PT Japfa Comfeed Indonesia Tbk (JPFA) reported a remarkable surge in its financial performance for the first quarter of 2026. The integrated agribusiness giant recorded a net profit attributable to the parent entity of Rp 1.816 trillion, a staggering 167% increase compared to Rp 680.4 billion in the same period last year.
This impressive profit growth was primarily fueled by robust net sales, which climbed to Rp 17.71 trillion during the January–March 2026 period. This represents a substantial 23.6% year-on-year increase from Rp 14.33 trillion in Q1 2025. Despite this significant sales boost, the cost of goods sold also saw an uptick, reaching Rp 13.19 trillion from Rp 11.64 trillion in the corresponding period last year.
Consequently, the company’s gross profit rose sharply to Rp 4.52 trillion, up from Rp 2.69 trillion previously. Management further highlighted that “operating profit also increased significantly to Rp 2.60 trillion compared to Rp 1.14 trillion in Q1 2025,” as stated in the company’s Q1 2026 financial report, which was released through the Indonesia Stock Exchange (IDX) on Friday, May 15.
During the first three months of the year, JPFA recorded selling and marketing expenses totaling Rp 752.2 billion, alongside general and administrative expenses of Rp 1.15 trillion. However, the company also benefited from a notable increase in other income, which reached Rp 159.4 billion, significantly higher than Rp 57.8 billion in the prior-year period.
Focusing on the bottom line, profit before income tax stood at Rp 2.48 trillion, a substantial jump from Rp 976.6 billion in Q1 2025. Concurrently, net income tax expense rose to Rp 539.9 billion from Rp 222.5 billion, reflecting the higher profitability.
The positive momentum of this integrated agribusiness issuer, which operates across animal feed, chicken breeding, poultry farming, livestock processing, and animal vaccines, was also evident in its basic earnings per share (EPS). By the end of March 2026, EPS had increased to Rp 156 per share, a considerable rise from Rp 59 per share recorded in the same period last year.
Turning to the balance sheet, JPFA’s total assets as of March 31, 2026, were recorded at Rp 39.33 trillion, a slight decrease from Rp 40.06 trillion at the end of 2025. This marginal reduction was primarily driven by a decrease in cash and cash equivalents, which fell to Rp 1.85 trillion from Rp 3.55 trillion at the end of last year.
Despite the overall asset decrease, the company’s inventory saw an increase, reaching Rp 10.27 trillion from Rp 9.60 trillion. Furthermore, the value of fixed assets also rose to Rp 15.68 trillion, up from Rp 15 trillion at the close of December 2025, indicating continued investment in core operations.
From the liabilities perspective, JPFA’s total obligations decreased to Rp 17.31 trillion from Rp 20.04 trillion at the end of last year. This reduction largely stemmed from the strategic repayment of bond debt, which was previously recorded at Rp 5.83 trillion and has now been reduced to zero in the first quarter of this year.
Conversely, long-term bank debt increased to Rp 4.56 trillion from Rp 2.03 trillion at the end of 2025, signaling a shift in the company’s financing structure. Meanwhile, short-term bank debt saw a reduction, decreasing to Rp 2.27 trillion from Rp 2.92 trillion.
Shareholders’ equity for the company improved to Rp 22.02 trillion by the end of March 2026, compared to Rp 20.02 trillion at the end of December 2025. This growth was notably supported by an increase in unappropriated retained earnings, which rose to Rp 17.28 trillion from Rp 15.42 trillion.
In its cash flow statement, JPFA reported robust net cash from operating activities, amounting to Rp 2.22 trillion. This figure marks a sharp increase from Rp 894.9 billion in Q1 2025. “Cash receipts from customers were recorded at Rp 17.55 trillion, while payments to suppliers and others totaled Rp 12.52 trillion,” management revealed, underscoring strong operational efficiency.
Meanwhile, cash flow from investing activities showed a net outflow of Rp 877.7 billion, primarily attributed to additions to fixed assets amounting to Rp 810.9 billion. Financing activities recorded a negative cash flow of Rp 3.09 trillion, largely influenced by significant bond debt payments totaling Rp 5.92 trillion, reflecting strategic debt management efforts.
Summary
PT Japfa Comfeed Indonesia Tbk reported a strong financial performance for the first quarter of 2026, highlighted by a 167% year-on-year surge in net profit to Rp 1.816 trillion. This growth was driven by a 23.6% increase in net sales, which reached Rp 17.71 trillion, alongside improvements in operating and gross profits. Consequently, the company’s basic earnings per share rose significantly to Rp 156, reflecting its robust operational momentum.
The company also strengthened its financial position by reducing total liabilities to Rp 17.31 trillion, primarily through the strategic repayment of bond debt. Shareholders’ equity improved to Rp 22.02 trillion, supported by higher retained earnings and strong operational cash flows of Rp 2.22 trillion. These results demonstrate successful debt management and continued investment in core assets despite a slight decrease in total assets.
