MAHKOTA GROUP (MGRO) PRINTS IDR 78,53 BILLION PROFIT, SALES INCREASE 78,29 PERCENT
04 April 2022
PT Mahkota Group Tbk (MGRO) recorded growth in net profit and sales performance in 2021.
Based on the financial report published in Bisnis Indonesia Daily on Thursday (31/3/2022), the issuer coded MGRO shares posted a 78.29 percent increase in revenue in 2021, amounting to IDR 7.31 trillion.
As for the same period the previous year, MGRO recorded revenue of IDR 4.1 trillion. Along with the surge in revenue, MGRO managed to reverse its net loss position in 2020, worth IDR 51.74 billion, to a profit of IDR 78.53 billion.
Along with this increase in sales, the company's cost of revenue also increased to IDR6.48 trillion, from IDR3.94 trillion on an annual basis. Furthermore, the company's gross profit was observed to increase by 399.1 percent from IDR 165.31 billion to IDR 825.05 billion in 2021.
The company's total assets as of December 31, 2021 were recorded at Rp1.82 trillion, up from Rp1.43 trillion on December 31, 2020.
The company's total liabilities also rose to Rp1.11 trillion at the end of December 2021, from Rp810.54 billion at the end of December 2020. Meanwhile, the company's total equity also rose to IDR 709.8 billion at the end of 2021, from IDR 623.4 billion in 2020.
Previously, MGRO anticipated the impact of an increase in export levies on palm products after the government issued PMK No. 23 / PMK.05 / 2022. The company's export volume is expected to be affected.
“With the enactment of the PMK, it will definitely affect the company's export volume. The economic value between export prices and local prices will certainly be a separate consideration for profit-based companies,” said MGRO Corporate Secretary Elvi when contacted, Saturday (3/19/2022).
Nevertheless, Elvi said MGRO continues to support government policies, especially policies that can have an impact on the progress of the palm oil industry in Indonesia.
In terms of production volume, the company recorded a considerable increase until September 2021, from 318,467 tons to 401,134 tons. Of this amount, 32 percent of which was sold to the export market. Mahkota Group targets production volume in 2021 to reach 522,000 tons and the realization of January-September 2021 has reached 90.6 percent.
“The company will continue to support policies from the government in terms of helping progress in the palm oil industry both in Indonesia and globally,” Elvi added.
The increase in the amount of export levies has actually been felt by the company throughout 2021, along with the high world CPO prices. This situation can be seen in the company's sales expenses, which reached 1,409 percent, from IDR27.23 billion in January-September 2020 to IDR411.11 billion in the same period in 2021.
Of the total selling expenses, export levies reached Rp370.99 billion or equivalent to 90.23 percent. Until the third quarter of 2021, the 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 when MGRO earned a net loss of IDR 34.5 billion.