CHAIRMAN’S STATEMENT Chairman’s Statement Executive Chairman DR. CHIA SONG KUN 2023 REVENUE RM6.24 b i l l i o n 2023 PROFIT BEFORE TAX RM480.83 m i l l i o n 2021 RM4.38 billion 2022 RM5.24 billion 2021 RM432.56 million 2022 RM321.21 million Dear Valued Shareholders, QL operates four business pillars with cross linkages that create value for stakeholders sustainably. This is our third Integrated Annual Report, in which we endeavour to provide more meaningful and transparent disclosure on how QL uses resources to create or preserve value over time. We take lead from developments that guide on better communication for environmental, economic and social impact. The post-pandemic economy in our financial year of 1 April 2022 to 31 March 2023 (FY2023) was marked by significant events which presented as many opportunities as it did challenges. The conflict between Russia and Ukraine which started in February 2022 had sent reverberations through the global economy, driving energy prices and food input cost upwards. The shock in agricultural prices impacted food prices and food security. Together with the lever on interest rates being pushed up to counter inflation and the unexpected laggard reopening of China, it was a year that economists called extraordinary and a year of uncertainty. Businesses that were prepared, able to change and adapt well, survived and some even thrived. We are pleased that QL is in the right business of producing food from agro resources, managed with solid strategy executed with prudence. This steadfast mission has enabled us to deliver on our commitment of creating value for all. While input costs remained high across QL’s principal activities for the majority of FY2023, reprieve came when oil prices cooled, and the high commodity prices receded from its peak in June 2022, albeit remaining significantly higher than 2015-2019 average levels. At the same time, agricultural price pressures saw respite as the Black Sea Grain Initiative, better harvests and lower energy prices in the second half of the financial year helped stabilise agricultural commodity prices from its early-2022 peaks. The persistence and keeping course in investment during the tough pandemic years bore fruit as it enabled QL to capitalise on the opportunities in an overall imbalanced market. We stepped up our risk management and governance as QL pursues our short-term objectives and longterm goals. Resources are allocated in line with our strategy encompassing strategic business growth and strengthening core competencies. The 4C approach remained our opportunities evaluation anchor. QL RESOURCES BERHAD INTEGRATED ANNUAL REPORT 2023 SEC. PG. PG. CHAIRMAN’S STATEMENT 3 009 008
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