Latest news with #GoldenAgri-Resources
Business Times
4 days ago
- Business
- Business Times
Jakarta's land crackdown brings ‘short-term pain' but long-term clarity: Golden Agri-Resources
[SINGAPORE] Golden Agri-Resources expects 'short-term pain' from Indonesia's sweeping land-use review , but sees the land crackdown as a necessary step to resolve 'a legacy issue' of overlapping land tenures and provide businesses with long-term clarity. During a results briefing on Friday (Aug 15), the vertically integrated palm oil plantation company acknowledged that ongoing discussions with Indonesian authorities could lead to adjustments in its landbank. 'Addressing this legacy issue of overlapping land tenure gives businesses long-term confidence. Of course, getting there requires some of this short-term pain as we go through the review process to determine which bits are in and which bits are out,' said Anita Neville, chief sustainability and communications officer at Golden Agri-Resources. Even as uncertainty lingers over potential land losses, Neville noted that the government's move should 'provide clarity to where plantation companies and other land-use managers can operate moving forward'. 'We see this as a good thing... a positive development for Indonesia in the future,' she added. Given active engagement with the regulators, Golden Agri-Resources is 'not in a position' to give any indication on material impact at the moment, Neville highlighted. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up As the government expects to complete the process by end-2025, she said the company could provide an update by year-end. Its head of investor relations Richard Fung highlighted the upstream segment – plantations and palm oil mills – as the largest contributor to the company's earnings for the first half, which grew 56.5 per cent on the year. 'This was driven by more favourable weather conditions, which gave us more production – more than compensating for the replanting process.' Fung noted that replanting activity during the first half covered 6,000 hectares (ha). The segment's earnings before interest, taxes, depreciation and amortisation were up 51 per cent at US$320 million and its revenue grew 30 per cent to US$1.2 billion. Since early 2025, Jakarta has confiscated more than 2 million ha of allegedly illegal forest concessions. In early July, a government taskforce announced that it transferred nearly 400,000 ha of seized oil palm plantations – previously controlled by 232 companies – to Agrinas Palma Nusantara, a new state-owned company formed in January by Indonesian President Prabowo Subianto's administration. Neville noted that the movement has been a 'long time coming', with implications for not just the palm oil industry but any industry involved in natural resource management. Golden Agri-Resources did not disclose potential exposures, but emphasised active cooperation in the process. Shares of Golden Agri-Resources were trading up 1.9 per cent or S$0.005 at S$0.27 as at 11.43 am on Friday.
Business Times
4 days ago
- Business
- Business Times
Golden Agri-Resources' H1 net profit rises 56.5% to US$160.3 million
[SINGAPORE] Golden Agri-Resources recorded a net profit of US$160.3 million for the first half of 2025, a 56.5 per cent jump from the year-ago period, the palm oil company said in a bourse filing on Thursday (Aug 14). Revenue rose 19.6 per cent to US$6.2 billion, from US$5.1 billion the year before, supported by a 19 per cent increase in crude palm oil market prices. 'Higher plantation output allowed the company to capitalise on stronger crude palm oil prices, while offsetting reduced sales volumes,' Golden Agri-Resources said. The higher net profit was also due to lower interest expenses and reduced foreign exchange loss. Franky Widjaja, chairman and chief executive officer of Golden Agri-Resources, said: 'Favourable weather conditions have helped Indonesian palm oil to continue its recovery in 2025, in line with global vegetable oil supply trends.' The CEO added: 'Although global economic growth is slowing down, we see gradual improvement in palm oil demand driven by staple food consumption and smooth implementation of the B40 biodiesel policy. Nonetheless, we continue to anticipate factors that may influence price trends and trade flows, including global geopolitical tensions and changing trade tariffs.' 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 Earnings per share stood at US$0.0126 in the first half of 2025, an increase from US$0.0081 in the first half of 2024. No dividend was declared for the first half, unchanged from the year ago period. For 2025, Golden Agri-Resources said it is targeting capital expenditure of US$350 million, mainly for replanting, the expansion of downstream processing plants and the enhancement of downstream facilities including for traceable products and carbon emission reduction initiatives. Golden Agri-Resources closed flat at S$0.265 on Thursday before the announcement.
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.
