Marine Products Manufacturing (MPM) About This Report Principal Activities QL Resources Berhad (QL) developed this Integrated Annual Report for the financial year ended 31 March 2023 (FY2023) to meet stakeholders’ disclosure requirements and provide insights into the company’s value creation process. We recognise the importance of consistent and effective stakeholder engagement in a transparent manner towards strengthening and retaining trust. This report details the company’s value creation process, demonstrating how we generate and share value while minimising erosion. This report is the outcome of QL’s reporting approach as governed by the Board. QL produces nutritious sources of protein from agro resources to feed a growing population. This is done through a scalable and resource-efficient value chain that is sustainable both operationally and economically. Our operations in Malaysia, Indonesia, and Vietnam are internationally certified, allowing us to market our products globally, as well as cater to local consumers. Our value chains are streamlined into four complementary business pillars, which are characterised by interconnectedness and synergy. Reporting Scope and Boundaries Forward-Looking Statements This Integrated Annual Report contains forwardlooking statements, which by their very nature are subject to change. This includes projections made about the future at the material time of preparing this report, which could significantly change due to dynamic emergence of new risks and similar factors. These statements should not be taken as guarantees or predictions of QL’s future performance. Readers of this report are urged not to place undue reliance on forward-looking statements and the assertions made as actual outcomes and performance may differ from those expressed in this report. Material Matters Reporting Philosophy and Principles The report includes essential information on QL’s strategy for generating value in the short, medium, and long term, as well as its business model, operating environment, risks, opportunities, stakeholder concerns, performance, and prospects. It presents QL’s past, present, and anticipated performance in a coherent manner to illustrate the company’s operating environment and execution of strategy. QL’s financial statements are prepared in accordance to the Malaysian Financial Reporting Standards (MFRS) and are independently audited. Reporting Framework and Guidance • Main Market Listing Requirements of Bursa Malaysia Securities Berhad • Malaysian Code on Corporate Governance 2021 • International Integrated Reporting Council International <IR> Framework • Companies Act 2016 • Malaysian Financial Reporting Standards • International Financial Reporting Standards • Global Reporting Initiative (GRI) Standards Assurance • Internal control and management assurance • Internal audit and compliance • External audit by KPMG PLT on financial statements Approval by the Board The Board recognises its role in ensuring this report’s integrity. To our knowledge, this report fairly presents QL’s integrated performance and reflects material issues that impact QL’s ability to create, preserve, or erode value. The Board affirms that this report was prepared to the best of our capability, in accordance with the International <IR> Framework. The report was approved on 10 July 2023. Dr. Chia Song Kun Executive Chairman Mr. Chia Song Kooi Group Managing Director The ILF business pillar produces high-quality, nutritious, affordable sources of protein for consumers. From the trading of feed and raw materials, feed milling, layer farming, and broiler integration, ILF activities span the full value chain. QL maintains strict biosecurity measures and optimal farming conditions to ensure sustainable farm operations. IN DRIVE THRU IN DRIVE THRU frozen fd POCE MPM CVS ILF MPM produces quality, convenient and nourishing marinebased products. This is done through its value chain of upstream-to-downstream activities, from aquaculture, deep-sea fishing, value-added processing and fishmeal, manufacture of surimi and surimi-based products to ready-to-cook food. QL is recognised as a market leader in Malaysia, being the largest producer of surimi and halal fish-based food items in Southeast Asia. The FamilyMart convenience store direct-to-consumer channel provides wholesome, ready-to-eat and easily prepared meals suitable for modern lifestyles. Built on the konbini concept, it extends QL’s range of food production and distribution. The FamilyMart offering has expanded to include smart kiosks called FamilyMart Mini, “Food Superstore” concept stores, as well as FamiCafé. QL provides environmental solutions including bioenergy, renewable energy, and water treatment to help businesses meet the increasing environmental, social, and governance (ESG) needs. This pillar also includes operations in the palm oil value chain, provision of milling-as-a-service for smallholders and management of 16,000 hectares of palm oil estate. Convenience Store Chain (CVS) Integrated Livestock Farming (ILF) Palm Oil and Clean Energy (POCE) The strategic plans for QL are outlined in this Integrated Annual Report, along with the quantitative and qualitative results of the company’s operations from 1 April 2022 to 31 March 2023. This encompasses all QL subsidiaries’ financial and non-financial accomplishments, unless stated otherwise. The sustainability impact of QL’s activities and how sustainability considerations affect QL’s stakeholders are disclosed where practicable. Further reading about our sustainability practices are on pages 28 - 76. Matters that can substantially impact QL’s capacity to generate value is disclosed in this report. Continuous engagement with internal and external stakeholders is the basis in identifying key material matters. Our Material Matters and Materiality Assessment procedure can be read on pages 33 - 35. SEC. QL AT A GLANCE 2 003 PG. QL RESOURCES BERHAD INTEGRATED ANNUAL REPORT 2023 002 PG.
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