In 2021 Loss Of IDR 1.4 Trillion, Palm Oil Company Owned By Conglomerate Peter Sondakh Finally Prints Profit Of IDR 17.47 Billion In 2022

JAKARTA - The palm oil plantation company from the Rajawali Group owned by conglomerate Peter Sondakh, PT Eagle High Plantations Tbk. (BWPT) has finally scored a net profit for the 2022 financial year after experiencing losses since 2014.

Based on the financial statements as of December 31, 2022, BWPT posted a profit for the year attributable to the parent entity of IDR 17.47 billion, reversing from a loss of IDR 1.40 trillion in 2021.

BWPT's profit cannot be separated from the record revenue recorded in 2022. BWPT accumulated revenue of IDR 4.57 trillion, up 56 percent compared to 2021 of IDR 2.93 trillion. Along with the increase in revenue, BWPT recorded an increase in EBITDA of 35 percent YoY, from IDR 817 billion in 2021 to IDR 1.1 trillion in 2022.

"This is of course thanks to the consistency over the last three years, which has succeeded in reducing administrative and general costs by 29 percent followed by a decrease in interest expense by 36 percent. In 2022, BWPT will again print a net profit since 2014," said President Director of Eagle High Plantations Henderi Djunaidi in a written statement, quoted Friday, April 14.

Henderi said the increase in performance in 2022 was supported by an increase in crude palm oil (CPO) production when prices experienced a significant increase. CPO production recorded an increase of 42 percent on an annual basis to 328,784 tons.

Meanwhile, kernel oil production rose 52 percent to 61,353 tons. The increase in production was accompanied by an increase in BWPT sales volume from 236,407 tons in 2021 to 334,252 tons in 2022. Likewise, sales of palm kernels increased to 59,455 tons in 2022, from the previous 42,144 tons in 2021.

"We are optimistic about future performance. In the future, we plan to add factories, develop existing land banks, and always strengthen ESG values in order to achieve sustainable business growth," he said.