FOREX USD vs RM FOREX GBP vs USD In foreign currency markets, the Malaysian Ringgit witnessed a significant decline against the United States Dollar (“USD”) over the past year, reaching its lowest level since the Asian financial crisis in 1998. While this weaker exchange rate for the Ringgit is expected to have a net positive impact on our businesses with revenue denominated in USD, we remain vigilant of the potential volatility of the British Pound (“GBP”) against the USD, which could impact Ping’s profitability from its UK operations. OIL PRICES EXPECTED TO REMAIN STABLE With our Energy segment revenue heavily reliant on fluctuating oil prices, our revenue in FY2023 was impacted as oil prices normalised over the past 18 months following a sharp spike in 2022. Looking ahead, we anticipate that the Brent crude oil price will average USD82 per barrel in 2024 and USD79 per barrel in 20254, similar to its 2023 average of USD82 per barrel. We expect the price of West Texas Intermediate (“WTI”) to be slightly lower but generally follow a comparable trajectory. 4.64 4.44 4.25 4.42 4.62 4.50 4.70 4.66 4.73 4.72 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 Jan 24 Mar 24 Source: Bank Negara Malaysia (www.bnm.gov.my) Source: Exchange Rates The UK | https://www.exchangerates.org.uk/GBP-USD-exchange-rate-history.html 1.22 1.12 1.23 1.21 1.23 1.24 1.28 1.22 1.26 1.27 1.26 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 Jan 24 Mar 24 Integrated Report 2023 57
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