LISTED COMPANY - JAKARTA. PT Gudang Garam Tbk (GGRM) recorded a net profit growth of 47.79% annually throughout 2023, amounting to IDR 5.32 trillion. However, GGRM's revenue is still under pressure.
This cigarette issuer booked revenue of IDR 118.95 trillion in 2023. This realization was corrected by 4.82% annually or year-on-year (YoY) from IDR 124.68 trillion in 2022.
Revenue from exports contributed IDR 1.49 trillion or increased by 0.97% annually. Then GGRM pocketed IDR 117.45 trillion from local sales, which fell 4.89% YoY.
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Sales from machine-made kretek cigarettes contributed IDR 96.02 trillion to GGRM's revenue. Next, revenue from hand-rolled kretek cigarettes reached IDR 9.3 trillion and Klobot cigarettes contributed IDR 11.66 billion.
Furthermore, sales of cardboard paper reached IDR 1.03 trillion, which slumped 37.92% annually. Then, construction revenue and others contributed IDR 12.41 trillion and IDR 159.97 billion.
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Despite this, GGRM managed to suppress the cost of revenue by 8.84% annually to IDR 104.35 trillion. For comparison, in 2023 GGRM's cost of revenue reached IDR 113.58 trillion.
Even so, GGRM obtained another income of IDR 177.09 billion. GGRM also pocketed a net foreign exchange gain of IDR 5.69 billion, which reversed from a loss of IDR 9.17 billion.
As a result, GGRM's operating profit grew 47.46% annually to IDR 7.43 trillion. Meanwhile, the net income for the year attributable to the parent entity GGRM reached IDR 5.32 trillion.
