InfoSAWIT, SINGAPORE – Bumitama Agri Ltd., palm oil plantation company that was registered at SGX and operating in Indonesia, released the financial performance in the first semester of 2024. The company got income that reached Rp 7,60 trillion in the first six months of 2024, got increased 1% to Rp 7,50 trillion in the same period last year.
The increasing income happened for the leap 15% in palm kernel (PK) selling that reached IDR 703,36 billion or 9% of the total consolidation income. Both the PK price and volume got got escalated that reached 11% and 4% for each, and it was IDR 6,201 per kilogram (kg) and the volume reached 113.421 tons in the first semester of 2024. Crude palm oil (CPO) selling was relatively stable but it got more expensive that reached 2% but was balanced by the decreasing volume that reached 1%.
As in the official statement to InfoSAWIT, the financial performance of Bumitama significantly got better in the second quarter of 2024. Earnings before interest, taxes, and amortization (EBITDA) got increased 41% to the prior quarter to be IDR 1,05 trillion, whole the main profits got increased 43% to be Rp 533,47 billion. The EBITDA margin got recovered to level 28% in the second quarter of 2024 or got escalated 9 points percentage from the first quarter. It happened for the increasing CPO and PK price that got more dynamic. The average selling price (ASP) for CPO in the second quarter got escalated 5% to be Rp 12,257 per kg, and PK did too 21% to be Rp 6,822 per kg.
“In the future the increasing CPO price trend would continue. Based on the laters survey of Bloomberg, the median from 30 prediction by industrial actors, the futures reference price in Malaysia would be at RM 4.000 per ton by the late of this year,” BAL officially noted in the midst of August 2024. (*)
