Eagle High Plantations (BWPT) Profit Soars 364% in Q1-2024

PALM OIL - JAKARTA. PT Eagle High Plantations Tbk's (BWPT) profits have soared by 364% to IDR 50.89 billion in the first quarter of 2024, a significant increase from IDR 10.96 billion during the same period in 2023.

In addition to this, BWPT also recorded a 25% growth in EBITDA, rising from IDR 252.96 billion in the first quarter of 2023 to IDR 315.41 billion in the first quarter of 2024. This increase is attributed to a boost in productivity.

BWPT's CEO, Henderi Djunaidi, stated that this increase is due to the company's successful and consistent focus on productivity, efficiency, and profitability over the past few years. This strategy has proven to be highly effective in improving BWPT's financial performance, particularly in the first quarter of 2024.

The effectiveness of BWPT's financial performance is also evident from the strengthening of financial ratios such as Gross Margin and Operating Margin, which grew by 36% and 51% respectively compared to the same quarter in the previous year.

In the first quarter of 2024, FFB and CPO yields per hectare grew by 40% and 51% respectively compared to the same quarter in the previous year.

"The first quarter of 2024 is a period of adjustment, but we remain focused on improving productivity, efficiency, and profitability until the end of 2024," said Henderi in an official statement on Tuesday (30/4).

In line with the Roadmap Certified Oil and environmental-friendly initiatives, BWPT has officially added a new Roundtable on Sustainable Palm Oil (RSPO) certificate for PKS PT Bumihutani Lestari in Central Kalimantan.

This achievement reflects BWPT's dedication to sustainability in its business activities and adds premium value to BWPT's revenue.

"With the achievements made in the first quarter of 2024 and an increasingly strong operational cash flow of 163% YoY, BWPT is optimistic about achieving a better ranking in the future," Henderi said.

BWPT remains focused on implementing good agronomic practices, rejuvenating factories and heavy equipment, and continuously improving employee welfare, including enhancing employee skills and competencies.

Furthermore, the construction of the Kernel Crushing Plant (KCP), Biogas, and the increase in PKS capacity remain BWPT's priorities to boost production and revenue in the future.

"With a solid first quarter performance, we are optimistic that we can achieve our double-digit target this year," Henderi concluded.

Additionally, BWPT has received an idA-/Stable rating from PT Pemeringkat Efek Indonesia (PEFINDO) based on the data and information provided and the Audited Financial Report as of December 31, 2023.

The rating reflects BWPT's strong operational management profile, stable palm oil demand, and relatively strong financial flexibility.