JAKARTA - The plantation company and palm oil products belonging to conglomerate Eka Tjipta Widjaja, PT Sinar Mas Agro Resources and Technology Tbk, or PT SMART Tbk (SMAR) posted revenue growth and net profit in 2021.
This filma cooking oil producer posted revenue of IDR 57 trillion in 2021, up 41 percent year on year (yoy) from the previous IDR 40.43 trillion. This is supported by the strengthening of global CPO prices.
"Sales in 2021 will increase in line with the increase in CPO prices," said SMAR management in a publication on the Indonesia Stock Exchange (IDX) website, quoted Monday, March 21.
In line with SMAR's strategy of focusing on value-added products, the contribution of palm derivative products reaches 88 percent of total sales. In detail, sales of refined products reached IDR 37.05 trillion. Sales of non-refined products were IDR 6.76 trillion, biodiesel sales were IDR 9.07 trillion, and other products were IDR 4.12 trillion.
From a geographical point of view, local sales contributed 52 percent, while exports contributed 48 percent. SMAR produced 2.42 million tons of fresh fruit bunches (FFB) in 2021 from 2.57 million tons in 2020. CPO production also decreased to 550,000 tons from 581,000 tons in the previous year.
On the other hand, palm kernel production will also decline to 150,000 tons in 2021 from 158,000 tons in 2020. SMAR operates 16 Palm Oil Mills (PKS) with a processing capacity of 4.35 million FFB per year.
"The production of FFB and palm oil products in 2021 will decline mainly due to a decrease in the area of production due to the replanting program and high rainfall in South and Central Kalimantan," explained SMAR management.
VOIR éGALEMENT:
SMAR also recorded a gross profit of IDR 10.96 trillion in 2021, up to 86 percent yoy from the previous IDR 5.87 trillion. Ebitda also rose to IDR 6.12 trillion from 4.09 trillion in 2022.
Net profit that can be distributed to owners of the parent entity will reach IDR 2.83 trillion in 2021. SMAR's net profit rose 84 percent yoy from IDR 1.54 trillion in 2020.
SMAR's liabilities in 2020 reached IDR 25.93 trillion, an increase from the previous IDR 22.5 trillion. Equity also rose to IDR 14.42 trillion from the previous IDR 12.52 trillion.
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