- Bumitama Agri’s 1Q25 revenue grew 18.6% y-o-y to IDR4.6t – Both CPO and PK segments performed well, as tight supply conditions supported commodity prices, offsetting a decline in sales volume (likely due to inventory build-up).
1Q25 slightly above expectations.
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- Meanwhile, PK revenue nearly doubled (+88% y-o-y) to IDR626b, in line with ASP (+94% to EBITDA margin expanding 2.8 percentage points (ppt) to 22%. PATMI (or core profit) was up 41.9% y-o-y to IDR530b.
- Bumitama Agri’s 1Q25 revenue and PATMI constituted 27.2% and 26% of our initial full year forecasts, respectively – largely driven by the PK segment – which we deem to be slightly above our expectations.
Weaker operating metrics in line with cycle.
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- CPO and PK production volumes were up 14% and 12% y-o-y (down 17% and 15% q-o-q) to 292k and 60k tons, respectively.
- Oil extraction rates improved 0.4 percentage points (ppt) q-o-q but fell 0.2ppt y-o-y to 22.3%.
CPO prices to be supported at around MYR3,900 per ton.
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