JAKARTA – Despite the slowing down in the revenue throughout 2023, the net profit of PT Eagle High Plantations Tbk (BWPT) reported a 912.84% upturn from its performance in 2022. The operating profit increased 6.40% to IDR 703.46 billion from the previous IDR 661.10 billion.

In the Financial Report of 2023 quoted today (4/3), BWPT reportedly bagged current year’s net profit attributable to the parent entity of IDR 177.02 billion, skyrocketing compared to IDR 17.47 billion in 2022. This profit jump resulted from decreased costs of sales and gains on foreign exchange.

This issuer collected revenue of IDR 4.20 trillion, declining 9.08% yoy from IDR 4.57 trillion. The gross profit was seen arriving at IDR 1.05 trillion, up from IDR 1.03 trillion. Thus, the gross profit margin of BWPT was recorded at 25.14% yoy, up from the initial 22.54%.

The major component of the revenue was palm products’ sales of IDR 3.81 trillion, actually declining from IDR 3.99 trillion. Palm kernels’ sales also dropped from IDR 446.51 billion to IDR 322.80 billion, as did fresh fruit bunches’ sales from IDR 133.57 billion to IDR 70.29 billion.

The users with over 10% contribution to total revenue were PT Sinar Mas Agro Resources and Technology Tbk (SMART) and PT Sari Dumai Sejati (SDS), with contribution of IDR 1.66 trillion. In 2022, sales to SMART were reported hitting IDR 1.83 trillion, while SDS’s sales arrived at IDR 1.50 trillion. (LK/ZH)