First Resources sees 86.6% YoY profit jump in 1Q24

Sales growth drove the profit increase.

First Resources reported an 86.6% YoY increase in net profit to $48.7m (US$36.1m) in 1Q24.

In the same period, the company's EBITDA increased by 26.0% to $87.6m (US$69.4m) 

The company attributed its improved net profit and EBITDA to a 6.2% increase in sales, which rose to $284.2 million (US$210.5 million) despite lower average selling prices.

Overall sales volume and a reduction in export taxes propelled the increase in sales.

During the quarter, the volume of fresh fruit bunches (FFB) harvested increased by 6.4% to 778,618 tonnes compared to 731,672 tonnes in 1Q23. 

FFB yield improved from 3.7 tonnes per hectare in 1Q23 to 3.9 tonnes in 1Q24, whilst CPO production rose 8.9% to 201,754 tonnes in the same period.