Indofood Agri Resources (5JS) H1 2025 earnings summary

Executive summary

• 1H25 revenue rose 33% YoY to Rp9,393bn and NPAT increased 21% to Rp764bn, supported by higher palm product prices and volumes.

• Higher EOF product sales also supported revenue growth; higher JV losses and biological-asset fair value losses partly offset gains.

• Core profit rose to Rp945bn from Rp505bn, excluding FX, biological-asset fair value changes and plasma receivables ECL.

Financial highlights

• Gross profit increased 43% to Rp2,235bn; gross margin expanded to 23.8% from 22.2%.

• Adjusted EBITDA rose 35% YoY to Rp2,130bn.

• Operating profit rose 13% to Rp1,218bn and profit before tax increased 16% to Rp1,077bn.

• Profit attributable to owners rose 13% to Rp338bn; basic and diluted EPS increased 13.4% to Rp242.

• Revenue increased from Rp7,053bn in 1H24; cost of sales rose 30.5% to Rp7,158bn.

Outlook and guidance

• Tanjung Priok refinery expansion is expected to complete in H2 2025, lifting annual CPO refining capacity from 1.7m to 2.2m tonnes.

• Higher refining capacity supports plans to grow sales volumes through competitive pricing and stronger distribution.

• Plantation priorities include productivity improvements, cost controls, innovation and targeted capital investment.

• Commodity prices are expected to remain volatile amid weather and geopolitical uncertainty; global demand growth may be subdued.