Bumitama Agri (BAL) has reported earnings of IDR1.24 trillion ($116.7 million) for the 2HFY2021 ended December, 80.6% higher than earnings of IDR685.1 billion in the same period the year before.
The half-year period’s earnings took BAL’s earnings for the FY2021 to IDR1.72 trillion, up 52.8% y-o-y.
Earnings per share (EPS) for the 2HFY2021 and FY2021 stood at IDR709 and IDR986 respectively.
Revenue for the 2HFY2021 rose 33.6% y-o-y to IDR6.81 trillion mainly due to the increase in the average selling prices (ASPs) of crude palm oil (CPO) and palm kernel (PK), which offset the weaker volumes during the 4QFY2021.
During the period, revenue for CPO rose 30.6% y-o-y to IDR5.99 trillion, while revenue for PK rose 59.5% y-o-y to IDR821.5 billion. ASPs during the period for CPO and PK rose 40.1% y-o-y to IDR11,683 per kg and 62.2% y-o-y to IDR7,342 per kg respectively.
Revenue for the FY2021 crossed the IDR10 trillion mark for the first time, at IDR12.2 trillion, up 34.6% y-o-y.
2HFY2021 cost of sales increased 25.1% y-o-y to IDR4.52 trillion, which comprised mainly costs in relation to the external purchase of fresh fruit bunch (FFB), plantation maintenance, harvesting, plantation overhead, milling and depreciation and amortisation.
Gross profit grew 54.0% y-o-y to IDR2.29 trillion.
EBITDA stood 54.1% up y-o-y at IDR2.31 trillion.
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The group also netted a foreign exchange gain of IDR72 billion due to the appreciation of the IDR against the US dollar (USD) in 2HFY2021.
A final dividend has been recommended, with the payment subject to the approval of shareholders at the upcoming annual general meeting (AGM) in April 2022.
As at end-December, cash and cash equivalents stood at IDR176.0 billion.
Shares in BAL closed at 73.5 cents on Feb 25.
