PT Sawit Sumbermas Sarana Tbk (SSMS) in the first quarter of 2021 pocketed an unaudited net profit of Rp 178.23 billion from a net loss of Rp 338.79 billion in the same period in 2020.
SSMS managed to restore financial performance during the pandemic during January-March 2021 and recorded an increase in revenue by 18.57% or to 1.08 trillion from Rp 918 billion in the first quarter of 2020. "Our net profit driver is triggered by the increase in the price of crude palm oil (CPO) global and the quantity of sales of CPO to consumers," said CFO of SSMS, Hartono Jap in Pangkalan Bun.
Beban principal sales of SSMS rose to Rp 594 billion from Rp 483 billion. Nevertheless, Hartono said SSMS gross profit increased 13.59%, to Rp 493 billion from Rp 434 billion. SSMS assets during the first three months of this year increased 7.9% to Rp 12.92 trillion from Rp 12.77 trillion in December 2020. "For net profit in 2021 we target to increase 4 times from net profit in 2020 of Rp 576.63 billion" said Hartono
Hartono said, SSMS is optimistic that operational and financial performance this year can increase even though the Corona virus is still spreading. "We have implemented a variety of integrated strategies to keep achieving the best results. Among other things, fertilization and maintenance of measurable crops and mechanization of plantations using the latest information technology systems to maintain land quality and production capability anticipate the momentum of increasing CPO prices during the Corona virus pandemic," Hartono said.
The price of crude palm oil or CPO managed to record an increase above 7% throughout April 2021. The average CPO price in 2021is projected to rise to 3,000 ringgit per ton from the previous 2,600 ringgit per ton. Meanwhile, the CPO price target in 2022 was also increased by 17% to 3,050 ringgit per ton.
Hartono mentioned base on the CPO price Malaysian derivatives exchange data on Friday, May 7, 2021, penetrated RM4,425 per ton forth July 2021 delivery contract. CPO prices from the beginning of the year until May 7, 2021 (year to date) jumped by 22.92% from RM3,600 per ton at the end of December 2020. To capture business opportunities in the midst of CPO price trends, Hartono said SSMS targets CPO in 2021 as much as 520 thousand tons or potentially increase 10-15% of production in 2020.
To support financial performance this year, Hartono said SSMS allocates capital expenditure (capex) worth Rp550 billion sourced from internal. Capex will be used for the construction and maintenance of infrastructure, namely roads in plantation areas and updating information technology (IT) systems. "For the TEK systems, we have implemented the digitization of plantations that are easily accessible gadgets and integrated with enterprise resource planning systems (ERP). The implementation of digitalization is in line with human resources quality development programs to meet the industrial revolution 4.0 in the plantation industry and this pandemic period. Therefore, we have prepared the implementation of skills improvement program (up-skilling) or skills renewal (reskilling) of our employees based on work needs,” said Hartono explained.
Minutes of the Annual General Meeting of Shareholders and Extraordinary General Meeting of Shareholders DOWNLOAD FILE
Jakarta, May 28, 2021 – PT Sawit Sumbermas Sarana Tbk (SSMS) today held its Annual General Meeting of Shareholders and Extraordinary General Meeting of Shareholders and continued with ...