MARKET DEVELOPMENT
FGV Pays RM16 Million In Tithes To 14 States
FGV Pays RM16 Million In Tithes To 14 States
16/07/2013 (Bernama) - Felda Global Ventures Holdings Bhd (FGV) today presented tithe payment totalling RM15.96 million to 14 states at a breaking of fast ceremony.
Pahang received the lion's share of the payment at RM5.6 million or 35 per cent, followed by Johor 21.8 per cent (RM3.48 million) and Sabah 21.6 per cent (RM3.45 million).
The tithe payment, derived from the profit after tax of an associate -- Felda Holdings Bhd (FHB) group of companies and Felda Global Ventures Plantation (Malaysia) (FGVPM) in financial year 2012, was presented on behalf of the FGV Group by Prime Minister Datuk Seri Najib Tun Razak.
Each state received different amounts according to FGV Group's plantation operations in that particular state, it said in a statement today.
Previously, FGV Group paid RM10 million in tithes to seven states -- Sabah, Pahang, Terengganu, Kelantan, Perak, Negeri Sembilan and Johor -- with total tithe payment for fiscal year 2012 amounting to RM25.96 million.
FGV Chairman Tan Sri Mohd Isa Abdul Samad said the handover of tithe payment today was the result of FGV Group's successful plantation and its related operations, in spite of the challenging industry conditions last year.
The plantation division contributed 75.2 per cent to FGV Group's total revenue which stood at RM12.89 billion and resulted in profit after tax of RM905.06 million.
FGV is the third largest oil palm operator in the world with about 350,000 hectares of planted oil palm estates.
The group is involved in the entire value chain of the oil palm business, of which subsidiary FGVPM manages the upstream plantation activities while its associate, FHB, manages the midstream and downstream businesses.
Pahang received the lion's share of the payment at RM5.6 million or 35 per cent, followed by Johor 21.8 per cent (RM3.48 million) and Sabah 21.6 per cent (RM3.45 million).
The tithe payment, derived from the profit after tax of an associate -- Felda Holdings Bhd (FHB) group of companies and Felda Global Ventures Plantation (Malaysia) (FGVPM) in financial year 2012, was presented on behalf of the FGV Group by Prime Minister Datuk Seri Najib Tun Razak.
Each state received different amounts according to FGV Group's plantation operations in that particular state, it said in a statement today.
Previously, FGV Group paid RM10 million in tithes to seven states -- Sabah, Pahang, Terengganu, Kelantan, Perak, Negeri Sembilan and Johor -- with total tithe payment for fiscal year 2012 amounting to RM25.96 million.
FGV Chairman Tan Sri Mohd Isa Abdul Samad said the handover of tithe payment today was the result of FGV Group's successful plantation and its related operations, in spite of the challenging industry conditions last year.
The plantation division contributed 75.2 per cent to FGV Group's total revenue which stood at RM12.89 billion and resulted in profit after tax of RM905.06 million.
FGV is the third largest oil palm operator in the world with about 350,000 hectares of planted oil palm estates.
The group is involved in the entire value chain of the oil palm business, of which subsidiary FGVPM manages the upstream plantation activities while its associate, FHB, manages the midstream and downstream businesses.