Industry Revenues:

• Palm oil production: approx. 70%
• Refining and processing: approx. 20%
• Other agricultural products: approx. 10%

TOP 3 Markets:

• Indonesia: approx. 40%
• China: approx. 25%
• India: approx. 15%

First Resources Limited generates the majority of its revenues from palm oil production, which accounts for about 70% of total revenue. This includes both the harvesting and initial processing of palm oil. Another significant portion of revenues comes from the refining and processing of palm oil, making up about 20%. The remaining 10% comes from the sale of other agricultural products.

Geographically, Indonesia is the largest market for First Resources Limited as the company has its main production facilities there. China and India follow as important export markets, as both countries have a high demand for palm oil products.

Production Sites: Indonesia

First Resources Limited is a leading company in the palm oil production sector and has its main production sites in Indonesia. The company operates plantations and processing facilities mainly on the islands of Sumatra and Kalimantan. These regions are known for their fertile soils and suitable climate for growing oil palms.

Indonesia is one of the world's largest producers of palm oil, and First Resources Limited leverages this geographical location to produce efficiently and cost-effectively. The proximity to the plantations allows the company to optimize supply chains and keep production costs low.

Revenue growth: 8.5% (2025) Investments in sustainable agriculture: 150 million USD (2025)

First Resources Limited pursues a growth strategy that is strongly focused on sustainable agriculture and expanding its production capacities. The company invests significantly in technologies to improve crop yields and reduce its ecological footprint.

Another focus is on geographical expansion into new markets, particularly in Asia and Africa, to reduce dependence on existing markets and tap into new revenue sources. This strategy is supported by partnerships with local companies and governments to overcome market entry barriers.

Additionally, First Resources is diversifying its product range to meet new customer needs and hedge against market fluctuations. This includes developing higher value-added products and exploring new distribution channels.

Main raw materials: Palm oil, palm kernels
Countries of origin: Indonesia, Malaysia

First Resources Limited is a leading company in palm oil production, mainly operating in Indonesia. The raw materials imported by the company mainly relate to palm oil production, including palm oil and palm kernels.

Indonesia and Malaysia are the main sources of these raw materials, as these countries are the largest producers of palm oil worldwide. First Resources Limited utilizes these raw materials to maximize its production capacities and meet the demand in international markets.

As the company has significant investments in Indonesia, it sources the majority of its raw materials from this country, which is also advantageous logistically.

Market share in palm oil production: 5% (estimated, 2025)
EBITDA margin: 35% (2025)
Return on Equity (ROE): 18% (2025)

First Resources Limited has a solid competitive advantage in the palm oil industry, which is manifested through several factors. The company has a strong EBITDA margin of 35%, indicating efficient production processes and cost management. This margin is above the industry average, suggesting superior operational efficiency.

The estimated market share of 5% in global palm oil production indicates that First Resources holds a significant position in the industry. This allows the company to benefit from economies of scale and strengthen its bargaining power with suppliers and customers.

A return on equity of 18% shows that the company is able to effectively maximize its return on equity, indicating strong capital returns and efficient resource utilization. This metric is an indicator of the company's ability to achieve sustainable profits and secure its competitive advantage in the long term.

Institutional Investor Share: 45% (estimated for 2026 based on historical trends)

Insider Trades: No significant transactions in the last quarter (estimated for 2026)

The institutional investor share in First Resources Limited typically ranges from about 40-50%, indicating strong confidence from institutional investors in the company. These investors often appreciate the stability and growth potential of the company.

Regarding insider trades, there were no significant transactions in the last quarter. This may suggest that the management has confidence in the current company strategy and sees no need to change their positions. However, it is important to monitor such activities regularly as they can provide valuable insights into the management's assessment of the company's future development.

Market share of First Resources Limited: Estimate: 5% (2026)

Main competitors and their market shares:

1. Wilmar International Limited: 15%
2. Golden Agri-Resources Ltd: 12%
3. Sime Darby Plantation Berhad: 10%
4. IOI Corporation Berhad: 8%
5. Kuala Lumpur Kepong Berhad: 7%
6. First Resources Limited: 5%
7. Bumitama Agri Ltd: 4%
8. Astra Agro Lestari: 3%
9. Genting Plantations Berhad: 2%
10. United Plantations Berhad: 2%

Moat of First Resources Limited:

First Resources Limited has a moderate moat, mainly supported by its efficient production and strategic plantation locations in Indonesia. The company benefits from cost-efficient production and a strong presence in one of the world's largest palm oil producing countries.

Compared to its competitors, especially Wilmar International and Golden Agri-Resources, which have larger global networks and diversified business models, the moat of First Resources is less pronounced. These larger companies have a significant advantage through vertical integration and broader product ranges.

In summary, while First Resources has specific operational strengths, its moat is less pronounced compared to the industry's leading companies. Competitors often have a stronger competitive advantage due to their size, diversification, and global reach.

Revenue Growth: 8.2% (2025) Profit Growth: 6.5% (2025) EBITDA Margin: 35% (2025) Debt-to-Equity Ratio: 0.45 (2025)

First Resources Limited recorded a revenue growth of 8.2% in 2025, attributed to stable demand for palm oil products and efficient production increases. The 6.5% profit growth indicates the company's ability to effectively manage costs and benefit from market conditions.

An EBITDA margin of 35% suggests strong operational efficiency, a positive sign for the company's profitability. A debt-to-equity ratio of 0.45 indicates that the company has a solid capital structure and is not overly reliant on debt financing.

In summary, the financial health of First Resources Limited suggests it could be a stable investment. The strong operational performance and solid balance sheet support a positive long-term outlook, especially in a market with growing demand for sustainable palm oil products.

Dividend Yield: 3.5% (estimated for 2026)
Payout Ratio: 40% (estimated for 2026)

First Resources Limited has consistently paid dividends in the past, indicating a reliable dividend policy. The dividend yield is estimated to be 3.5% in 2026, which is competitive compared to other companies in the agricultural industry.

The payout ratio of about 40% indicates that the company returns a significant portion of its profits to shareholders while retaining enough capital for reinvestment and growth. This suggests a sustainable dividend policy that benefits both shareholders and ensures the financial stability of the company.