IndoAgri's H1 net profit up 500% to $51.7m

The increase was due to higher gross profit, foreign exchange gain, and gain from changes in fair value of biological assets.

IndoAgri reported a net profit of $51.7m (IDR631b), up over 500% from $7.5m (IDR92b) in H1 2024 due to higher gross profit, higher foreign exchange gain, and gain arising from changes in fair value of biological assets.

Gross profit for the period increased 27% to $128k (IDR1.56b) from $100.8k (IDR1.23b) a year ago, mainly due to higher selling prices and stable palm production costs in the Plantation Division.

On the flip side, revenue for the period dropped 7.3% to $578k (IDR7.05b) from $623k (IDR7.6b) in H1 2023, due to lower sales volume of CPO and PK-related products and lower selling prices of EOF products.

Meanwhile, earnings per share stood at $0.017 (IDR213).