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STILL AT LOSS, MAHKOTA GROUP (MGRO) IS OPTIMISTIC THAT IT CAN TURN AROUND ITS FINANCES IN THE SECOND SEMESTER OF 2022

05 August 2022

PT Mahkota Group Tbk (MGRO) is optimistic that it can record a net profit by the end of 2022 after recording a loss in the first semester of 2022.​

MGRO posted revenue of IDR 4.17 trillion in the first semester of 2022. This revenue increased 57.3 percent compared to the same period last year driven by high prices for palm oil derivative products.

In addition to revenue, the company's gross profit also increased by 35.15 percent year-on-year (YoY) from IDR 339 billion in the first semester of 2021 to IDR 459 billion as of June 2022.

Meanwhile, MGRO's operating profit increased by 67.9 percent YoY from IDR 36.3 billion to IDR 60.9 billion.

However, MGRO posted a net loss for the period attributable to owners of the parent entity of IDR 2.58 billion in the first semester of 2022 from a net profit of IDR 1.1 billion in the first 6 months of 2021.

Regarding this, MGRO Corporate Secretary Elvi said that her party is still optimistic that MGRO can record a net profit for the rest of 2022.

“On an annual basis, the company targets revenue of IDR 12 trillion and net profit of IDR 200 billion in 2022,” he said when contacted, Tuesday (2/8/2022).

Along with this, MGRO will accelerate the production of cooking oil to meet domestic needs. Elvi said, this is one of the requirements of the Government to be able to obtain Export Approval.

The acceleration of cooking oil production is expected to maximize exports, thereby gradually reducing production stocks which are still abundant.

Previously, President Director of Mahkota Group Usli Sarsi, a large enough loss in the refinery sector to result in a decrease in MGRO's net profit was more due to government policies on the palm oil industry which experienced quite dynamic changes. ​ 

The change affected the export sales of crude palm oil (CPO) and its derivative products some time ago and led to a buildup of production stocks and a decline in prices globally.

“The main thing that supports the loss is the government policy that changes quite dynamically so that export sales are hampered and not maximized, as a result, inventory rises dramatically,” Usli told Bisnis recently.

Source : https://market.bisnis.com/read/20220802/192/1562063/masih-merugi-mahkota-group-mgro-optimistis-mampu-balikkan-keuangan-di-semester-ii2022