Malaysian Palm Oil Board’s financial statement delay due to technical problems with new system, says minister, with extension granted until September 2025.
KUALA LUMPUR: The delay in submitting the Malaysian Palm Oil Board’s financial statements was caused by unexpected technical problems during the development of its new accounting system.
Minister of Plantation and Commodities Datuk Seri Dr Noraini Ahmad said the issues with the MPOB MyFAS system disrupted the preparation of statements to required standards.
She confirmed MPOB has obtained an extension for submission until September 30, 2025, approved by the Ministry of Finance.
Noraini said MPOB is taking proactive steps to prevent a repeat delay for the 2025 financial statements.
The board plans to appoint an external vendor with specific expertise to accelerate the 2025 preparation.
MPOB will also monitor progress with a Gantt chart to ensure deadlines are met for the 2025 statements.
“MPOB is fully committed to submitting the 2025 financial statements on or before June 30, 2026,” she told the Dewan Rakyat.
This follows presentation to the board meeting expected on May 14, 2026, aligning with the stipulated six-month period.
Separately, Noraini said research and development are crucial for the commodity industry’s competitiveness.
She stated the industry must move beyond old models towards higher productivity and value-added products.
MPOB has produced many R&D outcomes, but not all technologies can be automatically commercialised.
The commercialisation process differs from research and depends on several key factors.
These include technology readiness, market viability, production costs, and partner capabilities.
“Among the challenges are the lab-to-market gap and the fact that many technologies require large investments,” she added.
MPOB’s approach focuses on technologies with clear industrial impact, scalability, and sustainable return potential.
The ministry encourages strategic collaboration with industry and government-linked companies.
Noraini said the ministry will ensure innovations add value to the national economy and increase smallholders’ incomes.
Up to 2025, 1,416 R&D projects have been carried out, with 240 MPOB projects commercialised.
These commercialised projects have generated RM48.8 million in royalties for the board.
A further 364 technologies are now ready for commercialisation, according to the minister.
The Sun Malaysia
