FFB sorting process in Kencana Sari POM, Lahat, South Sumatra OUTLOOK 2025 Commodity prices are expected to remain highly volatile, driven by uncertainties surrounding weather conditions and geopolitical conflicts. Global demand growth is likely to remain subdued due to weaker economic performance and challenging macroeconomic factors. Despite the outlook, the Plantation Division will continue to focus on targeted action plans, including improving operational results, strengthening cost controls, driving innovations that elevate plantation productivity, and prioritising capital investments in critical areas. With higher refining capacity, the EOF Division will focus on expanding sales volumes through competitive pricing strategies and enhanced distribution, ensuring ample availability to meet Indonesia’s population and per capita income growth. We remain confident that Indonesia’s resilient economic prospects, slower palm production growth and higher biodiesel mandates may provide some support for palm prices. ACKNOWLEDGEMENTS 2024 also marked a period of transition for our Board, following the retirement of our Chairman, Mr Edward Lee Kwong Foo, and our Vice Chairman, Mr Lim Hock San, on 30 April 2024. On behalf of the Company, I would like to express our deepest gratitude for their valuable contributions to the Board and our management team. In addition, I am pleased to welcome the three distinguished individuals who have joined our Board on 1 May 2024: • Mr Philip Yeo Liat Kok, appointed as Lead Independent Director, Chairman of the Board, and Chairman of both the Nominating Committee (NC) and Remuneration Committee (RC); • Mr David Sungkoro, appointed as an Independent Director, Chairman of the Audit and Risk Management Committee (AC & RMC), and Member of the NC; and • Mr Andreas Tan, appointed as an Independent Director, and Member of the AC & RMC, NC and RC. Their extensive expertise and diverse perspectives will undoubtedly strengthen the Board, while ensuring that IndoAgri’s strategies remain aligned with our long-term goals. I also take this opportunity to thank my Board colleagues for their guidance; all management and staff members of IndoAgri for their unwavering dedication; as well as all smallholders and business partners for their vital contributions. To our valued customers and shareholders, I sincerely appreciate your continued trust and support. Mark Julian Wakeford Chief Executive Officer and Executive Director Group Overview Financials Other information Sustainability and Governance Operation and Financial Review 11 Annual Report 2024
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