JAKARTA – PT Sinar Mas Agro Resources and Technology Tbk (SMAR), a palm oil-based product manufacturer under the Sinarmas Group, reported improved financial performance in 2024.

According to its financial report for December 2024, SMAR recorded a net profit of IDR 1.28 trillion, an increase of 39.26% year-on-year (yoy) from IDR 917.87 billion in 2023.

This profit growth was driven by a rise in net sales by 18.49% yoy, reaching IDR 78.84 trillion in 2024, up from IDR 66.53 trillion in 2023. Domestic sales contributed IDR 45.72 trillion, while export sales accounted for IDR 33.12 trillion.

In line with the revenue increase, the cost of goods sold also rose to IDR 70.82 trillion in 2024, compared to IDR 59.77 trillion in 2023.

Despite the rise in the cost of goods sold, gross profit continued to grow, increasing by 18.53% yoy to IDR 8.01 trillion in December 2024 from IDR 6.76 trillion in 2023. As a result, the gross profit margin remained stable at 10.16%. (DH/ZH)