GAR Continues Record-Breaking Financial Results Run With Nine-Month Revenue High
Company builds on first half performance to reach record nine-month revenue of US$9.53 billion, up 21% year-on-year
Higher plantation output helped the Company capitalise on CPO price increase
EBITDA for the first nine months of 2025 rose by 16% to US$882 million, with recovery in downstream merchandising volume complementing upstream performance.
SINGAPORE, Nov. 13, 2025 /PRNewswire/ — Golden Agri-Resources Ltd (“GAR” or the “Company”) continued its run of record-high revenue for a second consecutive quarter, recording US$9.53 billion for the nine-month period of 2025. Higher plantation output helped the Company capitalise on a 17% rise in crude palm oil (“CPO”) prices (FOB Belawan), while a modest increase in downstream volume further supported revenue growth.
GAR recorded record-high revenue for the first nine months of 2025; continuing its first-half record revenue trend.
Nine-month EBITDA grew by 16% to reach US$882 million, preserving a healthy margin of 9.3%. Foreign exchange loss increased from US$2 million in the same period last year to US$15 million. Net profit remained strong, growing by 29% to reach US$284 million.
GAR’s balance sheet has also been strengthened, with an improved gearing 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, GAR Chairman and Chief Executive Officer commented: “Vegetable oil industry fundamentals remain robust, driven by steady and rising global demand. Limitations in supply growth capability, often compounded by unfavourable weather conditions, present ongoing challenges to meeting this demand. For palm oil, short- and medium-term supply growth has been constrained by ageing plantations and replanting activity which provide support to CPO prices. The market is also paying close attention to any changes in biofuel blending mandates across the world. Any shifts in trade, energy, and sustainability policies, coupled with geopolitical tensions, will have significant ripple effects on market dynamics, causing price volatility.”
Operational Highlights
Upstream output grew by 6% year-on-year, with modest increase in downstream volume despite volatile global economic environment
GAR has continued replanting its old estates as part of the Company’s long-term yield improvement initiative. As a result, GAR’s planted area as of 30 September 2025 declined slightly to around 531,000 hectares, of which 491,000 hectares were mature. Nucleus and plasma estates made up 414,000 and 117,000 hectares of this area, respectively.
Fruit yield for the nine months of 2025 rose by 6% year on year from 12.8 to 13.6 tonnes per hectare supported by favourable weather conditions. This translated into a total fruit output of 6.7 million tonnes, with a corresponding increase in palm product output of 6% to almost 2.0 million tonnes.
The Company’s downstream business continued to make progress amidst a volatile global economic environment. While competitive market conditions have constrained downstream performance, GAR’s merchandising volumes have continued to rise over the last two quarters, resulting in increased sales volume for the nine-month period.
The Company will continue to strengthen its competitive edge through value-added products tailored to customer demands for functionality, quality and sustainability; anticipating factors that may influence price trends and trade flows while continuing to deliver on its commitments to responsible production.
Investment in Sustainability
GAR continues to advance its sustainability ambitions under the Company’s Collective for Impact commitments. GAR has commissioned three new methane capture plants at its mills in 2025, targeting annual CO₂e reductions of 150,000 tonnes from its Scope 1 emissions.
The Company has surpassed 2025 targets for its flagship independent smallholder programme Sawit Terampil, reaching 11,000 farmers by the end of September 2025. The programme helps smallholders to improve productivity, meet regulatory requirements, and access sustainable markets through recognised sustainability certification schemes. Almost 300 participants were awarded Roundtable on Sustainable Palm Oil certification at the organisation’s recent Roundtable Conference, bringing the total number of smallholders certified to 800.
At the recent Asia Sustainability Reporting Awards, GAR’s commitment to transparency and quality reporting was recognised with the Platinum Award for Supply Chain Reporting and the Bronze Award for Environmental Impact Reporting. These recognitions reaffirm GAR’s dedication to transparent and credible sustainability disclosures aligned with leading reporting standards.
About Golden Agri-Resources Ltd (GAR)
GAR is a leading fully-integrated agribusiness company. In Indonesia, it manages an oil palm plantation area of approximately 531,000 hectares (including plasma smallholders) as of 30 September 2025. It has integrated operations focused on the technology-driven production and distribution of an extensive portfolio of palm-based products throughout its established international marketing network.
Founded in 1996, GAR was listed on the Singapore Exchange in 1999 and has a market capitalisation of US$2.9 billion as of 30 September 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 Indonesia Stock Exchange in 1992.
As an integrated agribusiness, GAR delivers an efficient end-to-end supply chain, from responsible production to global delivery. In Indonesia, its primary activities include cultivating and harvesting oil palm trees; the processing of fresh fruit bunch into crude palm oil (CPO) and palm kernel; refining CPO into value-added products such as cooking oil, margarine, shortening, biodiesel and oleo-chemicals; as well as merchandising palm products globally.
GAR’s products are delivered to a diversified customer base in over 110 countries through its global distribution network with shipping and logistics capabilities, destination marketing, on-shore refining and ex-tank operations. GAR also has complementary businesses such as soybean-based products in China, sunflower-based products in India, and sugar businesses.
