Dharma Satya books net profit increase 219.6% in first half
JAKARTA - PT Dharma Satya Nusantara Tbk (DSNG) booked a first half net profit of Rp367.4 billion, or an increase of 219.6% over the same period last year. The increase was driven by significant growth in the company's net sales to Rp2.56 trillion during the first six months of this year, or an increase of 50.8% compared to 2013.
For the first half of the year, the company booked a gross profit of Rp846.1 billion, or an increase of 77.2% from 2013, while gross margins expanded to 33.0% from 28.1% the previous year. Operating profit also rose by 118.9% from Rp259.7 billion in the first half last year to Rp568.3 billion in the first six months of 2014. Operating margins rose to 22.2% from 15.3% in 2013.
Djojo Boentoro, President Director of Dharma Satya Nusantara, said the increase in the company’s net profit was driven by gains in both CPO production and the CPO Average Selling Price in the first six months. During this period, the company's CPO production rose by 30.2% over the same period last year. The CPO’s average selling price also improved, from Rp6.47 million per ton in 2013 to Rp8.78 million per ton this semester.
Total comprehensive income attributable to owners of the company reached Rp362.6 billion, an increase of 232.8% compared to the first six months of last year of Rp109.0 billion, while earnings per share improved to Rp171.05, compared to Rp58.34 in the first half of last year. As of June 30, 2014, the company's total assets reached Rp6.67 trillion, an increase of 12.6% compared to Rp5.92 trillion at the end of 2013. The company’s total equity through June 30, 2014 reached Rp2.00 trillion, an increased of 19.4% from the Rp1.68 trillion recorded at the end of 2013.
The Company also reported strong operational performance in the first half of 2014. Total Fresh Fruit Bunch (FFB) production from nucleus estates reached 600.4 thousand tons, or an increase of 15.5% compared to the first six months of 2013. CPO production rose by 30.2% from 145.4 thousand tons in the first half of last year to 189.4 thousand tons this year, while CPO sales volume kept pace, also rising by 30.6% from 147.7 thousand tons in the first half of last year to 192.8 thousand tons in the first half of this year. The Company was able to maintain the Oil Extraction Rate (OER) at the level of 23.8% throughout the first half of this year.
In six months, the Company achieved a new planting of 3,499 hectares, consisting of 2,128 hectares ofnucleus and 1,370 hectares of plasma. As of June 30, 2014, the total planted area reached 74,027hectares, with an average age of 6.7 years.