- First Resources (SGX:EB5) reported 3Q25 earnings of US$87.5m (+1.6% q-o-q, +43.5% y-o-y), bringing 9M25 net profit to US$239.6m (+56% y-o-y), beating estimates at 86%/84% of both ours and street’s respective full-year forecasts.
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- Sequentially, 3Q25’s net profit was largely flattish despite nucleus production rising 14% q-o-q. Aside from a slight inventory build-up of 5,000 tonnes, this was also mainly attributed to higher fertiliser application during the quarter in order to make up for shortfalls during 1H25.
Key briefing takeaways:
Production to peak in 4Q25.
- Management anticipates internal fresh fruit bunch (FFB) output to rise further in 4Q25 with peak crop cycle seen during the quarter.
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- Management has maintained its full-year FFB growth target at 20-25% y-o-y for 2025.
Downstream segment.
- For 3Q25, earnings contribution from its downstream business continues to be anchored by its biodiesel operations. For refinery operations, margins have improved y-o-y albeit staying relatively similar q-o-q – on a slight positive level.
- Going into 1Q26, the group’s oleochemical processing capacity would also increase to 200ktpa.
B50 biodiesel program.
- Read more at SGinvestors.io.
