PT BISI International (BISI) Q2 2024 earnings summary

Executive summary

• Net profit for the six months ended June 30, 2024, reached Rp113.5 billion, up 88% year-over-year from Rp60.3 billion.

• Revenue for the period was Rp713.5 billion, down 4.6% compared to Rp748.1 billion in the same period last year.

• Gross profit increased to Rp344.8 billion from Rp302.0 billion year-over-year.

• Cash dividends of Rp240 billion were distributed in 2024, up from Rp204 billion in 2023.

• The company maintained a strong equity position with total equity of Rp3.32 trillion as of June 30, 2024.

Financial highlights

• Net sales declined 4.6% year-over-year to Rp713.5 billion, mainly due to lower pesticide and fertilizer sales.

• Gross margin improved to 48.3% from 40.4% year-over-year.

• Operating profit rose to Rp122.0 billion from Rp49.1 billion year-over-year.

• Basic earnings per share increased to Rp38 from Rp20 year-over-year.

• Cash and cash equivalents stood at Rp901.4 billion, down from Rp1.04 trillion at year-end 2023.

Segment performance

• Corn seed sales: Rp191.1 billion; vegetable and fruit seeds: Rp158.3 billion; paddy seeds: Rp4.2 billion.

• Pesticides and fertilizers contributed Rp346.7 billion in sales, down from Rp424.8 billion year-over-year.

• Other products and inter-segment eliminations had minor impact on consolidated results.