JAKARTA – PT Sawit Sumbermas Sarana Tbk (SSMS) posted a 59.98% year-on-year (yoy) increase in net profit for 2024, reaching IDR 819.53 billion, up from IDR 512.25 billion in 2023. This growth boosted basic earnings per share from IDR 53.78 to IDR 86.04.

According to SSMS’s 2024 Financial Report, revenue from contracts with customers slipped 1.7% to IDR 10.52 trillion. Palm oil sales to related parties contributed the largest revenue, amounting to IDR 2.79 trillion, followed by palm olein sales to related parties at IDR 2.75 trillion, and palm oil sales to third parties at IDR 1.48 trillion.

Despite the revenue decline, a reduction in the cost of goods sold to IDR 7.24 trillion pushed gross profit up by 17.17% to IDR 3.27 trillion, lifting the gross profit margin to 31.17% from 26.15%.

SSMS’s operating profit also surged to IDR 1.77 trillion, up from IDR 1.19 trillion in the previous year. With net profit recorded at IDR 819.53 billion in 2024, the company’s net profit margin rose to 7.79%, compared to 4.79% in 2023.

In terms of financial position, the company’s total assets dipped slightly by 0.39% to IDR 11.76 trillion, down from IDR 11.81 trillion at the end of 2023, with cash and cash equivalents standing at IDR 1.18 trillion. (EF/ZH)