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LISTED COMPANY - JAKARTA. PT Sumber Tani Agung Resources Tbk (STAA), a company engaged in the palm oil plantation and processing industry, has reported an increase in its interim results for the first quarter of 2024.
This achievement was driven by an increase in the average selling price of CPO and sales volume compared to the same period last year.
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“STAA will always focus on the company's solid fundamentals and strive to improve field performance efficiency,” said Edward Wijaya, Head of Investor Relations, in his statement on Friday (3/5).
Quoting the interim financial report for the period ending March 31, 2024, STAA managed to record sales of IDR 1.27 trillion compared to the same period last year, IDR 1.16 trillion.
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In addition, the company's EBITDA margin was able to reach 30.5%, from IDR 293 billion to IDR 389 billion in the first quarter of 2024. Net profit attributable to the parent entity (PATMI) also managed to increase year-on-year (YoY) by 37.6%, from IDR 144 billion to IDR 198 billion in this period. This reflects that STAA has always been able to maintain a healthy company margin.
From the balance sheet perspective, the company's total assets as of March 31, 2024, were recorded at IDR 7.17 trillion, an increase of 7.3% compared to the end of 2023, IDR 6.68 billion. STAA's total equity also managed to increase, from IDR 4.80 trillion at the end of 2023 to IDR 5.03 trillion in the first quarter of 2024.
On the other hand, quoting from the company's production performance report for the first quarter of 2024, there was an increase in STAA's total fresh fruit bunch (TBS) production by 6.7% from 205,077 tons to 218,762 tons and TBS yield by 7.9% from 4.5 tons/ha to 4.9 tons/ha.
In the previous quarter, STAA announced the construction of its 10th palm oil processing plant expansion, PT Flora Nusa Perdana in Central Kalimantan.
“STAA will continue to strive for sustainable growth and provide added value to all shareholders and stakeholders of the company,” said Edward.
This palm oil processing plant will increase the CPO production capacity from 450 tons/hour to 495 tons/hour. This expansion is expected to be completed and operational by the end of 2024.
