DEAR SHAREHOLDERS, In contrast to the turbulence in some other parts of the world, South-East Asia continues to enjoy peace and stability. Emerging from the pandemic, Indonesia, the largest economy in the region, performed remarkably well in 2023. Its GDP grew by more than five percent. More jobs were created. Many people were lifted into the middle class. Their spending power grew. For IndoAgri, our strategic focus was centred on managing capital expenditure and yield improvements. We were rewarded by our efforts in competitive pricing and sustainable product packaging. Although our Group recorded lower profitability in 2023 mainly due to the lower selling price of palm and EOF products, the decline was offset by the higher sales volume of palmproducts. Our inherent strengths as a large-scale producer, coupled with our vertically integrated business model, have been pivotal to this performance. We support environmental, social and governance (ESG) principles and put them into practice. Our sustainability commitment is intricately woven into the fabric of our agribusiness operations. We take seriously the climaterelated risks. During the year, we took further steps to align our activities with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We have done weather-scenario planning and identified the physical and transitional risks associated with climate change. We are now in a better position to take both mitigative and adaptive measures. Succession planning and board renewal are critical to the development and growth of the Company. Independent directors, Lim Hock San, Goh Kian Chee and myself will retire from the Board at the AGM in April 2024. To ensure continuity, Goh Kian Chee will be nominated as a nonindependent and non-executive Director. IndoAgri is committed to good corporate governance. I have full confidence in IndoAgri’s strength and vitality. Through the adoptionof technological innovations, enhanced connectivity and higher productivity, our growth trajectory will remain steady andpositive. Wewill leverage on Indonesia’s sound economic fundamentals and its policies aimed at joining the premier league of economies. IndoAgri will grow with Indonesia. I have had the privilege and honour to serve you as the Chairman of the Board. May I extend my deep appreciation and gratitude to all our shareholders, my fellow directors, colleagues and partners for their steadfast support. This will enable IndoAgri to flourish and prosper. EDWARD LEE Chairman CHAIRMAN’S MESSAGE 7 Annual Report 2023 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION
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