This Filma Cooking Oil Producer Owned By Eka Tjipta Widjaja Earned IDR 1.5 Trillion Profits In 2020

FILMA cooking oil illustration. (Photo: Doc. Antara)

JAKARTA - 2020 is an "exciting" period for cooking oil producers. This time, Filma cooking oil producer, PT Sinar Mas Agro Resources and Technology Tbk or PT Smart Tbk, managed to earn a net profit of IDR 1.53 trillion in 2020.

Quoted from the financial report of the company coded SMAR shares, Monday, March 22, the company posted revenues of IDR 40.43 trillion in 2020. The acquisition was 11.7 percent higher than the 2019 acquisition of this Sinar Mas group of IDR 36.19 trillion.

The sales of the company owned by Eka Tjipta Widjaja consisted of sales in the consumer product business integration segment and trading activities of IDR 35.83 trillion, the plantation segment IDR 5.81 trillion, and other segments of IDR 2.93 trillion.

SMAR's cost of revenue only increased by 7 percent to IDR 34.55 trillion compared to 2019 of IDR 32.28 trillion. In addition, the company also managed to record an increase in interest income of IDR 21.07 billion and other income of IDR 516.55 billion.

As a result, PT Smart Tbk posted a net profit that could be distributed to the owners of the main entity amounting to IDR 1.53 trillion. This achievement is considered extraordinary because it managed to jump 71.2 percent compared to the 2019 acquisition of IDR 898.63 billion.

Meanwhile, SMAR's total liabilities swelled to IDR 22.5 trillion at the end of 2020, compared to IDR 16.85 trillion at the end of 2019. The total liabilities consist of short-term liabilities of IDR 14.35 trillion and long-term liabilities of IDR 8.14 trillion.

In terms of assets, PT Smart Tbk recorded IDR 35.02 trillion in 2020, compared to the position at the end of December 2019 of IDR 27.78 trillion. The total assets included the company's cash and cash equivalents as of the end of 2020 which rose 191.33 percent to IDR2.82 trillion compared to the position at the end of 2019 of IDR 969.2 billion.

Previously, the cooking oil producer Bimoli owned by Anthony Salim was also big in 2020. PT Salim Ivomas Pratama Tbk (SIMP) managed to make a profit for the year attributable to the owner of the parent entity of IDR 234.28 billion, inversely proportional to the 2019 position which lost IDR 546.14 billion.