- First Resources' 9M24 core profit of US$151.6m was higher y-o-y, attributable to improved selling prices and recovery in downstream processing margins while also supported by FFB output growth of 4.5% y-o-y. On a sequential basis, 3Q24 core profit rose 12% q-o-q to US$61m, underpinned by seasonal production ramp-up and EBITDA margin improvement led by improved downstream profitability.
- - Read this at SGinvestors.io -
Production growth sustained in 3Q24.
- First Resources reported higher FFB harvest of 2.4% y-o-y in 3Q24 (9M24: 4.5% y-o-y) which continued to outpace listed Indonesian plantation peers which have mostly seen y-o-y production declines; this was attributed to the group’s estates being relatively insulated by weather disruptions occurring over the past year.
- - Read this at SGinvestors.io -
- On a sequential basis, CPO production surged 26% q-o-q, in line with the 3Q24 seasonality trend; sales volume was however impacted by a net inventory buildup of 1,000 tonnes in 3Q24 (vs inventory drawdown of 44,000 tonnes in 1H24).
Key highlights from briefing:
Maintaining production growth and cash cost guidance.
- 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/ 2024-11-15
Previous report by UOB:
2024-08-15 First Resources - 1H24 Within Expectations; Operational Performs Better Than Industry.
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
