Half Year 2024 First Pacific Co Ltd Earnings Call Transcript
Key Points
- First Pacific Co Ltd (FPAFF) reported record high recurring profit of $340 million, up $40 million from the previous year.
- The company achieved the highest ever recurring earnings per share of $0.08, leading to an increased interim payout of $0.12 per share.
- Indofood, a major asset, has shown consistent revenue growth for 14 consecutive years, with significant contributions from its noodles segment.
- The company maintains a strong balance sheet with no borrowings due until 2026 and investment-grade credit ratings from S&P and Moody's.
- First Pacific Co Ltd (FPAFF) is confident in continuing earnings growth in the medium term, driven by fast-growing economies in emerging Asia.
- Net profit was negatively impacted by the weakening of the Rupiah against the US dollar, affecting Indofood's US dollar bonds.
- Interest costs have increased, with a blended interest cost of 5.6% over the first half of the year.
- PacificLight Power experienced a significant decline in revenues and core profit due to lower non-fuel margins compared to 2023.
- Philex Mining faced challenges with lower volume milled and lower grades, although it remains profitable.
- The company faces currency risks, as seen with the serious weakening of the Rupiah and Peso, which could impact financial performance.
Hey, everyone. Thank you for joining this online briefing to discuss First Pacific 2024 first six months financial and operating results. This results presentation is available on First Pacific Website www.firstpacific.com, under the Investor Relations section presentation page. This results briefing is being recorded and a replay will be available on First Pacific's website this evening in the Investor Relations section. For participants from the media, please note that the Q&A session is open for the investors and analysts only. If you would like to ask a question, please contact us when the meeting finished.
Today, we have with us Mr. Chris Young, our Executive Director; our Chief Financial Officer, Mr. Joseph Ng; Associate Directors, Mr. John Ryan and Mr. Stanley Yang; and other Senior Executive from First Pacific Head Office.
Over to you, John, for the presentation.
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