CPIN – Lower raw material prices supported performances

CPIN – Lower raw material prices supported performances Charoen Pokphand (CPIN) posted revenue of IDR32.96 tn (+6.7% yoy) and net profit of IDR1.76 tn (+28.22% yoy) in 1H24. CPIN's sales was contributed by its feed segment at IDR24.9 tn, broiler segment at IDR20.45 tn, Day Old Chick (DOC) segment at IDR4.64 tn, processed chicken segment at IDR6.03 tn and other segments at IDR3.37 tn. CPIN' good performance was also supported by the lower local corn prices at IDR5,691 per kg (-9.8% yoy), due to this year' successful harvest season. Yet, the price of broiler has declined since Eid Fitr in April 2024, as the people' purchasing power started to decrease. The downward trend also pressured the price of DOC, at around IDR7,255 per chick (-5.6% mom) in West Java, per last July. The average monthly price of broiler also decreased by 1.5% mom to IDR19,068 per kg. It is projected that the average price of DOC and broiler will remain stable this month, unless there is a significant increase in purchasing power and demand for poultry. (Source : Bisnis Indonesia)