On behalf of the Board of Directors, I am pleased to present the Annual Report and annual audited financial statements of the Company for the financial year ended 31 March 2017.
The Company has performed well despite continued uncertainty of the global economy,
rising raw material prices and volatile foreign currency exchange rates.
The Company once again crossed the RM1 billion sales mark for the second time, recording revenue of RM1.123 billion which constitute an increase of RM36.0 million or 3% against the registered revenue of RM1.087 billion in the previous year.
Sustainability is an integral part of our business model and this is in process of being integrated into our business framework. Our goal is to actively foster sustainable development and increase positive impact in all relevant areas.
In this year’s Annual Report, we present our inaugural Sustainability Reporting by demonstrating our commitment through various initiatives undertaken.
We remain focused on sustainability issues that are important to our business and our stakeholders.
Despite the challenges we faced, we are aware that there is more to do and will strive to continue our efforts to tackle the challenges and opportunities ahead.
The success of our Company is underpinned by a skilled and capable workforce. Only with a talent pool of the highest level can we achieve our objectives. Towards this end, the development of our human capital is an integral pillar to the Company.
We continue to implement various talent development programmes and employee engagement initiatives to nurture a caring work environment that is both challenging and rewarding for our employees.
Towards this end, we have empowered our workforce through systematic training programmes and career development initiative, promote a safe and healthy working environment, as well as offer attractive compensation and benefits scheme.
The Company has consistently paid dividends while allocating funds for business growth and investment. For the financial year ended 31 March 2017, a final dividend of 102 sen (2016: RM124 sen) per ordinary share was recommended and it will be proposed for approval at the forthcoming Annual General Meeting.
INDUSTRY OUTLOOK AND PROSPECTS FOR 2017
The global economic and financial landscape remains challenging and will influence the prospects of the Malaysian economy. Gross Domestic Product is expected to grow at a slower pace of 4.5%. The current economic and political uncertainties in the Middle East region are expected to continue to affect the Company’s export revenue.
The Company’s operations remain affected by the ongoing tight labour market, rising raw materials prices and volatile foreign currency exchange rates. Nevertheless the Company is cautiously optimistic of the economic prospects and maintained a positive outlook, going forward. The Company remains steadfast in its continued efforts to reduce overall production costs in order to increase productivity and achieve higher profitability for the next financial year.
The Board bids farewell to Mr. Akira Nishimura, Mr. Razman Hafidz Abu Zarim, Mr. Koji Takatori and Mr. Takao Uchiyama who resigned from the Board on 30 September 2016, 31 December 2016, 1 February 2017 and 27 March 2017 respectively.
The Board is pleased to welcome Mr. Toyokatsu Okamoto who was appointed as the Managing Director to the Company on 1 October 2016, YM Raja Anuar Raja Abu Hassan as the Independent Non-Executive Director on 1 January 2017, Mr. Yuji Kogure as the Executive Director on 14 February 2017 and Mr. Yasuo Tonooka as Non-Independent Non-Executive Director on 12 April 2017.
On behalf of the Board of Directors, I would like to express my utmost and sincere appreciation and gratitude to our shareholders for your loyal support and sincere appreciation and gratitude in the Company. My warmest gratitude is also extended to the management and employees, for their dedicated work and commitment to delivering results and to ensure the success of the Company. May we continue to work together and forge ahead to achieve greater growth and success for the betterment of the Company.
Tan Sri Datuk Asmat bin Kamaludin