Golden Agri-Resources’ revenue falls 15% due to lower crude palm oil prices

The company recorded a net profit of $266m.

Golden Agri-Resources (GAR) reported a 15% decrease in revenue to $13.1b (US$9.76b) in FY23 due to lower crude palm oil (CPO) prices compared to last year.

EBITDA for the period was $1.3b (US$986m), representing a 10% margin while net profit stood at $266m (US$198m).

Fruit yield for 2H3023 increased 20% to 10.6 tonnes, which brought the overall full-year yield to 19.7 tonnes per hectare.

However, total output decreased to 2.94m tonnes in 2023 from 3.06m tonnes a year ago due to the replanting effort and high rainfall in early 2023.

The final dividend per share was concluded at $0.613 or approximately $79m (US$59m) in total.

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