Gozco Plantations Leads Palm Oil Issuer Price Increase (YoY) at 242%

The continuous increase in Crude Palm Oil (CPO) prices, driven by rising global demand, has benefited some palm oil plantation issuers.

Shares of PT Gozco Plantations Tbk closed at Rp171 per share on Wednesday, February 23, 2022.

The stock, traded under the code GZCO, surged threefold or 242% year-on-year (YoY). This is the highest increase compared to nine other palm oil plantation issuers.

The next highest increase was recorded by PT Jaya Agria Wattie Tbk (JAWA), up 182.35% (YoY) to Rp240 per share.

This was followed by PT Provident Agro Tbk (PALM), which also rose 119.39% (YoY) to Rp675 per share, and PT SMART Tbk (SMAR), up 27.73% (YoY) to Rp4,470 per share.

Other stocks that saw increases include PT Sampoerna Agro (SGRO), up 20% (YoY) to Rp2,160 per share; PT Salim Ivomas Pratama Tbk (SIMP), up 11.14% (YoY) to Rp490 per share; and PT Dharma Satya Nusantara Tbk (DNSG), up 10.75% (YoY) to Rp645 per share.

The increase in the share prices of the aforementioned palm oil plantation issuers has surpassed the increase in the Jakarta Composite Index (IHSG), which only rose 10.7% (YoY) to 6,920.06.

Other palm oil plantation issuers that experienced increases include PT Sawit Sumbermas Sarana Tbk (SSMS), up 9.09% (YoY) to Rp1,075 per share; PT PP London Sumatra Plantations (LSIP), up 7.09% (YoY) to Rp1,430 per share; and PT Astra Agro Lestari Tbk (AALI), up 4.02% (YoY) to Rp11,475 per share.

As a raw material for production, the increase in palm oil prices has also driven up the price of cooking oil.

In several regions, the price of cooking oil is now above Rp20,000 per liter. In recent weeks, cooking oil has even been scarce in the market.