Bumitama Agri’s 1QFY2024 net profit fell 23% y-o-y to IDR328.38 mil on the back of higher-for-longer rates

Bumitama Agri has posted a 23% decline y-o-y in net profit to IDR328.38 billion ($27.8 million) due to the strengthening US dollar effect on the back of US Federal Reserve’s higher-for-longer rates.

This is in spite of higher revenue, which grew 8% y-o-y to IDR3.87 trillion driven by higher crude palm oil (CPO) sales.