INDONESIAN palm oil producer Bumitama Agri posted a 94.7 per cent rise in net profit for the second half ended Dec 31, 2023.

On Tuesday (Feb 27), the group said that its sales volume of palm products had increased during the period, resulting in a rise in revenue.

Net profit for the six months ended Dec 31, 2023, stood at 1.26 trillion rupiah (S$108.4 million), compared with a net profit of 647.4 billion rupiah posted the same period a year ago.

The results translate to earnings per share (EPS) of 727 rupiah, against EPS of 371 rupiah in the same period last year.

Revenue was up 15.8 per cent on the year to 7.95 trillion rupiah from 6.86 trillion rupiah, led by contributions from crude palm oil (CPO) products.

CPO revenue was up 16.8 per cent to 7.22 trillion rupiah, while palm kernel (PK) product revenue grew 6.9 per cent to 727.9 billion rupiah.

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Sales volume for CPO products was up 16.2 per cent to 662,590 metric tonnes, and up 12.6 per cent to 142,138 metric tonnes for PK products.

In terms of average sales prices, CPO prices inched up 0.6 per cent to 10,895 rupiah per kg for the half-year period, while PK prices were down 5.1 per cent to 5,121 rupiah per kg.

For the full year ended December 2023, net profit was down 13.3 per cent to 2.45 trillion rupiah, from 2.83 trillion rupiah in the previous corresponding period. This translates to an EPS of 1,412 rupiah for FY2023, versus 1,618 rupiah in FY2022.

Revenue slipped 2.4 per cent to 15.44 trillion rupiah, from 15.83 trillion rupiah in the same period last year. The group attributed the slight drop in performance to weakening palm product sales prices, although the rise in sales volume mostly offset the price decrease.

The board has proposed paying a final dividend for the full year. The payment of the dividend will be subject to approval by shareholders at the annual general meeting to be held on Apr 22.

In FY2022, the Bumitama Agri paid a final dividend of S$0.0442 and a special dividend of S$0.0213.

Its counter closed 0.8 per cent or S$0.005 lower at S$0.635 on Monday.