Nugget Fiesta Producer Owned By Thai Conglomerate Cheavaranont Brothers Raise Sales Of IDR 25.46 Trillion And Profit Of IDR 2.83 Trillion

Charoen Pokphand Factory. (Photo: Doc. Charoen Pokphand Indonesia)

JAKARTA - PT Charoen Pokphand Indonesia Tbk (CPIN) posted a satisfactory performance in the first six months of this year. The Fiesta-branded chicken nuggets producer managed to record sales growth and net profit in the first semester of 2021.

In CPIN's financial report published on the Indonesia Stock Exchange (IDX) website, quoted Monday, August 23, the company, which is majority-owned by the Thai conglomerate family, the Cheavaranont Brothers, posted net sales of IDR 25.46 trillion. That number grew significantly by 28.80 percent from the realization of sales in the same period last year worth IDR 19.77 trillion.

CPIN's net sales in the first six months of 2021 were supported by broiler sales worth IDR 12.86 trillion. Then followed by sales of feed, day-old chicks, and processed chickens amounting to IDR 7.19 trillion, IDR 1.27 trillion, and IDR 3.37 trillion, respectively.

Finally, there were other sales with a value of IDR 755.09 billion. The growth in sales prompted an increase in CPIN's cost of goods sold by 24.95 percent, from the previous IDR 16.15 trillion in the first semester of 2020, rising to IDR 20.19 trillion in the first half of this year.

Until the end of last June, Charoen Pokphand Indonesia managed to raise its gross profit by 46.03 percent to IDR 5.27 trillion. Meanwhile, in the same period last year, CPIN only posted a gross profit of IDR 3.16 trillion.

CPIN also still posted an increase in the number of expense items. First, the recorded selling expenses rose 27.20 percent to IDR 760.31 billion, from the previous IDR 597.71 billion in the first half of 2020.

General and administrative expenses also increased to IDR 811.55 billion at the end of last June. This figure rose 12.62 percent compared to the previous IDR 720.58 billion at the end of June 2020.

As of June 30, 2021, CPIN managed to record a profit for the current period attributable to owners of the parent entity of IDR 2.83 trillion or significant growth of 73.01 percent from the realization of net profit in the same period last year of IDR 1.63 trillion.

For information, the Chearavanont family is the richest person in the Land of the White Elephant. The four Chearavanont brothers own the world's largest shrimp and animal feed business, Charoen Pokphand Group (CP Group).

The four are Jaran Chiaravanon, Montri Jiaravanon, Sumet Jiaravanon, and Dhanin Chearavanont. Currently, CP Group oversees 8 business lines that cover 13 business groups.

In addition to the agricultural and food sectors, the company also has retail, telecommunications, e-commerce, property, automotive, pharmaceutical, and financial businesses. Not only that, but the company also invests in 21 countries, including Indonesia.