First Resources' net profit soars 293.1% YoY to US$128.0m

Stronger palm oil prices gave the company a boost.

First Resources' net profit soared 293.1% YoY to US$128.0m ($175.3m) in H122.

The company said its profit increase was due to higher sales of US$295.1m (+29.6% YoY) ($404.1m) , boosted by stronger palm oil prices.

With higher profit, the company declared an interim dividend of 2.50 Singapore cents per share.

“With palm oil’s attractive relative pricing against other competing edible oils encouraging replenishment of inventories by importing countries, we believe palm oil consumption demand should remain supportive,” Ciliandra Fangiono, CEO of First Resources, said.

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