London Sumatra, Palm Oil Company Owned By Conglomerate Anthony Salim Earns Revenue Of IDR 4.53 Trillion And Profit Of IDR 991.24 Billion In 2021

Illustration. (Photo: Doc. Antara)

JAKARTA - PT PP London Sumatra Indonesia Tbk recorded a significant performance growth in 2021. Profit and revenue of the palm oil company owned by conglomerate Anthony Salim skyrocketed in double digits over the past year.

In the financial report of the issuer coded LSIP, quoted on Thursday, March 3, LSIP's sales performance or commonly called Lonsum was supported by the increase in the average selling price (ASP) of palm products.

LSIP's net profit was recorded at Rp991.24 billion for the year ending December 31, 2021. This figure skyrocketed 42.42 percent yoy from the previous year's net profit of Rp696.01 billion.

LSIP's net income also shot up 27.96 percent yoy to Rp4.53 trillion in 2021. LSIP management said this increase in sales was in line with the increase in ASP for palm products.

According to LSIP management, core FFB production fell 7 percent yoy to 1.2 million tons mainly due to the impact of unfavorable weather and oil palm rejuvenation activities.

Along with lower core and external FFB production, total CPO production fell 8 percent yoy to 306 thousand tons. Sales volume of CPO also fell 2 percent yoy to 318 thousand tons, while sales volume of PK products fell 6 percent yoy to 92 thousand tons.

Meanwhile, the increase in the average selling price (ASP) of CPO and PK products increased by 31 percent yoy and 55 percent yoy, respectively.