Core Viewpoint - In the context of a slowing global economy and increasing geopolitical tensions in 2024, the company has demonstrated strong performance through quality growth, creating verifiable value from invested capital [1] Group 1: Business Resilience and Profit Quality - The company's core business has shown strong resilience, achieving significant breakthroughs in key metrics despite a complex economic environment. Regular profit increased by 11.4% year-on-year to $672.5 million, marking a four-year high [1] - The consumer food sector has become a major profit driver, with the Indofood brand contributing $333 million to profits, a 17% year-on-year increase. Product innovation and expanded distribution have enhanced profitability [3] - PLDT's business maintained stability with a profit contribution of $149 million, a 4% increase year-on-year, supported by a surge in data demand and operational efficiency [4] - The MPIC infrastructure segment saw a 16% year-on-year profit increase to $495 million, driven by strong energy sales and water price adjustments [4] Group 2: Financial Structure and Long-term Dividends - The company exhibits prudent capital management and strategic foresight, maintaining a healthy financial status with a cash interest coverage ratio above 4 times. Debt levels remain at $1.5 billion, with an average interest rate reduced from 5.4% to 5.1% [5] - Despite currency depreciation concerns, the company's core business has continued to achieve profit growth, supported by a robust structure. The Philippine peso and Indonesian rupiah depreciated by 9% and 11% respectively over the past six years, yet core business profits have consistently increased [5][7] - The company has a solid financial position and ample cash reserves, allowing for sustained dividend distributions. The board proposed a final dividend of 13.5 HK cents per share, an 8% increase year-on-year, with total dividends rising from 23.0 HK cents to 25.5 HK cents [8] Group 3: Growth Sustainability and Market Recognition - The company maintains a long-term dividend payout ratio between 5% and 8%, significantly higher than bank deposits and most fixed-income products, providing stable returns for investors [9] - The company has a history of stable and sustainable dividends, reflecting management's commitment to shareholder returns and effective strategic execution. Moody's and S&P have affirmed stable ratings of Baa3 and BBB- respectively, indicating market recognition of financial resilience [9][10] - The company's growth is characterized by certainty and sustainability, aligning with the traits of a "good company," thus warranting higher expectations from investors [10]

Core Viewpoint - In the context of a slowing global economy and increasing geopolitical tensions in 2024, the company has demonstrated strong performance through quality growth, creating verifiable value from invested capital [1] Group 1: Business Performance - The company's core business has shown resilience, achieving a recurring profit increase of 11.4% year-on-year to $672.5 million, marking a four-year high [1] - The Indofood brand has become the largest profit driver, contributing $333 million, a 17% increase year-on-year, through product innovation and expanded distribution [3] - PLDT's operations maintained stability with a profit contribution of $149 million, a 4% year-on-year increase, supported by a growing fiber network and a leading digital banking position [3] - The MPIC infrastructure segment reported a 16% year-on-year profit increase to $495 million, driven by strong energy sales and water price adjustments [4] Group 2: Financial Structure - The company exhibits prudent capital management, maintaining a cash interest coverage ratio above 4 times and reducing average debt interest rates from 5.4% to 5.1% [5] - Despite currency depreciation, the core business has continued to achieve profit growth, with the Philippine peso and Indonesian rupiah depreciating by 9% and 11% respectively over the past six years [5][6] - The company’s financial health and cash reserves support ongoing dividend distributions, with a proposed final dividend of 13.5 HK cents per share, an 8% increase year-on-year [6] Group 3: Dividend and Investor Confidence - The company maintains a long-term dividend payout ratio of 5%-8%, which is attractive compared to bank deposits and fixed-income products, providing stability for investors [7] - The company has a history of stable and sustainable dividends, reflecting management's commitment to shareholder returns and effective strategic execution [8] - Ratings from Moody's and S&P affirm the company's financial resilience, with stable outlooks, indicating a strong growth trajectory [8]

Core Viewpoint - The Hong Kong residential market is facing pressure from excess inventory, despite a temporary boost in luxury property transactions due to interest rate cuts and discount offerings. Price adjustments are expected to continue into 2025, particularly affecting the luxury segment [1][2]. Group 1: Market Trends - The luxury property transaction volume in Q4 2024 doubled to 180 transactions, driven by interest rate cuts and an increase in discounted listings [1]. - The overall residential market is expected to see continued price adjustments in 2025, with predictions of a 5-10% decline for general residential properties [1]. - The supply of new units is projected to be high, with 107,000 new units expected over the next four years, contributing to ongoing price pressure [1]. Group 2: Developer Strategies - Developers are actively launching new luxury projects in response to improved market sentiment, despite the low average absorption rates for independent houses and luxury units [2]. - Financially stable developers may choose to hold onto their most valuable assets and only release them when market conditions and prices are favorable [2].

Financial Data and Key Metrics Changes - The company reported record high contributions, recurring profits, and full-year distributions to shareholders, with a total payout of HKD0.25 per share [5][6] - The interest coverage ratio at the end of the year was four times, exceeding the comfort level of three times [9] - The company maintained strong cash flows and retained two investment-grade credit ratings [6][9] Business Line Data and Key Metrics Changes - Indofood achieved record revenues for the eleventh consecutive year, with EBIT margins for the Noodles division reaching 25.9%, the highest ever [10] - Metro Pacific's core profit also reached record highs, driven primarily by power, water, and toll roads, with expectations for continued strong performance in 2025 [12][13] - PLDT reported record high sales and service revenues, with mobile data and SMS showing the strongest growth [13] Market Data and Key Metrics Changes - The company increased its stake in MPIC from 46.3% to 49.9% [4] - The Philippines and Indonesia's economies are expected to double from 2018 to 2029, which may positively impact the company's performance [75] Company Strategy and Development Direction - The company plans to continue focusing on growth in its core businesses, particularly in defensive industries like power, roads, and water [75] - There is an emphasis on improving operational efficiency and reducing non-revenue water in Metro Pacific to enhance revenue [36] - The company is exploring strategic options for Maya, including potential IPO or trade sale discussions [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, indicating that current trends suggest another strong year for Metro Pacific in 2025 and 2026 [75] - The company highlighted the importance of securing long-term contracts for gas supply to mitigate past issues and enhance profitability [28] Other Important Information - The company is planning a new 600-megawatt hydrogen-ready power project expected to commence operations in January 2029 [16] - The financing mix for new power plant projects is anticipated to be approximately 60% debt and 40% equity [47] Q&A Session Summary Question: What is the expected earnings trajectory for FPM power in 2025 and 2026? - Management indicated that 2023 was an exceptional year and that profits are expected to taper gradually, with long-run marginal costs influencing future earnings [24][27] Question: Can you provide updates on the Terra Solar Phase two project? - The focus remains on Phase one of the Terra Solar project, with initial delivery expected in Q1 2026 [30] Question: What are the considerations for the spin-off of MailiNet? - The valuation is tied to strong performance and operational efficiency improvements, with a focus on reducing non-revenue water [35] Question: Will there be share buybacks given the current NAV discount? - Management stated that share buybacks are part of a dynamic capital allocation strategy and will be assessed based on liquidity and other commitments [39][41] Question: What is the financing mix for PLP's new power plant projects? - The financing is expected to consist of approximately 60% debt and 40% equity, with dividends continuing to be paid to shareholders [47] Question: What are the plans for Maya, PLDT's online bank? - Maya is experiencing significant growth, and discussions regarding its future, including potential IPO or trade sale, are ongoing [72]

Financial Data and Key Metrics Changes - The company reported record high contributions, recurring profits, and full-year distributions to shareholders, with a total payout of HKD0.25 per share [6][11][12] - The interest coverage ratio at the end of the year was four times, exceeding the comfort level of three times [8][49] - The company maintained two investment-grade credit ratings and had no borrowings due in 2025 [6][7] Business Line Data and Key Metrics Changes - Indofood achieved record revenues for the eleventh consecutive year, with EBIT margins for the Noodles division reaching 25.9%, the highest ever [9][10] - Metro Pacific's core profit also reached record highs, driven primarily by power, water, and toll roads, with expectations for continued strong performance in 2025 [11][12] - PLDT reported record high sales and service revenues, with mobile data and SMS showing the strongest growth [12][14] Market Data and Key Metrics Changes - The company noted that the electricity generation market in Singapore is expected to grow at rates exceeding 4% annually [24] - The Philippines and Indonesia's economies are projected to double from 2018 to 2029, which is expected to positively impact Metro Pacific's revenues and profits [75] Company Strategy and Development Direction - The company is focusing on capitalizing on strong growth in its core businesses, particularly in defensive industries like power and water [75][80] - There are ongoing discussions regarding the potential IPO of Metro Pacific, with a focus on finding new capital through private placements [57][62] - The company is also exploring strategic options for Maya, its fintech venture, including potential IPOs or trade sales in the future [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, indicating that current trends suggest another strong year for Metro Pacific in 2025 and 2026 [75][80] - The management highlighted the importance of improving operational efficiencies and reducing non-revenue water in Metro Pacific's water utility business to enhance valuation [33] Other Important Information - The company has secured long-term contracts for gas supply, which is expected to provide a competitive advantage in the electricity generation market [26] - The new 600 megawatt hydrogen-ready power project is anticipated to begin operations in January 2029, adding significant capacity to the portfolio [16][25] Q&A Session Summary Question: What is the expected earnings trajectory for Pacific Light Power in 2025 and 2026? - Management indicated that 2023 was an exceptional year, and while profits are expected to taper, the overall portfolio remains strong with new projects in the pipeline [24][25] Question: Can you provide updates on the Terra Solar Phase two project? - The focus remains on Phase one of the Terra Solar project, with initial deliveries expected in Q1 2026 [27][29] Question: What are the considerations for the spin-off of MailiNet? - The valuation is tied to strong performance and operational efficiencies, with a focus on reducing non-revenue water [30][33] Question: Will there be share buybacks given the current NAV discount? - Management stated that share buybacks are part of a dynamic capital allocation strategy and will be assessed based on liquidity and other commitments [35][39] Question: What is the financing mix for PLP's new power plant projects? - The financing plan anticipates approximately 60% debt and 40% equity for the project costs [45][47] Question: What are the expected returns for the new power project in Singapore? - Expected returns are projected to be in excess of 12% up to mid-teens for investments in this space [53][54] Question: Any updates on the potential IPO for Maya? - Management confirmed that Maya is at an inflection point with growing customer bases and is generating positive net income, with discussions ongoing about future strategic options [70][72]

Group 1 - The company reported a 4.3% year-on-year decrease in revenue to $10.0572 billion, primarily due to a decline in PLP income attributed to stabilized electricity prices leading to lower average selling prices [1] - The net profit attributable to the parent company increased by 19.8% to $600.3 million, with basic earnings per share at 14.15 cents, and a proposed final dividend of 13.50 Hong Kong cents per ordinary share [1] - Regular profit rose by 11% to $672.5 million, driven by increased contributions from Indofood, MPIC, and PLDT, although this was partially offset by a decline in PLP contributions due to rising cash operating costs and increased interest expenses [1] Group 2 - The reported profit growth reflects an increase in regular profit, a decrease in impairment provisions for an investment, and a reduction in non-recurring losses related to asset write-offs, partially offset by non-cash foreign exchange losses [2] - The foreign exchange losses were primarily associated with bonds denominated in US dollars related to PT Indofood CBP Sukses Makmur Tbk (ICBP), which were impacted by a 5% depreciation of the Indonesian rupiah against the US dollar [2]

Revenue and Profitability - Revenue decreased by 4.3% to $10,057.2 million in 2024 from $10,510.7 million in 2023[4] - Gross profit increased by 8.3% to $3,654.3 million in 2024 from $3,374.6 million in 2023[4] - Net profit attributable to shareholders increased by 19.8% to $600.3 million in 2024 from $501.2 million in 2023[5] - Basic earnings per share increased by 19.7% to $14.15 in 2024 from $11.82 in 2023[5] - Total comprehensive income for the year was $999.4 million in 2024, down from $1,375.0 million in 2023[6] - Operating profit contribution from operations increased by 10.7% to $776.5 million in 2024 from $701.5 million in 2023[5] - The company reported a net profit for the year reached $1,603.3 million, compared to $1,341.4 million in the previous year, indicating a year-over-year increase of about 19.5%[8] - The company reported a comprehensive income of $999.4 million for the year, a significant recovery from a comprehensive loss of $35.9 million in the previous year[8] - The company reported a total regular profit of $672.5 million for the year, compared to $5,245.5 million in the previous year, indicating a decrease of 87.2%[16] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.135 per share, up from HKD 0.125 per share in 2023[5] - The total proposed dividend for the year ending December 31, 2024, is $3.27 per share, an increase of 10.8% from $2.95 in 2023, totaling $1,083.8 million compared to $972.7 million in 2023[29] - The board declared a final dividend of HKD 0.135 per share, an increase of 8% from the previous year's HKD 0.125, resulting in a total dividend of HKD 0.255 per share for 2024[47] Assets and Liabilities - Non-current assets totaled $21,941.9 million in 2024, an increase from $21,299.5 million in 2023, representing a growth of 3.0%[7] - Current assets increased to $6,720.4 million in 2024 from $6,035.1 million in 2023, reflecting an increase of 11.4%[7] - Total liabilities rose to $16,747.7 million in 2024, up from $15,778.4 million in 2023, indicating a growth of 6.1%[7] - The company's equity increased to $11,930.2 million in 2024, compared to $11,566.9 million in 2023, marking a growth of 3.1%[7] - The total value of assets less current liabilities was $23,684.9 million in 2024, compared to $22,764.9 million in 2023, indicating an increase of 4.0%[7] - The total liabilities increased to $3,926.2 million by December 31, 2024, compared to $3,688.0 million at the end of 2023, reflecting a rise of approximately 6.5%[8] - The total liabilities due within one year increased to $2,548.7 million in 2024 from $2,195.3 million in 2023, indicating a rise in short-term obligations[151] Debt and Financial Ratios - The net debt increased by 7.7% to $90.985 billion as of December 31, 2024, from $84.503 billion as of December 31, 2023[5] - The debt-to-equity ratio rose to 0.76 as of December 31, 2024, from 0.73 as of December 31, 2023[5] - The total debt of the company as of December 31, 2024, is approximately $1.5 billion, with a net debt of about $1.3 billion[49] - The total debt of Indofood increased by 10% to 708 trillion Indonesian Rupiah ($4.4 billion) as of December 31, 2024[57] - The total debt increased to 2,730 billion pesos ($47 billion) with a debt-to-EBITDA ratio of 2.52 times, while the average pre-tax interest cost rose to 5.1%[76] - The total debt-to-equity ratio of the group increased to 0.76x in 2024 from 0.73x in 2023, primarily due to an increase in net debt levels, offset partially by an increase in equity reflecting profits distributed as dividends[149] Cash Flow and Investments - The net cash flow from operating activities was $1,746.5 million in 2024, slightly up from $1,730.1 million in 2023, showing a marginal increase of 0.9%[10] - Cash flow from financing activities showed a net inflow of $466.9 million in 2024, compared to $88.0 million in 2023, marking a substantial increase[10] - The company invested $692.7 million in associates in 2024, a significant increase from $69.6 million in 2023, indicating a strategic shift towards more investments[10] Employee Compensation and Expenses - The company’s employee compensation expenses related to share-based payments amounted to $1.6 million for the year, consistent with the previous year[8] - Employee compensation, including director remuneration, increased to $898.4 million in 2024 from $837.2 million in 2023, with the number of employees rising to 105,570 from 101,469[34] Market Performance and Outlook - The company’s total revenue for the year ending December 31, 2024, is expected to show growth, supported by ongoing market expansion and new product developments[35] - The outlook for 2025 remains optimistic, with a focus on balancing market share and profitability while maintaining a healthy balance sheet[70] Corporate Governance and Compliance - The company has adopted corporate governance practices in line with the applicable codes, ensuring stakeholder interests are protected[173] - The independent auditor, Ernst & Young, issued an unqualified opinion on the financial statements for the year ending December 31, 2024[176] - Detailed corporate governance practices will be disclosed in the 2024 annual report[174]

Financial Performance - The company reported a revenue of $5 billion, representing an 8% increase year-over-year[9]. - The recurring profit increased by 13%, while the reported profit rose by 20%[9]. - The company's revenue decreased by 8% to $5 billion, primarily due to a decline in PLP revenue and a 6% depreciation of the Indonesian Rupiah against the US dollar[18]. - Regular profit increased by 13% to $339.1 million, reflecting higher profit contributions from Indofood, MPIC, and PLDT[18]. - Reported profit decreased by 20% to $277.8 million, mainly due to a 6% depreciation of the Indonesian Rupiah against the US dollar, resulting in non-cash foreign exchange losses[18]. - Core profit rose by 22% from IDR 47 trillion (USD 3.11 billion) to IDR 57 trillion (USD 3.547 billion), driven by improved operating profits across all business groups[29]. - Core net profit increased by 3% to 18 billion pesos ($314.5 million) from 17.6 billion pesos ($318.3 million)[43]. - The profit attributable to the owners of the parent company for the first half of 2024 was $277.8 million, a decrease of 19.6% from $345.6 million in 2023[161]. Assets and Liabilities - The total assets reached $27 billion, reflecting a 3% growth[9]. - The net debt of the company is around $1.3 billion[9]. - Total debt for Indofood increased by 14% to IDR 73.4 trillion (USD 4.5 billion) as of June 30, 2024, up from IDR 64.5 trillion (USD 4.2 billion) at the end of 2023, with 34% maturing within the next 12 months[30]. - The total liabilities amounted to $15,799.3 million, with a notable portion related to infrastructure at $7,930.6 million[149]. - The total liabilities related to assets classified as held for sale increased from $4,592.6 million to $5,021.5 million, marking an increase of about 9.34%[137]. - The total current liabilities increased significantly from $1,814.9 million to $2,059.6 million, marking an increase of about 13.5%[137]. Market Capitalization and Dividends - The market capitalization of the company is approximately $20 billion, showing a 17% increase[9]. - The interim dividend per share is set at 1.54 cents, totaling $65.3 million[9]. - The interim dividend declared by First Pacific is HKD 0.12 (USD 0.0154) per share, representing a 14% increase from HKD 0.105 (USD 0.0135) in the first half of 2023, consistent with the growth in recurring profit[21]. - The interim cash dividend declared is 50 pesos ($0.85) per share, representing 60% of core net profit[47]. Investments and Contributions - The company focuses on investments in fast-growing emerging economies in Asia, particularly in consumer food, telecommunications, infrastructure, and natural resources[5]. - Indofood's profit contribution to the group increased by 22% to USD 167.6 million in the first half of 2024, compared to USD 137.2 million in the same period of 2023, reflecting an increase in core profit[28]. - MPIC's consolidated revenue increased by 22% to 35.8 billion PHP (624.4 million USD) from 29.4 billion PHP (532.3 million USD)[57]. - MPIC's operating profit contribution increased by 20% to 14.8 billion PHP (258.8 million USD) in the first half of 2024, driven by strong energy sales and increased traffic and tolls[56]. Foreign Exchange and Market Risks - The company faces foreign exchange risk due to unhedged USD net debt, which could affect performance based on currency fluctuations[110]. - The group's subsidiaries and associates' performance is primarily denominated in local currencies, exposing the group to foreign exchange risks upon consolidation into USD[105]. - The estimated impact on adjusted net asset value for a 1% change in exchange rates is $45.5 million, translating to an impact of 8.35 HK cents per share[106]. - A 1% change in the USD exchange rate is expected to impact the group's reported profit by $33.7 million, resulting in a net profit impact of $12.4 million[111]. Operational Performance - The average interest rate for First Pacific's debt increased from approximately 5.4% at the end of 2023 to about 5.6% due to the high interest rate environment[23]. - The cash interest coverage ratio stands at approximately 4.3 times[9]. - The cash interest coverage ratio for Indofood is approximately 6.7 times as of June 30, 2024[30]. - The company plans to continue reducing certain assets and use the proceeds primarily to pay down debt[17]. Employee and Compensation - The number of employees increased to 103,290 as of June 30, 2024, from 101,352 in 2023, marking a growth of 1.9%[124]. - Total compensation for key management personnel amounted to $65.2 million for the six months ended June 30, 2024[199]. - Employee compensation costs were $434.7 million in the first half of 2024, slightly down from $452.7 million in 2023, indicating a focus on cost efficiency[155]. Capital Expenditures and Investments - Capital expenditures decreased by 14% to 35.1 billion pesos ($612.9 million), representing 34% of service revenue, down from 41% in the first half of 2023[44]. - The capital expenditure guidance for 2024 is maintained at 75 billion to 78 billion pesos, focusing on network capacity and data traffic growth[45]. - Total capital expenditure commitments as of June 30, 2024, amounted to $1.41 billion, down from $1.86 billion as of December 31, 2023[192]. Miscellaneous - The company plans to continue product innovation and expand distribution to enhance profitability and market penetration[34]. - The company is focusing on market expansion strategies to enhance its competitive position in the industry[139]. - The company is investing in new product development and technology to drive future growth and innovation[139].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 概 不 就 因 本 公 告 之 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 第 一 太 平 有 限 公 司 （根據百慕達法例註冊成立之有限公司） 網 址：www.rstpacic.com （股份代號：00142） 2024年 中 期 業 績－未 經 審 核 財務摘要 來自營運之溢利貢獻由3.487億 美 元（27.199億 港 元）增 加12.2%至3.912億 美 元（30.514億 港 元）。 經常性溢利由3.008億 美 元（23.462億 港 元）增 加12.7%至3.391億 美 元（26.45億 港 元）。 營業額由54.112億 美 元（422.074億 港 元）減 少7.7%至49.951億 美 元（389.618億 港 元）。 匯兌及衍生工具虧損為5.79千 萬 美 元（4.516億 ...

Investment Interests - First Pacific Company Limited holds economic interests of 50.1% in Indofood, 25.6% in PLDT, 46.3% in MPIC, 68.8% in FPM Power, 31.2% in Philex, and 35.7% in PXP as of March 27, 2024[4]. - First Pacific's investment strategy focuses on high-growth potential assets in emerging economies, particularly in the Asia-Pacific region[3]. - The company plans to further invest in businesses with strong cash flow potential and market leadership positions[3]. - First Pacific's portfolio includes investments in PacificLight Power, Philex Mining, and PXP Energy, with a focus on energy and mining sectors[4]. Company Overview - Indofood is the largest vertically integrated food company in Indonesia and a global instant noodle brand producer, while PLDT is the leading integrated telecommunications and digital services provider in the Philippines[3]. - MPIC is a leading infrastructure investment and management company in the Philippines, with stakes in the largest power transmission, toll road, water, and healthcare companies in the country[3]. - The company is actively involved in sectors such as consumer food, telecommunications, infrastructure, and natural resources[3]. Financial Performance - Revenue for 2023 reached $10,510.7 million, an increase of 2.0% from $10,304.9 million in 2022[7]. - Net profit for 2023 was $1,341.4 million, up 27.8% compared to $1,049.6 million in 2022[7]. - Earnings attributable to shareholders increased to $501.2 million in 2023, a rise of 28.1% from $391.6 million in 2022[7]. - Operating contribution rose to $701.5 million, reflecting an 18.3% increase from $593.3 million in the previous year[7]. - The company reported a basic earnings per share of 11.82 cents, up from 9.20 cents in 2022, marking a 28.5% increase[7]. - Total assets increased to $644.87 million in 2023, compared to $600.98 million in 2022, representing a growth of 7.3%[7]. - Cash flow from operating activities improved to $40.79 million, a 22.4% increase from $33.42 million in 2022[7]. - The gross profit margin for 2023 was 32.11%, up from 29.66% in 2022, indicating a positive trend in profitability[7]. - The company’s dividend payout ratio was 20.67% in 2023, down from 23.40% in 2022, reflecting a strategic shift in capital allocation[7]. - The debt-to-equity ratio for the consolidated accounts improved to 0.73 in 2023, down from 0.82 in 2022, indicating better financial stability[7]. Sector Contributions - Indofood led the profit contribution with an operating revenue of $7.34 billion, slightly down from $7.43 billion in 2022, but still contributing $285.1 million to the group profit[30]. - PLDT's service revenue and EBITDA reached new highs, contributing $143.2 million to the group profit, reflecting growth across its three main business segments[30]. - MPIC reported record operating revenue of $1.10 billion, with a profit contribution of $159.8 million, and announced a cash dividend at a record high[30]. - PLP, a leading power supplier in Singapore, achieved record revenue and core profit, reducing its net debt by 70% and distributing $117 million in dividends[30]. Market Outlook and Strategy - The average GDP growth rate in ASEAN countries was 4.2%, with Indonesia and the Philippines showing strong growth prospects of 5.0% and 5.3% respectively for 2023[24]. - The company plans to expand its toll roads and financial technology services, indicating a focus on growth opportunities[24]. - The company remains vigilant about potential risks, including commodity price surges and geopolitical tensions, while also focusing on cost management[24]. Corporate Governance - The company has adopted a corporate governance code that includes principles and regulations outlined in the Listing Rules, with compliance noted for the year ending December 31, 2023, except for certain disclosures regarding senior management compensation[131]. - The board consists of ten directors, with five being independent non-executive directors, exceeding the requirement of at least one-third independence as per listing rules[137]. - The company has established a risk assessment committee comprising one executive director and six senior executives to oversee risk management, as it does not have a separate internal audit department[131]. - The company emphasizes a strong corporate culture that fosters collaboration and creativity, which is deemed essential for long-term sustainable performance[132]. Sustainability Initiatives - The company plans to enhance its sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2030[119]. - The company is committed to enhancing its corporate governance practices, with members actively participating in relevant councils and associations[128]. Related Party Transactions - The company announced a continuation of related party transactions with the Indofood Group, effective from January 1, 2023, to December 31, 2025, covering various business sectors[182]. - The total transaction amount for related party transactions with the Indofood Group for the year ending December 31, 2023, is projected to be $178.9 million[185]. - Specific transactions include $75.9 million in palm oil sales to Shanghai Resources International Trading Co. Ltd. and $48.4 million in operational services provided to IndoInternational Green Energy Resources Pte. Ltd.[184]. Strategic Acquisitions - A strategic acquisition of a local competitor is anticipated to close by Q3 2024, which is expected to enhance operational efficiencies[119]. - The acquisition offer involves purchasing approximately 36.7% of MPIC's publicly traded common shares, with a total maximum payment of 54.8 billion pesos (approximately 986 million USD) at a price of 5.20 pesos per share[179].