Golden Agri-Resources E5H has reported earnings of US$392.4 million ($529.2 million) for the 2HFY2022 ended Dec 31, 2022, 21.5% higher than earnings of US$323.0 million for the same period the year before.
This brings the group’s FY2022 earnings to US$782.1 million, 64.2% higher y-o-y.
FY2022 revenue increased by 12% y-o-y to a record high of US$11.4 million due to higher revenues from all segments and mainly driven by strong international crude palm oil (CPO) prices, higher productions and improved margins from the group’s downstream business.
Gross profit increased by 28% y-o-y to US$3.03 billion in line with the higher revenue.
Ebitda surged by 50% y-o-y to US$1.83 billion, thanks to the record upstream ebitda in the group’s plantations and palm oil mills segment as well as the exceptional ebitda for the palm, laurics and others segment.
Earnings per share (EPS) for the 2HFY2022 and FY2022 stood at 3.09 US cents and 6.17 US cents respectively.
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Cash and cash equivalents stood at US$539.8 million.
“The board is pleased to see another record achievement for Golden Agri-Resources in 2022. We continue to reap the benefits of our strategy to develop an integrated business model that allows for a robust profit base. Our management’s sharp focus and solid teamwork helped us to skilfully navigate industry uncertainties during the year to accomplish these outstanding results,” says Franky O. Widjaja, chairman and CEO of Golden Agri-Resources.
“CPO prices have normalised gradually yet remained firm. Global vegetable oil supply and demand dynamics are expected to remain tight, hence supporting prices. Limited agricultural land, continuing extreme weather conditions, and replanting activities for palm will hinder supply growth. Meanwhile, demand is well supported by relaxation of Covid-19 restrictions and the increasing Indonesian biodiesel blending mandate. As the most productive and most economical vegetable oil, palm oil is well positioned to benefit from these dynamics,” he adds.
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A final dividend of 0.991 cents per share has been proposed for the 2HFY2022, down from the final dividend of 1.077 cents proposed in the 2HFY2021.
However, FY2022 dividend, which includes the interim dividend of 0.8 cents per share, came up to 1.791 cents per share, surpassing FY2021’s dividend of 1.605 cents per share.
Shares in Golden-Agri Resources closed 0.5 cent lower or 1.92% lower at 25.5 cents on Feb 27.
