Aug 14, 2011

IndoAgri 1H net profit jumps 51%

Integrated palm oil and edible oil producer Singapore-listed Indofood Agri Resources Ltd (IndoAgri) reported a 51% jump in net profit for the first 6 months of this year on the back of higher sales volume and average selling prices of edible oils and fat and palm products.
In an official statement published on Friday last week, IndoAgri booked Rp823 billion in 1H 2011 from Rp545 billion. Profit from operations rose 59.7% to Rp1.87 trillion from Rp1.17 trillion.
IndoAgri's EBITDA soared 55.2% to Rp2.02 trillion from Rp1.30 trillion, sending a higher margin to 33% from 31%. IndoAgri, a subsidiary company that is effectively 57.74% owned by PT Indofood Sukses Makmur Tbk (INDF), booked Rp6.14 trillion revenue, a 45.8% increase from Rp4.21 trillion. INDF is controlled by Hong Kong-listed company First Pacific Ltd, owned by Indonesian mogul businessman Anthony Salim.
The largest contributor for IndoAgri's sales was edible oil and fats of Rp4.65 trillion and plantations made 4.21 trillion contribution.
"We are pleased to achieve another strong set of result. Our FFB nucleus and CPO production in 1H 2011 grew 14% and 18% year on year to 1.26 million tons and 381,000 tons respectively," said Mark Wakeford, CEO and Executive Director at IndoAgri, in a statement.
Operational performance
IndoAgri's CPO production rose 18% to 381,000 tons from 323,000 tons. Fresh fruit bunch increased 19% to 1.71  million tons from 1.43 million tons. 
Planted area slightly increased 5% to 205,199 hectares from 195,522 hectares, while mature area was 154,939 hectares, a 2% higher than 151,259 hectares. CPO's average selling prices in the first and second quarters were Rp8,286 per kg and Rp7,697 per kg.

Disclosure: No position at the stock mentioned above.

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