Golden Agri Resources net profit plunges 60% YoY to US$37m in 1Q24

The company's gross profit and EBITDA also declined.

Golden Agri Resources (GAR) recorded a net profit of $50m (US$37m) in 1Q24, a 60% drop from $124m (US$92m) in 1Q23.

The company's gross profit and EBITDA also declined in 1Q24, falling by  12% to $577m (US$427m) and 6% to $311.78m (US$231m), respectively.

On the other hand, revenue for the period increased 1% YoY to $3.46b (US$2.56b), driven by higher sales volume.

GAR's fruit yield decreased by 6% YoY, from 4.16 tonnes to 3.89 tonnes per hectare, affected by last year's El Niño. 

Meanwhile, the average CPO market price (FOB Belawan) decreased by 8% YoY to US$910 per tonne from US$990 per tonne in the previous year.

As of March 31, GAR's total planted area stood at 532,000 hectares, of which 494,000 hectares were mature. Nucleus estates comprised 417,000 hectares, and plasma estates made up 115,000 hectares.