London Sumatra, Plantation Company Owned By Conglomerate Anthony Salim Earns Revenue Of Rp3.34 Trillion In The Third Quarter Of 2021

Illustration. (Photo: Doc. London Sumatra)

JAKARTA - The plantation company belonging to conglomerate Anthony Salim, PT PP London Sumatra Tbk (LSIP) recorded a brilliant performance in the first nine months of this year. LSIP's revenue, profit, and production increased rapidly in the third quarter of 2021.

In its official statement, quoted on Friday, December 3, LSIP harvested 934,000 tons of fresh fruit bunches (FFB), an increase of 3 percent year-on-year (yoy). The increase in Ikur production supported the production of crude palm oil (CPO) of 242,000 tons or grew 6 percent yoy.

In terms of sales, LSIP recorded a volume increase of 13 percent yoy to 250,000 tons and sales volume of palm kernel (PK) products rose 12 percent yoy to 69,000 tons.

This contributed to the company's financial statements in the third quarter of 2021. LSIP recorded sales of Rp. 3.34 trillion, up 47 percent yoy.

LSIP's management stated that the fundamental increase was mainly supported by sales volume and average selling price (ASP) of palm products. During this period, ASP CPO and PK increased by 30 percent yoy and 57 percent yoy, respectively.

As for the bottom line, the company recorded a gross profit of Rp1.16 trillion, up 139 percent yoy, operating profit of Rp943 billion, and EBITDA of Rp1.19 trillion. Meanwhile, core profit increased 92 percent yoy to Rp750 billion.

Profit for the period attributable to owners of the parent entity LSIP increased 172 percent yoy to Rp752 billion mainly as the increase in operating profit was partially offset by the increase in income tax expense.

LSIP also maintains a financial position with total assets of Rp11.76 trillion including cash and cash equivalents of Rp2.85 trillion and no funding through bank loans as of September 30, 2021.