Bumitama Agri (BAL) has reported a net profit of IDR874 billion ($75.8 million) for the 3QFY2023 ended Sept 30, 33% higher y-o-y and marking the first quarter to see y-o-y growth in 2023.
Revenue for the three-month period rose by 20% y-o-y to IDR4.31 trillion.
Gross profit was up by 26% y-o-y at IDR1.62 trillion. Ebitda was up by 29% y-o-y at IDR1.62 trillion while ebitda margin rose by 2.5 percentage points to 37.6%.
9MFY2023 net profit fell by 27% y-o-y to IDR2.06 trillion.
Revenue for the nine-month period fell by 6% y-o-y to IDR11.80 trillion.
Gross profit fell by 25% y-o-y to IDR3.77 trillion. Ebitda fell by 27% y-o-y to IDR3.68 trillion while ebitda margin fell by 8.9 percentage points y-o-y to 31.2% due to lower commodity prices.
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Total fresh fruit bunches (FFB) rose by 6% y-o-y to 1.53 million tons for the 3QFY2023 while 9MFY2023 FFB fell by 4% y-o-y to 3.99 million tons.
FFB yield rose by 3% y-o-y to 6.0 tons per hectare in the 3QFY2023 while 9MFY2023 FFB yield fell by 7% y-o-y to 15.4 tons per hectare.
Oil extraction rates (OER) for the 3QFY2023 was up by 0.7% y-o-y at 23.0% while 9MFY2023 also rose by 0.3% y-o-y to 22.6%.
Crude palm oil (CPO)’s average selling price (ASP) for the 3QFY2023 was at IDR10,800 per kg, 4% higher y-o-y while ASP for the 9MFY2023 was at 11,400, down 12% y-o-y.
Sales volume, however, rose by 16% and 12% y-o-y to 362,000 tons for the 3QFY2023 and to 949,000 tons for the 9MFY2023.
Palm kernel’s (PK) ASP fell by 1% y-o-y to 5,000 per kg in the 3QFY2023 and plunged by 41% y-o-y to 5,400 per kg in the 9MFY2023.
Sales volume for the 3QFY2023 rose by 14% y-o-y to 77,000 tons while sales volume for the 9MFY2023 stood flat y-o-y at 187,000 per kg.
Shares in Bumitama closed at 57 cents on Nov 10.
