Conglomerate Anthony Salim's Bimoli Cooking Oil Producer Capable Of Raising Sales Of IDR 11.66 Trillion In The Third Quarter Of 2021

JAKARTA - The recent increase in cooking oil prices has caught the public's attention. Not to mention, there are often supply constraints to the market so that there is often a shortage of cooking oil.

This is surprising. This is because Indonesia is the largest producer of crude palm oil (CPO), which is the raw material for cooking oil.

Talking about who is one of the cooking oil giants in Indonesia, it certainly cannot be separated from the Salim Group. This conglomerate owned by Anthony Salim has two CPO-based companies listed on the stock exchange, namely PT PP London Sumatra Indonesia Tbk (LSIP) and PT Salim Ivomas Pratama (SIMP).

Especially for the cooking oil production line, it is in the hands of Salim Ivomas Pratama alias SIMP. The company produces a number of brands namely Bimoli, Bimoli Special, Delima, and Happy.

Last year, SIMP was recorded to gain money from the increase in CPO prices. The company posted sales of Rp. 14.13 trillion in the third quarter of 2021 or a 37 percent increase compared to the same period the previous year.

Sales support at Salim Ivomas is also said to have come from the increase in the average selling price (ASP) of palm products and vegetable oil and fat products, particularly the increase in sales volume of cooking oil products.

And actually, how much is SIMP's revenue from selling cooking oil? Looking at the company's financial statements, revenue from the sale of cooking and vegetable oil from contracts to customers during January-September 2021, was recorded at Rp11.66 trillion.

Of the total sales, the largest revenue came from domestic sales of Rp9.31 trillion. As for sales abroad, aka exports, worth Rp. 2.35 trillion.

Meanwhile, throughout 2020, sales from the cooking and vegetable oil segment reached Rp 11.45 trillion. Of the total sales, domestic revenues were worth Rp. 9.86 trillion and exports of Rp. 1.58 trillion.

From the total sales of cooking oil, SIMP also distributes its products to customers from its related entities in the Salim Group.

The customers are PT Indofood CBP Sukses Makmur Tb (ICBP) and PT Indomarco Adi Prima. Both are the largest customers with individual cumulative sales of more than 10 percent each of total sales

In detail, sales of vegetable oils and fats to ICBP during January-September 2021 reached IDR 2.02 trillion. Meanwhile, for sales to Indomarco Adi Prima Rp1.75 trillion.

For your information, Indomarco Adi Prima is a subsidiary of PT Indofood Sukses Makmur Tbk (INDF) which is engaged in the distribution or distributor of consumer products. Meanwhile, PT Indomarco Prismatama, which is the holder of the Indomaret brand, is one of the customers of Indomarco Adi Prima.

Indomaret itself is part of the Salim Group family through Anthoni Salim's 25.3 percent stake in PT Indoritel Makmur Internasional Tbk (DNET).