PALMOILMAGAZINE, JAKARTA – PT Cisadane Sawit Raya Tbk (CSRA) announced its first-quarter financial performance for 2024, exceeding expectations based on unaudited results as of 31 March 2024. The company’s income reached Rp 190.96 billion, a 3.7% increase compared to the same period last year.
Despite the income growth, net profits decreased by 5.6%, from Rp 23.56 billion in the same period last year to Rp 22.23 billion. Nevertheless, the company successfully maintained a solid financial performance.
As of 31 March 2024, CSRA’s total assets amounted to Rp 2.15 trillion, up from Rp 1.84 trillion on 31 December 2023. The company’s total liabilities increased to Rp 1.02 trillion, up from Rp 727.69 billion at the end of 2023. The net debt-to-equity ratio also rose to 0.69x in 1Q24 from 0.63x at the end of 2023.
Also Read: Cisadane Sawit Raya Expanding Plantations in South Sumatra
“Even though the first quarter financial was strong, the company acknowledged the challenges to maintain performance consistency when the world faced uncertainty. But the team of CSRA successfully solved the issues well,” the representative of the company noted, as Palmoilmagazine.com quoted from the official report, Tuesday (21/5/2024).
CSRA also acknowledged the successful initiative to escalate mechanism that focused on quality and efficient costs that made the company effectively quality the terms and conditions in its operation.
Besides, the construction of the third palm oil mill in Regency of Banyuasin has started since on 8 January 2024. It was designed with sophisticated technology and would be in 30 ton per hour – capacity to produce crude palm oil (CPO) and palm kernel (PK).
The company also accelerates to get Indonesian Sustainable Palm Oil (ISPO) certification in South Sumatera, implements transportation, harvest mechanism, and digitalization in every plantation to get efficient and optimal production. The management of CSRA believed that the strong integrity and harmony to every strategy, the company would keep escalating its performance and realize vision and mission well.
The report also showed the commitment of CSRA to keep innovating and maintaining its position as the main actor in palm oil industries though it faced economic challenges. (T2)
