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Golden Agri-Resources' net profit soars 154% YoY to US$390m in H122

The increase was driven by the continued appreciation of crude palm oil market prices.

SGX-listed Golden Agri-Resources saw its net profit jump 154% YoY in H122 to reach US$390m ($535.3m).

Based on the company's latest financial statement, the profit increase was due to its higher revenue of US$5.5b ($7.5b) (+23.0% YoY) driven by the continued appreciation of crude palm oil (CPO) market prices.

The company added that its upstream and downstream businesses also contributed to its strong financial performance in the first half.

With the company's higher net profit, the Board declared an interim dividend of $0.800 per share.

(0.73 USD = 1 SGD)

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