26/05/2025

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MONDAY | MAY 26, 2025

In high spirits over JF Dominic plans

o Founder and owner of Malaysian whisky brand aims to expand its footprint in Asia and enter Western markets

turned a profit, as shown in last year’s financial report. We even gave bonuses to both executive and non-executive staff.” Encorp posted its first annual profit since 2016 in FY24, recording RM3.4 million in net profit, compared with a net loss of RM8.5 million in the previous year. The improved performance was attributed to higher gross margins, with RM79.3 million gross profit on RM104 million revenue; a significant reduction in cost of sales, down to RM24.7 million from RM57.2 million in FY23; and better control of finance costs coupled with the recovery of longstanding receivables. The group posted a profit before tax of RM6.1 million despite a revenue decline to RM104 million from RM129.2 million in FY23, mainly due to weaker performance in the property development segment. “Maybe it’s my lack of property background that became an advantage. I came in with a fresh perspective. As a senior lawyer who often troubleshoots corporate issues, I bring a strong problem-solving mindset,” Mohd Yusmadi said. He noted that Encorp retained all its staff throughout the Covid-19 period. “Our HR department confirmed that we didn’t let go of anyone during the pandemic. That sends a strong signal to the public that Encorp is a stable and promising company,” Mohd Yusmadi said. traditional distilling techniques with modern innovations in production, packaging, and marketing, Ang said Actas Trading honours traditional distilling methods, which form the foundation of the company’s craftsmanship. “At the same time, we embrace innovation to enhance quality, efficiency, and presentation – whether through advanced filtration systems, refined packaging design or digital-first marketing strategies. “Our goal is to bridge heritage with progress, offering a contemporary premium whisky experience without compromising authen ticity,” he said. Replying to a question on operational challenges in creating a whisky label in a country without a strong legacy in the industry, Ang said establishing a whisky brand in Malaysia posed several challenges, from consumer perception to technical resources. “One major hurdle was gaining market trust. We addressed this by focusing relentlessly on product quality, brand presentation, and entering international competitions to validate our efforts. “Our wins in prestigious awards such as the San Francisco World Spirits Competition, New York World Spirits Competition, International Spirits Challenge and International Wine & Spirit Competition – with gold, silver and bronze medals in 2021, 2022 and 2024 – played a crucial role in building global credibility,” he said. Asked to define and measure the success of JF Dominic, Ang said that from a business standpoint, “Success, for us, is a combination of growth and recognition. “While revenue and market expansion are essential indicators, we value product excellence, customer loyalty, and global recognition through industry awards. The ultimate goal is to build a respected and trusted brand that can compete with international players.”

that every bottle, whether purchased in Malaysia or China, reflects the same premium positioning and product integrity,” Ang said. Ang said that when JF Dominic was launched in 2013, the business model focused on developing a high-quality whisky that could appeal to local Malaysian consumers, particularly those seeking a smooth, refined drinking experience with premium packaging. “As the brand gained traction, we expanded our vision and adapted our strategy to suit international markets. “While our core commitment to quality and drinkability remains, we have refined our distribution and marketing strategies to meet the preferences and regulations of diverse markets such as China,” he said. Ang said that in the early stages, Actas Trading took a disciplined and sustainable approach. Rather than scaling up too quickly, the company focused on building a strong foundation, investing in production capabilities step-by-step while carefully managing cash flow. “Strict quality control and limited batch releases helped us maintain high standards while keeping operations efficient. Early revenue was reinvested directly into the business to support organic growth,” he said. Elaborating on regulatory requirements across different markets, Ang said exporting alcoholic products involves a complex web of local and international regulations, and regulatory compliance is a top priority for the company. “We work closely with legal experts and trade consultants in each target market to ensure full compliance, including licensing, labelling, customs documentation, and marketing restrictions. Our internal teams are trained to monitor and adapt to any changes in regulations proactively,” he added. Asked how the company balances

Ű BY JOHN GILBERT sunbiz@thesundaily.com

KUALA LUMPUR: Actas Trading Sdn Bhd is focused on expanding Malaysian spirits brand JF Dominic’s footprint in Asia – especially in Taiwan, Indonesia and Thailand – over the next three to five years. While building the foundation for eventual entry into Western markets, Actas Trading and JF Dominic founder Ang Kim Sing ( pic ) said, the company plans to introduce new expressions that reflect regional preferences, increase production capacity to meet growing demand, and strengthen the brand through design, digital engagement and participation in global competitions. “Yes, we are also actively exploring strategic collaborations to strengthen our presence in key markets. “While we have primarily focused on organic growth so far, we recognise the value of partnerships – whether for distribution, brand promotion or localised production – especially in regions where local networks and cultural insight are crucial for long-term success,” Ang told SunBiz when asked about the company’s strategic partnerships, joint ventures or licensing agreements to accelerate growth in international markets. Actas Trading, a liquor and wine manufacturer, importer, distributor, bottler and exporter, will continue to fuel growth by leveraging both traditional and modern sales PETALING JAYA: Encorp Bhd is targeting RM10 million in net profit for financial year 2025 (FY25), up from RM3.4 million achieved in the previous period. Chairman Mohd Yusmadi Mohd Yusoff ( pic ) said the improvement will be driven by new developments in Kuantan, as well as the company’s existing foothold in Johor’s trade zone. “If this year we can chart anything around RM10 million, I’d be more than happy. For me, change has to be gradual,” he told SunBiz in an exclusive interview. Appointed on Sept 29, 2023, Mohd Yusmadi – a lawyer and former senator – now leads the company that is 62% owned by Felda Investment Corp Sdn Bhd. “As Felda’s builder, with projects stretching from Perlis to Sabah and even abroad, we must leverage this affiliation. Felda is a significant group. At the same time, we need to adopt AI and technology to remain competitive.” Mohd Yusmadi said Encorp stands to benefit from the upcoming Johor-Singapore Special Economic Zone given its existing landbank in the area. “I want Encorp to focus more on the economic zone. We still have a few units left Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

channels, including on-trade, key retail accounts and online platforms. It also aims to broaden its distribution footprint in China, reinforcing its standing as a global contender in the premium spirits market while elevating Malaysia’s role in the industry. “Our supply chain is built on long-term partnerships with trusted suppliers and regional distributors. From raw materials to bottling and final delivery, we apply rigorous quality control at each stage. “Our in-house standards strictly guide our packaging and brand communication to ensure

Encorp on stronger footing, targets RM10m net profit for FY25

veries. He pleaded not guilty. Mohd Yusmadi said there is no compromise when it comes to integrity and governance under his leadership, . “I say it, I practise it, and I show it. That’s why last year, as many people were informed, yes, we did have governance issues. But I want to send a message to the media, investor, and our shareholders – under my leadership, governance is a priority. “Maybe because I’m a former politician, I under

over there, but that can be a good start. Compared to other developers, we are not a fresh or new player there. We already have one leg there.” Encorp’s landbank in Johor includes the Encorp Marina Puteri Harbour development, which occupies about 3.3 acres of prime waterfront land along the Straits of Johor . Mohd Yusmadi said the group’s five-star hotel project in Kuantan, developed in part nership with Touch Group – with a gross development value of over RM500 million – is already progressing. “In Balau we are pushing for

stand the role of government.” From a capital appreciation perspective, Mohd Yusmadi said Encorp had faced several governance-related challenges, which the leadership team has worked to address through firm top-level commitment. “For example, the issue of uncollected tenancies involving millions of ringgit.” He added that governance was his first transformation strategy upon taking the helm, and the impact is now becoming evident. “For the first time since 2016, Encorp

a five-star hotel and serviced apartments with Touch Group. We are now in discussions with a few potential partners,” he disclosed. Encorp has faced governance-related issues and operational setbacks in recent years. In August 2024, Encorp suspended its group CEO, Hazurin Harun, amid an investigation by the Malaysian Anti Corruption Commission. Subsequently, in November 2024, Hazurin was charged with two counts of criminal breach of trust involving RM1.05 million, related to unauthorised payments for mineral deli