In the 9MFY2022, BAL’s net profit surged by 164% y-o-y to IDR2.83 trillion ($248.67 million). Revenue for the same period increased by 48% y-o-y to IDR12.56 trillion while gross profit stood 133% higher y-o-y at IDR5.05 trillion.
The Singapore research team at RHB Group Research is keeping its “buy” call and target price of 80 cents on Bumitama Agri (BAL) after its results for the 9MFY2022 ended Sept 30 stood in line with its expectations and significantly above the street’s estimates.
In its results presentation on Nov 14, BAL’s profitability level for the nine-month period was said to be at a decade-long high despite rising cost pressures and the normalising trend in commodity prices.
