Conglomerate Anthony Salim's Bimoli Cooking Oil Producer Earns Rp219 Billion Profit From Rp300 Billion Loss Previously

Illustration. (Photo: Doc. Indonesia Stock Exchange)

JAKARTA - PT Salim Ivomas Pratama achieved satisfactory performance in the first six months of this year. The revenue and net profit of the Bimoli cooking oil producer grew significantly in the first semester of 2021.

In the information disclosure of the issuer coded SIMP on the Indonesia Stock Exchange website, quoted on Saturday, August 14, the palm oil company owned by conglomerate Anthony Salim recorded an increase in sales of 30.42 percent year on year (yoy) to Rp8.96 trillion in the first semester of 2021.

"The SIMP Group achieved positive financial performance in line with the increase in the average selling price of palm products and vegetable oil and fat products, the increase in sales volume of vegetable oils and fats products, as well as our efforts to control costs and efficiency," said President Director Salim Ivomas Mark Wakeford.

The average selling price of Salim Ivomas crude palm oil (CPO) rose 26 percent on an annual basis. Meanwhile, the average selling price of palm kernels is 62 percent on an annual basis.

On the other hand, SIMP's production of fresh bunches fell 3 percent to 1.36 million tons. Salim Ivomas' CPO production fell 1 percent to 345,000 tons.

Meanwhile, CPO sales volume fell 1 percent to 343,000 tons. The increase in selling prices accompanied by efficiency caused Salim Ivomas' gross profit to jump 109 percent to Rp2.06 trillion.

As a result, Salim Ivomas was able to reverse a loss of Rp300.81 billion in the first half of 2020, to a profit of Rp219 billion in the first six months of this year. Mark revealed that his party will focus on prioritizing capital expenditure on aspects that have growth potential and improve cost control and efficiency.

"SIMP will also create innovations to increase plantation productivity and take the necessary actions to ensure the health and safety of employees during the pandemic," he said.