BUMITAMA Agri posted 36.4 per cent lower earnings of 166.73 billion rupiah (S$15.6 million) for the first quarter ended March, compared to earnings of 262.07 billion rupiah in Q1 FY2020.

 

In a business update on Tuesday morning, the Indonesian palm oil producer said the lower profit was mainly due to a higher crude palm oil (CPO) levy and export tax.

 

Revenue grew 14.4 per cent on-year to 2.31 trillion rupiah from 2.02 trillion rupiah previously. This was supported by improved production as fresh fruit bunches (FFB) volumes and yield both grew year on year by 24.8 per cent and 19.5 per cent, respectively, which the group attributed mainly to conducive weather in 2020 and an optimal fertilisation programme.

 

Cost of sales for the quarter grew 21.8 per cent on the back of the higher production volume and higher average purchase price of FFB arising from an increase in CPO price, resulting in the group' s lower gross profit compared to the previous corresponding period.

 

As at end-March 2021, the group' s gearing ratio stood at 0.54.

 

All of the group' s estates and mills have remained in full operation since the start of the Covid-19 pandemic, said Bumitama Agri, adding that it will continue with business continuity plans to mitigate impact on its business operations.

04 Mar 2021 09:00

Spendid result from one of its major shareholders!

IOI Corp posts 66% jump in 4Q net profit amid high CPO prices

For the cumulative six-month period, IOI Corp said its net profit jumped 75% to RM633.6 million from RM362.5 million in the previous year, while revenue increased 32% to RM4.93 billion from RM3.73 billion.
Despite the declining trend in crop production and labour shortage due to the government&rsquo s foreign worker freeze, the group expects its plantation segment to perform well for the remaining quarters of its financial year ending June 30, 2021, driven by expected strong CPO prices.

" Our total planted area is 99% oil palm, (of) which, 83% are classified as mature," said IOI Corp, which owns a 32.1% stake in Singapore-listed Bumitama Agri Ltd.