1. Singapore Stocks

  2. •

    Consumer Defensive

  3. •

    Agricultural Farm Products
First Resources Limited

First Resources Limited

FSRCY
First Resources LimitedUS flagOther OTC
184.15
USD
- -
- -
2.85BMarket Cap
First Resources Limited
FSRCY
(Other OTC)

Recent

price

184.15

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
22.7
33.7
38.92
39.55
38.86
28.64
36.31
40.84
39.99
38.82
41.75
65.42
77.81
62.58
66.84
107.22
38.82
Revenue per Share
9.84
13.38
15.29
15.04
10.95
6.04
7.91
8.69
7.58
5.63
6.3
10.21
20.65
9.28
15.82
22.85
5.63
Basic EPS, GAAP
6.89
5.9
10.37
12.14
13.66
4.24
11.11
13.87
5.81
6.97
11.99
18.14
20.6
19.61
19.09
17.79
6.97
Free Cash Flow per Basic Share
1.77
2.5
3.06
3.22
3.64
2.68
1.43
2.71
5.11
2.1
2.09
2.63
5.5
10.92
5.41
8.38
2.1
Dividend per Share
45.42
56.11
72.13
82.53
67.49
71.01
55.31
61.31
63.9
67.63
72.03
80.18
95.64
94.49
105.84
121.29
67.63
Book Value per Share
47.12
56.06
65.14
56.46
43.96
39.57
48.97
54.51
52.94
59.16
61.14
70.82
80.12
81.13
87.27
93.88
59.16
Tangible Book Value per Share
15
15
16
16
16
16
16
16
16
16
16
16
16
16
16
15
16
Basic Weighted Avg Shares
330
495
603
626
616
454
575
647
633
615
660
1,032
1,225
981
1,039
1,661
615
Sales/Revenue/Turnover
71.84
62.75
55.27
54.4
44.03
37.43
36.11
35.07
29.54
25.14
28.77
23.73
34.1
20.2
32.44
29.78
25.14
Operating Margin (%)
16
24
25
28
31
50
57
63
67
71
74
84
79
82
85
115
71
Depreciation Expense
143
196
237
238
173
96
125
138
120
89
100
161
325
145
246
354
89
Net Income, GAAP
28.97
26.91
23.94
21.51
28.24
31.19
28.01
30.47
29.5
28.98
31.53
28.27
20.68
22.62
21.88
22.77
28.98
Effective Tax Rate (%)
43.37
39.71
39.29
38.03
28.17
21.08
21.8
21.28
18.94
14.49
15.09
15.61
26.54
14.83
23.66
21.31
14.49
Profit Margin (%)
176
141
430
330
398
280
40
331
215
-1
103
376
543
194
211
524
-1
Working Capital
292
261
498
487
572
466
224
475
351
217
257
292
202
126
183
858
217
LT Debt
745
928
1,158
1,040
828
774
926
1,022
986
1,102
1,126
1,271
1,399
1,402
1,488
1,668
1,102
Total Equity
18.47
19.11
16.78
16.4
13.07
8.62
11.19
10.76
9.01
7.54
8.35
10.59
19.29
9.12
15.32
17.09
7.54
Return on Invested Capital (%)
20.02
18.77
16.39
13.24
9.41
5.52
7.95
9.16
7.92
5.96
6.17
9.05
17.58
7.8
12.7
14.64
5.96
Return on Capital (%)
23.84
26.47
24.41
19.64
14.59
8.72
12.53
14.91
12.1
8.56
9.02
13.4
23.47
9.74
15.73
20.09
8.56
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'19
Sep'19
Dec'19
ST Debt
215
256
195
LT Borrowings
192
183
214
LT Finance Leases
- -
- -
2
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,584
1,584
1,584
Market Capitalization
1,824
1,824
1,824

Working Capital

FRC

•

in mil. unless spec.
Jun'19
Sep'19
Dec'19
Total Current Assets
315
338
313
Cash, Cash Equivalents & STI
44
77
59
Accounts Receivable, Net
39
21
42
Inventories
104
109
108
Total Current Liabilities
337
376
314
Payables & Accruals
- -
- -
- -
ST Debt
215
256
195
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.18%
8.27%
12.11%
Free Cash Flow
26.88%
9.7%
-7.06%
Net Income, GAAP
23.54%
44.25%
44%
Sales/Revenue/Turnover
16.25%
24.17%
59.91%
Total Cash Common Dividend
30.68%
47.06%
54.46%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
981
2024
- -
- -
- -
- -
1,039
2025
- -
- -
- -
- -
1,661

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
9.28
2024
- -
- -
- -
- -
15.82
2025
- -
- -
- -
- -
22.85

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
10.92
2024
- -
- -
- -
- -
5.41
2025
- -
- -
- -
- -
8.38
Similar Companies
Tassal Group Limited (TGR.AX)
Tyson Foods, Inc. (TSN)
China Shengmu Organic Milk Limited (1432.HK)
Sanwaria Consumer Limited (SANWARIA.NS)
Grieg Seafood ASA (GSF.OL)
The Grob Tea Company Limited (GROBTEA.NS)
Business
First Resources Limited (FSRCY), an investment holding company established in 1992 and listed on the Singapore Exchange since 2007, produces crude palm oil and palm kernel through the cultivation and harvesting of oil palms; milling of fresh fruit bunches into crude palm oil (CPO) and palm kernel (PK); refining CPO into refined bleached and deodorized palm oil (RBDPO); fractionating RBDPO into RBD palm olein (cooking oil) and RBD palm stearin; processing RBDPO into palm-based methyl ester (biodiesel); and crushing PK into crude palm kernel oil and palm kernel expeller for animal feed. The company manages over 200,000 hectares of oil palm plantations primarily in the Indonesian provinces of Riau, East Kalimantan, and West Kalimantan, with operations extending to palm oil mills, refineries, and processing plants certified under the International Sustainable Carbon Certification (ISCC) for sustainable products sold to refiners, traders, brokers, and fast-moving consumer goods companies in domestic and international markets including Singapore, Europe, China, and Malaysia. Headquartered at 7 Temasek Boulevard, Suntec Tower One, Singapore, First Resources operates in the Plantations and Palm Oil Mills segment as well as the Refinery and Processing segment, adhering to Palm Oil Refiners Association of Malaysia (PORAM) standards. In recent developments, the company completed the acquisition of a 91.2 percent stake in PT Austindo Nusantara Jaya Tbk on May 6, 2025, for US$329.8 million via a novation agreement with subsidiary PT Ciliandra Perkasa, followed by a mandatory tender offer concluding in October 2025 that raised its ownership to 95.92 percent (combined with PT Ciliandra Perkasa at 98.39 percent), boosting plantation hectarage by approximately 25 percent and expected CPO output by 25 percent to 1.25 million tonnes to support downstream refining capacity of 1.35 million tonnes. Additional changes include the internal transfer of its 30.68 percent stake in PT ASK to PT Ciliandra Perkasa in August 2025 for US$373 million, increasing PT Ciliandra Perkasa's control to 95.75 percent; disposal of subsidiaries engaged in oil palm plantations in West Papua in October 2025; a change of registered office in August 2025; and the release of its 2024 Annual Report and Sustainability Report in April 2025. These moves align with First Resources' vertical integration strategy, enhancing upstream feedstock supply and plantation productivity through rejuvenation and infrastructure improvements.