JAKARTA (RambuEnergy.com) – Listed palm oil plantation company PT Mahkota Group Tbk (IDX:MGRO) said it will set aside Rp200 billion for capital expenditure this year. A portion of the capital expenditure will be used to build a new palm oil refinery.
The company’s corporate secretary Elvi said in addition to the new refinery, the company will also build new storage tanks and others.
In total, the amount of funds needed to fund the refinery reach Rp330 billion. The refinery is designed to produce downstream crude palm oil (CPO) products such as olein, cooking oil, oleochemical and other derivative products.
In 2018, the company expects net profit to reach Rp50 billion and targeted to further increase to Rp123 billion in 2019, while sales projected to more than double to Rp5 trillion. Around 40% of the sales are contributed by derivative or refinery products.
On Monday (Jan. 14) trading, the company’s shares closed lower by Rp15 or down 1.64% at Rp900 per share.
Mahkota Group owns several oil processing factories, located in North Sumatra and Riau. The company produces mainly CPO, palm kernel (PK) and other downstream CPO products.
It exports its commodities through its bulking station located in Dumai, Riau, with a storage capacity of 75,900 metric tons.
The company was established on January 7, 2011 based in Medan Deli, North Sumatera. The company currently has a total estimated number of 1000 employees. Through its subsidiaries, it owns and operates two Palm Oil Mills in North Sumatra and 4 Palm Oil Mills in Riau province as well as a Bulking Station in Dumai.
The company listed its shares on July 11, 2018 at IPO price of Rp225 per share with total listed shares of 703.68 million. It raised Rp158.32 billion from the IPO. (*)
Written by Staff Writer
Edited by Roffie Kurniawan (email: firstname.lastname@example.org