First Resources (SGX:EB5) Full Year 2023 Results

Key Financial Results

• Revenue: US$980.6m (down 20% from FY 2022).

• Net income: US$145.4m (down 55% from FY 2022).

• Profit margin: 15% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue.

• EPS: US$0.093 (down from US$0.21 in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

First Resources Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 14%.

Looking ahead, revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Food industry in Singapore.

Performance of the Singaporean Food industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 2 warning signs for First Resources that you need to be mindful of.

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