Golden Agri-Resources (E5H) H1 2025 earnings summary

Executive summary

• Revenue rose 20% year-over-year to US$6.15 billion, driven by higher CPO prices and improved plantation output despite slightly lower sales volume.

• EBITDA increased 14% to US$566 million, supported by stronger upstream margins and healthy downstream performance.

• Underlying profit grew 23% to US$232 million, aided by lower interest expenses and reduced foreign exchange loss.

• Net profit attributable to owners surged 56% year-over-year to US$160 million, further supported by reduced foreign exchange losses.

Financial highlights

• Gross profit increased 29% to US$869 million; operating profit rose 42% to US$333 million.

• Net profit for Q2 increased 93% sequentially to US$106 million.

• Net debt reduced by 54% to US$258 million as of June 30, 2025; interest-bearing debt down 9% to US$3.37 billion.

• Net cash generated from operating activities surged to US$632.1 million from US$93.1 million in 1H2024.

• Earnings per share improved to USD1.26 cents from USD0.81 cents in 1H2024.

Key financial ratios and metrics

• Current ratio at 1.4x; debt to total equity improved to 0.61x; net debt/EBITDA at 0.22x; EBITDA/interest at 5.11x.

• Gross margin improved to 14.1% from 13.1% year-over-year; net profit margin increased to 2.6% from 2.0%.

• Total assets stood at US$10,665.8 million, with total liabilities at US$5,157.7 million as of June 30, 2025.