Palm Oil Company Owned By Conglomerate TP Rachmat Earns Sales Of IDR 2.19 Trillion And Profit Of IDR 903.9 Billion In The First Quarter Of 2022

JAKARTA - The plantation company belonging to the conglomerate TP Rachmat, PT Triputra Agro Persada Tbk (TAPG) reported a decline in production for palm oil (CPO) commodities during the first quarter of 2022 compared to the same period in the previous quarter.

Based on the company's information disclosure, TAPG recorded a 1.5 percent decline in CPO production from 223,474 tons in the first quarter of 2021 to 220,055 tons in the first quarter of 2022.

"The heavy rainy season in early 2021 resulted in a slight decrease in CPO production compared to the first quarter of last year but grew 13 percent from the previous quarter," the management wrote, quoted on Monday 9 May.

Meanwhile, revenue from the rubber segment rose in the first quarter of 2022 to 39 percent year-on-year (yoy) and up 148 percent from the previous quarter due to growth in slab rubber sales and an increase in average selling price (ASP).

Overall, TAPG's revenue during the first three months of this year rose 62.1 percent from IDR 1.35 trillion in the first quarter of 2021 to IDR 2.19 trillion in the first quarter of 2022. This achievement was due to the contribution of rising CPO and palm kernel selling prices, as well as stable production.

The cost of goods sold rose 29.1 percent yoy in the first quarter of 2022 due to an increase in purchases of third party fresh fruit bunches (FFB) and fertilizer costs. Other production costs are also still under control in the first quarter of 2022.

TAPG was still able to post a significant net profit increase of IDR 903.9 billion, up 527.6 percent from last year, driven by higher selling prices, stable production, controlled production costs and lower finance costs.