- First Resources reported FY24 core net profit of US$229m (+56% y-o-y) which met our expectations but exceeded the street’s, at 104%/113% of respective full-year forecasts. 4Q24 earnings rose 33% q-o-q, driven by higher ASPs, while production continued to grow on a y-o-y basis.
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FY24 within expectations.
- The sharp rise in First Resources's profitability in 2024 was due to higher upstream ASPs on top of improved processing margins. EBITDA contributions from its plantations segment grew 21% y-o-y to US$393m with CPO ASP of US$1,006/tonne (2023: US$900/tonne), while its downstream segment posted EBITDA of US$18.4m – up from FY23’s EBITDA loss of US$40.6m given positive product margins on top of a 6% sales volume growth.
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- In tandem with 2024’s higher profitability, First Resources declared a full-year dividends of S$0.098 (2023: S$0.062) – still based on a 50% payout of underlying net profit.
Improved operational performance.
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