Conglomerate Anthony Salim's Bimoli Cooking Oil Producer Succeeds In Earning Rp106 Billion Profit From Rp52 Billion Loss Previously

Illustration. (Photo: Doc. Indonesia Stock Exchange)

JAKARTA - Bimoli cooking oil producer, PT Salim Ivomas Pratama Tbk managed to make a profit in the first quarter of 2021. In the same period the previous year, the SIMP stock coded company recorded a loss of tens of billions.

In SIMP's financial report published on the information disclosure page of the Indonesia Stock Exchange (IDX), quoted on Thursday July 1, the company owned by conglomerate Anthony Salim recorded revenue of Rp.4.69 trillion in the first quarter of 2021. This achievement increased by 42 percent compared to Rp.3.3. trillion in the first quarter of 2020.

In detail, the revenue consists of 87 percent of sales of vegetable oils and fats (EOF) and 13 percent of sales of plantation products.

SIMP also managed to record a profit for the year attributable to the parent company of Rp. 106 billion in the first quarter of 2021. This gain is inversely proportional to the current year's loss of Rp. 52 billion in the first quarter of 2020.

"Profit for the period attributable to owners of the parent company turned positive to Rp106 billion, mainly from an increase in operating profit and a decrease in financial expenses which was partially offset by an increase in income tax expense," wrote Management Salim Ivomas Pratama.

Meanwhile, SIMP management explained that the increase in revenue was supported by the increase in the average selling price of palm products as well as vegetable oil and fat products, which was also accompanied by an increase in sales volume of vegetable fat oil products.

Meanwhile, the average selling price of CPO and Palm Kernel (PK) in the first quarter of 2021 rose by 13 percent and 48 percent yoy, respectively. SIMP noted that the sales volume of CPO in the first quarter of 2021 fell 2 percent year on year to only 164,000 tons, while the sales volume of PK products rose 6 percent to 42,000 tons.