MGRO's revenue grew by 8.10% in Q1 2019 due to rising CPO sales

09 May 2019 05:56

JAKARTA. A plantation company, PT Mahkota Group Tbk (MGRO) managed to gain Rp 444.3 billion of revenue during the first quarter (Q1) of 2019. This figure is 8.10% higher than its record in the same period last year of Rp. 411.02 billion.

Sales of crude palm oil (CPO) and palm kernel (PK) became the biggest revenue contributors, 78.29% and 14.53% respectively. CPO sales grew by 15.07%, from Rp 302.29 billion to Rp 347.86 billion, and PK sales fell by 17.44%, from Rp 79.43 billion to Rp 64.57 billion.

Corporate Secretary of MGRO, Elvi, said that the increase in revenue was in line with the increase in yields of fresh fruit bunches (FFB) which have continued to occur since the end of 2018 until the first quarter of 2019. "CPO production per quarter I-2019 increased by 23.3% on an annual basis," she said when contacted by Kontan.co.id, on Monday (6/5).

According to her, in the future, MGRO will continue to increase production and improve its performance. One way to do that is with downstreaming programs. "As an initial stage, the company is completing a CPO refinery with a production capacity of 1,500 tonnes/day. "The development progress is currently at 60%," he said.

As of the first quarter of 2019, MGRO recorded a net profit before tax of Rp. 9.65 billion. This figure is up by 138% on an annual basis. In the same period of the previous year, MGRO suffered a net loss of Rp. 24.90 billion. (AM/AR)

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