TDM Berhad today paid RM2.7 million to Lembaga Tabung Amanah Warisan Negeri Terengganu (LTAWNT) as part of a profit-sharing agreement of the companies’ joint venture for the financial year ended 31 December 2021. The profit-sharing cheque was handed over to LTAWNT Secretary Encik Nor Azam A Rahman @ Yusof by TDM Executive Director Haji Najman Kamaruddin in the presence of Terengganu Menteri Besar YAB Dato’ Seri Dr. Ahmad Samsuri Mokhtar and Terengganu State Secretary as well as TDM Chairman YBM Tengku Seri Bijaya Raja Datuk Tengku Farok Hussin Tengku Abdul Jalil right after the State executive committee meeting at Wisma Darul Iman.
LTAWNT owns 1,336 hectares of oil palm plantations located within TDM Plantation Sdn Bhd’s (TDMP) Air Putih Estate in Kemaman. These oil palm plantations are currently managed and run by the plantation arm of TDM following a JV established by both companies back in 1996.
The Group’s Plantation Division staged a strong performance in FY2021 on the back of record prices for crude palm oil and also palm kernel. Segmental revenue grew by 19.6% to RM287.3 million (FY2020: RM240.3 million), and earnings before interest, tax, depreciation, and amortisation (EBITDA) soared by almost double (96.5%) to RM176.4 million from RM89.8 million the year before.
Also present at the ceremony to witness the handover of the pay-out cheque to LTAWNT were TDMP Chief Executive Officer Encik Hamdan Ibrahim and TDM Management team.
TDM is confident in its ability to perform in the last quarter of FY2022, building positive momentum from the strong operating results of FY2021. Driven by proactive efforts through its twin growth engines of plantation and healthcare, the Group is looking forward to creating better value for its stakeholders through sustainable growth over the foreseeable future.