First Resources (EB5) Q3 2024 TU earnings summary

Executive summary

• 3Q2024 EBITDA rose 27.8% YoY to US$105.9m and underlying net profit increased 19.3% to US$61.0m; 9M growth was 26.9% and 27.6%, respectively.

• Higher average selling prices and improved processing margins drove stronger financial performance.

Financial highlights

• 9M2024 sales increased 2.0% YoY to US$711.1m; EBITDA rose 26.9% to US$273.7m and underlying net profit rose 27.6% to US$151.6m.

• 3Q2024 sales increased 2.3% YoY to US$253.9m; EBITDA rose 27.8% to US$105.9m and underlying net profit rose 19.3% to US$61.0m.

• Reported financial figures are unaudited and have not been reviewed by the auditor.

Outlook and guidance

• Indonesia’s biodiesel mandate is set to rise from B35 to B40 in 2025, supporting domestic palm oil consumption.

• September 2024 changes to Indonesia’s export levy structure are expected to reduce exporters’ export tax burden.

• Conditions to monitor include weather, global economic factors and geopolitical dynamics.