CPO SALES SELLING SWEETLY, MAHKOTA PROFIT SKYROCKETED 582%
25 March 2019
Jakarta, CNBC Indonesia - Palm oil processing company, PT Mahkota Group Tbk (MGRO) posted a significant increase in performance during 2018. Revenue from crude palm oil sales was the main support for the company's performance improvement.
Based on the financial report submitted by the company to the Indonesia Stock Exchange (IDX), MGRO's net profit skyrocketed 582.16% to IDR 84.52 billion. In fact, in 2017 the company's profit was recorded at only IDR 12.39 billion.
The increase in the company's net profit was supported by an increase in revenue of 13.54% to IDR 2 trillion from 2017's IDR 1.76 trillion.
The largest revenue contributor came from the sale of crude palm oil (CPO) amounting to IDR 1.51 trillion. Then palm kernel sales worth IDR 355.58 billion.
Meanwhile, the company's expenses in the same period only rose 8.60% to IDR 1.74 trillion from IDR 1.6 trillion.
MGRO was officially listed as an issuer or listed company on July 12, 2018 by offering initial shares at the level of IDR 225 / share.