JAKARTA – PT PP London Sumatra Indonesia Tbk (LSIP), a palm plantation company, recorded sales of IDR 4.52 trillion in 2021, moving up 28% from the same period in 2020 of IDR 3.53 trillion. This achievement boosted the current year’s profit growth by 42%, shifting from IDR 692 billion to IDR 990 billion.
In a press release quoted Wednesday (3/3), Beny Tjoeng, President Director of PP London Sumatra Indonesia, revealed that despite the decreases in the fresh fruit bunch and crude palm oil (CPO) production, the sales scored well due to the surge in the average selling price of palm products. “The increased palm commodity price in 2021 is triggered by the increased demands for vegetable oils from the world,” he added.
The fresh fruit bunch production was depleted 7% to 120 million tons, while CPO production dropped 8% to 306 thousand tons. Meanwhile, CPO sales volume slid off 2% to 318 thousand tons, as did the palm kernel sales volume of 6% to 92 thousand tons. However, the average selling price of CPO and palm kernels grew 31% and 55%, respectively.
It was mentioned that LSIP’s gross profit proliferated 68% from IDR 1.07 trillion to IDR 1.80 trillion, while its operating profit arrived at IDR 1.19 trillion in 2021, growing 46% from IDR 816 billion. (LK/ZH)