Golden Agri-Resources Ltd (GAR) posted a 29 per cent rise in net profit to US$284 million for the nine months ended Sept 30, 2025, lifted by higher crude palm-oil (CPO) prices and improved plantation output.

Revenue expanded 21 per cent year-on-year (YoY) to a record US$9.53 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 16 per cent to US$882 million, sustaining a 9.3 per cent margin. No dividend was announced.

Upstream operations underpinned the earnings rebound. Palm product output (CPO and palm kernel) rose 6 per cent to 1.99 million tonnes, supported by a 6 per cent improvement in fresh-fruit bunch yields to 13.6 tonnes per hectare amid favourable weather. Downstream sales volumes inched up 1 per cent to 8.73 million tonnes, although margins remained compressed by “a competitive market environment”, the company said.

Quarterly performance also firmed. For the three months ended Sept 30, revenue grew 9 per cent sequentially to US$3.38 billion and net profit advanced 17 per cent to US$124 million as stronger sales volumes and prices offset volatile forex movements.

Still, foreign-exchange swings weighed on the nine-month results, with a US$15 million loss compared with a US$2 million loss a year earlier. Downstream profitability lagged, even as merchandising volumes recovered over the last two quarters.

GAR continued to bolster its balance sheet. Net debt fell 77 per cent from end-2024 to US$128 million, trimming net debt-to-EBITDA to 0.10 times. The current ratio improved to 1.52 times, while debt-to-equity slid to 0.56 times.

Strategic initiatives centred on sustainability and operational efficiency. The group commissioned three methane-capture plants this year, targeting annual Scope 1 emission cuts of 150,000 tonnes of CO2-equivalent. Replanting of ageing estates brought total planted area to 531,000 hectares, with 491,000 hectares mature. Its Sawit Terampil programme has now reached 11,000 independent smallholders, 800 of whom hold Roundtable on Sustainable Palm Oil certification.

Looking ahead, GAR noted that vegetable-oil fundamentals remain solid on “steady and rising global demand”, while supply growth is constrained by ageing plantations, replanting activity and weather risks. The company said shifts in biofuel mandates, trade flows and geopolitical tensions could inject further price volatility and will be monitored closely.