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Page 1
PRESS RELEASE
For Immediate Release
REVENUE INCREASED SHARPLY AND PROFITS SKYROCKETED
CSRA Successfully Achieves Growth and Commitment to Sustainability
JAKARTA, March 21, 2025 – Cisadane Sawit Raya Tbk (Bloomberg Stock Code: CSRA IJ) announced an
outstanding annual performance achievement, recording its highest sales in history in 2024. This
achievement reflects the company’s commitment to continuous growth and innovation in the increasingly
dynamic palm oil industry, while maintaining its responsibility towards the environment and society.
CSRA continuing to strengthen its national presence by focusing on the production and development of
new palm oil mill facilities, aimed at increasing the production of value-added products. The year 2024 is
a significant year for the implementation of strategic objectives and accelerating progress across all
company sectors.
Key Highlights
● The company’s third Palm Oil Mill (PMKS) in Banyuasin Regency is scheduled to begin operations in
the early second semester of 2025. The operation of this PMKS will contribute to the added value
of CSRA’s sales.
● Revenues of Rp1.07 trillion, an increase of 21.8% compared to FY23 of Rp875.51 billion, primarily
driven by higher sales of value-added CPO and an increase in the average selling price received by
the company.
● Gross profit reached Rp483.86 billion, a 21.1% increase compared to Rp399.58 billion last year, due
to the management's ability to control the cost of revenue.
● Net profit amounted to Rp213.36 billion, soaring by 46.0% compared to last year’s Rp152.06 billion,
resulting in an increase in net margin to 20.1% from 16.7% last year. This increase was primarily
driven by strict cost control
● CSRA's asset position stands at Rp2.25 trillion, 22.2% higher than the position as of December 31,
2023, which was Rp1.84 trillion. Meanwhile, the company’s total liabilities in FY24 amounted to
Rp952.72 billion, an increase compared to Rp727.69 billion at the end of 2023, and equity reached
Rp1.29 trillion, up from Rp1.12 trillion at the end of 2023.
● The net debt-to-equity ratio for 12M24 stands at 0.73x, slightly higher than the 2023 level of 0.65x.
This increase is due to a good capital allocation strategy with a healthy balance sheet across various
investments in production facilities and infrastructure.
CSRA’s strong capital structure helps attract investors, reduce borrowing costs, and enhance the
company’s reputation in the market. CSRA continues to leverage its strengths in business development
by maintaining balanced growth that aligns with sustainability standards.
1
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Page 2
PRESS RELEASE
For Immediate Release
Summary of Consolidated Statement of Income
In Billion IDR FY2024 FY2023 Change (%)
Net Sales 1,066.76 875.51 21.8%
Gross Profit 483.86 399.58 21.1%
Gross Profit Margin (%) 45.% 45.6%
Operating Profit 263.62 221.84 18.8%
Operating Profit Margin (%) 24.7% 25.3%
EBITDA 441.98 317.26 39.3%
EBITDA Margin (%) 41.4% 36.2%
Net Profit 213.36 152.06 40.3%
Net Profit Margin (%) 20.1% 17.3%
Taking advantage of available opportunities to support long-term growth.
CSRA consistently integrates sustainability principles into every aspect of its operations, from natural
resource management to improving social and environmental well-being. This, in turn, drives sustainable
growth and strengthens the company's position. In 2024, the total planted area of the company reached
20,067.6 hectares, reflecting an expansion of the plantation area compared to 2023, where the planted
area was 19,552.0 hectares. Of the planted area, 18,133.8 hectares are cultivated with mature
(productive) crops. Generally, the company’s plant profile is considered productive due to the relatively
young age of the plants. Plants aged 4-7 years occupy an area of 2,408.3 hectares, plants aged 8-17 years
cover an area of 11,437.5 hectares, and the remaining plants, over 18 years old, occupy an area of 4,288.0
hectares.
In 2024, the company’s CPO production decreased to 321,982 tons from 337,367 tons in 2023. However,
it has managed to maintain a Compound Annual Growth Rate (CAGR) of 2.8% since 2018.
Table 1. Production Highlights
FY2024 FY2023 Change
Planted Area (in Ha) 20,067.6 19,552.0 1.1%
FFB Nucleus (in MT) 321,982 337,367 -4.6%
Yield TBS (ton/ha) 18.2 19.4
CPO Production (in MT) 55,700 48,668 14.5%
OER 21.0% 21.2%
2
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
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Page 3
PRESS RELEASE
For Immediate Release
Kernel Production* (in MT) 11,801 11,166 5.7%
KER 4.4% 4.9%
In 2024, CSRA experienced a decline in FFB productivity. This decrease was partly caused by weather
disruptions and Ganoderma infestations, which led to the decrease in yield per hectare in general. Going
forward, pricing strategies, production optimization, and operational efficiency will continue to be a focus
to help mitigate the impact of the challenges faced by the company.
In FY24, gross profit reached Rp483.86 billion, marking an increase of 21.1% compared to FY23, with a
gross margin of 45.4% in FY24, compared to 45.6% in FY23. Operating profit reached Rp263.62 billion,
representing a moderate decline with a margin of 18.8%, compared to 25.3% in FY23. Despite the decline
in operating profit margin, the strong operational performance is reflected in the significant surge in net
profit in FY24, reaching Rp214.85 billion, the highest in CSRA’s history, with a net margin of 20.1%.
Management continues to drive improvements in organizational effectiveness and productivity by
prioritizing cost optimization and implementing disciplined cost control measures, ensuring that operating
profit performance in 2025 will be even better.
Table 2. Highlights of Consolidated Statement of Income (Audited)
In Billion Rupiah
FY 2024 FY 2023 %
Sales Revenue 1.066.76 875.51 21.8%
Cost of Goods Sold -582.89 -475.93 22.5%
Gross Profit 483.86 399.58 21.1%
Gross Profit Margin 45.4% 45.6%
Operating Expense -220.24 -177.74 23.9%
Operating Profit 263.62 221.84 18.8%
Operating Profit Margin 24.7% 25.3%
Gain Arising from Changes in Fair Value of
Biological Assets 75.58 16.85 366.3%
Gain (Loss) on Foreign Exchanges – Net 0.05 0.09 -44.4%
Tax Penalties and Expenses -1.27 -0.29 337.9%
Others – Net 0.1 -0.3 133.3%
EBIT 349.17 244.19 43.0%
EBIT Margin 32.7% 27.9%
Finance Income 4,26 2.98 42.9%
Finance Costs -59.77 -45.6 31.0%
Income Before Tax 289.68 198.6 45.9%
3
HEAD OFFICE MEDAN OFFICE
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Page 4
PRESS RELEASE
For Immediate Release
FY 2024 FY 2023 %
Income Tax -74.83 -52.44 42.7%
Income for the period 214.85 146.14 47.0%
Net Income Margin 20.1% 16.7%
Non-Controlling Interest - - -
Income for The Year Attributable to Owners of 213.36 152.06 40.3%
the Parent Entity
EBITDA 441.98 317.26 39.3%
EBITDA Margin 41.4% 36.2%
Disciplined Financial Management Based on Sustainability Principles
With disciplined, transparent financial management based on sustainability principles, the Company can
optimize resource usage, reduce financial risks, and ensure that every step of expansion or innovation can
be carried out efficiently. As of December 31, 2024, the Company’s total assets reached Rp2.25 trillion,
an increase of 22.2% from Rp1.84 trillion in FY23. Non-current assets saw an increase of 17.7% to Rp1.79
trillion compared to Rp1.52 trillion at the end of 2023, with the largest increase observed in fixed assets
and plasma receivables. Current assets in FY24 also rose by 43.1% compared to FY23, reaching Rp463.27
billion. The increase in current assets was primarily due to the rise in cash and cash equivalents in line
with the Company’s increased revenue.
The total liabilities as of December 12, 2024, amounted to Rp952.72 billion, reflecting an increase of 30.9%
compared to the end of 2023, in line with the disbursement of bank debt facilities. The equity position
stood at Rp1.29 trillion as of December 31, 2024, showing an increase of 16.4% compared to the position
at the end of 2023, which can be attributed to the retained earnings from this year’s income. Healthy
finances enable the company to invest in new technologies, strengthen operational capabilities, and
improve the welfare of the surrounding community, while maintaining environmental sustainability.
Table 3. Consolidated Statement of Financial Positions (Audited)
in billion Rupiah
FY2024 FY2023
Assets
Current Assets
Cash and cash equivalents 133.27 25.36
Trade Receivables from Third Parties - Net 18.37 6.98
Other Receivables from Third Parties 4.72 6.83
Inventories - net 41.84 68.98
4
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
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Page 5
PRESS RELEASE
For Immediate Release
FY2024 FY2023
Biological Assets 191.76 113.17
Prepaid Taxes 32.42 23.46
Advanced and Prepaid Expenses 40.91 81.97
Total Current Assets 463.27 323.76
Non-Current Assets
Due from Related Parties 11.95 5.46
Plasma Receivables 67.94 59.62
Investment Properties 0.68 0.68
Bearer Plants: - -
- Mature Plantation - Net of Accumulated
Depreciation 560.73 518.38
- Immature Plantations 175.90 205.51
- Nurseries 15.01 13.87
Fixed Assets - Net of Accumulated Depreciation 920.31 700.71
Tax Amnesty Assets - Net of Accumulated 0.03 0.19
Deferred tax asset - -
Other Assets - -
Cultivation Rights (HGU)
Goodwill 14.67 14.67
Total Non-Current Assets 1,787.99 1,519.09
TOTAL ASSETS 2,251.26 1,842.86
LIABILITIES
Bank loans 0 0
Trade payables 50.59 43.34
Other Payables 29.25 23.83
Taxes Payables 16.32 6.73
Accrued Expenses 14.56 12.69
Advances from customers 1.09 4.35
Long-term Liabilities - Current Maturities: - -
- Bank Loans 134.20 85.95
- Consumer Financing Loans 3.28 4.17
- Rent Liabilities Payment 1.45 1.23
Total Current Liabilities 250.76 187.49
Due to Related Party 33.23 33.23
Long-term Employee Benefits Liability 57.11 49.17
Deferred Tax Liabilities 56.98 35.12
Long-term Liabilities - Net of Current Maturities: - -
- Bank Loans 551.82 414.08
- Consumer Financing Loans 2.46 3.91
- Lease Liabilities 0.35 0.07
Total Non-Current Liabilities 701.96 540.2
TOTAL LIABILITIES 952.72 727.69
EQUITY
5
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
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Page 6
PRESS RELEASE
For Immediate Release
Equity attributable to owners of the Parent Entity 1,298.53 1,115.16
Non-controlling interests 0.015 0.015
TOTAL EQUITY 1,298.54 1,115.17
TOTAL LIABILITY AND EQUITY 2,251.26 1,842.86
Key Financial Ratios
The EBITDA position in FY24 reflects the company's success in maintaining and improving operational
performance, despite changes in the external environment such as unfavourable weather conditions. The
gross margin of CSRA in 12M24 was 45.4%, slightly down from 45.5% in 12M23. This resulted in a decrease
in the operating margin to 24.7%, down from 25.3% in 12M23. However, on the bottom line, the company
successfully increased its net margin to 20.0% in 12M24, compared to 16.7% last year.
The company has sufficient liquidity to meet short-term obligations, thus avoiding difficulties in paying
debts and operating costs. The company’s current ratio stands at 1.85x, higher than the 1.73x recorded
at the end of 2023, indicating that the company is highly liquid and can easily settle its current liabilities
using current assets. Additionally, the company's asset-to-equity ratio is 1.73x in 12M24, up from 1.65x in
FY23, indicating that more productive assets, such as the ongoing construction of the third PMKS, will
generate accumulated profits in equity.
Table 5. Financial Ratio Highlights
UOM 12M24 12M23
Profitability ratios
Gross Margin 45.4% 45.6%
Operating Margin 24.7% 25.3%
EBITDA Margin 41.4% 36.2%
Net Margin 20.1% 17.3%
UOM 12M24 12M23
Leverage
Current Ratio x 1.85 1.72
Asset/equity x 1.73 1.65
Interest Bearing Debts/Equities x 0.59 0.52
Net Debts/Equities x 0.63 0.63
2025 Outlook
The Indonesian palm oil industry faces various challenges and opportunities that influence its
performance. The palm oil industry plays a strategic role in Indonesia's economy, contributing to food
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
security, energy, and economic growth. Technological transformation and innovation are key to
enhancing productivity and sustainability in the palm oil industry. Overall, the Indonesian palm oil industry
in 2025 shows promising prospects with significant growth opportunities. However, challenges such as
domestic energy policies, tight global competition, and the need for technological innovation must be
addressed to ensure sustainable growth. It is estimated that the Indonesian palm oil plantation sector will
experience rapid growth in 2025, driven by an increase in CPO prices of over 7.2% to MYR 4,500 per ton,
with continuous growth expected. In addition, CPO production is projected to grow by 3.9%, especially
after the end of the El Nino phenomenon in May 2024.
CSRA will take advantage of this opportunity to continue accelerating business expansion, inorganic
expansion, and strategic investments. Seman Sendjaja, the Director of Finance & Strategic Development,
stated, "The company has allocated a capital expenditure (Capex) budget of Rp100 billion, in which 50%
will be used to complete the construction of the third palm oil mill in Banyuasin Regency, which is planned
to start operations in July 2025, and the remaining 50% will be used for compensation payments for
planted crops (GRTT) and planting new areas in the operational region of South Sumatra." He continued,
"The company has implemented a strategy to review opportunities for acquiring new land, with priority
given to areas close to the company's existing plantations to facilitate the integration of CSRA's
operations."
The company continues to enhance its Environmental, Social, and Governance (ESG) initiatives with a
focus on Health, Education, Economy, and Local Wisdom (HEEL) initiatives. Among these initiatives, the
company is obtaining ISPO certification for PT SSG and PT ABI plantations in South Sumatra on March 19,
2025. CSRA has also received recognition for its environmental achievements, including an award for
CSRA's achievements in Emission Transparency and Corporate Emission Reduction in 2024, awarded with
a Silver category on May 29, 2024.
"I see strong business growth, with a focus on recovering the company's gross margin. To support the
achievement of long-term revenue goals, the company will increase investments in mills and
mechanization. The company also prioritizes creating strong cash flow along with the strategic
development measures currently being implemented. This development includes operational expansion,
production capacity enhancement, and the adoption of new technologies that can improve efficiency and
competitiveness," Seman added.
"With proper governance, I am confident that CSRA can strengthen its performance and achieve
sustainable growth in the future," he concluded.
-------oOo------
7
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
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Page 8
PRESS RELEASE
For Immediate Release
PT CISADANE SAWIT RAYA Tbk – CSRA 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 45
tph in Banyuasin regency. The Company has a total area of 29,000
hectares with an embedded area around 20,936.4 hectares. Its FFB
production reached 321,982 tons per year. CSRA publicly listed on
the Indonesian Stock Exchange (IDX) on 9th January 2020.
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
Follow Company’s Social Media for news updates and vacancies:
csr.official @csra.official Cisadane Sawit Raya Tbk - CSRA cisadane sawit raya
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 results 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, anticipa ted 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 re ly 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.
8
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 ||F +6221 6667 3310-11 T +6261 661 4328 || F +6261 662 7913
Names mentioned 4 people and organisations named in the text · linked when the evidence is strong
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PT SSG
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PT ABI
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