PT Japfa Comfeed Indonesia (JPFA) Q4 2024 earnings summary

Executive summary

• PT Japfa Comfeed Indonesia Tbk is the 2nd largest poultry feed and DOC producer in Indonesia, operating a vertically integrated model across feed, breeding, farming, processing, and consumer products.

• FY2024 revenue reached IDR 55.8 trillion, up 9% year-over-year, with all segments contributing to growth and poultry-related activities accounting for 90% of total revenue.

• The company demonstrated strong financial recovery in FY2024, driven by stable poultry prices, improved demand-supply dynamics, and margin expansion.

• Japfa maintains a nationwide footprint, leveraging economies of scale, a cost-plus pricing model, and robust capital structure to manage commodity and FX volatility.

• The independent auditor issued an unqualified opinion, confirming fair presentation in accordance with Indonesian Financial Accounting Standards.

Financial highlights

• FY2024 revenue: IDR 55,801 billion, up 9.0% year-over-year from FY2023.

• Net profit: IDR 3,372 billion, up 239.5% year-over-year; net income attributable to owners: Rp3.02 trillion, up 225%.

• Operating profit: IDR 5,213 billion, up 130.3% year-over-year.

• EBITDA: IDR 6,393 billion, up 89.6% year-over-year.

• Gross profit: Rp11.2 trillion, with gross margin expanding to 20.1% from 14.7% year-over-year.

Outlook and guidance

• Focus on strengthening downstream business, expanding poultry processing and consumer products, and growing retail sales both offline and online.

• Long-term growth expected from rising protein consumption in Indonesia, with ample room for per capita consumption increases.

• Management remains cautious on non-essential capex due to global macroeconomic uncertainties but is confident in long-term protein demand.

• Management continues to focus on maintaining healthy capital ratios and optimizing funding sources.

• The Group is monitoring commodity price volatility and foreign exchange risk, with hedging strategies in place.