Salim Group, Which Produces Bimoli Earns IDR 234 Billion Profits In 2020

Bimoli brand cooking oil. (Photo: Doc. Salim Invomas)

JAKARTA - PT Salim Ivomas Pratama Tbk reported its performance for the 2020 financial year. Even though it was overshadowed by the 'ghost' of the COVID-19 pandemic, this Bimoli-branded cooking oil producer managed to record a net profit after experiencing a net loss in 2019.

Quoted from the financial statements of the issuer coded as SIMP shares, on the website of the Indonesia Stock Exchange (IDX), Tuesday, March 2, the company managed to record sales of contracts with customers amounting to IDR 14.74 trillion in 2020. This achievement is up 6 percent compared to the previous year of IDR 13.65 trillion.

Revenue from the plantation sector reached IDR 8.45 trillion. Meanwhile, the vegetable oil and fat sector amounted to IDR 11.45 trillion, and others or IDR 5.43 trillion.

Even though the revenue rose, Salim Invomas recorded a decrease in the cost of goods sold of IDR 11.47 trillion, lower than 2019's IDR 11.56 trillion. The company, owned by Anthony Salim has also succeeded in reducing the number of expenses, such as sales and distribution expenses to IDR 497.9 billion, general and administrative expenses of IDR 699.04 billion, and other operating expenses of IDR 122.14 billion.

As a result, Salim Invomas managed to score a profit for the year attributable to the owners of the parent company of IDR 234.28 billion. This figure is clearly much better than the position in 2019 which lost IDR 546.14 billion.

The total liabilities of Salim Invomas managed to decrease to IDR 16.9 trillion compared to the position at the end of 2019 of IDR 17.12 trillion. Meanwhile, the company's total assets rose to IDR 35.39 trillion, higher than IDR 34.91 trillion.

In addition, total cash and cash equivalents rose 41.43 percent to IDR 2.42 trillion at the end of December 2020. At the end of 2019, the company's cash equivalents position was IDR 1.71 trillion.