First Resources - UOB Kay Hian 2024-08-15: 1H24 Within Expectations; Operational Performs Better Than Industry

• First Resources reported core net profit of US$90.6m (+15.0% h-o-h and +33.8% y-o-y). The improvement was mainly driven by lower cost of production after a sharp correction in fertiliser prices since 2023, much stronger palm kernel products prices and small downstream EBITDA of US$8m vs losses since 2H22.

Production growth outperformed industry.

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• Among the Indonesian plantation companies that announced 1H24 production results, First Resources is the only one which reported positive CPO production growth of 5.8% vs its peers of -2.5% to -14.8% y-o-y for 1H24.
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Downstream turned profitable after reporting losses since 2H22.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-01-16 First Resources - Accumulate On Weakness.

Previous report by UOB:
2025-11-17 First Resources - 3Q25 Results Beat Estimates; 4Q25 Production Peak Expected.

Price targets by 2 other brokers at First Resources Target Prices.

Listing of research reports at First Resources Analyst Reports.

Relevant links:
First Resources Share Price History,
First Resources Announcements,
First Resources Dividend Payout Dates & Corporate Actions,
First Resources News