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20241030_DSNG_Laporan Informasi dan Fakta Material_31750667_lamp3.pdf
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DSNG
INVESTOR
NEWSLETTER Volume: 55 – October 2024
Profit Jumped by 72% YoY
In Million Rupiah
Profit and Loss 9M-2024 9M-2023 % FY 2023 DSNG recorded consolidated profit in
Revenue 7,171,925 6,564,144 9.3 9,498,749 9M-24 amounting to Rp 868 billion, which
- Palm Oil 6,140,984 5,771,429 6.4 8,354,365 jumped by 72% YoY, mainly contributed by
- Wood Product 868,548 792,715 9.6 1,074,024 high CPO price and cost efficiency across
- Renewable Energy 162,393 - - 70,360 all business segments.
Cost of Revenue (5,031,187) (4,923,284) 2.2 (6,971,281)
Gross Profit 2,140,738 1,640,860 30.5 2,527,468 Consolidated revenue of Rp 7.2 trillion,
-Margin % 29.8% 25.0% - 26.6% increased by 9% YoY, of which 86% was
Profit Before Tax 1,177,699 671,969 75.3 1,140,643 contributed by the Palm Oil segment,
-Margin % 16.4% 10.2% - 12.0% which enjoyed a revenue increase of 6%
EBITDA 2,139,570 1,597,733 33.9 2,421,068
YoY due to higher CPO Price. The Wood
-Margin % 29.8% 24.3% - 25.5%
segment contributed around 12% of total
Profit 868,330 504,338 72.2 841,665
revenue, whereas thanks to its ability to
-Margin % 12.1% 7.7% - 8.9%
seize the market abandoned by other
Core Profit 859,842 485,895 77.0 814,874
players, it recorded a 10% increase in
-Margin % 12.0% 7.4% - 8.6%
revenue. The Renewable Energy (RE)
Financial Position 30-Sep-24 FY 2023 % segment, contributed the remaining with
Total Asset 17,438,527 16,178,278 7.8 higher volume and ASP than the original
Total Liabilities 7,875,809 7,288,850 8.1 target.
Equity 9,562,718 8,889,428 7.6
The CPO’s ASP increased by nearly 8% YoY was beyond expectation. We noted several factors contributing to
the continuing high CPO Price throughout 2024. The poor production of palm oil with marginally lower YoY
yield recovery of the industry due to the previous draught and the prospect of tightening sunflower and
rapeseed oil supplies have become a concern for consumers. In addition, the geopolitical tensions in the
Middle East have driven the surge in oil prices. Similarly, PKO prices also rose following the concern over the
EUDR disrupting the availability of PKO, leading to stocks accumulating in the EU. DSNG booked a 22% YoY
increase in PKO's ASP over the last nine months of 2024.
Regarding operating costs, a lower and stable fertilizer price against last year, amid the volatility of the Rupiah
exchange rate against the US dollar, also significantly improved profitability for the Palm segment. As a result,
the consolidated EBITDA and Profit increased by 34% YoY and 72% YoY, respectively.
The total assets grew by 7.8% over the last nine months since the end of December 2023, while liabilities and
equity rose by 8.1% and 7.6%, respectively.
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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PALM OIL
9M-2024 9M-2023 %YoY Q1-2024 Q2-2024 Q3-2024 %QoQ FY 2023
Plantation Performance
FFB Production (tons) 1,555,088 1,639,434 (5.1) 524,592 521,484 509,012 (2.4) 2,271,821
Nucleus (tons) 1,227,934 1,298,669 (5.4) 414,574 411,932 401,428 (2.5) 1,796,532
Plasma (tons) 327,153 340,765 (4.0) 110,018 109,552 107,584 (1.8) 475,289
Mill Performance
FFB Processed (tons) 1,833,327 2,067,002 (11.3) 619,102 613,990 600,234 (2.2) 2,854,559
CPO Production (tons) 440,800 473,923 (7.0) 149,550 146,968 144,282 (1.8) 661,892
PK Production (tons) 83,906 86,990 (3.5) 28,311 27,893 27,702 (0.7) 122,732
PKO Production (tons) 28,281 28,359 (0.3) 9,738 9,203 9,340 1.5 40,356
CPO OER (%) 24.04 22.93 4.9 24.16 23.94 24.04 0.4 23.19
FFA (%) 2.84 3.00 (5.6) 2.87 2.85 2.79 (2.2) 2.96
Sales Performance
CPO (tons) 436,416 456,479 (4.4) 145,800 146,232 144,384 (1.3) 665,041
PK (tons) 16,647 19,125 (13.0) 5,581 5,545 5,521 (0.4) 26,915
PKO (tons) 27,507 26,975 2.0 9,003 11,003 7,501 (31.8) 39,379
CPO ASP (Rp 'million/ton) 12.42 11.50 8.0 11.74 12.69 12.83 1.1 11.39
PKO ASP (Rp 'million/ton) 16.01 13.10 22.2 13.16 15.64 19.99 27.8 12.97
The El Nino from 2H-2023 to early 2024 has been predicted to cause dryer weather in Indonesia throughout
2024, resulting in FFB production remaining low with the yield recovery stalled since May 2024. This is similar
to Gapki's projection over lower FFB production in 2024 YoY.
Both our Nucleus and Plasma also experienced lower FFB production in 2024. After the marginal and flat
growth in the 1st and 2nd quarters of 2024, FFB production in the 3rd quarter declined against the 1Q-24 and
2Q-24 and YoY by 5.1%. Total FFB production in 3Q-24 and cumulatively in 9M-24 were 509K tons and 1.56
million tons, compared to 594K tons and 1.64 million tons in 2023.
FFB processed in 9M-24 was 1,833K tons, lowered by roughly 11% YoY, following FFB shortage from the
smallholders and external providers.
However, due to a high OER of 24%, our CPO production only lowered by 7% YoY to 441K tons in 9M-2024,
even though the FFB volume being processed was less by 11%. We continued to maintain the super premium
quality of our CPO by producing CPO with an FFA level below 3%.
CPO PRODUCTION (TON) 2023 2024 FFB PRODUCTION (TONS) 2023 2024
195,307
56,051
179,693
176,751
176,199
50,510
168,534
50,101
166,214
166,011
48,985
163,274
163,106
47,882
47,499
46,943
46,556
46,272
146,564
182,096
168,021
177,612
190,247
180,441
189,635
200,576
204,241
219,994
206,269
206,124
52,899
48,249
50,905
41,210
57,601
53,472
53,788
57,434
58,366
63,047
61,513
63,408
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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
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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CPO ASP (IDR '000/TON) KPB Medan 2023 KPB Medan 2024 YTD DSN 2023
YTD DSN 2024 DSN 2023 DSN 2024
12,858
12,527 12,962
12,060 12,959
12,015 11,803 12,616 12,563
12,488 12,038
11,394
12,014
10,958
11,481 10,929 11,135 11,019 11,308
11,642 11,135
10,510
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
OIL PALMS – PLANTED AREA
DSNG has 112.2 ha total combined Nucleus and Planted Hectarage
Average
Planted ('000 ha) Mature Total Planted
Plasma plantation areas, where 95% are mature Age (yrs)
('000 ha) ('000 ha)
plants with an average age of less than 15 years.
Nucleus 15.0 82.2 84.2
Plasma 12.1 24.6 27.9
As a member of the RSPO, DSNG is committed to Total 14.7 106.8 112.2
the NDPE (No Deforestation, No Peat, No
Exploitation) and the Group's Sustainability Policy
with a focus on Forest-Climate-Community to
become the responsible choice for Planet, People
and Prosperity.
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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WOOD PRODUCTS
In 3Q-24, the Panel recorded a significant increase in sales volume by
12% QoQ, resulting cumulative 9M-24 by 21% YoY. We did not see any
improvement in the market, as reflected in the stagnant ASP, but the
increase in sales volume came from DSNG's ability to seize the market
shares left by other players. The cost leadership strategy has become a
critical success following the implementation of autonomous
processes in factory assembly lines and combined with low and short
inventory cycles due to an integrated supply chain system down to the
farmer level.
The Engineering Flooring also recorded volume increase by nearly 8% QoQ, though cumulatively in 9M-
24, it was still lowered by 13% YoY. The ASP was also stagnant, mirroring the market condition in the
USA, Canada, and Europe.
RENEWABLE ENERGY
For 9M-24, the RE segment recorded a sales volume of 84K tons, much higher than last year's because this
segment only started in the second half of 2023.
Currently, the RE segment only represents the sales of Palm Kernel Shell (PKS) to Japan. Soon, in 2025, our
RE segment will also include the sales of wood pellets from our recently added joint venture with Sumitomo
Forestry, Japan, whose factory was commissioned in September 2024.
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 5
LATEST UPDATES
Commissioning of Wood Pellet Plant
On September 20, 2024, DSNG held the commissioning
ceremony of its Wood Pellet factory in Boyolali, Central Java.
The factory is a joint-venture business between DSNG and
Sumitomo Forestry, Japan, to exploit the opportunity to supply
green feedstock for the power plants market in Japan.
The factory will adopt the circular economy concept, utilizing
raw materials from surrounding neighborhoods and taking all
forms of wood waste, including twigs, branches, and other
poor-quality wood, which generally do not have economic
value.
DSNG Marked its 44th Anniversary
On September 29, 2024, DSNG celebrated its 44th Anniversary.
Throughout its 44-year journey, DSNG has grown remarkably and
is successfully navigating through many challenges.
DSNG's vision and commitment are to continue exploring the
opportunities innovatively and sustainably to create added value
for all stakeholders and secure its businesses' long-term
viability. One obvious strategy is to implement the practice of
sustainability as the breath of every business activity of the
Company.
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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