Golden Agri-Resources Ltd (GAR) posted a net profit attributable to shareholders of US$167.2 million for the six months ended Jun 30 2026, up 4.4 per cent year-on-year, supported by higher crude palm-oil (CPO) prices and foreign-exchange gains despite a dip in plantation output.

Group revenue rose 7.3 per cent to US$6.60 billion. Earnings per share increased to 1.32 US cents from 1.26 US cents a year earlier. No interim dividend was declared; GAR reiterated that it reviews distributions in the second half of the financial year. During the period, the company paid the prior year’s final dividend of S$0.00952 per share.

By segment, Plantations and Palm-Oil Mills contributed revenue of US$1.16 billion, 2.3 per cent lower year-on-year, as fresh-fruit-bunch output slipped to 4.23 million tonnes (1H 2025: 4.36 million tonnes). Segment EBITDA eased 3.5 per cent to US$309.3 million, as the benefit of an 8.1 per cent rise in average CPO prices to US$1,178 a tonne was offset by softer production and higher administrative costs.

The Palm, Laurics and Others division—which covers downstream processing and merchandising of palm- and oilseed-based products, oleochemicals, sugar and other vegetable oils—saw revenue climb 7.3 per cent to US$6.54 billion on stronger volumes and pricing. Segment EBITDA inched up 0.3 per cent to US$246.5 million, with margin pressure from higher freight, export taxes and levies muting the top-line gain.

Group profit before tax expanded 27.4 per cent to US$319.8 million, aided by a 15.8 per cent drop in net financial expenses to US$69.2 million and a US$31.8 million foreign-exchange gain, reversing a US$23.9 million loss in the prior period. Net other expenses swung to US$53.4 million, reflecting fair-value losses on financial assets and higher administrative charges.

Operating cash flow before working-capital changes improved 5.4 per cent to US$538.2 million. However, higher inventories, trade receivables and tax payments compressed net operating cash inflow to US$163.8 million (1H 2025: US$632.1 million). Capital expenditure of US$217.9 million and increased short-term investments lifted net cash used in investing activities to US$383.6 million. GAR ended June with US$238.8 million in cash and cash equivalents, down from US$359.5 million at end-2025, while total borrowings increased to US$3.51 billion from US$3.25 billion.

Looking ahead, the company flagged continued volatility in global vegetable-oil markets, citing geopolitical tensions, higher energy and shipping costs, and evolving trade policies. Nonetheless, management expects CPO prices to stay supported by constrained supply growth and steady demand from food, oleochemical and biofuel segments. GAR intends to leverage its integrated value chain, focus on productivity gains and cost efficiencies through technology, and maintain its sustainability commitments to drive long-term value creation.