Golden Agri’s H2 profit soars 1,617.1% to US$262.1 million

PALM oil producer Golden Agri-Resources’ net profit for its second half ended Dec 31 surged to US$262.1 million from US$15.3 million in H2 FY2023, on the back of higher crude palm oil (CPO) prices and sales volumes.

A turnaround on foreign exchange to a positive US$84.6 million from a net loss of US$24 million also contributed to the earnings recovery, based on the group’s financials released on Thursday (Feb 27).

Its earnings per share (EPS) for H2 FY2024 stood at US$0.0207, up from an EPS of US$0.0012 in the previous corresponding period. Revenue for the half year climbed 18.2 per cent on the year to US$5.8 billion from US$4.9 billion.

Its board proposed a final dividend of S$0.00804 per share, compared with a final dividend of S$0.00613 per share in the year-ago period. It will be paid out on May 20 after the record date on May 9, upon shareholders’ approval at the upcoming Apr 25 annual general meeting.