GAR profit soars 580% YoY to $189.82m in Q3

This growth was also reflected in its EBITDA with 145% increase.

A press release by Golden Agri-Resources Ltd. (GAR) revealed a year-on-year (YoY) increase in its underlying profit by 580% to $189.82m (US$140m). 

This was due to continued strong production and palm oil market prices, as well as a 46% YoY increase in its revenue to $9.87b (US$7.82b).

Also following this increase was EBITA, with a recorded value of $413.53b (US$305m). 

The plantations and palm oil mills segment, meanwhile, benefitted from higher plantation output and the continued upwards trend in crude palm oil market prices. Palm, laurics, and other segments also followed this favorable performance. 

As of 30 September, GAR’s planted area stood at around 537,000 hectares, with 495,000 being mature. Nucleus and plasma estates, which are included in this area, had estates amounting to 423,000 and 114,000 hectares, respectively. 

In the same quarter, palm product output saw a 5% YoY increase, with 4.7 tonnes per hectare fruit yield. This put the total output of palm product during the first nine months of 2021 up by 22%, totaling to 2,300,000 tonnes.