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First Resources Company profile

About First Resources Ltd

First Resources Limited is a Singapore-based palm producer. The Company's business activities include cultivating oil palms, harvesting the fresh fruit bunches (FFB) and milling them into crude palm oil (CPO) and palm kernel (PK). The Company operates through two segments: Plantations and Palm Oil Mills and Refinery and Processing. Its Plantations and palm oil mills segment is principally involved in the cultivation and maintenance of oil palm plantations and operation of palm oil mills. Its Refinery and processing segment markets and sells processed palm-based products produced from the refinery, fractionation and biodiesel plants and other downstream processing facilities. The Company manages approximately 213,461 hectares of oil palm plantations across the Riau, East Kalimantan and West Kalimantan provinces of Indonesia. It also has approximately 6,321 hectares of rubber plantations and 18 Palm oil mills.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, First Resources Ltd revenues increased 56% to $1.03B. Net income increased 62% to $161.1M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Loss on derivative financial instrument increase from $10.8M (expense) to $10.6M (income), FV Adjustments on Biological Assets increase from $3.9M to $16M (income).