Golden Agri more than doubles its net profit to US$675m in 9M22

This is likely due to its downstream business achieving its largest EBITDA growth.

SGX-listed Golden Agri-Resources saw its net profit balloon to US$675m in 9M22, which is 151% higher than 9M21.

In a bourse filing, the company said its upstream and downstream business performed "splendidly" during the nine months of 2022.

In nine months, Golden Agri's total upstream palm product output was 2.3 million tonnes (MT), whilst its downstream sales volume was 6.86 MT.

Golden Agri added that its downstream business also achieved its largest earnings before interest, taxes, depreciation and amortisation (EBITDA) growth.

Overall, Golden Agri's EBITDA grew 62% to US$1.3b.

"Amidst a volatile industry environment, we have been able to leverage our sustainability efforts, food safety initiatives, traceability to the plantation, and integrated business model and successfully extract value throughout the value chain, including optimising the usage of our facilities, logistic capabilities, product portfolio, and geographical presence," the company said.