Sustained first quarter 2024 EBITDA margin of over nine percent Net profit was impacted by foreign exchange loss, interest expenses and lower yields due to El Niño Financial position remained robust with a low gearing ratio of 0.56 times SINGAPORE, May 15, 2024 PRNewswire -- Golden Agri-Resources Ltd's ("GAR" or the "Company") financial performance in the first quarter of 2024 continued to demonstrate the integrated agribusiness' resilience in the face of weaker CPO prices. Despite an eight percent year-on-year decrease in CPO market price (FOB Belawan), from an average of US$990 per tonne in the first quarter of 2023 to US$910 per tonne in the same period this year, increased sales volume partly offset the impact of lower prices to deliver a year-on-year increase in revenue to US$2.56 billion.
GAR's Q1 2024 financial results demonstrate continued resilience for the integrated agribusiness. EBITDA for the quarter stood at US$231 million, maintaining a margin of over nine percent, while underlying profit and net profit came in lower at US$79 million and US$37 million, respectively.
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