Indofood Agri Resources (5JS) H2 2024 earnings summary

Executive summary

• FY24 sales were flat at Rp15,968bn as higher internal CPO sales to refineries (94% vs 75% in FY23) offset growth in the Plantation and Edible Oils & Fats divisions.

• NPAT rose 125% YoY, driven by higher gross profit and net gains on biological assets, partly offset by higher operating expenses from impairment losses and fixed-asset write-offs.

Financial highlights

• FY24 gross profit was Rp4,765bn, up 45% YoY; adjusted EBITDA was Rp4,663bn, up 28%; NPAT was Rp2,110bn, up 125%.

• Core profit rose 93% to Rp2,243bn; attributable profit increased 82% to Rp1,119bn; fully diluted EPS rose 82% to Rp801.

• 2H24 sales increased 6% YoY to Rp8,915bn; gross profit rose 56% to Rp3,197bn and adjusted EBITDA rose 31% to Rp3,081bn.

Outlook and guidance

• 2025 plantation priorities include improving operating results, tighter cost controls, productivity innovation and targeted capital investment in critical areas.

• Tanjung Priok refinery expansion of 450,000 MT/year is targeted for 2H25, lifting total CPO refining capacity from 1.7m to 2.2m MT/year.

• Higher refining capacity is intended to support sales-volume growth through competitive pricing and stronger distribution, meeting expected Indonesian population and per-capita income growth.