Golden Agri posts 15% loss in 2020

The Indonesian agriculture agency expects the demand in palm oil to get better in 2021.

In a disclosure to the bourse, Golden Agri-Sources reported a web revenue of US$230m for the total eyar of 2020. That is 15% decrease than the US$272m reported for 2019.

The vegetable oil provider attributed the loss to the influence of COVID-19 on the economic system, however expects the demand for palm oil and related merchandise to get better.

The corporate recovered from the US$11m web loss recorded within the first half of the yr, reporting a web revenue of $242m for the second half.

Golden Agri CEO and chairman Franky Widjaja stated that the corporate expects to additional get better in 2021, while anticipating potential volatility.

“Demand is expected to remain strong with recovery from the COVID-19 pandemic including the demand from Indonesian biodiesel. However, we still need to anticipate volatility with the lingering COVID-19 pandemic,” he stated.

Golden Agri shares traded flat, closing at $0.19 per unit Thursday.