GROUP PERFORMANCE REVIEW IndoAgri is a vertically integrated agribusiness group and a palm oil producer in Indonesia, with operations spanning from R&D, seed breeding, oil palm cultivation and milling, to the manufacturing and marketing of cooking oils, margarine and shortening. The Group also cultivates sugar cane, rubber and other crops as part of its diversified portfolio. The Plantation Division is IndoAgri’s principal business. In Indonesia, the Division owns 288,649 hectares of planted crops and operates 27 palm oil mills, three crumb rubber processing facilities, two sheet rubber processing facilities, two sugar mills and refineries, and one factory each for the production of tea and cocoa. It also has an investment in three sugar and ethanol mills in Brazil through CMAA. The Group’s EOF Division owns and operates five CPO refineries across Indonesia to produce a wide range of branded cooking oils, margarine, shortening and specialty fats. FINANCIAL HIGHLIGHTS Palm oil prices rebounded significantly after a stable 2023, trading at their largest premium over soybean oil in 40 years. Higher CPO consumption in the domestic biodiesel sector, coupled with lower yields from adverse weather and tightened supply, pushed domestic CPO prices (KPB) upwards by 17% to an average of Rp13,190 per kg, with international CPO prices (CIF Rotterdam) increasing 15% to an average of USD1,113 per tonne in 2024. In line with higher commodity prices, the Group reported a strong set of results in FY2024. Full year net profit after tax rose significantly to Rp2,110 billion, compared to Rp936 billion in 2023. The improved profitability was mainly due to significantly higher gross profit from the Plantation Division and higher gain arising from changes in fair value of biological assets. This was partly offset by an increase in other operating expenses arising from impairment loss and write-off of property, plant and equipment and higher income tax expenses. FINANCIAL POSITION As at 31 December 2024, the Group reported total noncurrent assets of Rp25.7 trillion, compared to Rp27.2 trillion as at 31 December 2023. The decrease was mainly due to depreciation, impairment loss and write-off of property, plant and equipment, lower plasma receivables, and a reduced carrying value of investments in joint ventures. This was partly offset by higher advances for fixed asset purchases. The Group’s total current assets stood at Rp13.4 trillion as at 31 December 2024, up from Rp9.9 trillion as at 31 December 2023. The increase was driven by higher CPO inventories in the Plantation and EOF Divisions, along with increases in trade and other receivables, advances for raw material purchases, prepaid taxes, biological assets and cash levels. Revenue (Rp trillion) Net Profit to Owners of the Company ((Rp trillion) Profit from Operations (Rp trillion) NAV per share (Rp) 16.0 16.0 17.8 2024 2023 2022 1.1 0.6 0.8 2024 2023 2022 3.2 1.9 2.7 2024 2023 2022 10,242 9,703 9,241 2024 2023 2022 Group Overview Financials Other information Sustainability and Governance Operation and Financial Review 12 Indofood Agri Resources Ltd.
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