Revenue Slightly Increases, Baturaja Cement (SMBR) Profit Plummets in Q1-2024

May 06, 2024, 02.25 AM | Reporter: Vina Elvira

ILUSTRASI. Karyawan melakukan pengecekan alat reclaimer clay yang berfungsi sebagai transport material dari storage clay ke vertikal mill di Pabrik Semen Baturaja II, Kabupaten Ogan Komering Ulu, Sumatra Selatan.

LISTED COMPANY - JAKARTA. PT Semen Baturaja Tbk (SMBR), an Indonesian cement company, has released its first-quarter financial report for 2024, revealing a revenue of IDR 432.48 billion.

According to the company's financial report, SMBR's revenue saw a slight increase of 0.58% year-on-year (YoY), compared to IDR 429.95 billion in the same period last year.

The revenue includes third-party sales of IDR 2.64 billion and related-party revenue of IDR 432.48 billion.

However, at the same time, SMBR's cost of revenue increased by 14.58% YoY, from IDR 280.01 billion to IDR 320.86 billion.

As a result, Semen Baturaja's gross profit fell by 25.55% YoY to IDR 111.62 billion. In contrast, in the same period last year, SMBR's gross profit stood at IDR 149.94 billion.

For the first quarter of 2024, SMBR recorded a decrease in sales expenses to IDR 33.23 billion, a reduction of 44.20% compared to IDR 59.55 billion in the first quarter of 2023. Similarly, general and administrative expenses also decreased by 1.76% YoY to IDR 51.12 billion.

By the end of March, SMBR had a net profit attributable to the parent entity of IDR 5.08 billion. This represents a 47.57% drop compared to the previous IDR 9.69 billion at the end of March 2023.