JAKARTA - The plantation company belonging to conglomerate Anthony Salim, PT Salim Ivomas Pratama Tbk managed to record a brilliant performance in the first quarter of 2022. The company's profits and revenues were able to grow significantly in the first three months of this year.
In the financial report of the issuer codenamed SIMP, quoted on Thursday, June 2, the company posted a net profit of IDR 297 billion in the first quarter of 2022. The profit of the producer of Bimoli cooking oil jumped 181 percent compared to the first quarter of 2021, which was IDR 106 billion.
"The increase in profit mainly came from an increase in operating profit and a decrease in financial expenses, which was partially offset by an increase in income tax expense," said SIMP's management.
Salim Ivomas' total sales in the first quarter of 2022 were IDR 4.04 trillion, down 14 percent yoy. This was due to a decrease in sales volume of palm products and Vegetable Oils & Fats (EOF) products, although there was an increase in the average selling price of palm products and EOF products.
In detail, EOF products are still the largest revenue contributor with 76 percent, followed by the plantation sector with 24 percent. Meanwhile, core FFB production fell 14 percent yoy to 589,000 tons mainly due to unfavorable weather and replanting activities.
As core and external FFB production declined, total CPO production fell 18 percent yoy to 142,000 tons. In line with the decline in production, CPO sales volume fell 38 percent yoy to 102,000 tons, and sales volume for PK products decreased 18 percent yoy to 34,000 tons.
Salim Ivomas' net gearing ratio on March 31, 2022 decreased to 0.29 times compared to 0.35 times on December 31, 2021.
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