3 days ago
First Resources posts 43.6% higher H1 net profit of US$149.2 million
[SINGAPORE] First Resource posted a 43.6 per cent rise in net profit to US$149.2 million for the first half of 2025 on Thursday (Aug 14).
This was up from US$103.9 million in the same period a year prior, the company said in a bourse filing.
Sales jumped 47.4 per cent to US$673.9 million from S$457.2 million, underpinned by higher average selling prices and stronger sales volumes, said the Indonesian oil producer.
The rise in sales volume was supported by organic growth in the group's production output, as well as the contribution from PT Austindo Nusantara Jaya since its acquisition was completed in May.
The rise in sales prompted a 56.3 per cent rise in earnings before interest, taxes, depreciation and amortisation (Ebitda) to US$262.3 million.
Equity attributable to owners of the company rose 3.3 per cent, to US$1.43 billion as at June 30, from US$1.38 billion as at Dec 31, 2024, mainly due to the profits generated during the half, partially offset by dividend payouts and foreign currency translation losses arising from the depreciation of the Indonesian rupiah against the US dollar.
Over the quarter, the volume of fresh fruit bunches harvested jumped 23 per cent to two million tonnes from 1.6 million tonnes in the corresponding year-ago period, representing a 1.2 per cent rise in sales value. Crude palm oil production rose by 28.9 per cent year on year to 554,519 tonnes for a 42.8 per cent surge in sales value.
Shares of First Resources closed flat at S$1.64 on Wednesday.
