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Page 1
PRESS RELEASE
For Immediate Release
SET A NEW RECORD IN THE FIRST HALF OF 2025
Production and financial performance soar, CSRA ready for wider expansion.
JAKARTA, July 30, 2025 – PT Cisadane Sawit Raya Tbk (Bloomberg Stock Code: CSRA IJ) today announced
unaudited Financial Statements for the period of six months ended June 30, 2025 (hereinafter referred to
as 1H25) demonstrates the Company's performance at a very strong level and in line with expectations.
Key Highlights:
❖ Recorded positive performance supported by increased production and rising CPO prices
The revenue increased by 71.7% to Rp745.01 billion, from Rp433.85 billion in 1H24. This increase in
revenue was driven by a significant rise in production and higher average selling prices.
❖ Cost management as a strategy to address operational challenges
Gross profit in 1H25 rose by 52.7% to Rp292.87 billion, up from Rp191.77 billion in 1H24. However,
the gross profit margin slightly declined from 44.2% to 39.3% compared to the same period last year
due to increased harvesting costs. Nevertheless, operating profit for 1H25 surged to Rp177.03 billion,
accompanied by a sharp rise in the operating margin to 23.8% from 18.0% in 1H24.
❖ Stability, growth, and commitment to financial excellence
Net profit for 1H25 surged by 113.2% to Rp142.05 billion, up from Rp66.63 billion in 1H24, resulting
in an increase in net profit margin to 19.1%. Cost control initiatives were implemented as part of an
adaptive strategy to address challenging operational dynamics.
❖ A well-balanced and robust balance sheet serves as the cornerstone of solid financial
fundamentals
At the end of the first semester of 2025, total assets were recorded at Rp2.42 trillion, up from Rp2.25
trillion at the end of 2024. Additionally, the company’s total liabilities slightly increased to Rp978.35
billion in 1H25, compared to Rp952.72 billion at the end of 2024.
❖ Financial ratios that reflect stability
Current Ratio for 1H25 indicates a healthier position at 1.64x, while the interest-bearing debt
to equity ratio is at a safer level of 0.54x. This reflects a stable liquidity position and the ability
to efficiently meet short-term financial obligations.
❖ Running test PKS 3 at Banyuasin Regency
On June 28, 2025, the Company successfully conducted a running test of CSRA’s third Palm Oil Mill
(PKS) located in Banyuasin Regency. The running test is a crucial stage in the construction and
commissioning process of the PKS, carried out before the mill operates at full capacity. Its main
1
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PRESS RELEASE
For Immediate Release
purpose is to ensure that all systems, machinery, and production processes function properly,
efficiently, and safely according to the designed technical specifications.
Consolidated Income Statement Summary
In IDR Billion 1H25 1H24 Change (%)
Sales Revenue 745.01 433.85 71.7%
Gross Profit 292.87 191.77 52.7%
Gross Margin (%) 39.3% 44.2%
Operating Profit 177.03 78.09 126.7%
Operating Margin (%) 23.8% 18.0%
EBITDA 292.25 140.28 108.3%
EBITDA Margin (%) 108.3% 32.3%
Net Income 142.05 66.63 113.2%
Net Income Margin (%) 18.8% 15.4%
Focus on process optimization and operational excellence
CSRA implements a data-driven operational strategy, including monitoring systems based on best
agronomic practices, precision fertilization methods, and mechanization of harvesting and logistics
processes, which have helped improve efficiency and reduce losses in the field.
The company’s revenue increased by 71.7% compared to the same period last year. This growth was seen
in both selling prices and sales volume of CPO. Revenue rose to Rp745.01 billion, up from Rp433.85 billion
in 1H24.
The total area of the Company’s core productive plantations reached 18,133.8 hectares. Of this planted
area, 4,288.0 hectares consist of mature crops. The Company’s crop profile is mostly in the productive
category, mainly due to the relatively young age of the plants. Specifically, crops aged 4-7 years cover an
area of 2,408.3 hectares, while those aged 8-17 years cover 11,437.5 hectares. Overall, the Company
anticipates a positive long-term production growth trend, supported by a well-distributed age profile that
adds potential for increased productivity as the crops mature.
2
HEAD OFFICE MEDAN OFFICE
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Page 3
PRESS RELEASE
For Immediate Release
Table 1. Production Highlights
1H25 1H24
Planted Area - Nucleus 20,315 19,638
FFB Nucleus (in MT) 148,767 138,831
Yield TBS (ton/ha) 8.4 8.0
CPO Production (in MT) 38,217 25,213
OER 20.2% 21.2%
Kernel Production (in MT) 8,419 5,322
KER 4.4% 4.5%
Proper agronomic practices, crop rotation, as well as the use of superior seeds and balanced fertilizers,
contribute to increased productivity per hectare and optimal resource management. CSRA anticipates
production growth driven by a favorable crop age profile and the expansion of harvesting areas.
Operational and financial performance remained very solid throughout the reporting period. The
Company’s gross profit in 1H25 rose by 52.7% to Rp292.87 billion from Rp191.77 billion in 1H24, with the
gross profit margin in 1H25 at 39.3% compared to 44.2% in 1H24. Operational functions were optimized
efficiently to enhance effectiveness and productivity, enabling the Company’s operating profit to reach
Rp177.03 billion, up from Rp78.09 billion in 1H24—an increase of 126.7%. At the bottom line, careful and
efficient management of interest expenses and non-operating costs led to a sharp increase in net profit,
which rose to Rp142.05 billion in 1H25, up 113.2% from Rp66.63 billion in 1H24. The financial performance
achieved reflects the Company’s resilience in the face of external challenges and its capability to drive
sustainable growth.
Table 2. Highlights of Consolidated Statement of Income
In Rp billion
1H25 1H24 %
Sales Revenue 745.01 433.85 71.7%
Cost of Goods Sold -452.14 -242.08 86.8%
Gross Profit 292.87 191.77 52.7%
Gross Profit Margin 39.3% 44.2%
Operating Expense -115.84 -113.68 1.9%
Operating Profit 117.03 78.09 126.7%
Operating Profit Margin 23.8% 18.0%
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Page 4
PRESS RELEASE
For Immediate Release
1H25 1H24 %
Gain Arising from Changes in Fair Value of
Biological Assets 61.23 39.6 54.6%
Gain (Loss) on Foreign Exchanges – Net 0.0 0.01 100.0%
Tax Penalties and Expenses 0.0 -0.01 0%
Others – Net 0.3 0.3 0%
EBIT 242.51 94.04 157.9%
EBIT Margin 32.6% 21.7%
Finance Income 0.53 0.94 -43.6%
Finance Costs -28.49 -27.7 2.6%
Income Before Tax 213.94 91.84 132.9%
Income Tax -71.89 -25.20 185.3%
Income for the period 142.05 66.63 113.2%
Net Income Margin 19.1% 15.4%
Non-Controlling Interest 0.00 0.00 0.0%
Income for The Year Attributable to Owners of
the Parent Entity 142.05 66.63 113.2%
108.3%
EBITDA 292.25 140.28
39.2% 32.3%
Resilient Financial Management: Healthy Balance Sheet, Strong Liquidity, and a Focus on
Sustainability.
Balance sheet stability serves as a key foundation in supporting sustainable business growth. CSRA
maintains a healthy balance sheet through disciplined cash and liability management. As of June 30, 2025,
total assets reached Rp2.42 trillion, an increase of 7.5% from Rp2.25 trillion at the end of FY24. The most
significant growth occurred in biological assets, which rose by 31.9% compared to the end of 2024, in line
with crop growth and higher selling prices. Of the total assets recorded at the end of 1H25, non-current
assets amounted to Rp1.88 trillion, a 4.9% increase from the end of 2024, driven by a higher proportion
of young plantations and fixed assets contributing to production. Meanwhile, current assets were
recorded at Rp542.2 billion, up 17.0% compared to the end of 2024, mainly due to increases in inventories
and biological assets.
The liabilities in 1H25 reached Rp978.35 billion, reflecting a 2.7% increase compared to the end of 2024,
primarily due to higher short-term bank borrowings. As of the end of 1H25, long-term liabilities were
recorded at Rp978.35 billion, showing a 7.7% decrease compared to the position at the end of 2024 after
accounting for current maturities. This reduction in long-term liabilities demonstrates CSRA’s effective
4
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PRESS RELEASE
For Immediate Release
debt management, as reflected in favorable debt-to-equity and interest coverage ratios. The Company’s
governance in managing its capital structure also supports financial stability and helps mitigate financial
risks going forward.
The equity stood at Rp1.44 trillion as of June 30, 2025, reflecting a 10.9% increase compared to the
position at the end of 2024, driven by solid net profit performance during the reporting period.
Table 3. Consolidated Statement of Financial Position
In Rp Billion
1H25 FY24
ASSETS
CURRENT ASSETS
Cash and cash equivalents 136.6 133.27
Trade Receivables from Third Parties - Net 31.18 18.37
Other Receivables from Third Parties 5.07 4.72
Inventories - net 60.28 41.84
Biological Assets 252.99 191.76
Prepaid Taxes 18.1 32.42
Advanced and Prepaid Expenses 37.98 40.91
TOTAL CURRENT ASSETS 542.19 463.27
NON-CURRENT ASSETS
Due from Related Parties 13.72 11.95
Plasma Receivables 80.59 67.94
Investment Properties 0.59 0.68
Bearer Plants:
- Mature Plantation - Net of Accumulated Depreciation 551.87 560.73
- Immature Plantations 185.48 175.90
- Nurseries 15.26 15.01
Fixed Assets - Net of Accumulated Depreciation 994.34 920.31
Tax Amnesty Assets - Net of Accumulated 20.23 20.77
Deferred tax asset - -
Goodwill 14.67 14.67
TOTAL NON-CURRENT ASSETS 1,876.75 1,787.99
TOTAL ASSETS 2,418.95 2,251.26
LIABILITIES
Trade payables 63.89 50.59
Other Payables 29.19 29.25
5
HEAD OFFICE MEDAN OFFICE
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PRESS RELEASE
For Immediate Release
1H25 FY24
Taxes Payables 18.80 16.32
Accrued Expenses 15.43 14.56
Advances from customers 5.24 1.09
Long-term Liabilities - Current Maturities:
- Bank Loans 193.42 134.20
- Consumer Financing Loans 3.09 3.28
- Rent Liabilities Payment 1.29 1.42
TOTAL CURRENT LIABILITIES 330.33 250.76
Due to Related Party 33.23 33.23
Long-term Employee Benefits Liability 54.93 57.11
Deferred Tax Liabilities 72.19 56.98
Long-term Liabilities - Net of Current Maturities:
- Bank Loans 485.47 551.82
- Consumer Financing Loans 2.19 2.81
TOTAL NON-CURRENT LIABILITIES 648.02 701.96
TOTAL LIABILITIES 978.35 952.72
EQUITY
Equity attributable to owners of the Parent Entity 1,440.58 1,298.53
Non-controlling interests 0.015 0.015
TOTAL EQUITY 1,440.58 1,298.54
TOTAL LIABILITY AND EQUITY 2,418.95 2,251.26
Key Financial Ratios
CSRA has strengthened its agronomic adaptation strategy and optimized resource utilization, while
accelerating the implementation of mechanization and precision agriculture technologies. As a result, in
the first half of 2025, the Company's performance showed significant progress. Although the gross margin
declined to 39.3% in 1H25 from 44.2% in 1H24 due to higher harvesting costs, the margin remained
relatively high and stable. On the other hand, the Company experienced a surge in operating margin to
19.1%, compared to 18.0% in 1H24. This was driven by strategic developments across all levels, resulting
in leaner adjustments to both operational and non-operational expenses. Consequently, the Company
successfully improved its net margin to 19.1% in 1H25, up from 15.4% in 1H24.
The Company continues to demonstrate solid leverage. The Current Ratio in 1H25 remained at a healthy
level, although it declined to 1.64x from 1.85x in FY24. The Company’s asset-to-equity ratio stood at 1.68x
in 1H25, slightly down from 1.73x in FY24, reflecting an accumulation of profits on the equity side. Another
positive aspect is in interest-bearing debt, where the interest-bearing debt-to-equity ratio reached 0.54x,
6
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
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Page 7
PRESS RELEASE
For Immediate Release
compared to 0.21x at the end of FY24, indicating a relatively lower proportion of interest-bearing debt in
line with the increase in equity.
This evidence shows that management has maintained prudent financial risk management practices. This
includes effectively managing leverage, optimizing asset utilization, and mitigating financial risks through
careful handling of interest-bearing debt. The Company has made substantial progress across various
areas during the first half of 2025, reaffirming its commitment to sustainable business growth and solid
profitability.
Table 4. Key Financial Ratios
1H25 1H24
Profitability ratios
Gross Margin 39.3% 44.2%
Operating Margin 23.8% 18.0%
EBITDA Margin 39.2% 32.3%
Net Margin 19.1% 15.4%
1H25 FY24
Leverage
Current Ratio 1.64 x 1.85 x
Asset/equity 1.68 x 1.73 x
Interest Bearing Debts/Equities 0.54 x 0.59 x
Net Debts/Equities 0.58 x 0.63 x
2025 Outlook
The geopolitical influence on Indonesia's palm oil industry in 2025 has been quite significant, as the sector
is highly sensitive to global tensions, trade policies, and the global energy transition. The rise in crude oil
prices due to tensions in the Middle East has driven demand for CPO-based biodiesel as an alternative
energy source, thereby supporting CPO prices. Another factor is the trade war measures imposed by the
U.S., including a proposed 19% export tariff on palm oil, which has prompted market diversification efforts
to reduce reliance on Western markets, thereby strengthening the resilience of palm oil exports.
Seman Sendjaja Director of Finance & Strategic Development stated “With solid financial performance in
the first semester, we remain committed to driving performance to a higher level. We are confident that
with a strong foundation and a resilient team, the Company is well-positioned to face challenges and seize
opportunities amid the ever-evolving market dynamics. We are currently implementing various strategic
7
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
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Page 8
PRESS RELEASE
For Immediate Release
initiatives to strengthen competitiveness, improve operational efficiency, and optimize business
processes through mechanization and continuous innovation".
One tangible example of this commitment is the implementation of mechanized transport in the
plantations, which accelerates the distribution of harvested crops while reducing costs and emissions. By
adopting advanced equipment and integrated systems, CSRA reinforces its position as an adaptive and
progressive industry player. We believe that through continuous innovation, the Company can not only
strengthen its competitiveness but also contribute to the transformation of the national palm oil industry
toward more responsible and competitive practices,” Seman added.
“As part of its organic expansion strategy, the Company is preparing for the commissioning of a new palm
oil mill in Banyuasin Regency, designed to enhance operational efficiency in the South Sumatra region and
improve the Company's margins. Preparations include the completion of the construction phase,
installation of high-tech machinery, and running tests to ensure optimal operations from the outset. In
addition, we are ensuring that all permits and environmental standards are met, including the AMDAL
assessment and the implementation of quality management systems. This mill is expected to become a
production hub that is not only efficient but also sustainable supporting regional economic development
and strengthening the Company's position,” Seman added.
For the second half of 2025, the Company has set a more focused strategy, prioritizing yield improvement
across all plantation units to ensure a stable and sufficient internal production supply. This approach aims
not only to maintain current performance but also to exceed established targets through cultivation
process optimization and the adoption of modern agricultural technologies. In addition, the Company
remains committed to implementing sound governance strategies, enabling it to navigate ongoing market
dynamics while maintaining healthy profit margins.
“Sustainability is a fundamental pillar integrated into all stages of the production process. The Company
strives to ensure that yield improvements do not come at the expense of environmental preservation or
the social well-being of communities surrounding its operations. At the same time, the Company fully
recognizes the urgency of applying prudence in business decision-making and strengthening its risk
management systems to navigate market uncertainties and external challenges. With this holistic
approach, the Company is optimistic about enhancing performance sustainably while maintaining long-
term stability,” he concluded.
----------oOo---------
8
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
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Page 9
PRESS RELEASE
For Immediate Release
About PT Cisadane Sawit Raya Tbk at Glance:
PT Cisadane Sawit Raya Tbk. and its subsidiary entities are national players
that develop palm oil plantations in North Sumatra Province and South
Sumatra Province. The Company always prioritizes effectiveness and
efficiency in utilizing resources to become reputable and integrated
agribusiness companies. The company has a Palm Oil Mill (PKS) in the
plantation area which began operating in 2007 with a capacity of 45 tons per
hour (tph) after overhaul conducted in July 2022, a brand new 45 tph PKS in
Tapanuli Selatan regency and currently developing another PKS with a
capacity of 30 tph in Banyuasin regency. The Company has a total area of
29,000 hectares with an embedded area around 18,783 hectares. Its FFB
production reached 319,071 tons per year. CSRA publicly listed on the
Indonesian Stock Exchange (IDX) on 9th January 2020.
Follow Company’s Social Media for news updates and vacancies:
csr.official @csra.official Cisadane Sawit Raya Tbk - CSRA cisadane sawit raya
For more information, please contact:
Iqbal Prastowo - Corporate Secretary
T +6221 6667 3312-15 | F +6221 6667 3310-11
E corpsec@csr.co.id | iqbal@csr.co.id
W www.csr.co.id
This press release has been prepared by PT Cisadane Sawit Raya Tbk.(“CSRA”) and is circulated for the purpose of general information only. It
is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities of CSRA. No warranty
(expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations included in this release
constitute our judgment as of this date and are subject to change without prior notice. CSRA disclaims any responsibility or liability whatsoever
arising which may be brought against or suffered by any person as a result of reliance upon the whole or any part of the contents of this press
release and neither CSRA nor any of its affiliated companies and their respective employees and agents accepts liability for any errors,
omissions, negligent or otherwise, in this press release and any inaccuracy herein or omission here from which might otherwise arise.
Forward-Looking Statements
Certain statements in this release are or may be forward-looking statements. These statements typically contain words such as “will”, “expects”
and “anticipates” and words of similar import. By their nature, forward-looking statements involve a number of risks and uncertainties that could
cause actual events or results to differ materially from those described in this release. Factors that could cause actual re sults to differ include,
but are not limited to, economic, social and political conditions in Indonesia; the state of the property industry in Indonesia; prevailing market
conditions; increases in regulatory burdens in Indonesia, including environmental regulations and compliance costs; fluctuations in foreign
currency exchange rates; interest rate trends, cost of capital and capital availability; the anticipated demand and selling prices for our
developments and related capital expenditures and investments; the cost of construction; availability of real estate property; competition from
other companies and venues; shifts in customer demands; changes in operation expenses, including employee wages, benefits and training,
governmental and public policy changes; our ability to be and remain competitive; our financial condition, business strategy as well as the plans
and remediation. Should one or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those
estimated, anticipated or projected. Specifically, but without limitation, capital costs could increase, projects could be delayed and anticipated
improvements in production, capacity or performance might not be fully realized. Although we believe that the expectations of our management
as reflected by such forward-looking statements are reasonable based on information currently available to us, no assurances can be given that
such expectations will prove to have been correct. You should not unduly rely on such statements. In any event, these statements speak only as
of the date hereof, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or
otherwise.
Translation: this press release is available in Bahasa Indonesia and English. The Bahasa version is the original; the other language version is a free translation. We have made every reasonable
effort to avoid any discrepancies between the different language versions. However, should such discrepancies exist, the Bahasa version will take precedence
9
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
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