The Indonesian agriculture firm expects the demand in palm oil to recover in 2021.
In a disclosure to the bourse, Golden Agri-Resources reported a net profit of US$230m for the full eyar of 2020. This is 15% lower than the US$272m reported for 2019.
The vegetable oil supplier attributed the loss to the impact of COVID-19 on the economy, but expects the demand for palm oil and similar products to recover.
The company recovered from the US$11m net loss recorded in the first half of the year, reporting a net profit of $242m for the second half.
Golden Agri CEO and chairman Franky Widjaja said that the company expects to further recover in 2021, whilst anticipating potential volatility.
“Demand is expected to remain strong with recovery from the COVID-19 pandemic including the demand from Indonesian biodiesel. However, we still need to anticipate volatility with the lingering COVID-19 pandemic,” he said.
Golden Agri shares traded flat, closing at $0.19 per unit Thursday.
Do you know more about this story? Contact us anonymously through this link.