Net profit of First Resources dwindles to US$145.4m in FY23

It fell by 55.3% YoY.

First Resources posted a net profit of $195.5m (US$145.4m) in FY23, a 55.3% decrease from the $437.3m (US$325.2m) in FY22.

The company attributed the decline to the moderation in market prices, with the average crude palm oil (CPO) price on a free-on-board (FOB) basis declining to $1,210 (US$900) per tonne in FY23 from the all-time-high of $1666 (US$1,239) per tonne in FY22.

The company’s FY23 EBITDA was $379.2m (US$282.0m), a 44.6% decrease from the previous year’s $684.1m (US$508.8m).

Despite recording a lower net profit, the company proposed a final dividend per share of $0.0370 for FY23.

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