First Resources stock falls 11.20 percent after strong results

First Resources stock (ISIN SG1W35938974) closed at SGD 4.44 on the Singapore Exchange on September 23, 2026, down 11.20 percent from SGD 5.00. The move contrasts with a sharp improvement in the palm oil producer's first-half operating figures.

Revenue rises 44.5 percent

First Resources generated USD 973.6 million in revenue in 1H2026, an increase of 44.5 percent from the prior-year period. According to The Smart Investor, the comparison benefited from a full six-month contribution from PT Austindo Nusantara Jaya after its May 2025 acquisition, versus two months in the earlier period.

Net profit attributable to owners rose 57.4 percent to USD 234.9 million in 1H2026. Underlying net profit, which excludes biological asset fair value movements, increased 42.2 percent to USD 216.2 million, giving the earnings improvement a second operating measure.

Dividend gains cash support

The interim dividend climbed 77.8 percent to SGD 0.08 per share from SGD 0.045 a year earlier. Free cash flow also swung from negative USD 84.7 million to positive USD 100.6 million in 1H2026, while operating cash flow reached USD 210.7 million.

The cash figures matter because the higher payout is supported by operating generation rather than earnings alone. First Resources also reported capital expenditure of USD 110.1 million for the period, leaving free cash flow at USD 100.6 million after investment spending.

Stock stays below yearly high

At SGD 4.44 on September 23, 2026, the stock stood 15.27 percent below its 52-week high of SGD 5.24 and above its 52-week low of SGD 1.62. Its market capitalization was SGD 6,877,804,200 on the same date.

The market snapshot therefore places the shares below the yearly peak despite the 1H2026 revenue, profit and cash-flow comparisons. For investors, the central contrast is the 11.20 percent daily decline against a 44.5 percent revenue increase and a 77.8 percent dividend increase.

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