First Resources Q1 net profit up 53.1% at US$96.6 million on stronger sales, production output

[SINGAPORE] Indonesian palm oil producer First Resources posted net profit of US$96.6 million for its first quarter ended Mar 31, up 53.1 per cent from US$63.1 million in the year-ago period.

This was underpinned by a 70.4 per cent year-on-year increase in sales to US$477.2 million for Q1 2026, from US$280 million previously.

The mainboard-listed company on Friday (May 15) attributed the higher sales to stronger production output, increased purchases of fresh fruit bunches and palm oil products from third parties, as well as a net inventory drawdown of 59,000 tonnes during the quarter.

This is compared to a build-up of 18,000 tonnes in the corresponding period the prior year.

For the quarter, earnings before interest, taxes, depreciation and amortisation increased 54.9 per cent to US$165.7 million from US$107 million in the previous corresponding period.

Shares of First Resources closed Thursday 3.5 per cent or S$0.13 higher at S$3.81.