Bumitama Agri's H2 net profit up 80.6% despite Q4 'production anomaly'
BUMITAMA Agri P8Z saw its H2 FY2021 net profit surge 80.6 per cent year on year to 1.24 trillion rupiah (S$117.5 million) from 685.1 billion rupiah as sales prices of its palm products strengthened.
This resulted in earnings per share (EPS) of 709 rupiah for the H2 ended Dec 31, 2021, compared to EPS of 392 rupiah previously, announced the Indonesian palm oil producer in its results filing on Monday (Feb 28).
Revenue for the second half grew 33.6 per cent to 6.81 trillion rupiah from 5.10 trillion rupiah in H2 FY2020 due to higher average selling prices of both crude palm oil (CPO) and palm kernel (PK), which rose 40.1 per cent and 62.2 per cent respectively.
Sales volume for both products however dipped 6.8 per cent for CPO, and 1.7 per cent for PK.
Notably, the group reported its lowest quarterly output of the year in Q4 - the first time since listing. This was attributed to weather-related constraints related to the 2021 La Nina, which the group called a "production anomaly" as output in Q1 was typically lowest proportionally in previous years.
It nonetheless reported that production volumes climbed throughout the year.
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For the full year ended Dec 31, 2021, net profit stood at 1.72 trillion rupiah, up 52.8 per cent from 1.13 trillion rupiah in FY2020. This translates to EPS of 986 rupiah compared to 645 rupiah the previous year.
Revenue for FY2021 was 12.25 trillion rupiah, or 34.6 per cent higher from the previous full-year revenue of 9.10 trillion rupiah.
The board has proposed for Bumitama Agri to pay a final dividend for the full year ended Dec 31, 2021, subject to shareholder approval at an annual general meeting to be convened in April 2022.
A final dividend of S$0.02 per share was declared for FY2020.
Shares of Bumitama Agri ended Friday S$0.035 or 5 per cent higher at S$0.735.
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