The financial year just ended was one of mixed blessings. On the one hand, protection against COVID-19 via vaccinations provided great mental and emotional relief as people have been able to resume social activities.Yet, economic recovery has been slow as scaled down production has not kept pace with recovering demand. Inflation has become our new pandemic, greatly elevating the cost of living. Additionally, our plant in Shah Alam was not spared from the massive floods in December 2021. Fortunately, quick thinking and excellent teamwork meant that our people were kept safe while physical damage and production disruption were greatly minimised.
Y.A.M. Tengku Syarif Bendahara Perlis Syed Badarudin Jamalullail Ibni Almarhum Tuanku Syed Putra Jamalullail
The financial year ended 30 September 2022 (FY2022) was indeed a year of two halves. While increasing commodity prices was the common theme, the first half was compounded by the floods in our beverages plant in Shah Alam, which resulted in loss of sales during the Chinese New Year period due to damaged goods. Nevertheless, the effective strategies we had put in place to navigate market risk and exposure enabled the Group to re-establish ourselves on a stronger footing during the year's second half.
As the pandemic became endemic, putting an end to various restrictions that hampered the economy, F&NHB laid the building blocks to revitalise the organisation and our sustainability projects that had been on hold were restarted, while new initiatives were implemented to drive our ESG-centric growth.
We trust that transparency and well-balanced reporting is the way to
understanding the Group's process and businesses. Through the changes we have instituted into our reports this year, and aligning with the principles of integrated reporting, we hope to provide a clear account
of what we believe value creation means for our stakeholders.
Internal controls and management assurance
Compliance and internal audit reviews
External audit by KPMG PLT on financial information
External audit by Lloyd's Register Quality Assurance on selected Environment and Social disclosures
Board approval assisted by the Board Committees
Main Market Listing Requirements of Bursa Malaysia Securities Berhad
Companies Act 2016
Malaysian Code on Corporate Governance
International Integrated Reporting Framework
Malaysian Financial Reporting Standards (MFRS)
The Board acknowledges its responsibility to ensure the integrity of the Annual Report. In the Board's opinion, the report addresses all material issues and matters and fairly presents the Group's performance for the financial year 2022.