Palm Oil Company Owned By Conglomerate Suwandi Widjaja Earns IDR 632 Billion Net Profit In Semester I 2022

Photo: Doc. Sumber Tani Agung Resources

JAKARTA - The palm oil company owned by Crazy Rich Medan, Suwandi Widjaja, namely PT Sumber Tani Agung Resources Tbk (STAA) recorded a net profit of Rp. 632 billion in the first semester of 2022. This achievement increased significantly by 76.5 percent compared to the same period last year of Rp. 358. billion.

STAA Deputy Chief Financial Officer (Deputy CFO) Edward Wijaya in his statement, quoted on Tuesday, August 23, said, in the first semester of 2022 the company was able to record operating revenues of Rp.2.985 trillion, or an increase of 17.8 percent from the achievement in the same period in 2021 of Rp. 534 trillion.

The company, which operates in oil palm plantations and the palm oil processing industry, was also able to increase the company's gross profit to Rp1,100 trillion, or an increase of 10.7 percent from gross profit in the first semester of 2021 of Rp994 billion.

STAA was also able to increase its profitability in the first semester of 2022 by printing an operating profit of Rp971 billion, or an increase of 52.1 percent year-on-year (yoy) from the previous Rp638 billion.

According to him, the performance in 2022 is supported by an increase in the portion of internal FFB processed by the company compared to last year. Internal FFB provides a much higher margin so the company is very focused on growing internal FFB through good plantation management practices. The Company will always maintain consistent margins from both internal and external FFB as one of the strategies to increase profitability.

"We have a strategy that focuses on maximizing the company's cost-efficiency. STAA is also able to manage its operations and maintain the company's leverage level so that it can produce better margins than the previous year," said STAA Deputy Chief Financial Officer (Deputy CFO) Edward Wijaya.

Edward also explained that STAA's total assets as of June 30, 2022 managed to increase to IDR 6.923 trillion compared to the position at the end of 2021 of IDR 5.859 trillion. STAA's total equity also increased from Rp3,098 trillion to Rp4,219 trillion as of June 30, 2022.

On the other hand, STAA's total liabilities managed to decrease to Rp. 2.704 trillion in the first semester of 2022 compared to the position at the end of 2021 of Rp. 2.760 trillion due to a decrease in the company's long-term bank debt by Rp. 186 billion from Rp. 1.789 trillion to Rp. 1.603 trillion. .