INDONESIAN palm oil producer Bumitama Agri posted a 13.5 per cent increase in net profit to 1.43 trillion rupiah (S$116.9 million) for the second half ended December, from 1.26 trillion rupiah in the previous corresponding period.
This translates to earnings per share of 825 rupiah for H2 2024, up from 727 rupiah in the year-ago period.
Revenue was up 14.9 per cent on the year to 9.13 trillion rupiah from 7.95 trillion rupiah.
On Thursday (Feb 27), the group attributed the improvement in its top and bottom lines to higher average selling price of palm products, as well as the appreciation of the Indonesian rupiah against the US dollar.
Revenue from its crude palm oil (CPO) products was up 10.7 per cent at 7.99 trillion rupiah, while palm kernel (PK) product revenue grew 57.2 per cent to 1.14 trillion rupiah.
Sales volume for CPO products was down 9.9 per cent at 597,081 metric tonnes and down 8 per cent at 130,769 metric tonnes for PK products.
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In terms of average sales prices, CPO prices rose 22.8 per cent to 13,378 rupiah per kg for the half-year period, while PK prices jumped 70.8 per cent to 8,748 rupiah per kg.
For the full year ended December 2024, net profit was down 6.6 per cent to 2.29 trillion rupiah, from 2.45 trillion rupiah in the previous corresponding period. This translates to an earnings per share of 1,319 rupiah for FY2024, versus 1,412 rupiah in FY2023.
Revenue edged up 8.3 per cent to 16.73 trillion rupiah, from 15.44 trillion rupiah in the same period last year.
The board has proposed to pay a final dividend for the full year – subject to approval by shareholders at the annual general meeting to be held on Apr 28.
In FY2023, Bumitama Agri’s board paid a final dividend of S$0.0363 and a special dividend of S$0.0192.
Shares of Bumitama Agri ended Wednesday 1.2 per cent or S$0.01 higher at S$0.83.
