Golden Agri-Resources posts $261.3m net profit YoY in Q1
Its profit was driven by the appreciation of crude palm oil market prices.
Golden Agri-Resources, a seed-to-shelf agribusiness, recorded a $261.3m ($US 188m) net profit in the first quarter (Q1) of 2022, which increased by 361% year-on-year (YoY) from $56.9m ($US 41m) in the same period last year.
It also reported an increase in its earnings before interest, taxes, depreciation, and amortisation, which grew by 61% YoY from $322m ($US 232m) in Q1 2021 to $517m ($US 372m) in the same period in 2022.
Whilst its underlying profit soared by 74%, on a yearly basis, from $137.6m ($US 99m) in Q1 2021 to $240.4m ($US 173m).
In its financial statement, the agribusiness, which operates across 13 countries, attributed its performance to the continued appreciation of crude palm oil (CPO) market prices.
Golden Agri-Resources planted area was still at 537,000 hectares, with 511,000 hectares of mature estates and 26,000 hectares of immature estates.
Fruit yield for Q1 2022 declined by 21% to 4.2 tonnes per hectare, from Q1 2021's high base of production that experienced a rebound after the El Niño.
$1 = $US 0.72