Annual Report 2023

Cultivating Excellence Innovating Growth

As a palm oil industry leader, Golden Agri-Resources (GAR) upholds ethical practices and elevates operational excellence throughout its entire business value chain. At GAR, we focus on adding value to our products and services to enhance our competitive edge. Investments in innovation and sustainability reinforce our ability to generate long-term value for our stakeholders. GAR sees partnerships with our stakeholders as essential – helping us cultivate excellence and innovate for growth to allow us to navigate this dynamic industry effectively and strengthen the resilience of our business for the future.

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ANNUAL REPORT 2023 FULL PDF


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APPENDICES TO THE NOTICE OF
2024 ANNUAL MEETING


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Chairman’s Statement

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Our strategic focus on margin optimisation across the value chain has been instrumental in our success, fortifying our cash flow resilience and maintaining a robust balance sheet.
Franky Oesman Widjaja
Chairman and Chief Executive Officer

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CHAIRMAN’S STATEMENT


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Financial Performance

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FINANCIAL REVIEW


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CONSOLIDATED FINANCIAL
STATEMENTS


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Global Integrated Operations

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 US$9.8 billion and underlying profit of US$328 million in 2023.

GAR’s integrated operations focus on the technology-driven production and distribution of extensive portfolio of palm-based products throughout 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 532 thousand hectares of oil palm plantations in Indonesia, including plasma smallholders; harvesting and extracting fresh fruit bunches into crude palm oil and palm kernel; to processing it 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 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 shipping and logistics capabilities are bolstered by our ownership of vessels, sea ports, jetties, warehouses and bulking facilities in strategic locations. GAR also has complementary businesses such as soybean-based products in China, sunflower-based products in India, and sugar businesses.

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Creating Long-Term Value Responsibly

By way of the following strategic priorities, GAR is steadfast in fortifying its position as an innovative and leading integrated agribusiness and food player, with a superior at-scale upstream and resilient value-adding downstream businesses.
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Creating Long-Term Value Responsibly


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Operations Review

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OPERATIONS REVIEW


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