First Resources Q1 profit soars 53.1% on higher output and sales

FFB and crude palm oil production rose 20% and 34.5%, respectively.

First Resources Limited reported a 53.1% year-on-year (YoY) increase in net profit to $123.41m (US$96.6m) for the first quarter (Q1) ended 31 March, supported by higher production and sales volumes.

EBITDA rose 54.9% to $211.70m (US$165.7m), whilst sales increased 70.4% YoY to $609.66m (US$477.2m), according to the company.

First Resources said higher sales were driven by stronger production output, increased purchases of fresh fruit bunches (FFB) and palm oil products from third parties, as well as a net inventory drawdown of 59,000 tonnes during the quarter.

FFB harvested rose 20% YoY to 1.05 million tonnes, whilst crude palm oil production increased 34.5% to 311,833 tonnes. Palm kernel production climbed 30.6% to 67,925 tonnes.

The company said the higher production volumes were supported by a full quarter contribution from PT Austindo Nusantara Jaya Tbk following its acquisition in May 2025.

As of 31 March, cash and bank balances stood at $469.64m (US$367.6m), up from $373.31m (US$292.2m) at the end of 2025. Gross gearing ratio was 0.52 times.

First Resources also noted that external conditions affected operating costs. The company said geopolitical tensions in the Middle East had disrupted maritime trade routes, resulting in higher freight, insurance, and fertiliser costs.

On the other hand, the company said elevated energy prices associated with these developments have supported demand for palm oil and other vegetable oils in biofuel applications.

$1 = US$0.78