JAKARTA - PT Salim Ivomas Pratama Tbk (SIMP) recorded a 39% decline in net profit throughout 2023 due to the decline in the average price of palm oil products. CPO production volume fell 4% to 708 thousand tons and Fresh Fruit Bunches (FFB) fell 1% to 2.78 million tons.

In the disclosure of information quoted on Thursday (29/2), Meyke Ayuningrum, Corporate Secretary of PT Salim Ivomas Pratama Tbk (SIMP) said that the net profit attributable to business owners amounted to IDR 736 billion, lower than the same period in 2022 of IDR 1.19 trillion.

The decline in profit was influenced by a number of factors, including a decrease in production volume and a decrease in the average selling price of palm oil products and their derivative products. The company recorded sales of IDR 16 trillion, a 10% correction from sales in 2022 of IDR 17.79 trillion, gross profit of IDR 3.35 trillion, down 28% from IDR 4.64 trillion and profit for the year of IDR 927 billion, down 29% from IDR 1.51 trillion.

In 2023, the company booked CPO sales of 743,000 metric tons (MT), down 6% from the previous year's 701,000 MT. Sales volume of Palm Karnel (PK) products-PK, PK Oil (PKO), and PK Expeller (PKE) was 184,000 MT, up 11% from 166,000 MT. (LK/LM)