JAKARTA – PT Japfa Comfeed Indonesia Tbk (JPFA) recorded a significant increase in net profit by 224.71% year-on-year (yoy) to IDR 3.01 trillion in 2024, up from IDR 930 billion the previous year.

According to data from IDNFinancials.com, JPFA's profit surge was driven by a 9.03% yoy increase in net sales, from IDR 51.17 trillion to IDR 55.80 trillion. Meanwhile, the cost of goods sold (COGS) rose only slightly by 2.10% yoy, reaching IDR 44.58 trillion in 2024.

This combination of sales growth and COGS control resulted in a 129.41% yoy increase in operating profit, reaching IDR 5.06 trillion in 2024.

The commercial farming sector remained the primary revenue contributor for JPFA, with revenue growth of 8.13% yoy to IDR 23.03 trillion in 2024.

In a previous report, Ina Sekuritas Indonesia assessed that poultry sector issuers like JPFA will continue to face pressures in 2025. However, JPFA also has several profitable opportunities, particularly with the Makan Begrizi Gratis (MBG) programme.

"Overall, we give an overweight recommendation for the poultry sector, with JPFA ranked first," Ina Sekuritas Indonesia wrote in their research earlier this year. (DH/KR/ZH)