Annual Reports

Listed on the Singapore Exchange since 1999, Golden Agri-Resources Ltd (“GAR”) is one of the leading integrated palm oil plantation companies in the world generating revenue of nearly US$13 billion and a net profit of US$400 million in 2025.

GAR’s integrated operations focus on the technology-driven production and distribution of an extensive portfolio of palm-based products through its established international marketing network. GAR encompasses an efficient end-to-end supply chain, from responsible production to global delivery. Our primary activities start from cultivating 531,000 hectares of oil palm plantations in Indonesia, including plasma smallholders; to harvesting and extracting fresh fruit bunches into crude palm oil and palm kernel; and further processing them into a broad range of value-added products such as cooking oil, margarine, shortening, biodiesel and oleochemicals; as well as merchandising palm products globally.

GAR has a global market presence with destination refining, ex-tank operations, and sales representative offices in many large consuming countries. GAR’s products are sold globally to a diversified customer base by leveraging its extensive distribution network, strong merchandising, branding, and destination marketing. Our logistics capabilities are bolstered by our shipping management, sea ports, jetties, warehouses, and bulking facilities in strategic locations. GAR also has complementary businesses such as soybean-based and other food products in China, sunflower-based products in India, and sugar businesses.

GAR reached a record high revenue at nearly US$13.0 billion, representing a 19% increase from the previous year, primarily driven by higher CPO prices and increased sales volume. In tandem with higher revenue, EBITDA rose by 14% to reach US$1.26 billion, sustaining a solid margin of 9.7%. Underlying profit grew by 25% to US$522 million, while net profit attributable to owners of the Company increased by 10% to US$400 million with much lower net foreign exchange gain.

GAR’s financial position as at 31 December 2025 remained strong, underpinned by the Company’s prudent financial management. Total consolidated assets maintained at US$10.7 billion, while total liabilities reduced by 7% to US$4.94 billion. Key leverage indicators remained healthy, with gearing ratio (debt to equity) improving to 0.57 times and net debt to EBITDA strengthening to 0.23 times.