JAKARTA – PT Citra Borneo Utama Tbk (CBUT) recorded a net profit of IDR 68.19 billion in 2024, plunging by 52.72% year-on-year (yoy) compared to the IDR 144.24 billion achieved in the previous year.

According to the 2024 Financial Report, the company’s sales also declined by 5.36% yoy to IDR 9.77 trillion from IDR 10.32 trillion in 2023.

Revenue contraction occurred in several key segments, including palm olein sales, which fell to IDR 4.23 trillion, palm stearin, which plummeted to IDR 861 billion, and palm fatty acid distillate, which decreased to IDR 207 billion.

On the other hand, there were increases in other segments, such as palm kernel oil, which rose to IDR 396.32 billion, RBDPO (refined, bleached, and deodorised oil), which grew slightly to IDR 303.44 billion, and other sales, which surged significantly to IDR 3.76 trillion.

Although the cost of goods sold decreased to IDR 8.62 trillion, gross profit still fell by 12.78% yoy to IDR 1.15 trillion in 2024.

In terms of financial position, CBUT closed the 2024 fiscal year with a decline in assets to IDR 4.2 trillion, while cash and cash equivalents were recorded at IDR 234.1 billion. (DH/ZH)