Dear Valued Shareholder,
While the Boustead Group experienced the profound consequences of the COVID-19 pandemic which impacted the world in 2020, it was also a year that demonstrated the immense need for adaptability and resilience, bringing about an opportunity to reinvent.
Our diversified nature enabled us to push through the volatile period, as the Group’s Plantation and Pharmaceutical Divisions were the key drivers of our corporate earnings. Hence, while the Group posted a lower revenue for the financial year, we also saw an improvement, recording a lower deficit. This was despite the adverse conditions which resulted in weak consumer demand, subsequently affecting our Trading, Finance & Investment Division, as well as the slowdown in property and tourism-related sectors which affected the Property & Industrial Division and lacklustre shipyard operations for the Heavy Industries Division.
Movement restrictions and other COVID-19 linked economic and social hurdles did not dampen our commitment and spirit, but instead strengthened our resolve to adapt and change for the long-term health of the Group. Various operational enhancement measures introduced during the year also propelled us to make strides in restrategising our core businesses to improve efficiencies and optimise value, while laying the groundwork to pave the way forward for the Group.