Meanwhile, Q4 earnings increased thanks to higher output.

Bumitama Agri Ltd. has reported a profit attributable to owners of the company of $187m (IDR2.29t) in fiscal year 2024 (FY 2024), down 6.6% from the previous year.

According to a bourse filing, this was despite a revenue of $1.36b (IDR16.73t) which increased 8.3% from last year. The 15.4% increase in the cost of sales to $1.01b (IDR12.37t) led to a 7.7% decline in gross profit to reach $356m (IDR4.36t) in FY 2024.

In the fourth quarter alone (Q4 2024), Bumitama Agri said its net profit surged to $67.95m (IDR832b) from $31.61m (IDR387b) in the same period last year.

"The accelerated financial performance in Q4 2024 was primarily driven by surging output as plantation estates managed by the group entered high cycle production," it said.

The company said Q4 production surged to its highest point for the year as previously guided. Fresh Fruit Bunches from internal sources spiked 27%, amounting to 1.02 million tonnes, or 5.6 tonne per hectare yield within the period.

$1 = IDR 12,243.97