Golden Agri’s H2 profit rises 21.5% to US$392.4 million

PALM oil company Golden Agri-Resources on Tuesday (Feb 28) reported earnings of US$392.4 million for the half year ended December 2022, up 21.5 per cent year on year from US$323 million.

Revenue for the half year rose 3.8 per cent to US$5.9 billion from US$5.7 billion previously, as higher contributions from the downstream segment (palm, laurics and others) more than offset a decline in revenue from upstream (plantations and palm oil mills).

Downstream revenue grew 12 per cent, largely due to higher selling prices, as the lifting of Indonesia’s temporary export ban on palm oil products resulted in higher sales volume in the second half.