JAKARTA – PT Charoen Pokphand Tbk (CPIN) posted a net profit of IDR 3.71 trillion in 2024, marking a 60% year-on-year (yoy) increase.

This growth exceeded the analyst consensus provided by Ina Sekuritas Indonesia in their research earlier last year. At the time, analysts projected CPIN's net profit to grow by around 50% in 2024, taking into account challenges faced by poultry companies like CPIN, including declining broiler chicken prices and consumer purchasing power.

Despite these concerns, CPIN’s sales grew by 8.69% to IDR 67.48 trillion in 2024. This growth was supported by the company’s efficiency in managing its cost of goods sold, which led to an increase in its gross profit margin from 13.4% to 15.4% in 2024.

Feed products contributed the largest portion of CPIN’s sales in 2024, accounting for 41.53% of total sales. Sales of broiler chickens contributed 34.17%, processed chicken 9.79%, DOC (Day Old Chicken) 7.71%, and other products 5.97%.

As previously reported by IDNFinancials.com, Ina Sekuritas issued a BUY recommendation for CPIN shares, setting a target price of IDR 6,050 earlier last year, when the stock was trading at IDR 4,990 per share.

In Tuesday’s (18/3) trading, CPIN’s share price increased by 0.46% to IDR 4,340 per share. However, since the beginning of the year, the stock has corrected by 9.77%, reducing its market capitalisation to IDR 71.17 trillion. (KR/ZH)