Kuala lumpur: The Malaysian Palm Oil Board's (MPOB) delay in submitting its financial statements was caused by unexpected technical problems during the development phase of MPOB's new accounting and finance system, MPOB MyFAS, said Minister of Plantation and Commodities Datuk Seri Dr Noraini Ahmad. She stated that these technical issues disrupted the preparation of financial statements in accordance with the required standards.
According to BERNAMA News Agency, MPOB has obtained an extension for the submission of its financial statements until September 30, 2025. This extension was approved by the Ministry of Finance in a letter dated July 16, 2025. Minister Noraini Ahmad, when winding up the debate on the Auditor General's Report (1/2026) in the Dewan Rakyat, expressed that MPOB is taking proactive measures to prevent a similar delay in the 2025 financial statements.
As an immediate step, MPOB plans to appoint an external vendor with specific expertise to help accelerate the preparation of the 2025 financial statements. Additionally, MPOB will closely monitor progress and prepare a Gantt chart to ensure the 2025 financial statements are completed by the set deadlines. MPOB is committed to submitting the 2025 financial statements on or before June 30, 2026, following presentation to the board meeting expected on May 14, 2026, in line with the six-month period stipulated under Act 240.
Meanwhile, Noraini highlighted the importance of research and development (R and D) for the competitiveness of the commodity industry. She emphasized that the industry must not rely on outdated models, as challenges demand higher productivity, new mechanisms, and value-added products. MPOB has produced many R and D outcomes with high potential, although not all technologies can be commercialized automatically due to differences in the commercialisation process.
The minister mentioned that several factors must be considered to commercialize R and D results, including technology readiness, market viability, industrial-scale production costs, and the capabilities of industry partners. Challenges such as the lab-to-market gap and the need for large investments for many technologies were also noted.
MPOB's forward approach is to focus on technologies with a clear industrial impact, scalability, and sustainable return potential to optimize resources and allocations. The ministry encourages strategic collaboration with industry and government-linked companies to ensure innovations add value to the national economy and help increase smallholders' incomes. Up to 2025, 1,416 R and D projects have been carried out, with 240 MPOB R and D projects commercialised, generating RM48.8 million in royalties. Additionally, 364 technologies are ready for commercialisation.