Dato’ Nazrul Mansor is all smiles and the Group Chief Executive ffOfficer of FGV Holdings Berhad (FGV) has every reason to be beaming. Having successfully transformed the company and strengthened its position as Malaysia’s premier food and agribusiness corporation, he and his team are enhancing FGV’s reputation in international markets.
This is reflected in the successful unveiling of its very own ADELA margarine at the largest food exhibition in the world – Dubai’s Gulfood 2023 in February, which was attended by industry players from 120 countries.
As Dato’ Nazrul revealed to International Business Review, “Our decision to launch ADELA at Gulfood 2023 stems our desire to increase our inroads into international markets, especially the fast growing Middle East and North Africa (MENA) region. By forming and building relationships with new global partners and clientele, we can further promote our new line of products in the region.”
Adding to this, FGV’s Head of Downstream, Zulkifli Othman, noted, “Malaysia already has a deserved reputation in MENA for producing quality F&B products that are also halal compliant, which is an important factor that consumers there take into consideration. Therefore, our presence at Gulfood 2023 was to capitalise on this growing demand.”
Aside from launching ADELA, FGV also took the opportunity to showcase other high-quality food products from its vast portfolio at the exhibition. These include cooking oil, coconut milk, and vegetable ghee under its many well-known brands such as SAJI and SERI PELANGI.
Building on Success
With its successful foray into Gulfood 2023, FGV has started 2023 the same way it ended 2022 – on the up and up. In 2022, it recorded operating profits of RM2.33 billion – its highest ever since being listed in 2012 and is an increase of 27 percent from the previous year.
The chart topping record was accredited to an increase in the margins of palm products following the increase of Crude Palm Oil price 32 percent. This is coupled with higher throughout and tonnage carried by the logistics sector.
Additionally, FGV’s revenue in 2022 grew by 31 percent to RM25.56 billion from RM19.57 billion in 2021 with the company’s profit before tax going up to RM1.95 billion from RM1.71 billion during the same period.
Growing from strength to strength, FGV continues to demonstrate its commitment towards being profitable as well as sustainable. With more initiatives and developments in the works, there is little doubt that FGV will continue to achieve new milestones and deliver amazing value and growth for its stakeholders.