- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
Downstream turned profitable after reporting losses since 2H22.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Singapore Research Team UOB Kay Hian Research | Jacquelyn Yow Hui Li UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-08-15
Read also UOB's most recent report:
2024-11-15 First Resources - 9M24 Results Within Expectations; Continues To Outpace Industry Production.
Price targets by 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 Dividends & Corporate Actions,
First Resources News Articles
