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Bumitama Agri reports earnings of IDR1.26 tril for 2HFY2023, up 94.7% y-o-y

Khairani Afifi Noordin
Khairani Afifi Noordin • 2 min read
Bumitama Agri reports earnings of IDR1.26 tril for 2HFY2023, up 94.7% y-o-y
Revenue for the 2HFY2023 increased by 15.8% y–o-y to IDR7.95 trillion. Photo: Bumitama Agri
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Bumitama Agri has reported earnings of IDR1.26 trillion ($108 million) in its 2HFY2023 ended December, a 94.7% surge y-o-y.

This is on the back of the increase in revenue, which resulted from higher sales volume of palm products. 

Revenue for the 2HFY2023 increased by 15.8% y–o-y to IDR7.95 trillion. 

For the full year, however, earnings declined by 13.3% y-o-y to IDR2.45 trillion. Revenue decreased by 2.4% to IDR15.44 trillion, mainly contributed by the weakening of palm product sales price offset by increase in its sales volume.

Crude palm oil (CPO) sales in 2023, accounting 91% of total revenue, climbed 2% versus 2022 due to 13% more sales volume. On the other hand, palm kernel (PK) sales suffered 34% setback due to 36% fall in average selling price and settled at normalised range at the close of 2023.

Cost of sales grew by 6.2% to IDR10.7 trillion in FY2023, mainly due to sales of last year ending stock with higher unit cost affected by higher purchase price of fresh fruit bunches (FFB) plasma and third party as well as prior year higher fertiliser application volume. 

See also: Aztech Global posts net profit of $15.9 mil for 1QFY2024, up 18.7% y-o-y

Gross profit declined by 17.7% in FY2023 to IDR4.7 trillion, while gross profit margin declined to 30.6% from the 36.2% recorded in FY2022. 

Ebitda also fell by 18.6% y-o-y to IDR4.6 trillion, while ebitda margin declined to 30% from 35.9% in FY2022.

As at Dec 31, 2023, Bumitama Agri P8Z -

’s cash and bank balances stood at IDR374 billion.

See also: ESR-LOGOS REIT reports 10.8% lower NPI of $62.9 mil in 1QFY2024

Looking ahead, the company expects a slight upward trend of palm oil prices in the first half of 2024, mainly due to the anticipated weather impact of El Nino on the output of palm oil, and the potential tightening of palm oil supplies arising from the lower palm production and Ramadan seasons. Additionally, Indonesia’s government’s continued commitment to implementing the “B35 programme” may support the increase in palm oil prices. 

Shares in Bumitama Agri closed 0.5 cents lower or 0.78% down on Feb 26 at 63.5 cents.

 

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