TAPG – Net profit increased by 107% yoy due to the increase in CPO prices

TAPG – Net profit increased by 107% yoy due to the increase in CPO prices Triputra Agro Persada (TAPG) posted contract revenue of IDR4.07 tn (+8.07% yoy) and net profit of IDR966 bn (+107% yoy) in 1H24. The increase in performance was due to CPO prices which increased by 7% yoy and COGS decreased by 5% yoy caused by a decreasing fertilizer prices. However, TAPG posted a decrease in FFB production of 1.39 mn tons (-2% yoy), CPO by 445k tons (-3% yoy) and palm kernel by 91k tons in 1H24 due to the impact of El-Nino at the end of last year. TAPG predicts that production will increase from 3Q24 as CPO enters the harvest period and as the climate conditions are more conducive. TAPG also expects CPO prices to remain stable at a high level with increasing demand, especially from countries with biodiesel programs. (Source : Bisnis Indonesia)