SINGAPORE, Nov. 14, 2024 /PRNewswire/ -- Golden Agri-Resources Ltd ("GAR" or the "Company") recorded an 8% growth in revenue for the nine months ending September 2024, reaching almost US$7.9 billion. Weaker plantation output caused by the ongoing effects of 2023's El Niño conditions was mitigated by slightly higher crude palm oil (CPO) prices and expanded sales volumes during this period.
EBITDA rose by 3% year-on-year to US$758 million, preserving a healthy margin of 9.6%. Meanwhile, underlying profit and net profit for the period decreased to US$279 million and US$220 million respectively. This was driven by increased financial expenses, in line with a higher interest rate environment, and greater income tax expenses attributed to several subsidiaries operating in higher income tax countries.
GAR's financial position remained strong with a low gearing ratio of 0.61 times and net debt to EBITDA of 0.53 times.
On the outlook, Mr Franky O. Widjaja, GAR Chairman and Chief Executive Officer, commented: "The impact of the El Niño phenomenon in the second half of 2023 on Indonesia's palm oil output this year is worse than initially estimated by the industry. Sunflower oil and rapeseed oil production have also been disrupted by some crop losses due to unfavourable weather conditions. The recent increase in production of soybean oil has alleviated the tightness in global rapeseed and sunflower oil supply, although prices remain elevated. The market anticipates a seasonally low production period for palm oil in the first half of next year, while Indonesia is planning for the implementation of an increased B40 biodiesel blending mandate."
Mr. Widjaja added: "Unpredictable weather conditions in key producing countries and escalating geopolitical tensions remain critical factors likely to support vegetable oil prices. Nevertheless, the possibility of demand rationing, especially in price-sensitive markets, amidst the current high prices is an important factor to monitor."
OPERATIONAL HIGHLIGHTS
As of 30 September 2024, GAR's planted area was almost 534,000 hectares, of which 486,000 hectares were mature. Nucleus and plasma estates made up 417,000 and 117,000 hectares of this area respectively.
Fruit yield for the period decreased year-on-year from 14.4 tonnes per hectare in 2023 to 12.8 tonnes per hectare, as a result of land preparation for replanting and the impact of El Niño conditions in late 2023. While palm product output remains below last year's levels, it has recovered consistently each quarter and GAR expects the peak crop season to shift to the fourth quarter this year.
Elsewhere, sales volume in GAR's downstream business expanded by 8% during the nine months of 2024, demonstrating the efficacy of the Company's integrated business model and focus on pursuing higher value-added products.
ONGOING INVESTMENT IN SUSTAINABILITY
GAR can trace 100% of the palm produced on its estates to plantation level. As of the third quarter of 2024, the company has extended Traceability to the Plantation (TTP) to 99% of its total palm oil supply chain in Indonesia, including independent smallholder farmers. GAR continues to provide capacity building and training to ensure smallholders, who make up around 40% of the country's production, are not left out of traceable, sustainable supply chains.
The Company has built on this foundation to extend traceability to its global supply chains for palm and other commodities. GAR can now trace 100% of its soy, sugar, and coconut and 50% of sunflower oil supplies to mill level. This commitment to traceability across its supply chains is fundamental to ensure GAR can meet growing customer and regulatory demands. The Company will continue to prioritise EU Deforestation-free Regulation (EUDR) readiness and is working closely with customers on compliance despite the potential delay to implementation.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Growth in Value-Added Downstream Sector Counters El Niño Impacts for Golden Agri
Growth in Value-Added Downstream Sector Counters El Niño Impacts for Golden Agri
Ahead of the Las Vegas Grand Prix, Chivas Regal comes together with Scuderia Ferrari HP in a multi-year partnership, with the iconic blended Scotch appointed 'Official Team Partner'
LONDON, Nov. 14, 2024 /PRNewswire/ -- Announced ahead of the Las Vegas Grand Prix next weekend, luxury Scotch whisky, Chivas Regal, has been appointed 'Official Team Partner' of the Scuderia Ferrari HP Formula 1 team in a new global multi-year partnership that unites two iconic heritage brands with a shared legacy in craft, innovation and luxury.
The collaboration sees Chivas Regal - the original luxury blended Scotch whisky - and Scuderia Ferrari HP - the world's most successful Formula 1 team - come together to celebrate their commitment to collective success, which forms the foundation of the new partnership.
Shining a light on life off-track, the collaboration will offer a fresh perspective on Scuderia Ferrari HP, focussing on telling the untold stories of teamwork that are critical to success. Through unparalleled behind-the-scenes access showcasing a new take on the world of motor sports, alongside exclusive content and live experiences, Chivas Regal and Scuderia Ferrari HP will spotlight contemporary racing culture, championing the Tifosi - Scuderia Ferrari HP's loyal fandom - and putting the focus on the sport's ever-growing international fan community.
The partnership will also be used as a powerful platform for Chivas Regal to raise awareness about the dangers of drink-driving, to drive positive impact amongst a global audience of passionate racing enthusiasts. The integrated campaign, which is due to launch next year, will follow recent responsible drinking campaigns run by Chivas Regal in markets such as Mexico and Japan.
Frederic Vasseur, Formula 1 Team Principal at Scuderia Ferrari HP, commented: "We are pleased to announce our partnership with Chivas Regal, with whom we share the values of striving for excellence, attention to detail and craftsmanship - founded on years of tradition, while constantly evolving. Together, we share the desire to progress and set the benchmark in our respective fields of endeavour. I look forward to working with Chivas Regal in a partnership that will be beneficial for both brands."
Jean-Etienne Gourgues, Chairman & CEO of Chivas Brothers, makers of Chivas Regal, added: "This partnership marks a significant gear shift as we accelerate into a new era in sports culture for Chivas Regal. Since its foundation, Scuderia Ferrari HP has been a true pioneer at the forefront of culture, making it the perfect partner for us to usher in this new chapter.
In the fast-moving world of Formula 1, success is a team effort – something that sits at the heart of Chivas Regal's mission of 'I Rise, We Rise'. We are passionate about using this new platform to engage today's growing and increasingly diverse community of racing fans in the 2025 season and beyond, and leveraging the collective reach of our brands to ensure motorsports fans around the world know to never, ever, drink and drive."
Lorenzo Giorgetti, Ferrari Chief Racing Revenue Officer, added: "We are delighted to announce the partnership with Chivas Regal, a dynamic brand entering the world of top-level motorsport for the first time, in collaboration with Scuderia Ferrari HP. We will work together on exciting and innovative activations to bring Formula 1 even closer to its fans, expanding the Scuderia Ferrari HP fan base and that of our sport in general."
The partnership with Scuderia Ferrari HP is the latest move for Chivas Regal in its long-standing association with global sports culture, having enjoyed partnerships with Premier League football clubs for many years. Fans can keep up to date with the new partnership by following @ChivasRegal on Instagram or visiting Chivas.com.
Notes to Editors
For more information please contact: chivasregal@wearetheromans.com
About Chivas
Chivas Regal is the original luxury blended Scotch whisky. Launched in 1909, Chivas has been integral to the growth of the Scotch whisky category worldwide – selling more than 4.6 million 9L cases every year.
Chivas believes in the power of blending in life, as well as in Scotch. In celebrating the next generation of whisky drinkers who elevate themselves and those around them to forge new paths to success - which is why Chivas' ethos is 'I Rise, We Rise', a nod to the importance of hard work, community and ripping up the rule book. These values were instilled by founding brothers James and John Chivas who pioneered the art of whisky blending in 19th century Scotland and became pillars of the community due to their tireless work ethic, hustle, and drive. This energy can be seen today as Chivas continues this vision of blending success with generosity to elevate the lives of others whether that is through shining a light on grassroots communities through Regal FC or supporting the next generation of creative entrepreneurs who are driving positive change across culture through New Regals platforms.
Chivas blends its spiritual home in Speyside, Scotland, with more than 100 countries across the globe, who together have made Chivas the global success it is today. The Chivas range blends timeless classics with modern innovation and includes: Chivas 12, Chivas Extra, Chivas XV, Chivas Mizunara, Chivas 18, Chivas Ultis XX, Chivas 25, and Chivas Regal The Icon
Chivas. I Rise, We Rise.
www.Chivas.com
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** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
CHIVAS REGAL ACCELERATES INTO NEW ERA IN SPORTS CULTURE WITH GLOBAL PARTNERSHIP WITH SCUDERIA FERRARI HP
CHIVAS REGAL ACCELERATES INTO NEW ERA IN SPORTS CULTURE WITH GLOBAL PARTNERSHIP WITH SCUDERIA FERRARI HP
