- Revenue for the nine-month period of 2026 reached over US$10 billion
- Strong improvement in third quarter supports net profit growth to reach US$330 million
Financial Highlights
Singapore, 12 November 2026: Golden Agri-Resources Ltd and its subsidiaries ("GAR" or the "Company") maintained its resilient financial performance through the third quarter of 2026, reaching revenue of over US$10 billion for the nine-month period. The Company's integrated business model enabled the Company to maintain its sales volume despite continued volatility in the global operating environment. Revenue growth was supported by appreciation in crude palm oil ("CPO") prices, with the average FOB Indonesia price increasing to US$1,192 per tonne between January and September 2026, from US$1,094 per tonne in the corresponding period last year.
This growth led to a 10% increase in nine-month EBITDA to US$970 million compared to the corresponding period last year. Foreign exchange gains stood at US$13 million, turning around a loss of US$15 million for the same period last year, while interest expenses in 2026 were slightly lower. Net profit grew by 16% to US$330 million, after deducting income tax for the period.
Quarter on quarter performance was also positive, primarily due to higher plantation output and investment income received. Both EBITDA and net profit expanded by 32% to US$414 million and US$162 million, respectively, between the second and third quarter of 2026.
Operational Update
As of 30 September 2026, GAR's planted area totalled approximately 525,000 hectares, of which 480,000 hectares were mature. Nucleus and plasma estates made up 409,000 and 116,000 hectares of this area, respectively.
A strong rebound in fresh fruit bunch ("FFB") production during the third quarter drove a 2% increase in nine-month volume, despite ongoing land preparation for replanting. Together with improved oil extraction rates and higher purchases of third-party FFB, palm product output grew by 7% to 2.1 million tonnes.
GAR's downstream business maintained its sales volume at around 8.7 million tonnes for the nine months of 2026, despite continued volatility in the global markets. Leveraging its robust logistics capabilities, GAR continues to diversify its global customer base while expanding its portfolio of value-added products.
Industry Outlook
Near-term palm oil consumption is impacted mainly by ongoing geopolitical tensions affecting energy prices and disrupting logistics, as well as the availability of competing vegetable oils. Firm crude oil prices continue to keep biodiesel economically competitive, and higher blending mandates are sustaining demand.
On the supply side, the current El Niño conditions are expected to impact yield in 2027. The prolonged drought has also temporarily delayed planned replanting. Ageing trees in both Indonesia and Malaysia remain the key constraint on production growth in the industry.
These conditions should support palm oil and other vegetable oil prices. However, price volatility, driven mainly by weather conditions, geopolitical developments, shifts in global trade policies and energy market dynamics, may persist in the near term.
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