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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.
