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DIRECTORS’ PROFILE

LEADERSHIP

DATO’ ABD AZIZ
BIN HAJI SHEIKH FADZIR

Non-Independent Non-Executive Chairman

Member of Audit Committee
Member of Nomination and Remuneration Committee

63
MY
M

Dato’ Abd Aziz bin Haji Sheikh Fadzir (“Dato’ Aziz”) has been the Non-Independent Non-Executive Chairman of Maxland Berhad since 23 June 2023. Prior to this, he served in several construction and property development companies before joining Gold Bridge Engineering and Construction Berhad in 1989 as an Executive Director, where he was responsible for the overall management and operations of the company.

He has also served on the boards of several public listed companies, including Kretam Holdings Berhad, Safeguard Corporation Berhad, Utusan (Melayu) Malaysia Berhad, and TH Heavy Engineering Berhad.

Dato’ Aziz also served in the Board of Government Investment Companies and Agencies namely Universiti Utara Malaysia, Tourism Malaysia, Rangkaian Hotel Seri Malaysia Sdn Bhd, Kedah State Economic Development Corporation and Suria Strategic Energy Resources Sdn Bhd.

He is currently the Executive Chairman of Destini Berhad, a public company listed on Bursa Malaysia Main Market. Dato’ Aziz does not have any conflict of interest with the Company or its subsidiaries.

He is the father of Adam Yusuff Bin Abd Aziz, the Executive Director of Maxland Berhad. Save as disclosed, he does not have any family relationship with any Director and/or other major shareholder of the Company.

He has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public santion or penalty imposed by regulatory bodies during the financial period ended 30 November 2025.

The particulars of his shareholding are set out in the Analysis of Shareholding section of this Annual Report 2025.

ADAM YUSUFF
BIN ABD AZIZ

Executive Director

Member of Risk Management Committee


30
MY
M

Encik Adam Yusuff bin Abd Aziz (“Encik Adam”) was appointed as the Executive Director of the Company on 1 July 2022. He is a Project Manager with over 5 years of robust professional working experience in the FMCG retail, Dairy, Palm Oil and Durian plantation industries. He also has a broad knowledge of retail FMCG marketing, FMCG R&D and manufacturing, plantation management and lean manpower planning.

In 2018, he was a Marketing and Business Development Manager at Hybrid Allied Dairy Company Sdn Bhd where he managed Summerfiled Milk at Rawang Factory and Kluang Farm. From 2021 to present, he holds a Project Manager position at Dayanine Estate Sdn Bhd where he plans, organises, supervises and coordinates based at Korbu Plantation and Lasah Plantion.”

Encik Adam has no conflict of interest or potential conflict of interest, including in any competing business with the Company or its subsidiaries.

Encik Adam is the son of Dato’ Abd Aziz Bin Haji Sheikh Fadzir, the Non-Independent Non-Executive Chairman of the Company. Save as disclosed, he does not have any family relationship with any Director and/or other major shareholder of the Company.

He has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public santion or penalty imposed by regulatory bodies during the financial period ended 30 November 2025.

The particulars of his shareholding are set out in the Analysis of Shareholding section of this Annual Report 2025.

YIN
KONG FUNG

Executive Director

Chairman of Risk Management Committee


47
MY
M

Mr Yin Kong Fung (“Mr Yin”) was appointed as the Independent Non-Executive Director of the Company on 1 February 2023 and re-designed as an Executive Director on 1 March 2024. He started his career as an Accountant with JGC Accounting & Financial Services Pty Ltd in Perth, Australia in 2001. On his return to Malaysia in 2004, he worked briefly for Campo Sdn Bhd before joining Priceworth International Products Berhad as an Accountant until 2007.

In 2007, he joined CGG, a French-based geophysical services company in Australia, as an Accountant and was promoted in 2013 to Senior Accountant, a position he held until he resigned in 2015.

In 2016, he joined Kretam Holdings Berhad, a listed plantation company in Malaysia as a Senior Accountant and promoted to Head of Department - Finance & Accounts in 2018. He was appointed to the Board of Kretam Holdings Berhad as an Executive Non-Independent Director and Chairman on 1 March 2024.

Mr Yin does not have any family relationship with any Director and/or major shareholder of the Company nor conflict of interest with the Company.

Mr Yin has no conflict of interest or potential conflict of interest, including in any competing business with the Company or its subsidiaries.

He has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public santion or penalty imposed by regulatory bodies during the financial period ended 30 November 2025.

TEO
GIM SUAN

Independent Non-Executive Director

Chairperson of Audit Committee
Member of Nomination and Remuneration Committee

63
MY
F

Madam Teo Gim Suan (“Madam Teo”) was appointed to the Board on 1 February 2023 as the Independent Non Executive Director of the Company. She was an Audit Assistant with KPMG from 1990 to 1993. She was a Tax Assistant with KPMG Tax Services Sdn Bhd in 1993 and later held the position of Tax Senior until 2003. Between 2003 and 2005, she was the Manager of M & C Services Sdn Bhd, Sandakan Branch that provided company secretarial and related services.

Previously, Madam Teo served as an Independent Non Executive Director of Kretam Holdings Berhad, where she was the Chairman and a member of the Audit Committee, Remuneration Committee and Nomination Committee from 1 January 2011 to 31 December 2022. She also served as an Independent Non-Executive Director of Bedi Berhad (formerly known as WMG Holdings Berhad) from 2023 to 2024. Both companies are public listed on the Main Market of Bursa Malaysia Securities Berhad.

She is currently a Director and Company Secretary of Moving Swift Corporate Services Sdn. Bhd., a company providing company secretarial and related services, a position she has held since 2005. She is also an Independent Non-Executive Director of Coastal Contracts Bhd, a public company listed on Bursa Malaysia Main Market, having been appointed on 1 September 2025.

She has no conflict of interest or potential conflict of interest, including in any competing business with the Company or its subsidiaries.

She has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public sanction or penalty imposed by regulatory bodies during the f inancial period ended 30 November 2025.

She has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public sanction or penalty imposed by regulatory bodies during the financial period ended 30 November 2025.

FARAH NADIA
BINTI FAZARUDDIN

Independent Non-Executive Director

Chairman of Nomination and Remuneration Committee
Member of Audit Committee
Member of Risk Management Committee

48
MY
F

Puan Farah Nadia Binti Fazaruddin (“Puan Farah”) was appointed to the Board as the Independent Non-Executive Director of Maxland on 27 June 2025. She began her career in 2002 as an Internal Audit Executive at Malaysian Resources Corporation Berhad (MRCB) in Shah Alam, a role she held until 2003. She then took a two-year career break to pursue further studies in the United Kingdom.

Upon her return, she joined Exim Bank as an Executive in the Export Finance Department and was later promoted to Assistant Manager of Team 2, Cross Border Unit under the Business Division. She subsequently transitioned into commercial banking within the same institution.

In May 2013, Puan Farah advanced her career by joining the Dayanine Group of Companies as Finance Manager, a position she held for over six years. From May 2021 to September 2023, she took a career break due to family commitments during the COVID-19 pandemic. In 2023, Puan Farah was appointed as an Independent Non Executive Director of Destini Berhad and served in that capacity until May 2024.

She has no conflict of interest or potential conflict of interest, including in any competing business with the Company or its subsidiaries.

She does not have any family relationship with any Director and/or major shareholder of the Company nor conflict of interest with the Company.

She has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public santion or penalty imposed by regulatory bodies during the financial period ended 30 November 2025.

LIM SHAW KEONG
@ ALFRED LIM

Independent Non-Executive Director

68
MY
M

Mr. Lim Shaw Keong @ Alfred Lim ("Mr. Alfred Lim") was appointed to the Board as the Independent Non-Executive Director of Maxland on 30 March 2026. Mr Alfred Lim began his professional career in 1982 with Peat Marwick, Mitchell & Co (now known as KPMG). During his tenure, he rose to the position of Resident Senior Manager - Resident Director in charge of the Tawau office, Sabah, a role he held prior to his departure in 2003.

Throughout his service with KPMG, Mr Alfred Lim was actively involved in statutory audits and the preparation of Accountants' Reports for submission to the Securities Commission. He also gained extensive experience in conducting profit forecast reviews, performing share valuations, overseeing group consolidations, undertaking due diligence exercises, and preparing as well as reviewing tax computations.

From 2003 to 2012, he served as a Company Advisor at lkutmaju Sdn Bhd In addition, he held the position of General Manager at Solar Maju Indah Sdn Bhd from 2011 to 2012. Between 2014 and 2019, Mr Alfred Lim was an Independent Non-Executive Director of Bertam Alliance Berhad, a public company listed on the Main Market of Bursa Malaysia Securities Berhad.

Currently, he serves as the Independent Non-Executive Director of Kretam Holdings Berhad, a public company listed on Bursa Malaysia Main Market, a position he has held since 31 December 2022.

Mr Alfred Lim has no conflict of interest or potential conflict of interest, including in any competing business with the Company or its subsidiaries.

Mr Alfred Lim does not have any family relationship with any Director and/or major shareholder of the Company nor conflict of interest with the Company.

He has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public santion or penalty imposed by regulatory bodies during the financial period ended 30 November 2025.

LEE KIAN BIN
@ TOMMY

Independent Non-Executive Director

45
MY
M

Mr. Lee Kian Bin @ Tommy (”Mr. Tommy Lee”) was appointed to the Board as the Independent Non-Executive Director of Maxland on 30 March 2026. Mr Tommy Lee began his career as a Trainee at Sinora Sdn Bhd from 2007 to 2008, where he gained hands-on experience in plywood manufacturing operations, production support, quality control, and safety compliance.

He then served as a Palm Oil Mill Engineer at Malsa Corporation Sdn Bhd from 2009 to 2010, overseeing mill operations, equipment maintenance, and process optimization to maximise CPO yield and plant efficiency. In 2011, he joined Menggatal North Development Sdn Bhd, a property development company, as the Project Coordinator for multimillion-ringgit residential and commercial developments, a position he currently holds

He was also appointed as the Independent Non-Executive Director of Bertam Alliance Berhad, a public company listed on Bursa Malaysia Main Market effective from 1 March 2024 and continues to serve in this role.

Mr Tommy Lee has no conflict of interest or potential conflict of interest, including in any competing business with the Company or its subsidiaries.

Mr Tommy Lee does not have any family relationship with any Director and/or major shareholder of the Company nor conflict of interest with the Company.

He has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public santion or penalty imposed by regulatory bodies during the financial period ended 30 November 2025.

KEY SENIOR MANAGEMENT PROFILE 

ADAM YUSUFF

BIN ABD AZIZ 

Executive Director

30
MY
M
Encik Adam was appointed as Executive Director on 01 July 2022. His personal profile as set out in the Directors’ Profile.

YIN
KONG FUNG

Executive Director

48
MY
M
Mr Yin was re-designated as Executive Director on 01 March 2024. His personal profile as set out in the Directors’ Profile.

LIEW
TZUN TZET

Senior Factory Manager of Sinora Sdn Bhd

42
MY
M
Mr Liew Tzun Tzet is an accomplished professional with a Bachelor’s Degree in Forestry (Wood Technology & Industry) from University Malaysia Sabah, graduating in 2007. With over 15 years of experience in the plywood manufacturing industry, he has held key management roles at Sinora Sdn Bhd, Asiatic Eco Wood Sdn Bhd, and Cymao Plywood Sdn Bhd. He has successfully managed production lines, ensuring compliance with international standards and overseeing workforce management.
Notably, he served as General Manager at Sinora Sdn Bhd, where he managed multiple plywood and veneer mills, supplying products to markets in Japan, the USA, India, Korea and Hong Kong. Currently, he is the Senior Manager at Sinora Sdn Bhd, where he continues to drive production efficiency and maintain high-quality standards while supervising a large team.
He has no conflict of interest or potential conflict of interest, including in any competing business with the Company or its subsidiaries.
He does not have any family relationship with any Director and/or major shareholder of the Company nor conflict of interest with the Company.
He has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public sanction or penalty imposed by regulatory bodies during the financial period ended 30 November 2025.

ALBERT IKAU
ANAK GANING

Senior Forest Manager of Maxland Timber Sdn Bhd

80
MY
M
Encik Albert Ikau Anak Ganing (“Encik Albert”) has over 60 years of experience in plantation management and forest regeneration. He began his career as a Field Supervisor at Tomanggong Oil Palm Estate (1964–1968) and Lai Fook Kim Oil Palm Estate (1969–1977), before serving as Plantation Superintendent in the Forest Regeneration & Research Department at Weyerhaeuser, Pacific Hardwood Sdn Bhd (1977–1991).
During his tenure at Weyerhaeuser, Encik Albert led trial plantings of exotic and indigenous species, rehabilitating over 225 hectares of degraded land. Since joining the Group in 2008, Encik Albert has continued to play a pivotal role in the replanting sector, contributing his extensive knowledge and experience to sustainable forestry practices.
He has no conflict of interest or potential conflict of interest, including in any competing business with the Company or its subsidiaries.
He does not have any family relationship with any Director and/or major shareholder of the Company nor conflict of interest with the Company.
He has no convictions for offences within the past 5 years (other than traffic offences, if any) nor any public sanction or penalty imposed by regulatory bodies during the financial period ended 30 November 2025.

CHAIRMAN’S STATEMENT

On behalf of the Board of Directors, I am pleased to present the Annual Report and Financial Statements of Maxland Berhad for the financial period ended 30 November 2025.

I joined the Board of Maxland Berhad in June 2023 as Non-Independent Non Executive Chairman. Since then, the Board and management have worked closely to improve the efficiency and effectiveness of the Group’s management structure and operational execution, with the objective of strengthening the Company’s long-term sustainability and performance.
As part of these efforts, on 1 March 2024, Mr Yin Kong Fung was redesignated from a Non-Executive Director to an Executive Director to assist the Board in implementing operational improvement initiatives and strengthening management execution.
During the financial period under review, the Group continued to focus on improving operational discipline, enhancing cost management and strengthening internal processes across its operations.
The year under review remained challenging for the global timber industry. Demand from key export markets, particularly Japan, continued to be affected by global economic uncertainties and cyclical conditions within the construction sector.
Despite these challenges, the Group remained focused on maintaining operational stability, strengthening relationships with its long-standing customers while exploring opportunities to expand into additional markets, as well as implementing prudent cost management measures across its operations.
Maxland Berhad has more than three decades of experience operating within the forestry and timber processing sector in Sabah. The Group’s operations include upstream forest management, timber harvesting and downstream manufacturing of plywood and other wood-based products primarily for export markets.
The Group currently manages approximately 28,051 hectares of forestland under Sustainable Forest Management licences issued by the Sabah Forestry Department. These operations are conducted in accordance with applicable forestry regulations and Reduced Impact Logging practices to support the long-term sustainability of forest resources.
In addition to its timber operations, the Group has continued to develop engineering capabilities which include road maintenance works within forest management areas as well as marine services and dredging services that support infrastructure and logistics requirements in Sabah.
As part of its longer-term business diversification considerations, the Group has initiated preliminary work relating to a renewable fuel feedstock initiative through its Clean Fuel entities in Malaysia and Indonesia.
Since mid-2025, initial development activities have commenced to evaluate the feasibility of establishing a processing facility within the Group’s Sandakan timber complex for the conversion of palm oil mill effluent (“POME”) into renewable feedstock which may potentially support the production of sustainable aviation fuel (“SAF”) and other renewable fuels.
This initiative remains at an early evaluation and development stage, and its implementation will depend on various factors including technology collaboration, commercial feasibility and regulatory considerations. Any material development relating to this initiative will be announced by the Company in accordance with Bursa Malaysia’s Listing Requirements.
For the financial period under review, the Group recorded revenue of RM84.7 million. While the Group remained in a loss-making position, the net loss was reduced compared with the previous financial period, reflecting the impact of cost rationalisation measures and operational improvements implemented by management.
The Board will continue to focus on strengthening the Group’s operational performance while maintaining prudent financial management and exploring opportunities that may enhance the Group’s long-term sustainability.
On behalf of the Board, I would like to express my appreciation to our management team and employees for their dedication and commitment during the year. I would also like to thank our customers, business partners, regulators and shareholders for their continued support.
The Board remains committed to strengthening Maxland Berhad’s operational resilience while positioning the Group to participate in emerging opportunities within sustainable resource industries.
The operational improvements implemented over the past two years represent an important step in strengthening the Group’s foundations, and the Board will continue working closely with management to progressively improve the Group’s performance and long-term sustainability.

Dato’ Abd Aziz bin Haji Sheikh Fadzir
Non-Independent Non-Executive Chairman

MANAGEMENT DISCUSSION AND ANALYSIS

CORPORATE OVERVIEW
Maxland Berhad (“Maxland” or “the Group”) remains committed to responsible resource management and sustainable industrial development. With more than three decades of experience in forestry operations and timber processing, the Group has established itself as a recognised participant in Malaysia’s resource-based industries.
As global industries increasingly emphasise sustainability and responsible sourcing, the Group continues to focus on strengthening operational efficiency, maintaining responsible forest management practices and ensuring the long-term sustainability of its operations.
In addition to its established timber operations, the Group has progressively expanded its engineering capabilities, including marine services and dredging services, which support infrastructure and logistics activities in Sabah.
The Group is also exploring opportunities in emerging renewable resource industries that may complement its existing operational capabilities and resource-based activities.

OPERATIONS

Since 2007, the Group had transformed the Group operations to meet the requirements of Sabah’s Sustainable Forest Management (“SFM”) regime. Having invested in upgrading our equipment and facilities for sustainable timber, we currently operate 28,051 hectares of Forest Management Units (“FMU”) with remaining tenure up to 45 years.

More than
30 years
experience in the
timber operator industry

Operate
28,051 hectares
of Forest Management Units
with remaining tenure up to 45 years

The Group owns and operates logging machinery and vehicles including log fishers which form one of the main pre-requisites to comply with Reduced Impact Logging (“RIL”) under SFM. This full-fledged fleet has the capacity to handle more than 150,000 cubic meter of timber harvesting per year.

The Group’s integrated modernised plywood and sawn timber complexes are located on more than 100 acres of land in Seguntor and Batu Sapi, Sandakan, respectively with capacities to produce 180,000 cubic meter of plywood a year and 48,000 cubic meter of sawn timber a year. At full fledge running, the operations can employ more than 2,000 personnel and are equipped with state-of-the-art wood peeling machinery.
The past decade has seen a major shift in policy and regulation in the forestry industry, with the Sabah Forest Department’s implementation of RIL and long-term licenses under sustainable Forest Management regime for the management, replanting and harvesting of FMU.

Having anticipated these changes, the Group has invested more than RM100 million in modernised and upgrading its equipment and machinery since 2008, in order to ensure the Group remains relevant in the new landscape for sustainable, renewable timber in Sabah.
Production and sales for the period under review:
17 Months Timber Product Output Volume (M3) for the Group, for the financial period ended 30 November 2025
17 Months Total Sales (RM) for the financial period ended 30 November 2025

STRATEGIC DIRECTION 

Maxland Berhad continues to focus on strengthening its core operations while exploring opportunities that may support the Group’s long-term sustainability.

The Group’s strategic direction is guided by three key operational pillars:

  1. Sustainable Forestry and Timber Processing – responsible forest management and export-oriented timber operations.
  2. Engineering, Marine and Infrastructure Support – road maintenance, marine support services and dredging operations.
  3. Renewable Resource Opportunities – preliminary development of renewable feedstock initiatives through Clean Fuel entities focusing on the potential conversion of POME into renewable feedstock.

PRODUCTS AND MARKETS

During the period under review, the revenue of the Group was mainly generated from the sales of processed wood products such as plywood. The Group’s sales during this financial period (FPE 30 November 2025: RM84,674,351) decreased by 5% as compared to previous financial period (FPE 30 June 2024: RM89,288,575). The management is carrying out the implementation of cost rationalisation exercises in its existing segments to review and address recurring administrative and other operating expenses in the Group’s business. This includes amongst others, the reduction of staff cost, repair and maintenance and office administrative expenses, as means to retain adequate working capital to be utilised in a more efficient manner. Going forward, the Group’s round logs raw materials source is mainly from harvesting of own timber concessions and other local log suppliers to supply the downstream wood processing factories. The market for the Group’s downstream plywood products is primarily in Japan, supplemented by orders from other markets such as India, Taiwan, USA, the UK and local markets.
The Group’s plywood products has been tested by our stringent quality control system with quality satisfactory to the Japanese Agricultural Standards (“JAS”) certification, a requirement for the Japanese market. The experienced management and production teams have always ensured the products are of high quality, including process quality control measure and final quality inspection being complied with.
CUSTOMER BASE
During the period, the major buyers from the downstream wood products are mainly the established Japanese trading houses with whom we have maintained strong relationships for more than 20 years and other trading houses in India, Taiwan, USA, the UK and local markets.

FINANCIAL RESULTS

For the financial period ended 30 November 2025, the Group recorded revenue of RM84.7 million. Despite challenging market conditions, the Group reduced its net loss compared with the previous financial period through operational improvements and cost rationalisation initiatives.
Management will continue focusing on operational efficiency, prudent financial management and business development initiatives aimed at strengthening the Group’s financial performance over time.

OTHER OPERATING INCOME

Substantial amount included in other operating income RM47.29 million (FPE 30 June 2024: RM52.36 million) was mainly due to the waiver of debt on overdue payable balance, unrealised gain on foreign exchange and fair value gain on biological assets.
FINANCE COSTS
The Group’s finance cost of RM16.21 million (FPE 30 June 2024: RM25.83 million) was mainly from term loan interest and overdue interest charged by payable.

MALAYSIA OPERATIONS

In Malaysia, our business operation in Sabah are mainly as listed below:

  1.  Timber operation – We operate SFM Units, timber harvesting, logs trading, saw milling, manufacturing of plywood and moulded timber.
  2. Engineering operation – We carry out road maintenance operation on 132 km of road within the area of Tongod, Sabah and sand dredging.
Over the last 10 years, we have transformed internally to meet the requirements of the new SFM regime. Its key measure is RIL, a forest harvesting technique which helps minimise the environmental impact on forests, soil and water quality, and is an important move to conserve and protect the natural resources of the state.
To date, we manage 28,051 hectares of FMU under the SFM regime which requires replanting after harvesting of logs. Currently the Group is in the midst of applying the necessary coupe permit to harvest the matured area from the Sabah Forestry Department.

POTENTIAL RISKS

Despite of the challenges from the external factor, such as the global timber market and the economic environment, the Group strive to sustain the operation with efforts put in to control operation cost and emphasis on products enhancement and innovation in the downstream activities. Besides, the Group is looking for other potential market for the plywood and other business opportunities in order to diversify the Group’s income sources.
The management recognises the challenges the operations of the Group could face and has done a SWOT analysis to position the Group to the future.

SWOT analysis

  • The Group has integrated forestry and timber processing operations;
  • The Group has long-term forest management licenses;
  • The Group’s plywood operation uses state of the art machinery for peeling and drying. The machinery is capable of peeling baby small logs with high recovery rate;
  • The Group has established export markets;
  • The plywood operation is located in a strategic location as it is fronting the sea with sea transport of logs accessible with own jetty;
  • The management team has proven record in producing high quality plywood for the Japanese market;
  • The Group’s workforce are well trained and skillful due to years of training;
  • The Group has engineering, marine and dredging capabilities; and
  • Malaysia’s extensive coastline and important trade routes create consistent demand for dredging services.
  • Dependence on log supply;
  • Capital intensive operations, the repair cost for the breakdown of the machinery is higher as they are high tech and also more regular maintenance is required so the cost is higher;
  • Dredging operation requires substantial capital investment in specialised equipment and skilled labor, making contracts expensive to fulfill; and
  • The monsoon season can interrupt dredging operation schedules, increasing project timelines and operational costs.
  • Growing demand for sustainable sourced timber products;
  • The plywood operation is JAS certified and thus enable its plywood for exporting to Japan;
  • The Group is also CARB certified and is able to penetrate the premium US market;
  • Expansion of engineering and marine services; and
  • Renewable fuel feedstock development
  • The scarcity of round logs and timber concessions as continuous logs supply is crucial for smooth running of operation;
  • The increase in petroleum price is driving up the glue cost which is the second highest cost in the plywood production;
  • The timber industry can be affected by changes in governmental policy such as allowing export of logs;
  • The threat of Japan having a recession thus affecting the demand and fluctuation of Japanese Yen against USD; and
  • Rising fuel costs directly impact operational expenses, reducing profit margins for dredging projects and timber harvesting operation.

FORWARD LOOKING

Our company is focused on adapting to changes in the global timber market, particularly as demand from the Japanese plywood market has seen a slowdown. Despite this, we are committed to maximising operational efficiency and exploring new markets for our processed timber products.
The Group is also actively exploring for new business venture to achieve income diversification, as well as sourcing for new timber concession area. The timber business return is highly positive correlated with the economy cycle. The economy condition especially Japan, which is the main customer, significantly affect the Group revenue.
In the engineering sector, the Group’s involvement in road maintenance and sand dredging contracts has enabled the Group to build up its engineering operation. We are actively pursuing new construction and dredging projects and through these efforts, we anticipate increased revenue streams and enhanced market presence in the engineering sector.
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