JAKARTA. PT Salim Ivomas Pratama Tbk (SIMP) recorded a net profit of IDR 984 billion in 2021, proliferating 320% from 2020 gains of IDR 406.86 billion.
Based on the official release, the massive net profit growth resulted from the jumps in SIMP’s operating profit and, subsequently, its financial expenses in 2021. Its operating profit in 2021 reportedly reached IDR 2.91 trillion, shifting 64% year-on-year (yoy). Meanwhile, the EBITDA was recorded amounting IDR 4.47 trillion, growing 42% yoy.
Mark Wakeford, President Director of SIMP Group, admitted that 2021 was a challenging year for the agribusiness industry. It was due to unstable weather condition and extensive impacts of COVID-19.
However, Wakeford acknowledged that the commodity price surge in 2021 benefitted SIMP, allowing the company to secure its financial performance. “It was particularly due to high global demands for vegetable oil products combined with the low production due to weather conditions,” he further added.
In 2021, the production of fresh fruit bunch of SIMP dropped 8% yoy to 2.76 million tons. The crude palm oil (CPO) production also decreased 7% to 687 thousand tons. Meanwhile, CPO sales also got dragged down by 8% to 698 thousand tons. Lastly, its palm kernel products sales also slid off 11% yoy to 162 thousand tons. (KR/ZH)