Bumitama Agri's net profit dips 27% YoY to $181.97m in 9M23

The company's revenue also fell during the period.

SGX-listed Bumitama Agri reported a net profit attributable to shareholders of $181.97m (IDR2.1t) in 3Q23, a 27% drop from 3Q22.

In the same period, the company reported lower revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA).

In 9M23, the company reported a total revenue of IDR11.80t ($1.1b) in 3Q23, a 6% drop from 9M22.

Meanwhile, EBITDA dipped 27% YoY to IDR3.68t ($320m) from IDR5.03t ($437m).

The company attributed the deterioration in its financial performance to lower commodity prices reflected by the lower average selling price of crude palm oil (-12% YoYo) and palm kernel (-41% YoY).

1 SGD = IDR 11536.36