dividend payout ratio for FY2023 was higher at 66.6% of profit after tax and minority interests, compared to 55.2% in FY2022, demonstrating our ongoing commitment to delivering shareholder value. AT THE VANGUARD OF MALAYSIA’S ENERGY TRANSITION The year 2023 entered the history books as the warmest year on record, a stark reminder of the impact of climate change exacerbated by the El Niño phenomenon. Domestically, we acknowledge that the nation was fortunate to be spared from the severe climate-related incidents that affected other parts of the world in 2023. CHAIRMAN’S LETTER TO SHAREHOLDERS RM53.07 billion RM2.66 billion 2022: RM50.87 billion 2022: RM2.65 billion REVENUE TOTAL DIVIDEND In fact, we witnessed the government ushering in a watershed year in terms of elevating its climate action ambitions by launching the MalaysiaEnergy Transition Outlook (METO) and the National Energy Transition Roadmap (NETR), which helped to clarify Malaysia’s vision for the Energy Transition. While METO has detailed several possible future pathways for the development of a sustainable and cleaner energy system in Malaysia, the NETR focuses on actionable plans and the initiatives to gradually increase renewable energy (RE) to 70% of our country’s total generation capacity by 2050, with the ultimate goal of accomplishing net zero emissions as early as 2050. However, here it is also worth noting that conventional power plants, including currently operating coal plants, will continue to be required in Malaysia at this stage, especially as the government seeks to balance energy security and reliability against energy generation cost considerations. In this context, the existing Imbalance Cost Pass-Through (ICPT) mechanism under the Incentive Based Regulation (IBR) framework will still be in effect to cater for the variability of fuel costs. The NETR plays a crucial role in identifying and prioritising actions across the energy sector, with 10 flagship catalyst projects and initiatives grounded in six Energy Transition (ET) levers: