Continued strong financial performance in 2025, with nine-month sales reaching a record of Rp 65.7 trillion
EBITDA surpassed Rp 4.0 trillion with margin expanding to 6.2% from 5.0% last year
In billion Rupiah | Ytd Sep-25 | Ytd Sep- 24 | Change |
Net sales | 65,654 | 56,293 | 17% |
Cost of goods sold | 58,413 | 50,974 | 15% |
Gross profit | 7,242 | 5,319 | 36% |
Income from operations | 2,229 | 1,168 | 91% |
EBITDA | 4,046 | 2,832 | 43% |
Net profit attributable to owners of the parent company | 1,599 | 1,036 | 54% |
Net sales for the nine-month period of 2025 expanded by 17% year-on-year to Rp 65.65 trillion, primarily driven by higher selling prices. CPO market prices (FOB Belawan) during the current period strengthened by 17%, averaging at US$ 1,094 per MT from US$ 937 per MT in the same period last year.
Most of our revenue came from palm-based derivative products, i.e. refined branded and unbranded products (including biodiesel and oleochemicals), which accounted for 83% of total sales. CPO and other non-refined product sales represented the remaining 17%.
Cost of goods sold for the nine-month period ended 30 September 2025 increased by 15% to Rp 58.41 trillion from Rp 50.97 trillion in the previous year, mostly due to higher raw material costs in line with strengthening CPO prices.
Income from operations for the current period almost doubled to Rp 2.23 trillion in line with the increase in gross profit, partly offset by an increase in operating expenses. The increase in operating expenses was mostly attributable to higher export tax and levy charged in line with higher CPO prices, as well as packaging expenses.
Corresponding to the increase in income from operations, EBITDA rose by 43% year-on-year to Rp 4.05 trillion from Rp 2.83 trillion in the same period last year. At the bottom line, net profit attributable to owners of the parent company also grew strongly to Rp 1.60 trillion from the previous period of Rp 1.04 trillion despite a foreign exchange loss of Rp 203 billion, which was mostly unrealised. This translated into earnings per share of Rp 556.
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FINANCIAL POSITION
In billion Rupiah 30-Sep-25 31-Dec-24 Change | |||
Assets | 43,260 | 45,333 | -5% |
Liabilities | 21,838 | 25,450 | -14% |
Equity attributable to owners of the parent company | 21,408 | 19,869 | 8% |
Debt to Equity ratio (times) | 0.73x | 0.97x | |
As of 30 September 2025, the Company's total assets was lower compared to that at the end of 2024, mostly due to a decline in trade receivables, inventories, and prepaid taxes, which was partly offset by the increase in property, plant, and equipment.
Total liabilities as per 30 September 2025 stood at Rp 21.84 trillion, 14% lower compared to that at end of 2024. The decrease was primarily attributable to lower bank loan balance and settlement of bonds payable. As of 30 September 2025, bank loans (including bonds payable) totaled Rp 15.59 trillion with a healthy gearing ratio of 0.73x.
Total equity attributable to owners of the parent company increased to Rp 21.41 trillion as of 30 September 2025, from Rp 19.87 trillion at the end of 2024. The Company's retained earnings were higher at Rp 18.53 trillion compared to Rp 17.04 trillion as at end 2024 resulting from the current period's income.
PLANTATION STATISTICSAs of 30 September 2025, the Company's palm plantation area stood at approximately 134,400 hectares, comprising 120,900 hectares of mature estates and 13,500 hectares of immature estates. Nucleus and plasma estates amounted to 102,200 and 32,200 hectares, respectively.
Description | Ytd Sep-25 | Ytd Sep-24 | Change |
FFB produced - MT | 1,627,073 | 1,599,547 | 2% |
CPO produced - MT | 378,481 | 378,920 | -0.1% |
PK produced - MT | 100,164 | 103,800 | -4% |
Oil extraction rate - % | 20.38 | 20.41 | -0.03% |
Kernel extraction rate - % | 5.39 | 5.59 | -0.20% |
During the nine-month period ended 30 September 2025, SMART's harvested fruit grew slightly year-on-year to 1.63 million tonnes, while CPO and PK production moderated to 378 thousand tonnes and 100 thousand tonnes, respectively. This was due to lower oil and kernel extraction rates of 20.38% and 5.39%, respectively.
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For further information, please contact:
Investor Relations Team
investor@smart-tbk.com
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