JAKARTA - In the first quarter of 2023, the profit of PT Ultrajaya Milk Industry & Trading Company Tbk (ULTJ) soared 20.34% from the same period in 2022. In Q1 2022, the profit was seen plummeting 26.79% from the same period in 2021.

According to the data received by IDNFinancials today (28/4), ULTJ has shown recovery in Q1 2023 from its weak position in Q1 2022. The profit grew from IDR 297.53 billion to IDR 358.06 billion. However, it had yet to match and surpass the Q1 2021's profit of IDR 406.46 billion.

ULTJ's profit surge resulted from revenue growth of 21.67% year-on-year (yoy) from IDR 1.83 trillion to IDR 2.23 trillion in Q1 2023. The gross profit also shifted 20.28% yoy from IDR 615.44 billion to IDR 740.29 billion, while the operating profit followed the increasing trend from IDR 406.12 billion to IDR 457.44 billion.

The revenue in Q1 2023 mostly came from beverages sales of IDR 2.45 trillion in the domestic market, and another IDR 3.50 billion from exports. Meanwhile, the local market's food product sales were IDR 26.83 billion, and its exports generated IDR 741 million.

For comparison, in Q1 2022, beverage sales in the domestic scene hit IDR 1.99 trillion, while its exports brought in IDR 2.42 billion. Then, the food sales in the domestic market were IDR 24.21 billion, followed by its exports of IDR 349 million. (LK/ZH)