According to EMB’s numbers, its post-tax profit rose to around US$15 million dollars, which is a massive improvement over 2002’s US$1.84 million loss. Revenue for the year went up 19% to around US$1.26 billion and the sale of idle land sites netted another US$2.6 million. A campaign to lower operating costs also help cut down the annual bills by US$7.1 million.

The improvement comes on the back of improved refining and marketing margins, “self-help actions” which improved profitability, increasing sales of higher margin products and the cost reduction initiative. As a result of this, for the shareholders of the publicly listed EMB, Christmas came early.

According to Fisher, “In the light of the continued strong underlying performance of our business, and the additional structural improvements implemented over the year, the Board has proposed that the Company declare a final dividend of 12 sen (US$0.03) less Malaysian income tax at 28% per ordinary stock for the year ended December 31, 2003.”

“This is an increase of 20% in the annual dividend. Shareholders will vote on the dividend proposal later,” added Fisher.

Fisher is confident for the future of EMB in 2004.

“The company’s business objectives remain unchanged. We will continue to profitably grow our petroleum business in Peninsula Malaysia by meeting consumer demand with high quality products and services.

“We are confident that the company’s business fundamentals are structures are strong and with the continued effort to manage operating costs, optimise our sales portfolio, invest selectively in high growth areas, we should be able to enhance our competitive position and further improve the return on invested capital,” added Fisher.