Golden Agri-Resources achieves a new record performance for the nine-month period of 2022

EBITDA[1] for year-to-date September 2022 reached over US$1.3 billion,whilst net profit more than doubled to US$675 million

Splendid performance across upstream and downstream business segments

FINANCIALHIGHLIGHTS

US$'million

Nine-month period ended

Change

Quarter ended

Change

30 Sep

2022

(9M 2022)

30 Sep

2021

(9M 2021)

30 Sep

2022

(3Q 2022)

30 Sep

2021

(3Q 2021)

Revenue

8,570

7,282

18%

3,080

2,828

9%

Gross Profit

2,180

1,690

29%

811

629

29%

EBITDA[1]

1,340

828

62%

532

305

75%

Underlying Profit[2]

726

386

88%

319

140

127%

Foreign Exchange Gain[3]

55

8

600%

14

15

-12%

Deferred Tax Expense[3]

-15

-40

-63%

-16

-13

20

Net Profit[4]

675

268

151%

285

115

148%

Earnings before tax,non-controlling interests,interest on borrowings,depreciation and amortisation,net gain or loss fromchanges infairvalueofbiological assets,foreignexchange gain,andexceptional items

Net profit attributable to owners of the Company,excluding net effect of net gain or loss from changes in fair value ofbiological assets,depreciationofbearerplants,exceptionalitems,foreign exchangegain,anddeferred tax expense

Net of tax and/or non-controlling interests

Attributable to owners of the Company

SINGAPORE,Nov. 14,2022 -- Golden Agri-Resources Ltd ("GAR" or the "Company") achieved a new record performance for the nine-month period to end September 2022. EBITDA reached over US$1.3 billion,a 62 percent increase year-on-year. Underlying profit grew to US$726 million and net profit more than doubled to US$675 million.

RevenuereachedUS$8.6 billion,anincrease by18percentyear-on-year.Thiswasprimarilydue to higher palm oil prices partly offset by lower sales volume. CPO market prices (FOBBelawan) for the nine months increased by 23 percent from the same period last year,averaging US$1,368pertonne.

Bothupstreamanddownstreambusinessesperformedsplendidlyduringtheninemonthsof2022 with our downstream business achieving the largest EBITDA growth. Amidst a volatileindustry environment,we have been able to leverage our sustainability efforts,food safetyinitiatives,traceability to the plantation,and integrated business model and successfully extract value throughout the value chain,including optimising the usage of our facilities,logisticcapabilities,productportfolio,andgeographicalpresence.

On the outlook,Mr Franky O. Widjaja,GAR Chairman and Chief Executive Officer,commented: "The palm oil industry outlook is expected to remain favourable. Global vegetableoil supply experiences slower-than-expected growth as La Nina conditions persist,resulting indrought impacting oilseeds production in South America. In Southeast Asia high rainfallshindered the oil palm harvesting process in certain regions,which in Malaysia was exacerbatedby the continuing labour shortage. The lingering geopolitical tensions also impacted supply.Global vegetable oil demand,on the other hand,continues to be strong. Palm oil price discountto other vegetable oils has become larger,while crude oil prices remain elevated. These conditions provide strong support to palm oil prices. Palm oil as the most productive andcheapest vegetable oil will continue to be an attractive alternative both for food and energyconsumption."

Notwithstanding the more conducive market environment,we remain cautious of any uncertainties affecting the market – among other things,changes in trade policies both in consumer and producing countries,potential global recession,weather conditions,increasing interest rate,and developments in vegetable oil and crude oil prices.

As of 30 September 2022,GAR's planted area stood at approximately 535 thousand hectares,of which 503 thousand hectares was mature and the remaining immature. Nucleusand plasma estates amounted to 419 thousand and 116 thousand hectares,respectively.

Third-quarter palm product output saw a strong recovery with a 21 percent year-on-year growth,delivering a 5.6 tonnes per hectare fruit yield. This brought the nine-month yieldto 15.1 tonnes per hectare,catching up to last year's level. Accordingly,total output of palm products during nine months of 2022 remained constant at 2.3 million tonnes.

The sales volume of our downstream business was lower for the nine-month period due to the temporary export ban policy,but recovered strongly in the third quarter after the export ban waslifted,with a quarterly increase of 34 percent.

Supportedbythestrongperformance,GAR'sfinancialposition continuedtostrengthenwithgearingratio reachingalowof0.50timesandnetdebttoEBITDAof0.21times.

Wecontinuetoprogresstowardsafullytraceablepalmsupplychain.Wehaveachieved morethan 96 percent Traceability to the Plantation (TTP). We are also registering smallholders under the Ksatria Sawit programme which aims to accelerate TTP. This initiative reaches out to areas where many of our supplier mills buy from smallholders and traces their agents and farmers. More than 125,000 farmers have been registered under the programme.

Traceability helps us raise sustainability standards throughout our supply chain. We are better able to monitor our suppliers to ensure their compliance with our sustainability commitments. At the same time,we are actively engaging with them and helping them to strengthen their responsible production practices.

About Golden Agri-ResourcesLtd(GAR)

GAR is a leading palm oil plantation company in Indonesia with a total planted area of 534,803hectares (including plasma smallholders) as of 30 September 2022. It has integratedoperations focused on the technology-driven production and distribution of an extensiveportfolio ofpalm-basedproducts.

Founded in 1996,GAR was listed on the Singapore Exchange in 1999 and has a marketcapitalisation of US$2.3 billion as of 30 September 2022. Flambo International Limited,aninvestment company,is GAR's largest shareholder,with a 50.56 percent stake. In addition,GAR has several subsidiaries,including PT SMART Tbk,which was listed on the IndonesiaStockExchange in1992.

As an integrated agribusiness,GAR delivers an efficient end-to-end supply chain,fromresponsible production to global delivery. In Indonesia,its primary activities include cultivatingand 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 approximately 100 countriesthrough its global distribution network with shipping and logistics capabilities,destinationmarketing,on-shore refining and ex-tank operations. GAR also has complementary businessessuch as soybean-based products in China,sunflower-based products in India,and sugarbusinesses.