The palm oil producer has posted a 43.5% increase in net profit for the third quarter
[SINGAPORE] Shares of First Resources soared as much as 8.8 per cent on Monday (Nov 17) after it reported a strong third-quarter profit increase.
The counter climbed to S$2.23 at 10.41 am, before paring some gains to S$2.22, or 7.3 per cent up, at the midday trading break. It closed at S$2.05 on Friday.
The palm oil producer posted a 43.5 per cent increase in net profit for the third quarter on Friday. The US$87.5 million figure eclipsed the US$61 million in the third quarter of 2024, which was attributed to higher average selling prices and sales volumes.
First Resources’ positive share price move comes as the group tempered expectations of palm oil production growth. It said that the potential expansion of Indonesia’s biodiesel mandate may tighten the supply-demand outlook and lend support to palm oil prices.
This may occur even as US tariff developments and broader macroeconomic conditions continue to influence market prices of palm and other vegetable oils, the company said.
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