- Golden Agri-Resources’s revenue rose 19.6% y-o-y to US$6.2b in 1H25, driven by stronger plantation output and CPO prices. The average international CPO price (FOB Belawan) rose 18.8% y-o-y to US$1,090 per tonne in 1H25.
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- PATMI and underlying PATMI rose 56.5% and 23.2% y-o-y to US$160.3m and US$232.5m respectively.
Upstream delivered strong growth.
- Revenue from the plantations and palm oil mills segment rose 30.4% y-o-y to US$1.2b while EBITDA grew 50.7% y-o-y to US$320m in 1H25. The growth was fuelled by weather improvements, higher mature-yielding plantations, and higher CPO prices. FFB production increased 10% y-o-y to 4.4m tonnes and palm product output increased 9% y-o-y to 1.3m tonnes.
- For the Palm, Laurics and Others segment, revenue rose 19.7% y-o-y to US$6.1b, driven by stronger average selling prices despite a 2% y-o-y decline in sales volume. EBITDA declined 12.8% y-o-y to US$245.7m with the margin narrowing to 4.0% from 5.5% in 1H24, as competitive pressures and weaker refining margins weighed on profitability.
Expecting 1-2% FFB growth in FY25.
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- Golden Agri-Resources maintains its FY25 production cost guidance at US$310- 315/tonne, implying a slight increase y-o-y.
Current valuation is fair.
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