London Sumatra, Palm Oil Company Owned By Conglomerate Anthony Salim Earns Sales Of Rp2.18 Trillion And Profit Of Rp501.22 Billion

Illustration. (Photo: Wikimedia Commons)

JAKARTA - Palm oil company PT PP London Sumatra Indonesia Tbk scored a brilliant performance in the first six months of this year. The issuer with the stock code LSIP posted significant revenue and profit growth in the first semester of 2021.

In LSIP's financial report on the information disclosure page of the Indonesia Stock Exchange (IDX), quoted on Sunday, August 15, the company owned by conglomerate Anthony Salim recorded an annual sales increase of 39.74 percent to Rp2.18 trillion in the first half of this year.

"London Sumatra (Lonsum) achieved a strong financial performance in the first half of 2021, especially in line with the increase in sales volume and the average selling price of palm oil products and supported by efforts to control costs and efficiency," said President Director of London Sumatra, Benny Tjoeng.

He added that the average selling price (ASP) of Lonsum's crude palm oil (CPO) rose 25 percent year on year (yoy). Meanwhile, the average selling price of palm kernels jumped 56 percent compared to the same period last year.

The increase in selling prices accompanied by efficiency caused London Sumatra's gross profit to jump 173.43 percent to Rp755 billion. Lonsum's net profit even jumped 444.86 percent to Rp501.22 billion from the first half of last year which was only Rp91.99 billion.

Benny said Lonsum maintains a healthy financial position with total assets of Rp11.61 trillion. LSIP's cash and cash equivalent figure is Rp2.69 trillion. In fact, this palm oil issuer has no bank debt until June 30, 2021.

Benny added that his party continues to strengthen its financial position, control cost efficiency and increase productivity. Lonsum will also prioritize capital expenditures on aspects that have the potential for growth.