Nugget Fiesta Producers Owned By Thai Conglomerate Cheavaranont Brothers Raise Sales Of IDR 14.29 Trillion But Profits Drop 17.93 Percent To IDR 1.19 Trillion

JAKARTA - The poultry and processed food company owned by the Thai conglomerates Cheavaranont brothers, PT Charoen Pokphand Indonesia Tbk (CPIN) recorded sales of IDR 14.29 trillion in the first quarter of 2022. This achievement grew by 15.24 percent from sales in the same period in 2021 which amounted to IDR 12.40 trillion.

In CPIN's financial report, quoted on Monday, May 30, details of CPIN's sales in the first quarter of 2022 are, feed sales contributed IDR 3.46 trillion, broiler sales amounted to IDR 7.99 trillion, day-old chick sales IDR 487.29 billion. Then the sales of processed chicken contributed IDR 2.02 trillion, and others IDR 324.52 billion.

In line with the increase in revenue, CPIN's cost of revenue also increased by 21.42 percent from IDR 9.80 trillion to IDR 11.90 trillion in the first quarter of this year. As a result, the producer of Fiesta brand nuggets recorded a gross profit of IDR 2.39 trillion, or a decrease of 8.07 percent from the gross profit of the first quarter of 2021 of IDR 2.60 trillion.

On the other hand, selling expenses also increased from last year's quarter of IDR 356.56 billion to IDR 481.27 billion, then general and administrative expenses also increased from IDR 378.84 to IDR 399.01 billion.

After deducting other expenses and tax burdens, Charoen Pokphand Indonesia posted a net profit of IDR 1.19 trillion, a drop of 17.93 percent from the first quarter of last year of IDR 1.45 trillion.