02 August 2022

PT Mahkota Group Tbk (MGRO) posted revenue of IDR 4.17 trillion in the first semester of 2020. This revenue increased 57.3% compared to the same period last year driven by high prices of palm oil derivative products.

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

Likewise with operating profit, the value increased by 67.9% YoY from IDR 36.3 billion to IDR 60.9 billion. Nevertheless, 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.

According to the President Director of Mahkota Group Usli Sarsi, the 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 that had an impact on 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 global prices.

The main thing that supported the loss was the government policy that changed quite dynamically so that export sales were hampered and not maximized, as a result, inventory rose dramatically,” Usli told Bisnis, Thursday (28/7).

As of June 2022, MGRO's total assets were recorded at IDR 2.4 trillion. In the same period, MGRO's liabilities were recorded at IDR 1.8 trillion and its total equity amounted to IDR 677 billion.

In the second semester of 2022, MGRO will accelerate the production of cooking oil to meet domestic needs. This is one of the requirements from the government to be able to obtain Export Approval.

Thus, it is expected that export sales can be maximized so as to gradually reduce the large production stock.

Source : Bisnis Indonesia hari Senin, 1 Agustus 2022