Weakness in upstream profit to impact FGV

Most analysts have lowered their FY24 to FY26 earnings forecasts on the integrated agri-business group.

PETALING JAYA: FGV Holdings Bhd’s disappointing first quarter of the financial year 2024 (1Q24) results have prompted most analysts to lower their FY24 to FY26 earnings forecasts on the integrated agri-business group.

The group’s earnings compression continues with its 1Q24 core profit after tax and minority interests (Patami) reporting merely RM6mil, falling 88.6% quarter-on-quarter (q-o-q) and losing over 100% year-on-year (y-o-y), dragged by the weakness in upstream operating profit.