www.goldenagri.com.sg
Golden Agri-Resources Ltd.
Full Year 2024 Performance
27 February 2025
Executive Summary
Robust full year 2024 financial results following second half recovery
Full Year 2024 Financial Highlights | |||
Dividend per | |||
Revenue | EBITDA | Net Profit1 | share |
US$10.91 bn | US$1.10 bn | US$365 mn | S$0.804 cents |
Expanded volume | Higher contribution | With resilient | 18% of underlying |
& CPO price | from upstream | margin of 3.3% | profit |
appreciation | business | ||
+12% | +12% | +84% | +31% |
- Average FOB price of CPO in 2024 increased by 12% to US$1,005 per MT
- Palm product output in 2024 was 7% weaker, impacted by replanting activity and El Niño condition that happened in 2023
Note:
1. Attributable to owners of the Company
Segmental EBITDA
US$ million | 1,826 | |||||
1,214 | 1,022 | 1,101 | ||||
986 | ||||||
434 | ||||||
669 | 507 | 607 | 534 | |||
495 | ||||||
255 | ||||||
253 | ||||||
779 | 804 | |||||
282 | 567 | |||||
478 | ||||||
416 | 355 | |||||
213 | ||||||
FY20 | FY21 | FY22 | FY23 | 1H24 | 2H24 | FY24 |
Plantation and palm oil mills | Palm, laurics and others |
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Financial Highlights
Financial Performance
Robust 2024 financial performance with sustained EBITDA margin despite El Niño impact
US$ million | FY 2024 | FY 2023 | YoY | 2H 2024 | 1H 2024 | HoH |
Revenue | 10,910 | 9,756 | 12% | 5,768 | 5,142 | 12% |
Gross Profit | 2,052 | 1,851 | 11% | 1,133 | 920 | 23% |
EBITDA1 | 1,101 | 986 | 12% | 607 | 495 | 23% |
Underlying Profit2 | 416 | 328 | 27% | 227 | 189 | 21% |
Net gain/(loss) from changes in fair value of | ||||||
biological assets3 | 12 | -5 | n.m | 6 | 7 | -18% |
Depreciation of bearer plants3 | -102 | -117 | -13% | -51 | -51 | - |
Foreign exchange gain/(loss)3 | 42 | -2 | n.m | 89 | -48 | n.m |
Deferred tax income/(expense)3 | -4 | -6 | -38% | -9 | 5 | n.m |
Net profit attributable to owners of the Company | 365 | 198 | 84% | 262 | 102 | 156% |
Stronger second half 2024 EBITDA compared to the first half with much higher contribution from upstream business, driven by recovery in plantation output and strengthening of CPO prices especially in the fourth quarter
Notes:
1. EBITDA includes net fair value gain/loss on financial assets in accordance with IFRS 9 of US$15 million, US$-13 million, US$17 million and US$-2 million in FY 2024, FY 2023,
2H 2024 and 1H 2024, respectively
- Net profit attributable to owners of the Company, excluding net effect of net gain/loss from changes in fair value of biological assets, depreciation of bearer plants, foreign exchange gain/loss, and deferred tax income/expense
- Net of tax and/or non-controlling interests
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Financial Position
Financial position continued to be healthy supported by prudent financial management
US$ million | 31-Dec-24 | 31-Dec-23 | Change |
Total Assets | 10,693 | 9,716 | 10% |
Cash and short-term investments | 1,000 | 1,135 | -12% |
Fixed assets1 | 3,834 | 3,817 | 0.4% |
Total Liabilities | 5,315 | 4,537 | 17% |
Net Debt2 | 565 | 391 | 45% |
Interest bearing debt | 3,706 | 3,065 | 21% |
Cash, short-term investments and liquid working capital3 | 3,141 | 2,674 | 17% |
Total Equity | 5,378 | 5,180 | 4% |
Current Ratio | 1.45x | 1.42x | |
Debt/Total Equity | 0.69x | 0.59x | |
Net Debt2/EBITDA | 0.51x | 0.40x | |
EBITDA/Interest | 4.58x | 4.47x |
Notes:
- Includes Property, Plant and Equipment, Bearer Plants, Right-of-use Assets and Investment Properties
- Interest bearing debt less cash, short-term investments and liquid working capital
- Liquid working capital consists of trade receivables, inventories (excluding consumables), deposits and advances to suppliers less trade payables and advances from customers
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Dividend Distribution for FY 2024 Profit
The Board declares higher final dividend of 0.804 Singapore cents per share, subject to shareholders' approval at the 2025 Annual Meeting
Cash Dividend | FY 2024 | FY 2023 | Change |
Dividend per share (in S$ cents) | 0.804 | 0.613 | 31% |
Total Dividend (in S$ million) | 101.96 | 77.74 | 31% |
Underlying Profit1 (in US$ million) | 416.21 | 327.55 | 27% |
% to Underlying Profit | 18% | 18% |
- The proposed dividend is in line with the Company's dividend policy, which is to distribute up to 30% of underlying profit
- The final dividend is proposed with careful consideration of rewarding shareholders whilst maintaining strong balance sheet ahead of anticipated global challenges
Note:
1. Net profit attributable to owners of the Company, excluding net effect of net gain/loss from changes in fair value of biological assets, depreciation of bearer plants, foreign exchange gain/loss, and deferred tax expense
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Segmental Performance
Segmental Results
Plantations and Palm Oil Mills
Stronger 2024 results of plantation segment with increase in CPO prices mitigating the lower production
FY 2024 | FY 2023 | YoY | 2H 2024 | 1H 2024 | HoH | |
Revenue (US$ million) | 2,174 | 2,007 | 8% | 1,266 | 908 | 39% |
EBITDA (US$ million) | 567 | 478 | 19% | 355 | 213 | 67% |
EBITDA margin | 26.1% | 23.8% | 2.3% | 28.0% | 23.4% | 4.6% |
CPO FOB Market Price (US$/MT) | 1,005 | 901 | 12% | 1,086 | 917 | 18% |
Net of export levy and tax (US$/MT) | 865 | 767 | 13% | 926 | 799 | 16% |
FFB Production ('000 tonnes) | 8,983 | 9,589 | -6% | 5,013 | 3,970 | 26% |
Nucleus | 7,073 | 7,464 | -5% | 3,951 | 3,122 | 27% |
Plasma | 1,910 | 2,125 | -10% | 1,062 | 848 | 25% |
FFB Yield (tonnes/ha) | 18.7 | 19.7 | -5% | 10.4 | 8.1 | 29% |
Palm Product Output ('000 tonnes) | 2,722 | 2,938 | -7% | 1,515 | 1,207 | 26% |
CPO | 2,156 | 2,329 | -7% | 1,201 | 955 | 26% |
PK | 566 | 609 | -7% | 314 | 252 | 25% |
Oil Extraction Rate | 20.4% | 21.2% | -0.8% | 20.4% | 20.5% | -0.1% |
Kernel Extraction Rate | 5.4% | 5.5% | -0.1% | 5.3% | 5.4% | -0.1% |
Palm Product Yield (tonnes/ha) | 4.8 | 5.3 | -8% | 2.7 | 2.1 | 28% |
Note:EBITDA includes allocated net fair value loss on financial assets (IFRS 9) of US$4 million, US$11 million, US$4 million and US$0.5 million in FY 2024, FY 2023, | 9 |
2H 2024 and 1H 2024, respectively |
Oil Palm Plantations
Technological innovation and replanting with higher yielding seeds ensure long-term productivity growth
Mature Area (ha) | Planted Area (ha) |
24%
Age Profile (ha)
10%
481,521 | 486,834 | 536,234 | 532,176 |
107,459 | 109,235 | 118,025 | 116,247 |
374,062 | 377,599 | 418,209 | 415,929 |
31-Dec-24 | 31-Dec-23 | 31-Dec-24 | 31-Dec-23 |
Nucleus | Plasma |
- Replanting activity during 2024 accelerated to 21,500 ha, compared to 14,200 ha in 2023
- Most of planted area is between 7 to 18 years old, while average age of nucleus estates maintained at below 15 years
54,713
9%
125,189 48,810
Supply 76,256growth remains limited with
14%231,266 43%
aging plantations and replanting activities
for the industry
Immature (0-3 years) | Young (4-6 years) |
Prime 1 (7-18 years) | Prime 2 (19-25 years) |
Old (>25 years)
Note:Including plasma
As of 31 December 2024
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