First Resources (EB5) Q1 2024 TU earnings summary

Executive summary

• 1Q2024 sales rose 6.2% YoY to US$210.5m, EBITDA increased 26.0% to US$69.4m, and net profit climbed 86.6% to US$36.1m.

• Higher sales volumes and lower export taxes supported results despite lower average selling prices; inventory drawdown contributed 28,000 tonnes to sales volume.

Financial highlights

• Sales were US$210.5m vs US$198.2m YoY; EBITDA was US$69.4m vs US$55.1m; net profit attributable to owners was US$36.1m vs US$19.3m.

• Equity attributable to owners was US$1,288.8m at 31 Mar 2024, down 1.1% from US$1,303.4m at 31 Dec 2023.

Outlook and guidance

• Seasonal production uptick expectations have moderated palm oil prices and improved palm oil’s competitiveness against other vegetable oils.

• Higher biodiesel blend adoption is expected to support global vegetable oil consumption demand and prices.