Golden Agri net profit falls 20% to $56.2m in Q1

Weaker upstream output and lower crude palm oil prices weighed on earnings.

Golden Agri-Resources’ net profit attributable to owners declined 20% YoY to $56.2m (US$44m) in the first quarter of 2026, whilst underlying profit fell 43% to $63.9m (US$50m).

The company said the earnings decline was mainly due to weaker upstream contribution, as both palm product output and average selling prices fell. Higher income tax expenses and additional provisioning costs also weighed on earnings.

Revenue rose 6% to $4.1b (US$3.2b), supported by higher merchandising volume from its downstream business. Gross profit increased 4% to $575.1m (US$450m), but EBITDA fell 7% to $308m (US$241m), with an EBITDA margin of 7.5%.

The average crude palm oil market price, FOB Indonesia, declined 2% YoY to $1,451 (US$1,136) per tonne during the quarter.

Upstream palm product output fell 10% to 592,000 tonnes, whilst harvested fruits declined 11% to 1.92 million tonnes. Golden Agri attributed the decline mainly to preparation for replanting and the festive holiday in Indonesia in March.

Downstream sales volume increased 2% to 2.81 million tonnes, supported by the group’s diversified customer base and logistics capabilities.

Golden Agri’s financial position remained healthy, with total assets of $13.9b (US$10.9b) and total equity of $7.4b (US$5.8b) as at 31 March. Its gearing ratio stood at 0.55 times, whilst net debt to EBITDA was 0.24 times.

Looking ahead, the company said tighter vegetable oil supplies, higher biofuel mandates, ageing plantations, replanting cycles, El Niño conditions, and potentially lower fertiliser application are expected to keep crude palm oil prices elevated in the near term.

($1 = US$0.78)

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