Golden Agri-Resources (E5H) H2 2024 earnings summary

Executive summary

• FY 2024 revenue rose 12% to US$10.910 billion, supported by record sales volume of 11.9 million tonnes and higher CPO prices despite lower plantation output.

• EBITDA increased 12% to US$1.101 billion; underlying profit rose 27% to US$416 million and net profit attributable to owners grew 84% to US$365 million.

• H2 EBITDA rose 23% versus H1 to US$607 million, while H2 net profit increased 156% to US$262 million.

Financial highlights

• FY 2024 gross profit increased 11% to US$2.052 billion; EBITDA margin was 10%.

• Average FOB Belawan CPO price rose 12% to US$1,005/tonne from US$901/tonne in 2023.

• H2 revenue rose 12% versus H1 to US$5.768 billion, and gross profit increased 23% to US$1.13 billion.

Outlook and guidance

• Palm oil output was expected to recover in 2025, especially in Indonesia, as El Niño effects recede; Indonesia’s B40 biodiesel mandate was expected to support demand.

• Strong palm oil prices and a premium over soybean oil were expected to persist through the low-production season; festive periods in Asia were expected to support demand.

• Geopolitical and global economic conditions remained factors affecting palm oil prices.