Golden Agri-Resources (E5H) H1 2025 earnings summary

Executive summary

• Record H1 2025 revenue rose 19.6% to US$6,151.9 million, supported by higher CPO prices and improved plantation output.

• EBITDA grew 14.5% to US$566.3 million; underlying profit rose 23.2% to US$232.5 million and net profit attributable to owners increased 56.5% to US$160.3 million.

Financial highlights

• Gross profit increased 29.3% to US$868.5 million; operating profit rose 42.3% to US$333.3 million.

• Q2 revenue was US$3.113 billion, up 2% sequentially; EBITDA rose 18% to US$307 million and net profit increased 93% to US$106 million.

• Net cash generated from operating activities was US$632.1 million, versus US$93.1 million in H1 2024.

• Earnings per share improved to USD1.26 cents from USD0.81 cents; net asset value per share was US$0.43, versus US$0.42 at end-2024.

Segment performance

• Plantations and palm oil mills revenue rose 30.4% to US$1,184.2 million; EBITDA increased 50.7% to US$320.4 million, with a 27.1% margin.

• FFB production reached 4.364 million tonnes and palm product output rose 9% to 1.318 million tonnes; FFB productivity increased 9% to 8.8 tonnes per hectare.

• Palm, Laurics and Others revenue grew 19.7% to US$6,098.5 million, while EBITDA declined 13% to US$245.7 million amid margin pressure and lower sales volume.

• Downstream sales volume fell 2% to 5.6 million tonnes; EBITDA margin was 4%, reflecting weaker refining margins and competitive conditions.