CPRO, Company Owned By Thai Conglomerate Benjamin Jiavaranon Targets Sales Of IDR 8.5 Trillion And Profit Of IDR 500 Billion In 2022

JAKARTA - Food and animal feed processing company, PT Central Proteina Prima Tbk (CPRO) or CP Prima targets sales to reach a minimum of IDR 8.5 trillion with an EBITDA of around IDR 1 trillion and a net profit of around IDR 500 billion in 2022. CP Prima President Director Hendri Laiman said the target sales this year will grow in the range of 5-10 percent.

"The sales target is still largely derived from the sale of feed, especially from the increase in sales of pet feed and aquaculture feed," he said in an official statement quoted on Monday, January 17.

Hendri explained, in order to support the increase in sales, the company, whose shares are owned by Thai conglomerate Benjamin Jiavaranon, has budgeted a capital expenditure of IDR 320 billion in 2022. Most of the capital expenditure allocation is to build new production facilities such as animal feed factories, frozen food factories, shrimp hatcheries and several other facilities. other projects.

Meanwhile, the remaining budget will be used to maintain existing production facilities. CPRO has two projects under construction, namely an animal feed factory facility that can also produce fish feed, and a processed food factory.

Hendri further estimated that the total investment needed to build a new animal feed factory and processed food factory is around Rp. 400 billion. The construction of pet feed and processed food factories is to take the potential of a rapidly growing market.

"In addition, we also continue to increase production capacity," he added.

This, said Hendri, is in line with what has been done in the previous few years. The Company continues to increase the production capacity of floating fish feed.

Hendri added that the construction of this factory is the basis so that the company does not miss opportunities and market opportunities in the future.

Based on the company's financial statements, CPRO recorded a net profit attributable to owners of the parent entity of Rp2.11 trillion. This amount is inversely proportional to the record net loss of Rp. 68.59 billion in the same period last year.

Related to this, CPRO Corporate Secretary Armand Ardika said the surge in net profit was caused by the bond restructuring process in mid-September 2021. Of the total maturing bonds of 162.5 million US dollars, the company and bondholders have signed a Senior Facilities Agreement (SFA) worth 76.5 million US dollars.

"With the bond restructuring, the company has wider space to maneuver and execute business plans," he explained in mid-November 2021.