A Visit to Sragen Feedmill and Consumer Division in Boyolali

Smart and Green Transformation at JPFA Sragen Feedmill. Our site visit to JPFA’s Sragen
feedmill highlighted the Co’s ongoing push to strengthen efficiency and sustainability in its
tons/month, which will increase to 47,500 tons/month (+400–500 tons/day) upon the
completion of its IDR 42bn expansion this year. The plant runs at 80–86% utilization with daily
output of 1,600–1,800 tons, supported by 18 silos (47,000 tons capacity) and 8 warehouses
(36,000 tons). Capacity will rise to 47,500 tons/month this year after a IDR42 bn expansion,
with 30% of land still available for growth. Operational efficiency has improved through
digitalized loading docks, while sustainability initiatives include a shift from diesel to CNG and
the installation of 1,000 MWp solar panels starting 28 Aug-25, expected to cut 1,800 tons of
CO₂ annually. Product mix in 1H25 was dominated by feed for broilers at 76% (vs 72% in 1H24),
while layer feed declined to 22% (vs 26%), with the remainder 2% allocated to other livestock
including ducks, quail, and birds.

On the consumer side, our site visit to JPFA’s PT So Good Food (SGF) in Boyolali showed
continued expansion through process efficiency and premiumization, with automated
facilities across dairy, frozen, and processed meat. Capacity reaches 8k MT for chicken (80–
85% utilization) and 200k liters/day for milk, supplying key F&B clients such as McDonald’s for
the chicken products. In 1H25, SGF outperformed the FMCG market (+3% YoY), with chilled
sausage up +122% YoY, ready-to-cook affordable lines +36% YoY, premium products +15%
YoY, and sterilized milk +414% YoY post-launch. Distribution currently stands at 56% GT and
44% MT, with plans to expand chilled sausage in GT market targeting 15–20% growth in five
years. Amid flat FMCG volumes, consumers are shifting toward value and selective quality
purchases while reducing high-sugar beverage consumption, supporting sustained growth in
milk and protein products. This positions JPFA’s consumer arm as a resilient growth driver
and diversification buffer beyond feed and poultry.

GDP Q2 Report: Roaring Back

GDP Q2 Report: Roaring Back

BCA Economic Research

Economic Report

06 August 2025 - 07.42am

GDP Q2 Report: Roaring Back

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Non-cyclical

JPFA - Site Visit Reinforcing Profit Pillars

Macroeconomy

Some are still expanding by borrowing

Material

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