First Resources’ FY2023 net profit declines 55.3% y-o-y to US$145.4 mil on softer CPO prices

Khairani Afifi Noordin02-28

The effects of softer CPO prices were partially mitigated by an improvement in the overall sales volume.First Resources has recorded a net profit of US$145.4 million ($195.69 million) in its FY2023 ...

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In the second half of the year, the decline was also contributed by a reduction in overall sales volume as compared to the same period last year, during which there was a large inventory drawdown.\nCost of sales for the year increased by 3.6% y-o-y to US$617.5 million.\nGross profit declined by 42.3% to US$363 million in FY2023 with gross profit margin coming in at 37%.\nOn the production front, First Resources Eb5 had a record production year in FY2023, with fresh fruit bunches (FFB) harvested reaching a new high of 3.585 mil tonnes — topping the previous year’s record of 3.57 million tonnes, and FFB yield strengthening to 18.4 tonnes per hectare in FY2023 as compared to 18.2 tonnes per hectare in FY2022. \nCPO yield increased from 4.1 tonnes per hectare in FY2022 to 4.2 tonnes per hectare in FY2023, while CPO production grew 8% year-on-year to 951,425 tonnes from a recovery in purchases of third-party crops during the year.\nAs at Dec 31, 2023, the company’s gross gearing ratio stood at 0.17x while cash and bank balance stood at US$162.9 million. \nThe board has proposed a final dividend of 3.7 cents per share for FY2023, which brings the full year ordinary dividend to 6.2 cents per share.\n“With the easing of tightness in global vegetable oil supplies, palm oil prices averaged lower year-on-year in 2023 and have continued to be restrained by the relative pricing of competing oils. Looking ahead, global palm oil supply growth in 2024 is expected to be limited due to weather influences and the continued lack of new plantings across the industry,” says First Resources CEO Cliniandra Fangiono.\n“Amid global market uncertainties, the group will continue to monitor developments in the regulatory and macro environment, including the geopolitical tensions in the Middle East and Eastern Europe, and their resulting impact on market prices,” he adds.\nShares in First Resources closed 2 cents lower or 1.28% down on Feb 28 at $1.42.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2415535980"}