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20250428_DSNG_Laporan Informasi dan Fakta Material_31878657_lamp1.pdf
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Page 1
Volume: 57 – April 2025
DSNG
INVESTOR NEWSLETTER
SOLID MOMENTUM TO BEGIN THE YEAR
Profit and Loss 3M-2025 3M-2024 % FY 2024 Financial Position 31-Mar-25 31-Dec-24 % FY 2024
Revenue 2,678,809 2,230,464 20.1 10,119,220 Total Asset 17,635,653 17,412,416 1.3 17,412,416
- Palm Oil 2,350,009 1,904,800 23.4 8,784,344 Total Liabilities 7,371,380 7,515,101 (1.9) 7,515,101
- Wood Product 284,896 268,937 5.9 1,152,074 Equity 10,264,273 9,897,315 3.7 9,897,315
- Renewable Energy 43,904 56,727 (22.6) 182,802
Cost of Revenue (1,884,851) (1,617,434) 16.5 (7,115,019)
Gross Profit 793,958 613,030 29.5 3,004,201
-Margin % 29.6% 27.5% - 29.7%
Profit Before Tax 497,983 307,930 61.7 1,640,016
-Margin % 18.6% 13.8% - 16.2%
EBITDA 861,228 634,917 35.6 3,096,491
-Margin % 32.1% 28.5% - 30.6%
Profit 366,958 229,293 60.0 1,141,375
-Margin % 13.7% 10.3% - 11.3%
Core Profit* 386,335 249,432 54.9 1,181,098
-Margin % 14.4% 11.2% - 11.7%
*Core Profit calculated from net profit & adjusted to the unrealized foreign
exchange gains/losses, net of tax effects.
PT Dharma Satya Nusantara Tbk (DSNG) reported a total revenue of Rp 2.7 trillion for 1Q-2025, an
increase of 20% YoY. The increase was mainly due to the high ASP of the CPO and the PKO, resulting in
Palm Oil's revenue growth of 23% YoY and increasing the dominance of this segment to 88% of DSNG's
total revenue.
The Wood segment demonstrated resilience amid softer market demand, delivering a 6% YoY increase in
revenue. In contrast, the Renewable Energy segment saw a 23% YoY revenue decline, primarily due to
shipment deferment, which is expected to be recognized in the second quarter of 2025.
Cost of revenue rose by approximately 17% YoY, mainly driven by higher external fruit purchases within the
Palm Oil segment. Operational costs remained well-managed overall, with labor cost increases aligned with
the government's 2025 wage adjustments. Despite these pressures, the Company delivered robust results,
with EBITDA and net profit margins improving to 32% and 14%, respectively—representing strong YoY
growth of 36% and 60%.
Total assets grew modestly by 1%, while total liabilities declined by nearly 2%, reflecting prudent balance
sheet management and strengthened financial positioning. Importantly, only 17% of the Group's total debt is
denominated in USD, underscoring the Company's resilience against currency volatility and reinforcing a
solid foundation for sustainable growth.
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
Page 2
INVESTOR NEWSLETTER
PALM OIL
Fresh Fruit Bunch (FFB) production in the 3M-2025 3M-2024 %YoY FY-2024
first quarter declined by 9%, primarily due Plantation Performance
to the lingering impact of the rainfall
FFB Production (tons) 478,835 524,592 (8.7) 2,109,737
shortage experienced in early 2024.
Nucleus (tons) 378,100 414,574 (8.8) 1,661,979
However, production began to recover in
March 2025, signaling encouraging Plasma (tons) 100,734 110,018 (8.4) 447,757
momentum for the months ahead. The Mill Performance
decline was also partly attributable to the FFB Processed (tons) 591,444 619,102 (4.5) 2,515,086
Company's ongoing replanting program, CPO Production (tons) 137,611 149,550 (8.0) 601,508
which has resulted in the felling of over PK Production (tons) 26,008 28,311 (8.1) 114,210
3,000 hectares to date. PKO Production (tons) 8,064 9,738 (17.2) 38,217
Unlike the dry conditions in 1Q-2024, the CPO OER (%) 23.27 24.16 (3.7) 23.92
first quarter of 2025 experienced wetter FFA (%) 3.05 2.87 6.3 2.86
weather, which disrupted harvest Sales Performance
evacuations and negatively affected Oil CPO (tons) 134,644 145,800 (7.7) 601,111
Extraction Rate (OER) and Free Fatty PK (tons) 6,438 5,581 15.4 23,665
Acid (FFA) levels. Consequently, the PKO (tons) 7,506 9,003 (16.6) 38,513
reduced FFB volumes processed led to a CPO ASP (Rp 'million/ton) 14.91 11.74 27.0 12.79
17% decline in Palm Kernel (PK) and PKO ASP (Rp 'million/ton) 27.35 13.16 107.8 17.81
Palm Kernel Oil (PKO) production.
2024 2025
FFB PRODUCTION (TONS) CPO PRODUCTION (TON) 2024 2025
50,990
179,979
46,212
156,479
40,410
142,376
176,751
195,307
166,011
163,274
176,199
168,534
166,214
179,693
163,106
187,466
183,083
184,099
56,051
46,943
46,556
48,985
50,101
47,882
46,274
50,510
47,499
54,915
52,172
53,621
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CPO ASP (IDR '000/TON) KPB Medan 2024 KPB Medan 2025 YTD DSN 2024
YTD DSN 2025 DSN 2024 DSN 2025
15,133
15,048
14,471
12,788
12,959 12,962 13,196 13,467 14,448
12,858 12,616 12,563
12,527
11,481 11,642 12,014
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
Page 3
INVESTOR NEWSLETTER
PALM OIL - PLANTED AREA
Planted Hectarage
Average
Planted ('000 ha) Immature Mature Total Planted
Age (yrs)
('000 ha) ('000 ha) ('000 ha)
Nucleus 15 2.6 80.2 82.8
Plasma 12 0.6 24.3 27.9
Total 15 3.2 104.6 110.7
As of March 2025, DSNG's total planted area—comprising nucleus and plasma—stood at 110.7 thousand
hectares, with 104.6 thousand hectares classified as mature. The average age of the plantations is
approximately 15 years. As of December 2024, the Company had felled around 3,000 hectares and
replanted 1,400 hectares as part of its long-term sustainability strategy.
3M-2025 3M-2024 %YoY FY-2024
WOOD PRODUCT Sales Volume
Panel ('000 m3) 28.9 27.8 4.2 116.1
Sales volumes for both Panels and Flooring Engineered Flooring ('000 m2) 151.2 147.1 2.8 626.5
recorded YoY increases of 4% and 3%, Average Selling Price (ASP)
respectively. Notably, only Flooring products Panel (USD/m3) 358.93 367.54 (2.3) 360.27
achieved a higher average selling price. Engineered Flooring (USD/m2) 32.07 28.92 10.9 32.33
DSNG is assessing the potential impact of the new U.S. tariff on its flooring products. While the U.S.
accounts for approximately 40% of total export volume for Flooring, sales to the U.S. represent less than
2% of the Group's consolidated revenue. Therefore, the financial impact is considered minimal.
Nonetheless, the Company remains proactive in expanding into new markets and diversifying product lines
to enhance resilience and drive long-term profitability.
RENEWABLE ENERGY
3M-2025 3M-2024 %YoY FY-2024
Palm Kernel Shell (PKS) exports declined by Sales Volume
60% YoY in the first quarter of 2025, Palm Kernel Shell (ton) 11,994 30,019 (60.0) 94,933
primarily due to deferred shipments, which Wood Pellet (ton) 10,461 - - -
will be realized in the following quarters. The Average Selling Price (ASP)
timing aligns with evolving supply-demand Palm Kernel Shell (USD/ton) 106.04 121.00 (12.4) 121.93
dynamics for biomass feedstock in Japan's Wood Pellet (USD/ton) 135.00 - - -
power sector.
In January 2025, the Company's Wood Pellet business marked a key milestone with its first export
shipment of 10.5K tons to Japan. The facility remains in the final stages of construction, with a full
completion targeted before year-end.
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
Page 4
INVESTOR NEWSLETTER
DSNG LATEST UPDATE
DSNG Shares Included in The Constituents of Three IDX’s Indexes
In the latest announcement by the Indonesia Stock Exchange (IDX) in April 2025, DSNG
shares have been selected as constituents of three major IDX indexes. Effective from 2 May
to 31 July 2025, DSNG has been newly added to the IDX80 and Bisnis-27 indexes while
retaining its position in the Kompas100 index.
These indexes track the performance of stocks with high liquidity, significant market
capitalization, and strong fundamentals.
This recognition also underscores continued market confidence in DSNG's financial strength
and operational excellence. Inclusion in these well-regarded benchmarks enhances the
Company's presence in the capital market and reaffirms its commitment to delivering long-
term, sustainable value to shareholders.
DSNG Bond's Rating is Upgraded
In early March, PEFINDO upgraded DSNG's bond rating from idA to idA+ from 7 March 2025
to 30 July 2025, reflecting the Company's strengthened financial profile and consistent
performance. The upgrade highlights the solid balance sheet, stable cash flow generation,
and disciplined approach to debt management.
This improved rating not only enhances the Company's creditworthiness in the eyes of
investors and financial institutions but also supports greater flexibility in accessing capital
markets on more favorable terms. DSNG views this as a strong endorsement of its long-term
strategy and remains committed to maintaining prudent financial policies while pursuing
sustainable growth.
DISCLAIMER: The views expressed here contain information derived from publicly available sources that have not been independently
verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward-looking
information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This
presentation should not be relied upon as a recommendation or forecast by PT Dharma Satya Nusantara Tbk. Nothing in this release
should be construed as either an offer to buy or sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
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