- Bumitama Agri’s 3Q24 revenue was down 7.6% y-o-y to IDR4.0t. CPO was the main drag, as revenue fell 10% y-o-y to IDR3.5t. This was largely driven by a 24% y-o-y drop in sales volume (in line with the drop in production volume), partially offset by an 18% y-o-y (4% q-o-q) increase in average selling price (ASP) to IDR12,700 per kg.
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- EBITDA margins compressed 1.4ppt q-o-q to 26.7% - this translated to a 35% y-o-y dip (1% q-o-q rise) in EBITDA to IDR1.1t. Net profit fell by a similar 32% y-o-y to IDR598b (+13% q-o-q).
9M24 revenue in line, but bottom line missed on continued margin compression.
- On a 9M24 basis, Bumitama Agri’s revenue slipped 1.9% y-o-y to IDR11.6t, while EBITDA and net profit fell 22% and 30% y-o-y to IDR2.9t and IDR1.5t, respectively.
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Operational metrics looked weak y-o-y but have improved sequentially from 2Q24.
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