CORPORATION LTD. ANNUAL

Letter to Shareholders

CHAIRMAN’S STATEMENT Overall gross profit margin improved by 2.8 APPRECIATION percentage points to 23.6% which benefited As we look back at our achievements these from Packaging Business’ lower material 50 years, we remain true to our values of costs. The Group maintained a healthy innovation, adaptability, dependability and balance sheet during the financial period trustworthiness which are values that endure with its total assets position improving by and that position the Group for the future. 2.9% year-on-year to S$571.4 million. The We will accelerate efforts to ensure that our Group’s cash and cash equivalents similarly brands remain on the top of consumers’ rose 13.0% to S$206.2 million. minds. Amidst continued high inflationary I would like to take this opportunity to express environment in this region and beyond, my appreciation to all of my fellow directors on which weighs on consumer spending, the the Board, senior management and staff for Group will focus on cost control measures working so hard as a team amidst such trying while building on its strong brand equity and times. In particular, I would like to express customer engagement as it continues to my deepest gratitude to Dr John Chen for explore opportunities to drive growth. his tireless contributions during his tenure of directorship since 2003. Dr John Chen will DIVIDEND be retiring at the upcoming Annual General The Directors propose a final dividend of Meeting following the mandatory 9-year 1.0 Singapore cent per share, as well as a tenure limit for independent directors as special dividend of 0.5 cent in celebration prescribed by the SGX. of our 50th anniversary. Together with the interim dividend of 0.3 cent paid out earlier I am also grateful for the support that we in 2023, the total dividend payout for FY2023 have received from our customers, business would be 1.8 cent per share, which is 44% associates, suppliers and shareholders. more than the previous year. This is our way of expressing our deep appreciation for all of Let us look forward to a better 2024 ahead! your support. If approved at the upcoming Annual General DR GOI SENG HUI Meeting on 25 April 2024, the final and special Executive Chairman dividends will be disbursed on 20 June 2024.