Golden Agri a safe haven amid uncertainty
Investor sentiment towards the integrated palm oil player has been weighed down even as it has delivered elevated levels of profitability
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GOLDEN Agri-Resources reported financial numbers last week that made me want to buy its stock – and, I was not alone.
Over the course of two trading days, shares in the integrated oil palm plantation group surged nearly 10 per cent on elevated volume. On Friday (Mar 3), Golden Agri closed at S$0.275 – up 7.8 per cent since the results were released.
Before the market opened on Tuesday, Golden Agri said its earnings for 2022 increased 64.2 per cent to US$782.1 million on a 12.3 per cent rise in revenue to US$11.4 billion. Its “underlying profit” for 2022 – which excludes non-recurring items – was up 52.9 per cent to US$921.9 million.
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