BOUSTEAD Plantations Bhd is in pursuit of maximising its accelerated replanting exercise as part of its Plantations Performance Improvement Programme to boost its yield performance.

The palm oil producer said that it has outlined steps to future-proof its operation by focusing on value creations within the existing business and new income streams while integrating the environmental, social and governance (ESG) in the process.

Under its ESG Strategy Framework, Boustead Plantations sought to elevate the industry’s standard through the incorporation of sustainability fundamentals on each and every level of its business operation.

“Undoubtedly, there are challenges ahead for the group. However, we remain confident in our ability to capitalise on the bullishness of palm product prices to invest in our growth areas while aggressively integrating mechanisation and digitalisation in our operation,” Boustead Plantations CEO Zainal Abidin Shariff said in a statement after the company’s 109th AGM today.

“Guided by the Reinventing Boustead Strategy, our ultimate aim is to achieve sustainable growth over the long term. Our positive track records are testament to our sheer dedication to enhancing value for our shareholders,” he added.

Zainal Abidin noted that Boustead Plantations shareholders have been keen to find out more about the group’s strategies for maintaining a sustainable and robust business operation, amid challenges in the local market and global uncertainties.

These strategies were shared during the AGM, which also saw all nine resolutions tabled at the meeting were passed by the shareholders of the group.

Four members of Boustead Plantations’ board, including chairman Datuk Ismail Lasim, were individually re-elected for a term of office until the end of the next AGM.

Meanwhile, two Boustead Plantations’ board members, Datuk Shah Headan Ayoob Hussain Shah and Datuk Mustapa Kamal Mohd Yusoff, did not seek re-election.

Boustead Plantations recently announced RM436 million net profit for the first quarter ended March 31, 2022.

The board of directors declared a first interim single-tier dividend of 7.3 sen per share for the year ending Dec 31, 2022.

Meanwhile, Ismail said Boustead Plantations is now well-positioned to continue to remain resilient and deliver sustainable growth, moving in a positive trajectory to fulfil its aspiration of becoming a sustainable technology-based plantation company.

“The group wholeheartedly thanks our shareholders for their continued engagement and support. We look forward and aim to carry the successful momentum in the future,” he said.

Boustead Plantations is one of the most experienced and established upstream oil palm plantation companies in Malaysia. Boustead Holdings Bhd, together with Lembaga Tabung Angkatan Tentera, are the major shareholders of Boustead Plantations.

Source: The Malaysian Reserve