CHAIRMAN’S MESSAGE DEAR SHAREHOLDERS, It is a privilege to address you for the first time as Chairman of IndoAgri. I am honoured to lead an organisation with a strong legacy of resilience and commitment to sustainability. I look forward to building on this foundation and advancing the company’s achievements. Indonesia maintained steady economic growth in 2024, expanding by 5.03% despite global uncertainties. Household consumption, investment and government spending remained the key drivers, supported by stable macroeconomic fundamentals. Inflation eased to 1.57% by year-end, but rising costs continued to impact purchasing power, particularly for lower-income groups. The Rupiah averaged Rp15,900 against the US Dollar, a 4% depreciation from 2023. For IndoAgri, 2024 was a good year. With palm oil prices rebounding, we focused on cost optimisation and operational efficiencies, leveraging our vertically integrated business model to maximise value across the supply chain. I am pleased to report the company’s strong performance, with the year-on-year net profit after tax rising by 125% to Rp2,110 billion (approximately S$178 million) in 2024. Sustainability remains at the core of our strategy. We continued to advance our climate resilience efforts by further aligning with the Task Force for Climate-related Financial Disclosures (TCFD) framework, enhancing our ability to manage both physical and transitional risks. The continued redirection of Indonesia’s palm oil into domestic biodiesel production further reinforced the industry’s role in supporting national energy security. As environmental regulations evolve, IndoAgri remains committed to best practices in plantation management, supply chain traceability and community engagement. The incoming government’s renewed focus on education and nutrition, particularly through initiatives like the Free Lunch Programme for schoolchildren, resonates deeply with our values. We believe that empowering communities through education and improving access to nutritious food are essential to uplifting Indonesia’s socio-economic status. As a company, we are proud to play a role in supporting these efforts, whether through our contributions to food security or our community development programmes. Looking ahead, 2025 presents both opportunities and challenges. Domestically, Indonesia’s economy remains resilient, supported by strong fundamentals and government programmes. Nonetheless, geopolitical tensions, the tightening of monetary policy, trade protectionism and tariffs may impact market conditions. IndoAgri is well-positioned to navigate these dynamics. With a disciplined approach to growth, unwavering commitment to sustainability and continued focus on innovation and operational efficiency, we remain confident in our ability to deliver long-term value to all stakeholders. I would like to take this opportunity to thank all shareholders, my fellow Board members, our dedicated employees and valued partners for the continued trust and support. I look forward to working with all of you as we embark on the next phase of IndoAgri’s journey. Philip Yeo Liat Kok Chairman and Lead Independent Director Group Overview Financials Other information Sustainability and Governance Operation and Financial Review 07 Annual Report 2024
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