Currency woes overshadow Bumitama's revenue rise in 1Q24

Net profit for the period fell 23.5% YoY to IDR 328.4b.

Despite higher revenue, Bumitama Agri’s 1Q24 net profit dropped 23.5% YoY and 15.1% QoQ to IDR 328.4b.

Revenue for the period was IDR3.87t, up 8% YoY on the back of rising volume. Crude palm oil (CPO) sales comprised 91% of total revenue for the period, while palm kernel made up 9%.

The company attributed its lower net profit to the "strengthening US Dollar effect” due to the Fed's higher-for-longer rates.

Excluding the forex loss of 1Q24 versus the gain in 1Q23, core earnings spiked 23% YoY to IDR 373.69b.

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