SSMS Financial Performance Surges at the Start of the Year: Profit and Revenue Increase

PALMOILMAGAZINE, JAKARTA – PT Sawit Sumbermas Sarana Tbk (SSMS) achieved notable success in the first quarter of 2024, marked by a substantial increase in both income and profits. During this period, SSMS recorded an income of approximately Rp 2.51 trillion from consumer contracts, reflecting a significant rise of 29.65% compared to the corresponding period last year, which stood at Rp 1.94 trillion.

In terms of business segmentation, a noteworthy portion of the company’s trade with consumers, constituting over 10% of the total trade, was predominantly driven by Borneo Agri-Resources International Pte. Ltd. This entity contributed Rp 1.28 trillion, accounting for 53% of SSMS’s total income.

As per SSMS’s financial report available on the official page of the Bursa Efek Indonesia (BEI), the company’s net profits, attributed to the parent company, experienced a significant increase, reaching Rp 276.90 billion as of March 31, 2024, compared to Rp 242.00 billion in the same period last year, marking a growth of 14.42%.

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This rise in profits for SSMS can be credited to efficient financial management, with controlled cost of goods sold amounting to Rp 174 trillion and gross profits reaching approximately Rp 771.37 billion.

The business profits of the company also increased to be Rp 540,72 billion in the first quarter of 2024, got escalated from Rp 494,68 billion prior. By the positive achievement, the profits per share of the company got escalated to be Rp 29,07 per stock from Rp 25,41 per stock prior.

As Palmoilmagazine.com quoted from Emiten News, in the trade balance, the assets of SSMS per 31 March 2024 got escalated to be Rp 12,15 trillion from the previous period that reached Rp 11,81 trillion. It significantly escalated to be Rp 2,28 trillion from Rp 1,98 trillion, while the liability keeps being controlled at Rp 9,86 trillion.

One most striking achievement in the financial performance of the company was that the leap of net cash from the operation that reached Rp 438,35 billion on 31 March 2024 while the previous period last year it just reached minus Rp 205,65 billion. (T2)