.1300 6,353,828,069(4) 52.6326
Dato’ Sri Tan Kong Han 450,000 0.0037 100,000(5) 0.0008
Dato’ Indera Lim Keong Hui - - 6,353,828,069 (4)
52.6326
INTEREST IN MEDIUM TERM NOTES ISSUED BY GENTING RMTN BERHAD (“GRMTN”), A WHOLLY-OWNED
SUBSIDIARY OF GENT
Name Amount of Medium Term Notes (RM)
Dato’ Sri Tan Kong Han (7)

9,500,000
Notes:
(1) Deemed interests by virtue of Tan Sri Lim Kok Thay (“TSLKT”) and Dato’ Indera Lim Keong Hui (“DILKH”) being
beneficiaries of a discretionary trust of which Parkview Management Sdn Bhd (“PMSB”) is the trustee. PMSB as trustee
of the discretionary trust owns 100% of the voting shares of Kien Huat International Limited (“KHI”) which in turn owns
100% of the voting shares in Kien Huat Realty Sdn Berhad (“KHR”). KHR owns more than 20% of the voting shares of
Genting Berhad (“GENT”) which in turn owns these ordinary shares in Genting Plantations Berhad (“GENP”). As such,
PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of GENP held by GENT as it is
entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares in GENT.
(2) Deemed interests by virtue of TSLKT and DILKH being beneficiaries of a discretionary trust of which PMSB is the
trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of KHI which in turn owns 100%
of the voting shares in KHR. As such, PMSB as trustee of the discretionary trust is deemed interested in the ordinary
shares of GENT held by KHI and KHR, by virtue of its controlling interest in KHI and KHR.
Arising from the above, TSLKT and DILKH have deemed interests in the shares of certain subsidiaries of GENT.

188 ANALYSIS OF SHAREHOLDINGS (cont’d)
(3) Deemed interests by virtue of TSLKT and DILKH being:
i) beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as trustee of the discretionary trust owns
100% of the voting shares of KHI which in turn owns 100% of the voting shares in KHR. KHR owns more than 20%
of the voting shares of GENT which in turn owns ordinary shares in Genting Malaysia Berhad (“GENM”). As such,
PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of GENM held by GENT as
it is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares in
GENT. PMSB as trustee of the discretionary trust is also deemed interested in the ordinary shares of GENM held by
KHR by virtue of its controlling interest in KHR; and
ii) beneficiaries of a discretionary trust of which Summerhill Trust Company (Isle of Man) Limited (“STC”) is the
trustee. Golden Hope Limited (“GHL”) acts as trustee of the Golden Hope Unit Trust (“GHUT”), a private unit trust
whose voting units are ultimately owned by STC as trustee of the discretionary trust. GHL as trustee of the GHUT
owns ordinary shares in GENM.
(4) Deemed interests by virtue of TSLKT and DILKH being beneficiaries of a discretionary trust of which PMSB is the
trustee.
PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of Genting Singapore Limited
(“GENS”) held by KHR and Genting Overseas Holdings Limited, a wholly-owned subsidiary of GENT. KHR controls more
than 20% of the voting shares of GENT.
(5) Deemed interest by virtue of Dato’ Sri Tan Kong Han (“DSTKH”) being the sole director and shareholder of Chan Fun
Chee Holdings Inc (“CFC”) which currently holds the assets of his late grandmother’s estate. DSTKH is the Executor of
his late grandmother’s estate and holding the CFC assets as trustee for himself and certain of his family members in
accordance with the will of his late grandmother.
(6) The following disclosures are made pursuant to Section 59(11)(c) of the Companies Act 2016:
(a) Interests of TSLKT’s children (other than DILKH who is a director of the Company) in GENM are as follows:
Name Ordinary Shares

Lim Keong Han 25,326 (0.0004%)
Lim Keong Loui 67,687 (0.0012%)
(b) Mr Ching’s spouse holds 200,000 ordinary shares (0.0035%) in GENM.

(c) Mr Ching’s spouse holds 20,000 ordinary shares (0.0022%) in the Company.
(d) Mr Yong’s spouse holds 60,000 ordinary shares (0.0067%) in the Company.
(e) Mr Yong’s spouse holds 1,000 ordinary shares (negligible) in GENT.
(f) Mr Yong’s spouse and children collectively hold 9,000 ordinary shares (0.0002%) in GENM.
(g) Ms Loh’s spouse holds 7,000 ordinary shares (0.0002%) in GENT.
(h) Ms Loh’s spouse holds 8,500 ordinary shares (0.0002%) in GENM.
(7) Direct interest in Medium Term Notes (“MTN”) of 5 years tenure with coupon rate of 5.19% per annum issued by GRMTN
pursuant to its MTN programme with an aggregate nominal value of RM10.0 billion guaranteed by GENT.
OTHER INFORMATION
Material Contracts
Material contracts of the Company and its subsidiaries involving Directors and major shareholders either subsisting at the
end of the financial year ended 31 December 2023, or entered into since the end of the previous financial year are disclosed
in Note 41 to the financial statements under “Significant Related Party Transaction and Balances” on pages 169 to 170 of the
Integrated Annual Report.

NOTICE OF ANNUAL GENERAL MEETING 189
NOTICE IS HEREBY GIVEN that the Forty-Sixth Annual General Meeting of Genting Plantations Berhad (“the Company”)
will be held on a virtual basis through live streaming and online remote voting at the Broadcast Venue, 25th Floor, Wisma
Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia via TIIH Online website at https://tiih.online on Tuesday,
11 June 2024 at 10.00 a.m.
AS ORDINARY BUSINESSES
1. To lay before the meeting the Audited Financial Statements for the financial year ended
31 December 2023 and the Directors’ and Auditors’ Reports thereon. (Please see
Explanatory Note A)
2. To approve the payment of Directors’ fees totalling RM1,323,535 for the financial year
ended 31 December 2023 comprising RM192,000 per annum for the Chairman of the
Company, RM125,000 per annum for each of the Executive Directors and RM129,000 per
annum for each of the Non-Executive Directors. (Ordinary Resolution 1)
3. To approve the payment of Directors’ benefits-in-kind from the date immediately after
the Forty-Sixth Annual General Meeting of the Company to the date of the next Annual
General Meeting of the Company in 2025. (Please see Explanatory Note B) (Ordinary Resolution 2)
4. To re-elect the following Directors who are retiring by rotation pursuant to Paragraph 99
of the Company’s Constitution:
(i) Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin (R) (Please see
Explanatory Note C) (Ordinary Resolution 3)
(ii) Tan Sri Lim Kok Thay (Please see Explanatory Note C) (Ordinary Resolution 4)
(iii) Tan Sri Dato’ Sri Zaleha binti Zahari (Please see Explanatory Note C) (Ordinary Resolution 5)
5. To re-elect General Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli bin Haji Zainal Abidin (R)
as a Director of the Company pursuant to Paragraph 104 of the Company’s Constitution.
(Please see Explanatory Note C) (Ordinary Resolution 6)
6. To re-appoint PricewaterhouseCoopers PLT as Auditors of the Company and to authorise

the Directors to fix their remuneration. (Ordinary Resolution 7)
AS SPECIAL BUSINESSES
To consider and, if thought fit, pass the following Ordinary Resolutions:
7. Authority to Directors pursuant to Sections 75 and 76 of the Companies Act 2016
“That, subject always to the Companies Act 2016, the Company’s Constitution, the Main
Market Listing Requirements of Bursa Malaysia Securities Berhad (“MMLR”) and the
approval of any relevant governmental and/or regulatory authorities, where such approval
is required, the Directors be and are hereby authorised and empowered pursuant to
Sections 75 and 76 of the Companies Act 2016 to:
(1) allot and issue shares in the Company; and/or

(2) grant rights to subscribe for shares in the Company; and/or
(3) convert any security into shares in the Company; and/or
(4) allot shares under an agreement or option or offer,
(collectively referred to as the “Authorised Transactions”)

190 NOTICE OF ANNUAL GENERAL MEETING (cont’d)
at any time and from time to time and upon such terms and conditions and for such
purposes and to such persons as the Directors may, in their absolute discretion deem fit,
provided that the aggregate number of shares allotted and issued, to be subscribed and/or
converted for any one or more of the Authorised Transactions pursuant to this resolution,
does not exceed 10% of the total number of issued shares (excluding treasury shares) of
the Company for the time being as prescribed by the MMLR and such authority under this
resolution shall continue to be in force until the conclusion of the next Annual General
Meeting of the Company or when it is required by law to be held, whichever is earlier, and
that:
(a) approval and authority be and are given to the Directors of the Company to take all
such actions that may be necessary and/or desirable to give effect to this resolution
and in connection therewith to enter into and execute on behalf of the Company any
instrument, agreement and/or arrangement with any person, and in all cases with full
power to assent to any condition, modification, variation and/or amendment (if any)
in connection therewith; and
(b) the Directors of the Company be and are also empowered to obtain the approval for
the listing of and quotation for the additional shares so issued on Bursa Malaysia
Securities Berhad.” (Ordinary Resolution 8)
8. Proposed renewal of the authority for the Company to purchase its own shares
“That, subject to compliance with all applicable laws, the Companies Act 2016, the
Company’s Constitution, and the regulations and guidelines applied from time to time
by Bursa Malaysia Securities Berhad (“Bursa Securities”) and/or any other relevant
regulatory authority:
(a) approval and authority be and are given for the Company to utilise up to the total
retained earnings of the Company, based on its latest audited financial statements
available up to the date of the transaction, to purchase, from time to time during the
validity of the approval and authority under this resolution, such number of ordinary
shares in the Company (as may be determined by the Directors of the Company) on
Bursa Securities upon such terms and conditions as the Directors of the Company
may deem fit and expedient in the interests of the Company, provided that:
(i) the aggregate number of shares to be purchased and/or held by the Company
pursuant to this resolution does not exceed 10% of the total number of issued
shares of the Company at the time of purchase; and
(ii) in the event that the Company ceases to hold all or any part of such shares as
a result of (among others) cancellations, re-sales, transfers and/or distributions
of any of these shares so purchased, the Company shall be entitled to further
purchase and/or hold such additional number of shares as shall (in aggregate
with the shares then still held by the Company) not exceed 10% of the total
number of issued shares of the Company at the time of purchase;
and based on the audited financial statements of the Company for the financial
year ended 31 December 2023, the balance of the Company’s retained earnings was
approximately RM3.93 billion;

NOTICE OF ANNUAL GENERAL MEETING (cont’d) 191
(b) the approval and authority conferred by this resolution shall commence on the passing
of this resolution and shall remain valid and in full force and effect until:
(i) the conclusion of the next Annual General Meeting of the Company;
(ii) the expiry of the period within which the next Annual General Meeting is required
by law to be held; or
(iii) the same is revoked or varied by an ordinary resolution of the shareholders of the
Company in a general meeting,
whichever occurs first;
(c) approval and authority be and are given to the Directors of the Company, in their
absolute discretion:
(i) to deal with the shares so purchased in the following manner:
(A) to cancel such shares;

(B) to retain such shares as treasury shares;
(C) to retain part of such shares as treasury shares and cancel the remainder of
such shares; and/or
(D) in any other manner as may be prescribed by applicable law and/or the
regulations and guidelines applied from time to time by Bursa Securities
and/or any other relevant authority for the time being in force,
and such authority to deal with such shares shall continue to be valid until all such
shares have been dealt with by the Directors of the Company; and
(ii) to deal with the existing treasury shares of the Company in the following manner:
(A) to cancel all or part of such shares;

(B) to distribute all or part of such shares as dividends to shareholders;
(C) to resell all or part of such shares on Bursa Securities in accordance with the
relevant rules of Bursa Securities;
(D) to transfer all or part of such shares for the purposes of or under an employees’
share scheme;
(E) to transfer all or part of such shares as purchase consideration; and/or
(F) in any other manner as may be prescribed by applicable law and/or the
regulations and guidelines applied from time to time by Bursa Securities
and/or any other relevant authority for the time being in force,
and such authority to deal with such shares shall continue to be valid until all such
shares have been dealt with by the Directors of the Company; and

(d) approval and authority be and are given to the Directors of the Company to take all
such actions that may be necessary and/or desirable to give effect to this resolution
and, in connection therewith:
(i) to enter into and execute on behalf of the Company any instrument, agreement
and/or arrangement with any person, and in all cases with full power to assent
to any condition, modification, variation and/or amendment (if any) as may be
imposed by any relevant regulatory authority or Bursa Securities, and/or as may
be required in the best interest of the Company; and/or
(ii) to do all such acts and things as the Directors may deem fit and expedient in the
best interest of the Company.” (Ordinary Resolution 9)
9. Proposed renewal of shareholders’ mandate for recurrent related party transactions

of a revenue or trading nature
“That approval and authority be and are hereby given for the Company and/or its
subsidiaries to enter into any of the transactions falling within the types of recurrent related
party transactions of a revenue or trading nature with the related parties (“Proposed
Shareholders’ Mandate”) as set out in Section 2.3 of the Circular to Shareholders in relation
to the Proposed Shareholders’ Mandate, provided that such transactions are undertaken
in the ordinary course of business, at arm’s length and based on commercial terms and on
terms not more favourable to the related party than those generally available to/from the
public and are not detrimental to the minority shareholders and that the breakdown of the
aggregate value of the recurrent related party transactions conducted/to be conducted
during the financial year, including the types of recurrent related party transactions made
and the names of the related parties, will be disclosed in the Integrated Annual Report of
the Company pursuant to the requirements of the Main Market Listing Requirements of
Bursa Malaysia Securities Berhad;
and such approval shall continue to be in force until:
(i) the conclusion of the next Annual General Meeting (“AGM”) of the Company following
this AGM at which such Proposed Shareholders’ Mandate is passed, at which time it
will lapse, unless by a resolution passed at the meeting, the authority is renewed;
(ii) the expiration of the period within which the next AGM of the Company after that date
is required to be held pursuant to Section 340(2) of the Companies Act 2016 (but shall
not extend to such extension as may be allowed pursuant to Section 340(4) of the
Companies Act 2016); or
(iii)
revoked or varied by an ordinary resolution passed by the shareholders of the
Company in a general meeting,
whichever is the earlier.” (Ordinary Resolution 10)
10. To transact any other business of which due notice shall have been given.
By Order of the Board
LOH BEE HONG

MAICSA 7001361
SSM Practicing Certificate No. 202008000906
Secretary
Kuala Lumpur
19 April 2024

NOTES
1. The Forty-Sixth Annual General Meeting (“46th AGM”) will be held on a virtual basis through live streaming and online
remote voting at the Broadcast Venue using the Remote Participation and Voting Facilities (“RPV”) to be provided by
the Company’s Share Registrar, Tricor Investor & Issuing House Services Sdn Bhd (“Tricor”) via TIIH Online website
at https://tiih.online. All the 46th AGM related documents of the Company can be viewed and downloaded from
the Company’s website at https://www.gentingplantations.com/agm/. Please follow the procedures set out in the
Administrative Guide for the 46th AGM which is available on the Company’s website at https://www.gentingplantations.
com/agm/ to register, participate, speak and vote remotely via the RPV.
2. The Broadcast Venue of the 46th AGM is strictly for the purpose of complying with Section 327(2) of the Companies Act
2016 which stipulates that the Chairman shall be at the main venue of the 46th AGM. Members will not be allowed to
attend the 46th AGM in person at the Broadcast Venue on the day of the 46th AGM.
3. A member who is entitled to attend, participate, speak and vote at the 46th AGM via the RPV is entitled to appoint a
proxy or in the case of a corporation, to appoint a duly authorised representative to attend, participate, speak and vote
in his/her/its place. Where a member appoints more than one (1) proxy, the appointments shall be invalid unless the
member specifies the proportions of his/her/its shareholding to be represented by each proxy. A proxy need not be a
member of the Company. There shall be no restriction as to the qualification of the proxy. In the case of a corporation,
the proxy form must be either under seal or signed by a duly authorised officer or attorney.
4. Where a member of the Company is an exempt authorised nominee which holds ordinary shares in the Company for
multiple beneficial owners in one (1) securities account (“Omnibus Account”), there is no limit to the number of proxies
which the exempt authorised nominee may appoint in respect of each Omnibus Account it holds. The appointment of
two (2) or more proxies in respect of any particular Omnibus Account shall be invalid unless the exempt authorised
nominee specifies the proportion of its shareholdings to be represented by each proxy. An exempt authorised nominee
refers to an authorised nominee defined under the Securities Industry (Central Depositories) Act 1991 (“SICDA”) which
is exempted from compliance with the provisions of subsection 25A(1) of SICDA.
5. The appointment of a proxy may be made in a hard copy form or by electronic means. Proxy forms must be submitted
in the following manner, not less than forty-eight (48) hours before the time appointed for holding the 46th AGM or at
any adjournment thereof:
(i) In hard copy form

The original signed proxy form must be deposited with Tricor at Unit 32-01, Level 32, Tower A, Vertical Business
Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia or alternatively, at Tricor’s
Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar South, No. 8, Jalan
Kerinchi, 59200 Kuala Lumpur, Malaysia.
(ii) By Tricor Online System (TIIH Online)

The proxy form can be electronically submitted via TIIH Online at https://tiih.online. Please follow the procedures
set out in the Administrative Guide.
6. Pursuant to Paragraph 8.29A(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all
resolutions set out in the Notice of 46th AGM will be put to vote by poll.
7. For the purpose of determining members who shall be entitled to attend the 46th AGM, the Company shall be requesting
Bursa Malaysia Depository Sdn Bhd to issue a Record of Depositors as at 4 June 2024. Only depositors whose names
appear on the Record of Depositors as at 4 June 2024 shall be entitled to attend the said meeting or appoint proxies to
attend and vote on their behalf.

Explanatory Note A
This Agenda is meant for discussion only as under the provision of Section 340(1)(a) of the Companies Act 2016, the audited
financial statements do not require a formal approval of the shareholders. Hence, this matter will not be put forward for
voting.
Explanatory Note B
Pursuant to Section 230(1) of the Companies Act 2016, shareholders’ approval will be sought for Ordinary Resolution 2 on
the payment of Directors’ benefits-in-kind from the date immediately after the 46th AGM of the Company to the date of the
next annual general meeting of the Company in 2025, which is set out in the manner below:
(A) Meeting Allowance (per meeting) Chairman Member

• Audit Committee RM7,700 RM5,100
• Risk Management Committee RM5,100 RM3,400
• Nomination Committee RM5,100 RM3,400
• Remuneration Committee RM5,100 RM3,400
(B) Other Benefits Non-Executive Directors
Tele-communication facilities and other reimbursable/claimable
Up to RM40,000
benefits-in-kind
In the event that the Directors’ benefits-in-kind payable to the Non-Executive Directors of the Company during the above
period exceed the estimated amount sought at the forthcoming 46th AGM of the Company, shareholders’ approval will be
sought at the next annual general meeting for the additional amount to meet the shortfall.
Explanatory Note C
The Nomination Committee had in November 2023 assessed and recommended to the Board, the effectiveness and
performance of the Board, Board Committees and individual Directors, including the Chief Executive, based on a set of
prescribed criteria which was approved by the Board.
In February 2024, the Nomination Committee, taking into consideration the annual assessment conducted in November
2023 (where applicable) and the criteria prescribed in the Directors’ Fit and Proper Policy of the Company, evaluated and
recommended to the Board, the proposed re-election of Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin
(R), Tan Sri Lim Kok Thay, Tan Sri Dato’ Sri Zaleha binti Zahari and General Tan Sri Dato’ Seri Panglima Ts. Haji Zulkifli Bin
Haji Zainal Abidin (R) as Directors of the Company at the forthcoming 46th AGM (“Proposed Re-election”).
The Board is satisfied and supports the Proposed Re-election as they have the relevant skill sets and experience and bring
valuable insights and contribution to the Board. The annual assessment has been disclosed in the Corporate Governance
Report which is made available on the Company’s website at https://www.gentingplantations.com/agm/.
Explanatory Notes on Special Businesses
(1) Ordinary Resolution 8, if passed, will renew the mandate given to the Directors of the Company, pursuant to Sections
75 and 76 of the Companies Act 2016 (“Renewed Mandate”) for such purposes as the Directors may deem fit and in
the interest of the Company. The Renewed Mandate, unless revoked or varied at a general meeting, will expire at the
conclusion of the next Annual General Meeting of the Company.
As at the date of this Notice, the Directors have not utilised the mandate to allot shares or grant rights given to the
Directors at the 45th Annual General Meeting held on 30 May 2023 and the said mandate will lapse at the conclusion
of the 46th AGM.
The Company is seeking approval from the shareholders on the Renewed Mandate for the purpose of possible fund-
raising exercise including but not limited to placement of shares for purpose of funding future investment project(s),
working capital and/or acquisitions and to avoid delay and cost in convening general meetings to approve such issue of
shares.

(2) Ordinary Resolution 9, if passed, will empower the Directors of the Company to purchase the Company’s shares of an
aggregate amount of up to 10% of the total number of issued shares of the Company for the time being (“Proposed
Share Buy-Back Renewal”) by utilising up to the total retained earnings of the Company based on its latest audited
financial statements up to the date of the purchase. The authority under this resolution will expire at the conclusion
of the next Annual General Meeting of the Company or the expiry of the period within which the next Annual General
Meeting is required by law to be held, or the same is revoked or varied by an ordinary resolution of the shareholders of
the Company in a general meeting, whichever occurs first.
Further information on the Proposed Share Buy-Back Renewal is set out in the Circular to Shareholders dated 19 April
2024.
(3) Ordinary Resolution 10, if passed, will allow the Company and/or its subsidiaries to enter into recurrent related party
transactions of a revenue or trading nature pursuant to the provisions of the Main Market Listing Requirements of
Bursa Malaysia Securities Berhad (“Proposed Shareholders’ Mandate”). This authority will expire at the conclusion
of the next Annual General Meeting of the Company or the expiry of the period within which the next Annual General
Meeting is required by law to be held, unless revoked or varied by an ordinary resolution of the shareholders of the
Company in a general meeting, whichever is earlier.
Further information on the Proposed Shareholders’ Mandate is set out in the Circular to Shareholders dated 19 April
2024.

196 STATEMENT ACCOMPANYING
NOTICE OF ANNUAL GENERAL MEETING
Pursuant to Paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad
1. Details of individuals who are standing for election as Directors
No individual is seeking election as a Director at the forthcoming Forty-Sixth Annual General Meeting of the Company
(“46th AGM”).
The information required pursuant to Practice 5.7 of the Malaysian Code on Corporate Governance in relation to the
Directors who are standing for re-election at the 46th AGM are provided in the Directors’ Profile of the Integrated Annual
Report 2023, including their latest interests in the shares of the Company disclosed under Analysis of Shareholdings of
the Integrated Annual Report 2023.
2. Statement relating to general mandate for issue of securities in accordance with Paragraph 6.03(3) of the Main
Market Listing Requirements of Bursa Malaysia Securities Berhad
Details of the general mandate to issue securities in the Company pursuant to Sections 75 and 76 of the Companies Act
2016 are set out in Explanatory Note (1) of the Notice of 46th AGM.

197701003946 (34993-X)
FORM OF PROXY
(Before completing the form, please refer to the notes overleaf)
I/We ___________________________________________________________________________________________________
(FULL NAME IN BLOCK CAPITALS)
NRIC No./Passport No./Co. No. ______________________________________________________________________________
of ______________________________________________________________________________________________________
(ADDRESS)
________________________________________________________________________________________________________
being a member of GENTING PLANTATIONS BERHAD hereby appoint:
Name of Proxy NRIC No./Passport No. % of shareholding to be represented

(Full Name) (Refer to Note 3)
Address Proxy’s Contact No.
*and/or failing him/her,
Name of Proxy NRIC No./Passport No. % of shareholding to be represented

(Full Name) (Refer to Note 3)
Address Proxy’s Contact No.
or failing him/her, the *CHAIRMAN OF THE MEETING as *my/our proxy(ies) to attend and vote for me/us on my/our behalf at
the Forty-Sixth Annual General Meeting of the Company which will be held on a virtual basis through live streaming and online
remote voting at the Broadcast Venue, 25th Floor, Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia on
Tuesday, 11 June 2024 at 10.00 a.m. or at any adjournment thereof.
* Delete if inapplicable
My/our proxy(ies) shall vote as follows:
ORDINARY BUSINESS RESOLUTIONS For Against

To approve the payment of Directors’ fees for the financial Ordinary Resolution 1
year ended 31 December 2023
To approve the payment of Directors’ benefits-in-kind from Ordinary Resolution 2
the date immediately after the Forty-Sixth Annual General
Meeting of the Company to the date of the next annual
general meeting in 2025
To re-elect the following Directors who are retiring by
rotation pursuant to Paragraph 99 of the Company’s
Constitution:
(i) Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj
Zainuddin (R) Ordinary Resolution 3
(ii) Tan Sri Lim Kok Thay Ordinary Resolution 4
(iii) Tan Sri Dato’ Sri Zaleha binti Zahari Ordinary Resolution 5
To re-elect General Tan Sri Dato’ Seri Panglima Ts. Haji
Zulkifli bin Haji Zainal Abidin (R) as a Director of the
Company pursuant to Paragraph 104 of the Company’s
Constitution Ordinary Resolution 6
To re-appoint Auditors and authorise the Directors to fix Ordinary Resolution 7
their remuneration
SPECIAL BUSINESS
To approve the authority to Directors pursuant to Sections Ordinary Resolution 8
75 and 76 of the Companies Act 2016
To approve the proposed renewal of the authority for the Ordinary Resolution 9
Company to purchase its own shares
To approve the proposed renewal of shareholders’ mandate Ordinary Resolution 10
for recurrent related party transactions of a revenue or
trading nature
(Please indicate with an “ ✘” or “ ✔“ in the spaces provided on how you wish your votes to be cast. If you do not do so, the proxy/proxies will vote or abstain
from voting at his/her/their discretion.)
Signed this ________ day of _________________ 2024
No. of Shares held CDS Account No. Shareholder’s Contact No.
__________________________________
Signature of Member
NOTES
1. The Forty-Sixth Annual General Meeting (“46th AGM”) will be held on a virtual basis through live streaming and online remote voting at the Broadcast Venue
using the Remote Participation and Voting Facilities (“RPV”) to be provided by the Company’s Share Registrar, Tricor Investor & Issuing House Services Sdn
Bhd (“Tricor”) via TIIH Online website at https://tiih.online. All the 46th AGM related documents of the Company can be viewed and downloaded from the
Company’s website at https://www.gentingplantations.com/agm/. Please follow the procedures set out in the Administrative Guide for the 46th AGM which
is available on the Company’s website at https://www.gentingplantations.com/agm/ to register, participate, speak and vote remotely via the RPV.
2. The Broadcast Venue of the 46th AGM is strictly for the purpose of complying with Section 327(2) of the Companies Act 2016 which stipulates that the
Chairman shall be at the main venue of the 46th AGM. Members will not be allowed to attend the 46th AGM in person at the Broadcast Venue on the day of the
46th AGM.
3. A member who is entitled to attend, participate, speak and vote at the 46th AGM via the RPV is entitled to appoint a proxy or in the case of a corporation, to
appoint a duly authorised representative to attend, participate, speak and vote in his/her/its place. Where a member appoints more than one (1) proxy, the
appointments shall be invalid unless the member specifies the proportions of his/her/its shareholding to be represented by each proxy. A proxy need not be
a member of the Company. There shall be no restriction as to the qualification of the proxy. In the case of a corporation, the proxy form must be either under
seal or signed by a duly authorised officer or attorney.
4. Where a member of the Company is an exempt authorised nominee which holds ordinary shares in the Company for multiple beneficial owners in one (1)
securities account (“Omnibus Account”), there is no limit to the number of proxies which the exempt authorised nominee may appoint in respect of each
Omnibus Account it holds. The appointment of two (2) or more proxies in respect of any particular Omnibus Account shall be invalid unless the exempt
authorised nominee specifies the proportion of its shareholdings to be represented by each proxy. An exempt authorised nominee refers to an authorised
nominee defined under the Securities Industry (Central Depositories) Act 1991 (“SICDA”) which is exempted from compliance with the provisions of subsection
25A(1) of SICDA.
5. The appointment of a proxy may be made in a hard copy form or by electronic means. Proxy forms must be submitted in the following manner, not less than
forty-eight (48) hours before the time appointed for holding the 46th AGM or at any adjournment thereof:
(i) In hard copy form
The original signed proxy form must be deposited with Tricor at Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8,
Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia or alternatively, at Tricor’s Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue
3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia.
(ii) By Tricor Online System (TIIH Online)
The proxy form can be electronically submitted via TIIH Online at https://tiih.online. Please follow the procedures set out in the Administrative Guide.
6. Pursuant to Paragraph 8.29A(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all resolutions set out in the Notice of 46th
AGM will be put to vote by poll.
7. For the purpose of determining members who shall be entitled to attend the 46th AGM, the Company shall be requesting Bursa Malaysia Depository Sdn Bhd
to issue a Record of Depositors as at 4 June 2024. Only depositors whose names appear on the Record of Depositors as at 4 June 2024 shall be entitled to
attend the said meeting or appoint proxies to attend and vote on their behalf.
GROUP OFFICES AND OPERATING UNITS
PLANTATION DIVISION Genting Tenegang Estate

Tel : +6019 2946618
West Malaysia
Genting Bahagia Estate
Genting Bukit Sembilan Estate Tel : +6019 2948849
Kuala Ketil
09300 Kedah Genting Tanjung Estate
Tel : +6019 5150927 Tel : +6019 2946790
Genting Selama Estate Genting Landworthy Estate

Serdang Tel : +6010 2486988
09800 Kedah
Tel : +6019 4112732 Genting Layang Estate
Tel : +6011 31202388
Genting Tebong Estate
75990 Tebong Genting Jambongan Estate
Melaka Tel : +6019 8127655
Tel : +606 4486226
Genting Indah Estate
Genting Tanah Merah Estate Tel : +6019 8928626
P.O. Box 68
84907 Tangkak, Johor Genting Permai Estate
Tel : +606 9781310 Tel : +6019 8813655
Genting Sri Gading Estate Genting Kencana Estate

P.O. Box 510 Tel : +6010 2593826
83009 Batu Pahat, Johor
Tel : +607 4558634 Genting Mewah Estate
Tel : +6019 3809020
Genting Sungei Rayat Estate
P.O. Box 511 Genting Lokan Estate
83009 Batu Pahat, Johor Tel : +6010 2671426
Tel : +6019 7778237
Genting Sekong Estate
Genting Kulai Besar Estate Tel : +6016 2008439
No. 1213-1215
Jalan Kasturi 36/45, Indahpura Genting Suan Lamba Estate
81000 Kulaijaya, Johor Tel : +6019 3069020
Tel : +6019 7793496
Genting Sabapalm Oil Mill
Genting Ayer Item Oil Mill Tel : +6019 2949349
Batu 54 Jalan Johor
Air Hitam Genting Tanjung Oil Mill
86100 Johor Tel : +6019 2950803
Tel : +6019 2265204
Genting Mewah Oil Mill
Tel : +6019 2950926
Sabah
Genting Trushidup Oil Mill
Genting Plantations Office, Sabah Tel : +6016 3500195
Wisma Genting Plantations
KM 12, Labuk Road Genting Indah Oil Mill
90000 Sandakan, Sabah Tel : +6089 200392
Tel : +6089 673811
Fax : +6089 673976 Genting Jambongan Oil Mill
Tel : +6089 858350
Genting Sabapalm Estate
Tel : +6019 2769020

GROUP OFFICES AND OPERATING UNITS (cont’d)
Sarawak Genting Pura Kencana Sales Office

No. 1, Jalan Sisiran Pura Kencana 1A/1
Serian Palm Oil Mill Taman Genting Pura Kencana
4 Km Kedup/Mongkos Link Road 83300 Sri Gading, Batu Pahat
Off 13 Km Poaon Limau/Mentung Marau Road Johor, Malaysia
Off 20 Km Serian/Sri Aman Road Tel : +607 4558181
P.O.Box 150, 94700 Serian, Sarawak Fax : +607 4557171
Tel : +6082 865264/895718
Johor Premium Outlets®
Jalan Premium Outlets
Indonesia Indahpura, 81000 Kulai
Johor, Malaysia
PT Genting Plantations Nusantara Tel : +607 6618888
DBS Tower Fax : +607 6618800
15th Floor, Ciputra World 1
JI. Prof. Dr. Satrio Kav. 3-5 Genting Highlands Premium Outlets®
Jakarta 12940, Indonesia KM13, Genting Highlands Resort
Tel : +62 21 29887600 69000 Genting Highlands
Fax : +62 21 29887601 Pahang, Malaysia
Tel : +603 64338888
Fax : +603 64338810
Singapore
Asianindo Agri Pte Ltd AGTECH DIVISION

60 Paya Lebar Road
#11-32 Paya Lebar Square ACGT Laboratories
Singapore 409051 Lot L3-E9, HIVE 5
Tel : +65 67219197 Taman Teknologi MRANTI, Bukit Jalil
57000 Kuala Lumpur, Malaysia
Tel : +603 89969888
PROPERTY DIVISION Fax : +603 89963388
Head Office The Gasoline TreeTM Experimental Research Station

Genting Property Sdn Bhd Jalan Kuarters-KLIA
3rd Floor, Wisma Genting 43900 Sepang
Jalan Sultan Ismail Selangor, Malaysia
50250 Kuala Lumpur, Malaysia Tel : +6019 2868856
Tel : +603 23332255
Fax : +603 21616149
DOWNSTREAM MANUFACTURING DIVISION
Genting Indahpura Sales Office
1213-1215, Jalan Kasturi 36/45 Head Office
Indahpura, 81000 Kulai 10th Floor, Wisma Genting
Johor, Malaysia Jalan Sultan Ismail
Tel : +607 6624652 50250 Kuala Lumpur, Malaysia
Fax : +607 6624655 Tel : +603 21782255
Fax : +603 21616149

Genp Iar 2023

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CONTENTS

ABOUT THIS REPORT 1

01 KEY MESSAGE Operational Review

Financial Performance Review

Genting Plantations Berhad (“Genting

Basis of This Report The sustainability performance of the Company is

INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

Selected matters in the SR 2023 have been subjected to

This Report contains forward-looking statements with

This Report has been reviewed, approved, and endorsed

GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

On behalf of the Board of Directors, I am pleased to present the Annual

In 2023, as elevated inflation and higher-for-longer interest rates led

After hitting a low of RM3,331 per metric tonne (“mt”) in early

Overall, the Group posted a 7% year-on-year decrease in revenue

INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

The Division’s biodiesel operations continue to cater LOOKING FORWARD

GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

ACKNOWLEDGMENTS AND APPRECIATION

As our Group grows from strength to strength, I wish to

INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

Bagi pihak Lembaga, saya juga ingin merakamkan ucapan

GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

此外，由于2024年经济形势好转，对棕油产品的需求预计 我亦代表董事部，衷心感谢Quah Chek Tin先生，他在

GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

Valuing Sustained Growth for all

As a Group that continuously strive to create value for its

Alongside the ever-evolving business landscape, Genting

INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

Genting Plantations has also diversiﬁed into property

Downstream Manufacturing Division

Agriculture Technology (“AgTech”) Division

GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

Planting Research External

Fresh Fruit Crude Reﬁnery

Fresh Fruit Crude Integrated Bioreﬁnery

Genting Jambongan Estate and Oil Mill, Sabah

INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

PLANTATION OIL MILL

GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

DOWNSTREAM AGTECH PROPERTY

INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

20. Sintang, Kalimantan Barat Leasehold Note 11,727 2016 145,453

OTHER PROPERTIES OWNED

Plantation Mill Residential Bungalow Genting Indahpura Car City

GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

Revenue Market Capitalisation Adjusted EBITDA

RM2,966.5 RM5.1 RM731.5

Total Equity Net Proﬁt Total Assets Employed

RM5.4 RM265.8 RM8.6

REVENUE ADJUSTED EBITDA

Top 10 Bursa Malaysia Plantation Companies

1 Sime Darby Plantation Berhad 30.84

INTEGRATED ANNUAL REPORT 2023 | GENTING PLANTATIONS BERHAD

GENTING PLANTATIONS BERHAD | INTEGRATED ANNUAL REPORT 2023

• GlobalIndo Holdings Pte Ltd

NOTE : Shareholding percentages are 100%, unless otherwise stated

此外，由于2024年经济形势好转，对棕油产品的需求预计我亦代表董事部，衷心感谢Quah Chek Tin先生，他在