PT MAHKOTA GROUP TBK (MGRO) RECORDED A PROFIT OF IDR 57,2M IN Q3/2021
02 November 2021
PT Mahkota Group Tbk (MGRO), a listed palm oil processing industry in North Sumatra, managed to record a positive profit in the third quarter of 2021 which was marked by an increase in revenue from the sale of downstream products. Based on the company's financial statements, total net profit attributable as of the end of September 2021 reached IDR 57.2 billion. This realization is inversely proportional to the same period in 2020, which obtained a net loss of IDR 34.5 billion.
The profit was supported by an increase in the global selling price of palm oil products which had risen sharply during the year and the addition of new PKE and PKO products, increasing revenue to IDR 4.76 trillion or up 88% year on year. Regarding assets, the Company posted growth in total assets from IDR 1.43 trillion in the December 2020 period to IDR 1.98 trillion in September 2021 or grew by 38.2%. And has reached 99% of the Company's target of IDR 2 trillion for 2021.
MGRO's main source of income is from the sale of CPO, PK, RBDPO, PFAD, PKO, PKE and the rest is supported by storage tank rental services, shell sales and other derivative products. President Director of PT Mahkota Group Tbk, Usli Sarsi stated that the Company in the future will lean towards downstream development in line with the appeal of the Government to increase the production of finished goods in the country.
“The Company always continues to make various efforts and strategies to achieve better performance at the end of 2021 by orienting and focusing on plans and targets that have previously been adjusted to the current economic conditions and developing downstream programs for the future,” he said.
In terms of total production volume, there was a considerable increase from 318,467 tons to 401,134 tons when compared to the same period in the previous year. At the end of 2021, PT Mahkota Group Tbk projects the achievement of a total production volume of 522,000 tons, which has been achieved as a percentage of 90.6%.
Since the first quarter of 2020, the Company has entered the downstream program of the palm oil industry and the Company will gradually continue to develop the sector in an integrated manner.