Golden Agri-Resources has reported FY2024 earnings of US$365 million ($488.38 million), up 84% over the preceding year ended Dec 31, 2023. Revenue in the same period was up 12% to US$10.9 billion.
The company attributes the improved results to a record volume of sales coupled with higher crude palm oil prices, particularly in the second half of FY2024, where earnings surged 156% y-o-y to US$262 million.
The company plans to pay a final dividend of 0.804 cents per share, totalling approximately US$75 million, equal to 18% of its underlying profit.
Golden Agri's chairman and CEO Franky O. Widjaja believes that strong palm oil prices that have persisted at the start of 2025 will hold during the current low production season, led by stronger consumption across Asia.
He sees output recovering this year, especially in Indonesia, as the industry emerges from the long-tail impact of El Niño weather conditions.
Widjaja believes the increased supply will be "readily absorbed" by sustained growth in demand in Indonesia, thanks to favourable policies such as the biodiesel blending mandate.
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"We remain vigilant to the impact of geopolitical and global economic conditions on palm oil prices," he adds.
Golden Agri-Resources closed at 24 cents on Feb 26, unchanged for the day, and down 14.29% in the past year.
