Palm Oil Company Owned By Conglomerate Peter Sondakh Earns Revenue Of IDR 4.57 Trillion In 2022

JAKARTA - Palm oil company from Rajawali Group owned by conglomerate Peter Sondakh, PT Eagle High Plantations Tbk (BWPT) posted a positive performance in 2022. BWPT pocketed operating revenues of IDR 4.57 trillion last year, up about 56 percent compared to 2021 with a value of IDR 2.93 trillion.

With this result, BWPT managed to set a record high revenue (all time high). The spike in the top line also boosted the bottom line of BWPT which was able to reverse a loss of IDR 1.40 trillion in 2021 to a net profit of IDR 17.47 billion in 2022.

With various strategies implemented, BWPT managed to return to print net profit since 2014. Over the past three years, BWPT has suppressed administrative and general costs by 29 percent, followed by a decrease in interest expense by 36 percent.

Last year, EBITDA was boosted by 35 percent from IDR 817 billion in 2021 to IDR 1.1 trillion.

"The significant increase in financial and operational performance has resulted in a double gain for BWPT," said BWPT President Director, Henderi Djunaidi, in a written statement, quoted Monday, April 3.

This performance improvement was also obtained through increased production when the selling price of Crude Palm Oil (CPO) was experiencing an increase. BWPT's production performance grew double digits with CPO production increasing by 42 percent (YoY) and Palm Kernel (PK) production increasing by 52 percent (YoY).

Throughout last year, BWPT also recorded an increase in CPO sales volume by 41 percent (YoY), from 236,000 tons to 334,000 tons. Henderi said, BWPT resulted in growth in this performance in the midst of challenging conditions.

"BWPT remains focused on implementing good aggregation practices, rejuvenation of factories and heavy equipment, improvement of employee housing facilities and the public in the garden area in order to improve employee welfare," said Henderi.