JAKARTA - PT Cerestar Indonesia Tbk (TRGU) managed to book a net profit of IDR 72.48 billion in the third quarter of 2022, or 3.6 times the 2022 net profit target of IDR20 billion. The Company managed to record a 320% YoY increase in net profit from the same period the previous year which was IDR17.27 billion.
The Company's sales in this period were at IDR2.55 trillion, a slight decrease of 2% from IDR2.61 trillion in the same period in 2021. The increase in wheat prices and fuel price (BBM) which suppressed people's purchasing power had affected the sales of TRGU in the third quarter. However, the Company also managed to reduce the cost of goods sold by 7% to IDR2.26 trillion from IDR2.42 trillion, resulting in a surge in net profit. The company recorded assets of IDR2.64 trillion as of September 30, 2022, an increase from Rp.1.98 trillion as of December 31, 2021.
“The achievement of net profit, which has far exceeded our target throughout 2022, shows how seriously we are working to meet the targets that have been set. According to our statement during the IPO, TRGU will distribute dividends from the net profit that can be achieved this year. Hopefully the results of the Company's performance will further convince investors that TRGU is a prospective company and is seriously managed by a reliable management team," said Cerestar Indonesia President Director, Indra Irawan.
To further spur revenue, TRGU is currently preparing to develop the business of selling animal feed ingredients by building a warehouse and animal feed packaging facility in Cilegon, which is expected to be operational commercially in the second quarter of 2023. (LM)