Japfa's 1Q24 profit rebounds to $16.93m

A year ago, the company recorded a $58.55m loss.

Mainboard-listed Japfa logged a profit of $16.93m (US12.45m) in the first three months of the year (1Q24), bouncing back from the $58.55m ($43.05m) loss it recorded in the same period last year.

In 1Q24, Japfa also recorded an 11.6% year-on-year (YoY) higher revenue of $1.54b (US$1.13b).

It also recorded improved gross profit, which surged 135% to $247.25m (US$181.8m), and higher operating profit of $104.17m (US$76.6m), a reversal from the loss of $38.93m (US$28.63m) in 1Q23.

ALSO READ: Japfa declines to comment on private deal speculations

Japfa attributed the growth in its financial metrics to its Indonesian unit PT Japfa Tbk and Animal Protein Other (APO) business in Vietnam, which benefited from higher selling prices and lower costs.

Moreover, the company said its feed segment consistently delivered profits, with stable margins across major markets.

Also contributing to the first quarter growth were “higher poultry and swine selling prices during Ramadhan in Indonesia and Tết in Vietnam, which revitalised demand amid persisting cost-of-living pressures,” as well as streamlining initiatives that lowered production costs across poultry and swine operations in Vietnam, Japfa said.

“[Whilst] the current results are promising, our commitment to prudent management remains steadfast, especially given the uncertain global conditions, and we remain focused on being one of the lowest costs producers of animal proteins in Asia,” Japfa CEO Tan Yong Nang said.

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