The Profits Of Triputra Agro, A Palm Oil Company Owned By Conglomerate TP Rachmat Soared By 339 Percent To IDR 1.78 Trillion In The First Semester Of 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - The palm oil company owned by conglomerate TP Rachmat, PT Triputra Agro Persada Tbk (TAPG), recorded a profit for the period attributable to owners of the parent entity of IDR 1.78 trillion in the first semester of 2022. This achievement rose 339 percent compared to the same period last year which worth IDR 405.89 billion.

In TAPG's financial report, quoted Monday, July 25, the increase in profit was in line with sales which jumped 61.59 percent to IDR 4.61 trillion compared to the first semester of 2021 at IDR 2.85 trillion.

Most of Triputra Agro's revenue was contributed from the sale of palm oil and palm kernel of IDR 4.58 trillion or 99.22 percent of the company's total revenue. The remaining IDR 20.7 billion or 0.43 percent of the total revenue came from the sale of fresh fruit bunches and IDR 14.52 billion or 0.3 percent from rubber sales.

"All sales are local sales," Triputra Agro's management wrote in its official statement.

Furthermore, Triputra Agro's management explained that sales of palm oil and palm kernel products increased 63.18 percent to IDR 4.58 trillion in the first six months of 2022 compared to the same period last year of IDR 2.8 trillion.

The increase in sales also occurred in rubber products by 37.32 percent to IDR 14.52 billion compared to the first semester of 2021, which was IDR 10.58 billion. Meanwhile, sales of fresh fruit bunches fell 47.62 percent to IDR 20.7 billion compared to the previous IDR 39.53 billion.

TAPG management revealed that the increase in sales was followed by an increase in cost of goods sold from IDR 2.19 trillion in the first semester of 2021 to IDR 2.65 trillion. However, the additional expense was still lower than the increase in sales, so the company was able to record a gross profit of IDR 1.96 trillion compared to the same period last year of IDR 665.88 billion.

TAPG's operating profit also grew 289.6 percent to IDR 1.68 trillion from the previous IDR 433.7 billion. With profit for the period attributable to owners of the parent entity, an increase of 339 percent to IDR 1.78 trillion in the first half of 2022 compared to the first half of 2021 of IDR 405.89 billion.

Growth also occurred in the company's total assets. As of June 30, 2022, the company's total assets were IDR 13.91 trillion, an increase of 11.78 percent compared to the position on December 31, 2021, of IDR 12.44 trillion.

Meanwhile, total equity grew 17.28 percent to IDR 9.14 trillion by the end of March 2022 compared to last year's IDR 7.79 trillion.