68 FGV HOLDINGS BERHAD ABOUT FGV MANAGEMENT DISCUSSION & ANALYSIS VALUE CREATION Group Business Review Sugar Sugar continues to reign as a core commodity with its importance in a growing range of diverse food applications. This forms a vital base for FGV’s leadership in the agribusiness industry. Our stake in MSM and its Gula Prai brand bolsters our strength and standing through steadfast financial gains and increasing global repute. Our Sugar business has ensured Malaysia’s sugar self-sufficiency as the nation’s top sugar producer with major market share dominance in the domestic refined sugar market. In world rankings, we are one of the largest sugar refiner by capacity. Navigating through changes in sugar consumption patterns, we are currently expanding our offerings by venturing into value-added sugar-related products. Raw Sugar Import Volume (Million MT) Refined Sugar Production Volume (Million MT) Export Sales Volume (Million MT) Domestic Sales Volume (Million MT) Utilisation Factor (%) 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 0.88 1.07 0.08 0.86 48 1.06 1.01 0.27 0.75 47 0.90 0.89 0.24 0.69 44 FINANCIAL PERFORMANCE The Sugar business reported a profit of RM86 million, a turnaround from the RM35 million loss in FY2020. The results of sugar business in the previous year were also affected by write-off and impairment of bearer plants amounting to RM63 million. Revenue P/(L)BZT* RM2,260 million RM86 million 2020 : RM2,185 million 2020 : (RM35 million) One of the largest sugar refiner by capacity. MSM produces, markets and sells refined sugar products under its flagship brand, Gula Prai. * P/(L)BZT is different from reported at MSM Group as this include some adjustments at FGV Group level
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