I also welcome you to our full year 2024 performance presentation. We are very pleased with a robust full year 2024 financial results, after a strong recovery that we experienced in the second half. Revenue increased by 12% compared to the previous year, to almost $11 billion. The revenue increase was driven primarily by higher CPO prices as well as expanded sales volume. EBITDA also increased by 12% to $1.1 billion. Here we saw a significant contribution also coming from the upstream. If you look at on the right-hand side, the graph, it shows the EBITDA. You can see here the strong performance, especially in the second half of last year, which resulted in a full year that outperformed 2023, both in the upstream and the downstream in EBITDA terms.
Net profits increased to $365 million, and that was an 84% increase over the previous year. The board is proposing a dividend per share of SGD 0.804 cents, representing 18% of underlying profits. This would be a 31% increase over the previous year. The FOB CPO average price last year increased by 12% to $1,005 per ton, which together with the increased sales volume, was able to offset the weaker palm product output production, that was lower by 7% compared to the previous year, impacted by our replanting activities as well as the El Niño condition that we experienced in 2023. Financial highlights are next, and here we can see the robust performance despite the lower production. Revenue increasing by 12%, and EBITDA by, sorry.
For the full year, EBITDA also increasing by 12%, underlying profit by 27%, and net profits increased by as much as 84%. You can see here the strong half-on-half performance improvement, which helps the full year results with revenue increasing by 12%, EBITDA by 23%, and the net profits increased by as much as 156% in the second half compared to the first half. The balance sheet of Golden Agri-Resources remains strong, helped by our proven financial management. As you can see here, we saw limited changes. Net debt increased, but this is coming off a very low base, and this still at very conservative levels, which is reflected by the major financial ratios. Current ratio increased to 1.45 x. Debt to total equity and net debt over EBITDA remain robust at 0.69 x and 0.51 x.
EBITDA of interest slightly increased to 4.58x . The board is declaring a final dividends distribution of SGD 0.804 cents per share. Of course, still subject to the shareholders approval. We can see here that the dividend is a 31% increase over last year, over the previous year. It represents 18% of underlying profit, which would be the same as the year before. This proposed dividend is in line with the company's dividend policy, which is to distribute up to 30% of underlying profits. The board is weighing the balance between, on one hand, rewarding shareholders, but also remaining financially strong ahead of the anticipated global challenges that we are facing. We come to the segmental performance, starting with the upstream.
We saw an increase in the financial results, primarily driven by the higher CPO prices, which was able to mitigate the lower production. We can see revenue for the full year increasing by 8%, EBITDA by 19%. This was on the back of the higher CPO price, which increased by 12%, as I mentioned. This offset the lower fruit production. Fruit production was lower by 6%, and palm product output was lower by 7%. However, we can see a very strong second half recovery in the plantation performance. As you can see on the right-hand side, revenue increasing by 39%, EBITDA by 67%, and fruit production by 27%, and palm product output by 26% as well. The palm product yield also improved by 28% over the first half of 2024.
The first half of 2024 was still very much impacted by the El Niño, the drought condition that we experienced in 2023, which always has a lagging impact of about 6 months or so. We were coming out of that in the second half. For that reason, we also are more optimistic about this year's production performance. Here's a quick look at our plantations. We continue to focus on improving our production volume through technological innovation by replanting with high-yielding seeds to ensure the growth rather than expanding into new areas. Our replanting activity in 2024 accelerated to 21,500 hectares, an increase over the 14,200 hectares that we did in 2023. As a result, our age profile remains favorable.
Most of our trees, if you look on the right-hand side at the pie chart, most of our trees are in the light green section, which is the prime segment in terms of age of the tree between seven to 18 years, where yields are the highest. Overall, the average age is currently below 15 years, which means that we will continue to see production growth as the young and immature trees mature. We come to the downstream. The downstream business remains resilient. Although we saw a somewhat less favorable market environment, primarily lower refining margins in Indonesia. Nevertheless, we saw our revenue increase by 12%, and our sales volume by 6% compared to the previous year. EBITDA saw a slight decline in terms of margin, although the absolute number increased to $534 million.
Again, because of the impact of the lower refining margins, especially in the second half, EBITDA margin came down slightly, but remains around the 5% that we believe we can sustain. The outlook is next. Golden Agri-Resources continues to fortify its position as an innovative and leading integrated agribusiness and food player with superior at-scale upstream and resilient value-adding downstream business. In the upstream, it means that we focus on maximizing yield potential through the high-quality replanting, as mentioned. We are optimizing manpower productivity using our precision agriculture platform as well as additional technology. In the downstream, we are also using technology to maintain our competitive edge, and here we are using it to build a large product portfolio focused on quality, healthier alternatives, and sustainably produced products, which is in line with the market trends that we are seeing from consumers.
At the same time, our full service with global logistics and distribution network, we also continue to expand, giving us a further advantage to build strong relationships with customers in our destination markets. When it comes to the business outlook, we believe the industry fundamentals remain robust. We expect, as mentioned, a recovery in the palm oil production output from our plantations this year. This supply growth is barely enough to sustain the growth in demand that we are seeing.
We still expect a global deficit in terms of vegetable oils this year. Demand is coming from growing economies, but also the biodiesel sector. Indonesia itself is implementing a higher biodiesel mandate from B35 to B40 this year. The targeted capital expenditure is up to $350 million for this year. In the upstream, that is mostly for the replanting. In the downstream, it is for upgrading some of our downstream processing plants. For example, we continue to work on our traceability for our products, as well as carbon emission reduction initiatives. The final slides about our sustainability initiatives will be presented by Ian.
Thank you, Richard. Like Richard, I also have some positive updates on the sustainability front. Three here that you see on the slide. Start with net zero emissions. Basically, to align and support our customers with their decarbonization plans, GAR is strengthening our commitment to climate. In 2022, we already had a net zero emissions by 2050. Last year, the board approved short-term targets for 2030. You see that here, 30% reduction in Scope 1 and 3 for forest and land use and agriculture sources, and a 42% reduction in Scope 1 and 2 for non-FLAG or non-forest land use and agricultural emission sources. We have three levers to achieve these reductions by 2030. One is addressing land use change, basically deforestation, free production, and carbon removals. Renewables and energy efficiency in our refineries, and supplier engagement to address Scope 3 emissions.
Also on the supporting the customer compliance side, and to continue access basically to the EU market. We had in January our first shipment of EUDR-ready product going to our customers in the Netherlands. That is on the basis of our SmartTrace system, which is our traceability system linking product from the plantation all the way to the shipment. Then delivering data to our customers so they can submit on the EU TRACES platform and demonstrate compliance when EUDR starts, which is in December 2025. We are on track to continue our market access to the EU. Lastly, there is some closure on complaints raised by NGOs at the Roundtable on Sustainable Palm Oil. Basically, this impacts the two subsidiaries of ours in Kalimantan.
Those complaints are now closed, and this basically means that these two subsidiaries are in compliance with RSPO principles and criteria, and they can continue business and supply customers as usual.