The increase in profits is explained by the increase in revenues.
SGX-listed Halcyon Agri’s gross profit increased 20.8% year-on-year (YoY) to $64.7 million (US$47.0 million) in the first quarter (Q1) of 2022 , according to data from its latest business update.
The profit increase was driven by the company’s higher revenue for the quarter, which came in at $849.65 million ($617.3 million) or an 18.9% year-on-year increase compared to the first quarter of 2021.
With an improved gross margin, Halcyon Agri also achieved basic earnings before interest, taxes, depreciation and amortization of $15.1 million in the first quarter.
Looking ahead, CEO Li Xuetao believes that demand for natural rubber will remain strong given that it is needed for everyday use.
“The Group maintains its view that natural rubber supply and demand dynamics over the medium to long term remain favorable and will support its prices,” added the CEO.
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