A Plantation Company Owned By Conglomerate TP Rachmat Earns Sales Of IDR 2.85 Trillion And Profit Of IDR 405 Billion In Semester I 2021

Illustration. (Photo: Doc. PTPN)

JAKARTA - The plantation and processing industry company, PT Triputra Agro Persada Tbk managed to record performance growth in the first six months of this year. The sales and net profit of the company codenamed TAPG increased in the first semester of 2021.

In TAPG's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Tuesday, August 3, the company owned by conglomerate TP Rachmat posted a profit for the period attributable to the owner of the parent entity or net profit of IDR 405.89 billion.

The net profit achievement shot up 250.91 percent compared to the first half of 2020 which was IDR 115.66 billion. The increase in net profit was supported by the company's sales which also rose 16.22 percent on an annual basis (yoy) in the first semester of 2021, from the previous IDR 2.45 trillion to IDR 2.85 trillion.

TAPG sales by product type in the first semester of 2021 were still supported by sales of oil and palm kernel of IDR 2.80 trillion. Followed by sales of fresh fruit bunches and rubber, each worth IDR 39.53 billion and IDR 10.57 billion.

The growth in sales performance has pushed TAPG's cost of goods sold up by 12.61 percent, from IDR 1.94 trillion in the first semester of 2020, to IDR 2.19 trillion at the end of June 2021.

TAPG also recorded an increase in gross profit by 29.95 percent to IDR 665.88 billion in the first half of this year. Meanwhile, in the same period last year, TAPG only earned a gross profit of IDR 512.39 billion.

In the first six months of 2021, TAPG still recorded an increase in expenditure on a number of expense items. Selling and marketing expenses, for example, slightly rose 0.64 percent to IDR 95.50 billion at the end of last June.

General and administrative expenses also recorded an increase of 22.13 percent to IDR 188.53 billion until the end of last June. Meanwhile, in the same period last year, TAPG only bore general and administrative expenses of IDR 154.36 billion.