Golden Agri-Resources posts $489m net profit in 2024

The group's revenue also grew 12%.

Golden Agri-Resources Ltd (GAR) reported a net profit of $489m ($365m) for 2024, driven by higher crude palm oil (CPO) prices and strong sales.

The group's revenue also grew 12% to $14.6b ($10.9b) on record sales of 11.9 million tonnes.

EBITDA increased 12% to $1.5b ($1.1b), maintaining a 10% margin. Chairman and CEO Franky O. Widjaja credited the company’s vertically integrated operations for driving growth, alongside investments in technology and sustainability.

GAR expects palm oil prices to remain strong in early 2025, with demand rising during festive periods across Asia. The company also anticipates a recovery in Indonesian output as El Niño’s effects subside.

The board has proposed a final dividend of $0.00804 per share, totalling $100m ($75m), a 31% increase from the previous year. Pending shareholder approval, the dividend will be distributed on 20 May 2025.

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