- Bumitama Agri (SGX:P8Z)’s 4Q23 revenue/EBITDA/ net profit were sequentially weaker, down 15%/41%/ 56% q-o-q, but up 11%/45%/145% y-o-y to IDR3.6t/IDR950b/IDR387b, respectively. Both CPO and PK segments posted weaker top line performance.
Normalising performance albeit still elevated vis-à-vis pre-pandemic levels
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- Likewise, PK revenue declined 13% q-o-q as production and sales volume slipped 7% and 16% respectively, offsetting a 3% increase in ASP to IDR5,200 per kg.
- Bumitama Agri’s 4Q23 EBITDA margin slipped 11.5% to 26.1%. This was due to greater reliance on external fresh fruit bunch (FFB) production (4Q23: 33% of total FFB harvest; FY23: 31%), which yield lower margins, as well as a decline in volumes (while plantation costs remain fixed).
Despite sequentially weaker Q4, key FY23 figures were the second highest in the company’s history
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- Overall FY23 revenue and PATMI beat our forecasts by 0.9% and 3%, respectively.
- Bumitama Agri has declared a final dividend but has yet to disclose the quantum.
Company fundamentals remain in play
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