Mar 18, 2011

Sampoerna Agro FY10 earning up 60%

Crude palm oil producer, PT Sampoerna Agro Tbk, (SGRO) bagged 60.32% net income jump last year, mainly backed by the rising revenue.
In the financial report submitted to Indonesia’s Stock Exchange, it was stated that such net income jump was mainly backed by the rising average price of CPO as much as 16% as well as the increasing sale volume of CPO as much as 4%.
CPO happens to be the main contributor to Sampoerna Agro. The listed company being controlled by Putera Sampoerna posted Rp451.72 billion net income last year, compared to Rp281.77 billion in the previous year.
Such net income growth was propelled by foreign exchange gain by Rp1.14 billion compared to foreign exchange loss by Rp20.28 billion.
Laba usaha Sampoerna Agro naik 42,55% menjadi Rp655,79 miliar dari Rp460,04 miliar, sehingga margin usahanya tumbuh menjadi 28,37% dari 25,34%.
Operating income of Sampoerna Agro climbed by 42.55% to Rp655.79 billion from Rp460.04 billion, making its operating margin increase to 28.37% from 25.34%.
The gross profit grew by 40.57% from Rp599.43 billion to Rp842.63 billion. The revenue also soared by 27.62% from Rp1.82 trillion to Rp2.31 trillion.
Last year, the production of fresh fruit bunches grew by 14.17% from 1.20 million tons in 2009 to 1.37 million tons.
CPO’s production rose by 9.4% from 264,162 tons to 288,885 tons.
CPO’s sales volume surged by 20.9% from Rp1.61 trillion to Rp1.95 trillion while palm kernel augmented by 94.5% from Rp151.51 billion to Rp294.73 billion.
From the total plantation area of 102,779 hectare last year, mature area reached 73,501 ha while 29,279 ha were immature.
With regards to expansions happening in 2010, the company added approximately 8,435 ha to its planted area that totalled 102,779 ha (including plasma estates) by year end 2010.
Approximately 1,733 ha of these new additions were obtained through an acquisition deal that is located within its existing area under development.

Disclosure: No position at the stock mentioned above.  

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