Sales and Profits of Gunung Raja Paksi (GGRP) Decline in 2023

February 29, 2024, 03.56 PM  | Reporter: Vina Elvira
Sales and Profits of Gunung Raja Paksi (GGRP) Decline in 2023

ILUSTRASI. PT Gunung Raja Paksi Tbk (GGRP) recorded a decline in performance in 2023

ISSUER NEWS - JAKARTA. Steel producer, PT Gunung Raja Paksi Tbk (GGRP) has released its financial report for the fiscal year 2023. The company recorded a decrease in performance compared to 2022.

Quoting the financial report released on Thursday (29/2), GGRP's net sales decreased by 24.92% year on year (YoY), from originally US$ 945.49 million in 2022, to US$ 709.83 million in 2023. 

GGRP's net sales last year were supported by sheet steel sales and its derivatives amounting to US$ 463.87 million. This was followed by sales of bar steel and its derivatives amounting to US$ 245.96 million.

The decrease in sales figures also led to a decrease in GGRP's cost of goods sold by 26.37% YoY to US$ 631.05 million. Thus generating a gross profit of US$ 78.77 million, which also shrank by 10.87% YoY compared to the previous US$ 88.39 million in 2022.

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At the same time, GGRP recorded an increase in sales expenses. The figure rose by 17.23% YoY to US$ 6.96 million last year. 

The same goes for general and administrative expenses, which increased by 7.14% YoY, from originally US$ 24.21 million  in 2022, to US$ 25.93 million. 

By the end of 2023, the net income attributable to the parent entity or GGRP's net income decreased  by 36.18% YoY to US$ 37.27 million.



Editor: Khomarul Hidayat

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