Memorat Tiga Kali Pengingkatan Laba Berbesar, TRGU Raup Rp72,48 Miliar

JAKARTA - PT Cerestar Indonesia Tbk (TRGU), an issuer producing wheat processing flour that just listed its shares on the Indonesia Stock Exchange last July posted a net profit of IDR 72.48 billion in the third quarter of 2022 or 3.6 times the target of 2022 net profit. The company managed to record a 320 percent yoy net profit increase from the same period the previous year of IDR 17.27 billion.

President Director of Cerestar Indonesia, Indra Irawan, said that the Company's sales in this period were recorded at IDR 2.55 trillion or a decrease of 2 percent from IDR 2.61 trillion in the same period in 2021.

"The increase in the price of wheat raw materials and the increase in fuel oil prices (BBM) which suppress people's purchasing power have slightly affected the sales of TRGU in the third quarter of this year," he said in a statement to the media, Saturday, October 29.

However, he continued, the company succeeded in reducing the cost of goods sold by 7 percent to IDR 2.26 trillion from IDR 2.42 trillion, thus posting a surge in net profit. The company recorded assets of IDR 2.64 trillion on September 30, 2022, an increase from IDR 1.98 trillion on December 31, 2021.

"According to our statement when the IPO, TRGU will distribute dividends of net profit that can be achieved this year," he added.

He hopes that with this performance achievement, the company will further convince investors that TRGU is a prospective company and is seriously managed by a reliable management team.

To further spur revenue, Indra added, TRGU is currently preparing to develop a business of selling animal feed materials by building warehouse facilities and packaging animal feed materials in the Cilegon area, which is expected to be able to operate commercially in the second quarter of 2023.

Meanwhile, the construction of the warehouse and packaging facilities was financed with funds from the initial offering to the public (IPO), where last July TRGU won IDR 315 billion. According to the Company's promise in the prospectus, around 33.33 percent of the proceeds from the IPO were used to build warehouse and packaging facilities for TRGU subsidiaries, PT Agristar Grain Industry (AGY).

Later, TRGU's expansion into the animal feed material business will complement the product line of animal feed products next to flour (wheat bran pollard) with other animal feed materials such as soybean stalls (SBM/Soybean Meal) and DDGS (disttillers dried grains with solution). ) "The additional animal feed material will be imported and distributed by AGY," he concluded.