Japfa has posted earnings of US$48.5 million ($64.4 million) for the 1QFY2021 ended March, 37% higher than earnings of US$35.5 million for the year before.
The higher earnings were due to growth across all segments.
1QFY2021 revenue increased by 16% y-o-y to US$1.10 billion due to higher results across PT Japfa Tbk, Animal Protein Other (APO) and Dairy.
Operating profit increased 78% y-o-y to US$149.8 million.
Core PATMI without forex increased 36.1% y-o-y to US$67.9 million.
PT Japfa Tbk, for the period, saw stabilised poultry prices following the Indonesian government’s initiatives to balance demand and supply.
APO saw higher profits due to stronger performance from Vietnam. Swine fattening volumes increased more than 30% due to Japfa’s ability to replenish its swine stock.
Revenue and profitability increased for the Dairy segment on the back of higher sales volumes and prices of raw beef and milk in China.
“I am pleased with the results we delivered in 1QFY2021 amid persisting challenges in the global economies due to Covid-19. In fact, rolling Core PATMI w/o Forex for the past 12 months ending 31 March 2021 hit at an all-time high since IPO,” says CEO Tan Yong Nang.
“All three key profit pillars, Poultry-Indonesia , Swine-Vietnam and Dairy-China, continue to significantly contribute to the growth of both revenue and profits, confirming that we are able to make the most of our diversification strategy across proteins and markets,” he adds.
“PT Japfa Tbk recorded a good performance on the back of stabilised poultry prices. In 1Q2021, we have also achieved an important milestone with the successful issue of the first-ever sustainability-linked bond in the agri-food industry in the world. We are pleased with the positive response that our SLB received from the markets. The SLB is an additional catalyst to achieve our sustainability targets and an opportunity for our investors to partner with us towards a sustainable future”.
Shares in Japfa closed flat at 90.5 cents on April 29.
