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PALM OIL - JAKARTA. PT Salim Ivomas Pratama Tbk's (SIMP) sales have been observed to decrease by 7% year on year (yoy) to IDR 7.05 trillion in the first half of 2024, compared to IDR 7.60 trillion in the same period last year.
According to the disclosure of information from the Indonesia Stock Exchange (IDX) on Wednesday (31/7), this sales decline is primarily due to a decrease in the volume of palm product sales and a decrease in the average selling price of oil and vegetable leak products.
If detailed, in the first half of 2024, the production of Fresh Fruit Bunches (FFB) of SIMP's core slightly decreased by 1% yoy to 1.2 million tons. CPO production also slightly decreased by 1% yoy to 306,000 tons.
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SIMP's CEO, Mark Wakeford, stated that despite ongoing challenges in the agribusiness sector, particularly commodity price volatility, weather impacts, and global uncertainty, SIMP recorded a positive performance in the first half of 2024.
“The SIMP Group remains focused on improving cost control and efficiency, increasing productivity, and managing operations sustainably,” said Mark, in his statement.
In the first half of 2024, SIMP's operating profit increased by 123% yoy to IDR 1.22 trillion. Consequently, the profit for the period attributable to the parent entity or SIMP's net profit also soared by 312% yoy to IDR 529 billion.
The net gearing ratio of the SIMP Group on June 30, 2024, was recorded at 0.14x compared to 0.16x on December 31, 2023.
