52 ENRA GROUP BERHAD ANNUAL REPORT 2024 Sustainability Report (Cont’d) To facilitate effective project management, the Group utilises the following platforms: I. EXCO Activity The EXCO maintains consistent communication among its members, and middle to senior management have direct access to engage with the EXCO for support and decision-making. Various communication tools, such as Microsoft Teams, direct messaging, and conference calls, are routinely employed to ensure efficient interaction between the EXCO and Management. II. Group Management Committee This meeting is usually conducted on the Mondays of the first week of the month, focusing more on operational updates and business development strategies. Participants are the key management personnel of the Group including the EXCO. The participants will brainstorm practical solutions to support each other during this session. III. Monthly Performance Review The MPR meeting takes place once a month and is attended by the head of each subsidiary, who is accompanied by the subsidiary’s head of finance, and officers to key projects being undertaken. There is flexibility on the frequency of the meeting as the EXCO members are very hands on with the group operations. During the meeting, each subsidiary presents their operational performance results to the EXCO which includes review of the financial performance, achievements during the period and discussions on areas for improvement. Comparisons between actual against budgeted and previous year numbers are made and reviewed for the quarter and year-to-date. Any significant variance is highlighted and any remedial plans to achieve or outperform the budget would be discussed. Based on deliberation, a new projection for the balance of the financial year is made if needed and a full year forecast is prepared for notation by the Board. • ENSURING BUSINESS CONTINUITY I. Overview and outlook of the Malaysian Economy The Malaysian economy grew at a higher rate of 4.2% in the first quarter of 2024 (4Q 2023: 2.9%), driven by stronger private expenditure and positive turnaround in exports. Household spending was higher amid continued growth in employment and wages. Better investment activities were supported by higher capital spending by both the private and public sectors. Exports rebounded amid higher external demand. On the supply side, most sectors registered higher growth. The stronger growth in the services sector was driven by higher retail trade activities and continued support from the transport and storage subsector. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1.4% (4Q 2023: -1%). For 2024, headline and core inflation are projected to remain moderate between 2% - 3.5% and 2% - 3%, respectively. These broadly reflect stabilising demand and contained cost pressures, coupled with some potential upside that could arise from the implementation of fuel subsidy rationalisation. The outlook for the rest of the year is dependent on the implementation of domestic policy on subsidies and price controls, as well as global commodity prices and financial market developments. (Source: Economic and Financial Developments in Malaysia in the First Quarter of 2024, Bank Negara Malaysia)
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