Directors - Boustead Holdings Berhad

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Chairman’s Statement FINANCIAL PERFORMANCE The Plantation and Trading Divisions took centre stage in terms of delivering improved profitability while the Finance & Investment, Property and Manufacturing & Services Divisions recorded satisfactory results. Profit after tax was RM351 million which signified an increase of 52% when compared with the RM230 million achieved in 2005. Our increase in post tax profit is derived from the disposal of plantation assets, further augmented by the low tax rate of 9%. Profit attributable to shareholders was RM210 million compared with RM191 million last year while earnings per share ended at 35 sen (2005: 32 sen) and net assets per share was RM3.22 (2005: RM2.91). Shareholders’ funds stood at RM1.9 billion for the year ended December 31, 2006 as compared with RM1.7 billion a year ago. RM Million 60 45 30 15 0 54 33 Plantation 48 55 Property 2006 2005 9 52 Finance & Inv 39 Operating profit contributed by Division 20 Trading 6 10 Mnfg & Services
AL-HADHARAH BOUSTEAD REIT The key highlight for us was our role as the core promoter of the Al-Hadharah Boustead REIT, the first Islamic plantation real estate investment trust. I am glad to inform, the Al-Hadharah Boustead REIT scored a string of firsts, in particular the distinction of being the first Islamic plantation REIT of its kind, the first locally listed REIT with zero gearing and one of the highest over subscription rate seen for an issuance of this nature. Listed on the Main Board of Bursa Malaysia on 8 February 2007, this REIT involved the sale and leaseback of the Group’s plantation assets and effectively unlocked the assets’ inherent value, which allowed us to maintain our position in the dynamic plantation sector. Our successful undertaking of this REIT clearly indicates that we are able and prepared to explore and execute innovative financial solutions that could enhance shareholder value in the long term. DIVIDEND In line with the Group’s commitment towards achieving a balance between long-term capital growth and immediate returns as well as with our positive performance this year, the Board is recommending a final dividend payment of 12%. As a result of the outstanding profit from the REIT exercise, we are also proposing a bonus dividend of 5%, bringing total dividend for the year to 37%. This will translate into a handsome yield of 9.6%, demonstrating our commitment to provide good returns to shareholders. HUMAN CAPITAL DEVELOPMENT As a diversified GLC, Boustead has the responsibility of ensuring that our employees have the right skills-set and mind-set to not only contribute positively to the Group’s continued excellent performance but also to our nation’s human capital capability. In view of this, we remain committed towards providing various training initiatives to all levels within the Group. Be it leadership skills training and decision making seminars for our managers or skills workshops and knowledge enhancement programmes for our directors and employees. It is our intention to generate a cohesive, productive and self-motivated workforce. Key performance indicators were set in place for our employees which resulted in improved performance and productivity. This clearly reflects the positive impact of our ongoing efforts which will certainly be continued. We believe that with quality human capital, the Group will be able to stay focused and dynamic. Sen % 360 300 240 180 120 60 0 169 333 9.5% 177 Share Price Net Assets per Share 291 9.0% 193 Dividend Yield 322 9.6% 2004 2005 2006 11 10 9 8 7 6 5 35
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Boustead Management Services Sdn Bh
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Directors - Boustead Holdings Berhad

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