Bumitama Agri (P8Z) H2 2024 earnings summary

Executive summary

• 4Q24 revenue, net profit and EBITDA rose 30%, 39% and 48% QoQ, driven by stronger output as estates entered a high cycle.

• FY24 internal FFB production fell 10%, but EBITDA per hectare was the second highest on record and free cash flow rose 32% to IDR2.76tn.

• 4Q24 average selling prices accelerated while fertilizer costs declined to their lowest level of the year.

Financial highlights

• FY24 revenue was IDR15,443bn, down 8% YoY; 4Q24 revenue was IDR5,153bn, up 30% QoQ and 42% YoY.

• FY24 net profit attributable to owners was IDR2,287bn, down 7% YoY; 4Q24 net profit was IDR832bn, up 39% QoQ and 115% YoY.

• FY24 EBITDA was IDR4,423bn, down 4% YoY; 4Q24 EBITDA was IDR1,570bn, up 48% QoQ and 65% YoY.

• FY24 gross profit was IDR4,357bn, down 8% YoY; 4Q24 gross profit was IDR1,553bn, up 55% QoQ.

Outlook and guidance

• Earlier production guidance anticipated a 4Q24 FFB spike; the stronger quarter made H2 54% of FY24 total FFB harvest.

• Plantation estates entered a high cycle in 4Q24, supporting the quarterly surge in output and financial performance.