FGV Holdings to renew RSPO certification schedule

KUALA LUMPUR, April 28 (Bernama) -- FGV Holdings Bhd (FGV) is looking forward to the renewal of its Roundtable of Sustainable Palm Oil (RSPO) certification schedule in the financial year 2022 (FY2022).

It is also anticipating the lifting of restrictions on its exports by the United States (US) Customs and Border Protection (CBP), having taken all the necessary steps to address the issues highlighted by the CBP.

Its chairman Datuk Dzulkifli Abd Wahab said that demand for palm oil is expected to increase by 6.5 per cent in 2022, with crude palm oil (CPO) price remaining high based on current supply forecasts.

“Going forward, palm oil remains the mainstay of our business while we strategically deploy appropriate resources into high value and synergistic businesses to mitigate CPO price volatility.

“We are optimistic that this strategic direction will benefit from the 12th Malaysia Plan which targets further development and modernisation of Malaysia’s farming and agribusiness industry," he said in the company's Annual Integrated Report 2021. 

With the financial gains in 2021, he said FGV is now empowered to invest in further value creation which is integral to its strategic business plan.

The country’s National Digital Transformation Roadmap is also a guiding light in advancing FGV’s digitalisation, he said, adding that there has been a rapid adoption of a digital inclusion agenda to enable employees to work, learn and connect digitally. 

The group has also made inroads in establishing e-commerce platforms to expand its marketing channel and reach, capitalising on the growing popularity of online shopping.

Additionally, digitalisation and mechanisation initiatives have been implemented and explored to increase productivity in its estates and mills.

“During the year, our research and development team has introduced the positioning device, Geotagger, for replanting and semi-autonomous guiding of machinery using Global Positioning System.

“The ongoing digitalisation of our estate operations will help improve operations through the digital tracking of harvesting, manuring and fresh fruit bunches (FFB) transportation,” said Dzulkifli, adding that FGV is also focusing on research to utilise drones to manage weeds via aerial spraying.

Moving forward, FGV’s Industrial Revolution 4 (IR4.0) journey will include further advancements in analytic capabilities, cyber security and automation to improve productivity and data-driven decision making.

“The board will ensure our strategic business plan provides benefits to the smallholders, especially Federal Land Development Authority (FELDA) settlers, even more so today as FELDA has emerged as FGV’s largest shareholders as at end-2021 with 79.80 per cent shareholding.

“We expect to harness mutually beneficial synergies from this closer relationship between FELDA and FGV, driven by clearer communication of shared goals and more responsive strategic alignment,” he added. 

-- BERNAMA