Latest news with #GoldenAgri-Resources
Korea Herald
30-05-2025
- Business
- Korea Herald
GAR's Sustainability Report 2024 Shows Company, Customers and Communities Growing Together with Purpose
SINGAPORE, May 30, 2025 /PRNewswire/ -- Golden Agri-Resources (GAR) today published its Sustainability Report 2024, covering a year that saw the company establish the scale and scope of its climate ambitions while continuing to deliver on core commitments to tackle deforestation, enhance traceability and promote thriving, resilient agricultural communities. GAR Chairman and Chief Executive Officer, Mr. Franky O. Widjaja, explained how the company's sustainability foundations have helped GAR to navigate a year of global challenges, from economic shifts and evolving regulatory demands to extreme weather conditions. "The world is changing, and so is the future of agribusiness," he said. "At GAR, sustainability isn't just a part of our business strategy; it is our business strategy. We believe that sustainability leadership starts with action; with choices that reflect our values and shape a better future." For the first time, GAR has published a double materiality assessment, addressing both the company's impact on environmental and social issues and how these topics may influence GAR's operations, long-term resilience, and financial performance. In addition to preparing the company for upcoming reporting requirements, this assessment validates GAR's priorities for action on sustainability. Widjaja continued: "As extreme weather and regulations intensify, investing in responsible agriculture matters more than ever. Our 2024 theme of Growing Together with Purpose reflects a year of evolution for GAR's sustainability policies and practice. Over the past year, we have set bold targets for emissions reduction by 2030 and developed a new sustainability framework, Collective for Impact, that provides a clear path forward for the next stage of our sustainability journey – a journey we're taking together with partners, suppliers and smallholders." Notable developments include: Launching Collective for Impact Since 2015, the GAR Social and Environmental Policy (GSEP) has been the foundation of the company's sustainability commitments, implemented in its own operations and across the company's palm oil supply chain in Indonesia. Now, GAR has launched a new framework, Collective for Impact, marking the next phase of its sustainability ambitions. Covering three key areas: Sourcing Responsibly, Caring for our Planet, and Empowering People, this new business strategy extends beyond GAR's Indonesian palm oil supply chain to include its entire business and value chain, operationally and geographically. Anita Neville, GAR's Chief Sustainability and Communications Officer, described how this framework builds on the company's existing initiatives to address critical areas for action. "It has never been more urgent to act on climate change, eliminate exploitation, and protect natural ecosystems," she said. "We know that what got us here will not necessarily get us where we want and need to go," she continued. " Collective for Impact strengthens our resilience, creates long-term value and builds trust to keep us ahead of global expectations. This is not just a sustainability vision; it is a business strategy that touches every part of GAR." Advancing Net Zero Commitments In 2024, GAR set bold 2030 targets to cut absolute emissions as a milestone on its pathway to net zero emissions by 2050. The company will cut Forest, Land, and Agriculture (FLAG) emissions by 30% and non-FLAG emissions by 42% from its 2022 baseline. Last year, GAR reduced Scope 1 and 2 emissions from its direct operations by 3% through continued implementation of No Deforestation, No Peat and No Exploitation (NDPE) policies, coupled with energy efficiency initiatives and increased renewable energy use. However, GAR's total emissions increased by 7% year on year, from 32.7 million tonnes of CO 2 equivalent in 2023 to 35 million tonnes in 2024, driven by a 10% increase in Scope 3 emissions. These supply chain emissions account for 79% of GAR's total carbon footprint, underscoring the critical role of ongoing supplier engagement and collecting first party emissions data; two core pillars of the company's Scope 3 reduction efforts. Leading in Transparency and Traceability GAR has continued to map its Indonesian palm oil supply chain and has now reached 99.5% Traceability to the Plantation (TTP). The company is intensifying efforts to address the final 0.5% of TTP, addressing variability within its supply chain and extending its partnerships with smallholders to implement traceability while supporting them to improve yields and livelihoods. Elsewhere, the company has successfully expanded its traceability commitments to its other commodities, implementing 100% Traceability to the Mill (TTM) for soy, sugar, sunflower and coconut globally. The company has also launched the blockchain-powered SmartTrace system, giving users a window on the full journey of a palm oil product from plantation to purchase. Together with satellite monitoring, mapping, and supplier transformation initiatives, GAR is continuing to ensure responsible production across its supply chain, helping customers to prepare for the European Union Deforestation Regulation (EUDR) and future regulations. Action for Communities GAR's Bright Future Initiative continues to help communities build better livelihoods. In 2024, the company supported 189 projects, and empowering 113 Micro, Small, and Medium Enterprises (MSMEs) with skills from farming and technology to operations training, helping them grow and reach new markets. About Golden Agri-Resources Ltd (GAR) GAR is a leading fully-integrated agribusiness company. In Indonesia, it manages an oil palm plantation area of more than 500,000 hectares (including plasma smallholders) as of 31 March 2025. It has integrated operations focused on the technology-driven production and distribution of an extensive portfolio of palm-based products throughout its established international marketing network. Founded in 1996, GAR was listed on the Singapore Exchange in 1999 and has a market capitalisation of US$ 2.6 billion as of 31 March 2025. Flambo International Limited, an investment company, is GAR's largest shareholder, with a 50.56% stake. In addition, GAR's subsidiary, PT SMART Tbk was listed on the Indonesia Stock Exchange in 1992. As an integrated agribusiness, GAR delivers an efficient end-to-end supply chain, from responsible production to global delivery. In Indonesia, its primary activities include cultivating and harvesting oil palm trees; the processing of fresh fruit bunch into crude palm oil (CPO) and palm kernel; refining CPO into value-added products such as cooking oil, margarine, shortening, biodiesel and oleo-chemicals; as well as merchandising palm products globally. GAR's products are delivered to a diversified customer base in over 110 countries through its global distribution network with shipping and logistics capabilities, destination marketing, onshore refining and ex-tank operations. GAR also has complementary businesses such as soybean-based products in China, sunflower-based products in India, and sugar businesses.
Yahoo
30-05-2025
- Business
- Yahoo
GAR's Sustainability Report 2024 Shows Company, Customers and Communities Growing Together with Purpose
SINGAPORE, May 30, 2025 /PRNewswire/ -- Golden Agri-Resources (GAR) today published its Sustainability Report 2024, covering a year that saw the company establish the scale and scope of its climate ambitions while continuing to deliver on core commitments to tackle deforestation, enhance traceability and promote thriving, resilient agricultural communities. GAR Chairman and Chief Executive Officer, Mr. Franky O. Widjaja, explained how the company's sustainability foundations have helped GAR to navigate a year of global challenges, from economic shifts and evolving regulatory demands to extreme weather conditions. "The world is changing, and so is the future of agribusiness," he said. "At GAR, sustainability isn't just a part of our business strategy; it is our business strategy. We believe that sustainability leadership starts with action; with choices that reflect our values and shape a better future." For the first time, GAR has published a double materiality assessment, addressing both the company's impact on environmental and social issues and how these topics may influence GAR's operations, long-term resilience, and financial performance. In addition to preparing the company for upcoming reporting requirements, this assessment validates GAR's priorities for action on sustainability. Widjaja continued: "As extreme weather and regulations intensify, investing in responsible agriculture matters more than ever. Our 2024 theme of Growing Together with Purpose reflects a year of evolution for GAR's sustainability policies and practice. Over the past year, we have set bold targets for emissions reduction by 2030 and developed a new sustainability framework, Collective for Impact, that provides a clear path forward for the next stage of our sustainability journey – a journey we're taking together with partners, suppliers and smallholders." Notable developments include: Launching Collective for Impact Since 2015, the GAR Social and Environmental Policy (GSEP) has been the foundation of the company's sustainability commitments, implemented in its own operations and across the company's palm oil supply chain in Indonesia. Now, GAR has launched a new framework, Collective for Impact, marking the next phase of its sustainability ambitions. Covering three key areas: Sourcing Responsibly, Caring for our Planet, and Empowering People, this new business strategy extends beyond GAR's Indonesian palm oil supply chain to include its entire business and value chain, operationally and geographically. Anita Neville, GAR's Chief Sustainability and Communications Officer, described how this framework builds on the company's existing initiatives to address critical areas for action. "It has never been more urgent to act on climate change, eliminate exploitation, and protect natural ecosystems," she said. "We know that what got us here will not necessarily get us where we want and need to go," she continued. "Collective for Impact strengthens our resilience, creates long-term value and builds trust to keep us ahead of global expectations. This is not just a sustainability vision; it is a business strategy that touches every part of GAR." Advancing Net Zero Commitments In 2024, GAR set bold 2030 targets to cut absolute emissions as a milestone on its pathway to net zero emissions by 2050. The company will cut Forest, Land, and Agriculture (FLAG) emissions by 30% and non-FLAG emissions by 42% from its 2022 baseline. Last year, GAR reduced Scope 1 and 2 emissions from its direct operations by 3% through continued implementation of No Deforestation, No Peat and No Exploitation (NDPE) policies, coupled with energy efficiency initiatives and increased renewable energy use. However, GAR's total emissions increased by 7% year on year, from 32.7 million tonnes of CO2 equivalent in 2023 to 35 million tonnes in 2024, driven by a 10% increase in Scope 3 emissions. These supply chain emissions account for 79% of GAR's total carbon footprint, underscoring the critical role of ongoing supplier engagement and collecting first party emissions data; two core pillars of the company's Scope 3 reduction efforts. Leading in Transparency and Traceability GAR has continued to map its Indonesian palm oil supply chain and has now reached 99.5% Traceability to the Plantation (TTP). The company is intensifying efforts to address the final 0.5% of TTP, addressing variability within its supply chain and extending its partnerships with smallholders to implement traceability while supporting them to improve yields and livelihoods. Elsewhere, the company has successfully expanded its traceability commitments to its other commodities, implementing 100% Traceability to the Mill (TTM) for soy, sugar, sunflower and coconut globally. The company has also launched the blockchain-powered SmartTrace system, giving users a window on the full journey of a palm oil product from plantation to purchase. Together with satellite monitoring, mapping, and supplier transformation initiatives, GAR is continuing to ensure responsible production across its supply chain, helping customers to prepare for the European Union Deforestation Regulation (EUDR) and future regulations. Action for Communities GAR's Bright Future Initiative continues to help communities build better livelihoods. In 2024, the company supported 189 projects, and empowering 113 Micro, Small, and Medium Enterprises (MSMEs) with skills from farming and technology to operations training, helping them grow and reach new markets. About Golden Agri-Resources Ltd (GAR) GAR is a leading fully-integrated agribusiness company. In Indonesia, it manages an oil palm plantation area of more than 500,000 hectares (including plasma smallholders) as of 31 March 2025. It has integrated operations focused on the technology-driven production and distribution of an extensive portfolio of palm-based products throughout its established international marketing network. Founded in 1996, GAR was listed on the Singapore Exchange in 1999 and has a market capitalisation of US$ 2.6 billion as of 31 March 2025. Flambo International Limited, an investment company, is GAR's largest shareholder, with a 50.56% stake. In addition, GAR's subsidiary, PT SMART Tbk was listed on the Indonesia Stock Exchange in 1992. As an integrated agribusiness, GAR delivers an efficient end-to-end supply chain, from responsible production to global delivery. In Indonesia, its primary activities include cultivating and harvesting oil palm trees; the processing of fresh fruit bunch into crude palm oil (CPO) and palm kernel; refining CPO into value-added products such as cooking oil, margarine, shortening, biodiesel and oleo-chemicals; as well as merchandising palm products globally. GAR's products are delivered to a diversified customer base in over 110 countries through its global distribution network with shipping and logistics capabilities, destination marketing, onshore refining and ex-tank operations. GAR also has complementary businesses such as soybean-based products in China, sunflower-based products in India, and sugar businesses. View original content to download multimedia: SOURCE Golden Agri-Resources
Business Times
15-05-2025
- Business
- Business Times
Stocks to watch: Genting Singapore, ComfortDelGro, Venture, Golden Agri, SingPost, Centurion, Sasseur Reit
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Thursday (May 15). Genting Singapore: The company said its chief executive officer Tan Hee Teck will step down. He will also retire from his position as Resorts World Sentosa chairman and CEO on May 31. Tan was appointed CEO of Genting in May 2022. He first joined the Genting Group in 1982 and held several senior positions across various geographical regions. The counter closed 0.7 per cent or S$0.005 lower at S$0.735 on Wednesday. ComfortDelGro : The transport behemoth posted a 19 per cent rise in its net profit to S$48.3 million for the first quarter ended March on contributions from last year's acquisitions and improved margins. It said in an update on Wednesday that revenue rose 16.4 per cent year on year to S$1.2 billion, whereas operating costs climbed at a slower pace of 15 per cent. The mainboard-listed company was confident that its cabbies would not jump ship to Grab. At the Apr 22 annual general meeting, the transport operator's group chief executive Cheng Siak Kian sought to assure shareholders about the loyalty of its own taxi drivers. ComfortDelGro shares were 0.7 per cent or S$0.01 lower at S$1.52, before this business update was released. Venture Corp : The technology solutions provider reported a 7 per cent decline in net profit to S$55.9 million for the first quarter of 2025, from S$60.1 million in the year-ago period. Revenue fell 7.5 per cent to S$616.6 million, from S$666.7 million. Group revenue declined largely due to lower demand in the company's lifestyle consumer technology domain, where it improved the reliability and longevity for a customer's key products through research and design innovation, which led to lower product replacement, the group said in a bourse filing on Wednesday. Shares of Venture closed 0.5 per cent or S$0.06 higher at S$11.27, before the announcement. Golden Agri-Resources : The palm oil company reported on Thursday a net profit of US$55 million for the first quarter ended Mar 31, 2025, up 47 per cent from US$37 million in the previous corresponding period. This was driven by stronger plantation output and an appreciation in the price of crude palm oil. Revenue rose 19 per cent to US$3 billion, from US$2.6 billion in the year-ago period. Shares of Golden Agri-Resources closed flat at S$0.245 on Wednesday. Singapore Post (SingPost): The company's net profit for the second half ended Mar 31 surged 232.7 per cent to S$222.5 million, from S$66.9 million in the corresponding year-ago period. This was largely due to an exceptional gain from the disposal of its Australia business. Following this sale, the group proposed a special dividend of S$0.09 per share. Excluding the net exceptional gain, SingPost's underlying net loss for H2 stood at S$461,000, versus a net profit of S$28.1 million in the year-ago period. Revenue was down 12.1 per cent at S$387.5 million from S$440.6 million previously, the group said on Thursday. SingPost shares closed 1.6 per cent or S$0.01 higher at S$0.635 on Wednesday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Centurion : The dormitory and student accommodation operator's revenue rose 13 per cent to S$69 million for the first quarter ended Mar 31, from S$61.1 million in the year-ago period. This was driven by positive rental revisions across markets and strong financial occupancies in both Singapore and the United Kingdom. Revenue from the purpose-built worker accommodation segment grew 15 per cent to S$53.4 million from S$46.2 million. Meanwhile, revenue from its purpose-built student accommodation segment rose 2 per cent to S$15 million from S$14.7 million. Shares of Centurion closed S$0.01 or 0.8 per cent down at S$1.25 on Wednesday. Sasseur Real Estate Investment Trust (Sasseur Reit): The manager of the Reit posted that rental income for the first quarter ended March rose 1.6 per cent year on year to 175.4 million yuan (S$32.5 million), from 172.6 million yuan in the previous corresponding period. However, the rental income was 0.2 per cent lower in Singapore dollar, mainly due to the depreciation of yuan against the Singapore dollar, the manager said on Thursday. Units of Sasseur reit closed 1.6 per cent or S$0.01 higher at S$0.64 on Wednesday. Oiltek: The vegetable and edible oil processing company's Q1 net profit rose 22.1 per cent to RM5.4 million (S$1.6 million), from RM4.4 million a year ago. Revenue fell 5.1 per cent to RM46.7 million due to weaker numbers from the edible and non-edible oil refinery, and the product sales and trading segment. This was partially offset by an increase in revenue for the renewable energy segment. Shares of Oiltek closed 3.5 per cent or S$0.02 higher at S$0.59 on Wednesday. Manulife US Real Estate Investment Trust (Manulife US Reit): It posted a portfolio occupancy of 69.9 per cent for its first quarter ended March, down from 73.9 per cent in the previous quarter. The manager of the pure-play US office Reit said that this was largely due to the expiry of leases at its Diablo property in the submarket of Tempe, Arizona. Notable leases executed over the quarter included the Phipps' and Centerpointe's new leases of 27,000 square feet (sq ft) and 29,000 sq ft, respectively. Units of the Manulife US Reit closed 1.6 per cent or US$0.001 lower at US$0.063 on Wednesday.
Business Times
15-05-2025
- Business
- Business Times
Golden Agri-Resources Q1 profit rises 47% to US$55 million on better plantation output
[SINGAPORE] Golden Agri-Resources (GAR) reported net profit of US$55 million for the first quarter ended Mar 31, up 47 per cent from US$37 million in the previous corresponding period. This was mostly driven by stronger plantation output and an appreciation in the price of crude palm oil, the company said on Thursday (May 15). Revenue rose 19 per cent to US$3 billion, up from US$2.6 billion in the year-ago period. This rise in revenue was driven by an increase in crude palm oil market prices of 27 per cent from the previous corresponding period, averaging US$1,156 per tonne in the quarter. This appreciation offset a fall in downstream sales volume, the company said, reporting a 5 per cent drop in year-on-year sales to 2.8 million metric tonnes in the quarter, down from 2.9 million metric tonnes. This was in line with slowing global economic conditions, GAR noted. Operational performance in upstream palm oil product output grew 11 per cent to 658 million metric tonnes from 590 million metric tonnes in the same period the year before. Fruit yield for the quarter climbed 12 per cent to 4.35 tonnes per hectare as the impact of El Nino lessened. GAR's planted area totalled about 534,000 hectares, of which about 499,000 hectares are mature. The total area consisted of 417,000 hectares of nucleus estates and 117,000 hectares of plasma estates. Earnings before interest, taxes, depreciation and amortisation for the quarter grew 12 per cent to US$259 million, up from US$231 million the previous year. Meanwhile, the company reported foreign exchange losses of US$7 million, down 70 per cent from the US$22 million loss in Q1 2024. GAR said palm oil production in early 2025 experienced a recovery due to previous weather-related disruptions subsiding. Yet, the company said it expected geopolitical volatility and shifting weather patterns to continue to drag on growth prospects in soft commodities. Along with narrowing price premiums for the commodity, GAR expected these factors to support crude palm oil prices in the near term. Shares of GAR closed flat at S$0.245 on Wednesday.
Business Times
15-05-2025
- Business
- Business Times
Stocks to watch: Genting Singapore, ComfortDelGro, Venture, Golden Agri-Resources, SingPost, Centurion, Sasseur Reit
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Thursday (May 15). Genting Singapore: The company said its chief executive officer Tan Hee Teck will step down. He will also retire from his position as Resorts World Sentosa chairman and CEO on May 31. Tan was appointed CEO of Genting in May 2022. He first joined the Genting Group in 1982 and held several senior positions across various geographical regions. The counter closed 0.7 per cent or S$0.005 lower at S$0.735 on Wednesday. ComfortDelGro : The transport behemoth posted a 19 per cent rise in its net profit to S$48.3 million for the first quarter ended March on contributions from last year's acquisitions and improved margins. It said in an update on Wednesday that revenue rose 16.4 per cent year on year to S$1.2 billion, whereas operating costs climbed at a slower pace of 15 per cent. The mainboard-listed company was confident that its cabbies would not jump ship to Grab. At the Apr 22 annual general meeting, the transport operator's group chief executive Cheng Siak Kian sought to assure shareholders about the loyalty of its own taxi drivers. ComfortDelGro shares were 0.7 per cent or S$0.01 lower at S$1.52, before this business update was released. Venture Corp : The technology solutions provider reported a 7 per cent decline in net profit to S$55.9 million for the first quarter of 2025, from S$60.1 million in the year-ago period. Revenue fell 7.5 per cent to S$616.6 million, from S$666.7 million. Group revenue declined largely due to lower demand in the company's lifestyle consumer technology domain, where it improved the reliability and longevity for a customer's key products through research and design innovation, which led to lower product replacement, the group said in a bourse filing on Wednesday. Shares of Venture closed 0.5 per cent or S$0.06 higher at S$11.27, before the announcement. Golden Agri-Resources : The palm oil company reported on Thursday a net profit of US$55 million for the first quarter ended Mar 31, 2025, up 47 per cent from US$37 million in the previous corresponding period. This was driven by stronger plantation output and an appreciation in the price of crude palm oil. Revenue rose 19 per cent to US$3 billion, from US$2.6 billion in the year-ago period. Shares of Golden Agri-Resources closed flat at S$0.245 on Wednesday. Singapore Post (SingPost): The company's net profit for the second half ended Mar 31 surged 232.7 per cent to S$222.5 million, from S$66.9 million in the corresponding year-ago period. This was largely due to an exceptional gain from the disposal of its Australia business. Following this sale, the group proposed a special dividend of S$0.09 per share. Excluding the net exceptional gain, SingPost's underlying net loss for H2 stood at S$461,000, versus a net profit of S$28.1 million in the year-ago period. Revenue was down 12.1 per cent at S$387.5 million from S$440.6 million previously, the group said on Thursday. SingPost shares closed 1.6 per cent or S$0.01 higher at S$0.635 on Wednesday. Centurion : The dormitory and student accommodation operator's revenue rose 13 per cent to S$69 million for the first quarter ended Mar 31, from S$61.1 million in the year-ago period. This was driven by positive rental revisions across markets and strong financial occupancies in both Singapore and the United Kingdom. Revenue from the purpose-built worker accommodation segment grew 15 per cent to S$53.4 million from S$46.2 million. Meanwhile, revenue from its purpose-built student accommodation segment rose 2 per cent to S$15 million from S$14.7 million. Shares of Centurion closed S$0.01 or 0.8 per cent down at S$1.25 on Wednesday. Sasseur Real Estate Investment Trust (Sasseur Reit): The manager of the Reit posted that rental income for the first quarter ended March rose 1.6 per cent year on year to 175.4 million yuan (S$32.5 million), from 172.6 million yuan in the previous corresponding period. However, the rental income was 0.2 per cent lower in Singapore dollar, mainly due to the depreciation of yuan against the Singapore dollar, the manager said on Thursday. Units of Sasseur reit closed 1.6 per cent or S$0.01 higher at S$0.64 on Wednesday. Manulife US Real Estate Investment Trust (Manulife US Reit): It posted a portfolio occupancy of 69.9 per cent for its first quarter ended March, down from 73.9 per cent in the previous quarter. The manager of the pure-play US office Reit said that this was largely due to the expiry of leases at its Diablo property in the submarket of Tempe, Arizona. Notable leases executed over the quarter included the Phipps' and Centerpointe's new leases of 27,000 square feet (sq ft) and 29,000 sq ft, respectively. Units of the Manulife US Reit closed 1.6 per cent or US$0.001 lower at US$0.063 on Wednesday.
