Golden Agri posts 15% loss in 2020

The Indonesian agriculture firm expects the demand in palm oil to recover in 2021.

In a disclosure to the bourse, Golden Agri-Resources reported a net profit of US$230m for the full eyar of 2020. This is 15% lower than the US$272m reported for 2019.

The vegetable oil supplier attributed the loss to the impact of COVID-19 on the economy, but expects the demand for palm oil and similar products to recover.

The company recovered from the US$11m net loss recorded in the first half of the year, reporting a net profit of $242m for the second half.

Golden Agri CEO and chairman Franky Widjaja said that the company expects to further recover in 2021, whilst anticipating potential volatility.

“Demand is expected to remain strong with recovery from the COVID-19 pandemic including the demand from Indonesian biodiesel. However, we still need to anticipate volatility with the lingering COVID-19 pandemic,” he said.

Golden Agri shares traded flat, closing at $0.19 per unit Thursday.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia