First Resources Limited’s full-year profit soars 61.6% YoY to $218.23m

This is on the back of its record-breaking sales of $1.4b in FY21.

First Resources Limited saw its net profit soar 61.6% year-on-year (YoY) in the financial year (FY) 2021 to $218.23m (US$161.1m), the company’s latest financial statement showed.

The palm producer likewise saw a spike in its sales which rose 56.3% YoY to a record of $1.4b (US$1.032b), driven by higher average selling prices and stronger sales volumes.

In the same financial year, the group registered growth in production volumes and yields of its fresh fruit bunches (FFB) and crude palm oil (CPO).

FFB production rose 2.9% YoY to 3,367,668 tonnes, whilst CPO production increased 1.6% to 869,241 tonnes.

Both FFB and CPO yields also came in higher in FY 2021 at 17.2 tonnes per hectare, and 3.9 tonnes per hectare, respectively.

Given the strong performance of the company, the board of directors has proposed a final dividend of $0.0510 per share for FY21 ended 31 Demceb 2021, bringing the full-year ordinary dividend to $0.0635 per share,  representing 50% of the group’s underlying
net profit.

1 SGD = 0.74 USD