MAHKOTA GROUP (MGRO) PROFIT INCREASED 582 PERCENT
27 March 2019
Bisnis.com, JAKARTA — Plantation issuer, PT Mahkota Group Tbk. posted an increase in net profit of IDR 84.51 billion in 2018, up 582% or almost 7 times, from the position of IDR 12.39 billion in 2017.
In the 2018 financial report released on Monday (3/25/2019), the revenue recorded by the issuer coded MGRO shares was worth IDR 2 trillion, up 13.63% from IDR 1.76 trillion in the same period the previous year.
In more detail, the three largest sources of income of Mahkota Group came from crude palm oil, palm kernel and tank rental services worth IDR 1.51 trillion, IDR 355.58 billion and IDR 68.12 billion, respectively. MGRO also has sources of income from shells, management services and others with a value of IDR 56.87 billion, IDR 800.51 million and IDR 5.6 billion respectively.
Total assets booked in 2018 amounted to Rp1.07 trillion, up 11.74% from IDR 964.71 billion in the same period the previous year. The assets consisted of liabilities worth IDR 412.32 billion and equity of IDR665.82 billion.
In the liabilities post, MGRO has a component of long-term bank debt that will mature in 1 year worth IDR 109.77 billion and long-term debt worth IDR 186.91 billion. Meanwhile, cash flow until the end of 2018 was worth IDR 122.94 billion.
For information, MGRO plans to increase its stockpile tank capacity by 20,000 tons, to 98,000 tons this year. The capital expenditure is worth IDR 20 billion.
Meanwhile, the addition of storage tanks was carried out in line with the high rental demand for MGRO. Later, CPO prices were still weak, so palm oil players tended to wait and see in expansion. However, palm oil plantation business players are still optimistic that the prospects for palm oil will be bright.