SINGAPORE (March 2): Indonesia-based agri-food company Japfa has posted an 83.6% increase in full-year earnings to US$118.8 million ($167.3 million), from US$64.7 million a year ago.
Excluding foreign exchange gains or losses, core PATMI was 47.6% higher at US$130.2 million, compared to US$88.3 million in FY15.
For the full year ended Dec 31, group revenue grew 8.8% to US$3.0 billion, from US$2.8 billion a year ago, on the back of better performance across all its business segments.
Operating profit increased 43.7% to US$311.4 million, mainly due to better profitability from the Indonesia operations in the animal protein segment.
Other gains in FY16 increased to US$27.0 million, from US$10.9 million a year ago.
This was mainly due to an extraordinary gain on disposal of non-current assets of US$3.5 million arising from the sale of Riveren and Inverway cattle station properties in Australia, and a gain of US$13.7 million from the sale of the cattle herd at these stations.
Cash and cash equivalents stood at US$331.1 million as at Dec 31, 2016.
Japfa has proposed a final dividend of 1.0 cent per share, double of the final dividend of 0.5 cents per share recommended in FY15.
“Overall, FY2016 was one of the strongest years of revenue and profitability for PT Japfa Tbk since it commenced its poultry operations in Indonesia over 40 years ago,” Japfa says in a filing to SGX on Wednesday.
Looking ahead, the group says it “remains confident that its core competencies, diversified strategy across multiple proteins and geographies, together with its track record in replicating its industrialised and scalable business across the region, will sustain its growth in the mid- to long-term.”
As at 11.39am, shares of Japfa are trading 1.5 cents lower at 91.5 cents.
