DailySpaceJohor Plantations Group Berhad
5323 · Main Market主板 · annual reports 2024 to 2025, 328 entries read2024 至 2025 年报，共读出 328 条
The company这家公司
Johor Plantations Group Berhad is an oil palm plantation company operating in Malaysia, producing crude palm oil and palm kernel. It was listed on the Main Market of Bursa Malaysia Securities Berhad on 9 July 2024, in an initial public offering of 464,000,000 new shares and an offer for sale of up to 411,000,000 shares at RM0.84 per share that raised approximately RM735 million.Johor Plantations Group Berhad 是一家在马来西亚营运的油棕种植公司，生产原棕油和棕仁。公司于 2024 年 7 月 9 日在马来西亚证券交易所主板上市，首次公开募股按每股 RM0.84 发行 464,000,000 股新股并发售最多 411,000,000 股普通股，共筹集约 RM735 million。
Source: annual report 2024, pages 3, 24, 45, 288.出处：2024 年年报第 3、24、45、288 页。
In 2025, revenue from Malaysia was RM1,724,687,000, including crude palm oil of RM1,412,452,000 and palm kernel of RM302,815,000. By segment, external revenue from upstream was 1,259,451 and midstream was 457,006 (in thousands). The five-year summary gives downstream at 26.50% and midstream at 0%, but the segment note prints downstream external revenue as nil and midstream external revenue as RM457.0 million (26.5%). In 2025, Customer A brought RM584,018,000, Customer B brought RM414,385,000, and Customer C brought RM282,588,000.2025 年，马来西亚营业额为 RM1,724,687,000，其中原棕油为 RM1,412,452,000，棕仁为 RM302,815,000。按部门划分，上游外部营业额为 1,259,451（千令吉），中游为 457,006（千令吉）。五年财务摘要将下游列为营业额的 26.50% 且中游为 0%，但分部附注中下游外部营业额为零，中游外部营业额为 RM457.0 million（26.5%）。2025 年，客户 A 带来 RM584,018,000，客户 B 带来 RM414,385,000，客户 C 带来 RM282,588,000。
Source: annual report 2025, pages 121, 298, 327, 328.出处：2025 年年报第 121、298、327、328 页。
The 2024 report states Johor Corporation (JCorp) has an indirect effective interest in the company of 96.33% (2023: 96.33%). In the 2025 report, Kulim (Malaysia) Berhad holds 1,611,000,000 shares (64.46%), across accounts of 1,486,000,000 shares (59.45%) and 125,000,000 shares (5.00%). Employees Provident Fund Board holds 217,360,600 shares (8.70%). The report states the company shall at all times ensure that Johor Corporation remains the single largest shareholder. Pledged securities accounts at BIMSEC Nominees (Tempatan) Sdn Bhd hold 566,000 shares (0.02%) for Hisham bin Jafrey and 500,000 shares (0.02%) for Norita binti Ja'afar.2024 年报称柔佛机构（JCorp）间接有效持有公司 96.33% 权益（2023 年：96.33%）。在 2025 年报中，Kulim (Malaysia) Berhad 持有 1,611,000,000 股（64.46%），分布于 1,486,000,000 股（59.45%）和 125,000,000 股（5.00%）两个账户。雇员公积金局（EPF）持有 217,360,600 股（8.70%）。年报列明公司须始终确保柔佛机构保持为单一最大股东。BIMSEC Nominees (Tempatan) Sdn Bhd 的抵押证券账户分别为 Hisham bin Jafrey 持有 566,000 股（0.02%），为 Norita binti Ja'afar 持有 500,000 股（0.02%）。
Source: annual report 2024, pages 220, 309, 336; annual report 2025, pages 225, 226, 318.出处：2024 年年报第 220、309、336 页；2025 年年报第 225、226、318 页。
The group holds 51% in the JPG Fuji Sdn Bhd joint venture, with 49% held by Fuji Oil Asia Pte Ltd. The 2025 report states the group consolidated JPG Greenergy Ventures Sdn Bhd as a wholly-owned subsidiary after acquiring the remaining 45% stake in December 2025, but note 11 continues to list the group's equity interest at 55% at end-2025.集团在合资公司 JPG Fuji Sdn Bhd 中持有 51% 股权，其余 49% 由 Fuji Oil Asia Pte Ltd 持有。2025 年报说明集团在 2025 年 12 月收购剩余 45% 股权后将 JPG Greenergy Ventures Sdn Bhd 合并为全资子公司，但附注 11 在 2025 年底继续将集团的权益比例列为 55%。
Source: annual report 2024, page 40; annual report 2025, pages 8, 40, 111, 297.出处：2024 年年报第 40 页；2025 年年报第 8、40、111、297 页。
Mohd Faris Adli bin Shukery holds 1,030,000 shares and Shamsul Anuar bin Abdul Majid holds 3,000,091 shares, while Mr. Wong Shuen Shing is the husband of Ong Li Lee. Norita Ja'afar stepped down from the board in 2025. Zain Azrai Zainal Abidin was appointed Chief Financial Officer, succeeding Aziah Ahmad following her retirement. A notice of nomination from the major shareholder proposed appointing Messrs. PricewaterhouseCoopers PLT as auditors in place of the retiring auditors Messrs. KPMG PLT.Mohd Faris Adli bin Shukery 持有 1,030,000 股，Shamsul Anuar bin Abdul Majid 持有 3,000,091 股，Mr. Wong Shuen Shing 是Ong Li Lee 的丈夫。Norita Ja'afar 于 2025 年卸任董事职务。Zain Azrai Zainal Abidin 接替退休的 Aziah Ahmad 出任首席财务官。大股东的提名通知建议委任 Messrs. PricewaterhouseCoopers PLT 为审计师，以取代退任的审计师 Messrs. KPMG PLT。
Source: annual report 2024, page 275; annual report 2025, pages 13, 18, 272, 285.出处：2024 年年报第 275 页；2025 年年报第 13、18、272、285 页。
External revenue by segment, 2025 (RM'000)2025 年各部门外部营业额（千令吉）
Source: annual report 2025, page 327.出处：2025 年年报第 327 页。
Major events大事记
Source: annual report 2024, page 17.出处：2024 年年报第 17 页。
Source: annual report 2024, page 24.出处：2024 年年报第 24 页。
Source: annual report 2024, pages 3, 24.出处：2024 年年报第 3、24 页。
Source: annual report 2024, pages 3, 24, 337.出处：2024 年年报第 3、24、337 页。
Source: annual report 2024, page 113.出处：2024 年年报第 113 页。
Source: annual report 2025, page 344.出处：2025 年年报第 344 页。
Source: annual report 2025, page 10.出处：2025 年年报第 10 页。
Source: annual report 2025, page 111.出处：2025 年年报第 111 页。
Source: annual report 2025, pages 10, 17.出处：2025 年年报第 10、17 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Total assets, total equity and borrowings总资产、总权益与借款
20242024 年
In 2024, the company was listed on Bursa Malaysia, raising gross proceeds of RM389,760,000 from the issue of share capital, while payment of initial public offering expenses took RM22,709,000, leaving net cash of RM367.05 million. The group issued RM1.35 billion under Sukuk Wakalah programmes, receiving net proceeds of RM1,297,959,000 from Islamic Medium Term Notes and RM49,973,000 from Islamic Commercial Papers. Borrowings repaid were RM1,615,557,000. The report states the group extinguished RM1.5 billion Syndicated Term Financing and RM500 million Islamic Term Financing through sukuk, but notes show that of RM1,563 million term loans, RM1,228.9 million was repaid from sukuk, RM167.4 million from IPO proceeds, and RM175 million from ordinary repayments. The report states finance costs fell 19.22% largely due to loan repayment, but profit and loss finance costs fell RM17.41 million while interest capitalised into property, plant and equipment rose RM12.53 million (417 to 12,948 in thousands), so total interest incurred fell 5.4% and about 72% of the drop was capitalisation. An RM8.45 million term loan presented as repayable to March 2032 was settled during the year. Cash used for property, plant and equipment was RM145,159,000, net placement of bank deposits was RM143,734,000, and dividends paid were RM62,500,000.2024 年，公司在马来西亚证券交易所上市，通过发行股本筹集总收益 RM389,760,000，支付首次公开募股费用支出 RM22,709,000，发行的现金净额为 RM367.05 million。集团在伊斯兰中期票据计划下发行 RM1.35 billion 伊斯兰债券，通过伊斯兰中期票据获得净收益 RM1,297,959,000，通过伊斯兰商业票据获得净收益 RM49,973,000。偿还借款为 RM1,615,557,000。年报说明集团通过伊斯兰债券清偿了 RM1.5 billion 的辛迪加定期融资与 RM500 million 的伊斯兰定期融资，但附注显示在 RM1,563 million 的定期贷款中，RM1,228.9 million 源自伊斯兰债券，RM167.4 million 源自首次公开募股收益，RM175 million 源自日常还款。年报说明融资成本下降 19.22% 主要是由于偿还贷款，但损益表中的融资成本减少 RM17.41 million，而资本化计入物业、厂房及设备的利息增加 RM12.53 million（由 417 增至 12,948 千令吉），总利息支出减少 5.4%，降幅中约 72% 属于资本化。年报中列为还款期至 2032 年 3 月的 RM8.45 million 定期贷款在年内已全额结清。用于物业、厂房及设备的现金为 RM145,159,000，银行存款净配售为 RM143,734,000，派发股息为 RM62,500,000。
Source: annual report 2024, pages 3, 22, 24, 283, 284, 289, 308, 337.出处：2024 年年报第 3、22、24、283、284、289、308、337 页。
20252025 年
In August 2025, the group issued RM200 million of sustainability sukuk under the Sukuk Wakalah Programme, while RM50,000,000 of Islamic Commercial Papers and RM4,753,000 of other borrowings were repaid. Cash used for acquisition of property, plant and equipment rose to RM320,332,000, while RM170,116,000 was withdrawn from deposits with licensed banks and RM80,993,000 was placed into other investments. The review states that improved gross profit led to higher profitability of RM636.76 million, but audited gross profit was 636,763 (in thousands) and profit for the year was RM343.64 million. The management review states total dividend paid for FY2025 was RM175 million (7.0 sen per share), whereas cash dividends paid in 2025 were RM168.75 million (including RM68.75 million for FY2024), and RM75 million was payable on 19 March 2026.2025 年 8 月，集团在伊斯兰中期票据计划下发行 RM200 million 的可持续伊斯兰债券，同时偿还 RM50,000,000 的伊斯兰商业票据和 RM4,753,000 的其他借款。用于购置物业、厂房及设备的现金增至 RM320,332,000，从持牌银行存款中提取 RM170,116,000，另有 RM80,993,000 投入其他投资。管理层评论指出毛利改善带来 RM636.76 million 的更高盈利能力，但经审计的毛利为 636,763（千令吉），年度盈利为 RM343.64 million。管理层评论说明 2025 财政年度已付股息总额为 RM175 million（每股 7.0 仙），而 2025 年实际支付的现金股息为 RM168.75 million（包括 2024 财政年度的 RM68.75 million），另有 RM75 million 于 2026 年 3 月 19 日派付。
Source: annual report 2025, pages 10, 14, 96, 283, 288, 292, 293, 325.出处：2025 年年报第 10、14、96、283、288、292、293、325 页。
Across the two years两年合看
Operating cash flow generated was RM494.4 million in 2024 and RM597.7 million in 2025. Total borrowings were RM1,388.2 million at end 2024 and RM1,534.9 million at end 2025, consisting primarily of Islamic Medium Term Notes. The board maintained a dividend payout ratio of 51% of profit attributable to owners in 2024, declaring 5.25 sen per share (RM131.25 million), in line with its policy of distributing at least 50%.营运现金流在 2024 年为 RM494.4 million，2025 年为 RM597.7 million。总借款在 2024 年底为 RM1,388.2 million，2025 年底为 RM1,534.9 million，主要由伊斯兰中期票据组成。董事会在 2024 年维持归属于母公司股东盈利 51% 的股息派发率，宣派每股 5.25 仙（RM131.25 million），符合至少派发 50% 的政策。
Source: annual report 2024, pages 12, 133, 304; annual report 2025, pages 134, 313.出处：2024 年年报第 12、133、304 页；2025 年年报第 134、313 页。
Still to be spent尚未支出的承诺
By December 2025, the integrated Sustainable Palm Oil Complex (iSPOC) reached approximately 65% completion with RM201.73 million utilised against a ceiling of RM388 million (60% of total capex).截至 2025 年 12 月，综合可持续棕油综合体（iSPOC）工程进度达约 65%，已使用 RM201.73 million，上限为 RM388 million（占总资本支出的 60%）。
Source: annual report 2024, page 333; annual report 2025, pages 16, 96, 341.出处：2024 年年报第 333 页；2025 年年报第 16、96、341 页。
Four years of figures四年数字
Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。
| Group集团 | 2023 | 2024 | 2025 |
|---|---|---|---|
| RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 1,253,445 | 1,524,883 | 1,724,687 |
| Profit before tax and zakat税前盈利与天课 | 186,920 | 346,217 | 468,242 |
| Profit for the year年度盈利 | 165,725 | 256,051 | 343,635 |
| Net cash flows generated from operating activities营运活动所得现金流净额 | 387,915 | 494,412 | 597,725 |
| Acquisition of property, plant and equipment购置物业、厂房及设备 | (167,911) | (145,159) | (320,332) |
| Dividends paid已付股息 | 0 | (62,500) | (168,750) |
| Total assets总资产 | 4,582,399 | 4,959,517 | 5,405,228 |
| Borrowings借款 | 1,627,217 | 1,388,191 | 1,534,916 |
| Cash and cash equivalents现金及现金等价物 | 140,688 | 336,786 | 688,512 |
| Total equity总权益 | 2,243,755 | 2,826,113 | 3,049,510 |
On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。
Said and done说过的与做到的
| What the reports said年报说要做的 | What later reports show之后年报显示的 | Status状态 |
|---|---|---|
| Target Sindora and Tereh biomethane plants to be operational by the second quarter of 2025 (2024 report)目标是 Sindora 和 Tereh 生物甲烷厂于 2025 年第二季度投入营运（2024 年报） | Sindora biomethane plant was commercialised on 1 December 2025, while commercialisation of Tereh biomethane plant was targeted for the third quarter of 2026.Sindora 生物甲烷厂于 2025 年 12 月 1 日投入商业营运，而 Tereh 生物甲烷厂的目标商业营运时间调整为 2026 年第三季度。 Source: annual report 2024, pages 17, 113; annual report 2025, pages 17, 111.出处：2024 年年报第 17、113 页；2025 年年报第 17、111 页。 | Sindora commercialised later than targeted; Tereh targeted for 2026Sindora 晚于目标时间投入商业营运；Tereh 目标定于 2026 年 |
| Complete 60% of iSPOC construction, finishing earthworks by first quarter 2025 and starting structural works in second quarter, with commissioning targeted for third quarter 2026 (2024 report)完成 iSPOC 建设工程的 60%，在 2025 年第一季度完成土方工程并在第二季度开始结构工程，目标在 2026 年第三季度试运行（2024 年报） | iSPOC achieved approximately 65% completion as at December 2025, with specialty oils and fats refinery operations targeted to commence in the third quarter of 2026.截至 2025 年 12 月，iSPOC 建设工程完成约 65%，特种油脂精炼厂的目标运营时间为 2026 年第三季度。 Source: annual report 2024, pages 17, 19, 93; annual report 2025, pages 16, 113.出处：2024 年年报第 17、19、93 页；2025 年年报第 16、113 页。 | 65% completed at end 2025; commissioning targeted for third quarter 20262025 年底完成 65%；目标 2026 年第三季度试运行 |
| Disburse another RM4.2 million to foreign workers throughout 2025 for recruitment-related costs (2024 report)在 2025 年全年向外籍劳工发放另 RM4.2 million 用于报销招聘相关费用（2024 年报） | Reimbursed RM3.27 million to foreign workers in 2025 for recruitment-related costs.2025 年向外籍劳工报销了 RM3.27 million 的招聘相关费用。 Source: annual report 2024, page 88; annual report 2025, page 83.出处：2024 年年报第 88 页；2025 年年报第 83 页。 | RM3.27 million reimbursed in 20252025 年已报销 RM3.27 million |
| Halve carbon emissions intensity by 2025 from a 2012 baseline of 1.76 MT CO2e/MT CPO/PK (2024 report)到 2025 年将碳排放强度从 2012 年基准 1.76 MT CO2e/MT CPO/PK 减半（2024 年报） | Achieved the original target of a 50% reduction by 2025, and established a new target to reduce Scope 1 and Scope 2 emissions by a further 24% by 2030.实现了到 2025 年减排 50% 的原定目标，并制定了到 2030 年将范围一和范围二排放进一步减少 24% 的新目标。 Source: annual report 2024, pages 13, 310; annual report 2025, page 81.出处：2024 年年报第 13、310 页；2025 年年报第 81 页。 | Target achieved目标已达成 |
| Prioritise construction and reinforcement of bunds to enhance flood resilience as part of 2025 initiatives (2024 report)作为 2025 年举措的一部分，优先建设和加固堤坝以提高防洪能力（2024 年报） | The 2025 report states that in 2026 the group will prioritise the construction and reinforcement of bunds, commencing in priority estates.2025 年报表示集团将在 2026 年优先建设和加固堤坝，从重点种植园开始。 Source: annual report 2024, page 87; annual report 2025, page 81.出处：2024 年年报第 87 页；2025 年年报第 81 页。 | 2025 work not reported; restated as a 2026 plan未报告 2025 年进展；重新列为 2026 年计划 |
What the reports leave open年报留下待看的事
- Commissioning of the Tereh biomethane plant in the third quarter of 2026 and commissioning of the specialty oils and fats refinery in the third quarter of 2026.Tereh 生物甲烷厂定于 2026 年第三季度投入营运，特种油脂精炼厂定于 2026 年第三季度试运行。
Source: annual report 2025, pages 17, 111, 113.出处：2025 年年报第 17、111、113 页。
- Accelerated replanting programme targeting 7% of total planted area annually in 2026 (3,607 ha), 2027 (3,572 ha) and 2028 (3,495 ha), while 2026 FFB production is expected to be flattish.加速翻种计划，目标在 2026 年（3,607 公顷）、2027 年（3,572 公顷）和 2028 年（3,495 公顷）每年翻种总种植面积的约 7%，而 2026 年鲜果串产量预计持平。
Source: annual report 2025, page 102.出处：2025 年年报第 102 页。
- Proposed change of auditors from Messrs. KPMG PLT to Messrs. PricewaterhouseCoopers PLT following nomination by the major shareholder.在大股东提名后，建议将审计师由 Messrs. KPMG PLT 变更为 Messrs. PricewaterhouseCoopers PLT。
Source: annual report 2025, page 272.出处：2025 年年报第 272 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-02.内容为公司年报所印的事实，并注明页码；不评级，不构成投资建议。生成日期 2026-11-02。