JAKARTA. The continuous crude palm oil (CPO) price surge in the international market managed to boost the revenue of PT Sinar Mas Agro Resources and Technology Tbk (SMAR), resulting in 94.59% increment in its net profit to IDR 5.50 trillion in 2022 from IDR 2.83 trillion in 2021.

According to the 2022 Financial Report, SMAR’s net sales rose 31.65% year-on-year (yoy) from IDR 57 trillion to IDR 75.05 trillion. This significant rise resulted from CPO price surge and the increased sales volume. Then, along with the increased revenue, the costs of sales shifted from IDR 46.05 trillion in 2021 to IDR 61.73 trillion in 2022. SMAR also recorded 21% growth in its gross profit in 2022, reaching IDR 13.31 trillion from IDR 10.96 trillion in 2021.

Meanwhile, the operating profit also soared 70% yoy to IDR 6.59 trillion, followed by 56% yoy rise in its 2022 EBITDA from IDR 6.12 trillion to IDR 9.53 trillion. In the end, SMAR recorded a net profit attributable to the parent entity of IDR 5.50 trillion, increasing 94.59% yoy, and driving the earning for share to reach IDR 1,915.

SMAR also detected a slight decrease in its liabilities at the end of December 2022 from IDR 25.93 trillion in 2021 to IDR 23.35 billion. Meanwhile, its equity was totalled to IDR 19.25 trillion, and its total assets clocked up to IDR 42.60 trillion. (AM/ZH)