MEDAN - PT Mahkota Group Tbk. (MGRO), an oil palm issuer from North Sumatra, posted a positive performance in the quarter III / 2018 in line with the increase in sales and cost efficiency.
Based on the company's financial report, the total net profit that MGRO achieved as of the end of September 2018 reached IDR 50.73 billion. The realization improved compared to the same period in 2017 which experienced a net loss of Rp13.86 billion.
The profit was supported by the increase in sales and operating revenues to Rp1.47 trillion, growing 18.9% year on year. The increase in income was also in line with efficiency of the financial burden to only IDR 30.21 billion from the previous level of IDR 42.19 billion.
Regarding assets, the company recorded total asset growth from Rp964.71 billion in September 2017 to Rp1.04 trillion, or grew 8.3% (YoY).
MGRO's sources of income are supported by sales of CPO (crude palm oil), and the rest from sales of PK (palm kernel), tank rental services, sales of shells and other derivative products.
President Director of PT Mahkota Group Tbk. Usli Sarsi stated that the positive performance was in line with the increase in yields of palm oil fresh fruit bunches which are predicted to continue until the end of the year, even in the early quarter of 2019.
"We are optimist that net income until the end of the year can exceed Rp. 60 billion. The achievement of our profits is the majority because of the effect of increasing FFB due to a longer harvest period, it makes the volume higher and the efficiency of costs due to maximum productivity, "he said, Tuesday (10/30/2018).
In addition, the company which has officially marketed at the Exchange since July 2018 will also be more expansive from the upstream to the downstream oil palm industry. The company plans to build several factories such as refineries (for cooking oil products and other derivatives) and Kernel Crushing Plant through its subsidiaries. (Adv)