JAKARTA – PT Fast Food Indonesia Tbk (FAST) saw its stock decline by 2.42% during the first trading session on Wednesday (26/2), closing at IDR 242.

This drop coincided with a demonstration by the KFC Workers Union (SP-KFC) at the Ministry of Manpower (Kemenaker) office, protesting against layoffs.

Field Coordinator of SP-KFC, Anthony Matondang, stated that one of the demands of the protest was the payment of delayed wages for up to six months.

“Additionally, the KFC workers union is urging Kemenaker and KFC to reinstate 11 KFC Basuki Rahmat employees in Surabaya, either through rotation or transfer, and to stop discriminatory practices,” Anthony added, as quoted by Bisnis on Wednesday (26/2).

FAST, the operator of KFC outlets in Indonesia, has been under financial pressure. According to data from IDNFinancials.com, the company recorded a net loss of IDR 557.08 billion as of Q3 2024, following a 22.28% year-on-year revenue decline to IDR 3.59 trillion.

This financial strain is believed to have led to the company's restructuring. FAST closed 47 KFC outlets in Indonesia by September 2024, reducing the number of operational outlets from 762 at the end of 2023 to 715 as of 30 September 2024. (DH/ZH)