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CORPORATE STRATEGIC - JAKARTA. PT Austindo Nusantara Jaya Tbk (ANJT) has reported a decline in production and sales for the six-month period ending June 30, 2024.
According to information disclosed to the Indonesia Stock Exchange (BEI) on Wednesday (31/7), Austindo produced 370,650 metric tons (mt) of Fresh Fruit Bunches (TBS) from its core plantation during the first half of 2024. This core production is 9.1% lower than the same period last year, which stood at 407,560 mt.
The lower production resulted in a decrease in TBS productivity per hectare (ha) area from 9.2 mt per ha to 8.6 mt per ha. However, on a quarterly basis (Q-o-Q), ANJIT still recorded a 14.0% increase in TBS production volume to 197,425 mt in the second quarter of 2024, up from 173,225 mt in the first quarter of 2024.
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With the addition of TBS purchases from third parties, ANJT processed a total of 606,508 mt TBS in the factory to produce crude palm oil (CPO) amounting to 121,750 mt in the first half of 2024. This result is 9.6% lower than the production achievement in the first half of 2023. The extraction rate was recorded at 20.1%, 2.7% lower than the same period last year.
Meanwhile, the core palm production or palm kernel (PK) decreased by 3.8% to 23,706 mt, from 24,641 mt in the first half of 2023.
“We also recorded palm kernel oil (PKO) production of 594 mt, lower than the production achievement of 669 mt in the same period last year,” revealed Naga Waskita, Director/Secretary of Austindo Company in his statement.
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Austindo reported a 9.6% decrease in CPO sales volume in the first half of 2024 to 122,181 mt, compared to the achievement in the first half of 2023 of 135,147 mt, in line with the weakening volume of CPO production. In addition, PK sales volume decreased by 7.0%. Meanwhile, PKO sales volume increased by 18.3% to 650 mt from 549 mt in the first half of 2023.
“Despite the weakening sales volume, we recorded an average selling price (HJR) of CPO in the first half of 2024 at US$ 770 per mt, 1.4% higher than the HJR in the same period last year at US$ 759 per mt. Meanwhile, the HJR of PK increased by 11.1% annually to US$ 420 per mt and the HJR of PKO was at the level of US$ 748 per mt,” he explained.
From a financial performance perspective, ANJT recorded a total revenue of US$ 108.3 million in the first half of 2024. Austindo's revenue fell 6.1% compared to the first half of 2023. The decline was mainly due to lower revenue from the palm oil segment.
Revenue from the palm oil segment contributed 97.7% to ANJT's total consolidated revenue. The remaining 2.3% was contributed by revenue from service concessions and sales of edamame and sago flour.
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In the first half of 2024, ANJT's edamame business recorded positive performance marked by revenue achievement of US$ 1.6 million, a significant increase of 130.3% from US$ 0.7 million in the first half of 2023, in line with the increase in sales volume and higher HJR of edamame products.
Austindo recorded a net loss of US$ 4.7 million in the first half. This loss is better than the net loss of US$ 5.0 million in the same period last year.
"This decrease is mainly due to lower costs for road maintenance and fertilization costs for productive plants, as well as lower processing costs and indirect costs offset by an increase in interest and personnel expenses in the first half of 2024," concluded ANJT Management.
