Golden Agri-Resources has posted record ebitda of US$1.34 billion ($1.84 billion) for 9M2022, 62% higher y-o-y. Net profit for the period, meanwhile, reached US$726 million, up 88% y-o-y.
For 3QFY2022 ended September, the company posted ebitda of US$532 million, up 75% y-o-y. Net profit for the period, meanwhile, grew 148% y-o-y to US$285 million.
Revenue for the quarter grew 9% y-o-y to US$3.08 billion, while revenue for 9M2022 grew 18% y-o-y to US$8.57 billion. In a Nov 14 press release, the company says this was primarily due to higher palm oil prices partly offset by lower sales volume. Crude palm oil (CPO) market prices for the nine months increased by 23% from the same period last year, averaging US$1,368 per tonne.
Compared to Dec 31, 2021, total assets grew 2% to US$9.81 billion, while total liabilities shrank 7% to US$4.38 billion over the same period.
“The palm oil industry outlook is expected to remain favourable. Global vegetable oil supply experiences slower-than-expected growth as La Nina conditions persist, resulting in drought impacting oilseeds production in South America. In Southeast Asia, high rainfalls hindered the oil palm harvesting process in certain regions, which in Malaysia was exacerbated by the continuing labour shortage,” says the company in a Nov 14 press release.
“Lingering geopolitical tensions also impacted supply. Global vegetable oil demand, on the other hand, continues to be strong. Palm oil price discount to other vegetable oils has become larger, while crude oil prices remain elevated. These conditions provide strong support to palm oil prices. Palm oil as the most productive and cheapest vegetable oil will continue to be an attractive alternative both for food and energy consumption,” adds the company.
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Shares in Golden Agri-Resources closed 1 cent higher, or 3.63% up, at 28.5 cents.
