ANJ'S NET PROFIT SOARS BY 1,197.5% IN THE 9M 2024

Jakarta, November 1, 2024 – PT Austindo Nusantara Jaya Tbk. (“ANJ”; IDX: ANJT) has announced its financial and operational performance as of the end of September 2024. The company's financial results demonstrate remarkable growth, with a consolidated net profit of USD 1.0 million—an impressive increase of 1,197.5% compared to USD 0.1 million in the same period last year.

This success can be primarily attributed to the positive trend in crude palm oil (CPO) prices in the global market, which has increased the average selling price (ASP). Additionally, effective cost management strategies—such as enhanced road infrastructure maintenance and optimized fertilizer usage—have contributed to these results. As a result, the net profit margin (NPM) for 9M2024 saw a remarkable year-over-year (Y-o-Y) increase of 1,267.6%.

In the third quarter of 2024, ANJ showed positive momentum, achieving a net profit of USD 5.7 million. This marks a significant turnaround from the previous quarter, where ANJ reported a loss of USD 0.9 million. The company's EBITDA also saw robust growth, reaching USD 18.7 million in Q3 2024, a remarkable increase of 53.1% compared to Q2 2024. As a result, the EBITDA for the first nine months of 2024 rose by 7%, reaching USD 39.4 million, up from USD 36.8 million during the same period in 2023. Consequently, ANJ's EBITDA margin improved from 20.7% in 9M2023 to 23.4% in 9M2024.

Nopri Pitoy, the Chief Financial Officer of ANJ, shared that the company's consolidated revenue for the first nine months of 2024 totaled USD 168.4 million, reflecting a decline of 5.1% compared to the same period last year. This decrease was mainly due to lower income from the palm oil segment. Specifically, CPO sales volume dropped by 14%, amounting to 182,944 metric tons (mt), down from 212,816 mt in 9M2023, primarily because of reduced production. Despite the decrease in sales volume, CPO's average selling price (HJR) increased to USD 787/mt in 9M2024, marking a 6.2% rise from USD 741/mt in the same period last year. Additionally, the HJR for Palm Kernel (PK) surged by 27.1% year-over-year to USD 463/mt, while the HJR for Palm Kernel Oil (PKO) edged up slightly to USD 749/mt, a 1.1% increase from the previous year. On a quarter-over-quarter basis, ANJ's total revenue saw a modest rise of 1.2%, reaching USD 60.1 million in Q3 2024, compared to USD 59.4 million in the previous quarter. Higher HJR primarily drove this improvement for palm oil products during Q3 2024.

Nopri also highlighted the positive performance of the edamame and sago segments in 2024.

"Our revenue from edamame experienced a remarkable increase of 137.3%, rising from USD 1.4 million in 9M2023 to USD 3.3 million in 9M2024. This significant growth is attributed to higher sales volume and an increase in the average selling price of our products. Furthermore, our sago business also demonstrated strong growth, contributing USD 920.7 thousand to our total revenue in 9M2024, a 47.6% increase from USD 623.9 thousand in 9M2023. However, we did see a decline in revenue from the renewable energy segment due to technical challenges and raw material constraints," Nopri explained.

In the 9M2024 period, ANJ generated 97.3% of its consolidated revenue from palm oil product sales, with the remaining 2.7% coming from concession services and sales of edamame and sago starch.

Operational Performance of the Company

The positive financial results reflect ANJ's resilience in various operational challenges. In the 9M2024 period, ANJ produced 577,567 metric tons of Fresh Fruit Bunches (FFB), marking an 11.8% decrease compared to the same period last year. This decline in TBS productivity was primarily due to unfavorable weather conditions affecting several of our plantation locations.

Although the overall production this year has declined, the company’s FFB production has demonstrated a positive trend every quarter. ANJ successfully increased its TBS production to 206,915 metric tons in the third quarter of 2024, which marks a 4.8% increase from the 197,425 metric tons produced in the second quarter of 2024.

In the 9M2024 period, the company processed a total of 933,395 metric tons of TBS, resulting in the production of 185,641 metric tons of Crude Palm Oil (CPO). This reflects a 12.5% decrease compared to the same period in 2023, primarily due to a lower volume of TBS processed. Additionally, Palm Kernel (PK) production fell by 6.4%, totaling 36,428 metric tons in 9M2024, down from 38,929 metric tons in 9M2023. Furthermore, Palm Kernel Oil (PKO) production decreased to 915 metric tons in 9M2024, compared to 1,084 metric tons during the same period last year.

Nopri emphasized that ANJ will continue to focus on enhancing productivity, efficiency, and operational sustainability to drive sustainable growth. The company will also closely monitor global market trends and adapt its business strategies to respond to constantly evolving market dynamics effectively.

Company Achievements

ANJ remains dedicated to its commitment to sustainability through various initiatives throughout its operations. The company is proud and honored to have received numerous accolades at both national and international levels, including:

1. “First Place in the Annual Report Award (ARA) 2023” for Non-Financial Public Companies, organized by the National Governance Policy Committee (KNKG), the Indonesian Institute of Accountants (IAI), the Indonesia Stock Exchange, and the Financial Services Authority (OJK). This accolade recognizes ANJ as a leader in corporate governance and underscores the company's commitment to sustainability, as well as the integration of social and environmental considerations across all operational areas. (news link)

2. “The Steward Leadership 25 (SL25),” hosted by the Stewardship Asia Centre, INSEAD Hoffman Global Institute for Business and Society, WTW, and The Straits Times, recognizes 25 exemplary projects that make significant contributions to the protection and enhancement of natural environments and communities across Asia and the Pacific. This award explicitly highlights ANJ's Savings Cooperative project in Southwest Papua, which offers access to financial services in remote regions of South Sorong and Maybrat, Southwest Papua. (news link)

3. The "Sustainability Awards 2024," organized by Reuters, has nominated ANJ's PENDAKI (Biodiversity Care) program as a finalist for the Biodiversity Champion Award. This recognition highlights ANJ's commitment to prioritizing the planet and nature within its core business strategy, showcasing the company's dedication to environmental stewardship on a global scale.

4. The "Indonesian In-House Counsel Awards 2024," organized by Hukumonline in collaboration with the Indonesian Corporate Counsel Association (ICCA), recognized ANJ with three prestigious awards: 'Indonesia’s Most Innovative In-House Counsel Team 2024' in the Agriculture & Fishery sector for the team category, as well as 'Indonesia's Most Respected In-House Counsel' and 'In-House Counsel Leader of the Year 2024' in the individual category, which were awarded to Naga Waskita, ANJ's Legal Director and Corporate Secretary.

5. Furthermore, ANJ was honored with the "Katadata ESG Index Awards 2024," organized by Katadata, and the "CSR Awards 2024," presented by Investortrust and BGK (Bumi Global Karbon). In addition, two of ANJ's subsidiaries received recognition as "Indonesia Green & Sustainable Companies 2024" from SWA Group.

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