KUALA LUMPUR: Boustead Plantations Bhd (BPlant) today confirmed the appointment of Datuk Zulkarnain Md Eusope as its chief executive officer (CEO).
The Business Times reported on Monday that the former CEO of Pharmaniaga Bhd was set to take on the top job at the recently privatised plantation company before its annual general meeting (AGM) today.
"As I assume this new role at BPlant, I am humbled by the opportunity to lead this esteemed group into its next chapter of growth and sustainability. I look forward to working closely with the talented team, stakeholders and partners to drive innovation, operational excellence and value creation, firmly anchored in our commitment to responsible practices," he said in a statement released after the company's AGM.
The Armed Forces Fund Board (LTAT) took BPlant private in a RM1.15 billion deal that was guaranteed by the government, after a plan to bring in Kuala Lumpur Kepong Bhd as a partner to develop BPlant was aborted.
In the statement, BPlant said it aims to accelerate its adoption of cutting-edge technologies, including automation and mechanisation, to further optimise yield and productivity.
The group also recognises the potential benefits of collaborating with leading industry players, including government-linked companies, to leverage their expertise and resources for mutual growth and development.
BPlant closed FY23 with a revenue of RM852 million. Profit before taxation and zakat stood at RM71 million while profit for the year was at RM36 million.
"The Plantations Performance Improvement Programme 2.0 (PPIP 2.0) and 25-Year Replanting Programme (RP25) yielded positive results in 2023, contributing to an oil extraction rate above the national level and reducing the underperforming young and prime fields.
"These initiatives have played a pivotal role in enabling BPlant to deliver a profitable FY23 amidst challenging market conditions," said Zulkarnain.
BPlant's 111th Annual General Meeting (AGM) saw all seven resolutions tabled passed by the shareholders.
The meeting also recorded the board's appreciation to Fahmy Ismail for his contributions during his tenure on the board of directors and as acting CEO of BPlant.
Zulkarnain was Pharmaniaga MD from Sept 1 2020, before his redesignation as CEO on Feb 22 last year. He resigned less than three weeks later.