01 April 2022

Palm oil plantation and processing company, PT Mahkota Group Tbk (MGRO), is targeting this year's net profit to soar 155% after successfully reversing last year's losses.

Based on its 2021 financial statements, the Medan-headquartered company scored a net profit of IDR 78.5 billion after suffering a loss in 2020.

“For profit, we are targeting IDR 200 billion this year,” said MGRO President Director Usli Sarsi, Wednesday (30/3). This means that the target indicates net profit growth jumped 154.8%.

Meanwhile, MGRO total revenue in 2021 was recorded at IDR 7.3 trillion, an increase of IDR 3.2 trillion from the previous year's acquisition.

Its assets also increased by around 26.9%. The company's current assets were recorded at IDR 809 billion, an increase of IDR 446 billion over the year. Then, non-current assets were recorded at IDR1 trillion, a slight increase from the previous year.

At the same time, MGRO cash and cash equivalents position was recorded at IDR 90 billion, compared to the 2020 position of only IDR 26 billion.

Meanwhile, MGRO liabilities in 2021 amounted to IDR 1.1 trillion, while its equity was recorded at IDR 709 billion.

Thus, MGRO total liabilities and equity in 2021 amounted to IDR 1.8 trillion, an increase of Rp386 billion from the 2020 position.

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 certainly affect the company's export volume. The economic value between export prices and local prices will certainly be a separate consideration for companies based on profit,” said MGRO Corporate Secretary Elvi when contacted, Saturday (3/19).

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.

“The company will continue to support the policies of the government in terms of helping progress in the palm oil industry both in Indonesia and globally,” Elvi said.

Source : Bisnis Indonesia hari Kamis, 31 Maret 2022