Receh.in - Charoen Pokphand Indonesia Tbk (CPIN) reports increased sales, but decreased net profit in 2022 compared to the previous year, according to the company's financial statements.
As of December 2022, CPIN's sales reached Rp56.86 trillion, a 9.99% increase from Rp51.69 trillion in 2021. The sales were mainly driven by the sale of broiler chickens, which contributed Rp31.96 trillion, an 18.82% YoY increase from Rp26.90 trillion in the previous year.
However, the livestock feed segment, which was the second-largest contributor to sales at Rp13.62 trillion, decreased 4.46% YoY from its 2021 achievement of Rp14.25 trillion. The day-old chicken (DOC) segment also experienced a 31.03% YoY decrease to Rp1.47 trillion from Rp2.14 trillion. On the other hand, processed chicken sales increased 20.57% YoY to Rp8.36 trillion from Rp6.93 trillion.
The increase in sales was accompanied by a rise in cost of goods sold, from Rp43.55 trillion in 2021 to Rp48.72 trillion in 2022. The increase was mainly due to a 12.34% YoY increase in raw material costs to Rp41.21 trillion from Rp36.68 trillion in 2021.
The higher increase in cost of goods sold than sales resulted in CPIN's gross profit rising only slightly by 0.06% to Rp8.14 trillion, while it was Rp8.13 trillion in 2021. Meanwhile, the current period profit attributable to the owner of the parent entity decreased 19.03% to only Rp2.94 trillion from Rp3.63 trillion in the previous year.
On the other hand, CPIN's assets increased by 12.41% to Rp39.84 trillion as of December 2022 from Rp35.44 trillion on December 31, 2021. Meanwhile, its liabilities also increased by 31.31% to Rp13.52 trillion from Rp10.29 trillion. The increase was due to an increase in short-term bank loans from Rp4.58 trillion at the end of 2021 to Rp6.64 trillion at the end of 2022.
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