Bimoli Cooking Oil Producer's Net Profit Increases by 320%

Salim Ivomas Pratama Tbk, a plantation company, recorded revenue of Rp19.66 trillion and a net profit of Rp984.41 billion in 2021. The net profit of the Bimoli cooking oil producer increased by 320% compared to 2020.

In 2020, the company, with the stock code SIMP, recorded revenue of Rp14.47 trillion and a net profit of Rp234.28 billion.

This performance improvement was due to the increase in the average selling price of palm oil products and their derivatives. The average selling price of crude palm oil (CPO) increased by 35%, and vegetable oils and fats also increased by 35%.

SIMP was able to increase its sales value despite a decrease in sales quantity. Throughout 2021, SIMP's CPO production decreased by 7% to 687,000 tons. The sales quantity also decreased by 7% to 698,000 tons.

The increased CPO price and decreased harvest throughout 2021 led to a cooking oil shortage in the consumer market.

The government responded to this problem by setting a highest retail price (HET) for cooking oil of Rp11,500 per liter for bulk, Rp13,500 per liter for simple packaging, and Rp14,000 per liter for premium packaging.