THIRD QUARTER 2018 PERFORMANCE: MGRO BOOKED NET PROFIT OF IDR 50.73 BILLION
31 October 2018
Bisnis.com, MEDAN - PT Mahkota Group Tbk (MGRO), a palm oil issuer from North Sumatra, posted a positive performance in the third quarter of 2018 in line with increased sales and cost efficiency.
Based on the company's financial statements, MGRO's total net profit as of the end of September 2018 reached IDR 50.73 billion. This realization improved compared to the same period in 2017 which experienced a net loss of IDR 13.86 billion.
The profit was supported by an increase in sales and operating income to IDR 1.47 trillion, growing 18.9% year on year. The increase in revenue was also in line with efficiency in terms of financial expenses to only IDR 30.21 billion from IDR 42.19 billion previously.
Regarding assets, the company posted growth in total assets from IDR 964.71 billion in September 2017 to IDR 1.04 trillion, or grew 8.3% (YoY).
MGRO's source of income is supported by CPO (crude palm oil) sales, and the rest from PK (palm kernel) sales, storage tank rental services, shell sales and other derivative products.
President Director of PT Mahkota Group Tbk. Usli Sarsi stated that the positive performance was in line with the increase in the yield of oil palm fresh fruit bunches which is expected to continue until the end of the year, even in the early quarter of 2019.
“We are optimistic that net profit until the end of the year can be above IDR 60 billion. The majority of our profit achievement is the effect of an increase in FFB due to a longer harvest period, which makes the volume higher as well as cost efficiency due to maximum productivity,” he told Bisnis on Tuesday (10/30/2018).
In addition, the company, which was officially listed on the Exchange in July 2018, will also be more expansive from upstream to downstream of the palm oil industry. The company plans to build several factories such as refineries (for cooking oil products and other derivatives) and Kernel Crushing Plants (palm kernel factories) through subsidiaries.
Editor : Sutarno