{"id":10979,"date":"2022-08-12T13:12:00","date_gmt":"2022-08-12T13:12:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3843559_AE43559_0"},"modified":"2022-08-12T13:12:00","modified_gmt":"2022-08-12T13:12:00","slug":"golden-agri-resources-delivers-a-robust-performance-in-the-first-half-of-2022-amidst-industry-volatility","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=10979","title":{"rendered":"Golden Agri-Resources delivers a robust performance in the first half of 2022 amidst industry volatility"},"content":{"rendered":"<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/1685878\/GAR_Agribusiness_and_Food_Logo.jpg?p=medium600\" border=\"0\" alt title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul type=\"disc\">\n<li>EBITDA<sup>[1]<\/sup> for the first half of 2022 grew to <span class=\"xn-money\">US$807 million<\/span>, whilst net profit more than doubled to <span class=\"xn-money\">US$390 million<\/span><\/li>\n<li>Well sustained margins achieved across upstream and downstream business segments<\/li>\n<li>The Board declares interim dividend of 0.800 <span class=\"xn-location\">Singapore<\/span> cents per share<\/li>\n<\/ul>\n<p>FINANCIAL&nbsp;HIGHLIGHTS<\/p>\n<div>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tbody readability=\"4\">\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"2\">\n<p class=\"prnml8\"><span class=\"prnews_span\"><b>US$&#8217;&nbsp;million<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml70\"><span class=\"prnews_span\"><b>First half&nbsp;ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prnpr2 prnpl2 prnvab prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1\" colspan=\"1\" rowspan=\"2\">\n<p class=\"prnml30\"><span class=\"prnews_span\"><b>Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>30&nbsp;June&nbsp;2022<\/b><\/span><\/p>\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>(1H&nbsp;2022)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prnpr2 prnpl2 prnvab prncbts prnbrbrs prnsbbb1 prnsblb1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>30&nbsp;June&nbsp;2021<\/b><\/span><\/p>\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>(1H&nbsp;2021)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml8\"><span class=\"prnews_span\">Revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml40\"><span class=\"prnews_span\">5,490<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml40\"><span class=\"prnews_span\">4,454<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\"><span class=\"prnews_span\">23&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml8\"><span class=\"prnews_span\">Gross&nbsp;Profit<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,369<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,061<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\"><span class=\"prnews_span\">29&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml8\"><span class=\"prnews_span\"><b>EBITDA<sup>[<\/sup><\/b><sup><b>1]<\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>807<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>523<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\"><span class=\"prnews_span\"><b>54&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml8\"><span class=\"prnews_span\"><b>Underlying Profit<sup>[<\/sup><\/b><sup><b>2]<\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>407<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>246<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\"><span class=\"prnews_span\"><b>65&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml8\"><span class=\"prnews_span\">Foreign Exchange Gain\/(Loss)<sup>[<\/sup><\/span><sup><span class=\"prnews_span\">3]<\/span><\/sup><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">41<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-8<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\"><span class=\"prnews_span\">n.m<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml8\"><span class=\"prnews_span\">Deferred Tax Income\/(Expense)<sup>[<\/sup><\/span><sup><span class=\"prnews_span\">3]<\/span><\/sup><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml40\"><span class=\"prnews_span\">-27<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\"><span class=\"prnews_span\">n.m<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr2 prnpl2 prnvab prnsbtb1 prnbrbrs prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml8\"><span class=\"prnews_span\"><b>Net Profit<sup>[<\/sup><\/b><sup><b>4]<\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>390<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>153<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\"><span class=\"prnews_span\"><b>154&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tbody readability=\"11\">\n<tr readability=\"15\">\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" readability=\"13\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[1]<\/sup><i>Earnings<\/i>&nbsp;<i>before<\/i>&nbsp;<i>tax,<\/i>&nbsp;<i>non-controlling<\/i>&nbsp;<i>interests,<\/i>&nbsp;<i>interest&nbsp;on&nbsp;borrowings,&nbsp;depreciation&nbsp;and&nbsp;amortisation,&nbsp;net&nbsp;gain&nbsp;or&nbsp;loss&nbsp;from&nbsp;changes&nbsp;in fair value of&nbsp;biological&nbsp;assets, foreign exchange&nbsp;gain&nbsp;or&nbsp;loss, and exceptional&nbsp;items<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"12\">\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" readability=\"11\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[2]<\/sup> <i>Net profit attributable to owners of the Company, <\/i><i>excluding net effect of net gain or loss from changes in fair value of biological&nbsp;assets, depreciation&nbsp;of bearer&nbsp;plants,&nbsp;foreign&nbsp;exchange gain&nbsp;or&nbsp;loss,&nbsp;and&nbsp;deferred tax income&nbsp;or&nbsp;expense<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[3]<\/sup> <i>Net<\/i>&nbsp;<i>of<\/i>&nbsp;<i>tax<\/i>&nbsp;<i>and\/or<\/i>&nbsp;<i>non-controlling<\/i>&nbsp;<i>interests<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[4]<\/sup> <i>Attributable <\/i><i>to owners of the&nbsp;Company<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Aug. 12, 2022<\/span><\/span> \/PRNewswire\/ &#8212; Golden Agri-Resources Ltd (&#8220;GAR&#8221; or the &#8220;Company&#8221;) continued to perform robustly during the first semester of 2022, delivering a strong set of&nbsp;results amidst increased volatility in the industry. EBITDA reached <span class=\"xn-money\">US$807 million<\/span>, a 54&nbsp;percent increase year on year. Underlying profit and net profit were also strong at US$407&nbsp;million and&nbsp;US$390 million,&nbsp;respectively.<\/p>\n<p>This&nbsp;performance&nbsp;was&nbsp;achieved&nbsp;on&nbsp;the&nbsp;back&nbsp;of&nbsp;a&nbsp;23&nbsp;percent year-on-year&nbsp;increase&nbsp;in&nbsp;revenue&nbsp;to almost <span class=\"xn-money\">US$5.5 billion<\/span>, mainly attributable to the continued appreciation of CPO market&nbsp;prices. Upstream and downstream businesses contributed to the excellent results in the first&nbsp;half&nbsp;of 2022.<\/p>\n<p>On the results, <b>Mr <span class=\"xn-person\">Franky O. Widjaja<\/span>, GAR Chairman and Chief Executive Officer,&nbsp;<\/b>commented: &#8220;The Board is satisfied with GAR&#8217;s performance in the first six months of 2022. Our integrated business model has helped GAR to weather the industry volatility during the period. In addition, with our broad product portfolio, strategic logistics assets and capability, and a large pool of destination customers, GAR has effectively distributed products worldwide.<\/p>\n<p>With its confidence towards the Company&#8217;s performance, the Board declares the distribution&nbsp;of&nbsp;an&nbsp;interim dividend&nbsp;of&nbsp;0.800&nbsp;Singapore&nbsp;cents&nbsp;per&nbsp;share.&#8221;<\/p>\n<p>Mr Widjaja added: &#8220;Solid fundamentals of global vegetable oil supply and demand persist.&nbsp;Weather conditions in some oilseed-producing countries are recovering. However, palm oil&nbsp;has experienced slow production growth, while global demand, on the other hand, continues&nbsp;to&nbsp;be strong.&#8221;<\/p>\n<p><b>SEGMENTAL&nbsp;PERFORMANCE<\/b><\/p>\n<p><u>Plantations&nbsp;and palm oil&nbsp;mills<\/u><\/p>\n<p>As&nbsp;of&nbsp;30&nbsp;June&nbsp;2022,&nbsp;GAR&#8217;s&nbsp;planted area&nbsp;stood&nbsp;at&nbsp;538&nbsp;thousand hectares,&nbsp;of&nbsp;which&nbsp;21&nbsp;percent is owned by plasma smallholders. From 508 thousand hectares of its mature area, fruit&nbsp;harvested during the first half of 2022 totalled 4.8 million tonnes, a year-on-year decline of&nbsp;eight percent as affected by a shift in production seasonality. Palm product output declined&nbsp;accordingly to&nbsp;1.5 million&nbsp;tonnes during&nbsp;the&nbsp;period.<\/p>\n<p>CPO&nbsp;price&nbsp;appreciation&nbsp;offset&nbsp;lower&nbsp;plantation&nbsp;output,&nbsp;with&nbsp;upstream EBITDA&nbsp;reaching&nbsp;US$520 million&nbsp;for&nbsp;the&nbsp;first&nbsp;half.&nbsp;EBITDA&nbsp;margin expanded&nbsp;to&nbsp;42&nbsp;percent&nbsp;from&nbsp;35&nbsp;percent in&nbsp;the&nbsp;same&nbsp;period last&nbsp;year.<\/p>\n<p><u>Palm,&nbsp;laurics and&nbsp;others<\/u><\/p>\n<p>The&nbsp;downstream&nbsp;business primarily&nbsp;consists&nbsp;of&nbsp;the&nbsp;processing&nbsp;and&nbsp;merchandising&nbsp;of&nbsp;palm&nbsp;and&nbsp;oilseed-based products comprising bulk and branded products, oleo-chemicals and other&nbsp;vegetable oils, as&nbsp;well&nbsp;as&nbsp;production&nbsp;and distribution&nbsp;of&nbsp;other consumer&nbsp;products.<\/p>\n<p>The palm, laurics and others segment generated around <span class=\"xn-money\">US$5.5 billion<\/span> in revenue during the&nbsp;first half of 2022, 23 percent higher than last year. The increase primarily came from higher&nbsp;average selling prices, compensating for the decrease in sales volume due to the temporary&nbsp;export ban implemented in <span class=\"xn-chron\">May 2022<\/span>. As a result, the segmental EBITDA grew 82 percent to&nbsp;US$288 million, achieving a record first half for this business. In addition, through optimal&nbsp;utilisation of our integrated business model, downstream delivered a higher margin of 5.3&nbsp;percent from 3.6 percent&nbsp;last&nbsp;year.<\/p>\n<p>The latest measures taken by the Indonesian Government in <span class=\"xn-chron\">July 2022<\/span> have encouraged the export of palm oil products to reduce Indonesian stock levels. GAR supports the government&#8217;s policy in safeguarding the country&#8217;s domestic requirement of cooking oil.<\/p>\n<p><b>About&nbsp;Golden&nbsp;Agri-Resources&nbsp;Ltd&nbsp;(GAR)<\/b><\/p>\n<p>GAR&nbsp;is&nbsp;a&nbsp;leading&nbsp;palm&nbsp;oil&nbsp;plantation&nbsp;company&nbsp;in&nbsp;Indonesia with&nbsp;a&nbsp;total&nbsp;planted&nbsp;area&nbsp;of&nbsp;537,720 hectares (including plasma smallholders) as of <span class=\"xn-chron\">30 June 2022<\/span>. It has integrated operations&nbsp;focused on&nbsp;the&nbsp;technology-driven&nbsp;production&nbsp;and&nbsp;distribution&nbsp;of&nbsp;an&nbsp;extensive portfolio&nbsp;of&nbsp;palm- based products.<\/p>\n<p>Founded in 1996, GAR was listed on the Singapore Exchange in 1999 and has a market&nbsp;capitalisation of <span class=\"xn-money\">US$2.3 billion<\/span> as of 30 June&nbsp; 2022. Flambo&nbsp;International&nbsp;Limited,&nbsp;an&nbsp;investment company, is GAR&#8217;s largest shareholder, with a 50.56 percent stake. In addition,&nbsp;GAR has several subsidiaries, including PT SMART Tbk, which was listed on the Indonesia&nbsp;Stock Exchange in&nbsp;1992.<\/p>\n<p>As an integrated agribusiness, GAR delivers an efficient end-to-end supply chain, from responsible production to global delivery. In <span class=\"xn-location\">Indonesia<\/span>, its primary activities include cultivating and harvesting oil palm trees; the processing of fresh fruit bunch into crude palm oil (CPO)&nbsp;and palm kernel; refining CPO into value-added products such as cooking oil, margarine, shortening, biodiesel and oleo-chemicals; as well as merchandising palm products globally. GAR&#8217;s products are delivered to a diversified customer base in approximately 100 countries through its global distribution network with shipping and logistics capabilities, destination marketing, on-shore refining and ex-tank operations. GAR also has complementary businesses such as soybean-based products in <span class=\"xn-location\">China<\/span>, sunflower-based products in <span class=\"xn-location\">India<\/span>, and sugar businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EBITDA[1] for the first half of 2022 grew to US$807 million, whilst net profit more than doubled to US$390 million Well sustained margins achieved across upstream and downstream business segments The Board declares interim dividend of 0.800 Singapore cents per share FINANCIAL&nbsp;HIGHLIGHTS US$&#8217;&nbsp;million First half&nbsp;ended Change 30&nbsp;June&nbsp;2022 (1H&nbsp;2022) 30&nbsp;June&nbsp;2021 (1H&nbsp;2021) Revenue 5,490 4,454 23&nbsp;% Gross&nbsp;Profit [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-10979","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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