High Cooking Oil Prices, Bimoli Producer's Income Falls 14%
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The high price of cooking oil since the beginning of the year has not directly impacted the performance of PT Salim Ivomas Pratama Tbk. This Bimoli producer actually experienced a revenue decline.
The company, with the stock code SIMP, recorded revenue of Rp4.04 trillion in the first three months of 2022. This revenue is down 14% year-on-year (yoy) from Rp4.7 trillion in Q1 2021.
SIMP experienced an 18% decrease in crude palm oil production to 142,000 tons in Q1 2022. This production decline was due to unfavorable weather and replanting activities.
Although the top line experienced a correction, SIMP recorded a net profit of Rp297 billion in the same period. This profit soared 181% (yoy) from Rp106 billion in 2021.
This increase occurred due to an increase in the gross profit margin to 33% from the previous 22%. The high average selling price of palm oil contributed to the larger margin.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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