Sunday, September 7, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Lifestyle

First Resources H2 profit falls 62.5% on palm oil price downturn

by Riah Marton
in Lifestyle
First Resources H2 profit falls 62.5% on palm oil price downturn
Share on FacebookShare on Twitter


FIRST Resources posted a 62.5 per cent drop in net profit to US$73.9 million for its second half year ended December, from US$197.2 million in the previous corresponding period.

This came as profit from operations decreased by 57.7 per cent to US$101.7 million from both lower average selling prices and a reduction in overall sales volume, the palm oil producer said on Thursday (Feb 29). 

Earnings per share stood at US$0.0472 for the half year, down from US$0.1254 the previous year.

Sales slipped 23 per cent to US$531.8 million, reflecting weaker palm oil prices. The decline was also attributed to a reduction in overall sales volume as compared to the same period last year, where there was a large inventory drawdown, said the group.

A final dividend of S$0.037 per share was declared for the half year, down from S$0.12 the year before. The dividend will be paid on May 16, if approved at the Apr 26 annual general meeting, after the record date on May 10.

For the full-year, net profit of US$145.4 million represented a decline of 55.3 per cent against FY2022. Profit from operations was down 52.6 per cent to US$198.1 million. While its performance was dragged down by weaker palm oil prices, an improvement in the overall sales volume in the year partially offset the impact. Sales for the year were down 20 per cent to US$980.6 million.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Ciliandra Fangiono, chief executive of First Resources, said that with the increase of global vegetable oil supplies, palm oil prices averaged lower year-on-year in 2023 and continued to be restrained by the relative pricing of competing oils.

“Looking ahead, global palm oil supply growth in 2024 is expected to be limited due to weather influences and the continued lack of new plantings across the industry.

“On the demand front, growing biodiesel mandates across the world, as well as Indonesia’s own B35 biodiesel mandate, are key drivers for global vegetable oil demand and consumption,” said Fangiono, adding that the group will continue monitoring the macro uncertainties’ impact on market prices.

Shares of First Resources closed Wednesday down 1.4 per cent, or S$0.02, to S$1.42.



Source link

Tags: DownturnFallsOilPalmPriceProfitresources
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

Next Post
Stocks to watch: AEM, ST Engineering, Sats, First Resources, Yangzijiang Financial

Stocks to watch: AEM, ST Engineering, Sats, First Resources, Yangzijiang Financial

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2025 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In