• Oil: OPEC+ to boost production, oil prices drop to lowest level in 2025
Crude oil prices fell to their lowest level this year after OPEC+ was reportedly reopening
production taps that had been stopped. This decision risks worsening the previously
predicted global oil oversupply. According to Bloomberg, the price of West Texas
Intermediate (WTI) crude for delivery in April closed down 2% to USD 68.27 per barrel in
trading on 3 Mar 25. Meanwhile, the global benchmark Brent oil price for the May delivery
contract closed down 1.6% at USD 71.62 per barrel. An OPEC+ delegate said the producer
group led by Saudi Arabia and Russia would increase output by 138,000 barrels per day
starting in April. This policy had previously been postponed three times and is now being
continued after pressure from US President Donald Trump to suppress oil prices. (Bisnis
Indonesia)
• BYAN’s net profit fell 25.50% in 2024
Bayan Resources (BYAN) posted a net profit of USD 922.64M (-25.50% yoy). This was in line
with the weakening revenue by 3.91% yoy from USD 3.58B to USD 3.44B in 2024. BYAN’s
revenue from selling coal to third parties amounting to USD 3.21B and related parties
amounting to USD 213.56M. BYAN’s coal export sales reached USD 2.91B in 2024, while
domestic sales will amount to USD 506.56M. Apart from that, BYAN also generated revenue
from the non-coal segment to third parties amounting to USD 21.15M. When revenue
declined, BYAN’s cost of revenue increased 10.47% yoy to USD 2.11B. This result put BYAN’s
gross profit under pressure, falling 19.87% yoy to USD 1.33B. As a guideline for 2025, BYAN
Management targets revenue to reach USD 4.1B – 4.4B with a production volume of 69M –
72M tons and a sales volume of 70M – 72M tons, as well as an average selling price of USD 58 – 60 per ton. BYAN pursues an average cash cost of USD 38 – 40 per ton and has budgeted
capex of USD 200-300M. (Kontan)
• JPFA net profit rose 224% in 2024
Japfa Comfeed Indonesia (JPFA) recorded a net profit of IDR 3.01T in 2024 (+224.71% yoy).
JPFA’s revenue was at IDR 55.8T (+9.03% yoy). In detail, sales from commercial farms were
recorded at IDR 23.03T, animal feed at IDR 14.67T, processing of livestock products and
consumer products at IDR 8.89T, the aquaculture segment at IDR 4.77T, poultry breeding at
IDR 3.2T, as well as trade and other things at IDR 2.09T. The total sales were then subtracted
from sales discounts of IDR 957.01B resulting in net revenue reaching IDR 55.8T. In line with
revenue, the cost of goods sold rose to IDR 44.58T in 2024 from IDR 43.66T in 2023. As a result,
JPFA’s gross profit was recorded at IDR 11.21T in 2024, up from the previous year’s period
which was recorded at IDR 7.51T. (Kontan)
