CPIN - An impressive 1Q24' performance

CPIN - An impressive 1Q24' performance Charoen Pokphand Indonesia' (CPIN) earnings grew by 195% yoy/299.2% qoq to IDR711 bn in 1Q24 on the back of lower raw material (local corn and soybean meal) prices with better cost management and higher average selling price (ASP) of broiler and day old chicks (DOC). CPIN' revenue grew 9.3% yoy/9.8% qoq to IDR15.9 tn in 1Q24, due to higher sales yoy/qoq from all of CPIN' business segment amidst Ramadan. Thanks to higher sales, lower raw material prices and higher ASP of broiler & DOC, CPIN' gross profit grew 44.5% yoy/56.3% qoq to IDR2.13 tn in 1Q24. Moreover, along with better cost management, CPIN' operating profit reached IDR1.05 tn (+116.1% yoy/+687.4% qoq) in 1Q24. All in all, CPIN' gross, operating and net margin significantly expanded by 330bps yoy/400bps qoq, 330bps yoy/570bps qoq and 280bps yoy/700bps qoq, respectively in 1Q24. (Source : Company, KBVS)