PT Eagle High Plantations Tbk : 3Q results explanation

YTD 30 September 2021 Result

Performance Summary

Revenue

YTD Sep 2021 Revenue was IDR 2.1 trio, up by 32% compared to YTD Sep 2020. This was contributed mainly by increased in CPO and PK selling price in 2021. CPO selling price increased 32% from IDR 7,749 / kg in YTD Sep 2020 to IDR 10,230 / kg in YTD Sep 2021; PK selling price increased 62% from IDR 3,800 / kg in YTD Sep 2020 to IDR 7,749 / kg in YTD Sep 2021.

EBITDA

Higher CPO and PK selling price had impacts to the increase of gross profit, operating profit, and EBITDA.

EBITDA IDR 576 bio was up 100% from YTD Sep 2020.

This was in line with the 32% CPO Selling Price increase and the 62% PK Selling Price increase compared to the average price for the same period last year.

EBITDA Margin was 27%, higher than EBITDA Margin same period last year of 18%.

Operating profit / loss

YTD Sep 2021 operating profit was IDR 168 bio, up 191% compared to operating loss YTD Sep 2020. This also contributed by lower cost due to divestment strategy.

Net loss

Net loss was up 128% compared to the same period last year, showing a net loss of IDR 1.7 trio vs net loss IDR 0.8 trio in YTD Sep 2020. We record interest expense amounting to IDR 518 bio, down 24% compared to the same period last year amounting to IDR 680 bio. This higher net loss was mainly contributed by loss on disposal of subsidiaries amounting to IDR 1.5 trio as of Sep 2021.

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