- 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.
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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.
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- 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.
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