PALMOILMAGAZINE, JAKARTA – Indofood Agri Resources (IndoAgri) reported a net profit of approximately Rp 297.9 billion (US$ 24.5 million) for the first half of 2024, ending June 30. This represents a 236 percent increase from Rp 88.6 billion in the same period last year.
The significant rise in profits was attributed to higher gross net profit from the plantation division, gains from biological assets, favorable currency exchange rates, and reduced financial burdens, according to the agribusiness entity’s statement on Wednesday (31 July).
Following the extreme volatility of 2022, the company noted that vegetable oils, including palm oil, have shown more stability with fluctuations in 2023 remaining relatively consistent.
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The company said, “As the commodity price got more expensive, the company got better results in the first semester of 2024,” the company mentioned, as Palmoilmagazine.com quoted from Business Recorder, Friday (2/8/2024).
The income got decreased 7,3 percent to be Rp 7,1 trillion from Rp 7,6 trillion in the previous year. This happened for the crude palm oil (CPO) and other derivative products volumes got decreased and other vegetable oils and fat did too.
Indofood Agri Resources said that the commodity price would be very fluctuative when the weather and geopolitics in the globe are uncertain. The demands and prospect would be in low numbers because of sluggish economy and other macro – economy factors in the globe.
The profits per share got increased Rp 213 million, increased from Rp 64 million in the previous year. (P2)
