GPB Ar2022 Part 1

20
a Sustainable Future 22
Annual Report
Vision Core Values
To become a premier natural resources
organisation GEMILANG
Mission OPTIMIS
• To improve our results
LESTARI
• To meet our customers’ expectations
• To maximise returns to our shareholders DEDIKASI
• To promote a green and eco-friendly
environment
• To provide our workforce with EFEKTIF
rewarding employment
• To use our position as an integrated NEKAD
timber producer
GROWING A SUSTAINABLE FUTURE

The volatile business landscape operates in cycles of growth and contraction, influenced by
the demand and supply of goods and services. Despite this, Golden Pharos Berhad’s (GPB)
performance has steadily been on the up climb, and the Group has remained resilient by
focusing on sustainability, an improvement culture and prudent management.
GPB’s primary business segments of Harvesting & Sawmilling and Manufacturing have been
factoring ESG concerns in the Group’s Strategic Business Plans to foster innovation and
capitalise on new revenue streams and growth opportunities. Over the past few years, we
have been incrementally implementing sustainable practices to optimise costs and improve
operational efficiency, leading to long-term financial stability.
Growing a sustainable future in the forestry and manufacturing industries is essential for
addressing and mitigating ESG risks and unlocking the potential of emerging economic and
industry trends. GPB is committed to incorporating sustainable practices and continuously
improving its operations to ensure its long-term success in a changing business environment,
now and in the future.
OVERVIEW OUR ACHIEVEMENTS
Vision, Mission and Core Values 58 2022 Corporate Highlights
2 Key Highlights 66 Media Highlights
3 Who We Are 67 Environmental Statement
4 About GPB
6 Milestones and Achievements SUSTAINABILITY
8 Group Structure 71 Sustainability Report
9 Corporate Information
TRANSPARENCY
OUR STRATEGIC PERFORMANCE 143 Corporate Governance Overview
Statement
10 Chairman’s Message
168 Statement on Risk Management
14 Management Discussion and
and Internal Control
Analysis
171 Audit Committee Report
34 Financial Highlights
178 List of Properties
35 Financial Highlights
Segmental Information
35 Financial Highlights FINANCIAL STATEMENTS
Sales by Region
180 Financial Statements
36 Investor Relations
39 Financial Calendar ADDITIONAL INFORMATION
39 Share Price Movement 292 Analysis of Shareholdings
293 List of Top 30 Shareholders
LEADERSHIP 295 Notice of Annual General Meeting
40 Board of Directors 300 Statement Accompanying Notice
of Annual General Meeting
42 Chairman’s Profile
301 Proxy Form
43 Board of Directors’ Profile
302 GRI Contents Index 2022
48 Group Senior Management
50 Chief Executive Officer’s Profile
51 Group Senior Management Profile
th Venue
36
Annual General Meeting
Camellia Ballroom, Paya Bunga Hotel Terengganu,
Jalan Tengku Embong Fatimah, Off Jalan Sultan Ismail,
20200 Kuala Terengganu, Terengganu Darul Iman
GOLDEN PHAROS BERHAD
Date & Time
Thursday - 15 June 2023 - 10.30 a.m
The softcopy version of Golden Pharos Berhad’s Annual Report

2022 is available from our website. We also welcome your
feedback. Please email: info@gpb.com.my
Go to http://www.goldenpharos.com.my or scan the code with

your smartphone.
2 GOLDEN PHAROS BERHAD
Annual Report 2022
REVENUE
RM 69.81 million
(FY2021: RM56.74 million)
23%
PROFIT BEFORE TAX PROFIT AFTER TAX
RM 15.02 million RM 11.86 million

(FY2021: RM2.67 million) (FY2021: RM0.66 million)
463% 1,697%
EARNINGS PER SHARE SHAREHOLDERS’ EQUITY
8.59sen RM 77.93 million

(FY2021: 0.48 sen) (FY2021: RM70.10 million)
1,689% 11.17%
Annual Report 2022
3
Golden Pharos Berhad (GPB) was incorporated in 1986 and has been listed on the Main Board
of Bursa Securities Malaysia Berhad (Bursa Securities) since 1993. GPB is also a Terengganu
state Government-Linked Corporation (GLC) by virtue of 69.092% shareholding via the State’s
investment arms, Terengganu Incorporated Sdn Bhd (Terengganu Inc) and Lembaga Tabung
Amanah Warisan Negeri Terengganu, which hold 60.925% and 8.166% respectively.
GPB’s principal activities cover forest concession management, harvesting and distribution,
sawmilling and value-added processing of wood-based products, as well as manufacturing
and sales of architectural panel glass.
1986 GPB was incorporated.
Converted into a public company.

1992 Production of tempered glass started.
GPB was listed on the

1993 Main Board of the Kuala
Lumpur Stock Exchange.
GPB acquired Permint Timber

1996 Corporation Sdn Bhd.
1997 GPB became a fully integrated

onwards
timber corporation.
Annual Report 2022
ABOUT GPB HARVESTING & SAWMILLING
FOREST CONCESSION MANAGEMENT

TIMBER HARVESTING AND DISTRIBUTION
KUMPULAN PENGURUSAN KAYU KAYAN

Since its inception in 1986, GPB TRENGGANU SDN BHD (KPKKT)
Bandar Bukit Besi, Dungun
has continuously evolved as an
investment holding company, KPKKT was incorporated in 1980 and is the
Group’s timber concession management for
catalysing socioeconomic growth approximately 123,962 hectares (ha) of rich
natural tropical rain forest (TRF) in Terengganu,
on the East Coast of Peninsular
comprising 103,719 ha at the Dungun Timber
Malaysia. Majority owned by Complex (DTC) and 20,243 ha at Cherul Forest
Concession (CFC).
Terengganu Incorporated Sdn Bhd
(Terengganu Inc), the Terengganu SAWMILLING
State Government investment

arm, GPB was listed on the Main PESAMA TIMBER CORPORATION SDN BHD
(PESAMA)
Board of Bursa Malaysia Securities Bandar Cukai, Kemaman
Berhad (formerly known as Kuala
PESAMA, established in 1973, is a wholly-
Lumpur Stock Exchange) under owned subsidiary of GPB. Located at the Jakar
Industrial Area in Cukai, Kemaman, PESAMA
the Industrial Products and has an experienced workforce of more than
Services sector in 1993. 170 workers to manage its principal activities
of sawmilling, moulding, kiln drying and wood
treatment. PESAMA’s products are derived
from a reliable supply of raw materials from
With headquarters in Kuala the Group’s forest concessions and is backed
Terengganu, GPB has established by internationally recognised certifications to
endorse our sustainable forest management and
itself as a high-calibre corporation environment-friendly practices.
focusing on building capacity and

efficiency in its core business PESAKA TRENGGANU BERHAD (PESAKA)
segments of Harvesting &
PESAKA TRENGGANU BERHAD (PESAKA) Bandar
Sawmilling, and Manufacturing. Bukit Besi, Dungun PESAKA has a similar
portfolio as PESAMA with activities in sawmilling,
kiln drying and wood treatment at its plant in
Bukit Besi, Dungun. PESAKA was established
in 1965 under the purview of Trengganu State
Economic Development Corporation (TSEDC). It
became a subsidiary of GPB through a corporate
restructuring exercise completed in September
1995.
Annual Report 2022
5
ABOUT GPB (CONTINUED)
Sustainable practices are deeply ingrained throughout

COMMERCIAL FOREST the GPB Group, cutting across all its wholly-owned
PLANTATION-RELATED ACTIVITIES subsidiaries:
• KPKKT has continuously held the FSC® certification

GP FOREST PLANTATION SDN BHD (GPFP)
endorsement for its concession, Dungun Timber
Complex (DTC), since 2008.
The principal operations of GPFP are of • In 2012, PESAMA obtained FSC® certification for its
commercial forest plantation-related activities Cherul Forest Concession (CFC), a testament to the
with the main aim of ensuring a sustainable log Group’s unwavering commitment to elevating forest
supply to the Group’s sawmills as well as plywood management standards.
and downstream operations. • In a strategic move and to ensure professional and
sustainable management of the unique tropical
forest resources in the DTC and CFC forest
MANUFACTURING concessions, GPB has opted to merge the
management of these areas under KPKKT.
This consolidation includes combining the
PROCESSING OF WOOD-BASED PRODUCTS:
• VENEER • WOODCHIPS FSC® certification with the management of the
concessions. The ultimate goal of this move is to
ensure that the ecosystem and biodiversity of both
PERMINT PLYWOOD SDN BHD (PPSB) areas are managed in accordance with prevailing
Bandar Al-Muktafi Billah Shah, Dungun prescribed local and international standards,
promoting conservation of these resources into
Incorporated in 1981, PPSB operates from perpetuity.
Bandar Al-Muktafi Billah Shah in Dungun and is
• GPG has been verified under ISO 9001:2015 for
a producer of woodchips and veneer for the local
its Quality Management System, demonstrating
and export markets.
the Group’s dedication to delivering quality glass
products sustainably.
ARCHITECTURAL GLASS PANELS Today, GPB is recognised as a reliable wood and

timber supplier in the local construction sector
and has expanded its footprint in the international
GOLDEN PHAROS GLASS SDN BHD (GPG)
market with exports of wood and glass products to the
Telok Panglima Garang, Selangor
United Kingdom, East Asia, Southeast Asia, Australia,
New Zealand, and other parts of Europe to fuel its
GPG is a manufacturer of tempered and business growth.
laminated glass with a facility in Telok Panglima
Garang in Selangor. GPG started its tempered
glass production in 1992, initially as a division of
GPB. Its innovative solutions in tempered safety United Kingdom
Europe
glass, laminated safety glass, heat strengthened
glass, double glazing units and ceramic painted
glass are installed across Malaysia and selected Southeast Asia
markets overseas.
Australia
New Zealand
Annual Report 2022
MILESTONES AND ACHIEVEMENTS
1980 1992 1996

GPB took over the • May - The tempered glass plant was set up March - GPB became
manufacturing of at Telok Panglima Garang Industrial Site, a fully-integrated
timber doors from producing 20,000 square metres of tempered timber corporation
Golden Pharos Wood glass per month. with the acquisition
Industries Sdn Bhd. of Permint Timber
• November - The second phase of glass Corporation Sdn Bhd.
production was implemented to supply
architectural glass and shower screens for
domestic buildings and the construction
industry.
2017 2016
• GPG was awarded Company of the Year • Permint Plywood Sdn Bhd (PPSB) entered
(Small Medium Enterprise) at Terengganu Inc into a Shareholders’ Agreement with CPSB.
Excellence Awards 2017. • PPSB subscribed to RM0.96 million (60%)
• Pesama Timber Corporation (PESAMA) and of GPDV’s paid-up capital. GPDV’s intended
Pesaka Trengganu Berhad (PESAKA) were activities were to manufacture and sell
awarded the Performance Award for Sawmill veneer, plywood and decorative plywood.
Category (Air Pollution Control) by the • In June 2016, PPSB commenced the
Department of Environment Terengganu. production of woodchips to maximise the
value of the Group’s wood waste.
2018 2019
• PPSB restarted operations after closing down • First dividend payment of 1.27 sen per share
its business in 2005. was declared and paid after 11 years.
• PPSB was certified with the Programme • GPG was awarded the Brand Leadership
for the Endorsement of Forest Certification Award at the BrandLaureate BestBrands
(PEFC) for veneer production. Awards 2018/2019.
• PPSB signed an agreement with BioBenua • The Minister of Human Resources (2018-
Teknologi to process agar wood oil. 2020) YB M Kula Segaran appointed former
Chief Executive Officer (CEO), Dato’ Nadza
• Kumpulan Pengurusan Kayu Kayan
Abdul as Director of SOCSO.
Trengganu Sdn Bhd (KPKKT) initiated
commercial Forest Plantation for long-term • Former CEO Dato’ Nadza Abdul received
timber supply. the Malaysia Business Awards (MEBA) -
Masterclass Bumiputera CEO of the Year
• PPSB was awarded the PEFC ‘Chain
Award.
of Custody of Forest Based Products’
certification at Majlis SIRIM Industri 2018 • GPB paid RM3.17 million as partial
‘Best Partner for Innovation’. repayment of advances to Terengganu Inc
after 10 years of debt.
Annual Report 2022
7
MILESTONES AND ACHIEVEMENTS (CONTINUED)
2006 2007
GPB was ranked 1st place in the consumer GPB was ranked 1st place in the consumer
products industry sector and 2nd place overall products industry sector and 1st place overall
under the Corporate Governance Survey Report under the Corporate Governance Survey Report
for small capital public-listed companies, for small capital public-listed companies,
conducted by the Minority Shareholder conducted by the MSWG in collaboration with
Watchdog Group (MSWG) in collaboration with the Nottingham University Business School.
the Nottingham University Business School.
2015 2014 2012

• GPB entered into a Memorandum GPB entered into an • GPG was ISO 14001:2004
of Understanding (MoU) with MoU with Malaysian certified.
Dongwha Malaysia Sdn Bhd. Timber Industry Board
• GPG was ISO 9001:2006
(MITB) and Pengusaha
• Permint Plywood Sdn Bhd (PPSB) certified.
Kayu Kayan & Perabot
entered into a Joint Venture (JV)
Bumiputera Malaysia • Pesama Timber Corporation
Agreement with Cymao Plywood
(PEKA). Sdn Bhd (PESAMA) obtained
Sdn Bhd (CPSB) to revive PPSB’s
the FSC® endorsed certification
facility by establishing a JV
for Cherul Forest Concession.
company, GP Dynamic Venture
Sdn Bhd (GPDV).
2020 2021
April - GPB was finalist in PPSB signed a
the 2019 Asia Sustainability Memorandum of • April - KPKKT & PESAMA
Reporting Awards in Singapore. Understanding (MoU) paid an additional premium
with Terengganu
August - GPB settled RM12 to Perbadanan Memajukan
Timber Industry
million of Terengganu Inc’s debt
Training Centre (TTITC)
Iktisad Negeri Terengganu
via issuance of redeemable amounted to RM2.23 million.
to manufacture
preference shares.
timber-based products
October - GPB was conferred from timber waste • May - GPB was conferred
with the Company of the Year supplied by PPSB. as the winner of the
(Logging & Sawmill) Award at the Environmental Excellence by
Sustainability & CSR Malaysia
Global Business Leadership
Awards 2020 by CSR Malaysia.
Awards 2022 due to its
outstanding Annual Report
2021.
Annual Report 2022
GROUP STRUCTURE

(198601003051) (152205-W)
Permint Timber Permint Plywood

100% 100%
Corporation Sdn Bhd Sdn Bhd
GP Dynamic
100%
Golden Pharos Venture Sdn Bhd
100%
Glass Sdn Bhd
GP Forest Plantation Pesaka Trengganu

100% 100%
Sdn Bhd Berhad
Kumpulan Pengurusan
Golden Pharos 100% Kayu Kayan
100%
Fiber Sdn Bhd Trengganu Sdn Bhd
GP Tropical
Golden Pharos 19.54%
100% Furniture Sdn Bhd
Biomass Sdn Bhd
Kemaman Furniture
14.10% Industries Sdn Bhd
Golden Pharos
100%
Overseas Sdn Bhd
Pesama Timber
100%
Corporation Sdn Bhd
GP Tropical
30.85%
Furniture Sdn Bhd
Kemaman Furniture
29.49%
Industries Sdn Bhd
Konsortium
Wholly-owned by Golden Pharos Berhad
35% Perumahan Rakyat
Wholly-owned by Golden Pharos Berhad via Permint Terengganu Sdn Bhd
Timber Corporation Sdn Bhd
Subsidiary Pesama Renors (M)

25%
Sdn Bhd
Minority interest
Annual Report 2022
9
CORPORATE INFORMATION
BOARD OF DIRECTORS SHARE REGISTRAR
YBM DATO’ HAJI TENGKU HASSAN Tricor Investor & Issuing House
BIN TENGKU OMAR Services Sdn Bhd
Non-Independent Non-Executive Chairman Unit 32-01, Level 32, Tower A
Vertical Business Suite, Avenue 3
Bangsar South, No. 8, Jalan Kerinchi
DATO’ BENTARA DALAM
59200 Kuala Lumpur
DATO’ HAJI A. RAHMAN BIN YAHYA
Tel : +603 2783 9299
Non-Independent Non-Executive Director
Fax : +603 2783 9222
HAJI BURHANUDDIN HILMI

BIN MOHAMED @ HARUN
AUDITORS
MUHAMMAD RAMIZU BIN MUSTAFFA
Non-Independent Non-Executive Director Ernst & Young PLT
Level 23A, Menara Milenium
MOHD BADARUDDIN BIN ISMAIL Jalan Damanlela
Pusat Bandar Damansara
Independent Non-Executive Director
50490 Kuala Lumpur
Tel : +603 2087 7000
HAJI SAIFFUDDIN BIN OTHMAN
Fax : +603 2095 5332
PRINCIPAL BANKERS
CHIEF EXECUTIVE OFFICER
Maybank Islamic Berhad
DR MOHD ZAKI BIN HAMZAH Bank Islam Malaysia Berhad
COMPANY SECRETARY STOCK EXCHANGE LISTING
SURAYA BINTI MOHD HAIRON Main Market

(LS 0007314) Bursa Malaysia Securities Berhad
(SSM PC No. 202008000100)
REGISTERED OFFICE
66-2, Taman Sri Intan

Jalan Sultan Omar
20300 Kuala Terengganu
Terengganu Darul Iman
Tel : +609 630 1330
Fax : +609 631 0617
Annual Report 2022
Our adeptness at devising

business solutions to pressing
issues has been instrumental in
achieving GPB’s strong returns,
as evidenced by a robust 23.0%
growth in Group Revenue to
RM69.81 million, a remarkable
5.6-fold increase in Profit Before
Tax (PBT) to RM15.02 million, and
an 18-fold increase in Profit After
Tax (PAT) to RM11.86 million.
YBM DATO’ HAJI TENGKU HASSAN

BIN TENGKU OMAR
Chairman
Annual Report 2022
11
CHAIRMAN’S MESSAGE (CONTINUED)
Assalamualaikum Warahmatullahi Wabarakatuh dan Salam Sejahtera.
Dear Esteemed Shareholders,

I am honoured to present the Annual Report and Audited Financial Statements of Golden
Pharos Berhad (GPB or the Group) for the financial year ended 31 December 2022 (FY2022) on
behalf of the Board of Directors.
EXPANDING ECONOMIC AND SOCIETAL PROGRESS The timber business has been the primary driver of the
Group’s exceptional performance. The segment has
Despite the unprecedented disruption caused by the obtained significantly higher margins by tendering out
COVID-19 pandemic, we have persevered and managed forest compartments in response to challenging weather
to achieve exceptional results in FY2022, one of the conditions and a shortage of logging contractors.
Group’s most successful years in the past decade. The However, this was merely a temporary measure to
ongoing global health crisis and internal workflow navigate the obstacles at that time, and we are resolute
complexities have presented significant operational in our commitment to ensuring a steady supply of logs
and logistical challenges, including supply chain for our midstream sawmilling and downstream wood
disruptions, reduced consumer demand in some production divisions.
markets, and restrictions on mobility and travel, which
caused labour shortages for our Glass Manufacturing FINANCIAL PERFORMANCE 2022
arm. Nonetheless, through proactive risk management
and strategic business plans, we have maintained a high
REVENUE
level of performance to achieve profitability for another
year. RM 69.81 million
In addition to the challenges presented by the

pandemic, the macroeconomic landscape has also
posed significant obstacles to our operations. Factors
PROFIT BEFORE TAX
such as fluctuating commodity prices, changes in trade
and regulatory policies, and volatile currency markets RM 15.02 million
have all had an impact on our business. However,
our rigorous financial management practices and agile
decision-making have enabled us to navigate these
challenges and emerge a stronger and more profitable PROFIT AFTER TAX
enterprise.
RM 11.86 million
Despite these headwinds, our impressive financial
results speak volumes of our resilience and
determination. Our ability to generate consistent
revenue growth, maintain healthy margins and deliver
SHAREHOLDERS’ EQUITY
strong shareholder returns is a testament to our robust
business model and the dedication of our talented RM 77.93 million
team. We remain committed to ongoing innovation,
operational excellence, and strategic partnerships to
drive success continuously in the years to come.
Annual Report 2022
In recognition of our improved financial position, the GROWING A SUSTAINABLE FUTURE

Board recommends a final dividend of 1.25 sen per
share, in addition to the interim dividend of 1.30 sen As achieving sustainable goals for positive outcomes is
per share declared at the close of the financial year. a journey, we have made significant strides to embed
The total dividend of 2.55 sen per share issued or sustainability principles across our entire Group since
RM3.89 million declared for FY2022 (FY2021: RM1.37 FY2018. Moving beyond tracking performance, we are
million) is the highest since FY2008, subject to the directly addressing our impact on the environmental,
approval by shareholders at the 36th Annual General social and governance (ESG) spheres. We recognise the
Meeting on 15 June 2023. The generous dividends reflect importance of Growing a Sustainable Future, and as
GPB’s responsibility to contribute to post-pandemic such we are revamping our sustainability reporting to
economic recovery in Terengganu, given that our largest provide deeper insights into areas where we can increase
shareholder is the State investment arm, Terengganu value creation while reducing adverse effects.
Incorporated Sdn Bhd (Terengganu Inc). Furthermore,
the dividend payout is intended to support the In FY2022, we extended our quantification of greenhouse
socioeconomic well-being of our other shareholders, gas (GHG) emissions to Scope 3, which encompasses
particularly retail investors, in their efforts to rebuild indirect emissions from sources across our entire value
their lives and livelihoods. chain, after consolidating data gathering and conversion
to carbon dioxide equivalent (CO2-e) for Scope 1 (direct
Details of the Group’s financial performance are featured in the emissions from sources under our control) and Scope
Management Discussion and Analysis on pages 14-33 and the
2 (direct emissions from purchased electricity). This will
Financial Statements on pages 181-291 in this Annual Report 2022.
allow us to identify the hotspots where we can further
reduce our carbon footprint.
Annual Report 2022
13
As part of our broader scope of reporting, we took APPRECIATION

bold moves to address potential risks in ESG areas
to improve work efficiency and productivity. These On behalf of the Board, Syabas to Dr Mohd Zaki Hamzah,
include implementing a cloud-based platform to our newly appointed Chief Executive Officer (CEO),
optimise and reduce energy use, apart from digitalising as of 1 February 2022. His astute leadership has been
work processes and mitigating cyber threats. We are instrumental in leading the Group to achieve exceptional
also undertaking exploratory research to allocate performance for the financial year under review.
forest concession compartments to tap into the
potential of the carbon offset market. In the Moreover, I commend the unwavering support of our
social realm, we are identifying and developing Senior Management Team in overcoming obstacles
suitable community education and empowerment and finding solutions to various issues that could have
programmes linked to our core business. disrupted or at least impeded our achievements for the
year. The teamwork and hard work displayed by all other
For further details, please refer to the Sustainability Report of this employees were exemplary, and their contribution was
Annual Report 2022 on pages 71-142. vital to our success.
DRIVING PERFORMANCE THROUGH PEOPLE In addition, I would like to express our appreciation to
our shareholders, notably Terengganu Inc, for their
In response to the ongoing challenges of sustaining continued trust in our stewardship of GPB. Our gratitude
business and ESG performance, we strongly emphasise also extends to other stakeholders, including Federal
human capital development. With the potential for and State authorities, bankers, contractors, suppliers
unforeseen events that can disrupt operations, we and vendors, the media fraternity, and community
understand the need to upskill our employees to members, for their support and cooperation.
ensure business continuity. To address the evolving
talent landscape, particularly among millennials who I am grateful to my fellow Board members and the
prioritise flexibility and mobility, we have implemented a members of the Executive Committee (EXCO) for their
comprehensive succession planning process. valuable counsel and stewardship. Since establishing
the EXCO on September 5, 2022, we have witnessed
Our focus on talent development is evident in our a notable improvement in both the operational and
prioritisation of training for senior and middle financial performance of the Group. Together, we have
management personnel as well as grooming and capitalised on the Group’s growth momentum to achieve
retaining top talent, especially in a competitive gig commendable operational and financial performance,
economy. We believe that leadership qualities and and we remain committed to leveraging this momentum
competencies are essential for sustaining GPB’s growth to realise even more outstanding accomplishments in
momentum in the years to come. the future.
Additionally, we have made significant efforts to resolve Thank you and wassalam.
the labour shortage that adversely affected our wood
and glass manufacturing activities in the past two
years. Through effective recruitment and training
programmes, our subsidiary companies now have YBM DATO’ HAJI TENGKU HASSAN BIN TENGKU OMAR
an adequate complement of skilled workers who can Chairman
operate at full and increased capacity if required. We
remain committed to investing in our human capital
to achieve our business objectives and maintain our
competitive edge.
Annual Report 2022
15 YEAR IN REVIEW 27 MANAGING RISKS

16 Objectives 28 Disruption in Log Supply
17 Business Strategies 28 Business Sustainability: Timber
18 Action Plans 29 Business Sustainability: Glass Manufacturing
29 Succession Planning/Competency Gaps
29 Liquidity Risk
20 REVIEW OF FINANCIAL PERFORMANCE
21 Revenue
21 Profits 30 OPERATING RESPONSIBLY
21 Dividend
22 Shareholders’ Equity & Assets
22 Other Financial Indicators 30 ECONOMIC & BUSINESS LANDSCAPE 2023
23 OVERVIEW OF OPERATIONS 30 GROWING A SUSTAINABLE FUTURE

23 Known Trends Impacting Group Operations
23 Key Operational Challenges Faced in FY2022
31 HARVESTING & SAWMILLING
25 REVIEW OF BUSINESS SEGMENTS

26 Harvesting & Sawmilling 32 MANUFACTURING
26 Manufacturing
33 GROUP PROSPECTS
The following Management Discussion and Analysis (MD&A) is intended to convey the Management’s
perspective on the operating performance and financial review of Golden Pharos Berhad (GPB
or the Group) for the year ended 31 December 2022. We recommend that you read the
MD&A in conjunction with the Financial Statements, notes thereto and other information
included elsewhere in the Annual Report 2022.
The MD&A is presented in accordance with the Main Market Listing Requirements
(MMLR) of Bursa Malaysia Securities Berhad (Bursa Securities) and the Malaysian
Financial Reporting Standards (MFRS), and in relation to the disclosure
requirements as per the Malaysian Code on Corporate Governance (MCCG).
Significant details on the Group’s business operations, performance and
strategy, as well as financial review and position, governance, risks and
capital management, are covered in the MD&A.
This MD&A contains forward-looking statements that are provided

to enable investors to gauge GPB’s business prospects and make
informed investment decisions. However, they involve inherent risks
and uncertainties and other factors that are, in many cases, beyond
our control. The forward-looking statements include but are not
limited to, for instance, our 2022 business prospects and outlook,
as well as our expectations with regard to the macroeconomic and
socio-geographic conditions and their anticipated impact on the
Group’s business operations.
We have tried, wherever possible, to identify such statements by

using words such as ‘anticipate’, ‘expect’, ‘intend’, ‘plan’, ‘believe’,
and words of similar substance in connection with any discussion
of future performance. Although GPB believes that the expectations
of its Management as reflected by such forward-looking statements
are reasonable based on current information, no assurance can be
given that such expectations will prove to have been correct. Should
one or more of the risks and uncertainties materialise, actual results
may vary materially from those anticipated or projected.
Annual Report 2022
15
MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED)
YEAR IN REVIEW
Continuing our momentum on operational excellence and

exerting stricter external controls was fundamental to our
business strategy in FY2022. Overall, it was an encouraging
year for GPB, achieving another year of commendable
performance from our business segments of Harvesting &
Sawmilling and Manufacturing. Both segments performed
remarkably well and collectively delivered the Company’s
strongest financial performance since FY2014.
Despite challenging operating and market environments in

our logging operations due to extreme weather conditions
and supply chain disruptions, we managed to navigate these
headwinds. We remained vigilant on Health, Safety and
Environmental (HSE), satisfying our customers’ requirements
and posted improved financial results from FY2021.
With the full resumption of economic activities amid the

transition to the endemic phase of COVID-19, market demand
for our core business portfolio of wood-based and glass
products has ramped up since the beginning of FY2022. The
total trade of timber and timber-related products increased
by 9.5%, while annual sales of manufactured glass products
rose by 4.8% in support of a domestic construction sector that
recovered by 8.8% in 2022. Sources: Department of Statistics Malaysia
(DOSM), Malaysian Timber Council (MTC) and Statista.com
DR MOHD ZAKI BIN HAMZAH

Chief Executive Officer
REVENUE PROFIT BEFORE TAX PROFIT AFTER TAX
RM 69.81 million RM 15.02 million RM 11.86 million

(FY2021: RM56.74 million) (FY2021: RM2.67 million) (FY2021: RM0.66 million)
EARNINGS PER SHARE SHAREHOLDERS’ EQUITY
8.59sen RM 77.93 million

(FY2021: 0.48 sen) (FY2021: RM70.10 million)
Annual Report 2022
Although we enacted proactive measures to resolve Amidst the unprecedented impact of the COVID-19
operational issues during the reporting period, several pandemic, we played a significant role in catalysing the
setbacks affected the timber harvesting output, economic recovery of Terengganu. Our efforts helped
limiting the productivity of our sawmilling operations. Terengganu achieve a remarkable economic growth rate
These impediments resulted in a decline in 42.33% of 3.6%, surpassing the national rate of 3.3% in 2021.
and 49.3% of woodchips and veneer production (Source: DOSM)
volumes, respectively. Similarly, our Glass
Manufacturing arm experienced a reduction of
11.23% in production volume, despite overcoming the Federal Government
Taxes
labour shortages that afflicted most manufacturers in Communities RM9.24
Development
FY2021. Programmes/ State Government
Philantrophy Dividends
RM2.93 RM5.01
Notwithstanding these deterrents, our teams
Shareholders
demonstrated outstanding dedication, resiliency and Employees Dividends
Remuneration RM1.99
flexibility throughout the year to systematically and RM101.79
collectively address various seasonal and emerging VALUE CREATION/
challenges. CONTRIBUTION
TO STAKEHOLDERS
2018 - 2022
OBJECTIVES (RM MILLION)
Vendors/
TOTAL: Suppliers
GPB, a Government-Linked Corporation (GLC) of the RM287.70 Contracts
RM166.74
Terengganu State Government, is primarily owned
by state investment arms, Terengganu Incorporated
Sdn Bhd (Terengganu Inc) and Lembaga Tabung
Amanah Warisan Negeri Terengganu (LTAWNT).
The Group plays a crucial role as a key corporate
As a state GLC, our focus is on strengthening
vehicle in diversifying Terengganu’s economy beyond
our core businesses and adapting to the ever-evolving
the oil and gas sector and expanding the state’s talent
macro-economic, geopolitical, and socio-demographic
pool into other industries such as forest management,
landscape. With the responsibility of driving
timber harvesting, sawmilling and wood production. We
economic activities in Terengganu, we remain steadfast
are also recognised as a preferred supplier of building
in our commitment to sustainable economic, social
materials for our wood-based products on the East
and environmental development, underpinned by
Coast, and acknowledged for our superior glass-based
sound governance.
products on the West Coast of Peninsular Malaysia.
This strategic positioning enables us to contribute
Our approach to environmental, social and governance
significantly to the growth and development of the
(ESG) development primarily revolves around creating
construction sector and the overall economic landscape
business and job opportunities for local communities
of the country.
while generating income for the Federal and State
Governments. We recognise that the long-term success
of our business is inextricably linked to the well-being
of the environment, society and economy in which
we operate. As such, we are continuously exploring
innovative ways to align our business strategy with
sustainable development goals and create value for all
our stakeholders.
Annual Report 2022
17
We adhere to sustainable forestry practices by managing the Dungun Timber Complex (DTC) and Cherul Forest
Concession (CFC) timber concession areas under the Selective Management System (SMS), fully complying with
the Malaysian Criteria and Indicators (MC&I) for Forest Management Certification (Natural Forest). In 2008 and
2012 respectively, both DTC and CFC received the Forest Stewardship Council (FSC®) certification. Since July 2008,
the Group’s subsidiaries, Pesaka Trengganu Berhad (PESAKA) and Pesama Timber Corporation Sdn Bhd (PESAMA) have
obtained the Chain-of-Custody (CoC) certification for our sawmills, ensuring that our timber-based products are sourced
from sustainably-managed forests.
In 2020, the Programme for the Endorsement of Forest Certification (PEFC) awarded The Malaysian Timber Certification
Council (MTCC) a gold medal for achieving the most considerable increases in PEFC-certified forest areas and PEFC
Chain-of-Custody (CoC certificates, with over 950,000 hectares (ha) or an annual increase of over 20%, totalling more
than 5.2 million ha. A year later, the Malaysian Forestry Policy was launched in 2021, further cementing the country’s
commitment to Sustainable Forest Management (SFM) practices.
These internationally recognised certifications, awarded to the Group’s subsidiaries, reaffirm our pursuit of excellence
through adopting SFM in our operations. PESAKA and PESAMA are permitted to carry the PEFC label, widely recognised in
developed countries, particularly Europe. As such, we are well-positioned to potentially seize opportunities to penetrate
the export market for sustainable wood-based products, resulting in higher margins. Source: Malaysian Timber Industry Board
(MTIB).
For further information, please refer to the Environmental Statement on pages 67-70 in this Annual Report 2022.
BUSINESS STRATEGIES
We are driven to uphold profitable operations not only to ensure the longevity and sustainability of our business but
to generate economic value for our diverse stakeholder groups, encompassing shareholders, employees, customers,
contractors, suppliers, associates, regulatory bodies and the wider community.
GPB BUSINESS ECOSYSTEM
COMMUNITY: development SHAREHOLDERS: asset

programmes, job creation, value growth and higher
humanitarian aid and return-on-investment (ROI)
philanthropy
FEDERAL & STATE EMPLOYEES: job security

GOVERNMENTS: and remuneration
taxes and dividends
AUTHORITIES: CUSTOMERS: timely supply of

compliance with regulations quality products
ASSOCIATES AND VENDORS: business opportunities

Annual Report 2022
The improvisation to our business strategy was ACTION PLANS

imperative to surmount operational disruptions,
which included implementing interim measures such Over the years, we have introduced several plans
as harvesting yield and upgrading machinery for tailored to the prevailing operating conditions and
sawmilling, plywood production, moulding and finger the Group’s performance. These plans have included
joint production to boost our wood processing capacity. specific measures aimed at tapping into our inherent
strengths and addressing any shortcomings.
Amid the pandemic and shutdown of borders in 2020,
the manpower shortage caused by the exodus of Our current Strategic Business Plan (SBP) 2021–2023
foreign workers from Malaysia stalled GPG’s is a three-year rolling blueprint developed during the
Manufacturing operations. Hid hard by an acute pandemic’s peak and designed to accelerate business
shortage of workers, we were resourceful in filling recovery by rejuvenating and maximising dormant
some vacancies with locals and promptly hired assets and energising our downstream activities.
foreigners once the Government lifted the ban in late
2021. This allowed us to meet the increased demand Similar to the previous financial year, the SBP includes
for glass products throughout FY2022 and ensured short and medium-term Action Plans that encompass
continuous operations. However, GPG reported a the majority of our activities across the value chain,
downturn in total production volume compared with outlining several initiatives to enhance and streamline
output in FY2021, although it posted higher revenue and our production processes. These measures have
improved PBT. been implemented and executed throughout FY2022
and will continue into FY2023, aimed at increasing our
production capacity, improving efficiency and ensuring
that we can continue to meet the needs of our customers.
Upstream
• Improving the tree marking process to facilitate

easier harvesting operations and higher harvesting
yield;
• Stock mapping through the deployment of survey/

mapping teams to identify compartments with high-
value species;
• Improving tree felling techniques to increase logging

yield;
• Implementing a data collection initiative to track

timber inventory and ensure the quality of logs; and
• Establishing new forest plantation initiatives through

our subsidiary, GP Forest Plantation Sdn Bhd (GPFP)
to promote sustainable forestry practices and
explore new revenue streams to ensure the long-
term success of our operations.
Annual Report 2022
19
Midstream
• In a bid to enhance the production of high-value grades and improve the quality of sawn timber while reducing
labour costs, we have acquired a new automated pony saw/rig for PESAKA’s sawmill. This new addition will potentially
increase recovery rates and improve the sawmill’s operations.
Downstream
• Fast-tracking the reactivation of the plywood production line at Permint Plywood Sdn Bhd (PPSB) by upgrading
existing facilities and installing new machines;
• Reactivating the moulding and finger joint production line at PESAMA by refurbishing existing equipment and
acquiring new machinery; and
• Installing a new set of a double edger machine and giant washer to expedite glass processing at GPG.
Annual Report 2022
REVIEW OF FINANCIAL PERFORMANCE
The Group had a solid financial year during the reporting period, with notable improvements across all key financial
metrics. Our results have shown multi-fold increases, surpassing the corresponding numbers from pre-pandemic
FY2019. Encouraged by the positive trends, we are making notable progress in our efforts to recover from the
pandemic-related challenges and are firmly on the road to improvement and continuing to build on our achievements.
KEY FINANCIALS AT A GLANCE
INCOME STATEMENT 2021 2022
Revenue RM56.74 million RM69.81 million
Profit Before Tax RM2.67 million RM15.02 million
Profit After Tax RM0.66 million RM11.86 million
Earnings Per Share (sen) 0.48 sen 8.59 sen
FINANCIAL POSITION 2021 2022
Shareholders’ Equity RM70.10 million RM77.93 million
Total Assets RM105.92 million RM111.58 million
Net Assets Per Share (RM) RM0.50 RM0.55
FINANCIAL INDICATORS 2021 2022
Return on Equity (%) 1.0% 15.2%

Return on Total Assets (%) 0.6% 10.6%
Current Ratio (times) 2.13 2.48
Quick or Acid Test (times) 1.79 2.23
Total Assets Turnover (times) 0.54 0.63
Gearing Ratio (times) 0.18 0.13
Net Profit Margin (%) 1% 17%
Annual Report 2022
21
REVENUE PROFITS
Group Revenue grew to RM69.81 million, marking the Underpinned by higher revenue and considerable
highest since FY2018 (RM70.40 million). This represents margins, the Group’s Profit Before Tax (PBT) soared to
a 23.0% increase over FY2021 (RM56.74 million) to RM15.02 million, a y-o-y increase of 5.6 times or 463%
record the most compelling year-on-year (y-o-y) surge (FY2021: RM2.67 million), with a gross margin of 48%
since FY2014 (34.4%). compared to 32% in the previous reporting period.
Our success can be attributed to two key factors: Notably, the PBT growth rate peaked in FY2022 to
significantly higher proceeds from our tenders of record the highest PAT since FY2014, when we
logging compartments to third parties and a better rebounded from a loss to register RM20.4 million in
top-line performance from our Manufacturing division, pre-tax profit. In addition, Profit After Tax (PAT)
particularly the glass segment. expanded approximately 18 times to RM11.86 million
from RM0.66 million the year before to post the
In order to offset delays in harvesting, we opted highest PAT attained since FY2014. Earnings Per Share
to tender out additional compartments in FY2022. (EPS) was 8.59 sen compared to 0.48 sen in FY2021.
To attract a competent and high-caliber group of
contractors, we offered higher contract rates. Appointed DIVIDEND
contractors were provided detailed assessments of the
allocated compartments, which proved to be effective Based on our strong financial performance and positive
in expediting the extraction of logs. Despite the financial outlook, the Board is pleased to recommend a
increased costs, harvesting activities improved final dividend of 1.25 sen per share, in addition to the
significantly, resulting in better revenue for the division. first interim dividend of 1.30 sen per share previously
The higher prices were also due to a critical shortage declared on 30 December 2022.
of log supply in the market.
Pending approval of the proposed final dividend by
Our Manufacturing segment also saw impressive shareholders in the forthcoming 36th Annual General
revenue growth, supported by the strong recovery of Meeting (AGM), the total dividend for FY2022 would
the construction sector for infrastructure, commercial amount to 2.55 sen per share, an increase of 183%
buildings and residential units during the reporting over 0.90 sen per share paid out in FY2021, which is the
period. highest since FY2008.
Segmental revenue from both our core businesses The total dividend payout would be RM3.89 million,
achieved double-digit growth, with Harvesting & an almost 184% increase from RM1.37 million in the
Sawmilling contributing RM54.39 million, an 11.8% previous year. This payout includes RM1.98 million from
increase over RM48.67 million in FY2021 and the first dividend and RM1.91 million from the final
Manufacturing’s contribution to Group Revenue dividend. The total payout represents 33% of PAT and
was RM23.98 million to post an 18.0% increase over 21% of Earnings Before Interest, Taxes, Depreciation
RM20.32 million in FY2021. In terms of revenue and Amortisation (EBITDA).
contribution, the Harvesting & Sawmilling division
accounted for 65.5% of the Group Revenue (FY2021:
64.4%), while the share of the Manufacturing division
was 34.4% (FY2021: 35.4%).
Annual Report 2022
Barring any unforeseen circumstances and as our • Gearing and Finance Costs
financial standing continues to improve, we are In terms of our financial leverage, GPB continued
confident in our ability to continue delivering value to maintain a low gearing ratio of 0.13 times
to our shareholders, including the Group’s majority (FY2021: 0.18 times), which is considered one of
shareholders, TI and LTAWNT. The ripple effects of our the lowest in the industry. This was attributed to
fiscal and non-fiscal achievements positively impact our improving cash flow situation that enabled
the broader community, contributing to socioeconomic us to fund the Capital Expenditure (Capex) and
development in Terengganu and beyond. Through our Operational Expenditure (Opex) of our subsidiaries,
commitment to shared prosperity, we support the State resulting in a decrease in total to RM9.9 million at the
Government’s efforts to foster sustainable growth and end of the financial year (FY2021: RM12.5 million).
progress for the benefit of all.
However, despite the lower borrowings, our finance
SHAREHOLDERS’ EQUITY & ASSETS costs increased to RM0.67 million compared to
RM0.49 million in FY2021, mainly due to higher
At the close of the financial year, our Shareholders’ interest rates. While we were closely monitoring
Funds stood at RM77.93 million, which was 11.2% higher the rise in the Overnight Policy Rate (OPR) by Bank
than RM70.10 million previously. Total Assets increased Negara Malaysia (BNM), we anticipate a minimal
by 5.3% to RM111.58 million (FY2021: RM105.92 million), impact on our finance costs as a result of our low
while Net Tangible Assets per Share rose 14.6% to 55 sen leverage.
against 48 sen the year before.
• Capital Management Plan
OTHER FINANCIAL INDICATORS In the year under review, we strengthened our
capital management plan by significantly increasing
• Return on Equity (ROE) and Return on Total
our cash reserves. As of 31 December 2022, our
Assets (RTA)
cash and cash equivalents stood at RM22.2 million,
The Group’s outstanding performance in FY2022
an impressive 52.05% gain from the previous year’s
resulted in a considerably higher ROE of 15.2%
RM14.6 million. Of this amount, we have allocated
(FY2021: 1.0%) and RTA of 10.6% (FY2021: 0.6%),
RM6.4 million for Capex in the new financial year of
which compare favourably with the industry averages
in the USA. FY2023, which will be directed towards maintaining
our strong performance and driving further growth.
The ROE and RTA of the American forestry and wood
products industry in 2022 averaged 28.24% and The majority of our Capex will be invested in PPSB
11.04% respectively while the ROE for the stone, for the purchase of a 15 mt boiler to support the
clay, glass and concrete products segment averaged installation of a new plywood production line. The
12.1% in the same year. Source: https://csimarket.com/ remaining amount will be utilised for upgrading
Industry/industry_ManagementEffectiveness.php?ind=105 equipment at GPG, enabling us to enhance our
operational efficiency and productivity.
An ROE of 15% to 20% is considered a sign of a
financially sound and stable company. Source: https://
• Taxation
www.readyratios.com/sec/industry/
The Group incurred taxes amounting to RM3.17
million (FY2021: RM2.02 million) commensurate
with our substantial increase in profits.
Annual Report 2022
23
OVERVIEW OF OPERATIONS
KNOWN TRENDS IMPACTING GROUP OPERATIONS
• Weather
The seasonal monsoon months from November
to March on the East Coast of Peninsular Malaysia,
where our forest concession areas are located, have
a significant impact on our Harvesting & Sawmilling
and Manufacturing activities due to flooding caused
by heavy rains. However, in FY2022, the flooding
was particularly severe, occurring twice in February
and December, with several of our concession areas
being inundated. Although the floodwaters receded
by the time logging activities commenced in April
and continued until October, the poor conditions in
those areas significantly hindered accessibility to the
logging sites.
Meanwhile, the Klang Valley area has been hit by

severe storms and torrential rains since the end of
2021, causing flash floods and wreaking havoc on
several occasions throughout 2022. While these
floods did not directly affect GPG’s operations, they
caused massive traffic jams, landslides, falling trees,
and damaged residential and commercial areas.
• Second Rotation
The DTC and CFC logging activities are currently
in their second rotation, with yields showing an
average reduction of 25% in comparison to the initial KEY OPERATIONAL CHALLENGES FACED IN FY2022
cycle. By 2032, the DTC is expected to commence
its third rotation, whereas the CFC will start its third At the start of the financial year under review, the
timber extraction cycle in 2025. Group’s operations resumed at full capacity as most
pandemic-related restrictions on business activities
and social mobility were lifted. As a result, market
demand surged, with all economic sectors, including
the construction industry, returning to regular service.
This growth is reflected in Malaysia’s rapid annual
economic growth in 2022, at a pace of 8.7% y-o-y. This
was the fastest annual gross domestic product (GDP)
growth rate since 2020, according to Bank Negara
Malaysia (BNM).
Annual Report 2022
NATIONAL GROSS DOMESTIC PRODUCT • Manufacturing

(GDP AT CURRENT PRICES) 2021 – 2023 The manpower shortage issue that our Glass
Manufacturing subsidiary, GPG, faced in the previous
GDP (RM trillion) Growth Rate (%)
financial year was successfully resolved when the
** *
1.75 to 1.76 4.0 to 5.0 Malaysian Government lifted the ban on inbound
FY2022: 1.68 (8.7) foreign workers in October 2021. This development
FY2021: 1.55 (3.1)
enabled GPG to fill vacancies and resume normal
* BNM forecast production activities swiftly.
** Extrapolation based on BNM forecast
Sources: DOSM, BNM
In FY2022, the shortage of timber supply caused a
halt in our midstream sawmilling and downstream
Given this upturn in events, our primary focus was on wood-based production operations for several
resolving any operational issues to meet the soaring months, resulting in ongoing employee salaries
demand for our wood-based and glass-based products, and overhead expenses. Despite the lull, we
particularly for customers involved in construction utilised the downtime to upgrade equipment and
activities. machinery, clean and improve factory areas, and

initiate the construction of solar rooftop panels at
• Harvesting & Sawmilling PESAKA. These strategic improvement initiatives
Beyond the severe impact of flooding at our were aimed at resuming full capacity production for
concession areas that subsequently led to poor FY2023 and beyond.
ground conditions, our forest management

subsidiary, Kumpulan Pengurusan Kayu Kayan
Trengganu Sdn Bhd (KPKKT) faced the additional
obstacle of a limited pool of competent logging
contractors. This combination of factors affected
our log output and resulted in lower downstream
production of timber-based products.
To mitigate the potential negative impact on our

revenue and potential shortfall, we took proactive
steps of tendering out our logging compartments to
external contractors at rates that exceeded those of
the previous financial year.
To further optimise our operations, we have

already implemented measures to enhance the
assessment of our logging compartments, including
conducting surveys and tree marking to collect
valuable information such as prospective yields
and species. These initiatives resulted in increased
revenues from the tendering exercise in FY2021,
and this trend continued in FY2022, with even higher
proceeds captured from the tendering exercise.
Annual Report 2022
25
REVIEW OF BUSINESS SEGMENTS
In FY2022, the Group’s Harvesting & Sawmilling and Manufacturing segments exhibited strong performance despite
the challenging circumstances mentioned earlier that had an adverse impact on the downstream production of
timber products. Both divisions delivered increased revenue contributions; however, the Manufacturing segment
incurred losses due to lower returns, primarily from the wood-based production line that was affected by the decreased
timber harvest. This shortfall was balanced out by higher profits from the Harvesting & Sawmilling operations, as well as
more significant income generated from rental collections and investment income.
FINANCIAL PERFORMANCE OF BUSINESS SEGMENTS
Harvesting & Others (Rental &

Manufacturing
Sawmilling Investment Income)
Revenue Revenue Revenue
RM54.39 million RM23.98 million RM15.56 million

11.8% FY2021: RM48.67 million 18.0% FY2021: RM20.32 million 59.2% FY2021: RM9.77 million
Profit Before Tax Loss Before Tax Profit Before Tax

146.0% FY2021: 8.15 million (25.2%) FY2021: RM3.72 million 94.3% FY2021: RM6.89 million
Segmental Assets Segmental Assets Segmental Assets

(2.9%) FY2021: 83.97 million (0.8%) FY2021: RM42.64 million 7.6% FY2021: RM124.41 million
Segmental Liabilities Segmental Liabilities Segmental Liabilities

(21.5%) FY2021: RM39.70 million (0.3%) FY2021: RM26.43million 8.2% FY2021: RM42.68 million
Annual Report 2022
PRODUCTION NUMBERS HARVESTING & SAWMILLING
The Harvesting & Sawmilling segment faced significant challenges in

Logs FY2022, with bad weather and accessibility issues by contractors
(hoppus tonnes ht) leading to a drastic drop in log and sawn timber production. Despite this,
7,918 segmental revenue increased by 11.8% to RM54.39 million from RM48.67
FY2021: 12,906 million in the previous year, largely due to higher proceeds of RM29.5
million (FY2021: RM13.8 million) from third-party tenders of our logging
compartments.
Sawn timber
(metric tonnes mt)
To compensate for the decline in production, we tendered out more
5,505 compartments at prices that were 16% higher than the previous financial
FY2021: 9,758
year. This revenue growth was reflected in a segmental PBT of RM20.05
million, which is a significant increase of 146% compared to RM8.15 million
in the previous year.
Despite the challenges faced, we remained focused on enhancing our

logging operations. Stepping up efforts on research surveying and tree
marking, feedback and data derived from these initiatives resulted in
higher revenue from the tendering process. However, log harvest was
39% lower at 7,918 hoppus tonnes (ht) compared to 12,906 ht in the
previous year, while sawn timber production dropped drastically by 44% to
5,505 metric tonnes (mt) from 9,758 mt in FY2021.
PRODUCTION NUMBERS
MANUFACTURING
Woodchips Despite the setbacks faced in the previous year, the Manufacturing
(metric tonnes mt) division encompassing woodchips, veneer and glass-based products
achieved an 18% increase in segmental revenue to RM23.98 million
5,477
FY2021: 9,497 (FY2021: RM20.32 million), fuelled by the recovery of the construction
sector in 2022 coupled with the successful resolution of labour issues in
the Glass Manufacturing component.
Veneer
(cubic metres m3) However, the division still recorded a Loss Before Tax (LBT) of
1,157 -RM2.78 million, which was an improvement from the -RM3.72 million
FY2021: 2,282 LBT in FY2021. The decline in production figures for woodchips and
veneer contributed to this loss. Woodchip output dipped by 42% to 5,477
mt against 9,497 mt in FY2021, while veneer production was 49% lower
Glass
at 1,157 cubic metres (m3) from 2,282 m3 recorded in the previous year.
(square metres m2)
356,049 For FY2022, Glass Manufacturing output fell short of outperforming
FY2021: 404,453
total production volume of 404,453 square metres (m2) in FY2021
by 11.97%, generating total volume of 356,049 m2.
Annual Report 2022
27
MANAGING RISKS
We recognise that the industries in which we operate

carry inherent risks, and we understand that we cannot
eliminate all of them. However, we are committed to
minimising our risks to protect our business and the
value we create. We are well aware of the challenges
that climate change poses to our Harvesting & Sawmilling
and Manufacturing divisions. The increasing frequency In 2022, Malaysia recorded losses of RM622.4 million
and intensity of extreme weather events have disrupted due to floods, with Terengganu and Kelantan accounting
our operations, particularly flooding. for nearly 60% of losses. Floods caused 0.03% of the
nominal GDP in Malaysia, with Terengganu incurring
While annual monsoons have always been a feature of the highest value of flood losses at RM215.2 million.
life on the East Coast, the Klang Valley now faces a The Kuala Terengganu district suffered the most flood
significant risk of devastating floods if current climate damage, resulting in losses of RM46.4 million. These
trends continue unchecked. According to the figures demonstrate the significant economic impact
C40 Cities study, if we do not reverse this that floods can have on businesses and communities.
(Source:DOSM;https://www.straitstimes.com/asia/se-asia/
trend by 2050, the risk of climate-related
malaysia-records-187m-losses-to-floods-in-2022-terengganu-
flooding in Kuala Lumpur, with its population kelantan-worst-hit)
of over 7 million, will become critical. Our operations
are not immune to the consequences of this Moreover, our operations rely heavily on permits and
environmental crisis. (Source: C40 Cities study https://storymaps. licenses from authorities such as the Terengganu State
arcgis.com/stories/75508f9fac8c43bda366ae545fb60ec8;https:// Forestry Department (JPNT), which sets limits, including
www.nst.com.my/news/nation/2022/06/807429/kl-greater-risk-
climate-related-flooding-2050-new-study-finds#) the Annual Allowable Cut (AAC), for logging activities.
Any changes or restrictions on these permits or licenses
can have severe repercussions on our business.
Annual Report 2022
To manage these risks, we identify potential risks and #1 DISRUPTION IN LOG SUPPLY
their potential impacts on our operations. We then
develop mitigation measures and action plans to prevent Operational Risk
or, at least, moderate any adverse effects they may As our midstream subsidiary companies PESAKA,
have. In the financial year under review, we proactively PESAMA and PPSB depend heavily on a consistent
reduced our cybersecurity risks by strengthening our and uninterrupted supply of logs by KPKKT, any
disruption in the supply chain could negatively
security measures, ensuring that we operate in a more
impact our sawmilling and veneer production
secure digital environment. operations to meet customers’ demand.
GPB’s Enterprise Risk Management (ERM) Framework Mitigation Plan

outlines five processes to manage and mitigate risks, • Implementation of proactive measures to
including: increase harvesting yields and intensify
activities at our forest plantations.
• To plan and implement a new strategy to
purchase logs from external parties if internal
Outlining the scope, context and
criteria for risk assessment supply is insufficient to ensure an uninterrupted
supply for our midstream operations.
Preparing for risk assessment by

identifying, analysing and prioritising #2 BUSINESS SUSTAINABILITY: TIMBER
key business risks for evaluation
Economic & Business Risk
The timber industry, on which our division’s
Developing Risk Action Plans (RAP)
business is dependent, faces challenges from
NGOs and foreign lobby groups that oppose
logging due to its impact on the environment.
This, coupled with the downtrend in our division’s
Establishing key risk indicators (KRI)
profit contribution and the potential opportunity
to preserve forests in exchange for carbon
credits, may result in changes in the State
Government’s view on the importance of the
Embedding risk action monitoring industry.
Mitigation Plan
In FY2022, we identified 30 risks and formulated • The Board recommends continuing to
RAPs for the following five risks within the high to strengthen the value-added downstream
extreme levels. By taking these measures, we ensure business to sustain the business.
that we manage our risks effectively, protect our • Plans are underway to add or reinforce
business, and continue to create value for our production lines at PESAMA and PESAKA.
stakeholders. We take our responsibility seriously and
• This move is intended to ensure our continued
remain committed to minimising our risks to protect contribution to the socioeconomic well-being
our business and the communities in which we operate. of our stakeholders, including employees,
contractors and vendors.
For more information, please refer to the Statement on Risk
Management and Internal Control on pages 168-170 in this Annual
Report 2022.
Annual Report 2022
29
#3 BUSINESS SUSTAINABILITY: GLASS MANUFACTURING
Economic & Business Risk

Our Glass Manufacturing business may be impacted by the intense competition and slowdown in the
construction sector, as the glass industry is highly competitive with low barriers to entry for new players.
Inclement weather conditions that result in flooding can impede construction operations, potentially causing
setbacks in fulfilling customer orders and deliveries, which may eventually result in delayed payments.
Mitigation Plan
• To penetrate new markets and market segments, including exports and public sector projects.
• To participate in property, interior design, and architectural exhibitions such as ARCHIDEX 2023.
• To build brand awareness among architects, consultants and contractors.
#4 SUCCESSION PLANNING/COMPETENCY GAPS #5 LIQUIDITY RISK
Operational & Sustainability Risk Financial Risk

The succession planning process is crucial to Effective management of our liquidity is crucial
ensure continuity of leadership and operational to meeting our present or short-term financial
management in the event of the sudden obligations. Poor liquidity management can lead
departure or prolonged leave of any Senior to difficulties in meeting daily financial demands,
Management Team member or key employee which may adversely impact our company
holding a critical position. A lack of succession operations.
planning could disrupt our business activities,
affect the strategic direction and impede our Mitigation Plan
ability to achieve expected business growth.
• To mitigate this risk, we have taken decisive
We define competency gaps as the difference actions to improve the management of our
between the current and required competency cash flow and better access to funds.
level of our employees, operators or workers
• Tender out logging compartments to
as identified by their immediate superiors.
compensate for any shortfall in cash flow.
If we are unable to meet the management’s
expectations on competency levels, it may result • Leverage loan facilities to improve our liquidity
in difficulties in executing tasks correctly and position.
efficiently, leading to negative impacts on our
• Implementation of more meticulous monitoring
productivity.
of our debts to ensure prompt repayment.
Mitigation Plan
• To upgrade recruitment and internal promotion
processes.
• To conduct profiling of prospective successors
to key positions among our existing employees.
• To improve employees’ knowledge and skills
in work processes and procedures through
training.
For further details please refer to FOCUS AREA 1: Creating Sustainable Value on page 96-107 of the Sustainability Report and the Statement on
Risk Management and Internal Control on pages 168-170 in this Annual Report 2022.
Annual Report 2022
OPERATING RESPONSIBLY
ECONOMIC & BUSINESS LANDSCAPE 2023
GPB’s DTC and CFC certifications by the FSC , CoC and ®
PEFC demonstrate the Group’s commitment to The current state of the global economy is on a
responsible and sustainable forestry management, downtrend, weighed down by the ongoing conflict
which is critical in promoting environmental between Ukraine and Russia, persistent trade tensions
stewardship and ensuring the long-term viability of between the USA and China, and the rising global
the company’s operations. Forestry operations are inflation rates, which stem from unresolved
conducted in a manner that balances economic, vulnerabilities in supply chains.
environmental, and social factors, including
reforestation and responsible harvesting methods. In response to this uncertain outlook, most
This is to ensure the long-term health and productivity international organisations have revised their
of the forests by protecting biodiversity and wildlife expectations for global economic growth in 2023.
habitats, and respecting the rights of local communities The International Monetary Fund (IMF) now projects
and indigenous peoples. It further provides assurance a mere 2.9% global GDP growth rate. However,
to customers and stakeholders that the company’s emerging economies are expected to outpace this
products are produced in an environmentally global growth, with the IMF forecasting at 3.9% growth
responsible and sustainable manner, enabling rate in 2023, while the Asian Development Bank
access to markets that demand sustainably sourced (ADB) expects developing Asia to reach an impressive
wood products. 5.2%. Beyond the Eastern European conflict, the
ADB has cited monetary tightening coupled with
In FY2022, we resolved to ensure ESG matters would be inflationary pressure on fuel and food across many
at the forefront of our commitments, where we have economies as a key factor for its forecast.
taken several steps to introduce more initiatives to
reduce our carbon footprint and address climate risks. On the domestic front, the national economy is also
predicted to slow down from the 8.7% GDP growth
During the year in review, PPSB and PESAKA took the rate in 2022. BNM forecasts a growth rate of between
initiative to reduce their dependence on non-renewable 4.0% and 5.0% in 2023 and has also cautioned that
energy sources by installing rooftop solar systems in slower global growth could weigh down on exports,
their factories. The testing and commissioning of the while concerns over the cost of living could reduce
solar system will be completed in FY2023 and will have business and household spending.
the capacity to generate a substantial amount of energy
that can power factory operations while also reducing GROWING A SUSTAINABLE FUTURE
carbon emissions.
Despite the prevailing external factors, GPB exudes
The implementation of advanced technologies, a sense of cautious optimism regarding its future
including automation at our factories and digitalisation prospects in 2023 and beyond. This is primarily based
to optimise work processes, has allowed the company on the Group’s impressive turnaround over the past
to reduce its reliance on fossil fuels, improve its energy two financial years, which has laid the foundation for
efficiency and reduce labour-intensive tasks. Moreover, sustainable growth momentum.
through the implementation of the waste management
programme, the sawmills and wood production facilities
generate minimal waste, reducing the amount of waste
sent to landfills.
Annual Report 2022
31
To address the challenges faced by the Group’s Based on projections outlined in the National
harvesting operations, the Board has taken a proactive Agricommodity Policy 2021 to 2030, the export value
approach by establishing an Executive Committee of downstream timber products, which includes
(EXCO) effective from 5 September 2022. This furniture, is estimated to hit RM19 billion by 2025.
committee will serve as an intermediary between the This accounts for 68% of the total timber product
Board, Board Committees and Management, with the exports. The Government’s initiatives to develop the
primary mandate of ensuring that all Board decisions national timber and timber products market have
and instructions are implemented smoothly and been further reinforced by the commercialisation of
efficiently. Since its inception, the EXCO has made locally-made brands, specifically tailored for the global
significant strides towards enhancing the Group’s market.
operations and performance, resulting in a positive
impact during Quarter 4 2022. Meanwhile, the MTIB is also seeking to obtain EU
recognition of the sustainable certification scheme
In order to sustain this positive momentum, the and traceability system developed in Malaysia in the
EXCO’s functions will be expanded in the upcoming wake of new EU regulations preventing the import of
quarters to include the Group’s Manufacturing commodities linked to deforestation risks introduced
operations. This move underscores our commitment in 2022. Source: https://themalaysianreserve.com/2023/02/28/
to improving our corporate governance and operational timber-industry-needs-to-address-future-challenges/
efficiency continuously. By strengthening our

decision-making processes and ensuring effective
TOTAL TIMBER TRADE 2021 – 2022
implementation, we are confident in our ability to
achieve sustainable growth and deliver long-term value Total (RM billion) Growth Rate (%)
to our stakeholders.
34.0 9.5
FY2021: 31.0 7.1
Harvesting & Sawmilling
Source: MTC
Our initiatives to drive the output of timber and timber-

related products are geared towards the expanding
TIMBER EXPORTS 2021 – 2022
market for exports and domestic trade. The Malaysian
Timber Industry Board (MTIB) has projected timber Total (RM billion) Growth Rate (%)
exports to reach RM28.0 billion (2022: RM25.2 billion)
and domestic trade to hit RM20.0 billion (2022: 8.8 billion) 25.2 10.6
FY2021: 22.7 3.0
by 2025. Source: https://themalaysianreserve.com/2023/02/16/
malaysian-timber-exports-hold-steady-but-eu-regulation-may- Source: MTC
hinder-growth/
Annual Report 2022
Our growth strategy entails a keen focus on several

key drivers. First, we are increasing upstream logging
and harvesting activities, with the ultimate aim of
securing a steady supply of logs to our timber-based
subsidiaries. KPKKT has engaged and offered new
and more attractive terms to logging contractors in
order to secure their services in FY2023. Next, we are
enhancing the capacity of our midstream sawmilling
and downstream timber operations, a move that is
expected to augment our growth trajectory further.
MANUFACTURING
We foresee our Manufacturing division gaining

traction in FY2023 with the anticipated upswing of the
domestic construction sector. We are eager to seize
the opportunity presented by this favourable
development and maximise it to intensify the
sales of our glass and wood-based product tiers.
This is a highly promising avenue that not only
aligns with our growth strategy but also presents
significant potential for expansion. By capitalising
on this prospect, we aim to strengthen our market
position and drive sustainable growth in the long
run. The latest update on Malaysia’s Economic &
Fiscal Outlook and Revenue Estimates for Budget
2023 anticipates an increase in construction
activities from the acceleration of several infrastructure
projects as well as greater demand for non-
residential buildings. Source: https://www.nst.com.my/
business/2023/02/883690/budget-2023-construction-sector-set-
61pc-expansion
The anticipated increase in input logs is timely following

the installation of a second moulding line (with a capacity
of 150 mt per month) and a new finger joint line (with
a capacity of 75 mt per month) at PESAMA in Quarter
1 FY2023. In addition, the new plywood production line
at PPSB is expected to be fully operational by Quarter 3
2023.
Annual Report 2022
33
These new machines are poised to increase the

production capacity of woodchips and veneer to
ensure the recovery of our Manufacturing business
during a year (FY2023) in which the construction sector
is forecast to grow by 6.1%.
GROUP PROSPECTS
With these promising developments, the Group

is confident in the high demand for our timber,
wood-based, and glass products. Our commitment
to finding viable solutions to pressing issues has
reinforced our ability to navigate demanding situations
with confidence, and we are cautiously optimistic about
our performance in FY2023.
As we move forward, we remain dedicated to

enhancing our core businesses through rigorous
attention to detail and diligence in our logging license
applications and harvesting operations. By ensuring
a sufficient supply of logs to our timber-based
subsidiaries, we can sustain our growth trajectory.
Additionally, we are keen to leverage on the
construction sector’s growth, which will undoubtedly
have a positive impact on the performance of our
wood-based products and glass segment.
GPB has always practised prudent financial

management, and with improving profit margins
and cash flow, we will be in a better position to pay
attractive dividends to our shareholders and fulfil
the needs and aspirations of our valued customers,
employees, associates, contractors, vendors and local
communities.
Annual Report 2022
FINANCIAL HIGHLIGHTS
2022 2021 2020 2019 2018

RM’000 RM’000 RM’000 RM’000 RM’000
Revenue 69,810 56,743 47,200 57,472 70,399
Profit/(Loss) Before Tax 15,021 2,674 (6,374) (8,977) (2,299)
Profit/(Loss) After Tax 11,855 659 (6,693) (9,206) (2,892)
Shareholders’ Equity 77,927 70,100 68,392 62,896 72,515
Earnings/(Loss) per Share (sen) 8.59 0.48 (4.93) (6.79) (2.14)
Net Tangible Assets per Share (RM) 0.55 0.48 0.49 0.43 0.51
REVENUE (RM’000) SHAREHOLDERS’ EQUITY (RM’000)
2018 70,399 2018 72,515
2019 57,472 2019 62,896
2020 47,200 2020 68,392
2021 56,743 2021 70,100
2022 69,810 2022 77,927
PROFIT/(LOSS) BEFORE TAX (RM’000) EARNINGS/(LOSS) PER SHARE (SEN)
2018 (2,299) 2018 (2.14)
2019 (8,977) 2019 (6.79)
2020 (6,374) 2020 (4.93)
2021 2,674 2021 0.48
2022 15,021 2022 8.59
PROFIT/(LOSS) AFTER TAX (RM’000) NET TANGIBLE ASSETS PER SHARE (RM)
2018 (2,892) 2018 0.51
2019 (9,206) 2019 0.43
2020 (6,693) 2020 0.49
2021 659 2021 0.48
2022 11,855 2022 0.55

Annual Report 2022
35
SEGMENTAL INFORMATION
2022 2021 2020 2019 2018
RM’000 RM’000 RM’000 RM’000 RM’000
HARVESTING & SAWMILLING
Revenue 54,385 48,665 51,962 56,951 74,744
Profit/(Loss) Before Tax 20,050 8,153 (111) (2,386) 2,862
Segmental Assets 81,551 83,969 86,409 96,396 100,272
MANUFACTURING
Revenue 23,983 20,319 16,355 20,005 24,219
(Loss)/Profit Before Tax (2,775) (3,718) (4,414) (5,624) 1,028
OTHERS
Revenue 15,564 9,770 22,354 8,437 5,311
Profit Before Tax 13,393 6,893 19,341 8,040 4,884
SEGMENTAL REVENUE (RM’000)
HARVESTING & SAWMILLING (RM’000) MANUFACTURING (RM’000) OTHERS (RM’000)
2018 74,744 2018 24,219 2018 5,311
2019 56,951 2019 20,005 2019 8,437
2020 51,962 2020 16,355 2020 22,354
2021 48,665 2021 20,319 2021 9,770
2022 54,385 2022 23,983 2022 15,564
UNITED OTHER
MALAYSIA
89.76%
KINGDOM
-%
REGIONS
10.24%
TOTAL
100% SALES BY
FY2021: 98.64% FY2021: 0.92% FY2021: 0.44% FY2021: 100%
REGION
Annual Report 2022
INVESTOR
RELATIONS
At GPB, we place great importance In a strategic initiative, the Group has decided to
discontinue PESAMA’s FSC® certification for the CFC
on the trust and confidence of
and instead amalgamate both concession areas for
our investors. We maintain open FSC® certification, which is currently undergoing a
communication channels through surveillance audit.
our Investor Relations (IR) function to

GPG, the Group’s wholly-owned Glass Manufacturing
provide the investment community arm for the production of tempered safety glass,
with accurate and timely updates laminated safety glass, heat strengthened safety
on our financial and non-financial glass, double glazed units and ceramic printed safety
glass is registered against the provisions of ISO 9001:
performance. This allows us to foster
2015 International Standard, which is valid until 29
a deeper level of understanding with July 2023.
our investors, which helps maintain
their trust and confidence in our The Group’s attainment of these standards of
excellence has been instrumental in improving its
stock. business sustainability and maintaining a competitive
edge in the timber and logging industries and glass
GPB’s wholly-owned subsidiary manufacturing. This commitment to upholding high
corporate governance and stakeholder engagement
KPKKT’s tropical forest of 103,719
standards is essential for ensuring transparency
ha in the Dungun Timber Complex and accountability within the Group’s operations.
(DTC) is the largest forest concession Providing pertinent financial and relevant
on the East Coast of Peninsular information as part of our IR engagement initiatives

keeps our stakeholders abreast with the Group’s
Malaysia. The DTC concession was developments and activities, enabling investors and
FSC® certified in 2008 and is the second analysts to make well-informed decisions.
natural forest in Malaysia to achieve
Such engagement initiatives build a trusting
this distinction. PESAMA, another
relationship with our stakeholders, allowing us to
wholly-owned subsidiary of the understand their needs and expectations better. As
Group, successfully obtained the FSC® a result, this enables us to tailor our strategies and
endorsed certification for the 20,243 operations to meet their needs and maintain their
support, bolstering the Group’s reputation, fortifying
ha Cherul Forest Concession (CFC) in our sustainability efforts and attaining long-term
December 2012. Both endorsements success.
were certified by SCS Global Services.
Annual Report 2022
37
INVESTOR RELATIONS (CONTINUED)
Golden Pharos Berhad has organised its 35th Annual General Meeting at Primula Hotel, Kuala Terengganu.
BUILDING RESILIENCE GPB is dedicated to responsible investments that align

with Shariah principles, prohibiting usury, gambling, and
Although GPB faced significant challenges over the ambiguity. We strive to uphold our commitment as a
last two years, we maintained engagement channels Shariah-compliant company by prioritising sustainable
and communications, disseminating regular updates profitability.
on strategic direction, business plans, operational
performance, the progress of current projects, financial EFFECTIVE SHAREHOLDER AND INVESTOR
information, growth prospects and sustainability ENGAGEMENT
initiatives.
The 35th Annual General Meeting (AGM) was physically
By providing timely updates, we keep our stakeholders held on 16 June 2022 at Primula Hotel, Kuala Terengganu,
informed and enable investors and analysts to make after the previous AGM was held virtually due to the
well-informed investment decisions. To ensure effective MCO declared by the Government in 2021.
management of the Group’s IR function, the Head of
Finance collaborates with the Company Secretary, Before the AGM proceedings, GPB’s CEO, Dr Mohd Zaki
Heads of Corporate Services and Downstream bin Hamzah presented the key highlights of the Group’s
Business, Corporate Communication and Human performance for FY2021. All the resolutions set out
Resources and Administration. Together, they are in the Notice of the 35th Annual General Meeting were
responsible for executing the Group’s IR related activities approved by the Company’s shareholders by way of
in line with our goals and priorities. poll. The proposed resolutions were duly passed, with
the outcome from the AGM featured on our website,
SHAREHOLDER BASE AND CREATING VALUE AS A https://goldenpharos.com.my/.
SHARIAH-COMPLIANT COMPANY
As of 29 March 2023, the shareholder base stood at

3,228 shareholders. Terengganu Incorporated Sdn Bhd
is our major shareholder, holding 60.925% equity of the
total share capital. Lembaga Tabung Amanah Warisan
Negeri Terengganu holds 8.166% equity, while the
remainder 30.909% is held by public shareholding.
Annual Report 2022
INVESTOR RELATIONS (CONTINUED)
As required by the Main Market Listing Requirements

of Bursa Securities and in line with the guidelines of
the Malaysian Code on Corporate Governance 2017,
timely and comprehensive announcements on our
quarterly and annual financial results are submitted
to Bursa Securities, which are duly uploaded on
the website, https://www.bursamalaysia.com/
market_information/announcements/company_
announcement?company=5649. These announcements
are also posted on our corporate website under our
dedicated IR portal https://goldenpharos.com.my/
bursa-announcement. WEBSITE, IR WEBSITE/PORTAL & EMAIL ADDRESS
The website is regularly updated with the latest

https://goldenpharos.com.my/
information, including annual reports, quarterly results,
https://goldenpharos.com.my/bursa announcements/
Bursa Securities announcements, the outcome of the
AGM and corporate information. For more specific
info@gpb.com.my
investor-related clarification and feedback, a dedicated
email address is provided: info@gpb.com.my, whereby
queries and comments from shareholders, investors,
analysts, media members and the general public are
addressed in a timely manner. For further information
on our Stakeholder Engagement for FY2022, please
refer to the Sustainability Report under the Stakeholder
Engagement segment in this Annual Report 2022.
In building trust through transparency, we deliberate on and promptly address shareholder concerns while keeping them apprised of the
Group’s ongoing developments through established communication channels.
Annual Report 2022
39
FINANCIAL CALENDAR
FINANCIAL YEAR ANNOUNCEMENTS ON QUARTERLY RESULTS

1 January 2022 to 31 December 2022
31 May 2022 1st Quarter Results
30 August 2022 2nd Quarter Results
ANNUAL REPORT 21 November 2022 3rd Quarter Results

Issued on 28 April 2023
28 February 2023 4th Quarter Results
35TH ANNUAL GENERAL MEETING

TH
36 ANNUAL GENERAL MEETING held on 16 June 2022 at 10.30 am
to be held on 15 June 2023
SHARE PRICE MOVEMENT
0.35
0.3
0.295
0.25
0.2
0.15
Jan ‘22 Apr ‘22 Jul ‘22 Oct ‘22 Jan ‘23 Apr ‘23 0.1
2021 2022 2023
Highest Price: RM 0.341 Lowest Price: RM0.171

Annual Report 2022
HAJI BURHANUDDIN HILMI HAJI SAIFFUDDIN

BIN MOHAMED @ HARUN BIN OTHMAN DR. MOHD ZAKI
Non-Independent Independent BIN HAMZAH
Non-Executive Director Non-Executive Director Chief Executive Officer
YBM DATO’ HAJI TENGKU

HASSAN BIN TENGKU OMAR
Non-Independent Non-Executive
Chairman
Annual Report 2022
41
DATO’ BENTARA DALAM

MUHAMMAD RAMIZU DATO’ HAJI A. RAHMAN BIN MOHD BADARUDDIN
BIN MUSTAFFA YAHYA BIN ISMAIL
Non-Independent Non-Independent Independent
Non-Executive Director Non-Executive Director Non-Executive Director
Annual Report 2022
CHAIRMAN’S PROFILE
YBM DATO’ HAJI TENGKU HASSAN BIN TENGKU OMAR

Non-Independent Non-Executive Chairman
BOARD COMMITTEES
None
| AGE: 72 | MALE | MALAYSIAN |
YBM Dato’ Haji Tengku Hassan Bin Tengku Omar was appointed Chairman of Golden Pharos Berhad (GPB) following
his appointment as a Director on 1 August 2018.
He graduated with a Bachelor of Economics from Universiti Malaya, after which he served in various positions in the
Terengganu State Civil Service between 1981 and 2004, including as a State Financial Officer, Director of Lands and
Mines, and Chief Executive Officer of Majlis Agama Islam dan Adat Melayu Terengganu (MAIDAM). He was the former
Chairman of A&W Malaysia, Singapore & Thailand from 2000 until 2004.
Dato’ Haji Tengku Hassan is currently the Ladang Assemblyman and Terengganu State Exco for Trade, Industrial, Regional
Development and Administrative Well-being. He is a Board Trustee Member of Lembaga Tabung Amanah Warisan Negeri
Terengganu (LTAWNT) and also serves as a Director in several state owned companies.
Annual Report 2022
43
BOARD OF DIRECTORS’ PROFILE
DATO’ BENTARA DALAM DATO’ HAJI A. RAHMAN BIN YAHYA

BOARD COMMITTEES
• Chairman of SIC • Member of LTIP • Member of EXCO
Dato’ Bentara Dalam Dato’ Haji A. Rahman Bin Yahya was appointed Director of GPB on 22 February 2017.
He holds a Bachelor of Economics (Hons) from Universiti Kebangsaan Malaysia and an Advanced Diploma from the
University of Wales College Newport, United Kingdom. Dato’ Bentara Dalam Dato’ Haji A. Rahman began his career with
the Terengganu Economic Planning Unit in 1983 and later moved on to hold various significant positions in Terengganu
state government agencies. He was appointed the State Financial Officer in 2017 and was promoted to become the
State Secretary of Terengganu on 22 April 2018 before retiring on 21 August 2019.
Dato’ Bentara Dalam Dato’ Haji A. Rahman has also held many positions in organisations including Executive Director of
Tesdec Sdn Bhd from 1998 to 2004 and General Manager of Terengganu State Economic Development Corporation from
January 2016 to September 2016.
In recognition of his outstanding public service, he was conferred the Darjah Paduka Mahkota Terengganu
(D.P.M.T.), which carries the title of “Dato’” and “Dato’ Bentara Dalam” by His Royal Highness the Sultan of Terengganu
in 2015 and 2019, respectively.
Dato’ Bentara Dalam Dato Haji A. Rahman was also appointed Director of Golden Pharos Glass Sdn Bhd and GP Forest
Plantation Sdn Bhd, subsidiaries of GPB, on 1 October 2021.
SIC – Strategy and Investment Committee AC – Audit Committee

NRC – Nomination and Remuneration Committee LTIP – Long-Term Incentive Plan Committee EXCO - Executive Committee
Annual Report 2022
BOARD OF DIRECTORS’ PROFILE (CONTINUED)
HAJI BURHANUDDIN HILMI BIN MOHAMED @ HARUN

BOARD COMMITTEES
• Chairman of EXCO • Member of NRC • Member of SIC
Haji Burhanuddin Hilmi Bin Mohamed @ Harun was appointed Non-Independent & Non-Executive Director of GPB
on 3 January 2021.
He holds a Master of Business Administration (MBA) majoring in International Business from the University of Leeds
in the United Kingdom and completed his Bachelor of Accounting (Hons) at the International Islamic University of
Malaysia. He is a Chartered Accountant (CA) as well as a Certified Financial Planner (CFP) with the Malaysian Institute of
Accountants (MIA) and Financial Planning Association of Malaysia.
Haji Burhanuddin Hilmi started his career as Audit Senior, Audit and Business Advisory Services at Price Waterhouse
(now known as Pricewaterhouse Coopers [PwC]) from 1993 to 1996. He became the Manager of the Assurance division
of KPMG in 1998 before establishing BH Consulting Sdn Bhd in 2002.
In 2006, he was appointed as the Group Chief Financial Officer of Composites Technology Research Malaysia Sdn
Bhd, before joining Weststar Aviation Services Sdn Bhd from 2013 to to 2015 as the Chief Financial Officer. Thereafter,
he was appointed Group Chief Financial Officer of Zetro Aerospace Corporation group of companies.
Currently, Haji Burhanuddin Hilmi is the President & Executive Director of Terengganu Incorporated Sdn Bhd. He also
sits on the Board of TDM Berhad and EPIC Berhad.
Annual Report 2022
45
MUHAMMAD RAMIZU BIN MUSTAFFA

BOARD COMMITTEES
• Chairman of LTIP • Member of AC • Member of SIC • Member of EXCO
Muhammad Ramizu Bin Mustaffa was appointed to the Board of GPB on 1 August 2018 and on 1 June 2021, he was
appointed Director of Pesama Timber Corporation Sdn Bhd, a wholly owned subsidiary of GPB.
He holds the International Baccalaureate Diploma and a BSc (Hons) Degree in Finance and Accounting from the
University of Salford, Manchester, United Kingdom (UK). He is also a fellow of the Institute of Chartered Accountants in
England and Wales (ICAEW) and a member of the Malaysian Institute of Accountants (MIA).
Muhammad Ramizu commenced his career as an auditor with Arthur Andersen (which later merged with Ernst &
Young (EY), Malaysia) in 2000. He later joined ECM Libra Berhad before leaving for the UK in 2004 to join EY UK as
Executive, National Audit. His last position in the UK was Manager, Corporate Finance in BDO UK before returning to
Malaysia to join the KLCC Group in 2010.
Leaving KLCC (Holdings) Sdn Bhd as the Head of Corporate Finance in 2014, he joined Sapura Resources Berhad as
the aviation business Chief Financial Officer and subsequently as the Group Head of Finance, Putrajaya Leisures &
Services Group Sdn Bhd. He was later appointed Group Chief Financial Officer of Terengganu Incorporated Sdn Bhd
before leaving the group in early 2020 to take up advisory roles with the Terengganu State’s GLCs and agencies.
Amongst his current positions are Financial Advisor of Menteri Besar Trengganu (Incorporated) and Director
of Permodalan Terengganu Berhad. On 5 April 2022, he was appointed Independent Non-Executive Director of
TH Plantations Berhad.
Annual Report 2022
MOHD BADARUDDIN BIN ISMAIL

BOARD COMMITTEES
• Chairman of AC • Member of NRC • Member of EXCO
Mohd Badaruddin Bin Ismail was appointed to the Board of GPB on 1 August 2018. He obtained his Diploma
in Accountancy from Institut Teknologi MARA in 1985 and is a member of the Malaysian Association of Accounting
Administration.
He had served as an Assistant Accounts Manager at Kumpulan Pengurusan Kayu Kayan Trengganu Sdn Bhd,
a subsidiary of GPB from 1987 to 1993. He has held various positions in several organisations including General
Manager of Corporate Finance of TR Granite Industries Sdn Bhd in 1994, Corporate & Business Development Manager
of Sutra Beach Resort Sdn Bhd from 2000 to 2004, Chief Executive Officer of Telepal Group of Companies from 2008 to
2013 and Chief Executive Officer of Terengganu Telecommunications Sdn Bhd.
He was the Principal of Adib Azhar & Co, a public accounting firm and is currently the Chief Executive Officer of MBI
Modal Sdn Bhd. He also sits on the Board of TDM-YT Plantation Sdn Bhd, a subsidiary of TDM Berhad.
Annual Report 2022
47
HAJI SAIFFUDDIN BIN OTHMAN

BOARD COMMITTEES
• Chairman of NRC • Member of AC • Member of EXCO
Haji Saiffuddin Bin Othman was appointed to the Board of GPB on 1 August 2018 and was redesignated Chairman of
the Nomination and Remuneration Committee on 3 September 2021. On 1 October 2021, he was appointed Director of
Permint Plywood Sdn Bhd, a subsidiary of GPB.
He graduated with a Bachelor of Law (Hons) from International Islamic University of Malaysia in 1993 and was admitted
as an advocate and solicitor of the High Court Malaya in 1994 and Syarie Counsel for Terengganu Syariah Court in 1995.
He started his career at Messrs Adnan & Wee from 1994 to 1999 before joining Messrs Wan Abd Muttalib & Co in 2000
as a partner. Saiffuddin possesses over 29 years of expertise in various legal domains, including civil and criminal law,
syariah consultancy, general litigation, estate planning, and conveyancing.
Notes:
(i) None of the Directors has any family relationship with any Director and/or major shareholder of GPB.
(ii) None of the Directors has declared any conflict of interest with the GPB Group.
(iii) None of the Directors has been convicted for any offence within the past 5 years nor have been imposed with any public sanction or penalty
by any relevant regulatory body during the financial year ended 31December 2022.
Annual Report 2022
1 4
9 3
DR MOHD ZAKI BIN HAMZAH SURAYA BINTI MOHD HAIRON

1 Chief Executive Officer 5 Head of Company Secretarial
Golden Pharos Berhad Golden Pharos Berhad
WAN ZUHAIRIAH BINTI WAN ALI @ WAN DAMSEK AZMAN BIN JUSOH
2 Head of Human Resources and Administration 6 Head of Internal Audit
ZULKIFLI BIN OMAR HJ ZULKEFLY BIN MOHD SANUSI

3 Head of Corporate Services and Downstream Business 7 Head of Strategic and Process Improvement
Golden Pharos Berhad GP Forest Plantation Sdn Bhd
SYUKRI BIN ALI FAUZAN BIN ABDUL

4 Head of Finance 8 Head of Corporate Communication and Information Technology
Annual Report 2022
49
10 12
14
8
13
11
SUHAIRI BIN SULONG STANLEY LAU CHAN MING

9 Head of Subsidiary 12 Head of Subsidiary
Permint Plywood Sdn Bhd Golden Pharos Glass Sdn Bhd
MOHD SHAMSOL BIN MOHD SHAFIE AHMAD BAZLI BIN RAZALI

Pesama Timber Corporation Sdn Bhd Kumpulan Pengurusan Kayu Kayan Trengganu Sdn Bhd
HILMI BIN AWANG MOHD HAFIIZ BIN RAHAMAN

Pesaka Trengganu Berhad Golden Pharos Forest Plantation Sdn Bhd
Annual Report 2022
CHIEF EXECUTIVE OFFICER’S PROFILE
DR MOHD ZAKI BIN HAMZAH

Chief Executive Officer
Dr Mohd Zaki Bin Hamzah joined GPB as CEO on February 1, Involved in several prominent Government agencies, he
2022. Prior to this appointment, he was the Executive Director has been a member of the Selection Management System
of the GPB Group from September 3, 2021 to February 1, 2022. (SMS) Concept and Practice Review Panel, appointed by the
Forest Research Institute of Malaysia (FRIM) in June 2021. The
Holding directorships in several timber and forestry-related following year, he was appointed to the Technical Advisory
companies, Dr Mohd Zaki is highly regarded for his valuable Panel of Research Programmes for the Forest Biotechnology
experience in management at both national and state levels. division of FRIM.
Dr Mohd Zaki was an academician from January 1988 to Presently, Dr Mohd Zaki sits on several Boards namely
January 2020. He closed the doors to his academic career as Terengganu Timber Industry Training Centre – Production
an Associate Professor (DS 54) with 16 publications in refereed (TTITCP), Konsortium Perumahan Rakyat Terengganu (KOPERAT)
journals as well as over 14 R&D projects during his tenure at and Kumpulan Pengurusan Kayu Kayan Trengganu (KPKKT).
Universiti Pertanian Malaysia (UPM). He also owns 100,000 shares in GPB.
In 2015, he became a member of the Technical Committee for QUALIFICATIONS:

the 100 Million Tree-Planting Campaign, part of the Greening • Ph.D. in Forest Rehabilitation – Graduate School of
Malaysia Programme established by the Ministry of Energy and Engineering, Yokohama National University, Yokohama,
Natural Resources. Japan
• Master of Forestry – Forest Resource Management – School
His academic credentials and vast experience in the timber
of Forestry & Environmental Studies, Duke University,
and forestry industry brought about many invitations to
Durham, North Carolina, USA
numerous workshops and seminars in the capacities of
Session Chairman, Speaker and Co-organiser cum Moderator, • B.Sc. – Biology – Doane College, Crete, Nebraska, USA
both nationally and internationally. More recently, he
became a member of the Malaysian Timber Industry Board
(MTIB) from May 2020 to October 2021.
Annual Report 2022
51
GROUP SENIOR MANAGEMENT PROFILE
ZULKIFLI BIN OMAR AZMAN BIN JUSOH

Head of Corporate Services and Downstream Business Head of Internal Audit,
| AGE: 54 | MALE | MALAYSIAN | | AGE: 51 | MALE | MALAYSIAN |
WORKING EXPERIENCE: WORKING EXPERIENCE:

• More than 24 years of professional experience in the areas • He joined GPB as Senior Manager, Internal Audit on 15
of audit, accounting, finance and business advisory. Before February 2021.
joining GPB in 2004, he worked for Arthur Andersen & Co
• Previously, he was with Kumpulan Utusan as Internal Auditor
as Assistant Manager for the Eastern Region and Head of
for over 20 years.
Finance and Administration at PTB Land Sdn Bhd.
• He is currently the Senior Manager of Corporate Services
and Downstream Business after being promoted on QUALIFICATIONS:
1 October 2016.
• Bachelor of Accounting (Hons), University of Malaya.
• He was appointed Chief Sustainability Officer (CSO) of GPB
in 2020.
AFFILIATIONS AND MEMBERSHIPS IN ASSOCIATIONS:
QUALIFICATIONS: • Member of the Malaysian Institute of Accountants (MIA).
• ACCA, Emile Woolf College of Accountancy & University of
Northumbria at Newcastle, United Kingdom.
• Diploma in Accountancy, Universiti Teknologi MARA.

• Member of the Malaysian Institute of Accounts (MIA).
• Fellow of the Association of Chartered Certified Accountants
(ACCA).
DIRECTORSHIPS:
• Golden Pharos Biomass Sdn Bhd • Golden Pharos Overseas
Sdn Bhd • Golden Pharos Fiber Sdn Bhd • GP Tropical Furniture
Sdn Bhd • Permint Timber Corporation Sdn Bhd • GP Dynamic
Venture Sdn Bhd • Kemaman Furniture Industries Sdn Bhd
Annual Report 2022
GROUP SENIOR MANAGEMENT PROFILE (CONTINUED)
HJ. ZULKEFLY BIN MOHD SANUSI SYUKRI BIN ALI

Head of Strategic and Process Improvement Head of Finance

• Started his career in 1988 as Research Assistant at Universiti • Commenced his career in 1999 with Permint Plywood Sdn
Putra Malaysia. He was then appointed as Logging Officer at Bhd where he held various positions within the GPB Group.
Syarikat Kayu Kayan Kedah Sdn Bhd from 1989 to 1991. • Presently, he is the Group Finance Senior Manager of GPB
• Has more than 16 years’ experience working in several after being promoted on 1 January 2019. He has been heading
Forestry Departments in the states of Kelantan, Pahang the Finance Department since 2015.
and Terengganu before serving as a Wildlife Officer at the
Department of Wildlife and National Parks for five years.
QUALIFICATIONS:
• Appointed as Senior Operations Manager at Kumpulan
• Master of Business Administration,
Pengurusan Kayu Kayan Trengganu (KPKKT) Sdn Bhd on
Universiti Kebangsaan Malaysia.
1 January 2014.
• Bachelor of Accountancy (Hons), Universiti Teknologi MARA.
• Currently, he is the Head of Strategic and Process
Improvement at GPB. • Diploma in Accountancy, Universiti Sultan Zainal Abidin.
QUALIFICATIONS: AFFILIATIONS AND MEMBERSHIPS IN ASSOCIATIONS:

• Bachelor of Forestry Science, Universiti Putra Malaysia. • Member of the Malaysian Institute of Accounts (MIA).
• Diploma in Forestry, Universiti Pertanian Malaysia.
DIRECTORSHIP:
• GP Dynamic Venture Sdn Bhd
Annual Report 2022
53
WAN ZUHAIRIAH BINTI WAN ALI @ WAN DAMSEK SURAYA BINTI MOHD HAIRON
Head of Human Resources and Administration Head of Company Secretarial
| AGE: 48 | FEMALE | MALAYSIAN | | AGE: 48 | FEMALE | MALAYSIAN |

• She possesses a total of more than 20 years’ working • Started her career with GPB in 2012 as Assistant Manager
experience in various industries, i.e. academia, publishing, and she also served as Joint Company Secretary for dormant
telecommunication, telemarketing, manufacturing and companies under the GPB Group. Prior to joining GPB,
material handling equipment. she worked as Assistant Tax Manager at S.T. Toh & Co. and
• Prior to joining GPB, she worked as HR Assistant at Richmatt was also a company secretary to several private limited
Holdings Sdn Bhd in Petaling Jaya, Selangor. companies. She has over 17 years of professional experience
in taxation and accounting.
• She joined GPB Group in October 2006 as Senior Executive of
Human Resource & Administration. • In 2017, she was promoted to Manager and was appointed as
Company Secretary to GPB and its Group of Companies.
• She was promoted on 1 June 2022 to Senior Manager of
Human Resource & Administration of GPB Group. • She was promoted to Senior Manager on 1 June 2022.
QUALIFICATIONS:
QUALIFICATIONS:
• Professional stage of Institute of Chartered Secretaries
• Bachelor of Human Management (Hons) Degree,
& Administrators, UK.
Universiti Utara Malaysia.
• Bachelor of Business Administration (Hons) Finance,
• Diploma in Personnel Management,
Open University Malaysia.
Universiti Sultan Zainal Abidin.
• Licensed by the Companies Commission of Malaysia.

• Pengapit Majikan Kawasan Timur Jemaah Rayuan
Keselamatan Sosial (JKRS).
• Member of Malaysian Institute of Human Resource
Management.
Annual Report 2022
FAUZAN BIN ABDUL SUHAIRI BIN SULONG

Head of Corporate Communication and Information Technology Head of Subsidiary
Golden Pharos Berhad Permint Plywood Sdn Bhd

• Started his career with GPB in June 2018 as the Head of the • Joined GPB Group as Finance Manager in Pesama Timber
Corporate Communication Department. Corporation Sdn Bhd in September 2001 and has since held
• Prior to joining the Malaysian National News Agency various key positions within the Group. Before joining GPB
(BERNAMA) in 2013 to 2014 as a Senior Economic Journalist, Group, he was attached to a public accounting firm, Arthur
he joined Ultra Works Sdn Bhd as Assistant Director of Arts Andersen & Co. specialising in audit, taxation and advisory
and Creative in 2012. works.
• He joined the Terengganu State Secretariat as the Press • He was later appointed to the position of General Manager
Secretary to Menteri Besar Terengganu from June 2014 until of Corporate & Finance in 2012 and was reassigned to
December 2015 before being appointed as the Special Media General Manager of Pesama Timber Corporation Sdn Bhd
Officer at Terengganu Inc from January 2016 until May 2018. in 2015. He was subsequently nominated to be the General
Manager of Kumpulan Pengurusan Kayu Kayan Trengganu
• He is also a member of Kelab Wartawan Media Terengganu
(KPKKT) and was promoted as Senior General Manager on
since 2017.
13 September 2017.
• He was appointed as Head of the Corporate Communication
• He was appointed as Senior General Manager at Permint
and Information Technology Department on 1 October 2021.
Plywood Sdn Bhd on 15 September 2022.
QUALIFICATIONS:
• Master of Psychology, QUALIFICATIONS:
International Islamic University Malaysia. • Bachelor of Accountancy (Hons), Universiti Utara Malaysia.
• Bachelor of English with Communication (Hons),
Universiti Sultan Zainal Abidin. AFFILIATIONS AND MEMBERSHIPS IN ASSOCIATIONS:
• Diploma of Manufacturing Technology, • Member of the Malaysian Institute of Accountants (MIA).
Universiti Sultan Zainal Abidin.
• Foundation of Mechanical Engineering, DIRECTORSHIPS:
Universiti Tenaga Nasional.
• Golden Pharos Biomass Sdn Bhd • Golden Pharos Overseas
Sdn Bhd • Golden Pharos Fiber Sdn Bhd • GP Tropical Furniture
AFFILIATIONS AND MEMBERSHIPS IN ASSOCIATIONS: Sdn Bhd • Permint Timber Corporation Sdn Bhd • Kemaman
• Kelab Wartawan Media Terengganu Furniture Industries Sdn Bhd
Annual Report 2022
55
MOHD SHAMSOL BIN MOHD SHAFIE HILMI BIN AWANG

Head of Subsidiary Head of Subsidiary
Pesama Timber Corporation Sdn Bhd Pesaka Trengganu Berhad

• He has more than 25 years’ working experience in the areas • Started his career with Pesama Timber Corporation Sdn Bhd
of marketing and sales in various private companies. in July 1992 and has since held several significant positions
within the GPB Group.
• He joined GPB in 2001 as Marketing and Sales Executive and
• He went on to be the Assistant General Manager of PESAMA
held various posts within the Group. He was promoted to
in 2010 and was subsequently appointed to his current
Assistant General Manager of Pesaka Trengganu Berhad in position as Acting General Manager of PESAKA.
2006. • He has more than 27 years’ experience in Marketing and
• He was appointed as the General Manager of Pesama Operations as well as Sales.
Timber Corporation Sdn Bhd on 1 April 2018. • He was appointed as the General Manager at Pesaka
Trengganu Berhad on 1 July 2017.
QUALIFICATIONS:
QUALIFICATIONS:
• Diploma of Forestry, Universiti Putra Malaysia.
Universiti Teknologi MARA.
• Bachelor of Business Administration (Hons) Marketing,
Universiti Teknologi MARA.
• Committee member of Capacity Building for Compliance
• Diploma in Planting Industry and Management, Project with Timber Certification under the Malaysian
Universiti Teknologi MARA. Timber Certification Scheme (MTCS) in cooperation with the
Malaysian Timber Industry Board (MTIB).
• Alternate member of the MTIB Board.
• Alternate member of the Registration, Licensing and
Enforcement Committee of the MTIB
• Alternate member of the Association of Malaysian Bumiputra
Timber and Furniture Entrepreneurs (PEKA).
• Committee member of the Terengganu Wood Industry
Association (TWIA).
• Committee member of Timber Industry Forum Malaysia (TIF).
Annual Report 2022
STANLEY LAU CHAN MING AHMAD BAZLI BIN RAZALI

Head of Subsidiary Head of Subsidiary
Golden Pharos Glass Sdn Bhd Kumpulan Pengurusan Kayu Kayan Trengganu Sdn Bhd

• Before he joined GPG, he was the Marketing Officer at • Began his career with the Ministry of Health as Assistant
Malaysian Sheet Glass Berhad for four years. Secretary (Management Services) in 2010 before joining
GP Dynamic Venture Sdn Bhd as Assistant Manager of
• He has held various positions in GPG including Assistant
Human Resources & Administration in 2016.
Operations Manager leading to his appointment as Sourcing
• In January 2018, he was Head of Production in Permint
and Marketing Manager from January 2001 till December
Plywood Sdn Bhd and was subsequently promoted to Group
2010.
Downstream Business Manager at GPB in August 2019 until
• He was promoted to Deputy General Manager of GPG, a October 2019.
position held from January 2011 until March 2018. He was • He served Permint Plywood Sdn Bhd as Officer-in-Charge
subsequently appointed as Acting General Manager. since November 2019 and was promoted to Senior Manager
• He was appointed as the General Manager of Golden Pharos on 1 October 2020.
Glass Sdn Bhd on 1 July 2019. • He was appointed as the Deputy General Manager at
Kumpulan Pengurusan Kayu Kayan Trengganu (KPKKT)
QUALIFICATIONS: Sdn Bhd on 1 March 2023.
• Chartered Institute of Marketing (Part 2), Stamford College.

QUALIFICATIONS:
• Chartered Institute of Marketing (Part 1), Stamford College.
• LCCI, Rima College. Universiti Teknologi MARA.
• Bachelor of Science (Human Development) Degree,
AFFILIATIONS AND MEMBERSHIPS IN ASSOCIATIONS: Universiti Putra Malaysia.
• Vice President of Safety Glass Processors Association of • Pre-University Programme KPM-MSN,

Malaysia (SGPAM). Sekolah Sukan Bukit Jalil, Kuala Lumpur.
• Committee member of SIRIM (working Group for Malaysia

Standard on Safety Glass).
Annual Report 2022
57
WORKING EXPERIENCE:
• Started his career as a Field Supervisor at Felda Plantations
Sdn Bhd from March 2005 until June 2006.
• He took on the position of Junior Field Supervisor at
Ladang Felda Kechau, Kuala Lipis, Pahang from July 2006 to
December 2011 and was responsible for supervising field
workers and ensuring that plantation activities were carried
out in a safe and efficient manner.
• He worked as a Junior Assistant Manager at Ladang
FGV Bera Selatan 1 from January 2012 to March 2015
to coordinate and assist in the execution of plantation
activities, including planting, harvesting, and processing.
• He then served as an Assistant Manager from April 2015
to December 2016 at Tradewinds Plantation Sdn Bhd and
was responsible for assisting the senior management in
the planning and execution of various plantation activities,
including land preparation, planting, and harvesting.
• He was then appointed as Plantation Manager from January
2017 to June 2022 at The Green Venture Plantation to
MOHD HAFIIZ BIN RAHAMAN
oversee all aspects of plantation operations, including
Head of Subsidiary
GP Forest Plantation Sdn Bhd cultivation, harvesting, and marketing of crops.
• Since joining the GPB Group on 15 June 2022, he is currently
| AGE: 39 | MALE | MALAYSIAN | the Head of Subsidiary, GP Forest Plantation.
QUALIFICATIONS:
• Diploma in Plantation Management,
Open University Kuala Lumpur.
Notes:
(i) None of the Senior Management has any family relationship with any director and/or any major shareholder nor has any conflict of
interest with GPB.
(ii) None of the Senior Management has any convictions for any offences within the past five years.
Annual Report 2022
2022 CORPORATE HIGHLIGHTS
17 MAY 2022
GPG BOD MEETING AND OFFICIAL FACTORY VISIT
The Board of Directors’ Meeting of GPG was attended by its Board members and CEO, Dr Mohd Zaki Hamzah, to
brainstorm ideas for enhancing the management and production matters of the company and to facilitate its expansion
into new markets. Following the meeting, the executives were taken on a comprehensive tour of the factory, which
offered a 360-degree view of the manufacturing process floor. The tour covered various aspects such as organisation,
production capacity, product equipment, working conditions, warehousing, and production, making it a highly informative
and educational experience for the executives.
17 MAY 2022
ANNUAL SOLAT HAJAT KUMPULAN PENGURUSAN KAYU KAYAN TRENGGANU (KPKKT)
The annual solat hajat ceremony of KPKKT was held at its log concession area, seeking blessings from the Almighty
for the company’s operations and employees in the upcoming year. Former KPKKT Senior General Manager, Suhairi
Sulong, and other KPKKT Board Members graced the ceremony along with the KPKKT workforce.
Annual Report 2022
59
2022 CORPORATE HIGHLIGHTS (CONTINUED)
18 MAY 2022
PROGRAM PENANAMAN HIJAU 2022 IN CONJUNCTION WITH THE 100-MILLION TREE-PLANTING CAMPAIGN
GPB Group, in collaboration with Jabatan Perhutanan Negeri Terengganu (JPNT), Terengganu Inc and KPKKT, planted
trees in the area surrounding KPKKT’s office building to support the Government’s 100-million tree-planting initiative for
a greener environment.
25 MAY 2022
GOLDEN PHAROS BERHAD EID CELEBRATIONS 2022
GPB Chairman, YBM Dato’ Haji Tengku Hassan bin Tengku Omar, Terengganu Inc President, Haji Burhanuddin Hilmi,
GPB CEO, Dr Mohd Zaki Hamzah, Heads of Companies from Terengganu Inc Group, GPB Group’s Heads of
Departments and Subsidiaries and employees gathered for Eid celebrations at GPB’s office at Jalan Sultan Omar.
The event was marked with joy as everyone wore traditional attire and relished in the sumptuous, specially prepared
Eid festive luncheon spread.
Annual Report 2022
16 JUNE 2022
35TH ANNUAL GENERAL MEETING
GPB’s 35th Annual General Meeting (AGM) was held at Primula Hotel, Kuala Terengganu, with Group Chairman, YBM
Dato’ Tengku Hassan Tengku Omar presiding over the meeting. GPB’s CEO, Dr Mohd Zaki Hamzah, Directors, and
shareholders of the Company attended the meeting. Besides discussions on the Company’s performance and affairs,
GPB also announced a dividend of 0.90 sen to its shareholders during the meeting.
22 JUNE 2022
ACTION PLAN WORKSHOP
An Action Plan Workshop for the GPB Group was held on 22 June 2022 at the Raia Hotel & Convention Centre in
Kuala Terengganu. GPB’s Senior Management Team, Heads of Departments and Heads of Subsidiaries attended
the workshop to brainstorm ideas to boost Group output and profitability.
Annual Report 2022
61
28 - 30 JULY 2022
TERENGGANU INC CHALLENGE SERIES (TICS): TASIK KENYIR JET SKI CHAMPIONSHIP 2022
Terengganu Inc Group held a prestigious water sports championship in Pulau Poh, Tasik Kenyir, led by GPB. The
championship gathered over 15,000 visitors who came to watch the spectacular actions of 70 local and international
competitors and enjoyed the entertaining activities throughout the three-day occasion.
16 - 20 AUGUST 2022
GPB MERDEKA HIKE MOUNT KINABALU 2022
GPB created history as the first company among GLCs in Terengganu to scale up Mount Kinabalu. The expedition
was led by GPB CEO, Dr Mohd Zaki Hamzah, Terengganu Inc Sports and Welfare Club President, Rosfan Mohd Subbian,
Corporate Communication & IT Department Head, Fauzan Abdul, former KPKKT Head, Suhairi Sulong, and GPG Head,
Stanley Lau Chan Ming. The five-day trip was organised in August 2022 in conjunction with the national Merdeka
celebrations.
Annual Report 2022
8-9 SEPTEMBER 2022
GPB GROUP 2023 BUSINESS PLANNING RETREAT
GPB Group arranged a two-day Business Planning Retreat at Seri Pacific Hotel, Kuala Lumpur, attended by GPB CEO,
Dr Mohd Zaki Hamzah, Heads of Departments and Subsidiaries, and employees. The retreat encompassed a review
of the key performance indicators for 2022 and a projection of the company’s performance for the following year.
The attendees also discussed potential challenges and issues that could affect the subsidiary companies’ KPIs, along
with mitigation plans to address them.
16 SEPTEMBER 2022
PROGRAM PERTANDINGAN KENDERAAN BERHIAS 2022
GPB took part in the Pertandingan Kenderaan Berhias 2022, a float competition organised to celebrate His Majesty
the Sultan of Terengganu’s 60th Birthday. GPB’s float entry, entitled the ‘Decorative Rickshaw’, showcased intricate
traditional wood carvings similar to those found in every ancient royal palace in Terengganu. The creatively decorated
float was designed in line with the Group’s expertise in its core business of timber harvesting and manufacturing
wood products.
Annual Report 2022
63
20 SEPTEMBER 2022
BOARD OF DIRECTORS RETREAT
The Board of Directors of PESAMA and the Senior Management of GPB attended a retreat at PNB Hotel,
Kuala Lumpur. The event was graced by the Chairman of PESAMA, YB Ir Saiful Azmi Suhaili, and GPB CEO,
Dr Mohd Zaki Hamzah, where they discussed the company’s concerns and established plans for its growth and
development.
26 SEPTEMBER 2022
UPM COURTESY VISIT TO GPB
Universiti Putra Malaysia (UPM) paid a courtesy visit to GPB’s office at Jalan Sultan Omar in a bid to explore potential
cooperation between both parties in the educational and commercial sectors.
Annual Report 2022
1 OCTOBER 2022
GPB GROUP SPORTS DAY 2022
The GPB Sports Day was a successful sporting event with enthusiastic participation and support from GPB employees
and management. It was jointly organised by subsidiaries PESAMA and KPKKT and held at Maecon Sports Centre in
Marang, Terengganu. Some of the day’s highlights were the ping-pong and badminton events, which saw friendly
competition between GPB Chairman, Dato’ Tengku Hassan Tengku Omar, representatives from the State Exco of
Trade, Industry, Regional Development and Administrative Welfare, Terengganu Inc President, Haji Burhanuddin
Hilmi bin Mohamed @ Harun, and GPB CEO, Dr Mohd Zaki Hamzah. Guest teams from Konsortium Perumahan
Rakyat Terengganu Sdn Bhd (KOPERAT), Jabatan Perhutanan Negeri Terengganu Selatan Barat (JPNT S/B), and Jabatan
Perhutanan Negeri Terengganu (JPNT) were also in attendance.
7 NOVEMBER 2022
TRIPARTITE MOU SIGNING FOR RENEWABLE ENERGY
An MoU was signed between PPSB, Tenaga Nasional Bhd and Ocean Vantage Holdings Berhad. As per the agreement,
Ocean Vantage will supply solar panels to PPSB, which will serve as a secondary power source for the company.
This initiative is expected to help PPSB in reducing its electricity costs and its carbon footprint.
Annual Report 2022
65
20 SEPTEMBER 2022
DIRECTORS’ RETREAT 2022
GPB organised a Directors’ Retreat at the picturesque Royale Chulan Cherating Villa in Cherating, Pahang, attended
by Board Members, Heads of Departments and Subsidiaries, and employees to reinvigorate their dedication and
competence towards the Group’s strategy and goals.
The objective of the three-day, two-night group getaway was to foster motivation and encourage deeper involvement
in the future of GPB. Along with productive discussions, the group also participated in a CSR project that supported
the Government’s 100-million tree-planting campaign by planting trees in a designated mangrove area along Sungai
Cherating.
19 DECEMBER 2022
FULFILLING ZAKAT REQUIREMENTS
During a brief ceremony at the Majlis Agama Islam & Adat Istiadat Negeri Terengganu’s (MAIDAM) office in Kuala
Terengganu, Dato’ Tengku Hassan Tengku Omar, Chairman of GPB, presented a Zakat contribution of RM400,000 to the
President of MAIDAM, Dato’ Shaikh Harun Shaikh Ismail.
Annual Report 2022
MEDIA HIGHLIGHTS
Annual Report 2022
67
ENVIRONMENTAL STATEMENT
ENVIRONMENTAL POLICY
TIMBER ENVIRONMENT POLICY TIMBER SOURCING POLICY
Golden Pharos Group will collaborate The sourcing of timber is mainly from
with all relevant parties and the Group’s own certified forest. In
organisations to ensure compliance circumstances where the Group had to
towards the promotion of good forest source from alternative suppliers, the
management as stipulated under the Group insists that the supplies are, where
Forest Stewardship Council (FSC®) and applicable, from certified forest. Timber
the Malaysian Criteria and Indicators supply is a very critical factor to the Group’s
(MC&I) for Forest Management expansion programmes and assured sources
Certification (Natural Forest). of supply and the ability to process logs into
top-quality finished products inexpensively.
The Group has undertaken the species

segregation initiative in line with the
promotion of lesser-known species for
commercialisation which is encouraged by
the Malaysian Government.
ENVIRONMENTAL MANAGEMENT KPKKT has been awarded the FSC® certification

endorsement since 21 April 2008 by Scientific
KPKKT the Group’s timber management subsidiary, Certification Systems (SCS), a leader and pioneer in
adopts the Selective Management System (SMS) to third-party auditing and certification of forest
manage the timber concession area in its role as logs management operations around the world, using the
supplier for the Group. KPKKT is also responsible SCS-FSC Interim Standard for Forest Management
for developing and managing its concession in a Certification in Malaysia Version 5.0 2014 for well-
sustainable manner in accordance with Sustainable managed forests. This certification verifies that KPKKT’s
Forest Management (SFM) standards to ensure that the tropical forest of 103,719 hectares in Dungun Timber
environment of the concession is well preserved. Complex (DTC) are managed according to the rigorous
international standards of the FSC® under a selective
In this context, KPKKT as a Forest Management Unit cutting approach that maintains continuous forest cover
(FMU) subscribes fully to the Malaysian Criteria and and species diversity.
Indicators of which the above SMS was based on.
KPKKT also cooperates with the State Forestry In addition, another subsidiary, PESAMA has
Department to ensure that best management successfully obtained the FSC® endorsed certification
practices in logging are being observed and maintained for its 20,243 hectares at the Cherul Forest Concession
to meet the requirements of the Malaysian Timber (CFC) on 10 December 2012 as certified by SCS Global
Certification Scheme (MTCS). Services.
Annual Report 2022
ENVIRONMENTAL STATEMENT (CONTINUED)
KPKKT’s DTC and PESAMA’s CFC concession areas

combined are the largest forests in Peninsular Malaysia
to have the FSC® certification. KPKKT’s DTC concession
area was the second natural forest in Malaysia to achieve
this distinction.
GOLDEN PHAROS GLASS SDN BHD
The Group has decided to combine the FSC certification
®
and the management of the DTC and CFC forest

concessions under one single management by KPKKT. ISO 9001:2015
This was made to ensure that the unique tropical forest Quality Management System (QMS)
resources and ecology in both areas are professionally
managed in a sustainable manner and conserved in
• Requirements for a QMS, including
perpetuity in accordance with the prevailing prescribed
documented information, planning and
local and international standards. In line with the
determining process interactions.
decision, the FSC® certification of PESAMA for CFC has
been terminated and will be incorporated into the
• Responsibilities of management.
KPKKT FSC® Certificate upon successful completion of a
surveillance audit for both of the concession areas.
• Management of resources, including
human resources and the organisation’s
The Group is committed to adopt the National and
work environment.
International Convention on Biological Diversity to
sustain the richness of flora and fauna in the concession
• Product realisation, including the steps
area.
from design to delivery.
With the FSC® certification, the Group would be able

• Measurement, analysis, and improvement
to access to markets and customers, domestically and
of the QMS through activities like internal
abroad, that demand environment-friendly certified
audits and corrective and preventive
wood products.
action.
GPG, a subsidiary of GPB, has been assessed and

registered under the provision of ISO 9001: 2015
Quality Management System which is based on the
plan-do-check-act methodology which provides a
process-oriented approach to documenting and
reviewing the structure, responsibilities, and procedures
required to achieve effective quality management of
its current product range of tempered, heat
strengthened, double-glazed, laminated and ceramic
printed safety glass. This certification is valid until
29 July 2023.
Annual Report 2022
69
CHAIN-OF-CUSTODY CERTIFICATION
The Group’s subsidiaries, PESAKA and PESAMA, have successfully obtained the Chain-of-Custody (CoC) certification for
the sawmills from a third-party certifier accredited by the FSC® since July 2008. With this certification, both subsidiaries
are certified to use wood from well-managed forests, independently certified in accordance with the criteria and
principles set by the FSC®.
This would also mean that PESAMA and PESAKA are well placed to market their sawn timber and other wood based
products in markets which insist on wood products to be sourced from sustainable and well managed forests.
Forest Sawmill Factory Processing Retailer
Chain of Custody (CoC) certification
HIGH CONSERVATION VALUE FOREST (HCVF)
KPKKT adopts specific policies to protect the high

conservation values in the forests. This includes
conservation plans to protect species or cultural sites
that are unique, rare, threatened, or endangered. A total
of 4,588 hectares has been reserved as protected area.
Some of the unique areas are as follows:
• KPKKT’s concession area have various invaluable

and unique tree species. A Chengal tree located Dipterocarpus Sarawakensis (Keruing Sarawak)
in KPKKT’s concession area has now listed in the
Malaysia Book of Records as the largest Chengal
• The Keruing Sarawak (Dipterocarpus sarawakensis),
tree in the world. The tree is estimated to be more
which is also a rare and endangered species on the
than 1,300 years old, with a height of 65 metres and
Malaysia Planet Red List (2010), has been found in
circumference of 16.75 metres (Rainforest Journal.
KPKKT’s Forest Reserve and has been designated
com, 2013).
as a protected area. The species is also classified as
endemic to Sarawak and Terengganu (Peninsular
• Chemerong Waterfalls, which is situated in the
Malaysia Plant Red List, 2010).
KPKKT’s concession area, is the highest
waterfall in Malaysia. It flows magnificently
• KPKKT has also delineated several areas exceeding
down a 305-metre slope that has the potential
1,000 metres above sea level as a Totally Protected
to become a major tourist destination and
Area, which is prohibited from being harvested.
eco-recreational destination.
These are designated as important natural habitats
and reserved as a wildlife sanctuary.
Annual Report 2022
KPKKT has identified HCV 1.3: Endemism and HCV SOCIAL IMPACT ASSESSMENT (SIA)
4.1: Watershed Protection of the HCVF Toolkit for
Malaysia by World Wide Fund for Nature (WWF) as The process of identifying and managing both the
applicable to its concession area. present and future social impacts of projects is known as
SIA. The SIA is the added value of the CSR implementation
model for forest management, involving the application
of measurement, evaluation and reporting tools. Its
HCV 1 purpose is to anticipate and alleviate negative effects
while identifying opportunities to enhance benefits for
local communities and society at large.
areas containing globally, regionally or nationally
significant concentrations of biodiversity values
(e.g. endemism, endangered species) KPKKT and PESAMA have been conducting SIA exercises
since 2009 to address concerns regarding the welfare
of local communities. By identifying the problems
these communities face, such as poor river water
HCV 4 quality, wildlife damaging crops, and road safety issues,

especially for school children, KPKKT has proposed
specific mitigation strategies.
areas that provide basic ecosystem services in
critical situations (e.g. watershed protection,
These measures were developed through regular
erosion control).
consultation with relevant authorities and community
members. KPKKT strives to continually improve its
Please refer to the Sustainability Report on pages 71 to 144 in this processes by assessing the impacts on social and
Annual Report 2022.
economic environments on an annual basis.

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20

GROWING A SUSTAINABLE FUTURE

The softcopy version of Golden Pharos Berhad’s Annual Report

Go to http://www.goldenpharos.com.my or scan the code with

PROFIT BEFORE TAX PROFIT AFTER TAX

RM 15.02 million RM 11.86 million

EARNINGS PER SHARE SHAREHOLDERS’ EQUITY

8.59sen RM 77.93 million

1986 GPB was incorporated.

Converted into a public company.

GPB was listed on the

GPB acquired Permint Timber

1997 GPB became a fully integrated

ABOUT GPB HARVESTING & SAWMILLING

FOREST CONCESSION MANAGEMENT

KUMPULAN PENGURUSAN KAYU KAYAN

State Government investment

focusing on building capacity and

ABOUT GPB (CONTINUED)

Sustainable practices are deeply ingrained throughout

• KPKKT has continuously held the FSC® certification

ARCHITECTURAL GLASS PANELS Today, GPB is recognised as a reliable wood and

MILESTONES AND ACHIEVEMENTS

1980 1992 1996

MILESTONES AND ACHIEVEMENTS (CONTINUED)

2015 2014 2012

GOLDEN PHAROS BERHAD

Permint Timber Permint Plywood

GP Forest Plantation Pesaka Trengganu

Subsidiary Pesama Renors (M)

BOARD OF DIRECTORS SHARE REGISTRAR

HAJI BURHANUDDIN HILMI

COMPANY SECRETARY STOCK EXCHANGE LISTING

SURAYA BINTI MOHD HAIRON Main Market

66-2, Taman Sri Intan

Our adeptness at devising

YBM DATO’ HAJI TENGKU HASSAN

CHAIRMAN’S MESSAGE (CONTINUED)

Assalamualaikum Warahmatullahi Wabarakatuh dan Salam Sejahtera.

Dear Esteemed Shareholders,

In addition to the challenges presented by the

CHAIRMAN’S MESSAGE (CONTINUED)

In recognition of our improved financial position, the GROWING A SUSTAINABLE FUTURE

CHAIRMAN’S MESSAGE (CONTINUED)

As part of our broader scope of reporting, we took APPRECIATION

15 YEAR IN REVIEW 27 MANAGING RISKS

23 OVERVIEW OF OPERATIONS 30 GROWING A SUSTAINABLE FUTURE

25 REVIEW OF BUSINESS SEGMENTS

This MD&A contains forward-looking statements that are provided

We have tried, wherever possible, to identify such statements by

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED)

Continuing our momentum on operational excellence and

Despite challenging operating and market environments in

With the full resumption of economic activities amid the

DR MOHD ZAKI BIN HAMZAH

REVENUE PROFIT BEFORE TAX PROFIT AFTER TAX

RM 69.81 million RM 15.02 million RM 11.86 million

EARNINGS PER SHARE SHAREHOLDERS’ EQUITY

8.59sen RM 77.93 million

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED)

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED)

GPB BUSINESS ECOSYSTEM