- The company builds on its first half performance to achieve record nine-month revenue of $9.53 billion, up 21% year-over-year.
- Increased plantation production helped the company benefit from rising CPO prices.
- EBITDA for the first nine months of 2025 increased 16% to US$882 million, with recovery in downstream merchandising volume complementing upstream performance.
SINGAPORE, November 13, 2025 /PRNewswire/ — Golden Agri-Resources Ltd (“GAR” or the “Company”) continued its record earnings streak for a second consecutive quarter, recording US$9.53 billion for the nine-month period of 2025. Higher plantation production helped the Company capitalize on a 17% rise in crude palm oil (“CPO”) prices (FOB Belawan), while a modest increase in downstream volume supported income growth.
Nine-month EBITDA increased 16% to US$882 million, preserving a healthy margin of 9.3%. The foreign exchange loss increased from 2 million US dollars in the same period last year to 15 million US dollars. Net profit remained strong, increasing 29% to US$284 million.
GAR’s balance sheet was also strengthened, with an improved debt-to-equity ratio of 0.56 times and a much lower net debt-to-EBITDA ratio of 0.10 times.
On the outlook, Mr. Franky O. Widjaja, President and CEO of GAR For palm oil, supply growth in the short and medium term has been limited by aging plantations and replanting activities which support CPO prices. The market is also paying close attention to any changes in biofuel blending mandates across the world. Geopolitical tensions will have significant knock-on effects on market dynamics, causing price volatility.
Operational Highlights
GAR continued to replant its old estates as part of the company’s long-term yield improvement initiative. As a result, the planted area of GAR as of September 30, 2025 decreased slightly to approximately 531,000 hectares, of which 491,000 hectares were mature. The nuclear and plasma domains accounted for 414,000 and 117,000 hectares of this area, respectively.
Fruit yield for the nine months of 2025 increased by 6% year-on-year from 12.8 to 13.6 tonnes per hectare, supported by favorable weather conditions. This resulted in a total fruit production of 6.7 million tonnes, with a corresponding increase in palm product production of 6%, to almost 2.0 million tonnes.
The Company’s downstream businesses continued to advance in a volatile global economic environment. Although competitive market conditions limited downstream performance, GAR’s merchandising volumes continued to increase over the past two quarters, resulting in increased sales volume over the nine-month period.
The Company will continue to strengthen its competitive advantage through value-added products tailored to customer demands for functionality, quality and durability; anticipate factors likely to influence price developments and trade flows while continuing to respect its commitments to responsible production.
Investing in sustainability
GAR continues to advance its sustainability ambitions as part of the Company’s agenda. Collective for Impact commitments. GAR commissioned three new methane capture plants at its factories in 2025, targeting annual CO₂e reductions of 150,000 tonnes of its Scope 1 emissions.
The company exceeded the 2025 targets of its flagship Sawit Terampil Independent Smallholder Program, reaching 11,000 farmers by the end of September 2025. The program helps smallholders improve productivity, meet regulatory requirements and access sustainable markets through recognized sustainability certification programs. Nearly 300 participants received Roundtable Certification on Sustainable Palm Oil at the organization’s recent roundtable, bringing the total number of certified smallholders to 800.
Recent Asia Sustainability Report AwardGAR’s commitment to transparency and quality reporting has been recognized with the Platinum Award for Supply Chain Reporting and the Bronze Award for Environmental Impact Reporting. These recognitions reaffirm GAR’s commitment to transparent and credible sustainability disclosures, aligned with leading reporting standards.
About Golden Agri-Resources Ltd (GAR)
GAR is a leading fully integrated food and beverage company. In Indonesia, it manages an oil palm plantation area of approximately 531,000 hectares (including plasma smallholders) as of September 30, 2025. It has integrated operations focused on technology-driven production and distribution of a broad portfolio of palm products through its established international marketing network.
Founded in 1996, GAR was listed on the Singapore Stock Exchange in 1999 and had a market capitalization of US$2.9 billion as of September 30, 2025. Flambo International Limited, an investment company, is GAR’s largest shareholder, with a 50.56% stake. In addition, GAR’s subsidiary PT SMART Tbk was listed on the Indonesian Stock Exchange in 1992.
As an integrated agribusiness, GAR offers an efficient end-to-end supply chain, from responsible production to global delivery. In Indonesia, its main activities include the cultivation and harvesting of oil palm; processing fresh fruit bunches into crude palm oil (CPO) and palm kernel; refining CPO into value-added products such as cooking oil, margarine, shortening, biodiesel and oleochemicals; as well as the marketing of palm products on a global scale.
GAR’s products are delivered to a diverse customer base in more than 110 countries through its global distribution network with capabilities in shipping and logistics, destination marketing, onshore refining and off-tank operations. GAR also has complementary businesses such as soybean products in China, sunflower products in India and sugar businesses.
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SOURCE Golden Agri-Ressources
